N-CSRS

In This Report

Performance at a Glance	2
The Investment Environment	3
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	49
Schwab U.S. Large-Cap ETF	63
Schwab U.S. Large-Cap Growth ETF	75
Schwab U.S. Large-Cap Value ETF	83
Schwab U.S. Mid-Cap ETF	93
Schwab U.S. Small-Cap ETF	103
Schwab U.S. Dividend Equity ETF	123
Financial Notes	130
Liquidity Risk Management Program	141
Trustees and Officers	142
Glossary	145

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management^TM

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.

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Schwab U.S. Equity ETFs

Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.

Total Returns for the 6 Months Ended February 28, 2022
Schwab U.S. Broad Market ETF (Ticker Symbol: SCHB)
Market Price Return¹	-4.45%
NAV Return¹	-4.43%
Dow Jones U.S. Broad Stock Market Index	-4.43%
ETF Category: Morningstar Large Blend²	-3.56%
Performance Details	pages 6-7

Schwab 1000 Index ETF (Ticker Symbol: SCHK)
Market Price Return¹	-4.11%
NAV Return¹	-4.15%
Schwab 1000 Index^®	-4.14%
Russell 1000^® Index	-3.88%
ETF Category: Morningstar Large Blend²	-3.56%
Performance Details	pages 8-9

Schwab U.S. Large-Cap ETF (Ticker Symbol: SCHX)
Market Price Return¹	-4.01%
NAV Return¹	-4.02%
Dow Jones U.S. Large-Cap Total Stock Market Index	-4.02%
ETF Category: Morningstar Large Blend²	-3.56%
Performance Details	pages 10-11

Schwab U.S. Large-Cap Growth ETF (Ticker Symbol: SCHG)
Market Price Return¹	-8.44%
NAV Return¹	-8.46%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index	-8.44%
ETF Category: Morningstar Large Growth²	-11.73%
Performance Details	pages 12-13

Total Returns for the 6 Months Ended February 28, 2022
Schwab U.S. Large-Cap Value ETF (Ticker Symbol: SCHV)
Market Price Return¹	-0.06%
NAV Return¹	-0.06%
Dow Jones U.S. Large-Cap Value Total Stock Market Index	-0.05%
ETF Category: Morningstar Large Value²	1.69%
Performance Details	pages 14-15

Schwab U.S. Mid-Cap ETF (Ticker Symbol: SCHM)
Market Price Return¹	-5.42%
NAV Return¹	-5.44%
Dow Jones U.S. Mid-Cap Total Stock Market Index	-5.44%
ETF Category: Morningstar Mid-Cap Blend²	-3.55%
Performance Details	pages 16-17

Schwab U.S. Small-Cap ETF (Ticker Symbol: SCHA)
Market Price Return¹	-8.52%
NAV Return¹	-8.54%
Dow Jones U.S. Small-Cap Total Stock Market Index	-8.56%
ETF Category: Morningstar Small Blend²	-4.15%
Performance Details	pages 18-19

Schwab U.S. Dividend Equity ETF (Ticker Symbol: SCHD)
Market Price Return¹	0.81%
NAV Return¹	0.85%
Dow Jones U.S. Dividend 100^TM Index	0.89%
ETF Category: Morningstar Large Value²	1.69%
Performance Details	pages 20-21

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see the Glossary.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such products.

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 within the category as of the report date.

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Schwab U.S. Equity ETFs

The Investment Environment

For the six-month reporting period ended February 28, 2022, U.S. equity markets lost ground. Over the first four months of the reporting period, U.S. stocks posted mostly steady gains, with several key market indices repeatedly exceeding previous record highs through early January 2022, despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and rapid spread of the Delta variant during the summer and the Omicron variant late in 2021. Market tailwinds included strong corporate earnings, ongoing, albeit fading, fiscal stimulus measures, and optimism related to increased COVID-19 vaccination rates. However, beginning in early 2022, equity markets declined in reaction to growing headwinds that included accelerating inflation, an increasing likelihood of rising interest rates, and, in the final week of the reporting period, Russia’s invasion of Ukraine, which drove oil prices above $100 per barrel for the first time since 2014 and roiled stock markets around the world. For the reporting period, the S&P 500^® Index, a bellwether for the overall U.S. stock market, returned -2.62%. Small- and mid-cap stocks were weaker than large-cap stocks, with the Russell 2000^® Index and the Dow Jones U.S. Mid-Cap Total Stock Market Index and returning -9.46% and -5.44%, respectively. Across both large- and small-cap stocks, value stocks outperformed growth.

The U.S. economy continued its recovery from the dramatic impact of the COVID-19 pandemic, although U.S. gross domestic product (GDP) growth fluctuated over the reporting period. After rising at an annualized rate of 6.7% in the second quarter of 2021, GDP growth fell back to 2.3% for the third quarter amid fading government stimuli, ongoing supply chain disruptions, and persisting inflation. GDP rose at an annualized rate of 6.9% in the fourth quarter of 2021 on increasing inventories, exports, and personal consumption expenditures. The unemployment rate, which has fallen steadily after skyrocketing in April 2020, ended the reporting period at its lowest level since February 2020. Annual inflation, which had remained well below the U.S. Federal Reserve’s (Fed) traditional 2% target until it jumped in March 2021, continued to rise during the spring of 2021, leveled off during the summer of 2021, and rose again through the remainder of the reporting period. At the end the reporting period, inflation was at its highest rate in 40 years, due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs.

Asset Class Performance Comparison % returns during the 6 months ended February 28, 2022

Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not an indication of future results.

For index definitions, please see the Glossary.

Data source: Index provider websites and Schwab Asset Management.

Nothing in this report represents a recommendation of a security by the investment adviser.

Management views may have changed since the report date.

*	The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

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Schwab U.S. Equity ETFs

The Investment Environment (continued)

Monetary policies around the world varied. In the United States, the Fed maintained the federal funds rate in a range of 0.00% to 0.25% throughout the reporting period. However, as inflation continued to rise and indicators of economic activity and employment continued to strengthen, the Fed began scaling back its bond-buying program in November 2021, citing significant progress on its twin goals of maximum employment and price stability. The Fed subsequently accelerated its wind-down in December 2021, with expectations to end it altogether by March 2022. Fed officials also issued successively strong signals that interest rates could begin to rise sooner in 2022 than previously anticipated.

Among the sectors in the Dow Jones U.S. Broad Market Index, only four of 11 posted positive returns for the reporting period. The weakest sector for the reporting period was the communication services sector, mostly driven by the movement in two stocks—Meta Platforms, Inc., the parent company of Facebook, and Alphabet, Inc., the parent company of Google. The sector was also impacted as the yield on the 10-year U.S. Treasury rose as higher rates are seen as a headwind for high-growth and relatively expensive stocks, as they reduce the present value of future earnings. The consumer discretionary sector was also weak for the reporting period. The strongest performer was the energy sector, driven by rising oil prices. Oil prices rose steadily beginning in early December, prior to Russia’s invasion of Ukraine, on growing demand and constrained supply but spiked at the end of the reporting period as access to Russian oil became tenuous. The consumer staples sector also posted a positive return as rising inflation enabled greater pricing power and restaurant openings supported wholesale food demand.

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Schwab U.S. Equity ETFs

Fund Management

Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process, portfolio management and implementation, and development of investment strategies for passive equity Schwab Funds and Schwab ETFs. 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, Portfolio Manager, 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, is responsible for the 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.

Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital.

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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	-4.45%	12.22%	14.62%	14.22%
NAV Return²	-4.43%	12.14%	14.63%	14.21%
Dow Jones U.S. Broad Stock Market Index	-4.43%	12.17%	14.64%	14.22%
ETF Category: Morningstar Large Blend³	-3.56%	13.84%	13.48%	13.04%
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.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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Schwab 1000 Index ETF

Average Annual Returns¹

Fund and Inception Date	6 Months	1 Year	3 Years	Since Inception^*
Fund: Schwab 1000 Index ETF (10/11/17)
Market Price Return²	-4.11%	13.28%	17.83%	14.81%
NAV Return²	-4.15%	13.25%	17.81%	14.81%
Schwab 1000 Index^®	-4.14%	13.30%	17.86%	14.87%
Russell 1000^® Index	-3.88%	13.72%	18.08%	15.03%
ETF Category: Morningstar Large Blend³	-3.56%	13.84%	16.25%	N/A
Fund Expense Ratio⁴: 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.
¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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Schwab 1000 Index ETF

Performance and Fund Facts as of February 28, 2022

Statistics¹

Number of Holdings	992 ²
Weighted Average Market Cap (millions)	$543,822
Price/Earnings Ratio (P/E)	20.8
Price/Book Ratio (P/B)	4.1
Portfolio Turnover Rate	3% ^3,4

Sector Weightings % of Investments⁵

Top Equity Holdings % of Net Assets⁶

Portfolio holdings may have changed since the report date.

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.

Source of Sector Classification: S& P and MSCI.

¹	Excludes derivatives.
²	As a result of the Schwab 1000 Index^®’s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities.
³	Not annualized.
⁴	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
⁵	The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
⁶	This list is not a recommendation of any security by the investment adviser.

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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	-4.01%	13.92%	15.16%	14.48%
NAV Return²	-4.02%	13.86%	15.15%	14.48%
Dow Jones U.S. Large-Cap Total Stock Market Index	-4.02%	13.89%	15.18%	14.52%
ETF Category: Morningstar Large Blend³	-3.56%	13.84%	13.48%	13.04%
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. Large-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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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	-8.44%	12.29%	19.93%	16.88%
NAV Return²	-8.46%	12.23%	19.92%	16.88%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index	-8.44%	12.28%	19.97%	16.95%
ETF Category: Morningstar Large Growth³	-11.73%	3.97%	17.33%	14.75%
Fund Expense Ratio⁴: 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.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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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	-0.06%	15.15%	9.93%	11.72%
NAV Return²	-0.06%	15.13%	9.91%	11.72%
Dow Jones U.S. Large-Cap Value Total Stock Market Index	-0.05%	15.18%	9.95%	11.80%
ETF Category: Morningstar Large Value³	1.69%	17.20%	10.17%	11.27%
Fund Expense Ratio⁴: 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.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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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	-5.42%	4.30%	11.17%	12.47%
NAV Return²	-5.44%	4.31%	11.17%	12.46%
Dow Jones U.S. Mid-Cap Total Stock Market Index	-5.44%	4.33%	11.21%	12.50%
ETF Category: Morningstar Mid-Cap Blend³	-3.55%	8.33%	10.27%	11.29%
Fund Expense Ratio⁴: 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.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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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	-8.52%	-3.20%	9.73%	11.58%
NAV Return²	-8.54%	-3.29%	9.74%	11.59%
Dow Jones U.S. Small-Cap Total Stock Market Index	-8.56%	-3.30%	9.71%	11.56%
ETF Category: Morningstar Small Blend³	-4.15%	3.98%	9.36%	10.91%
Fund Expense Ratio⁴: 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.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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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	0.81%	17.87%	15.01%	14.28%
NAV Return²	0.85%	17.87%	15.01%	14.29%
Dow Jones U.S. Dividend 100^TM Index	0.89%	18.00%	15.11%	14.41%
ETF Category: Morningstar Large Value³	1.69%	17.20%	10.17%	11.27%
Fund Expense Ratio⁴: 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 100^TM Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S& P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

¹	Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
²	ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
³	Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
⁴	As stated in the prospectus.

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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, 2021 and held through February 28, 2022.

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

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

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

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

	EXPENSE RATIO (ANNUALIZED) ¹	BEGINNING ACCOUNT VALUE AT 9/1/21	ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 2/28/22	EXPENSES PAID DURING PERIOD 9/1/21-2/28/22²
Schwab U.S. Broad Market ETF
Actual Return	0.03%	$1,000.00	$ 955.70	$0.15
Hypothetical 5% Return	0.03%	$1,000.00	$1,024.65	$0.15
Schwab 1000 Index ETF
Actual Return	0.05%	$1,000.00	$ 958.50	$0.24
Hypothetical 5% Return	0.05%	$1,000.00	$1,024.55	$0.25
Schwab U.S. Large-Cap ETF
Actual Return	0.03%	$1,000.00	$ 959.80	$0.15
Hypothetical 5% Return	0.03%	$1,000.00	$1,024.65	$0.15
Schwab U.S. Large-Cap Growth ETF
Actual Return	0.04%	$1,000.00	$ 915.40	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab U.S. Large-Cap Value ETF
Actual Return	0.04%	$1,000.00	$ 999.40	$0.20
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab U.S. Mid-Cap ETF
Actual Return	0.04%	$1,000.00	$ 945.60	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab U.S. Small-Cap ETF
Actual Return	0.04%	$1,000.00	$ 914.60	$0.19
Hypothetical 5% Return	0.04%	$1,000.00	$1,024.60	$0.20
Schwab U.S. Dividend Equity ETF
Actual Return	0.06%	$1,000.00	$1,008.50	$0.30
Hypothetical 5% Return	0.06%	$1,000.00	$1,024.50	$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 181 days of the period, and divided by 365 days of the fiscal year.

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Schwab U.S. Equity ETFs | Semiannual Report

Table of Contents

Schwab U.S. Broad Market ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$109.14	$83.28	$70.13	$70.55	$59.72	$52.42
Income (loss) from investment operations:
Net investment income (loss)¹	0.72	1.34	1.47	1.43	1.18	1.12
Net realized and unrealized gains (losses)	(5.52)	25.97	13.12	(0.55)	10.77	7.20
Total from investment operations	(4.80)	27.31	14.59	0.88	11.95	8.32
Less distributions:
Distributions from net investment income	(0.77)	(1.45)	(1.44)	(1.30)	(1.12)	(1.02)
Net asset value at end of period	$103.57	$109.14	$83.28	$70.13	$70.55	$59.72
Total return	(4.43%) ²	33.23%	21.24%	1.35%	20.20%	16.03%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.03% ³	0.03%	0.03%	0.03%	0.03%	0.03%
Net investment income (loss)	1.33% ³	1.42%	2.02%	2.12%	1.81%	1.99%
Portfolio turnover rate⁴	3% ²	4%	4%	4%	4%	4%
Net assets, end of period (x 1,000,000)	$22,200	$22,368	$16,549	$14,877	$13,326	$10,215

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

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited)

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [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 2.3%
Adient plc *	46,831	2,095,687
American Axle & Manufacturing Holdings, Inc. *	56,763	525,625
Aptiv plc *	135,942	17,596,332
Autoliv, Inc.	39,760	3,499,278
BorgWarner, Inc.	119,501	4,900,736
Canoo, Inc. *(a)	73,065	419,393
Dana, Inc.	71,336	1,328,276
Dorman Products, Inc. *	14,261	1,332,263
Faraday Future Intelligent Electric, Inc. *(a)	91,449	525,832
Fisker, Inc. *(a)	69,464	847,461
Ford Motor Co.	1,972,174	34,631,375
Fox Factory Holding Corp. *	21,016	2,480,308
General Motors Co. *	728,183	34,020,710
Gentex Corp.	118,152	3,576,461
Gentherm, Inc. *	16,974	1,440,074
Harley-Davidson, Inc.	77,508	3,201,080
Holley, Inc. *(a)	17,805	230,931
LCI Industries	12,486	1,554,757
Lear Corp.	30,012	4,722,088
Lordstown Motors Corp., Class A *(a)	70,037	179,995
Lucid Group, Inc. *(a)	276,746	8,020,099
Luminar Technologies, Inc. *(a)	109,491	1,536,159
Modine Manufacturing Co. *	27,388	276,619
Patrick Industries, Inc.	11,118	793,158
QuantumScape Corp. *(a)	124,438	2,008,429
Rivian Automotive, Inc., Class A *(a)	77,866	5,260,627
Standard Motor Products, Inc.	9,343	408,383
Stoneridge, Inc. *	13,350	220,409
Tenneco, Inc., Class A *	39,376	759,169
Tesla, Inc. *	408,402	355,485,353
The Goodyear Tire & Rubber Co. *	139,587	2,162,203
Thor Industries, Inc.	27,817	2,517,439
Veoneer, Inc. *	50,816	1,801,427
Visteon Corp. *	14,047	1,688,028
Winnebago Industries, Inc.	16,407	1,051,197
Workhorse Group, Inc. *(a)	70,257	219,904
XL Fleet Corp. *	48,275	94,136
XPEL, Inc. *	8,055	584,793
		503,996,194

Banks 4.5%
1st Source Corp.	8,874	428,525
Allegiance Bancshares, Inc.	9,984	427,814
Ameris Bancorp	32,509	1,609,196
Arrow Financial Corp.	9,071	311,589
Associated Banc-Corp.	74,484	1,816,665
Atlantic Union Bankshares Corp.	37,468	1,522,325
Axos Financial, Inc. *	26,403	1,445,300
Banc of California, Inc.	26,791	526,443
BancFirst Corp.	9,389	733,563

SECURITY	NUMBER OF SHARES	VALUE ($)
Bank of America Corp.	3,615,568	159,808,106
Bank of Hawaii Corp.	19,885	1,713,689
Bank of Marin Bancorp	7,910	279,381
Bank OZK	61,191	2,877,201
BankUnited, Inc.	44,839	1,981,884
Banner Corp.	17,541	1,080,701
Berkshire Hills Bancorp, Inc.	24,408	759,089
BOK Financial Corp.	15,122	1,553,029
Brookline Bancorp, Inc.	38,669	662,787
Byline Bancorp, Inc.	11,839	322,850
Cadence Bank	98,372	3,110,523
Camden National Corp.	7,422	352,916
Capitol Federal Financial, Inc.	65,366	713,797
Cathay General Bancorp	37,638	1,770,115
CBTX, Inc.	9,703	291,672
Central Pacific Financial Corp.	15,075	440,039
Citigroup, Inc.	995,623	58,970,750
Citizens Financial Group, Inc.	213,697	11,201,997
City Holding Co.	7,351	585,654
Columbia Banking System, Inc.	39,835	1,459,156
Columbia Financial, Inc. *	17,967	381,619
Comerica, Inc.	66,231	6,324,398
Commerce Bancshares, Inc.	55,466	3,981,349
Community Bank System, Inc.	27,063	1,973,975
Community Trust Bancorp, Inc.	6,866	290,294
ConnectOne Bancorp, Inc.	16,644	549,252
CrossFirst Bankshares, Inc. *	23,578	370,882
Cullen/Frost Bankers, Inc.	28,217	3,970,978
Customers Bancorp, Inc. *	14,680	903,554
CVB Financial Corp.	64,641	1,524,235
Dime Community Bancshares, Inc.	17,248	586,260
Eagle Bancorp, Inc.	15,295	916,476
East West Bancorp, Inc.	71,729	6,280,591
Eastern Bankshares, Inc.	85,298	1,864,614
Enterprise Financial Services Corp.	18,935	936,146
Essent Group Ltd.	55,766	2,463,742
F.N.B. Corp.	169,739	2,279,595
FB Financial Corp.	17,463	776,056
Federal Agricultural Mortgage Corp., Class C	4,999	618,376
Fifth Third Bancorp	343,034	16,410,747
Financial Institutions, Inc.	7,756	247,727
First BanCorp	105,567	1,490,606
First Bancorp (North Carolina)	17,260	774,629
First Bancshares, Inc.	9,359	330,466
First Busey Corp.	25,763	707,194
First Citizens BancShares, Inc., Class A	6,696	5,279,461
First Commonwealth Financial Corp.	46,694	754,108
First Community Bankshares, Inc.	6,825	200,177
First Financial Bancorp	48,381	1,189,205
First Financial Bankshares, Inc.	63,910	3,062,567
First Financial Corp.	6,131	285,153
First Foundation, Inc.	19,025	507,397
First Hawaiian, Inc.	66,268	1,926,411
First Horizon Corp.	271,972	6,385,903

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
First Interstate BancSystem, Inc., Class A	39,448	1,601,589
First Merchants Corp.	27,389	1,197,995
First Mid Bancshares, Inc.	8,283	331,900
First Republic Bank	89,928	15,580,925
Flagstar Bancorp, Inc.	26,921	1,227,059
Flushing Financial Corp.	14,049	330,011
Fulton Financial Corp.	79,492	1,432,446
German American Bancorp, Inc.	11,918	474,098
Glacier Bancorp, Inc.	54,475	3,017,915
Great Southern Bancorp, Inc.	5,115	314,163
Hancock Whitney Corp.	43,885	2,443,517
Hanmi Financial Corp.	14,890	388,927
Harborone Bancorp, Inc.	26,013	384,732
Heartland Financial USA, Inc.	19,229	954,143
Heritage Commerce Corp.	29,636	352,372
Heritage Financial Corp.	18,081	474,084
Hilltop Holdings, Inc.	30,697	949,151
Home BancShares, Inc.	76,801	1,797,911
HomeStreet, Inc.	10,157	522,679
Hope Bancorp, Inc.	62,556	1,060,950
Horizon Bancorp, Inc.	20,637	414,391
Huntington Bancshares, Inc.	727,510	11,290,955
Independent Bank Corp.	24,251	2,085,829
Independent Bank Group, Inc.	18,527	1,429,358
International Bancshares Corp.	27,493	1,182,474
Investors Bancorp, Inc.	114,740	1,920,748
JPMorgan Chase & Co.	1,483,602	210,374,764
Kearny Financial Corp.	36,946	488,057
KeyCorp	467,784	11,727,345
Lakeland Bancorp, Inc.	31,085	560,773
Lakeland Financial Corp.	12,874	1,032,624
Live Oak Bancshares, Inc.	15,599	997,556
Luther Burbank Corp.	6,828	88,354
M&T Bank Corp.	64,681	11,786,819
Mercantile Bank Corp.	6,588	242,900
Merchants Bancorp	13,021	376,958
Meta Financial Group, Inc.	15,736	871,617
Metrocity Bankshares, Inc.	10,257	249,348
MGIC Investment Corp.	166,105	2,521,474
Midland States Bancorp, Inc.	10,650	312,684
Mr Cooper Group, Inc. *	38,330	1,948,314
National Bank Holdings Corp., Class A	16,008	710,435
NBT Bancorp, Inc.	22,770	873,685
New York Community Bancorp, Inc.	234,900	2,710,746
Nicolet Bankshares, Inc. *	6,351	604,996
NMI Holdings, Inc., Class A *	42,232	977,248
Northfield Bancorp, Inc.	21,507	337,660
Northwest Bancshares, Inc.	62,683	882,577
OceanFirst Financial Corp.	31,107	696,175
OFG Bancorp	26,701	752,434
Old National Bancorp	149,164	2,726,708
Origin Bancorp, Inc.	10,368	478,794
Pacific Premier Bancorp, Inc.	46,607	1,804,157
PacWest Bancorp	58,384	2,885,337
Park National Corp.	7,082	949,413
Peapack-Gladstone Financial Corp.	8,594	324,166
PennyMac Financial Services, Inc.	16,166	933,587
Peoples Bancorp, Inc.	12,107	378,707
People's United Financial, Inc.	214,952	4,531,188
Pinnacle Financial Partners, Inc.	38,241	3,865,400
Popular, Inc.	40,267	3,698,524
Preferred Bank	7,286	571,805
Premier Financial Corp.	19,474	597,268
Prosperity Bancshares, Inc.	46,434	3,457,476
Provident Financial Services, Inc.	38,096	904,018
QCR Holdings, Inc.	7,105	396,885

SECURITY	NUMBER OF SHARES	VALUE ($)
Radian Group, Inc.	89,249	2,133,051
Regions Financial Corp.	477,710	11,555,805
Renasant Corp.	27,383	999,753
Republic Bancorp, Inc., Class A	3,793	174,023
Rocket Cos., Inc., Class A (a)	69,561	898,033
S&T Bancorp, Inc.	20,379	633,583
Sandy Spring Bancorp, Inc.	22,797	1,073,511
Seacoast Banking Corp. of Florida	28,814	1,056,033
ServisFirst Bancshares, Inc.	23,948	2,092,576
Signature Bank	30,401	10,485,001
Silvergate Capital Corp., Class A *	14,928	1,911,978
Simmons First National Corp., Class A	56,372	1,607,729
Southside Bancshares, Inc.	16,518	688,635
SouthState Corp.	34,645	3,118,050
Stock Yards Bancorp, Inc.	11,742	627,845
SVB Financial Group *	29,455	17,849,730
Synovus Financial Corp.	72,609	3,822,864
Texas Capital Bancshares, Inc. *	24,922	1,659,805
TFS Financial Corp.	23,896	410,294
The Bancorp, Inc. *	28,596	837,863
The First of Long Island Corp.	10,111	220,116
The PNC Financial Services Group, Inc.	212,366	42,313,925
Tompkins Financial Corp.	6,220	492,002
Towne Bank	31,906	994,829
TriCo Bancshares	13,096	568,366
TriState Capital Holdings, Inc. *	13,112	435,318
Triumph Bancorp, Inc. *	11,874	1,191,200
Truist Financial Corp.	670,884	41,742,402
TrustCo Bank Corp.	10,394	355,163
Trustmark Corp.	32,656	1,028,337
U.S. Bancorp	678,177	38,344,128
UMB Financial Corp.	21,931	2,233,892
Umpqua Holdings Corp.	108,151	2,309,024
United Bankshares, Inc.	68,368	2,503,636
United Community Banks, Inc.	52,450	2,027,717
Univest Financial Corp.	15,442	447,509
UWM Holdings Corp. (a)	48,024	208,424
Valley National Bancorp	204,612	2,858,430
Veritex Holdings, Inc.	25,302	1,028,020
Walker & Dunlop, Inc.	14,833	2,052,146
Washington Federal, Inc.	32,698	1,163,395
Washington Trust Bancorp, Inc.	8,455	458,853
Waterstone Financial, Inc.	10,460	204,388
Webster Financial Corp.	90,742	5,463,576
Wells Fargo & Co.	2,001,738	106,832,757
WesBanco, Inc.	32,044	1,170,888
Westamerica BanCorp	13,994	830,124
Western Alliance Bancorp	52,085	4,882,448
Wintrust Financial Corp.	28,653	2,846,962
WSFS Financial Corp.	32,362	1,644,960
Zions Bancorp NA	79,104	5,607,683
		1,007,186,977

Capital Goods 5.9%
3M Co.	289,517	43,036,702
A.O. Smith Corp.	66,682	4,573,052
AAON, Inc.	20,539	1,202,764
AAR Corp. *	17,376	780,877
Acuity Brands, Inc.	17,633	3,215,730
Advanced Drainage Systems, Inc.	28,634	3,342,161
AECOM	71,980	5,230,067
Aerojet Rocketdyne Holdings, Inc.	37,332	1,446,615
AeroVironment, Inc. *	11,698	831,143
AGCO Corp.	30,639	3,681,582
Air Lease Corp.	54,052	2,257,212

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Alamo Group, Inc.	4,761	662,303
Albany International Corp., Class A	16,259	1,427,865
Allegion plc	44,913	5,143,437
Allison Transmission Holdings, Inc.	53,497	2,136,670
Altra Industrial Motion Corp.	32,352	1,373,989
Ameresco, Inc., Class A *	15,163	974,223
American Woodmark Corp. *	7,961	426,550
AMETEK, Inc.	115,952	15,049,410
API Group Corp. *	97,470	2,102,428
Apogee Enterprises, Inc.	13,443	605,876
Applied Industrial Technologies, Inc.	19,443	1,965,687
Archer Aviation, Inc., Class A *(a)	59,242	186,612
Arcosa, Inc.	25,014	1,317,487
Argan, Inc.	6,955	270,480
Armstrong World Industries, Inc.	23,423	2,070,593
Array Technologies, Inc. *	61,122	687,011
Astec Industries, Inc.	11,430	569,214
Astra Space, Inc. *(a)	63,204	219,950
Atkore, Inc. *	23,007	2,340,042
Axon Enterprise, Inc. *	32,797	4,599,779
AZEK Co., Inc. *	54,994	1,621,773
AZZ, Inc.	13,060	642,944
Babcock & Wilcox Enterprises, Inc. *	30,388	213,020
Barnes Group, Inc.	22,642	1,051,721
Beacon Roofing Supply, Inc. *	27,797	1,659,203
Berkshire Grey, Inc. *	18,522	61,864
Blink Charging Co. *(a)	18,271	449,101
Bloom Energy Corp., Class A *	74,878	1,662,292
Boise Cascade Co.	20,093	1,606,234
Builders FirstSource, Inc. *	96,055	7,148,413
BWX Technologies, Inc.	46,587	2,488,678
Byrna Technologies, Inc. *	9,261	92,703
Carlisle Cos., Inc.	26,507	6,292,762
Carrier Global Corp.	434,389	19,495,378
Caterpillar, Inc.	271,767	50,978,054
ChargePoint Holdings, Inc. *(a)	86,606	1,257,519
Chart Industries, Inc. *	17,865	2,579,706
CIRCOR International, Inc. *	10,152	273,495
Colfax Corp. *	66,644	2,679,755
Columbus McKinnon Corp.	13,996	638,777
Comfort Systems USA, Inc.	18,459	1,587,105
Construction Partners, Inc., Class A *	17,817	476,783
Core & Main, Inc., Class A *	28,514	640,995
Cornerstone Building Brands, Inc. *	26,991	595,961
Crane Co.	24,824	2,509,210
CSW Industrials, Inc.	7,970	959,030
Cummins, Inc.	71,650	14,625,198
Curtiss-Wright Corp.	19,976	2,946,860
Custom Truck One Source, Inc. *	24,541	192,892
Deere & Co.	141,766	51,038,595
Desktop Metal, Inc., Class A *(a)	92,709	385,669
Donaldson Co., Inc.	62,401	3,386,502
Douglas Dynamics, Inc.	10,982	403,479
Dover Corp.	72,365	11,351,174
DXP Enterprises, Inc. *	7,572	217,392
Dycom Industries, Inc. *	15,407	1,341,333
Eaton Corp. plc	200,026	30,862,012
EMCOR Group, Inc.	26,536	3,065,969
Emerson Electric Co.	299,958	27,872,097
Encore Wire Corp.	10,447	1,216,240
Energy Recovery, Inc. *	20,256	384,864
Enerpac Tool Group Corp.	32,199	555,433
EnerSys	20,602	1,498,383
Enovix Corp. *	49,273	820,888
EnPro Industries, Inc.	10,063	1,111,358
Eos Energy Enterprises, Inc. *	21,952	63,661
ESCO Technologies, Inc.	12,713	884,443
ESS Tech, Inc. *	24,860	129,023

SECURITY	NUMBER OF SHARES	VALUE ($)
Evoqua Water Technologies Corp. *	60,171	2,566,895
Fastenal Co.	289,765	14,911,307
Federal Signal Corp.	30,454	1,099,694
Flowserve Corp.	65,468	1,988,263
Fluence Energy, Inc. *	15,840	214,315
Fluor Corp. *	70,914	1,535,997
Fortive Corp.	179,860	11,645,935
Fortune Brands Home & Security, Inc.	68,396	5,943,612
Franklin Electric Co., Inc.	19,315	1,633,276
FTC Solar, Inc. *	10,177	47,934
FuelCell Energy, Inc. *	185,994	1,115,964
Gates Industrial Corp. plc *	47,480	752,083
GATX Corp.	17,814	1,899,507
Generac Holdings, Inc. *	31,732	10,010,494
General Dynamics Corp.	116,232	27,250,592
General Electric Co.	551,364	52,660,776
Gibraltar Industries, Inc. *	16,421	793,463
Global Industrial Co.	6,930	220,235
GMS, Inc. *	21,705	1,177,496
Graco, Inc.	85,868	6,190,224
GrafTech International Ltd.	102,326	1,031,446
Granite Construction, Inc.	24,017	726,995
Great Lakes Dredge & Dock Corp. *	33,051	466,350
Griffon Corp.	22,941	528,790
H&E Equipment Services, Inc.	15,045	628,279
HEICO Corp.	21,115	3,114,674
HEICO Corp., Class A	37,422	4,599,912
Helios Technologies, Inc.	16,154	1,266,635
Herc Holdings, Inc.	12,310	1,958,767
Hexcel Corp.	41,906	2,426,357
Hillenbrand, Inc.	37,301	1,779,631
Hillman Solutions Corp. *	48,193	452,050
Honeywell International, Inc.	345,730	65,602,268
Howmet Aerospace, Inc.	191,770	6,888,378
Hubbell, Inc.	27,239	4,855,352
Huntington Ingalls Industries, Inc.	19,919	4,071,444
Hydrofarm Holdings Group, Inc. *	17,981	364,115
Hyliion Holdings Corp. *	60,449	261,140
Hyster-Yale Materials Handling, Inc.	5,002	191,477
Hyzon Motors, Inc. *(a)	44,908	250,587
IDEX Corp.	38,177	7,326,166
IES Holdings, Inc. *	4,679	196,705
Illinois Tool Works, Inc.	143,527	31,050,631
Ingersoll Rand, Inc.	204,608	10,336,796
Insteel Industries, Inc.	9,270	344,010
ITT, Inc.	43,217	3,797,478
Janus International Group, Inc. *	25,362	244,236
JELD-WEN Holding, Inc. *	46,605	1,075,643
John Bean Technologies Corp.	15,934	1,806,438
Johnson Controls International plc	356,391	23,151,159
Kadant, Inc.	5,857	1,155,879
Kaman Corp.	12,953	562,290
Kennametal, Inc.	40,939	1,298,176
Kratos Defense & Security Solutions, Inc. *	62,334	1,304,027
L3Harris Technologies, Inc.	98,451	24,840,172
Lennox International, Inc.	16,781	4,479,352
Lincoln Electric Holdings, Inc.	29,886	3,809,270
Lindsay Corp.	5,702	748,159
Lockheed Martin Corp.	123,322	53,497,084
Markforged Holding Corp. *(a)	34,607	134,621
Masco Corp.	122,523	6,866,189
Masonite International Corp. *	11,759	1,109,226
MasTec, Inc. *	28,431	2,239,226
Maxar Technologies, Inc.	35,996	1,167,710
McGrath RentCorp	11,911	968,126
MDU Resources Group, Inc.	101,751	2,723,874
Mercury Systems, Inc. *	28,668	1,726,387

₂₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Meritor, Inc. *	36,179	1,288,334
Microvast Holdings, Inc. *(a)	118,901	848,953
Moog, Inc., Class A	14,734	1,224,543
MRC Global, Inc. *	27,622	278,982
MSC Industrial Direct Co., Inc., Class A	23,644	1,831,937
Mueller Industries, Inc.	29,250	1,668,713
Mueller Water Products, Inc., Class A	80,230	1,018,119
MYR Group, Inc. *	8,504	763,234
National Presto Industries, Inc.	2,248	178,716
Nikola Corp. *(a)	103,296	816,038
Nordson Corp.	27,123	6,143,088
Northrop Grumman Corp.	74,723	33,038,027
NOW, Inc. *	57,656	538,507
NV5 Global, Inc. *	5,790	620,978
nVent Electric plc	84,095	2,853,343
Omega Flex, Inc.	1,630	236,758
Oshkosh Corp.	34,639	3,846,315
Otis Worldwide Corp.	213,338	16,710,766
Owens Corning	50,816	4,735,543
PACCAR, Inc.	173,896	15,965,392
Parker-Hannifin Corp.	64,905	19,237,193
Parsons Corp. *	13,946	483,368
Pentair plc	82,973	4,804,966
PGT Innovations, Inc. *	31,430	676,059
Plug Power, Inc. *	260,157	6,579,371
Primoris Services Corp.	27,188	716,948
Proterra, Inc. *	90,995	822,595
Proto Labs, Inc. *	14,270	802,402
Quanex Building Products Corp.	17,420	398,221
Quanta Services, Inc.	71,582	7,798,143
Raytheon Technologies Corp.	751,583	77,187,574
RBC Bearings, Inc. *	14,529	2,816,447
Regal Rexnord Corp.	33,819	5,422,877
Resideo Technologies, Inc. *	71,891	1,850,474
REV Group, Inc.	17,600	237,952
Rocket Lab USA, Inc. *(a)	71,797	684,943
Rockwell Automation, Inc.	58,225	15,521,621
Romeo Power, Inc. *(a)	41,692	76,296
Roper Technologies, Inc.	52,835	23,681,704
Rush Enterprises, Inc., Class A	20,980	1,089,701
Rush Enterprises, Inc., Class B	3,395	166,389
Sarcos Technology and Robotics Corp. *	29,335	176,890
Sensata Technologies Holding plc *	79,890	4,626,430
Shoals Technologies Group, Inc., Class A *	51,531	814,705
Shyft Group, Inc.	16,001	646,600
Simpson Manufacturing Co., Inc.	22,226	2,634,003
SiteOne Landscape Supply, Inc. *	22,374	3,857,949
Snap-on, Inc.	27,038	5,682,847
Spirit AeroSystems Holdings, Inc., Class A	53,488	2,674,400
SPX Corp. *	22,474	1,139,432
SPX FLOW, Inc.	21,122	1,814,169
Standex International Corp.	6,430	681,130
Stanley Black & Decker, Inc.	81,590	13,274,693
Stem, Inc. *	63,740	606,805
Sunrun, Inc. *	103,917	2,834,856
Tennant Co.	9,729	766,451
Terex Corp.	35,194	1,452,808
Textron, Inc.	111,003	8,117,649
The Boeing Co. *	277,312	56,943,246
The Gorman-Rupp Co.	11,135	414,890
The Greenbrier Cos., Inc.	16,292	723,854
The Manitowoc Co., Inc. *	18,246	301,606
The Middleby Corp. *	28,037	4,979,932
The Timken Co.	34,491	2,261,230

SECURITY	NUMBER OF SHARES	VALUE ($)
The Toro Co.	53,279	4,998,103
Thermon Group Holdings, Inc. *	16,473	282,018
Titan International, Inc. *	27,334	306,141
Titan Machinery, Inc. *	10,296	291,686
TPI Composites, Inc. *	18,961	256,353
Trane Technologies plc	119,132	18,337,989
TransDigm Group, Inc. *	26,230	17,484,656
Trex Co., Inc. *	57,666	5,296,045
Trinity Industries, Inc.	40,383	1,165,453
Triton International Ltd.	33,382	2,192,530
Triumph Group, Inc. *	32,013	801,606
Tutor Perini Corp. *	21,864	214,267
UFP Industries, Inc.	31,511	2,702,068
United Rentals, Inc. *	36,316	11,679,952
Univar Solutions, Inc. *	85,984	2,640,569
Valmont Industries, Inc.	10,618	2,298,266
Velo3D, Inc. *(a)	29,303	238,233
Veritiv Corp. *	6,855	734,650
Vertiv Holdings Co.	152,013	1,979,209
Vicor Corp. *	10,822	809,161
View, Inc. *(a)	31,105	75,274
Virgin Galactic Holdings, Inc. *(a)	89,471	866,079
W.W. Grainger, Inc.	21,761	10,381,303
Wabash National Corp.	25,746	438,712
Watsco, Inc.	16,712	4,563,379
Watts Water Technologies, Inc., Class A	13,641	1,963,622
Welbilt, Inc. *	66,786	1,578,821
WESCO International, Inc. *	22,048	2,683,903
Westinghouse Air Brake Technologies Corp.	94,019	8,726,844
WillScot Mobile Mini Holdings Corp. *	112,021	3,980,106
Woodward, Inc.	31,887	3,974,077
Xylem, Inc.	90,102	8,014,573
Zurn Water Solutions Corp.	60,679	1,973,281
		1,317,842,225

Commercial & Professional Services 1.0%
ABM Industries, Inc.	33,147	1,485,980
ACCO Brands Corp.	53,336	458,690
ADT, Inc.	77,264	564,800
Alight, Inc., Class A *	123,451	1,288,828
ASGN, Inc. *	25,979	2,878,213
Aurora Innovation, Inc. *(a)	127,161	727,361
Barrett Business Services, Inc.	3,846	231,337
BlackSky Technology, Inc. *(a)	29,504	73,760
Booz Allen Hamilton Holding Corp.	67,628	5,456,903
Brady Corp., Class A	24,333	1,121,265
BrightView Holdings, Inc. *	23,625	319,174
CACI International, Inc., Class A *	11,696	3,272,424
Casella Waste Systems, Inc., Class A *	24,759	1,866,829
CBIZ, Inc. *	25,983	1,010,998
Cimpress plc *	9,845	620,137
Cintas Corp.	44,107	16,554,239
Clarivate plc *	186,554	2,794,579
Clean Harbors, Inc. *	24,954	2,381,360
Copart, Inc. *	107,313	13,186,621
CoreCivic, Inc. *	62,335	567,872
CoStar Group, Inc. *	197,873	12,072,232
Deluxe Corp.	20,943	651,537
Driven Brands Holdings, Inc. *	27,521	808,292
Dun & Bradstreet Holdings, Inc. *	75,467	1,400,667
Ennis, Inc.	13,962	262,206
Equifax, Inc.	61,133	13,347,779
Exponent, Inc.	25,990	2,462,812
First Advantage Corp. *	20,624	333,078
Forrester Research, Inc. *	5,360	278,345

₂₇

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Franklin Covey Co. *	6,810	313,941
FTI Consulting, Inc. *	17,270	2,521,420
Harsco Corp. *	39,057	465,169
Healthcare Services Group, Inc.	37,864	599,008
Heidrick & Struggles International, Inc.	9,347	399,584
Heritage-Crystal Clean, Inc. *	9,071	254,351
HireRight Holdings Corp. *	9,986	130,517
HNI Corp.	22,188	902,830
Huron Consulting Group, Inc. *	11,716	577,950
IAA, Inc. *	68,023	2,499,165
ICF International, Inc.	8,674	768,690
Insperity, Inc.	17,928	1,612,624
Interface, Inc.	28,394	370,542
Jacobs Engineering Group, Inc.	65,358	8,039,034
KAR Auction Services, Inc. *	61,909	1,142,840
KBR, Inc.	70,581	3,503,641
Kelly Services, Inc., Class A	16,135	342,385
Kforce, Inc.	10,254	770,896
Korn Ferry	27,780	1,840,703
LegalZoom.com, Inc. *	9,319	145,470
Leidos Holdings, Inc.	70,199	7,149,066
ManpowerGroup, Inc.	26,982	2,867,647
ManTech International Corp., Class A	14,048	1,171,182
Matthews International Corp., Class A	15,178	503,606
MillerKnoll, Inc.	37,548	1,459,866
MSA Safety, Inc.	18,346	2,551,929
Nielsen Holdings plc	177,692	3,095,395
Pitney Bowes, Inc.	87,740	436,945
Republic Services, Inc.	105,007	12,630,242
Resources Connection, Inc.	13,693	227,304
Robert Half International, Inc.	55,849	6,718,076
Rollins, Inc.	114,519	3,736,755
Science Applications International Corp.	29,225	2,562,740
SP Plus Corp. *	11,093	331,126
Steelcase, Inc., Class A	43,838	533,508
Stericycle, Inc. *	46,253	2,699,325
Sterling Check Corp. *	6,202	130,614
Tetra Tech, Inc.	27,234	4,323,942
The Brink's Co.	24,831	1,739,660
The GEO Group, Inc. *	57,711	343,958
TransUnion	96,513	8,759,520
TriNet Group, Inc. *	20,001	1,746,287
TrueBlue, Inc. *	16,453	447,522
UniFirst Corp.	7,798	1,413,387
Upwork, Inc. *	60,123	1,519,909
US Ecology, Inc. *	16,080	762,835
Verisk Analytics, Inc.	81,069	14,376,776
Viad Corp. *	10,588	369,945
VSE Corp.	4,768	227,195
Waste Management, Inc.	193,442	27,933,025
		228,448,365

Consumer Durables & Apparel 1.3%
Acushnet Holdings Corp.	17,642	772,720
AMMO, Inc. *(a)	42,055	198,079
Beazer Homes USA, Inc. *	13,490	220,831
Brunswick Corp.	38,892	3,714,964
Callaway Golf Co. *	58,589	1,449,492
Capri Holdings Ltd. *	75,282	5,099,603
Carter's, Inc.	21,144	2,044,202
Cavco Industries, Inc. *	4,200	1,145,046
Century Communities, Inc.	14,724	938,213
Columbia Sportswear Co.	17,502	1,622,785
Crocs, Inc. *	29,338	2,456,471
D.R. Horton, Inc.	164,071	14,011,663

SECURITY	NUMBER OF SHARES	VALUE ($)
Deckers Outdoor Corp. *	13,856	3,999,396
Dream Finders Homes, Inc., Class A *(a)	9,343	187,981
Ethan Allen Interiors, Inc.	12,418	323,613
Fossil Group, Inc. *	25,963	351,020
Garmin Ltd.	76,113	8,405,920
G-III Apparel Group Ltd. *	22,609	627,174
GoPro, Inc., Class A *	65,148	560,273
Green Brick Partners, Inc. *	24,640	571,402
Hanesbrands, Inc.	175,993	2,719,092
Hasbro, Inc.	65,001	6,308,347
Hayward Holdings, Inc. *	20,488	366,530
Helen of Troy Ltd. *	11,926	2,452,820
Installed Building Products, Inc.	11,822	1,143,187
iRobot Corp. *	13,614	846,246
Johnson Outdoors, Inc., Class A	3,145	259,368
KB Home	43,428	1,676,755
Kontoor Brands, Inc.	24,045	1,191,189
Latham Group, Inc. *	17,479	305,708
La-Z-Boy, Inc.	22,088	644,528
Leggett & Platt, Inc.	66,147	2,452,731
Lennar Corp., Class A	143,234	12,873,872
Levi Strauss & Co., Class A	48,693	1,102,896
LGI Homes, Inc. *	10,970	1,383,646
Lululemon Athletica, Inc. *	59,368	18,994,198
M.D.C Holdings, Inc.	28,167	1,248,925
M/I Homes, Inc. *	15,090	743,786
Malibu Boats, Inc., Class A *	10,365	722,130
Mattel, Inc. *	176,929	4,419,686
Meritage Homes Corp. *	18,530	1,826,687
Mohawk Industries, Inc. *	27,605	3,886,232
Movado Group, Inc.	9,120	359,510
Newell Brands, Inc.	190,225	4,517,844
NIKE, Inc., Class B	641,604	87,611,026
NVR, Inc. *	1,641	8,136,800
Oxford Industries, Inc.	7,790	688,558
Peloton Interactive, Inc., Class A *	149,427	4,342,349
Polaris, Inc.	28,599	3,475,065
PulteGroup, Inc.	126,783	6,296,044
Purple Innovation, Inc. *	29,714	178,878
PVH Corp.	35,336	3,459,041
Ralph Lauren Corp.	24,522	3,237,885
Skechers U.S.A., Inc., Class A *	67,865	3,120,433
Skyline Champion Corp. *	26,724	1,796,922
Smith & Wesson Brands, Inc.	23,429	413,053
Snap One Holdings Corp. *	6,267	123,084
Solo Brands, Inc., Class A *(a)	6,977	73,677
Sonos, Inc. *	62,064	1,699,933
Steven Madden Ltd.	38,055	1,623,426
Sturm Ruger & Co., Inc.	9,065	656,397
Tapestry, Inc.	137,258	5,613,852
Taylor Morrison Home Corp. *	61,371	1,810,445
Tempur Sealy International, Inc.	96,331	3,179,886
Toll Brothers, Inc.	57,527	3,121,415
TopBuild Corp. *	16,612	3,566,264
Traeger, Inc. *(a)	11,535	113,850
Tri Pointe Homes, Inc. *	56,479	1,263,435
Tupperware Brands Corp. *(a)	25,309	461,383
Under Armour, Inc., Class A *	93,522	1,673,109
Under Armour, Inc., Class C *	109,337	1,708,937
Universal Electronics, Inc. *	6,309	209,648
VF Corp.	163,605	9,492,362
Vista Outdoor, Inc. *	28,360	1,033,722
Vizio Holding Corp., Class A *(a)	19,657	266,942
Whirlpool Corp.	30,419	6,122,432
Wolverine World Wide, Inc.	41,954	966,201

₂₈

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
YETI Holdings, Inc. *	44,452	2,736,465
		291,419,680

Consumer Services 2.2%
2U, Inc. *	38,142	400,491
Accel Entertainment, Inc. *	27,321	357,632
Adtalem Global Education, Inc. *	23,816	494,896
Airbnb, Inc., Class A *	174,194	26,388,649
American Public Education, Inc. *	9,320	186,027
Aramark	128,232	4,739,455
Bally's Corp. *	14,609	526,216
BJ's Restaurants, Inc. *	12,103	388,143
Bloomin' Brands, Inc. *	40,198	989,273
Booking Holdings, Inc. *	20,624	44,800,484
Boyd Gaming Corp. *	41,102	2,915,776
Bright Horizons Family Solutions, Inc. *	30,236	3,950,031
Brinker International, Inc. *	23,324	992,203
Caesars Entertainment, Inc. *	106,908	9,000,585
Carnival Corp. *	405,365	8,241,070
Carriage Services, Inc.	7,533	370,699
Chegg, Inc. *	73,780	2,307,101
Chipotle Mexican Grill, Inc. *	14,112	21,497,515
Choice Hotels International, Inc.	16,279	2,349,874
Churchill Downs, Inc.	17,115	4,122,490
Chuy's Holdings, Inc. *	9,728	317,133
Coursera, Inc. *	42,972	873,621
Cracker Barrel Old Country Store, Inc.	11,668	1,566,662
Darden Restaurants, Inc.	65,434	9,502,325
Dave & Buster's Entertainment, Inc. *	20,120	872,001
Denny's Corp. *	30,325	479,741
Dine Brands Global, Inc.	8,936	749,194
Domino's Pizza, Inc.	18,220	7,874,866
DraftKings, Inc., Class A *	168,129	3,981,295
Duolingo, Inc. *(a)	2,727	235,313
Dutch Bros, Inc., Class A *(a)	12,037	580,304
El Pollo Loco Holdings, Inc. *	8,027	106,518
Everi Holdings, Inc. *	45,624	1,067,602
Expedia Group, Inc. *	73,089	14,333,484
F45 Training Holdings, Inc. *(a)	9,988	153,615
First Watch Restaurant Group, Inc. *	4,181	60,666
Frontdoor, Inc. *	43,832	1,317,152
GAN Ltd. *	20,396	136,041
Golden Entertainment, Inc. *	9,733	554,100
Golden Nugget Online Gaming, Inc. *	21,203	182,346
Graham Holdings Co., Class B	1,942	1,167,394
Grand Canyon Education, Inc. *	20,646	1,792,692
H&R Block, Inc.	89,317	2,215,955
Hilton Grand Vacations, Inc. *	43,854	2,274,268
Hilton Worldwide Holdings, Inc. *	139,815	20,812,861
Houghton Mifflin Harcourt Co. *	63,757	1,335,709
Hyatt Hotels Corp., Class A *	25,185	2,445,715
Jack in the Box, Inc.	11,117	959,064
Krispy Kreme, Inc. (a)	14,518	216,463
Las Vegas Sands Corp. *	172,417	7,389,793
Laureate Education, Inc.	51,867	562,238
Life Time Group Holdings, Inc. *(a)	18,490	287,519
Lindblad Expeditions Holdings, Inc. *	15,712	278,574
Marriott International, Inc., Class A *	137,143	23,333,510
Marriott Vacations Worldwide Corp.	21,581	3,467,419
McDonald's Corp.	375,447	91,898,162
MGM Resorts International	196,072	8,684,029
Mister Car Wash, Inc. *	18,620	298,292
Monarch Casino & Resort, Inc. *	6,174	480,955
Noodles & Co. *	19,965	136,561
Norwegian Cruise Line Holdings Ltd. *	186,020	3,625,530
OneSpaWorld Holdings Ltd. *	28,752	297,296

SECURITY	NUMBER OF SHARES	VALUE ($)
Papa John's International, Inc.	16,414	1,753,343
Penn National Gaming, Inc. *	83,175	4,271,036
Perdoceo Education Corp. *	37,208	389,568
Planet Fitness, Inc., Class A *	41,387	3,502,582
Playa Hotels & Resorts N.V. *	65,177	615,923
Portillo's, Inc., Class A *(a)	10,015	250,976
PowerSchool Holdings, Inc., Class A *	19,500	307,125
Red Rock Resorts, Inc., Class A	26,604	1,337,649
Rover Group, Inc. *	37,073	211,687
Royal Caribbean Cruises Ltd. *	112,919	9,114,822
Rush Street Interactive, Inc. *	27,075	279,685
Ruth's Hospitality Group, Inc.	17,675	438,517
Scientific Games Corp., Class A *	48,271	3,037,211
SeaWorld Entertainment, Inc. *	25,901	1,797,270
Service Corp. International	82,635	5,028,340
Shake Shack, Inc., Class A *	19,546	1,460,477
Six Flags Entertainment Corp. *	39,986	1,745,789
Starbucks Corp.	592,587	54,393,561
Strategic Education, Inc.	11,321	668,165
Stride, Inc. *	20,154	676,771
Terminix Global Holdings, Inc. *	60,812	2,588,159
Texas Roadhouse, Inc.	35,369	3,356,872
The Cheesecake Factory, Inc. *	24,394	1,043,819
The Wendy's Co.	88,760	2,018,402
Travel & Leisure Co.	43,900	2,460,595
Udemy, Inc. *(a)	7,159	94,427
Vail Resorts, Inc.	20,327	5,296,200
Vivint Smart Home, Inc. *	20,566	147,870
Wingstop, Inc.	14,648	2,129,087
WW International, Inc. *	27,289	278,075
Wyndham Hotels & Resorts, Inc.	46,339	4,004,153
Wynn Resorts Ltd. *	53,065	4,591,184
Yum! Brands, Inc.	147,133	18,035,563
		491,247,491

Diversified Financials 5.5%
Affiliated Managers Group, Inc.	20,521	2,839,286
AGNC Investment Corp.	266,443	3,439,779
Alerus Financial Corp.	7,119	204,671
Ally Financial, Inc.	173,546	8,659,945
American Express Co.	315,177	61,314,534
Ameriprise Financial, Inc.	56,187	16,844,301
Annaly Capital Management, Inc.	735,541	5,119,365
Apollo Commercial Real Estate Finance, Inc.	65,031	848,654
Apollo Global Management, Inc.	185,103	12,079,822
Arbor Realty Trust, Inc.	73,068	1,315,224
Ares Management Corp., Class A	84,185	6,826,562
ARMOUR Residential REIT, Inc. (a)	45,332	368,549
Artisan Partners Asset Management, Inc., Class A	32,038	1,220,968
Assetmark Financial Holdings, Inc. *	8,865	208,239
B. Riley Financial, Inc.	7,621	453,831
Bakkt Holdings, Inc. *(a)	15,110	86,278
Berkshire Hathaway, Inc., Class B *	919,484	295,568,132
BGC Partners, Inc., Class A	163,432	748,519
BlackRock, Inc.	71,695	53,333,193
Blackstone Mortgage Trust, Inc., Class A	83,549	2,655,187
Blackstone, Inc.	344,836	43,956,245
Blucora, Inc. *	24,670	490,933
Blue Owl Capital, Inc.	166,610	2,082,625
Brightsphere Investment Group, Inc.	17,960	428,705
BrightSpire Capital, Inc.	44,749	396,476
Broadmark Realty Capital, Inc.	63,757	552,136
Cannae Holdings, Inc. *	40,908	1,098,380
Capital One Financial Corp.	213,450	32,715,481

₂₉

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cboe Global Markets, Inc.	53,275	6,248,625
Chimera Investment Corp.	117,861	1,434,368
CME Group, Inc.	180,490	42,691,300
Cohen & Steers, Inc.	12,597	1,023,632
Coinbase Global, Inc., Class A *	14,752	2,814,239
Cowen, Inc., Class A	14,082	417,531
Credit Acceptance Corp. *	4,122	2,267,595
Curo Group Holdings Corp.	10,834	144,851
Diamond Hill Investment Group, Inc.	1,690	327,657
Discover Financial Services	147,166	18,166,171
Donnelley Financial Solutions, Inc. *	15,391	494,051
Dynex Capital, Inc.	16,855	259,061
Ellington Financial, Inc.	25,988	459,208
Encore Capital Group, Inc. *	12,726	839,789
Enova International, Inc. *	18,034	735,246
Equitable Holdings, Inc.	189,915	6,202,624
Evercore, Inc., Class A	19,358	2,458,660
FactSet Research Systems, Inc.	18,808	7,637,741
Federated Hermes, Inc.	47,883	1,564,338
FirstCash Holdings, Inc.	20,293	1,461,908
Focus Financial Partners, Inc., Class A *	25,297	1,265,862
Franklin BSP Realty Trust, Inc.	22,562	297,818
Franklin Resources, Inc.	141,851	4,217,230
Granite Point Mortgage Trust, Inc.	27,001	302,951
Green Dot Corp., Class A *	27,140	777,561
Hamilton Lane, Inc., Class A	17,506	1,367,219
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	42,970	2,034,200
Houlihan Lokey, Inc.	25,695	2,642,988
Interactive Brokers Group, Inc., Class A	43,879	2,903,912
Intercontinental Exchange, Inc.	283,028	36,261,547
Invesco Ltd.	172,055	3,654,448
Invesco Mortgage Capital, Inc.	163,127	355,617
Jackson Financial, Inc., Class A	46,300	1,893,207
Janus Henderson Group plc	85,505	2,870,403
Jefferies Financial Group, Inc.	97,999	3,482,884
KKR & Co., Inc.	294,121	17,682,554
KKR Real Estate Finance Trust, Inc.	21,865	469,442
Ladder Capital Corp.	55,093	631,366
Lazard Ltd., Class A	56,288	1,946,439
LendingClub Corp. *	49,609	921,735
LendingTree, Inc. *	5,873	710,692
LPL Financial Holdings, Inc.	40,359	7,302,961
MarketAxess Holdings, Inc.	19,069	7,273,489
MFA Financial, Inc.	199,444	809,743
Moelis & Co., Class A	30,813	1,485,495
Moneylion, Inc. *	48,815	117,644
Moody's Corp.	81,242	26,162,361
Morgan Stanley	720,774	65,403,033
Morningstar, Inc.	12,009	3,370,326
MSCI, Inc.	41,332	20,735,851
Nasdaq, Inc.	58,696	10,045,820
Navient Corp.	79,220	1,395,064
Nelnet, Inc., Class A	10,084	812,266
New Residential Investment Corp.	230,530	2,392,901
New York Mortgage Trust, Inc.	185,113	649,747
Northern Trust Corp.	103,979	11,843,208
OneMain Holdings, Inc.	55,350	2,821,743
Open Lending Corp., Class A *	51,610	1,075,036
Oportun Financial Corp. *	9,781	159,821
PennyMac Mortgage Investment Trust	49,067	765,445
Piper Sandler Cos.	7,303	1,080,917
PJT Partners, Inc., Class A	12,642	806,812
PRA Group, Inc. *	22,708	1,013,458
PROG Holdings, Inc. *	28,987	888,162
Raymond James Financial, Inc.	92,986	10,195,915

SECURITY	NUMBER OF SHARES	VALUE ($)
Ready Capital Corp.	29,092	432,016
Redwood Trust, Inc.	56,953	591,742
S&P Global, Inc.	177,812	66,803,956
SEI Investments Co.	53,653	3,142,993
SLM Corp.	147,958	2,914,773
SoFi Technologies, Inc. *(a)	323,708	3,706,457
Starwood Property Trust, Inc.	155,269	3,701,613
State Street Corp.	183,707	15,675,718
StepStone Group, Inc., Class A	24,124	833,002
Stifel Financial Corp.	52,105	3,829,717
StoneX Group, Inc. *	8,880	669,996
Synchrony Financial	275,013	11,765,056
T. Rowe Price Group, Inc.	112,776	16,302,899
The Bank of New York Mellon Corp.	381,325	20,267,424
The Carlyle Group, Inc.	70,581	3,308,131
The Charles Schwab Corp. (b)	751,947	63,509,444
The Goldman Sachs Group, Inc.	169,351	57,797,803
TPG RE Finance Trust, Inc.	28,348	335,640
Tradeweb Markets, Inc., Class A	53,573	4,525,847
Two Harbors Investment Corp.	172,299	871,833
Upstart Holdings, Inc. *	24,564	3,880,866
Virtu Financial, Inc., Class A	44,402	1,557,622
Virtus Investment Partners, Inc.	3,623	871,766
Voya Financial, Inc.	55,436	3,733,615
WisdomTree Investments, Inc.	60,758	342,067
World Acceptance Corp. *	2,091	410,819
		1,210,584,723

Energy 3.6%
Antero Midstream Corp.	162,731	1,633,819
Antero Resources Corp. *	144,742	3,318,934
APA Corp.	183,675	6,544,340
Arch Resources, Inc. (a)	7,301	871,520
Archaea Energy, Inc. *	11,904	218,319
Archrock, Inc.	67,297	561,930
Baker Hughes Co.	436,344	12,819,787
Brigham Minerals, Inc., Class A	22,354	509,224
Bristow Group, Inc. *	11,813	391,483
Cactus, Inc., Class A	29,030	1,470,660
California Resources Corp.	40,848	1,684,163
Callon Petroleum Co. *	23,618	1,331,111
Centennial Resource Development, Inc., Class A *	96,427	846,629
ChampionX Corp. *	101,007	2,162,560
Cheniere Energy, Inc.	118,054	15,689,377
Chesapeake Energy Corp.	52,045	4,020,476
Chevron Corp.	967,664	139,343,616
Civitas Resources, Inc.	35,350	1,784,115
Clean Energy Fuels Corp. *	85,574	622,123
CNX Resources Corp. *	107,319	1,753,592
Comstock Resources, Inc. *	48,396	401,687
ConocoPhillips	662,560	62,850,442
CONSOL Energy, Inc. *	16,896	519,383
Continental Resources, Inc.	29,764	1,649,819
Core Laboratories N.V.	24,031	662,294
Coterra Energy, Inc.	408,532	9,531,052
CVR Energy, Inc.	14,880	258,763
Delek US Holdings, Inc. *	38,238	658,841
Denbury, Inc. *	25,238	1,833,793
Devon Energy Corp.	315,914	18,812,679
Diamondback Energy, Inc.	85,454	11,801,197
DMC Global, Inc. *	9,453	277,918
Dril-Quip, Inc. *	18,772	541,384
DTE Midstream LLC *	48,939	2,598,661
EOG Resources, Inc.	293,946	33,780,274
EQT Corp.	153,459	3,551,041
Equitrans Midstream Corp.	204,309	1,309,621

₃₀

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Expro Group Holdings N.V. *	13,474	216,797
Exxon Mobil Corp.	2,125,410	166,674,652
Green Plains, Inc. *	27,121	887,942
Gulfport Energy Corp. *	6,331	436,712
Halliburton Co.	447,996	15,021,306
Helix Energy Solutions Group, Inc. *	74,732	302,665
Helmerich & Payne, Inc.	55,873	2,024,279
Hess Corp.	138,180	13,964,471
HollyFrontier Corp. *	75,171	2,288,957
International Seaways, Inc.	21,096	385,846
Kinder Morgan, Inc.	974,321	16,953,185
Kosmos Energy Ltd. *	229,270	1,114,252
Laredo Petroleum, Inc. *	6,867	525,738
Liberty Oilfield Services, Inc., Class A *	51,385	641,285
Magnolia Oil & Gas Corp., Class A	72,986	1,631,237
Marathon Oil Corp.	390,336	8,805,980
Marathon Petroleum Corp.	309,060	24,066,502
Matador Resources Co.	54,377	2,697,099
Murphy Oil Corp.	73,335	2,542,524
Nabors Industries Ltd. *	3,710	465,753
New Fortress Energy, Inc.	21,987	606,621
NexTier Oilfield Solutions, Inc. *	91,240	726,270
Northern Oil and Gas, Inc.	33,449	838,901
NOV, Inc.	197,606	3,388,943
Oasis Petroleum, Inc.	9,385	1,243,606
Occidental Petroleum Corp.	444,931	19,456,833
Oceaneering International, Inc. *	52,380	766,843
ONEOK, Inc.	223,201	14,575,025
Ovintiv, Inc.	129,678	5,945,736
Par Pacific Holdings, Inc. *	22,199	301,906
Patterson-UTI Energy, Inc.	113,211	1,633,635
PBF Energy, Inc., Class A *	48,284	802,480
PDC Energy, Inc.	48,526	3,130,898
Peabody Energy Corp. *	50,241	871,179
Phillips 66	219,596	18,498,767
Pioneer Natural Resources Co.	113,762	27,257,375
ProPetro Holding Corp. *	46,676	596,053
Range Resources Corp. *	126,541	2,904,116
Renewable Energy Group, Inc. *	25,398	1,561,977
RPC, Inc. *	36,157	317,097
Schlumberger N.V.	702,122	27,551,267
SM Energy Co.	61,152	2,171,508
Southwestern Energy Co. *	512,229	2,556,023
Talos Energy, Inc. *	23,016	361,581
Targa Resources Corp.	114,228	7,467,084
TechnipFMC plc *	214,770	1,471,175
Tellurian, Inc. *	192,830	734,682
Texas Pacific Land Corp.	3,116	3,704,083
The Williams Cos., Inc.	610,129	19,084,835
Transocean Ltd. *	295,138	1,044,789
US Silica Holdings, Inc. *	38,889	562,335
Valaris Ltd. *	32,640	1,329,754
Valero Energy Corp.	205,008	17,120,218
Whiting Petroleum Corp.	19,217	1,419,175
World Fuel Services Corp.	32,013	907,248
		803,173,827

Food & Staples Retailing 1.3%
Albertsons Cos., Inc., Class A	48,093	1,401,911
BJ's Wholesale Club Holdings, Inc. *	68,232	4,289,746
Casey's General Stores, Inc.	18,634	3,504,683
Costco Wholesale Corp.	221,912	115,227,806
Grocery Outlet Holding Corp. *	44,979	1,250,866
Ingles Markets, Inc., Class A	6,862	564,194
Performance Food Group Co. *	78,338	4,390,061
PriceSmart, Inc.	12,414	902,746
Rite Aid Corp. *	27,664	253,402

SECURITY	NUMBER OF SHARES	VALUE ($)
SpartanNash Co.	17,744	499,316
Sprouts Farmers Market, Inc. *	56,622	1,612,594
Sysco Corp.	256,797	22,367,019
The Andersons, Inc.	16,732	762,979
The Chefs' Warehouse, Inc. *	16,208	532,433
The Kroger Co.	339,780	15,901,704
United Natural Foods, Inc. *	28,438	1,144,061
US Foods Holding Corp. *	112,096	4,381,833
Walgreens Boots Alliance, Inc.	360,130	16,598,392
Walmart, Inc.	714,058	96,512,079
Weis Markets, Inc.	8,738	538,872
		292,636,697

Food, Beverage & Tobacco 3.0%
Altria Group, Inc.	922,107	47,294,868
AppHarvest, Inc. *(a)	28,392	108,457
Archer-Daniels-Midland Co.	280,609	22,013,776
B&G Foods, Inc. (a)	31,390	929,144
Benson Hill, Inc. *(a)	69,393	224,139
Beyond Meat, Inc. *(a)	30,354	1,419,960
Brown-Forman Corp., Class A	27,741	1,693,311
Brown-Forman Corp., Class B	91,980	5,999,855
Bunge Ltd.	70,438	7,364,293
Calavo Growers, Inc.	8,586	366,536
Cal-Maine Foods, Inc.	18,752	830,151
Campbell Soup Co.	101,114	4,547,097
Celsius Holdings, Inc. *	18,993	1,213,463
Coca-Cola Consolidated, Inc.	2,294	1,139,957
Conagra Brands, Inc.	241,313	8,438,716
Constellation Brands, Inc., Class A	82,446	17,777,007
Darling Ingredients, Inc. *	81,598	5,914,223
Flowers Foods, Inc.	99,439	2,725,623
Fresh Del Monte Produce, Inc.	15,667	405,462
Freshpet, Inc. *	21,725	2,068,872
General Mills, Inc.	304,616	20,540,257
Hormel Foods Corp.	140,570	6,696,755
Hostess Brands, Inc. *	71,402	1,537,999
Ingredion, Inc.	33,310	2,955,929
J&J Snack Foods Corp.	7,322	1,198,758
John B Sanfilippo & Son, Inc.	4,474	355,772
Kellogg Co.	127,768	8,169,486
Keurig Dr Pepper, Inc.	370,671	14,333,848
Lamb Weston Holdings, Inc.	73,387	4,875,098
Lancaster Colony Corp.	9,763	1,642,234
McCormick & Co., Inc. Non-Voting Shares	125,052	11,901,199
MGP Ingredients, Inc.	6,466	514,758
Mission Produce, Inc. *	16,991	220,543
Molson Coors Beverage Co., Class B	94,953	4,954,648
Mondelez International, Inc., Class A	701,031	45,903,510
Monster Beverage Corp. *	188,632	15,920,541
National Beverage Corp.	11,112	489,039
PepsiCo, Inc.	694,259	113,677,969
Philip Morris International, Inc.	782,054	79,042,198
Pilgrim's Pride Corp. *	24,321	573,489
Post Holdings, Inc. *	29,137	3,063,464
Sanderson Farms, Inc.	10,857	1,938,952
Seaboard Corp.	126	486,294
Simply Good Foods Co. *	41,846	1,658,357
Sovos Brands, Inc. *	11,711	142,172
Tattooed Chef, Inc. *(a)	24,198	293,764
The Boston Beer Co., Inc., Class A *	4,709	1,805,713
The Coca-Cola Co.	1,951,937	121,488,559
The Duckhorn Portfolio, Inc. *	15,415	302,442
The Hain Celestial Group, Inc. *	47,192	1,715,901
The Hershey Co.	72,792	14,722,910
The J.M. Smucker Co.	54,480	7,341,180

₃₁

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The Kraft Heinz Co.	356,064	13,964,830
Tootsie Roll Industries, Inc.	9,102	307,192
TreeHouse Foods, Inc. *	28,775	1,129,419
Turning Point Brands, Inc.	7,171	240,372
Tyson Foods, Inc., Class A	147,763	13,691,720
Universal Corp.	11,882	642,935
Utz Brands, Inc.	33,985	518,271
Vector Group Ltd.	64,503	723,079
Vita Coco Co., Inc. *	7,426	86,067
Vital Farms, Inc. *	12,619	179,821
		654,422,354

Health Care Equipment & Services 5.9%
1Life Healthcare, Inc. *	87,163	942,232
Abbott Laboratories	887,950	107,104,529
ABIOMED, Inc. *	22,748	7,068,713
Acadia Healthcare Co., Inc. *	45,021	2,553,141
Accolade, Inc. *	28,796	517,752
AdaptHealth Corp. *	48,704	848,911
Addus HomeCare Corp. *	7,657	651,151
Agiliti, Inc. *	13,934	250,951
agilon health, Inc. *	23,907	483,400
Align Technology, Inc. *	36,822	18,832,980
Alignment Healthcare, Inc. *	14,454	121,992
Allscripts Healthcare Solutions, Inc. *	63,228	1,230,417
Amedisys, Inc. *	16,358	2,621,206
American Well Corp., Class A *	91,507	387,075
AmerisourceBergen Corp.	75,272	10,728,518
AMN Healthcare Services, Inc. *	23,749	2,520,719
AngioDynamics, Inc. *	18,536	436,152
Anthem, Inc.	121,796	55,033,523
Apollo Medical Holdings, Inc. *	18,792	904,271
Apria, Inc. *	4,518	168,702
Artivion, Inc. *	18,932	370,121
AtriCure, Inc. *	23,315	1,619,227
Atrion Corp.	662	473,635
Avanos Medical, Inc. *	24,043	850,882
Aveanna Healthcare Holdings, Inc. *	19,718	103,519
AxoGen, Inc. *	22,301	208,291
Axonics, Inc. *	23,203	1,317,002
Baxter International, Inc.	251,493	21,369,360
Becton Dickinson & Co.	144,215	39,122,645
BioLife Solutions, Inc. *	14,828	348,458
Bioventus, Inc., Class A *	12,389	161,057
Boston Scientific Corp. *	714,663	31,566,665
Brookdale Senior Living, Inc. *	94,494	650,119
Butterfly Network, Inc. *(a)	66,069	340,255
Cano Health, Inc. *	94,679	461,087
Cardinal Health, Inc.	141,144	7,623,187
Cardiovascular Systems, Inc. *	20,786	437,753
Castle Biosciences, Inc. *	11,695	506,277
Centene Corp. *	293,114	24,217,079
Cerner Corp.	147,454	13,750,085
Certara, Inc. *	51,345	1,301,082
Cerus Corp. *	90,942	533,830
Change Healthcare, Inc. *	127,101	2,722,503
Chemed Corp.	7,658	3,662,745
Cigna Corp.	166,458	39,580,383
Clover Health Investments Corp. *(a)	143,757	391,019
Community Health Systems, Inc. *	61,506	646,428
Computer Programs & Systems, Inc. *	6,954	214,044
CONMED Corp.	14,742	2,154,691
CorVel Corp. *	4,654	740,265
Covetrus, Inc. *	52,257	925,994
CryoPort, Inc. *	23,820	817,741
CVS Health Corp.	663,024	68,722,438
DaVita, Inc. *	32,998	3,721,184

SECURITY	NUMBER OF SHARES	VALUE ($)
Definitive Healthcare Corp. *	13,941	322,316
Dentsply Sirona, Inc.	109,611	5,934,340
DexCom, Inc. *	48,652	20,137,549
DocGo, Inc. *(a)	37,942	271,285
Doximity, Inc., Class A *	24,396	1,496,695
Eargo, Inc. *	18,105	87,085
Edwards Lifesciences Corp. *	313,786	35,260,133
Encompass Health Corp.	50,251	3,317,571
Envista Holdings Corp. *	80,058	3,842,784
Evolent Health, Inc., Class A *	41,674	1,110,612
Figs, Inc., Class A *	17,713	291,025
Fulgent Genetics, Inc. *	9,666	602,192
Glaukos Corp. *	24,058	1,330,648
Globus Medical, Inc., Class A *	40,089	2,819,058
GoodRx Holdings, Inc., Class A *	32,171	881,485
Guardant Health, Inc. *	50,772	3,364,660
Haemonetics Corp. *	25,948	1,497,459
Hanger, Inc. *	18,400	333,408
HCA Healthcare, Inc.	120,387	30,134,070
Health Catalyst, Inc. *	25,290	685,865
HealthEquity, Inc. *	41,535	2,230,845
HealthStream, Inc. *	11,579	237,254
Henry Schein, Inc. *	69,219	5,979,137
Heska Corp. *	5,231	742,802
Hims & Hers Health, Inc. *	62,843	328,040
Hologic, Inc. *	127,457	9,071,115
Humana, Inc.	64,540	28,031,013
ICU Medical, Inc. *	9,938	2,352,623
IDEXX Laboratories, Inc. *	42,615	22,686,095
Inari Medical, Inc. *	15,916	1,400,290
Innovage Holding Corp. *	9,144	45,080
Inogen, Inc. *	11,545	402,805
Inspire Medical Systems, Inc. *	13,634	3,327,514
Insulet Corp. *	34,515	9,135,775
Integer Holdings Corp. *	16,400	1,375,468
Integra LifeSciences Holdings Corp. *	36,991	2,480,616
Intersect ENT, Inc. *	18,384	500,045
Intuitive Surgical, Inc. *	179,323	52,062,847
Invitae Corp. *	100,784	1,087,459
iRhythm Technologies, Inc. *	14,613	1,889,022
Laboratory Corp. of America Holdings *	48,075	13,040,824
Lantheus Holdings, Inc. *	34,471	1,648,403
LeMaitre Vascular, Inc.	9,705	460,696
LHC Group, Inc. *	15,885	2,163,060
LifeStance Health Group, Inc. *(a)	22,770	214,721
LivaNova plc *	26,611	2,097,479
Masimo Corp. *	25,415	4,001,592
McKesson Corp.	76,638	21,072,384
MEDNAX, Inc. *	43,553	1,022,189
Medtronic plc	675,639	70,935,339
Meridian Bioscience, Inc. *	20,867	527,935
Merit Medical Systems, Inc. *	25,954	1,687,789
Mesa Laboratories, Inc.	2,724	695,519
ModivCare, Inc. *	6,018	710,124
Molina Healthcare, Inc. *	29,429	9,030,877
Multiplan Corp. *	131,677	495,106
National HealthCare Corp.	6,186	402,214
National Research Corp.	6,242	248,307
Natus Medical, Inc. *	18,536	515,672
Neogen Corp. *	53,932	1,925,372
Nevro Corp. *	17,565	1,259,410
NextGen Healthcare, Inc. *	27,955	545,961
Novocure Ltd. *	44,712	3,660,124
NuVasive, Inc. *	25,863	1,399,706
Oak Street Health, Inc. *	70,110	1,227,626
Omnicell, Inc. *	22,222	2,872,860
Option Care Health, Inc. *	69,309	1,781,241

₃₂

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
OraSure Technologies, Inc. *	39,798	310,424
Ortho Clinical Diagnostics Holdings plc *	56,471	998,972
Orthofix Medical, Inc. *	9,421	320,126
OrthoPediatrics Corp. *	6,569	368,192
Outset Medical, Inc. *	20,448	899,099
Owens & Minor, Inc.	37,465	1,654,080
Paragon 28, Inc. *	4,442	72,405
Patterson Cos., Inc.	42,234	1,262,797
Penumbra, Inc. *	17,577	3,897,524
PetIQ, Inc. *	14,405	285,795
Phreesia, Inc. *	24,959	768,488
Premier, Inc., Class A	61,708	2,217,785
Privia Health Group, Inc. *	13,249	341,029
PROCEPT BioRobotics Corp. *(a)	4,065	101,544
Progyny, Inc. *	34,494	1,357,684
Pulmonx Corp. *	17,539	460,574
Quest Diagnostics, Inc.	61,806	8,113,274
Quidel Corp. *	18,975	2,007,365
R1 RCM, Inc. *	67,997	1,848,838
RadNet, Inc. *	23,205	572,467
ResMed, Inc.	73,020	18,017,685
Schrodinger, Inc. *	23,327	810,847
SeaSpine Holdings Corp. *	15,210	192,711
Select Medical Holdings Corp.	52,174	1,207,828
Sema4 Holdings Corp. *	63,624	222,048
Semler Scientific, Inc. *	2,583	188,559
Senseonics Holdings, Inc. *	206,337	371,407
Sharecare, Inc. *	142,927	435,927
Shockwave Medical, Inc. *	17,603	3,119,780
SI-BONE, Inc. *	12,077	266,419
Sight Sciences, Inc. *	5,161	89,853
Signify Health, Inc., Class A *	11,958	168,010
Silk Road Medical, Inc. *	17,203	638,747
Simulations Plus, Inc.	7,529	296,567
SmileDirectClub, Inc. *(a)	54,963	120,369
STAAR Surgical Co. *	23,873	1,893,606
STERIS plc	50,020	12,004,800
Stryker Corp.	168,556	44,389,223
Surgery Partners, Inc. *	17,260	902,180
Surmodics, Inc. *	6,450	289,476
Tabula Rasa HealthCare, Inc. *	12,464	71,045
Tactile Systems Technology, Inc. *	10,338	210,482
Tandem Diabetes Care, Inc. *	31,886	3,591,320
Teladoc Health, Inc. *	80,639	6,121,306
Teleflex, Inc.	23,478	7,895,886
Tenet Healthcare Corp. *	53,600	4,609,064
The Cooper Cos., Inc.	24,741	10,119,564
The Ensign Group, Inc.	25,831	2,170,837
The Joint Corp. *	7,020	287,820
The Pennant Group, Inc. *	12,915	209,869
Tivity Health, Inc. *	21,602	589,303
TransMedics Group, Inc. *	14,260	264,095
Treace Medical Concepts, Inc. *	5,902	127,129
UnitedHealth Group, Inc.	472,931	225,053,675
Universal Health Services, Inc., Class B	36,621	5,270,861
US Physical Therapy, Inc.	6,403	588,884
Vapotherm, Inc. *	10,821	164,371
Varex Imaging Corp. *	20,035	473,627
Veeva Systems, Inc., Class A *	69,839	15,996,623
Vicarious Surgical, Inc. *(a)	18,120	111,800
ViewRay, Inc. *	69,798	290,360
Zimmer Biomet Holdings, Inc.	104,610	13,305,346
		1,300,773,772

SECURITY	NUMBER OF SHARES	VALUE ($)
Household & Personal Products 1.4%
BellRing Brands, Inc., Class A *	18,140	463,840
Central Garden & Pet Co. *	5,315	251,612
Central Garden & Pet Co., Class A *	19,563	861,554
Church & Dwight Co., Inc.	122,302	11,967,251
Colgate-Palmolive Co.	422,769	32,532,075
Coty, Inc., Class A *	167,496	1,535,938
Edgewell Personal Care Co.	26,391	941,631
elf Beauty, Inc. *	22,736	600,912
Energizer Holdings, Inc.	31,744	1,059,932
Herbalife Nutrition Ltd. *	50,001	1,779,036
Inter Parfums, Inc.	9,077	843,072
Kimberly-Clark Corp.	168,364	21,912,575
Medifast, Inc.	5,914	1,100,004
Nu Skin Enterprises, Inc., Class A	25,132	1,165,873
Olaplex Holdings, Inc. *	34,968	586,763
Revlon, Inc., Class A *	5,702	55,252
Reynolds Consumer Products, Inc.	27,527	819,479
Spectrum Brands Holdings, Inc.	20,903	1,939,380
The Beauty Health Co. *	48,404	938,069
The Clorox Co.	61,601	8,980,810
The Estee Lauder Cos., Inc., Class A	116,502	34,523,038
The Honest Co., Inc. *	13,170	76,123
The Procter & Gamble Co.	1,215,385	189,466,368
USANA Health Sciences, Inc. *	5,507	484,671
WD-40 Co.	6,945	1,471,576
		316,356,834

Insurance 2.1%
Aflac, Inc.	304,868	18,624,386
Alleghany Corp. *	6,824	4,516,942
Ambac Financial Group, Inc. *	22,241	285,352
American Equity Investment Life Holding Co.	42,275	1,593,345
American Financial Group, Inc.	33,164	4,490,074
American International Group, Inc.	417,034	25,539,162
American National Group, Inc.	6,775	1,280,678
AMERISAFE, Inc.	9,779	460,591
Aon plc, Class A	110,551	32,296,369
Arch Capital Group Ltd. *	194,922	9,182,775
Argo Group International Holdings Ltd.	17,637	743,752
Arthur J. Gallagher & Co.	103,903	16,436,415
Assurant, Inc.	28,545	4,844,372
Assured Guaranty Ltd.	34,996	2,168,702
Axis Capital Holdings Ltd.	38,089	2,080,421
Brighthouse Financial, Inc. *	40,534	2,118,307
Brown & Brown, Inc.	117,504	7,944,445
BRP Group, Inc., Class A *	25,945	720,493
Chubb Ltd.	216,473	44,082,562
Cincinnati Financial Corp.	75,553	9,277,153
CNA Financial Corp.	13,504	617,133
CNO Financial Group, Inc.	63,442	1,533,393
eHealth, Inc. *	10,491	163,030
Employers Holdings, Inc.	13,849	538,172
Enstar Group Ltd. *	6,098	1,738,113
Erie Indemnity Co., Class A	12,733	2,229,548
Everest Re Group Ltd.	19,691	5,872,250
Fidelity National Financial, Inc.	144,342	6,876,453
First American Financial Corp.	55,001	3,687,267
Genworth Financial, Inc., Class A *	256,660	1,042,040
Globe Life, Inc.	46,953	4,740,375
Goosehead Insurance, Inc., Class A	9,738	847,011
Hippo Holdings, Inc. *	185,260	359,404
Horace Mann Educators Corp.	20,356	846,606
James River Group Holdings Ltd.	18,666	496,516

₃₃

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Kemper Corp.	30,505	1,630,187
Kinsale Capital Group, Inc.	10,651	2,234,154
Lemonade, Inc. *(a)	19,144	487,215
Lincoln National Corp.	85,077	5,735,891
Loews Corp.	100,712	6,177,674
Markel Corp. *	6,881	8,552,464
Marsh & McLennan Cos., Inc.	253,677	39,423,942
MBIA, Inc. *	27,683	422,166
Mercury General Corp.	13,048	717,640
MetLife, Inc.	358,182	24,195,194
MetroMile, Inc. *	23,260	29,773
National Western Life Group, Inc., Class A	1,192	254,313
Old Republic International Corp.	142,556	3,756,351
Oscar Health, Inc., Class A *	19,402	141,441
Palomar Holdings, Inc. *	12,082	778,443
Primerica, Inc.	20,030	2,601,697
Principal Financial Group, Inc.	123,605	8,731,457
ProAssurance Corp.	28,686	691,333
Prudential Financial, Inc.	189,454	21,154,434
Reinsurance Group of America, Inc.	34,087	3,778,885
RenaissanceRe Holdings Ltd.	23,115	3,485,280
RLI Corp.	20,000	2,030,000
Root, Inc., Class A *	45,516	82,384
Ryan Specialty Group Holdings, Inc., Class A *	28,978	1,160,859
Safety Insurance Group, Inc.	7,593	633,560
Selective Insurance Group, Inc.	29,576	2,460,427
Selectquote, Inc. *	62,965	195,821
SiriusPoint Ltd. *	42,502	314,090
State Auto Financial Corp.	9,413	489,570
Stewart Information Services Corp.	13,889	942,785
The Allstate Corp.	143,848	17,601,241
The Hanover Insurance Group, Inc.	17,833	2,487,882
The Hartford Financial Services Group, Inc.	170,418	11,840,643
The Progressive Corp.	294,169	31,161,322
The Travelers Cos., Inc.	123,248	21,177,704
Trupanion, Inc. *	17,374	1,557,232
United Fire Group, Inc.	11,550	318,895
Unum Group	103,277	2,883,494
W.R. Berkley Corp.	70,081	6,328,314
White Mountains Insurance Group Ltd.	1,453	1,525,941
Willis Towers Watson plc	62,389	13,869,075
		474,314,780

Materials 2.8%
AdvanSix, Inc.	14,339	574,420
Air Products and Chemicals, Inc.	111,202	26,277,033
Albemarle Corp.	58,620	11,483,072
Alcoa Corp.	93,924	7,076,234
Allegheny Technologies, Inc. *	63,658	1,638,557
Amcor plc	773,624	8,997,247
Amyris, Inc. *(a)	95,114	433,720
AptarGroup, Inc.	32,732	3,989,376
Arconic Corp. *	54,277	1,666,304
Ashland Global Holdings, Inc.	28,524	2,632,195
Avery Dennison Corp.	41,415	7,297,323
Avient Corp.	45,249	2,370,595
Axalta Coating Systems Ltd. *	107,028	2,894,037
Balchem Corp.	16,024	2,216,760
Ball Corp.	162,377	14,571,712
Berry Global Group, Inc. *	67,514	4,094,724
Cabot Corp.	28,673	2,097,717
Carpenter Technology Corp.	24,532	941,783
Celanese Corp.	54,781	7,629,898

SECURITY	NUMBER OF SHARES	VALUE ($)
Century Aluminum Co. *	24,851	586,981
CF Industries Holdings, Inc.	107,908	8,761,051
Chase Corp.	3,389	311,212
Clearwater Paper Corp. *	8,974	258,720
Cleveland-Cliffs, Inc. *	228,504	5,109,349
Coeur Mining, Inc. *	133,367	573,478
Commercial Metals Co.	61,638	2,376,145
Compass Minerals International, Inc.	17,376	1,018,581
Corteva, Inc.	365,511	19,017,537
Crown Holdings, Inc.	64,475	7,909,148
Danimer Scientific, Inc. *(a)	43,942	174,889
Diversey Holdings Ltd. *	21,528	206,023
Dow, Inc.	371,248	21,888,782
DuPont de Nemours, Inc.	260,043	20,119,527
Eagle Materials, Inc.	20,465	2,800,226
Eastman Chemical Co.	67,698	8,020,182
Ecolab, Inc.	125,145	22,058,058
Ecovyst, Inc.	24,252	265,074
Element Solutions, Inc.	110,242	2,709,748
Ferro Corp. *	41,291	897,253
FMC Corp.	63,750	7,474,687
Forterra, Inc. *	16,726	394,065
Freeport-McMoRan, Inc.	736,878	34,596,422
Gatos Silver, Inc. *	23,286	78,474
GCP Applied Technologies, Inc. *	26,781	845,744
Ginkgo Bioworks Holdings, Inc. *(a)	585,950	2,636,775
Glatfelter Corp.	23,431	321,942
Graphic Packaging Holding Co.	141,148	2,904,826
Greif, Inc., Class A	16,123	926,911
H.B. Fuller Co.	26,546	1,814,950
Hawkins, Inc.	10,292	465,816
Hecla Mining Co.	268,975	1,549,296
Huntsman Corp.	104,281	4,217,124
Ingevity Corp. *	19,798	1,350,818
Innospec, Inc.	12,180	1,163,190
International Flavors & Fragrances, Inc.	127,597	16,970,401
International Paper Co.	194,842	8,481,472
Kaiser Aluminum Corp.	7,939	766,113
Koppers Holdings, Inc. *	9,658	276,509
Kraton Corp. *	15,830	730,554
Kronos Worldwide, Inc.	9,520	140,230
Linde plc *	257,572	75,530,413
Livent Corp. *	80,566	1,897,329
Louisiana-Pacific Corp.	44,024	3,167,527
LyondellBasell Industries N.V., Class A	131,837	12,818,512
Martin Marietta Materials, Inc.	31,278	11,866,873
Materion Corp.	9,753	814,863
McEwen Mining, Inc. *	216,746	171,685
Mercer International, Inc.	21,634	289,247
Minerals Technologies, Inc.	16,598	1,161,694
MP Materials Corp. *	37,165	1,695,467
Myers Industries, Inc.	19,655	326,666
Neenah, Inc.	8,586	334,425
NewMarket Corp.	3,451	1,096,590
Newmont Corp.	399,940	26,476,028
Nucor Corp.	143,537	18,892,340
O-I Glass, Inc. *	80,718	1,031,576
Olin Corp.	71,937	3,705,475
Orion Engineered Carbons S.A.	30,398	472,385
Packaging Corp. of America	47,614	7,008,305
Pactiv Evergreen, Inc.	20,370	195,959
Piedmont Lithium, Inc. *	7,868	413,463
PPG Industries, Inc.	119,344	15,926,457
PureCycle Technologies, Inc. *(a)	37,561	261,425
Quaker Chemical Corp.	6,526	1,211,291
Ranpak Holdings Corp. *	19,935	482,427

₃₄

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Reliance Steel & Aluminum Co.	31,474	6,007,442
Resolute Forest Products, Inc.	24,482	305,291
Royal Gold, Inc.	32,695	3,964,596
RPM International, Inc.	64,738	5,474,893
Schnitzer Steel Industries, Inc., Class A	13,384	651,132
Schweitzer-Mauduit International, Inc.	15,425	481,569
Sealed Air Corp.	74,337	4,990,243
Sensient Technologies Corp.	20,996	1,724,401
Silgan Holdings, Inc.	41,931	1,756,070
Sonoco Products Co.	48,827	2,867,121
Steel Dynamics, Inc.	95,036	6,707,641
Stepan Co.	10,531	1,091,222
Summit Materials, Inc., Class A *	58,678	1,831,927
SunCoke Energy, Inc.	46,236	366,651
Sylvamo Corp. *	17,835	622,442
The Chemours Co.	82,920	2,288,592
The Mosaic Co.	185,753	9,739,030
The Scotts Miracle-Gro Co.	20,445	2,863,527
The Sherwin-Williams Co.	121,070	31,857,149
TimkenSteel Corp. *	20,180	363,845
TriMas Corp.	22,796	741,098
Trinseo plc	19,285	1,002,049
Tronox Holdings plc, Class A	58,073	1,178,882
United States Lime & Minerals, Inc.	858	100,841
United States Steel Corp.	135,917	3,698,302
Valvoline, Inc.	91,052	2,943,711
Verso Corp., Class A	12,612	334,344
Vulcan Materials Co.	66,490	12,064,610
Warrior Met Coal, Inc.	26,295	828,292
Westlake Corp.	16,690	1,841,074
Westrock Co.	133,726	6,053,776
Worthington Industries, Inc.	15,874	905,135
Zymergen, Inc. *	11,063	42,371
		626,988,681

Media & Entertainment 7.6%
Activision Blizzard, Inc.	391,332	31,893,558
Advantage Solutions, Inc. *	53,030	417,346
Alphabet, Inc., Class A *	151,018	407,920,760
Alphabet, Inc., Class C *	140,373	378,701,087
Altice USA, Inc., Class A *	114,106	1,319,065
AMC Entertainment Holdings, Inc., Class A *(a)	257,801	4,862,127
AMC Networks, Inc., Class A *	14,933	618,973
Angi, Inc. *	40,220	277,116
Bumble, Inc., Class A *	35,408	907,507
Cable One, Inc.	2,509	3,595,021
Cardlytics, Inc. *	16,673	967,034
Cargurus, Inc. *	44,137	2,138,438
Cars.com, Inc. *	32,939	532,953
Charter Communications, Inc., Class A *	62,124	37,384,981
Cinemark Holdings, Inc. *	51,155	897,259
Clear Channel Outdoor Holdings, Inc. *	248,060	927,744
Comcast Corp., Class A	2,289,285	107,046,967
Discovery, Inc., Class A *(a)	86,213	2,418,275
Discovery, Inc., Class C *	152,795	4,273,676
DISH Network Corp., Class A *	126,183	4,032,809
Electronic Arts, Inc.	141,690	18,432,452
Eventbrite, Inc., Class A *	39,705	599,942
Fox Corp., Class A	160,862	6,728,857
Fox Corp., Class B	74,478	2,849,528
fuboTV, Inc. *(a)	71,257	609,247

SECURITY	NUMBER OF SHARES	VALUE ($)
Gannett Co., Inc. *	66,495	329,815
Gray Television, Inc.	46,520	1,089,964
IAC/InterActiveCorp *	41,959	4,815,215
iHeartMedia, Inc., Class A *	54,019	1,158,707
Integral Ad Science Holding Corp. *	7,086	132,579
John Wiley & Sons, Inc., Class A	22,518	1,132,881
Liberty Broadband Corp., Class A *	11,726	1,698,042
Liberty Broadband Corp., Class C *	70,796	10,385,773
Liberty Media Corp. - Liberty Braves, Class A *	5,527	141,657
Liberty Media Corp. - Liberty Braves, Class C *	17,671	436,474
Liberty Media Corp. - Liberty Formula One, Class A *	11,358	637,865
Liberty Media Corp. - Liberty Formula One, Class C *	102,123	6,201,930
Liberty Media Corp. - Liberty SiriusXM, Class A *	39,047	1,966,407
Liberty Media Corp. - Liberty SiriusXM, Class C *	80,615	4,056,547
Lions Gate Entertainment Corp., Class A *	28,597	439,250
Lions Gate Entertainment Corp., Class B *	63,151	899,902
Live Nation Entertainment, Inc. *	67,728	8,182,897
Loyalty Ventures, Inc. *	9,904	237,696
Madison Square Garden Entertainment Corp. *	13,092	1,025,889
Madison Square Garden Sports Corp. *	8,733	1,510,809
Magnite, Inc. *	57,445	837,548
Match Group, Inc. *	141,849	15,814,745
MediaAlpha, Inc., Class A *	11,199	160,818
Meta Platforms, Inc., Class A *	1,188,019	250,707,650
NerdWallet, Inc., Class A *	4,964	56,838
Netflix, Inc. *	222,415	87,747,166
News Corp., Class A	197,721	4,413,133
News Corp., Class B	60,599	1,359,236
Nexstar Media Group, Inc., Class A	20,446	3,783,532
Nextdoor Holdings, Inc. *	33,597	210,653
Omnicom Group, Inc.	106,373	8,923,631
Paramount Global, Class B	308,930	9,456,347
Pinterest, Inc., Class A *	282,376	7,553,558
Playtika Holding Corp. *	50,848	1,047,469
QuinStreet, Inc. *	23,680	266,400
Roku, Inc. *	59,053	8,239,665
Scholastic Corp.	14,985	630,569
Sinclair Broadcast Group, Inc., Class A	24,217	726,510
Sirius XM Holdings, Inc. (a)	462,846	2,851,131
Skillz, Inc. *(a)	128,091	398,363
Snap, Inc., Class A *	538,113	21,492,233
Take-Two Interactive Software, Inc. *	57,728	9,351,936
TechTarget, Inc. *	12,623	989,391
TEGNA, Inc.	110,165	2,524,982
The E.W. Scripps Co., Class A *	28,476	633,876
The Interpublic Group of Cos., Inc.	197,000	7,249,600
The New York Times Co., Class A	83,095	3,655,349
The Walt Disney Co. *	912,259	135,433,971
TripAdvisor, Inc. *	49,193	1,251,470
Twitter, Inc. *	400,986	14,255,052
Vimeo, Inc. *	78,450	1,019,065
Warner Music Group Corp., Class A	54,915	1,989,021
WideOpenWest, Inc. *	24,430	415,066
World Wrestling Entertainment, Inc., Class A	22,678	1,343,898
Yelp, Inc. *	35,323	1,197,096

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Ziff Davis, Inc. *	24,257	2,440,254
ZipRecruiter, Inc., Class A *	5,721	114,306
ZoomInfo Technologies, Inc., Class A *	151,294	8,274,269
Zynga, Inc., Class A *	528,432	4,798,162
		1,690,446,980

Pharmaceuticals, Biotechnology & Life Sciences 7.2%
10X Genomics, Inc., Class A *	46,092	3,755,115
2seventy bio, Inc. *	12,046	178,763
4D Molecular Therapeutics, Inc. *	13,932	190,868
AbbVie, Inc.	887,808	131,191,388
Absci Corp. *	6,351	59,509
ACADIA Pharmaceuticals, Inc. *	58,230	1,479,624
Adagio Therapeutics, Inc. *(a)	9,123	61,033
Adaptive Biotechnologies Corp. *	54,694	789,234
Aerie Pharmaceuticals, Inc. *	21,087	175,022
Agenus, Inc. *	110,937	299,530
Agilent Technologies, Inc.	152,051	19,821,368
Agios Pharmaceuticals, Inc. *	27,341	851,125
Akero Therapeutics, Inc. *	12,235	216,927
Akoya Biosciences, Inc. *	5,497	60,907
Alector, Inc. *	29,715	470,686
Aligos Therapeutics, Inc. *	9,885	23,922
Alkermes plc *	80,206	1,993,921
Allakos, Inc. *	17,590	98,328
Allogene Therapeutics, Inc. *	37,732	345,248
Allovir, Inc. *	14,920	134,280
Alnylam Pharmaceuticals, Inc. *	60,098	9,486,469
ALX Oncology Holdings, Inc. *	10,439	189,155
Amgen, Inc.	282,897	64,070,513
Amicus Therapeutics, Inc. *	125,559	1,022,050
Amneal Pharmaceuticals, Inc. *	55,241	250,242
Amphastar Pharmaceuticals, Inc. *	18,719	518,704
AnaptysBio, Inc. *	8,964	274,030
Anavex Life Sciences Corp. *	37,789	414,167
Anika Therapeutics, Inc. *	7,657	248,853
Annexon, Inc. *	13,343	64,780
Antares Pharma, Inc. *	89,720	314,020
Apellis Pharmaceuticals, Inc. *	40,304	1,714,129
Applied Molecular Transport, Inc. *	9,495	62,382
Arcturus Therapeutics Holdings, Inc. *	10,643	255,113
Arcus Biosciences, Inc. *	23,946	890,791
Arcutis Biotherapeutics, Inc. *	15,643	278,445
Arena Pharmaceuticals, Inc. *	31,206	2,963,634
Arrowhead Pharmaceuticals, Inc. *	52,856	2,325,664
Arvinas, Inc. *	21,716	1,407,414
Atara Biotherapeutics, Inc. *	39,835	511,880
Atea Pharmaceuticals, Inc. *	26,826	170,077
Avantor, Inc. *	305,676	10,603,900
Avid Bioservices, Inc. *	30,031	615,035
Avidity Biosciences, Inc. *	21,743	368,761
Axsome Therapeutics, Inc. *	16,225	456,085
Beam Therapeutics, Inc. *	22,829	1,788,652
Berkeley Lights, Inc. *	21,236	162,880
BioAtla, Inc. *	8,154	52,838
BioCryst Pharmaceuticals, Inc. *	91,117	1,513,453
Biogen, Inc. *	73,751	15,562,199
Biohaven Pharmaceutical Holding Co., Ltd. *	29,010	3,443,777
BioMarin Pharmaceutical, Inc. *	92,437	7,221,178
Bionano Genomics, Inc. *(a)	140,238	300,109
Bio-Rad Laboratories, Inc., Class A *	10,871	6,804,811
Bio-Techne Corp.	19,805	8,306,415
Bioxcel Therapeutics, Inc. *	10,050	184,016
Blueprint Medicines Corp. *	29,893	1,810,021
Bridgebio Pharma, Inc. *	53,190	414,882
Bristol-Myers Squibb Co.	1,114,114	76,506,208

SECURITY	NUMBER OF SHARES	VALUE ($)
Bruker Corp.	51,119	3,597,244
C4 Therapeutics, Inc. *	18,532	415,673
Cara Therapeutics, Inc. *	21,456	222,499
CareDx, Inc. *	26,707	1,025,015
Caribou Biosciences, Inc. *	9,574	95,549
Cassava Sciences, Inc. *(a)	18,857	801,611
Catalent, Inc. *	85,826	8,757,685
Catalyst Pharmaceuticals, Inc. *	52,154	406,801
Celldex Therapeutics, Inc. *	23,230	694,577
Century Therapeutics, Inc. *	5,153	72,657
Cerevel Therapeutics Holdings, Inc. *	27,686	732,848
Charles River Laboratories International, Inc. *	25,188	7,333,738
ChemoCentryx, Inc. *	25,680	779,131
Chimerix, Inc. *	36,959	208,449
Clovis Oncology, Inc. *	36,559	75,312
Codexis, Inc. *	30,569	609,240
Coherus Biosciences, Inc. *	33,774	398,195
Collegium Pharmaceutical, Inc. *	17,691	344,444
Corcept Therapeutics, Inc. *	51,303	1,143,544
Cortexyme, Inc. *	8,359	36,362
Crinetics Pharmaceuticals, Inc. *	18,541	371,191
Cullinan Oncology, Inc. *	12,116	173,743
Cytek Biosciences, Inc. *	6,995	95,412
Cytokinetics, Inc. *	41,347	1,460,376
Danaher Corp.	319,415	87,650,670
Day One Biopharmaceuticals, Inc. *	5,160	70,486
Deciphera Pharmaceuticals, Inc. *	22,088	170,298
Denali Therapeutics, Inc. *	46,235	1,505,412
Design Therapeutics, Inc. *	6,777	91,964
DICE Therapeutics, Inc. *	6,779	125,344
Dynavax Technologies Corp. *	55,397	679,167
Dyne Therapeutics, Inc. *	13,713	117,520
Eagle Pharmaceuticals, Inc. *	6,637	314,527
Edgewise Therapeutics, Inc. *	6,208	73,192
Editas Medicine, Inc. *	34,618	592,660
Elanco Animal Health, Inc. *	236,026	6,705,499
Eli Lilly & Co.	398,600	99,630,070
Emergent BioSolutions, Inc. *	24,082	996,513
Enanta Pharmaceuticals, Inc. *	8,763	617,090
Endo International plc *	123,522	384,153
Entrada Therapeutics, Inc. *	4,917	59,643
Epizyme, Inc. *	48,409	72,129
Erasca, Inc. *(a)	8,947	110,943
Evelo Biosciences, Inc. *	13,481	42,128
Exact Sciences Corp. *	86,288	6,735,641
Exelixis, Inc. *	158,972	3,263,695
Fate Therapeutics, Inc. *	40,634	1,403,905
FibroGen, Inc. *	43,160	607,261
Finch Therapeutics Group, Inc. *	5,158	43,172
Forma Therapeutics Holdings, Inc. *	16,163	159,367
G1 Therapeutics, Inc. *(a)	16,286	172,794
Generation Bio Co. *	22,248	113,910
Gilead Sciences, Inc.	630,240	38,066,496
Global Blood Therapeutics, Inc. *	28,476	859,975
Gossamer Bio, Inc. *	26,073	235,439
Halozyme Therapeutics, Inc. *	70,653	2,506,062
Harmony Biosciences Holdings, Inc. *	11,440	457,142
Heron Therapeutics, Inc. *	47,212	335,205
Horizon Therapeutics plc *	113,714	10,367,305
Humacyte, Inc. *(a)	32,987	198,912
Humanigen, Inc. *	25,894	52,565
IGM Biosciences, Inc. *	4,318	72,024
Illumina, Inc. *	78,407	25,607,726
ImmunityBio, Inc. *(a)	31,046	212,355
ImmunoGen, Inc. *	93,003	524,537
Immunovant, Inc. *	18,158	101,322
Incyte Corp. *	94,282	6,439,461

₃₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Inhibrx, Inc. *	10,339	222,289
Innoviva, Inc. *	32,791	629,915
Inovio Pharmaceuticals, Inc. *(a)	106,021	343,508
Insmed, Inc. *	59,832	1,429,985
Instil Bio, Inc. *	9,794	105,090
Intellia Therapeutics, Inc. *	34,873	3,447,196
Intra-Cellular Therapies, Inc. *	41,936	2,326,609
Ionis Pharmaceuticals, Inc. *	71,157	2,375,221
Iovance Biotherapeutics, Inc. *	65,115	1,020,352
IQVIA Holdings, Inc. *	95,741	22,031,919
Ironwood Pharmaceuticals, Inc. *	82,885	891,843
iTeos Therapeutics, Inc. *	10,237	369,863
Jazz Pharmaceuticals plc *	30,949	4,253,012
Johnson & Johnson	1,321,451	217,471,191
Karuna Therapeutics, Inc. *	10,639	1,117,095
Keros Therapeutics, Inc. *	6,254	335,840
Kinnate Biopharma, Inc. *	6,993	54,406
Kodiak Sciences, Inc. *	16,866	145,722
Kronos Bio, Inc. *	20,683	155,743
Krystal Biotech, Inc. *	10,535	669,499
Kura Oncology, Inc. *	32,691	518,806
Kymera Therapeutics, Inc. *	17,703	703,871
Lexicon Pharmaceuticals, Inc. *	39,093	80,923
Ligand Pharmaceuticals, Inc. *	8,593	869,783
Lyell Immunopharma, Inc. *	11,517	83,383
MacroGenics, Inc. *	28,161	263,305
Madrigal Pharmaceuticals, Inc. *	6,224	577,898
MannKind Corp. *	132,381	346,838
Maravai LifeSciences Holdings, Inc., Class A *	54,502	2,129,393
Medpace Holdings, Inc. *	14,298	2,187,165
Merck & Co., Inc.	1,268,068	97,108,647
Mersana Therapeutics, Inc. *	34,898	153,202
Mettler-Toledo International, Inc. *	11,545	16,263,903
MiMedx Group, Inc. *	38,249	193,157
Mirati Therapeutics, Inc. *	25,119	2,217,757
Moderna, Inc. *	177,091	27,201,178
Monte Rosa Therapeutics, Inc. *	5,662	81,193
Morphic Holding, Inc. *	12,882	513,477
Myovant Sciences Ltd. *	21,105	283,229
Myriad Genetics, Inc. *	41,603	1,014,281
NanoString Technologies, Inc. *	23,358	828,275
Natera, Inc. *	43,742	2,876,037
Nektar Therapeutics *	94,604	968,745
NeoGenomics, Inc. *	61,381	1,314,167
Neurocrine Biosciences, Inc. *	47,327	4,253,278
NGM Biopharmaceuticals, Inc. *	19,005	282,414
Nkarta, Inc. *	7,953	72,054
Novavax, Inc. *	37,920	3,161,390
Nurix Therapeutics, Inc. *	20,149	325,809
Nuvation Bio, Inc. *	59,261	299,861
Ocugen, Inc. *(a)	99,917	351,708
Olema Pharmaceuticals, Inc. *	14,847	69,484
Omeros Corp. *(a)	31,726	228,427
OPKO Health, Inc. *	212,439	664,934
Organogenesis Holdings, Inc. *	30,914	230,000
Organon & Co.	127,652	4,765,249
ORIC Pharmaceuticals, Inc. *	16,191	125,642
Pacific Biosciences of California, Inc. *	111,745	1,332,000
Pacira BioSciences, Inc. *	21,973	1,465,379
Passage Bio, Inc. *	19,047	63,236
PerkinElmer, Inc.	63,332	11,375,061
Perrigo Co., plc	67,462	2,396,250
Personalis, Inc. *	18,641	195,731
Pfizer, Inc.	2,818,081	132,280,722
Phathom Pharmaceuticals, Inc. *	9,449	171,310
Phibro Animal Health Corp., Class A	10,520	224,076
Pliant Therapeutics, Inc. *	11,821	106,034

SECURITY	NUMBER OF SHARES	VALUE ($)
PMV Pharmaceuticals, Inc. *	13,714	217,230
Poseida Therapeutics, Inc. *	16,796	61,305
Praxis Precision Medicines, Inc. *	18,005	235,866
Precigen, Inc. *	48,994	110,237
Precision BioSciences, Inc. *	21,791	92,612
Prelude Therapeutics, Inc. *	5,764	50,896
Prestige Consumer Healthcare, Inc. *	25,199	1,500,096
Prometheus Biosciences, Inc. *	6,104	265,768
Protagonist Therapeutics, Inc. *	22,306	541,590
Prothena Corp. plc *	18,973	656,466
PTC Therapeutics, Inc. *	34,925	1,226,566
Quanterix Corp. *	16,897	570,105
Radius Health, Inc. *	23,891	198,773
RAPT Therapeutics, Inc. *	9,974	199,480
Reata Pharmaceuticals, Inc., Class A *	13,847	453,351
Recursion Pharmaceuticals, Inc., Class A *	13,391	146,631
Regeneron Pharmaceuticals, Inc. *	53,059	32,809,563
REGENXBIO, Inc. *	18,951	496,706
Relay Therapeutics, Inc. *	37,589	906,271
Repligen Corp. *	25,780	5,070,926
Replimune Group, Inc. *	14,915	239,237
Revance Therapeutics, Inc. *	35,256	478,424
REVOLUTION Medicines, Inc. *	31,485	595,696
Rhythm Pharmaceuticals, Inc. *	19,485	148,476
Rocket Pharmaceuticals, Inc. *	23,753	423,041
Roivant Sciences Ltd. *(a)	48,356	304,159
Royalty Pharma plc, Class A	179,232	7,036,648
Rubius Therapeutics, Inc. *	22,014	109,850
Sage Therapeutics, Inc. *	26,746	972,752
Sana Biotechnology, Inc. *	41,655	269,091
Sangamo Therapeutics, Inc. *	63,203	369,738
Sarepta Therapeutics, Inc. *	43,097	3,301,661
Scholar Rock Holding Corp. *(a)	13,239	230,359
Science 37 Holdings, Inc. *(a)	28,776	230,208
Seagen, Inc. *	67,141	8,652,461
Seer, Inc. *	17,927	274,642
Seres Therapeutics, Inc. *	30,536	244,288
Shattuck Labs, Inc. *	14,358	71,790
Silverback Therapeutics, Inc. *	8,044	34,589
SomaLogic, Inc. *	73,908	671,824
Sorrento Therapeutics, Inc. *(a)	151,445	383,156
Sotera Health Co. *	49,260	1,077,316
SpringWorks Therapeutics, Inc. *	12,526	708,846
Stoke Therapeutics, Inc. *	9,990	194,805
Supernus Pharmaceuticals, Inc. *	27,343	873,609
Syndax Pharmaceuticals, Inc. *	22,905	357,089
Syneos Health, Inc. *	52,080	4,124,736
Tarsus Pharmaceuticals, Inc. *	2,785	49,100
Taysha Gene Therapies, Inc. *	12,067	76,867
TCR2 Therapeutics, Inc. *	19,084	51,718
TG Therapeutics, Inc. *	66,949	660,787
Theravance Biopharma, Inc. *	30,500	307,135
Thermo Fisher Scientific, Inc.	197,883	107,648,352
Travere Therapeutics, Inc. *	24,275	661,737
Turning Point Therapeutics, Inc. *	24,803	785,263
Twist Bioscience Corp. *	27,251	1,524,421
Tyra Biosciences, Inc. *	6,031	71,467
Ultragenyx Pharmaceutical, Inc. *	33,946	2,285,245
uniQure N.V. *	18,996	322,742
United Therapeutics Corp. *	22,504	3,740,165
Vanda Pharmaceuticals, Inc. *	26,642	302,653
Vaxart, Inc. *(a)	60,436	307,015
Vaxcyte, Inc. *	16,023	371,253
VBI Vaccines, Inc. *	133,275	198,580
Ventyx Biosciences, Inc. *	5,553	64,915
Veracyte, Inc. *	35,995	1,000,661
Vericel Corp. *	23,107	952,239

₃₇

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Vertex Pharmaceuticals, Inc. *	127,529	29,334,221
Verve Therapeutics, Inc. *	7,105	231,978
Viatris, Inc.	607,619	6,689,885
Vir Biotechnology, Inc. *	36,726	925,128
Vor BioPharma, Inc. *	4,571	41,276
Waters Corp. *	30,567	9,681,486
West Pharmaceutical Services, Inc.	37,084	14,354,475
Xencor, Inc. *	28,960	906,738
Y-mAbs Therapeutics, Inc. *	17,603	160,363
Zentalis Pharmaceuticals, Inc. *	18,277	911,840
Zoetis, Inc.	237,296	45,952,370
Zogenix, Inc. *	25,124	659,756
		1,606,177,225

Real Estate 3.4%
Acadia Realty Trust	45,767	981,245
Agree Realty Corp.	34,479	2,211,828
Alexander & Baldwin, Inc.	36,556	819,951
Alexander's, Inc.	1,052	266,598
Alexandria Real Estate Equities, Inc.	70,622	13,375,807
American Assets Trust, Inc.	26,353	963,466
American Campus Communities, Inc.	69,715	3,751,364
American Homes 4 Rent, Class A	140,884	5,355,001
American Tower Corp.	228,720	51,889,706
Americold Realty Trust	134,233	3,586,706
Apartment Income REIT Corp.	79,117	4,083,228
Apple Hospitality REIT, Inc.	108,042	1,911,263
Armada Hoffler Properties, Inc.	33,252	488,139
AvalonBay Communities, Inc.	70,370	16,789,578
Boston Properties, Inc.	71,050	8,690,126
Brandywine Realty Trust	84,086	1,120,866
Brixmor Property Group, Inc.	148,886	3,740,016
Broadstone Net Lease, Inc.	81,615	1,767,781
Camden Property Trust	51,305	8,470,969
CareTrust REIT, Inc.	49,093	859,128
CBRE Group, Inc., Class A	168,092	16,279,710
Centerspace	7,543	708,967
Chatham Lodging Trust *	24,130	331,788
City Office REIT, Inc.	21,930	377,635
Community Healthcare Trust, Inc.	12,776	532,759
CorePoint Lodging, Inc. *	19,680	314,290
Corporate Office Properties Trust	57,677	1,511,714
Cousins Properties, Inc.	75,098	2,901,036
Crown Castle International Corp.	216,887	36,131,205
CubeSmart	108,533	5,232,376
Cushman & Wakefield plc *	73,952	1,621,028
CyrusOne, Inc.	63,457	5,733,340
DiamondRock Hospitality Co. *	110,766	1,057,815
Digital Realty Trust, Inc.	142,385	19,210,584
DigitalBridge Group, Inc. *	260,487	1,888,531
Diversified Healthcare Trust	137,021	394,621
Doma Holdings, Inc. *	87,691	233,258
Douglas Elliman, Inc. *	32,238	243,075
Douglas Emmett, Inc.	89,061	2,823,234
Duke Realty Corp.	192,966	10,227,198
Easterly Government Properties, Inc.	41,104	855,785
EastGroup Properties, Inc.	20,235	3,860,029
Empire State Realty Trust, Inc., Class A	71,041	672,048
EPR Properties	37,898	1,887,320
Equinix, Inc.	45,161	32,052,117
Equity Commonwealth *	61,296	1,628,635
Equity LifeStyle Properties, Inc.	85,262	6,362,250
Equity Residential	170,848	14,573,334
Essential Properties Realty Trust, Inc.	59,498	1,504,109
Essex Property Trust, Inc.	32,456	10,294,070
eXp World Holdings, Inc.	32,949	881,056

SECURITY	NUMBER OF SHARES	VALUE ($)
Extra Space Storage, Inc.	67,356	12,673,031
Federal Realty Investment Trust	34,893	4,102,719
First Industrial Realty Trust, Inc.	65,409	3,766,250
Forestar Group, Inc. *	10,035	183,741
Four Corners Property Trust, Inc.	39,337	1,037,710
Franklin Street Properties Corp.	51,009	294,832
FRP Holdings, Inc. *	3,539	205,014
Gaming & Leisure Properties, Inc.	114,046	5,178,829
Getty Realty Corp.	20,004	551,110
Gladstone Commercial Corp.	18,748	397,270
Global Medical REIT, Inc.	31,958	501,741
Global Net Lease, Inc.	53,254	756,739
Healthcare Realty Trust, Inc.	74,417	1,940,795
Healthcare Trust of America, Inc., Class A	109,438	3,216,383
Healthpeak Properties, Inc.	269,943	8,384,430
Highwoods Properties, Inc.	51,391	2,240,648
Host Hotels & Resorts, Inc. *	358,683	6,553,138
Hudson Pacific Properties, Inc.	75,266	1,987,022
Independence Realty Trust, Inc.	53,920	1,362,558
Industrial Logistics Properties Trust	32,614	729,575
Innovative Industrial Properties, Inc.	11,919	2,246,255
InvenTrust Properties Corp.	33,642	873,010
Invitation Homes, Inc.	300,656	11,364,797
Iron Mountain, Inc.	145,880	7,174,378
iStar, Inc.	36,176	908,741
JBG SMITH Properties	57,790	1,541,837
Jones Lang LaSalle, Inc. *	25,249	6,216,809
Kennedy-Wilson Holdings, Inc.	61,080	1,352,311
Kilroy Realty Corp.	52,608	3,767,785
Kimco Realty Corp.	311,117	7,320,583
Kite Realty Group Trust	111,698	2,449,537
Lamar Advertising Co., Class A	43,572	4,751,962
Life Storage, Inc.	41,446	5,246,649
LTC Properties, Inc.	19,942	674,638
LXP Industrial Trust	139,106	2,150,579
Marcus & Millichap, Inc. *	11,577	575,724
Medical Properties Trust, Inc.	297,775	6,056,744
Mid-America Apartment Communities, Inc.	57,640	11,793,720
National Health Investors, Inc.	23,632	1,259,822
National Retail Properties, Inc.	87,535	3,729,866
National Storage Affiliates Trust	41,235	2,402,764
Newmark Group, Inc., Class A	82,797	1,463,851
NexPoint Residential Trust, Inc.	11,687	993,044
Offerpad Solutions, Inc. *	37,152	190,590
Office Properties Income Trust	23,455	587,548
Omega Healthcare Investors, Inc.	119,452	3,364,963
One Liberty Properties, Inc.	7,677	223,094
Opendoor Technologies, Inc. *	191,867	1,602,089
Orion Office REIT, Inc. *	27,667	471,169
Outfront Media, Inc.	73,831	1,971,288
Paramount Group, Inc.	87,795	982,426
Park Hotels & Resorts, Inc. *	119,458	2,250,589
Pebblebrook Hotel Trust	68,002	1,530,725
Physicians Realty Trust	111,143	1,807,185
Piedmont Office Realty Trust, Inc., Class A	64,448	1,098,194
PotlatchDeltic Corp.	33,170	1,821,033
Preferred Apartment Communities, Inc.	28,968	731,732
Prologis, Inc.	371,264	54,148,854
PS Business Parks, Inc.	10,063	1,602,935
Public Storage	76,566	27,182,461
Rayonier, Inc.	71,368	2,833,310
RE/MAX Holdings, Inc., Class A	10,052	297,941
Realogy Holdings Corp. *	58,827	1,069,475
Realty Income Corp.	283,786	18,755,417

₃₈

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Redfin Corp. *	52,586	1,137,435
Regency Centers Corp.	76,800	5,060,352
Retail Opportunity Investments Corp.	60,079	1,091,035
Retail Value, Inc.	8,603	26,669
Rexford Industrial Realty, Inc.	75,803	5,316,064
RLJ Lodging Trust	83,747	1,171,621
RPT Realty	42,354	548,484
Ryman Hospitality Properties, Inc. *	28,140	2,479,415
Sabra Health Care REIT, Inc.	117,991	1,584,619
Safehold, Inc.	7,007	429,950
Saul Centers, Inc.	5,857	269,598
SBA Communications Corp.	54,485	16,530,204
Seritage Growth Properties, Class A *	19,574	199,459
Service Properties Trust	85,872	741,075
Simon Property Group, Inc.	164,836	22,674,840
SITE Centers Corp.	91,653	1,425,204
SL Green Realty Corp.	32,766	2,605,552
Spirit Realty Capital, Inc.	60,736	2,816,328
STAG Industrial, Inc.	86,564	3,372,533
STORE Capital Corp.	123,232	3,785,687
Summit Hotel Properties, Inc. *	55,327	547,184
Sun Communities, Inc.	58,149	10,524,969
Sunstone Hotel Investors, Inc. *	109,885	1,162,583
Tanger Factory Outlet Centers, Inc.	53,752	896,583
Tejon Ranch Co. *	13,545	229,994
Terreno Realty Corp.	36,858	2,535,462
The Howard Hughes Corp. *	20,831	1,991,027
The Macerich Co.	106,996	1,637,039
The Necessity Retail REIT, Inc.	62,861	442,541
The RMR Group, Inc., Class A	7,979	232,508
The St. Joe Co.	16,364	884,147
UDR, Inc.	147,197	8,076,699
UMH Properties, Inc.	22,860	527,152
Uniti Group, Inc.	118,003	1,530,499
Universal Health Realty Income Trust	6,515	372,072
Urban Edge Properties	57,451	1,046,757
Urstadt Biddle Properties, Inc., Class A	14,201	267,405
Ventas, Inc.	199,693	10,783,422
Veris Residential, Inc. *	41,175	695,858
VICI Properties, Inc.	315,923	8,833,207
Vornado Realty Trust	79,490	3,440,327
Washington Real Estate Investment Trust	42,450	991,632
Welltower, Inc.	218,606	18,207,694
WeWork, Inc., Class A *(a)	104,109	666,298
Weyerhaeuser Co.	375,822	14,611,959
WP Carey, Inc.	93,340	7,224,516
Xenia Hotels & Resorts, Inc. *	57,655	1,068,924
Zillow Group, Inc., Class A *	18,539	1,061,729
Zillow Group, Inc., Class C *	86,071	4,950,804
		759,056,757

Retailing 6.0%
1-800-Flowers.com, Inc., Class A *	12,652	195,853
Abercrombie & Fitch Co., Class A *	29,135	1,109,461
Academy Sports & Outdoors, Inc. *	45,388	1,469,210
Advance Auto Parts, Inc.	31,691	6,480,176
Amazon.com, Inc. *	218,976	672,532,230
American Eagle Outfitters, Inc.	75,478	1,591,076
America's Car-Mart, Inc. *	3,259	313,451
Arko Corp. *	33,115	276,510
Asbury Automotive Group, Inc. *	11,494	2,231,100
AutoNation, Inc. *	20,152	2,310,628
AutoZone, Inc. *	10,519	19,600,999
BARK, Inc. *(a)	42,303	133,255
Bath & Body Works, Inc.	132,710	7,082,733

SECURITY	NUMBER OF SHARES	VALUE ($)
Bed Bath & Beyond, Inc. *	50,353	850,462
Best Buy Co., Inc.	111,229	10,749,171
Big Lots, Inc.	16,517	574,131
Boot Barn Holdings, Inc. *	14,587	1,269,361
Burlington Stores, Inc. *	33,361	7,535,916
Caleres, Inc.	17,905	371,708
Camping World Holdings, Inc., Class A	21,209	651,328
CarMax, Inc. *	81,285	8,886,889
CarParts.com, Inc. *	23,481	196,536
Carvana Co. *	42,875	6,451,401
Chewy, Inc., Class A *	44,826	2,113,098
Chico's FAS, Inc. *	62,130	292,011
Conn's, Inc. *	9,873	181,071
ContextLogic, Inc., Class A *(a)	165,344	391,865
Designer Brands, Inc., Class A *	30,051	392,166
Dick's Sporting Goods, Inc.	32,788	3,442,740
Dillard's, Inc., Class A	2,146	538,024
Dollar General Corp.	117,270	23,259,332
Dollar Tree, Inc. *	112,924	16,044,242
DoorDash, Inc., Class A *	81,082	8,509,556
eBay, Inc.	314,210	17,152,724
Enjoy Technology, Inc. *	18,068	59,082
Etsy, Inc. *	63,678	9,863,085
Five Below, Inc. *	28,136	4,603,331
Floor & Decor Holdings, Inc., Class A *	52,864	5,054,856
Foot Locker, Inc.	45,382	1,434,979
Franchise Group, Inc.	13,641	574,968
Funko, Inc., Class A *	13,108	228,866
GameStop Corp., Class A *(a)	31,189	3,846,851
Genesco, Inc. *	6,613	424,224
Genuine Parts Co.	71,626	8,749,832
Group 1 Automotive, Inc.	9,108	1,657,018
Groupon, Inc. *	9,400	204,168
GrowGeneration Corp. *	26,653	224,152
Guess?, Inc.	20,542	449,870
Haverty Furniture Cos., Inc.	8,049	228,672
Hibbett, Inc.	7,242	326,469
Kohl's Corp.	76,163	4,236,186
Lands' End, Inc. *	7,428	125,979
Leslie's, Inc. *	68,729	1,464,615
Liquidity Services, Inc. *	14,568	251,007
Lithia Motors, Inc.	15,187	5,176,033
LKQ Corp.	134,173	6,299,422
LL Flooring Holdings, Inc. *	13,622	218,769
Lowe's Cos., Inc.	347,369	76,789,391
Macy's, Inc.	154,987	4,017,263
MarineMax, Inc. *	10,311	471,831
Monro, Inc.	16,316	761,631
Murphy USA, Inc.	11,864	2,144,299
National Vision Holdings, Inc. *	40,820	1,496,869
Nordstrom, Inc. *	55,084	1,142,442
Ollie's Bargain Outlet Holdings, Inc. *	30,482	1,316,213
O'Reilly Automotive, Inc. *	33,785	21,934,573
Overstock.com, Inc. *	21,772	1,238,827
Party City Holdco, Inc. *	56,103	242,926
Penske Automotive Group, Inc.	15,322	1,505,999
Petco Health & Wellness Co., Inc. *	41,107	720,195
PetMed Express, Inc.	9,916	267,236
Pool Corp.	20,171	9,250,017
Porch Group, Inc. *	38,334	310,505
Quotient Technology, Inc. *	41,605	276,257
Qurate Retail, Inc., Class A	176,057	970,074
Rent the Runway, Inc., Class A *	8,032	48,754
Rent-A-Center, Inc.	30,137	856,192
Revolve Group, Inc. *	20,110	953,817
RH *	8,700	3,496,269
Ross Stores, Inc.	178,295	16,294,380

₃₉

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sally Beauty Holdings, Inc. *	55,036	951,022
Shift Technologies, Inc. *(a)	37,931	76,621
Shoe Carnival, Inc.	9,436	275,154
Shutterstock, Inc.	11,785	1,066,896
Signet Jewelers Ltd.	26,828	1,891,374
Sleep Number Corp. *	11,827	777,034
Sonic Automotive, Inc., Class A	10,522	565,137
Sportsman's Warehouse Holdings, Inc. *	22,812	260,285
Stitch Fix, Inc., Class A *	42,440	532,622
Target Corp.	244,941	48,931,864
The Aaron's Co., Inc.	17,428	365,814
The Buckle, Inc.	14,361	516,996
The Children's Place, Inc. *	6,916	435,431
The Container Store Group, Inc. *	16,577	146,375
The Gap, Inc.	107,937	1,570,483
The Home Depot, Inc.	529,982	167,384,215
The ODP Corp. *	23,719	1,043,636
The RealReal, Inc. *	41,859	372,964
The TJX Cos., Inc.	604,642	39,966,836
Torrid Holdings, Inc. *	5,226	45,728
Tractor Supply Co.	57,024	11,620,921
Ulta Beauty, Inc. *	27,221	10,194,265
Urban Outfitters, Inc. *	32,371	890,526
Victoria's Secret & Co. *	36,231	1,943,069
Vivid Seats, Inc., Class A	10,139	118,424
Volta, Inc. *(a)	61,845	278,303
Vroom, Inc. *	63,874	388,354
Warby Parker, Inc., Class A *	4,976	148,932
Wayfair, Inc., Class A *	39,021	5,496,888
Williams-Sonoma, Inc.	37,219	5,391,544
Winmark Corp.	1,401	316,934
Xometry, Inc., Class A *(a)	3,429	167,712
Zumiez, Inc. *	10,092	448,993
		1,331,970,160

Semiconductors & Semiconductor Equipment 5.6%
ACM Research, Inc., Class A *	6,125	504,823
Advanced Micro Devices, Inc. *	820,876	101,246,891
Allegro MicroSystems, Inc. *	28,529	817,926
Ambarella, Inc. *	18,391	2,569,407
Amkor Technology, Inc.	49,633	1,125,180
Analog Devices, Inc.	269,972	43,273,812
Applied Materials, Inc.	453,551	60,866,544
Axcelis Technologies, Inc. *	16,666	1,153,621
Azenta, Inc.	37,149	3,251,280
Broadcom, Inc.	206,672	121,407,400
CEVA, Inc. *	11,873	484,062
Cirrus Logic, Inc. *	28,794	2,501,335
CMC Materials, Inc.	14,401	2,670,377
Cohu, Inc. *	24,063	750,284
Diodes, Inc. *	22,471	2,013,177
Enphase Energy, Inc. *	67,564	11,262,919
Entegris, Inc.	67,805	8,847,196
First Solar, Inc. *	49,465	3,724,220
FormFactor, Inc. *	38,269	1,549,512
Ichor Holdings Ltd. *	14,840	522,813
Impinj, Inc. *	9,397	646,044
Intel Corp.	2,041,570	97,382,889
KLA Corp.	76,216	26,561,276
Kulicke & Soffa Industries, Inc.	31,079	1,623,567
Lam Research Corp.	70,671	39,671,166
Lattice Semiconductor Corp. *	68,695	4,301,681
MACOM Technology Solutions Holdings, Inc. *	24,145	1,451,114
Marvell Technology, Inc.	413,735	28,270,513
MaxLinear, Inc. *	35,350	2,168,722

SECURITY	NUMBER OF SHARES	VALUE ($)
Microchip Technology, Inc.	278,840	19,610,817
Micron Technology, Inc.	561,526	49,897,200
MKS Instruments, Inc.	27,608	4,157,765
Monolithic Power Systems, Inc.	21,714	9,960,212
Navitas Semiconductor Corp. *(a)	36,978	360,166
NVIDIA Corp.	1,255,227	306,087,104
NXP Semiconductor N.V.	133,555	25,391,477
ON Semiconductor Corp. *	216,382	13,547,677
Onto Innovation, Inc. *	24,522	2,114,042
PDF Solutions, Inc. *	15,514	424,463
Photronics, Inc. *	30,391	559,802
Power Integrations, Inc.	30,158	2,714,220
Qorvo, Inc. *	55,409	7,578,843
QUALCOMM, Inc.	562,405	96,728,036
Rambus, Inc. *	54,783	1,479,141
Semtech Corp. *	32,560	2,259,013
Silicon Laboratories, Inc. *	20,003	3,074,661
SiTime Corp. *	7,376	1,490,985
SkyWater Technology, Inc. *	3,713	42,885
Skyworks Solutions, Inc.	82,984	11,465,899
SMART Global Holdings, Inc. *	22,941	629,730
SolarEdge Technologies, Inc. *	26,325	8,408,731
SunPower Corp. *	41,157	737,945
Synaptics, Inc. *	19,914	4,548,955
Teradyne, Inc.	81,925	9,660,596
Texas Instruments, Inc.	463,849	78,849,692
Ultra Clean Holdings, Inc. *	22,146	1,014,508
Universal Display Corp.	21,916	3,395,008
Veeco Instruments, Inc. *	24,886	710,993
Wolfspeed, Inc. *	57,852	5,942,557
		1,245,462,874

Software & Services 13.8%
8x8, Inc. *	59,346	769,124
A10 Networks, Inc.	28,379	404,117
Accenture plc, Class A	317,213	100,245,652
ACI Worldwide, Inc. *	58,981	1,977,043
Adobe, Inc. *	238,935	111,745,121
Affirm Holdings, Inc. *	73,179	3,061,809
Agilysys, Inc. *	9,209	387,054
Akamai Technologies, Inc. *	81,695	8,844,301
Alarm.com Holdings, Inc. *	23,504	1,547,268
Alliance Data Systems Corp.	24,856	1,676,537
Altair Engineering, Inc., Class A *	25,885	1,719,282
Alteryx, Inc., Class A *	30,456	1,897,409
Amplitude, Inc., Class A *	11,180	239,699
Anaplan, Inc. *	72,947	3,455,499
ANSYS, Inc. *	43,825	14,207,627
Appfolio, Inc., Class A *	9,444	1,068,494
Appian Corp. *	19,611	1,195,487
AppLovin Corp., Class A *	13,922	808,590
Asana, Inc., Class A *	40,526	2,220,420
Aspen Technology, Inc. *	33,408	5,091,713
Autodesk, Inc. *	110,244	24,279,036
Automatic Data Processing, Inc.	211,820	43,304,481
Avalara, Inc. *	43,588	4,529,229
Avaya Holdings Corp. *	42,325	582,815
AvePoint, Inc. *	44,522	251,104
AvidXchange Holdings, Inc. *	12,683	122,137
Bentley Systems, Inc., Class B	91,688	3,519,902
BigCommerce Holdings, Inc. *	29,675	768,583
Bill.com Holdings, Inc. *	45,932	10,926,304
Black Knight, Inc. *	77,984	4,381,921
Blackbaud, Inc. *	20,561	1,284,857
Blackline, Inc. *	26,459	1,992,627
Blend Labs, Inc., Class A *(a)	9,951	87,967
Block, Inc. *	247,563	31,564,283

₄₀

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bottomline Technologies (DE), Inc. *	19,617	1,111,107
Box, Inc., Class A *	77,224	1,977,707
Broadridge Financial Solutions, Inc.	58,387	8,536,763
BTRS Holdings, Inc., Class A *	37,316	227,628
C3.ai, Inc., Class A *	35,284	791,067
Cadence Design Systems, Inc. *	139,234	21,084,205
Cantaloupe, Inc. *	26,981	209,642
Cass Information Systems, Inc.	5,870	232,335
CCC Intelligent Solutions Holdings, Inc. *(a)	33,412	362,854
CDK Global, Inc.	58,796	2,665,811
Cerence, Inc. *	18,860	681,035
Ceridian HCM Holding, Inc. *	68,047	4,961,307
ChannelAdvisor Corp. *	14,565	261,442
Cipher Mining, Inc. *	23,046	70,290
Citrix Systems, Inc.	62,399	6,395,898
Clear Secure, Inc., Class A *	6,541	176,149
Clearwater Analytics Holdings, Inc., Class A *	15,892	315,774
Cloudflare, Inc., Class A *	137,601	16,019,508
Cognizant Technology Solutions Corp., Class A	263,743	22,716,185
CommVault Systems, Inc. *	23,376	1,470,584
Concentrix Corp.	21,578	4,313,226
Conduent, Inc. *	85,874	418,206
Confluent, Inc., Class A *	30,805	1,318,146
Consensus Cloud Solutions, Inc. *	7,795	433,870
Couchbase, Inc. *	3,946	83,142
Coupa Software, Inc. *	37,216	4,503,508
Crowdstrike Holdings, Inc., Class A *	103,117	20,129,470
CS Disco, Inc. *	6,143	232,083
CSG Systems International, Inc.	15,840	977,645
Cyxtera Technologies, Inc. *(a)	16,029	195,073
Datadog, Inc., Class A *	129,145	20,806,551
Datto Holding Corp. *	14,242	334,117
Digital Turbine, Inc. *	43,994	2,132,829
DigitalOcean Holdings, Inc. *	8,706	516,440
DocuSign, Inc. *	98,462	11,660,855
Dolby Laboratories, Inc., Class A	32,382	2,431,888
Domo, Inc., Class B *	14,613	650,279
Dropbox, Inc., Class A *	142,185	3,226,178
Duck Creek Technologies, Inc. *	37,357	877,142
DXC Technology Co. *	126,639	4,309,525
Dynatrace, Inc. *	98,720	4,385,142
E2open Parent Holdings, Inc. *	87,732	787,833
Ebix, Inc.	11,900	351,169
Elastic N.V. *	36,289	3,144,442
Embark Technology, Inc. *(a)	94,323	430,113
Enfusion, Inc., Class A *(a)	9,011	149,493
Envestnet, Inc. *	27,506	2,057,999
EPAM Systems, Inc. *	28,391	5,898,230
Euronet Worldwide, Inc. *	26,692	3,422,715
Everbridge, Inc. *	19,219	759,535
EverCommerce, Inc. *	8,860	106,143
EVERTEC, Inc.	30,064	1,213,383
Evo Payments, Inc., Class A *	25,188	607,283
ExlService Holdings, Inc. *	16,582	2,002,940
Expensify, Inc., Class A *(a)	4,561	93,501
Fair Isaac Corp. *	13,804	6,504,307
Fastly, Inc., Class A *	53,637	997,648
Fidelity National Information Services, Inc.	305,374	29,080,766
Fiserv, Inc. *	298,513	29,155,765
Five9, Inc. *	34,377	3,781,470
FleetCor Technologies, Inc. *	40,854	9,568,007
Flywire Corp. *	5,271	142,633
Fortinet, Inc. *	68,218	23,502,465
Freshworks, Inc., Class A *(a)	17,109	313,437

SECURITY	NUMBER OF SHARES	VALUE ($)
Gartner, Inc. *	41,224	11,560,034
Genpact Ltd.	87,375	3,655,770
Gitlab, Inc., Class A *	5,145	299,799
Global Payments, Inc.	145,641	19,425,597
GoDaddy, Inc., Class A *	82,994	6,922,530
GreenSky, Inc., Class A *	34,867	345,183
Grid Dynamics Holdings, Inc. *	23,438	284,772
Guidewire Software, Inc. *	41,712	3,676,913
HubSpot, Inc. *	22,566	11,847,150
Informatica, Inc., Class A *	14,225	286,776
Intapp, Inc. *	5,042	116,269
InterDigital, Inc.	15,138	975,190
International Business Machines Corp.	450,318	55,168,458
International Money Express, Inc. *	14,745	236,805
Intuit, Inc.	142,265	67,486,248
IronNet, Inc. *(a)	17,985	83,810
Jack Henry & Associates, Inc.	37,166	6,570,949
Jamf Holding Corp. *	27,239	931,846
Kaltura, Inc. *	6,756	15,133
Kyndryl Holdings, Inc. *	89,740	1,423,276
Latch, Inc. *(a)	45,544	188,097
LivePerson, Inc. *	33,100	671,268
LiveRamp Holdings, Inc. *	34,692	1,497,307
Mandiant, Inc. *	121,721	2,410,076
Manhattan Associates, Inc. *	31,722	4,240,597
Marathon Digital Holdings, Inc. *(a)	49,819	1,262,912
Marqeta, Inc., Class A *	116,953	1,371,859
Mastercard, Inc., Class A	435,545	157,153,347
Matterport, Inc. *	92,208	683,261
Maximus, Inc.	30,756	2,425,418
McAfee Corp., Class A	36,582	950,766
MeridianLink, Inc. *	6,211	121,611
Microsoft Corp.	3,769,484	1,126,284,124
MicroStrategy, Inc., Class A *(a)	4,166	1,845,538
Mimecast Ltd. *	31,000	2,465,430
Model N, Inc. *	15,878	390,440
Momentive Global, Inc. *	67,007	1,053,350
MoneyGram International, Inc. *	45,692	490,732
MongoDB, Inc. *	33,266	12,707,279
N-Able, Inc. *	33,038	382,250
nCino, Inc. *	28,140	1,292,470
NCR Corp. *	66,073	2,677,278
New Relic, Inc. *	29,641	1,963,420
NextNav, Inc. *	9,249	56,234
NortonLifeLock, Inc.	292,381	8,473,201
Nuance Communications, Inc. *	145,398	8,072,497
Nutanix, Inc., Class A *	106,659	2,847,795
Okta, Inc. *	74,205	13,567,642
ON24, Inc. *	5,912	92,227
OneSpan, Inc. *	19,030	262,233
Oracle Corp.	809,777	61,518,759
Pagerduty, Inc. *	37,376	1,264,056
Palantir Technologies, Inc., Class A *	802,972	9,515,218
Palo Alto Networks, Inc. *	49,129	29,194,908
Paya Holdings, Inc. *	41,971	270,713
Paychex, Inc.	161,197	19,192,115
Paycom Software, Inc. *	24,068	8,164,106
Paycor HCM, Inc. *	15,634	438,846
Paylocity Holding Corp. *	20,064	4,262,396
Payoneer Global, Inc. *	96,059	463,004
PayPal Holdings, Inc. *	589,943	66,032,320
Pegasystems, Inc.	20,559	1,791,100
Perficient, Inc. *	16,254	1,656,283
Ping Identity Holding Corp. *	29,865	628,360
Progress Software Corp.	21,581	951,290
PROS Holdings, Inc. *	21,291	676,628
PTC, Inc. *	53,176	5,917,425

₄₁

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Q2 Holdings, Inc. *	28,886	1,879,034
Qualtrics International, Inc., Class A *	48,308	1,465,182
Qualys, Inc. *	16,564	2,075,635
Rackspace Technology, Inc. *	31,744	353,311
Rapid7, Inc. *	28,258	2,923,573
Repay Holdings Corp. *	39,154	676,190
RingCentral, Inc., Class A *	41,238	5,395,580
Riot Blockchain, Inc. *(a)	41,322	711,978
Sabre Corp. *	161,710	1,767,490
Sailpoint Technologies Holdings, Inc. *	46,168	1,909,970
salesforce.com, Inc. *	491,627	103,502,232
SentinelOne, Inc., Class A *	21,320	884,780
ServiceNow, Inc. *	99,970	57,974,602
Shift4 Payments, Inc., Class A *	23,725	1,249,121
Smartsheet, Inc., Class A *	63,501	3,376,348
Snowflake, Inc., Class A *	116,238	30,879,787
SolarWinds Corp.	22,598	306,203
Splunk, Inc. *	81,293	9,600,703
Sprout Social, Inc., Class A *	22,504	1,465,235
SPS Commerce, Inc. *	17,784	2,309,252
Squarespace, Inc., Class A *	13,985	414,096
SS&C Technologies Holdings, Inc.	111,102	8,329,317
Sumo Logic, Inc. *	43,428	522,873
Switch, Inc., Class A	66,942	1,741,831
Synopsys, Inc. *	76,533	23,908,144
Telos Corp. *	26,548	303,178
Tenable Holdings, Inc. *	45,437	2,515,392
Teradata Corp. *	54,943	2,746,601
The Trade Desk, Inc., Class A *	219,232	18,704,874
The Western Union Co.	201,525	3,663,725
Thoughtworks Holding, Inc. *	17,653	403,548
Toast, Inc., Class A *(a)	37,073	760,738
TTEC Holdings, Inc.	9,444	750,798
Tucows, Inc., Class A *(a)	4,734	318,030
Twilio, Inc., Class A *	84,324	14,739,835
Tyler Technologies, Inc. *	20,601	8,822,584
UiPath, Inc., Class A *	130,047	4,513,931
Unisys Corp. *	36,014	769,619
Unity Software, Inc. *	80,286	8,546,445
Upland Software, Inc. *	14,795	279,034
Varonis Systems, Inc. *	54,496	2,376,026
Verint Systems, Inc. *	32,601	1,637,548
VeriSign, Inc. *	48,572	10,380,808
Verra Mobility Corp. *	62,721	1,053,713
Visa, Inc., Class A	841,984	181,969,582
VMware, Inc., Class A	101,034	11,853,309
Vonage Holdings Corp. *	125,358	2,547,275
WEX, Inc. *	22,360	3,767,884
Workday, Inc., Class A *	96,042	21,998,420
Workiva, Inc. *	22,527	2,372,093
Xperi Holding Corp.	53,171	920,922
Yext, Inc. *	57,808	428,935
Zendesk, Inc. *	60,694	7,081,169
Zoom Video Communications, Inc., Class A *	108,535	14,391,741
Zscaler, Inc. *	39,786	9,514,822
Zuora, Inc., Class A *	58,952	894,891
		3,056,232,006

Technology Hardware & Equipment 7.8%
3D Systems Corp. *	62,904	1,120,949
908 Devices, Inc. *	6,952	115,612
ADTRAN, Inc.	23,776	489,548
Advanced Energy Industries, Inc.	19,285	1,655,617
Aeva Technologies, Inc. *	49,145	206,409
AEye, Inc. *(a)	55,399	183,925
Amphenol Corp., Class A	300,140	22,813,641

SECURITY	NUMBER OF SHARES	VALUE ($)
Apple Inc.	7,825,177	1,292,093,226
Arista Networks, Inc. *	112,701	13,831,794
Arrow Electronics, Inc. *	35,021	4,268,360
Avid Technology, Inc. *	18,206	572,761
Avnet, Inc.	49,931	2,100,597
Badger Meter, Inc.	14,536	1,445,024
Belden, Inc.	22,139	1,247,533
Benchmark Electronics, Inc.	18,412	481,290
Calix, Inc. *	27,148	1,475,222
Casa Systems, Inc. *	14,859	61,813
CDW Corp.	68,103	11,745,043
Ciena Corp. *	77,595	5,309,050
Cisco Systems, Inc.	2,118,247	118,134,635
Cognex Corp.	88,509	5,979,668
Coherent, Inc. *	12,195	3,223,382
CommScope Holding Co., Inc. *	106,472	1,015,743
Comtech Telecommunications Corp.	13,506	277,954
Corning, Inc.	385,111	15,558,484
Corsair Gaming, Inc. *(a)	16,390	378,281
CTS Corp.	16,609	630,146
Dell Technologies, Inc., Class C *	146,679	7,474,762
Diebold Nixdorf, Inc. *	40,426	351,706
ePlus, Inc. *	13,861	650,081
Evolv Technologies Holdings, Inc. *	27,371	96,346
Extreme Networks, Inc. *	63,562	730,327
F5, Inc. *	30,140	6,053,619
Fabrinet *	18,640	1,866,423
FARO Technologies, Inc. *	9,552	522,877
Harmonic, Inc. *	49,367	459,607
Hewlett Packard Enterprise Co.	655,249	10,431,564
HP, Inc.	578,522	19,878,016
II-VI, Inc. *	52,889	3,673,670
Infinera Corp. *	105,885	977,319
Inseego Corp. *(a)	40,954	192,893
Insight Enterprises, Inc. *	17,579	1,828,216
IonQ, Inc. *(a)	56,681	905,762
IPG Photonics Corp. *	18,019	2,348,777
Itron, Inc. *	23,080	1,100,224
Jabil, Inc.	71,982	4,161,279
Juniper Networks, Inc.	162,049	5,475,636
Keysight Technologies, Inc. *	92,301	14,525,408
Kimball Electronics, Inc. *	11,744	202,467
Knowles Corp. *	45,114	982,583
Lightwave Logic, Inc. *(a)	50,170	377,780
Littelfuse, Inc.	12,224	3,156,359
Lumentum Holdings, Inc. *	36,655	3,623,713
Methode Electronics, Inc.	18,896	862,413
MicroVision, Inc. *	82,732	331,755
Mirion Technologies, Inc. *	47,544	406,026
Motorola Solutions, Inc.	84,587	18,645,512
Napco Security Technologies, Inc. *	15,019	306,237
National Instruments Corp.	66,383	2,665,277
NetApp, Inc.	112,294	8,801,604
NETGEAR, Inc. *	15,782	419,959
NetScout Systems, Inc. *	37,825	1,177,492
nLight, Inc. *	22,545	367,484
Novanta, Inc. *	17,794	2,431,194
OSI Systems, Inc. *	8,790	709,089
Ouster, Inc. *(a)	35,490	119,956
PAR Technology Corp. *	13,415	562,625
PC Connection, Inc.	5,790	282,494
Plantronics, Inc. *	21,280	599,458
Plexus Corp. *	14,296	1,164,695
Pure Storage, Inc., Class A *	134,203	3,481,226
Ribbon Communications, Inc. *	56,505	171,775
Rogers Corp. *	9,501	2,593,773
Sanmina Corp. *	31,635	1,258,440
ScanSource, Inc. *	12,363	390,424

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Seagate Technology Holdings plc	102,793	10,604,126
SmartRent, Inc. *(a)	45,189	291,469
Super Micro Computer, Inc. *	21,114	829,569
TD SYNNEX Corp.	20,461	2,083,544
TE Connectivity Ltd.	163,986	23,356,526
Teledyne Technologies, Inc. *	23,466	10,075,831
Trimble, Inc. *	126,176	8,800,776
TTM Technologies, Inc. *	55,335	695,561
Ubiquiti, Inc.	3,049	774,111
Velodyne Lidar, Inc. *(a)	46,316	170,906
ViaSat, Inc. *	36,617	1,671,200
Viavi Solutions, Inc. *	118,848	1,949,107
Vishay Intertechnology, Inc.	67,293	1,291,353
Vontier Corp.	85,462	2,076,727
Western Digital Corp. *	156,383	7,966,150
Xerox Holdings Corp.	67,606	1,332,514
Zebra Technologies Corp., Class A *	26,742	11,053,538
		1,731,235,037

Telecommunication Services 1.2%
Anterix, Inc. *	8,914	474,938
AT&T, Inc.	3,584,469	84,916,071
ATN International, Inc.	5,575	185,815
Bandwidth, Inc., Class A *	11,764	359,390
Cogent Communications Holdings, Inc.	21,140	1,340,276
Consolidated Communications Holdings, Inc. *	37,351	265,939
EchoStar Corp., Class A *	19,711	479,766
Frontier Communications Parent, Inc. *	105,655	2,910,795
Globalstar, Inc. *	348,876	411,674
Gogo, Inc. *(a)	34,560	492,134
IDT Corp., Class B *	8,367	301,714
Iridium Communications, Inc. *	65,918	2,609,694
Liberty Global plc, Class A *	88,734	2,287,563
Liberty Global plc, Class C *	167,877	4,342,978
Liberty Latin America Ltd., Class A *	18,522	186,146
Liberty Latin America Ltd., Class C *	77,580	782,782
Lumen Technologies, Inc.	465,508	4,822,663
Radius Global Infrastructure, Inc., Class A *	29,319	377,042
Shenandoah Telecommunications Co.	24,460	546,681
Telephone and Data Systems, Inc.	48,350	838,872
T-Mobile US, Inc. *	294,705	36,310,603
United States Cellular Corp. *	7,826	215,293
Verizon Communications, Inc.	2,078,276	111,541,073
		256,999,902

Transportation 1.9%
Air Transport Services Group, Inc. *	28,798	907,425
Alaska Air Group, Inc. *	62,586	3,513,578
Allegiant Travel Co. *	7,702	1,340,841
AMERCO	4,997	2,886,317
American Airlines Group, Inc. *	324,891	5,604,370
ArcBest Corp.	12,879	1,193,626
Atlas Air Worldwide Holdings, Inc. *	13,646	1,069,301
Avis Budget Group, Inc. *	20,049	3,677,789
Bird Global, Inc., Class A *(a)	66,620	217,847
C.H. Robinson Worldwide, Inc.	65,374	6,320,358
CSX Corp.	1,113,643	37,763,634
Daseke, Inc. *	30,834	386,967
Delta Air Lines, Inc. *	319,519	12,755,198
Expeditors International of Washington, Inc.	84,841	8,769,166

SECURITY	NUMBER OF SHARES	VALUE ($)
FedEx Corp.	122,430	27,212,516
Forward Air Corp.	13,844	1,428,424
Frontier Group Holdings, Inc. *(a)	14,839	191,126
GXO Logistics, Inc. *	49,448	4,150,171
Hawaiian Holdings, Inc. *	24,464	469,220
Heartland Express, Inc.	24,904	357,621
Hertz Global Holdings, Inc. *	28,165	572,313
Hub Group, Inc., Class A *	17,504	1,477,338
J.B. Hunt Transport Services, Inc.	42,129	8,549,238
JetBlue Airways Corp. *	162,557	2,482,245
Joby Aviation, Inc. *(a)	130,955	673,109
Kirby Corp. *	30,150	1,964,272
Knight-Swift Transportation Holdings, Inc.	83,164	4,530,775
Landstar System, Inc.	19,208	2,965,907
Lyft, Inc., Class A *	148,017	5,763,782
Marten Transport Ltd.	27,776	479,136
Matson, Inc.	21,190	2,347,216
Norfolk Southern Corp.	122,002	31,295,953
Old Dominion Freight Line, Inc.	46,963	14,747,791
Ryder System, Inc.	26,681	2,103,530
Saia, Inc. *	13,106	3,764,436
Schneider National, Inc., Class B	18,584	485,414
SkyWest, Inc. *	25,133	706,489
Southwest Airlines Co. *	296,124	12,970,231
Spirit Airlines, Inc. *	56,358	1,413,459
Sun Country Airlines Holdings, Inc. *	15,403	416,651
TuSimple Holdings, Inc., Class A *	16,786	292,412
Uber Technologies, Inc. *	836,635	30,143,959
Union Pacific Corp.	322,928	79,424,142
United Airlines Holdings, Inc. *	162,457	7,213,091
United Parcel Service, Inc., Class B	366,213	77,058,539
Universal Logistics Holdings, Inc.	5,495	105,119
Werner Enterprises, Inc.	29,586	1,285,808
Wheels Up Experience, Inc. *	87,810	308,213
XPO Logistics, Inc. *	49,799	3,619,391
		419,375,454

Utilities 2.5%
ALLETE, Inc.	26,680	1,679,239
Alliant Energy Corp.	125,581	7,333,930
Ameren Corp.	129,289	11,112,390
American Electric Power Co., Inc.	252,956	22,930,461
American States Water Co.	18,627	1,567,648
American Water Works Co., Inc.	91,235	13,784,696
Atmos Energy Corp.	66,559	7,308,844
Avangrid, Inc.	35,604	1,597,551
Avista Corp.	34,332	1,532,237
Black Hills Corp.	32,549	2,278,105
California Water Service Group	26,285	1,496,405
CenterPoint Energy, Inc.	315,633	8,632,563
Chesapeake Utilities Corp.	8,582	1,140,977
Clearway Energy, Inc., Class A	17,393	532,052
Clearway Energy, Inc., Class C	41,292	1,379,153
CMS Energy Corp.	145,350	9,303,853
Consolidated Edison, Inc.	177,235	15,201,446
Constellation Energy Corp.	163,555	7,520,259
Dominion Energy, Inc.	406,959	32,365,449
DTE Energy Co.	97,379	11,840,313
Duke Energy Corp.	386,681	38,826,639
Edison International	190,500	12,081,510
Entergy Corp.	100,813	10,606,536
Essential Utilities, Inc.	116,729	5,499,103
Evergy, Inc.	115,136	7,185,638
Eversource Energy	172,323	14,096,021
Exelon Corp.	490,780	20,887,597
FirstEnergy Corp.	274,192	11,474,935

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hawaiian Electric Industries, Inc.	54,640	2,239,147
IDACORP, Inc.	25,064	2,605,403
MGE Energy, Inc.	18,262	1,315,229
Middlesex Water Co.	8,327	832,617
Montauk Renewables, Inc. *(a)	31,136	321,946
National Fuel Gas Co.	45,533	2,833,974
New Jersey Resources Corp.	49,251	2,148,329
NextEra Energy, Inc.	985,261	77,116,378
NiSource, Inc.	198,732	5,749,317
Northwest Natural Holding Co.	16,088	836,737
NorthWestern Corp.	26,357	1,594,071
NRG Energy, Inc.	123,633	4,678,273
OGE Energy Corp.	100,421	3,770,809
ONE Gas, Inc.	26,800	2,226,812
Ormat Technologies, Inc.	22,563	1,609,870
Otter Tail Corp.	20,803	1,286,874
PG&E Corp. *	755,777	8,593,184
Pinnacle West Capital Corp.	55,958	3,963,505
PNM Resources, Inc.	43,433	1,961,869
Portland General Electric Co.	45,029	2,286,122
PPL Corp.	377,584	9,881,373
Public Service Enterprise Group, Inc.	253,861	16,457,809
Sempra Energy	160,295	23,117,745
SJW Group	13,631	889,014
South Jersey Industries, Inc.	55,468	1,882,029
Southwest Gas Holdings, Inc.	30,218	2,143,665
Spire, Inc.	26,501	1,778,482
Sunnova Energy International, Inc. *	46,921	945,458
The AES Corp.	334,618	7,103,940
The Southern Co.	533,137	34,531,283
UGI Corp.	104,990	4,035,816
Unitil Corp.	7,969	402,355
Vistra Corp.	240,364	5,485,106
WEC Energy Group, Inc.	158,016	14,360,494
Xcel Energy, Inc.	270,544	18,215,728
York Water Co.	5,802	260,336
		550,656,649
Total Common Stocks (Cost $13,480,542,439)		22,167,005,644

RIGHTS 0.0% OF NET ASSETS

Media & Entertainment 0.0%
Media General, Inc. CVR *(c)	42,134	3,586
Total Rights (Cost $0)		3,586

SECURITY	NUMBEROF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS

Money Market Funds 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (d)	23,243,439	23,243,439
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (d)(e)	62,366,625	62,366,625
		85,610,064
Total Short-Term Investments (Cost $85,610,064)		85,610,064
Total Investments in Securities (Cost $13,566,152,503)		22,252,619,294

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 03/18/22	138	30,139,200	(325,905)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $60,463,474.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	Fair valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(d)	The rate shown is the 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

CVR —	Contingent Value Rights
REIT —	Real Estate Investment Trust

Below is a summary of the fund’s transactions with affiliated issuers during the period ended February 28, 2022:

	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 2/28/22	BALANCE OF SHARES HELD AT 2/28/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS

Diversified Financials 0.3%
The Charles Schwab Corp.	$52,840,291	$3,544,613	($1,320,936)	$223,250	$8,222,226	$63,509,444	751,947	$282,783

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Broad Market ETF

Statement of Operations

For the period September 1, 2021 through February 28, 2022; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $29,734)		$153,605,745
Dividends received from securities - affiliated		282,783
Securities on loan, net	+	1,006,185
Total investment income		154,894,713
Expenses
Management fees		3,405,769
Total expenses	–	3,405,769
Net investment income		151,488,944
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(23,856)
Net realized losses on sales of securities - unaffiliated		(25,898,921)
Net realized gains on sales of in-kind redemptions - affiliated		247,106
Net realized gains on sales of in-kind redemptions - unaffiliated		85,133,639
Net realized losses on futures contracts	+	(243,283)
Net realized gains		59,214,685
Net change in unrealized appreciation (depreciation) on securities - affiliated		8,222,226
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(1,246,361,058)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(1,248,533)
Net change in unrealized appreciation (depreciation)	+	(1,239,387,365)
Net realized and unrealized losses		(1,180,172,680)
Decrease in net assets resulting from operations		($1,028,683,736)

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab 1000 Index ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	10/11/17 ¹– 8/31/18
Per-Share Data
Net asset value at beginning of period	$44.81	$34.50	$28.80	$28.62	$25.00
Income (loss) from investment operations:
Net investment income (loss)²	0.29	0.56	0.61	0.57	0.44
Net realized and unrealized gains (losses)	(2.14)	10.32	5.67	0.10	3.47
Total from investment operations	(1.85)	10.88	6.28	0.67	3.91
Less distributions:
Distributions from net investment income	(0.30)	(0.57)	(0.58)	(0.49)	(0.29)
Net asset value at end of period	$42.66	$44.81	$34.50	$28.80	$28.62
Total return	(4.15%) ³	31.95%	22.25%	2.42%	15.72% ³
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.05% ⁴	0.05%	0.05%	0.05%	0.05% ⁴
Net investment income (loss)	1.30% ⁴	1.43%	2.03%	2.06%	1.87% ⁴
Portfolio turnover rate⁵	3% ³	5%	5%	5%	3% ³
Net assets, end of period (x 1,000,000)	$2,229	$2,090	$1,145	$838	$486

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

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (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 2.2%
Aptiv plc *	14,482	1,874,550
Autoliv, Inc.	4,226	371,930
BorgWarner, Inc.	12,807	525,215
Ford Motor Co.	210,228	3,691,604
Fox Factory Holding Corp. *	2,291	270,384
General Motors Co. *	77,759	3,632,900
Gentex Corp.	12,759	386,215
Harley-Davidson, Inc.	8,321	343,657
Lear Corp.	3,177	499,869
QuantumScape Corp. *	13,220	213,371
Tesla, Inc. *	43,595	37,946,396
Thor Industries, Inc.	3,003	271,772
		50,027,863

Banks 4.1%
Bank of America Corp.	385,988	17,060,670
Bank OZK	6,481	304,737
BOK Financial Corp.	1,622	166,579
Citigroup, Inc.	106,385	6,301,184
Citizens Financial Group, Inc.	22,834	1,196,958
Comerica, Inc.	7,003	668,716
Commerce Bancshares, Inc.	5,890	422,784
Cullen/Frost Bankers, Inc.	3,043	428,241
East West Bancorp, Inc.	7,563	662,216
Essent Group Ltd.	5,848	258,365
Fifth Third Bancorp	36,650	1,753,336
First Citizens BancShares, Inc., Class A	712	561,376
First Financial Bankshares, Inc.	6,809	326,287
First Horizon Corp.	29,086	682,939
First Republic Bank	9,609	1,664,855
Huntington Bancshares, Inc.	77,531	1,203,281
JPMorgan Chase & Co.	158,381	22,458,426
KeyCorp	49,894	1,250,843
M&T Bank Corp.	6,881	1,253,925
MGIC Investment Corp.	17,506	265,741
New York Community Bancorp, Inc.	24,784	286,007
People's United Financial, Inc.	23,034	485,557
Pinnacle Financial Partners, Inc.	4,061	410,486
Popular, Inc.	4,253	390,638
Prosperity Bancshares, Inc.	4,885	363,737
Regions Financial Corp.	50,967	1,232,892
Signature Bank	3,252	1,121,582
SVB Financial Group *	3,140	1,902,840
Synovus Financial Corp.	7,789	410,091
TFS Financial Corp.	2,533	43,492
The PNC Financial Services Group, Inc.	22,664	4,515,802
Truist Financial Corp.	71,491	4,448,170
U.S. Bancorp	72,392	4,093,044
Valley National Bancorp	22,073	308,360
Wells Fargo & Co.	213,716	11,406,023
Western Alliance Bancorp	5,627	527,475

SECURITY	NUMBER OF SHARES	VALUE ($)
Zions Bancorp NA	8,408	596,043
		91,433,698

Capital Goods 5.6%
3M Co.	30,854	4,586,447
A.O. Smith Corp.	7,117	488,084
Acuity Brands, Inc.	1,877	342,309
Advanced Drainage Systems, Inc.	3,042	355,062
AECOM	7,750	563,115
AGCO Corp.	3,266	392,443
Allegion plc	4,784	547,864
AMETEK, Inc.	12,401	1,609,526
Axon Enterprise, Inc. *	3,522	493,961
AZEK Co., Inc. *	5,905	174,138
Builders FirstSource, Inc. *	10,313	767,493
BWX Technologies, Inc.	4,891	261,277
Carlisle Cos., Inc.	2,806	666,144
Carrier Global Corp.	46,461	2,085,170
Caterpillar, Inc.	28,977	5,435,506
ChargePoint Holdings, Inc. *	9,287	134,847
Chart Industries, Inc. *	1,913	276,237
Colfax Corp. *	7,168	288,225
Crane Co.	2,647	267,559
Cummins, Inc.	7,680	1,567,642
Deere & Co.	15,130	5,447,103
Donaldson Co., Inc.	6,674	362,198
Dover Corp.	7,725	1,211,744
Eaton Corp. plc	21,342	3,292,857
EMCOR Group, Inc.	2,847	328,942
Emerson Electric Co.	32,024	2,975,670
Fastenal Co.	30,843	1,587,181
Fortive Corp.	19,257	1,246,891
Fortune Brands Home & Security, Inc.	7,245	629,591
Generac Holdings, Inc. *	3,390	1,069,443
General Dynamics Corp.	12,422	2,912,338
General Electric Co.	58,898	5,625,348
Graco, Inc.	9,094	655,586
HEICO Corp.	2,271	334,995
HEICO Corp., Class A	3,984	489,713
Honeywell International, Inc.	36,916	7,004,811
Howmet Aerospace, Inc.	20,687	743,077
Hubbell, Inc.	2,905	517,816
Huntington Ingalls Industries, Inc.	2,167	442,935
IDEX Corp.	4,072	781,417
Illinois Tool Works, Inc.	15,313	3,312,814
Ingersoll Rand, Inc.	21,893	1,106,034
ITT, Inc.	4,552	399,984
Johnson Controls International plc	37,987	2,467,636
L3Harris Technologies, Inc.	10,499	2,649,003
Lennox International, Inc.	1,802	481,008
Lincoln Electric Holdings, Inc.	3,151	401,626
Lockheed Martin Corp.	13,145	5,702,301
Masco Corp.	13,045	731,042
MasTec, Inc. *	3,066	241,478
MDU Resources Group, Inc.	11,024	295,112
Nordson Corp.	2,899	656,595

₅₀

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Northrop Grumman Corp.	7,984	3,530,046
nVent Electric plc	9,029	306,354
Oshkosh Corp.	3,665	406,962
Otis Worldwide Corp.	22,743	1,781,459
Owens Corning	5,382	501,549
PACCAR, Inc.	18,639	1,711,247
Parker-Hannifin Corp.	6,929	2,053,686
Pentair plc	8,819	510,708
Plug Power, Inc. *	27,812	703,365
Quanta Services, Inc.	7,607	828,707
Raytheon Technologies Corp.	80,197	8,236,232
RBC Bearings, Inc. *	1,544	299,304
Regal Rexnord Corp.	3,639	583,514
Rockwell Automation, Inc.	6,213	1,656,262
Roper Technologies, Inc.	5,659	2,536,477
Sensata Technologies Holding plc *	8,491	491,714
SiteOne Landscape Supply, Inc. *	2,387	411,590
Snap-on, Inc.	2,869	603,006
Stanley Black & Decker, Inc.	8,746	1,422,974
Sunrun, Inc. *	11,119	303,326
Textron, Inc.	11,794	862,495
The Boeing Co. *	29,639	6,086,072
The Middleby Corp. *	2,989	530,906
The Timken Co.	3,691	241,982
The Toro Co.	5,676	532,466
Trane Technologies plc	12,731	1,959,683
TransDigm Group, Inc. *	2,799	1,865,785
Trex Co., Inc. *	6,212	570,510
United Rentals, Inc. *	3,866	1,243,383
Vertiv Holdings Co.	16,159	210,390
Virgin Galactic Holdings, Inc. *	9,444	91,418
W.W. Grainger, Inc.	2,323	1,108,210
Watsco, Inc.	1,764	481,678
WESCO International, Inc. *	2,381	289,839
Westinghouse Air Brake Technologies Corp.	10,036	931,542
WillScot Mobile Mini Holdings Corp. *	11,894	422,594
Woodward, Inc.	3,375	420,626
Xylem, Inc.	9,629	856,500
Zurn Water Solutions Corp.	6,422	208,843
		125,200,742

Commercial & Professional Services 0.9%
ADT, Inc.	7,978	58,319
ASGN, Inc. *	2,778	307,775
Booz Allen Hamilton Holding Corp.	7,136	575,804
CACI International, Inc., Class A *	1,238	346,380
Cintas Corp.	4,716	1,770,009
Clarivate plc *	19,721	295,421
Clean Harbors, Inc. *	2,658	253,653
Copart, Inc. *	11,431	1,404,641
CoStar Group, Inc. *	21,185	1,292,497
Dun & Bradstreet Holdings, Inc. *	7,981	148,127
Equifax, Inc.	6,541	1,428,162
Exponent, Inc.	2,829	268,076
IAA, Inc. *	7,271	267,137
Jacobs Engineering Group, Inc.	6,988	859,524
KBR, Inc.	7,580	376,271
Leidos Holdings, Inc.	7,528	766,651
ManpowerGroup, Inc.	2,884	306,511
MSA Safety, Inc.	1,956	272,080
Nielsen Holdings plc	19,140	333,419
Republic Services, Inc.	11,203	1,347,497
Robert Half International, Inc.	5,969	718,011
Rollins, Inc.	12,094	394,627
Stericycle, Inc. *	4,913	286,723
Tetra Tech, Inc.	2,908	461,703

SECURITY	NUMBER OF SHARES	VALUE ($)
TransUnion	10,278	932,831
TriNet Group, Inc. *	2,148	187,542
Upwork, Inc. *	6,375	161,160
Verisk Analytics, Inc.	8,638	1,531,863
Waste Management, Inc.	20,642	2,980,705
		20,333,119

Consumer Durables & Apparel 1.2%
Brunswick Corp.	4,125	394,020
Callaway Golf Co. *	6,408	158,534
Capri Holdings Ltd. *	8,033	544,155
Columbia Sportswear Co.	1,850	171,532
Crocs, Inc. *	3,145	263,331
D.R. Horton, Inc.	17,476	1,492,450
Deckers Outdoor Corp. *	1,474	425,455
Garmin Ltd.	8,134	898,319
Hanesbrands, Inc.	18,579	287,046
Hasbro, Inc.	6,970	676,438
Helen of Troy Ltd. *	1,292	265,726
Leggett & Platt, Inc.	7,215	267,532
Lennar Corp., Class A	14,580	1,310,450
Lululemon Athletica, Inc. *	6,337	2,027,460
Mattel, Inc. *	18,837	470,548
Mohawk Industries, Inc. *	2,950	415,301
Newell Brands, Inc.	20,204	479,845
NIKE, Inc., Class B	68,480	9,350,944
NVR, Inc. *	174	862,769
Peloton Interactive, Inc., Class A *	15,909	462,316
Polaris, Inc.	3,025	367,568
PulteGroup, Inc.	13,529	671,850
PVH Corp.	3,831	375,017
Ralph Lauren Corp.	2,612	344,888
Skechers U.S.A., Inc., Class A *	7,291	335,240
Tapestry, Inc.	14,775	604,297
Tempur Sealy International, Inc.	10,274	339,145
Toll Brothers, Inc.	6,103	331,149
TopBuild Corp. *	1,766	379,125
VF Corp.	17,477	1,014,015
Whirlpool Corp.	3,247	653,524
YETI Holdings, Inc. *	4,696	289,086
		26,929,075

Consumer Services 2.2%
Airbnb, Inc., Class A *	18,567	2,812,715
Aramark	13,639	504,097
Booking Holdings, Inc. *	2,199	4,776,778
Boyd Gaming Corp. *	4,349	308,518
Bright Horizons Family Solutions, Inc. *	3,228	421,706
Caesars Entertainment, Inc. *	11,495	967,764
Carnival Corp. *	43,055	875,308
Chegg, Inc. *	7,769	242,937
Chipotle Mexican Grill, Inc. *	1,505	2,292,642
Choice Hotels International, Inc.	1,733	250,159
Churchill Downs, Inc.	1,849	445,369
Coursera, Inc. *	4,494	91,363
Darden Restaurants, Inc.	6,939	1,007,682
Domino's Pizza, Inc.	1,943	839,784
DraftKings, Inc., Class A *	17,832	422,262
Expedia Group, Inc. *	7,829	1,535,345
Hilton Grand Vacations, Inc. *	4,779	247,839
Hilton Worldwide Holdings, Inc. *	14,975	2,229,179
Las Vegas Sands Corp. *	18,449	790,724
Marriott International, Inc., Class A *	14,652	2,492,891
Marriott Vacations Worldwide Corp.	2,275	365,524
McDonald's Corp.	40,019	9,795,451
MGM Resorts International	20,813	921,808

₅₁

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Norwegian Cruise Line Holdings Ltd. *	19,962	389,059
Penn National Gaming, Inc. *	9,006	462,458
Planet Fitness, Inc., Class A *	4,464	377,788
Royal Caribbean Cruises Ltd. *	12,041	971,950
Scientific Games Corp., Class A *	5,132	322,905
Service Corp. International	8,811	536,149
Starbucks Corp.	63,262	5,806,819
Terminix Global Holdings, Inc. *	6,478	275,704
Texas Roadhouse, Inc.	3,752	356,102
The Wendy's Co.	9,591	218,099
Vail Resorts, Inc.	2,167	564,612
Wingstop, Inc.	1,607	233,577
Wyndham Hotels & Resorts, Inc.	5,060	437,235
Wynn Resorts Ltd. *	5,662	489,876
Yum! Brands, Inc.	15,737	1,929,041
		48,009,219

Diversified Financials 5.5%
Affiliated Managers Group, Inc.	2,181	301,763
AGNC Investment Corp.	28,067	362,345
Ally Financial, Inc.	18,527	924,497
American Express Co.	33,648	6,545,882
Ameriprise Financial, Inc.	5,991	1,796,042
Annaly Capital Management, Inc.	77,365	538,460
Apollo Global Management, Inc.	19,757	1,289,342
Ares Management Corp., Class A	8,938	724,782
Berkshire Hathaway, Inc., Class B *	98,145	31,548,710
BlackRock, Inc.	7,656	5,695,222
Blackstone, Inc.	36,835	4,695,357
Capital One Financial Corp.	22,796	3,493,943
Cboe Global Markets, Inc.	5,740	673,245
CME Group, Inc.	19,254	4,554,149
Coinbase Global, Inc., Class A *	1,596	304,469
Credit Acceptance Corp. *	439	241,503
Discover Financial Services	15,685	1,936,156
Equitable Holdings, Inc.	20,185	659,242
Evercore, Inc., Class A	2,119	269,134
FactSet Research Systems, Inc.	2,017	819,084
Franklin Resources, Inc.	15,013	446,337
Interactive Brokers Group, Inc., Class A	4,719	312,303
Intercontinental Exchange, Inc.	30,224	3,872,299
Invesco Ltd.	18,234	387,290
Janus Henderson Group plc	9,129	306,461
Jefferies Financial Group, Inc.	10,554	375,089
KKR & Co., Inc.	31,357	1,885,183
Lazard Ltd., Class A	5,961	206,131
LPL Financial Holdings, Inc.	4,296	777,361
MarketAxess Holdings, Inc.	2,041	778,499
Moody's Corp.	8,678	2,794,576
Morgan Stanley	76,953	6,982,715
Morningstar, Inc.	1,266	355,303
MSCI, Inc.	4,416	2,215,463
Nasdaq, Inc.	6,274	1,073,795
New Residential Investment Corp.	25,276	262,365
Northern Trust Corp.	11,124	1,267,024
OneMain Holdings, Inc.	6,048	308,327
Raymond James Financial, Inc.	9,949	1,090,908
S&P Global, Inc.	18,977	7,129,713
SEI Investments Co.	5,694	333,555
SLM Corp.	15,718	309,645
Starwood Property Trust, Inc.	16,268	387,829
State Street Corp.	19,574	1,670,249
Stifel Financial Corp.	5,532	406,602
Synchrony Financial	29,296	1,253,283
T. Rowe Price Group, Inc.	12,074	1,745,417
The Bank of New York Mellon Corp.	40,762	2,166,500
The Carlyle Group, Inc.	7,504	351,712

SECURITY	NUMBER OF SHARES	VALUE ($)
The Charles Schwab Corp. (a)	80,317	6,783,574
The Goldman Sachs Group, Inc.	18,199	6,211,137
Tradeweb Markets, Inc., Class A	5,593	472,497
Upstart Holdings, Inc. *	2,610	412,354
Voya Financial, Inc.	5,981	402,820
		123,107,643

Energy 3.5%
APA Corp.	19,445	692,825
Baker Hughes Co.	46,941	1,379,127
Cheniere Energy, Inc.	12,652	1,681,451
Chesapeake Energy Corp.	5,618	433,991
Chevron Corp.	103,292	14,874,048
ConocoPhillips	70,711	6,707,646
Continental Resources, Inc.	3,148	174,494
Coterra Energy, Inc.	43,468	1,014,108
Devon Energy Corp.	33,784	2,011,837
Diamondback Energy, Inc.	9,104	1,257,262
EOG Resources, Inc.	31,379	3,606,075
EQT Corp.	16,198	374,822
Exxon Mobil Corp.	226,881	17,792,008
Halliburton Co.	47,875	1,605,249
Hess Corp.	14,786	1,494,273
Kinder Morgan, Inc.	104,541	1,819,013
Marathon Oil Corp.	41,672	940,120
Marathon Petroleum Corp.	32,943	2,565,271
New Fortress Energy, Inc.	2,175	60,008
Occidental Petroleum Corp.	47,537	2,078,793
ONEOK, Inc.	23,958	1,564,457
Ovintiv, Inc.	14,017	642,680
Phillips 66	23,484	1,978,292
Pioneer Natural Resources Co.	12,151	2,911,380
Schlumberger N.V.	75,173	2,949,789
Targa Resources Corp.	12,230	799,475
Texas Pacific Land Corp.	332	394,658
The Williams Cos., Inc.	65,200	2,039,456
Valero Energy Corp.	21,873	1,826,614
		77,669,222

Food & Staples Retailing 1.4%
Albertsons Cos., Inc., Class A	5,366	156,419
BJ's Wholesale Club Holdings, Inc. *	7,331	460,900
Casey's General Stores, Inc.	1,978	372,022
Costco Wholesale Corp.	23,680	12,295,840
Performance Food Group Co. *	8,212	460,200
Sysco Corp.	27,528	2,397,689
The Kroger Co.	36,257	1,696,828
US Foods Holding Corp. *	11,909	465,523
Walgreens Boots Alliance, Inc.	38,451	1,772,207
Walmart, Inc.	76,208	10,300,273
		30,377,901

Food, Beverage & Tobacco 3.0%
Altria Group, Inc.	98,383	5,046,064
Archer-Daniels-Midland Co.	29,941	2,348,872
Beyond Meat, Inc. *(b)	3,192	149,322
Brown-Forman Corp., Class B	9,825	640,885
Bunge Ltd.	7,516	785,798
Campbell Soup Co.	10,789	485,181
Celsius Holdings, Inc. *	2,096	133,913
Conagra Brands, Inc.	25,615	895,757
Constellation Brands, Inc., Class A	8,820	1,901,768
Darling Ingredients, Inc. *	8,634	625,792
Freshpet, Inc. *	2,362	224,933
General Mills, Inc.	32,465	2,189,115

₅₂

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hormel Foods Corp.	15,158	722,127
Ingredion, Inc.	3,547	314,761
Kellogg Co.	13,750	879,175
Keurig Dr Pepper, Inc.	39,407	1,523,869
Lamb Weston Holdings, Inc.	7,835	520,479
McCormick & Co., Inc. Non-Voting Shares	13,383	1,273,660
Molson Coors Beverage Co., Class B	10,063	525,087
Mondelez International, Inc., Class A	74,783	4,896,791
Monster Beverage Corp. *	20,116	1,697,790
PepsiCo, Inc.	74,053	12,125,438
Philip Morris International, Inc.	83,468	8,436,111
Pilgrim's Pride Corp. *	2,581	60,860
Post Holdings, Inc. *	3,135	329,614
The Boston Beer Co., Inc., Class A *	500	191,730
The Coca-Cola Co.	208,295	12,964,281
The Hershey Co.	7,789	1,575,403
The J.M. Smucker Co.	5,787	779,798
The Kraft Heinz Co.	38,099	1,494,243
Tyson Foods, Inc., Class A	15,834	1,467,179
		67,205,796

Health Care Equipment & Services 5.8%
Abbott Laboratories	94,760	11,429,951
ABIOMED, Inc. *	2,437	757,273
Acadia Healthcare Co., Inc. *	4,839	274,420
agilon health, Inc. *	2,440	49,337
Align Technology, Inc. *	3,927	2,008,503
Amedisys, Inc. *	1,771	283,785
AmerisourceBergen Corp.	8,018	1,142,806
AMN Healthcare Services, Inc. *	2,527	268,216
Anthem, Inc.	13,000	5,874,050
Baxter International, Inc.	26,834	2,280,085
Becton Dickinson & Co.	15,378	4,171,744
Boston Scientific Corp. *	76,339	3,371,894
Cardinal Health, Inc.	15,079	814,417
Centene Corp. *	31,254	2,582,205
Cerner Corp.	15,783	1,471,765
Certara, Inc. *	5,702	144,489
Change Healthcare, Inc. *	13,448	288,056
Chemed Corp.	830	396,981
Cigna Corp.	17,775	4,226,539
CVS Health Corp.	70,739	7,332,097
DaVita, Inc. *	3,476	391,989
Dentsply Sirona, Inc.	11,766	637,011
DexCom, Inc. *	5,189	2,147,779
Edwards Lifesciences Corp. *	33,478	3,761,923
Encompass Health Corp.	5,328	351,755
Envista Holdings Corp. *	8,631	414,288
Globus Medical, Inc., Class A *	4,282	301,110
Guardant Health, Inc. *	5,458	361,702
HCA Healthcare, Inc.	12,829	3,211,227
HealthEquity, Inc. *	4,550	244,380
Henry Schein, Inc. *	7,452	643,704
Hologic, Inc. *	13,613	968,837
Humana, Inc.	6,892	2,993,333
IDEXX Laboratories, Inc. *	4,537	2,415,272
Inspire Medical Systems, Inc. *	1,473	359,500
Insulet Corp. *	3,702	979,882
Integra LifeSciences Holdings Corp. *	3,918	262,741
Intuitive Surgical, Inc. *	19,141	5,557,207
Invitae Corp. *	11,128	120,071
Laboratory Corp. of America Holdings *	5,134	1,392,649
LHC Group, Inc. *	1,676	228,221
Masimo Corp. *	2,727	429,366
McKesson Corp.	8,188	2,251,372
Medtronic plc	72,140	7,573,979

SECURITY	NUMBER OF SHARES	VALUE ($)
Molina Healthcare, Inc. *	3,115	955,900
Novocure Ltd. *	4,787	391,864
Oak Street Health, Inc. *	7,380	129,224
Omnicell, Inc. *	2,355	304,454
Penumbra, Inc. *	1,880	416,871
Quest Diagnostics, Inc.	6,546	859,293
Quidel Corp. *	2,055	217,398
R1 RCM, Inc. *	7,294	198,324
ResMed, Inc.	7,804	1,925,637
Shockwave Medical, Inc. *	1,874	332,129
STAAR Surgical Co. *	2,521	199,966
STERIS plc	5,351	1,284,240
Stryker Corp.	18,001	4,740,563
Tandem Diabetes Care, Inc. *	3,397	382,604
Teladoc Health, Inc. *	8,560	649,790
Teleflex, Inc.	2,500	840,775
Tenet Healthcare Corp. *	5,766	495,818
The Cooper Cos., Inc.	2,635	1,077,768
UnitedHealth Group, Inc.	50,471	24,017,635
Universal Health Services, Inc., Class B	3,891	560,032
Veeva Systems, Inc., Class A *	7,413	1,697,948
Zimmer Biomet Holdings, Inc.	11,206	1,425,291
		130,271,435

Household & Personal Products 1.5%
Church & Dwight Co., Inc.	13,063	1,278,215
Colgate-Palmolive Co.	45,140	3,473,523
Coty, Inc., Class A *	17,831	163,510
Herbalife Nutrition Ltd. *	5,191	184,696
Kimberly-Clark Corp.	18,049	2,349,077
Reynolds Consumer Products, Inc.	2,876	85,618
The Clorox Co.	6,573	958,278
The Estee Lauder Cos., Inc., Class A	12,414	3,678,641
The Procter & Gamble Co.	129,670	20,214,256
		32,385,814

Insurance 2.1%
Aflac, Inc.	32,677	1,996,238
Alleghany Corp. *	729	482,540
American Financial Group, Inc.	3,559	481,853
American International Group, Inc.	44,540	2,727,630
American National Group, Inc.	689	130,242
Aon plc, Class A	11,798	3,446,668
Arch Capital Group Ltd. *	20,662	973,387
Arthur J. Gallagher & Co.	11,099	1,755,751
Assurant, Inc.	3,076	522,028
Brown & Brown, Inc.	12,547	848,303
Chubb Ltd.	23,105	4,705,102
Cincinnati Financial Corp.	8,000	982,320
CNA Financial Corp.	1,426	65,168
Erie Indemnity Co., Class A	1,330	232,883
Everest Re Group Ltd.	2,102	626,858
Fidelity National Financial, Inc.	15,192	723,747
First American Financial Corp.	5,902	395,670
Globe Life, Inc.	5,000	504,800
Lincoln National Corp.	9,076	611,904
Loews Corp.	10,717	657,381
Markel Corp. *	728	904,838
Marsh & McLennan Cos., Inc.	27,077	4,208,036
MetLife, Inc.	38,370	2,591,893
Old Republic International Corp.	15,390	405,526
Primerica, Inc.	2,119	275,237
Principal Financial Group, Inc.	13,181	931,106
Prudential Financial, Inc.	20,279	2,264,353
Reinsurance Group of America, Inc.	3,640	403,530
RenaissanceRe Holdings Ltd.	2,453	369,863

₅₃

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The Allstate Corp.	15,377	1,881,530
The Hartford Financial Services Group, Inc.	18,196	1,264,258
The Progressive Corp.	31,386	3,324,719
The Travelers Cos., Inc.	13,186	2,265,750
Unum Group	10,941	305,473
W.R. Berkley Corp.	7,447	672,464
Willis Towers Watson plc	6,682	1,485,409
		46,424,458

Materials 2.7%
Air Products and Chemicals, Inc.	11,860	2,802,518
Albemarle Corp.	6,249	1,224,117
Alcoa Corp.	10,034	755,962
Amcor plc	82,316	957,335
AptarGroup, Inc.	3,545	432,065
Ashland Global Holdings, Inc.	3,047	281,177
Avery Dennison Corp.	4,441	782,504
Axalta Coating Systems Ltd. *	11,546	312,204
Ball Corp.	17,377	1,559,412
Berry Global Group, Inc. *	7,240	439,106
Celanese Corp.	5,808	808,938
CF Industries Holdings, Inc.	11,526	935,796
Cleveland-Cliffs, Inc. *	24,281	542,923
Corteva, Inc.	39,117	2,035,258
Crown Holdings, Inc.	6,820	836,609
Diversey Holdings Ltd. *	2,333	22,327
Dow, Inc.	39,603	2,334,993
DuPont de Nemours, Inc.	27,806	2,151,350
Eagle Materials, Inc.	2,179	298,153
Eastman Chemical Co.	7,169	849,311
Ecolab, Inc.	13,371	2,356,772
Element Solutions, Inc.	11,763	289,135
FMC Corp.	6,771	793,900
Freeport-McMoRan, Inc.	78,673	3,693,697
Graphic Packaging Holding Co.	15,203	312,878
Huntsman Corp.	11,153	451,027
International Flavors & Fragrances, Inc.	13,652	1,815,716
International Paper Co.	20,671	899,809
Linde plc *	27,461	8,052,664
Louisiana-Pacific Corp.	4,691	337,517
LyondellBasell Industries N.V., Class A	14,069	1,367,929
Martin Marietta Materials, Inc.	3,342	1,267,955
MP Materials Corp. *	4,018	183,301
Newmont Corp.	42,743	2,829,587
Nucor Corp.	15,318	2,016,155
Olin Corp.	7,638	393,433
Packaging Corp. of America	5,084	748,314
PPG Industries, Inc.	12,730	1,698,818
Reliance Steel & Aluminum Co.	3,376	644,377
Royal Gold, Inc.	3,516	426,350
RPM International, Inc.	6,974	589,791
Sealed Air Corp.	7,942	533,146
Sonoco Products Co.	5,251	308,339
Steel Dynamics, Inc.	10,053	709,541
Sylvamo Corp. *	1,818	63,448
The Chemours Co.	8,688	239,789
The Mosaic Co.	19,903	1,043,514
The Scotts Miracle-Gro Co.	2,168	303,650
The Sherwin-Williams Co.	12,935	3,403,587
United States Steel Corp.	14,433	392,722
Valvoline, Inc.	9,725	314,409
Vulcan Materials Co.	7,112	1,290,472
Westlake Corp.	1,775	195,800
Westrock Co.	14,284	646,637
		60,976,237

SECURITY	NUMBER OF SHARES	VALUE ($)
Media & Entertainment 7.9%
Activision Blizzard, Inc.	41,709	3,399,283
Alphabet, Inc., Class A *	16,120	43,542,377
Alphabet, Inc., Class C *	14,984	40,424,135
Altice USA, Inc., Class A *	12,084	139,691
AMC Entertainment Holdings, Inc., Class A *(b)	27,400	516,764
Bumble, Inc., Class A *	3,914	100,316
Cable One, Inc.	265	379,705
Charter Communications, Inc., Class A *	6,630	3,989,801
Comcast Corp., Class A	244,373	11,426,881
Discovery, Inc., Class C *	16,397	458,624
DISH Network Corp., Class A *	13,381	427,657
Electronic Arts, Inc.	15,169	1,973,335
Endeavor Group Holdings, Inc., Class A *	1,090	32,842
Fox Corp., Class A	17,217	720,187
Fox Corp., Class B	7,869	301,068
IAC/InterActiveCorp *	4,507	517,223
Liberty Broadband Corp., Class C *	7,565	1,109,785
Liberty Media Corp. - Liberty Formula One, Class C *	10,953	665,176
Liberty Media Corp. - Liberty SiriusXM, Class C *	8,528	429,129
Live Nation Entertainment, Inc. *	7,253	876,307
Match Group, Inc. *	15,183	1,692,753
Meta Platforms, Inc., Class A *	126,820	26,762,825
Netflix, Inc. *	23,743	9,367,088
News Corp., Class A	21,036	469,523
Nexstar Media Group, Inc., Class A	2,173	402,114
Omnicom Group, Inc.	11,372	953,997
Paramount Global, Class B	32,552	996,417
Pinterest, Inc., Class A *	30,072	804,426
Playtika Holding Corp. *	5,390	111,034
ROBLOX Corp., Class A *	2,225	114,743
Roku, Inc. *	6,290	877,644
Sirius XM Holdings, Inc. (b)	49,860	307,138
Snap, Inc., Class A *	57,455	2,294,753
Take-Two Interactive Software, Inc. *	6,176	1,000,512
The Interpublic Group of Cos., Inc.	21,032	773,978
The New York Times Co., Class A	9,022	396,878
The Walt Disney Co. *	97,395	14,459,262
Twitter, Inc. *	42,983	1,528,046
Vimeo, Inc. *	8,209	106,635
Ziff Davis, Inc. *	2,557	257,234
ZoomInfo Technologies, Inc., Class A *	16,259	889,205
Zynga, Inc., Class A *	56,344	511,603
		176,508,094

Pharmaceuticals, Biotechnology & Life Sciences 7.3%
10X Genomics, Inc., Class A *	4,877	397,329
AbbVie, Inc.	94,742	14,000,025
Adaptive Biotechnologies Corp. *	5,722	82,568
Agilent Technologies, Inc.	16,226	2,115,221
Alnylam Pharmaceuticals, Inc. *	6,391	1,008,819
Amgen, Inc.	30,194	6,838,337
Apellis Pharmaceuticals, Inc. *	4,290	182,454
Arrowhead Pharmaceuticals, Inc. *	5,566	244,904
Avantor, Inc. *	32,590	1,130,547
Beam Therapeutics, Inc. *	2,396	187,727
Biogen, Inc. *	7,867	1,660,016
Biohaven Pharmaceutical Holding Co., Ltd. *	3,140	372,749
BioMarin Pharmaceutical, Inc. *	9,841	768,779
Bio-Rad Laboratories, Inc., Class A *	1,163	727,991
Bio-Techne Corp.	2,098	879,922
Blueprint Medicines Corp. *	3,141	190,188

₅₄

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bridgebio Pharma, Inc. *	5,780	45,084
Bristol-Myers Squibb Co.	118,985	8,170,700
Bruker Corp.	5,492	386,472
Catalent, Inc. *	9,193	938,054
Charles River Laboratories International, Inc. *	2,698	785,550
Danaher Corp.	34,086	9,353,539
Denali Therapeutics, Inc. *	5,059	164,721
Elanco Animal Health, Inc. *	25,262	717,693
Eli Lilly & Co.	42,552	10,635,872
Exact Sciences Corp. *	9,291	725,255
Exelixis, Inc. *	16,834	345,602
Fate Therapeutics, Inc. *	4,303	148,669
Gilead Sciences, Inc.	67,256	4,062,262
Halozyme Therapeutics, Inc. *	7,567	268,402
Horizon Therapeutics plc *	12,174	1,109,904
Illumina, Inc. *	8,371	2,733,969
Incyte Corp. *	10,067	687,576
Intellia Therapeutics, Inc. *	3,681	363,867
Ionis Pharmaceuticals, Inc. *	7,469	249,315
IQVIA Holdings, Inc. *	10,228	2,353,667
Jazz Pharmaceuticals plc *	3,271	449,501
Johnson & Johnson	141,053	23,213,092
Maravai LifeSciences Holdings, Inc., Class A *	5,765	225,239
Medpace Holdings, Inc. *	1,549	236,951
Merck & Co., Inc.	135,389	10,368,090
Mettler-Toledo International, Inc. *	1,233	1,736,976
Mirati Therapeutics, Inc. *	2,653	234,233
Moderna, Inc. *	18,892	2,901,811
Natera, Inc. *	4,690	308,368
NeoGenomics, Inc. *	6,534	139,893
Neurocrine Biosciences, Inc. *	5,112	459,415
Novavax, Inc. *	4,011	334,397
Organon & Co.	13,633	508,920
Pacific Biosciences of California, Inc. *	11,806	140,728
PerkinElmer, Inc.	6,768	1,215,601
Perrigo Co., plc	7,241	257,200
Pfizer, Inc.	300,844	14,121,617
Regeneron Pharmaceuticals, Inc. *	5,667	3,504,246
Repligen Corp. *	2,762	543,285
Royalty Pharma plc, Class A	19,142	751,515
Sarepta Therapeutics, Inc. *	4,642	355,624
Seagen, Inc. *	7,158	922,451
Sotera Health Co. *	5,449	119,170
Syneos Health, Inc. *	5,529	437,897
Thermo Fisher Scientific, Inc.	21,118	11,488,192
Twist Bioscience Corp. *	2,964	165,806
Ultragenyx Pharmaceutical, Inc. *	3,659	246,324
United Therapeutics Corp. *	2,403	399,379
Vertex Pharmaceuticals, Inc. *	13,625	3,134,023
Viatris, Inc.	64,549	710,685
Vir Biotechnology, Inc. *	3,942	99,299
Waters Corp. *	3,265	1,034,123
West Pharmaceutical Services, Inc.	3,976	1,539,030
Zoetis, Inc.	25,341	4,907,285
		162,244,115

Real Estate 3.2%
Alexandria Real Estate Equities, Inc.	7,570	1,433,758
American Campus Communities, Inc.	7,526	404,974
American Homes 4 Rent, Class A	15,159	576,194
American Tower Corp.	24,421	5,540,392
Americold Realty Trust	14,268	381,241
Apartment Income REIT Corp.	8,436	435,382
AvalonBay Communities, Inc.	7,494	1,787,993
Boston Properties, Inc.	7,624	932,491

SECURITY	NUMBER OF SHARES	VALUE ($)
Brixmor Property Group, Inc.	15,869	398,629
Camden Property Trust	5,454	900,510
CBRE Group, Inc., Class A	17,933	1,736,811
Compass, Inc., Class A *	1,417	10,783
Cousins Properties, Inc.	7,905	305,370
Crown Castle International Corp.	23,150	3,856,558
CubeSmart	11,586	558,561
CyrusOne, Inc.	6,771	611,760
Digital Realty Trust, Inc.	15,205	2,051,459
Douglas Emmett, Inc.	9,504	301,277
Duke Realty Corp.	20,507	1,086,871
EastGroup Properties, Inc.	2,185	416,811
Equinix, Inc.	4,819	3,420,189
Equity LifeStyle Properties, Inc.	9,130	681,281
Equity Residential	18,264	1,557,919
Essex Property Trust, Inc.	3,482	1,104,386
eXp World Holdings, Inc.	3,483	93,135
Extra Space Storage, Inc.	7,167	1,348,471
Federal Realty Investment Trust	3,741	439,867
First Industrial Realty Trust, Inc.	6,953	400,354
Gaming & Leisure Properties, Inc.	12,117	550,233
Healthcare Trust of America, Inc., Class A	11,947	351,122
Healthpeak Properties, Inc.	28,825	895,304
Host Hotels & Resorts, Inc. *	38,128	696,599
Innovative Industrial Properties, Inc.	1,280	241,229
Invitation Homes, Inc.	32,116	1,213,985
Iron Mountain, Inc.	15,453	759,979
Jones Lang LaSalle, Inc. *	2,700	664,794
Kilroy Realty Corp.	5,663	405,584
Kimco Realty Corp.	33,142	779,831
Lamar Advertising Co., Class A	4,668	509,092
Life Storage, Inc.	4,378	554,211
Medical Properties Trust, Inc.	32,032	651,531
Mid-America Apartment Communities, Inc.	6,172	1,262,853
National Retail Properties, Inc.	9,479	403,900
Omega Healthcare Investors, Inc.	12,730	358,604
Opendoor Technologies, Inc. *	20,439	170,666
Orion Office REIT, Inc. *	2,901	49,404
Prologis, Inc.	39,631	5,780,181
Public Storage	8,179	2,903,709
Rayonier, Inc.	7,666	304,340
Realty Income Corp.	30,333	2,004,708
Redfin Corp. *	5,570	120,479
Regency Centers Corp.	8,308	547,414
Rexford Industrial Realty, Inc.	8,075	566,300
SBA Communications Corp.	5,820	1,765,730
Simon Property Group, Inc.	17,586	2,419,130
Spirit Realty Capital, Inc.	6,609	306,459
STAG Industrial, Inc.	9,337	363,770
STORE Capital Corp.	13,072	401,572
Sun Communities, Inc.	6,206	1,123,286
UDR, Inc.	15,514	851,253
Ventas, Inc.	21,349	1,152,846
VICI Properties, Inc.	33,649	940,826
Vornado Realty Trust	8,491	367,490
Welltower, Inc.	23,351	1,944,905
Weyerhaeuser Co.	40,208	1,563,287
WP Carey, Inc.	9,959	770,827
Zillow Group, Inc., Class A *	1,992	114,082
Zillow Group, Inc., Class C *	9,049	520,498
		70,125,440

Retailing 6.2%
Advance Auto Parts, Inc.	3,361	687,257
Amazon.com, Inc. *	23,373	71,784,560

₅₅

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
AutoNation, Inc. *	2,137	245,028
AutoZone, Inc. *	1,125	2,096,314
Bath & Body Works, Inc.	14,216	758,708
Best Buy Co., Inc.	11,829	1,143,155
Burlington Stores, Inc. *	3,575	807,557
CarMax, Inc. *	8,674	948,328
Carvana Co. *	4,606	693,065
Chewy, Inc., Class A *	4,713	222,171
Dick's Sporting Goods, Inc.	3,485	365,925
Dollar General Corp.	12,482	2,475,680
Dollar Tree, Inc. *	12,070	1,714,906
DoorDash, Inc., Class A *	8,649	907,713
eBay, Inc.	33,485	1,827,946
Etsy, Inc. *	6,807	1,054,336
Five Below, Inc. *	2,980	487,558
Floor & Decor Holdings, Inc., Class A *	5,642	539,488
Foot Locker, Inc.	4,767	150,733
GameStop Corp., Class A *(b)	3,329	410,599
Genuine Parts Co.	7,622	931,104
Kohl's Corp.	8,040	447,185
Lithia Motors, Inc.	1,619	551,788
LKQ Corp.	14,382	675,235
Lowe's Cos., Inc.	37,105	8,202,431
Macy's, Inc.	16,672	432,138
O'Reilly Automotive, Inc. *	3,608	2,342,458
Penske Automotive Group, Inc.	1,660	163,161
Pool Corp.	2,156	988,698
RH *	927	372,533
Ross Stores, Inc.	19,060	1,741,893
Target Corp.	26,142	5,222,387
The Gap, Inc.	11,328	164,822
The Home Depot, Inc.	56,551	17,860,502
The TJX Cos., Inc.	64,405	4,257,170
Tractor Supply Co.	6,097	1,242,508
Ulta Beauty, Inc. *	2,919	1,093,165
Victoria's Secret & Co. *	3,925	210,498
Wayfair, Inc., Class A *	4,195	590,950
Williams-Sonoma, Inc.	4,008	580,599
		137,392,252

Semiconductors & Semiconductor Equipment 5.8%
Advanced Micro Devices, Inc. *	87,633	10,808,654
Allegro MicroSystems, Inc. *	3,075	88,160
Amkor Technology, Inc.	5,288	119,879
Analog Devices, Inc.	28,783	4,613,627
Applied Materials, Inc.	48,416	6,497,427
Azenta, Inc.	3,946	345,354
Broadcom, Inc.	22,059	12,958,339
Enphase Energy, Inc. *	7,232	1,205,574
Entegris, Inc.	7,262	947,546
First Solar, Inc. *	5,267	396,552
Intel Corp.	217,962	10,396,787
KLA Corp.	8,135	2,835,048
Lam Research Corp.	7,550	4,238,193
Lattice Semiconductor Corp. *	7,326	458,754
Marvell Technology, Inc.	44,133	3,015,608
Microchip Technology, Inc.	29,809	2,096,467
Micron Technology, Inc.	59,907	5,323,336
MKS Instruments, Inc.	2,980	448,788
Monolithic Power Systems, Inc.	2,313	1,060,973
NVIDIA Corp.	133,989	32,673,218
NXP Semiconductor N.V.	14,240	2,707,309
ON Semiconductor Corp. *	23,037	1,442,347
Power Integrations, Inc.	3,197	287,730
Qorvo, Inc. *	5,912	808,643
QUALCOMM, Inc.	60,026	10,323,872
Silicon Laboratories, Inc. *	2,144	329,554

SECURITY	NUMBER OF SHARES	VALUE ($)
Skyworks Solutions, Inc.	8,865	1,224,877
SolarEdge Technologies, Inc. *	2,818	900,126
Synaptics, Inc. *	2,094	478,332
Teradyne, Inc.	8,759	1,032,861
Texas Instruments, Inc.	49,485	8,411,955
Universal Display Corp.	2,309	357,687
Wolfspeed, Inc. *	6,215	638,405
		129,471,982

Software & Services 14.2%
Accenture plc, Class A	33,843	10,695,065
Adobe, Inc. *	25,503	11,927,243
Affirm Holdings, Inc. *	7,789	325,892
Akamai Technologies, Inc. *	8,731	945,218
Amdocs Ltd.	6,808	535,790
Anaplan, Inc. *	7,889	373,702
ANSYS, Inc. *	4,670	1,513,967
AppLovin Corp., Class A *	1,466	85,145
Asana, Inc., Class A *	4,323	236,857
Aspen Technology, Inc. *	3,561	542,732
Autodesk, Inc. *	11,778	2,593,869
Automatic Data Processing, Inc.	22,595	4,619,322
Avalara, Inc. *	4,636	481,727
Bentley Systems, Inc., Class B	9,840	377,758
Bill.com Holdings, Inc. *	4,896	1,164,660
Black Knight, Inc. *	8,344	468,849
Blackline, Inc. *	2,884	217,194
Block, Inc. *	26,404	3,366,510
Broadridge Financial Solutions, Inc.	6,241	912,497
C3.ai, Inc., Class A *	3,918	87,842
Cadence Design Systems, Inc. *	14,876	2,252,673
Ceridian HCM Holding, Inc. *	7,252	528,743
Citrix Systems, Inc.	6,685	685,212
Cloudflare, Inc., Class A *	14,702	1,711,607
Cognizant Technology Solutions Corp., Class A	28,132	2,423,009
Concentrix Corp.	2,308	461,346
Consensus Cloud Solutions, Inc. *	896	49,871
Coupa Software, Inc. *	3,987	482,467
Crowdstrike Holdings, Inc., Class A *	11,029	2,152,971
Datadog, Inc., Class A *	13,795	2,222,512
Digital Turbine, Inc. *	4,755	230,522
DigitalOcean Holdings, Inc. *	888	52,676
DocuSign, Inc. *	10,515	1,245,291
Dolby Laboratories, Inc., Class A	3,463	260,071
DoubleVerify Holdings, Inc. *	1,174	32,461
Dropbox, Inc., Class A *	15,012	340,622
Duck Creek Technologies, Inc. *	3,900	91,572
DXC Technology Co. *	13,614	463,284
Dynatrace, Inc. *	10,518	467,210
Elastic N.V. *	3,878	336,029
EPAM Systems, Inc. *	3,037	630,937
Euronet Worldwide, Inc. *	2,844	364,686
Everbridge, Inc. *	1,994	78,803
Fair Isaac Corp. *	1,465	690,293
Fastly, Inc., Class A *	5,787	107,638
Fidelity National Information Services, Inc.	32,642	3,108,498
Fiserv, Inc. *	31,833	3,109,129
Five9, Inc. *	3,618	397,980
FleetCor Technologies, Inc. *	4,344	1,017,365
Fortinet, Inc. *	7,270	2,504,660
Gartner, Inc. *	4,414	1,237,774
Genpact Ltd.	9,317	389,823
Global Payments, Inc.	15,540	2,072,725
GoDaddy, Inc., Class A *	8,884	741,014
Guidewire Software, Inc. *	4,487	395,529

₅₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
HubSpot, Inc. *	2,404	1,262,100
International Business Machines Corp.	48,065	5,888,443
Intuit, Inc.	15,180	7,200,937
Jack Henry & Associates, Inc.	3,966	701,189
Kyndryl Holdings, Inc. *	9,553	151,511
Manhattan Associates, Inc. *	3,413	456,250
Mastercard, Inc., Class A	46,490	16,774,522
Maximus, Inc.	3,304	260,553
Microsoft Corp.	402,356	120,219,949
MicroStrategy, Inc., Class A *(b)	453	200,679
MongoDB, Inc. *	3,543	1,353,391
nCino, Inc. *	2,987	137,193
NCR Corp. *	7,098	287,611
NortonLifeLock, Inc.	31,270	906,205
Nuance Communications, Inc. *	15,305	849,734
Nutanix, Inc., Class A *	11,292	301,496
Okta, Inc. *	7,906	1,445,533
Oracle Corp.	86,432	6,566,239
Palantir Technologies, Inc., Class A *	85,625	1,014,656
Palo Alto Networks, Inc. *	5,252	3,121,001
Paychex, Inc.	17,196	2,047,356
Paycom Software, Inc. *	2,579	874,823
Paylocity Holding Corp. *	2,115	449,311
PayPal Holdings, Inc. *	63,002	7,051,814
Pegasystems, Inc.	2,206	192,187
PTC, Inc. *	5,675	631,514
Rapid7, Inc. *	3,002	310,587
RingCentral, Inc., Class A *	4,386	573,864
salesforce.com, Inc. *	52,479	11,048,404
ServiceNow, Inc. *	10,670	6,187,746
Smartsheet, Inc., Class A *	6,742	358,472
Snowflake, Inc., Class A *	12,410	3,296,841
Splunk, Inc. *	8,643	1,020,738
Sprout Social, Inc., Class A *	2,409	156,850
SS&C Technologies Holdings, Inc.	11,835	887,270
Synopsys, Inc. *	8,184	2,556,600
Teradata Corp. *	5,831	291,492
The Trade Desk, Inc., Class A *	23,402	1,996,659
The Western Union Co.	21,646	393,524
Twilio, Inc., Class A *	9,023	1,577,220
Tyler Technologies, Inc. *	2,188	937,033
UiPath, Inc., Class A *	13,828	479,970
Unity Software, Inc. *	8,560	911,212
Varonis Systems, Inc. *	5,794	252,618
VeriSign, Inc. *	5,162	1,103,223
Visa, Inc., Class A	89,871	19,422,921
VMware, Inc., Class A	10,792	1,266,117
WEX, Inc. *	2,408	405,772
Workday, Inc., Class A *	10,217	2,340,204
Workiva, Inc. *	2,405	253,247
Zendesk, Inc. *	6,469	754,738
Zoom Video Communications, Inc., Class A *	11,637	1,543,066
Zscaler, Inc. *	4,251	1,016,627
		316,498,054

Technology Hardware & Equipment 8.1%
Amphenol Corp., Class A	32,047	2,435,892
Apple Inc.	835,274	137,920,443
Arista Networks, Inc. *	12,026	1,475,951
Arrow Electronics, Inc. *	3,723	453,759
CDW Corp.	7,273	1,254,302
Ciena Corp. *	8,281	566,586
Cisco Systems, Inc.	226,090	12,609,039
Cognex Corp.	9,438	637,631
Coherent, Inc. *	1,305	344,938
Corning, Inc.	41,218	1,665,207

SECURITY	NUMBER OF SHARES	VALUE ($)
Dell Technologies, Inc., Class C *	15,634	796,709
F5, Inc. *	3,249	652,562
Hewlett Packard Enterprise Co.	70,250	1,118,380
HP, Inc.	61,689	2,119,634
II-VI, Inc. *	5,720	397,311
IPG Photonics Corp. *	1,920	250,272
Jabil, Inc.	7,625	440,801
Juniper Networks, Inc.	17,324	585,378
Keysight Technologies, Inc. *	9,875	1,554,029
Littelfuse, Inc.	1,327	342,645
Lumentum Holdings, Inc. *	3,853	380,908
Motorola Solutions, Inc.	9,035	1,991,585
National Instruments Corp.	7,030	282,255
NetApp, Inc.	12,005	940,952
Novanta, Inc. *	1,919	262,193
Pure Storage, Inc., Class A *	14,384	373,121
Seagate Technology Holdings plc	10,943	1,128,880
TD SYNNEX Corp.	2,245	228,608
TE Connectivity Ltd.	17,468	2,487,967
Teledyne Technologies, Inc. *	2,498	1,072,591
Trimble, Inc. *	13,403	934,859
Ubiquiti, Inc.	324	82,260
Vontier Corp.	8,972	218,020
Western Digital Corp. *	16,767	854,111
Zebra Technologies Corp., Class A *	2,863	1,183,392
		180,043,171

Telecommunication Services 1.2%
AT&T, Inc.	382,884	9,070,522
Frontier Communications Parent, Inc. *	11,128	306,576
Iridium Communications, Inc. *	7,179	284,217
Liberty Global plc, Class C *	17,781	459,994
Lumen Technologies, Inc.	49,377	511,546
T-Mobile US, Inc. *	31,452	3,875,201
Verizon Communications, Inc.	221,855	11,906,958
		26,415,014

Transportation 1.9%
Alaska Air Group, Inc. *	6,663	374,061
AMERCO	528	304,978
American Airlines Group, Inc. *	34,601	596,867
Avis Budget Group, Inc. *	2,142	392,928
C.H. Robinson Worldwide, Inc.	6,933	670,282
CSX Corp.	118,909	4,032,204
Delta Air Lines, Inc. *	34,310	1,369,655
Expeditors International of Washington, Inc.	9,062	936,648
FedEx Corp.	13,091	2,909,737
GXO Logistics, Inc. *	5,265	441,891
J.B. Hunt Transport Services, Inc.	4,520	917,244
Knight-Swift Transportation Holdings, Inc.	8,985	489,503
Landstar System, Inc.	2,036	314,379
Lyft, Inc., Class A *	15,808	615,563
Norfolk Southern Corp.	13,031	3,342,712
Old Dominion Freight Line, Inc.	4,978	1,563,241
Saia, Inc. *	1,420	407,867
Southwest Airlines Co. *	31,652	1,386,358
TuSimple Holdings, Inc., Class A *	1,693	29,492
Uber Technologies, Inc. *	89,397	3,220,974
Union Pacific Corp.	34,444	8,471,502
United Airlines Holdings, Inc. *	17,404	772,738
United Parcel Service, Inc., Class B	39,087	8,224,687
XPO Logistics, Inc. *	5,266	382,733
		42,168,244

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Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Utilities 2.4%
Alliant Energy Corp.	13,383	781,567
Ameren Corp.	13,788	1,185,079
American Electric Power Co., Inc.	26,974	2,445,193
American Water Works Co., Inc.	9,751	1,473,279
Atmos Energy Corp.	7,117	781,518
Avangrid, Inc.	3,796	170,327
CenterPoint Energy, Inc.	33,602	919,015
CMS Energy Corp.	15,516	993,179
Consolidated Edison, Inc.	19,010	1,630,488
Constellation Energy Corp.	17,475	803,500
Dominion Energy, Inc.	43,386	3,450,489
DTE Energy Co.	10,380	1,262,104
Duke Energy Corp.	41,225	4,139,402
Edison International	20,353	1,290,787
Entergy Corp.	10,782	1,134,374
Essential Utilities, Inc.	12,295	579,217
Evergy, Inc.	12,307	768,080
Eversource Energy	18,383	1,503,729
Exelon Corp.	52,449	2,232,229
FirstEnergy Corp.	29,193	1,221,727
IDACORP, Inc.	2,681	278,690
NextEra Energy, Inc.	105,159	8,230,795
NiSource, Inc.	20,966	606,546
NRG Energy, Inc.	13,203	499,602
OGE Energy Corp.	10,656	400,133
PG&E Corp. *	80,723	917,821
Pinnacle West Capital Corp.	6,013	425,901
PPL Corp.	40,289	1,054,363
Public Service Enterprise Group, Inc.	27,125	1,758,514
Sempra Energy	17,119	2,468,902
The AES Corp.	35,614	756,085
The Southern Co.	56,868	3,683,340
UGI Corp.	11,198	430,451
Vistra Corp.	26,028	593,959
WEC Energy Group, Inc.	16,922	1,537,871
Xcel Energy, Inc.	28,832	1,941,259
		54,349,515
Total Common Stocks (Cost $1,688,954,143)		2,225,568,103

SECURITY	NUMBEROF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)	2,061,201	2,061,201
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)(d)	1,248,220	1,248,220
		3,309,421
Total Short-Term Investments (Cost $3,309,421)		3,309,421
Total Investments in Securities (Cost $1,692,263,564)		2,228,877,524

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 03/18/22	13	2,839,200	(30,861)

*	Non-income producing security.
(a)	Issuer is affiliated with the fund’s investment adviser.
(b)	All or a portion of this security is on loan. Securities on loan were valued at $1,217,558.
(c)	The rate shown is the 7-day yield.
(d)	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 28, 2022:

	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 2/28/22	BALANCE OF SHARES HELD AT 2/28/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS

Diversified Financials 0.3%
The Charles Schwab Corp.	$5,252,412	$808,612	($132,651)	$22,479	$832,722	$6,783,574	80,317	$29,535

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Table of Contents

Schwab 1000 Index ETF

Statement of Operations

For the period September 1, 2021 through February 28, 2022; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $2,642)		$14,811,033
Dividends received from securities - affiliated		29,535
Securities on loan, net	+	7,577
Total investment income		14,848,145
Expenses
Management fees		550,216
Total expenses	–	550,216
Net investment income		14,297,929
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(4,356)
Net realized losses on sales of securities - unaffiliated		(6,251,398)
Net realized gains on sales of in-kind redemptions - affiliated		26,835
Net realized gains on sales of in-kind redemptions - unaffiliated		9,005,483
Net realized losses on futures contracts	+	(191,228)
Net realized gains		2,585,336
Net change in unrealized appreciation (depreciation) on securities - affiliated		832,722
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(114,042,695)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(91,207)
Net change in unrealized appreciation (depreciation)	+	(113,301,180)
Net realized and unrealized losses		(110,715,844)
Decrease in net assets resulting from operations		($96,417,915)

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Table of Contents

Schwab U.S. Large-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$109.46	$84.28	$70.00	$69.53	$59.10	$51.75
Income (loss) from investment operations:
Net investment income (loss)¹	0.72	1.38	1.51	1.47	1.19	1.15
Net realized and unrealized gains (losses)	(5.09)	25.26	14.21	0.33	10.39	7.24
Total from investment operations	(4.37)	26.64	15.72	1.80	11.58	8.39
Less distributions:
Distributions from net investment income	(0.77)	(1.46)	(1.44)	(1.33)	(1.15)	(1.04)
Net asset value at end of period	$104.32	$109.46	$84.28	$70.00	$69.53	$59.10
Total return	(4.02%) ²	32.05%	22.92%	2.70%	19.79%	16.39%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.03% ³	0.03%	0.03%	0.03%	0.03%	0.03%
Net investment income (loss)	1.33% ³	1.45%	2.06%	2.19%	1.86%	2.07%
Portfolio turnover rate⁴	3% ²	4%	5%	4%	3%	4%
Net assets, end of period (x 1,000,000)	$32,741	$33,035	$23,253	$17,786	$14,990	$9,825

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

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (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 2.4%
Aptiv plc *	219,331	28,390,205
Autoliv, Inc.	63,741	5,609,845
BorgWarner, Inc.	194,443	7,974,107
Ford Motor Co.	3,190,989	56,033,767
General Motors Co. *	1,180,077	55,133,198
Gentex Corp.	193,764	5,865,236
Harley-Davidson, Inc.	126,512	5,224,946
Lear Corp.	48,398	7,614,941
Lucid Group, Inc. *(a)	446,462	12,938,469
QuantumScape Corp. *(a)	200,681	3,238,991
Rivian Automotive, Inc., Class A *(a)	125,784	8,497,967
Tesla, Inc. *	660,931	575,294,170
		771,815,842

Banks 4.0%
Bank of America Corp.	5,851,784	258,648,853
BOK Financial Corp.	24,002	2,465,005
Citigroup, Inc.	1,613,104	95,544,150
Citizens Financial Group, Inc.	345,109	18,090,614
Comerica, Inc.	106,230	10,143,903
Commerce Bancshares, Inc.	90,368	6,486,615
Cullen/Frost Bankers, Inc.	46,646	6,564,492
East West Bancorp, Inc.	114,923	10,062,658
Fifth Third Bancorp	554,010	26,503,838
First Republic Bank	146,158	25,323,335
Huntington Bancshares, Inc.	1,172,790	18,201,701
JPMorgan Chase & Co.	2,400,995	340,461,091
KeyCorp	755,078	18,929,805
M&T Bank Corp.	104,376	19,020,438
People's United Financial, Inc.	348,360	7,343,429
Regions Financial Corp.	774,384	18,732,349
Signature Bank	49,556	17,091,369
SVB Financial Group *	47,776	28,952,256
The PNC Financial Services Group, Inc.	343,258	68,394,156
Truist Financial Corp.	1,085,373	67,531,908
U.S. Bancorp	1,096,137	61,975,586
Wells Fargo & Co.	3,238,869	172,858,439
Zions Bancorp NA	126,854	8,992,680
		1,308,318,670

Capital Goods 5.4%
3M Co.	467,682	69,520,929
A.O. Smith Corp.	108,203	7,420,562
Acuity Brands, Inc.	28,818	5,255,539
AGCO Corp.	49,597	5,959,576
Allegion plc	72,819	8,339,232
AMETEK, Inc.	188,374	24,449,061
Axon Enterprise, Inc. *	53,200	7,461,300
Carlisle Cos., Inc.	42,196	10,017,330
Carrier Global Corp.	705,075	31,643,766

SECURITY	NUMBER OF SHARES	VALUE ($)
Caterpillar, Inc.	439,822	82,501,811
Cummins, Inc.	115,921	23,661,795
Deere & Co.	229,082	82,474,102
Donaldson Co., Inc.	101,260	5,495,380
Dover Corp.	116,734	18,310,895
Eaton Corp. plc	323,923	49,978,080
Emerson Electric Co.	485,388	45,102,253
Fastenal Co.	466,644	24,013,500
Fortive Corp.	290,818	18,830,466
Fortune Brands Home & Security, Inc.	110,343	9,588,807
Generac Holdings, Inc. *	51,188	16,148,278
General Dynamics Corp.	188,110	44,102,389
General Electric Co.	892,180	85,212,112
Graco, Inc.	139,084	10,026,566
HEICO Corp.	34,475	5,085,407
HEICO Corp., Class A	60,270	7,408,388
Honeywell International, Inc.	559,848	106,231,158
Howmet Aerospace, Inc.	313,472	11,259,914
Hubbell, Inc.	44,122	7,864,747
Huntington Ingalls Industries, Inc.	32,761	6,696,348
IDEX Corp.	61,587	11,818,545
Illinois Tool Works, Inc.	231,942	50,178,332
Ingersoll Rand, Inc.	330,362	16,689,888
Johnson Controls International plc	576,572	37,454,117
L3Harris Technologies, Inc.	159,583	40,264,387
Lennox International, Inc.	27,294	7,285,587
Lincoln Electric Holdings, Inc.	48,223	6,146,504
Lockheed Martin Corp.	199,365	86,484,537
Masco Corp.	198,456	11,121,474
Nordson Corp.	44,240	10,019,918
Northrop Grumman Corp.	121,084	53,536,080
Otis Worldwide Corp.	344,732	27,002,858
Owens Corning	81,771	7,620,239
PACCAR, Inc.	281,547	25,848,830
Parker-Hannifin Corp.	105,254	31,196,233
Pentair plc	134,584	7,793,759
Plug Power, Inc. *	419,392	10,606,424
Quanta Services, Inc.	115,451	12,577,232
Raytheon Technologies Corp.	1,216,064	124,889,773
Rockwell Automation, Inc.	94,155	25,099,840
Roper Technologies, Inc.	85,842	38,476,101
Sensata Technologies Holding plc *	128,306	7,430,200
Snap-on, Inc.	43,688	9,182,344
Stanley Black & Decker, Inc.	132,119	21,495,761
Textron, Inc.	178,532	13,056,045
The Boeing Co. *	448,851	92,167,064
The Middleby Corp. *	45,501	8,081,888
The Toro Co.	86,803	8,142,989
Trane Technologies plc	192,791	29,676,319
TransDigm Group, Inc. *	42,592	28,391,401
Trex Co., Inc. *	93,208	8,560,223
United Rentals, Inc. *	58,708	18,881,667
W.W. Grainger, Inc.	35,049	16,720,476
Watsco, Inc.	27,201	7,427,505
Westinghouse Air Brake Technologies Corp.	151,691	14,079,959
Woodward, Inc.	51,671	6,439,757

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Xylem, Inc.	146,259	13,009,738
		1,774,913,685

Commercial & Professional Services 0.8%
ADT, Inc.	124,214	908,004
Booz Allen Hamilton Holding Corp.	109,747	8,855,485
Cintas Corp.	71,243	26,738,923
Clarivate plc *	302,237	4,527,510
Copart, Inc. *	173,011	21,259,592
CoStar Group, Inc. *	320,499	19,553,644
Dun & Bradstreet Holdings, Inc. *	122,695	2,277,219
Equifax, Inc.	99,481	21,720,682
IAA, Inc. *	109,473	4,022,038
Jacobs Engineering Group, Inc.	105,717	13,003,191
Leidos Holdings, Inc.	114,688	11,679,826
ManpowerGroup, Inc.	43,613	4,635,190
Nielsen Holdings plc	291,618	5,079,986
Republic Services, Inc.	170,374	20,492,585
Robert Half International, Inc.	90,884	10,932,436
Rollins, Inc.	183,948	6,002,223
Stericycle, Inc. *	74,059	4,322,083
TransUnion	155,082	14,075,242
Verisk Analytics, Inc.	130,721	23,182,062
Waste Management, Inc.	312,942	45,188,825
		268,456,746

Consumer Durables & Apparel 1.1%
D.R. Horton, Inc.	264,775	22,611,785
Deckers Outdoor Corp. *	22,331	6,445,620
Garmin Ltd.	123,069	13,591,740
Hanesbrands, Inc.	280,851	4,339,148
Hasbro, Inc.	106,017	10,288,950
Leggett & Platt, Inc.	108,507	4,023,440
Lennar Corp., Class A	230,801	20,744,394
Lululemon Athletica, Inc. *	96,030	30,723,838
Mohawk Industries, Inc. *	44,768	6,302,439
Newell Brands, Inc.	306,948	7,290,015
NIKE, Inc., Class B	1,038,337	141,784,917
NVR, Inc. *	2,647	13,124,991
Peloton Interactive, Inc., Class A *	241,609	7,021,157
Polaris, Inc.	46,306	5,626,642
PulteGroup, Inc.	205,828	10,221,418
Tapestry, Inc.	223,350	9,135,015
Toll Brothers, Inc.	94,335	5,118,617
Under Armour, Inc., Class A *	151,609	2,712,285
Under Armour, Inc., Class C *	177,539	2,774,935
VF Corp.	264,524	15,347,682
Whirlpool Corp.	49,654	9,993,861
		349,222,889

Consumer Services 2.0%
Airbnb, Inc., Class A *	281,996	42,719,574
Aramark	208,156	7,693,446
Booking Holdings, Inc. *	33,392	72,535,772
Bright Horizons Family Solutions, Inc. *	49,069	6,410,374
Caesars Entertainment, Inc. *	173,077	14,571,353
Carnival Corp. *	656,921	13,355,204
Chegg, Inc. *	119,772	3,745,270
Chipotle Mexican Grill, Inc. *	22,841	34,794,837
Darden Restaurants, Inc.	105,721	15,352,804
Domino's Pizza, Inc.	29,435	12,722,101
DraftKings, Inc., Class A *	271,834	6,437,029
Expedia Group, Inc. *	118,307	23,201,186
Hilton Worldwide Holdings, Inc. *	225,989	33,640,722

SECURITY	NUMBER OF SHARES	VALUE ($)
Las Vegas Sands Corp. *	279,272	11,969,598
Marriott International, Inc., Class A *	221,896	37,753,385
McDonald's Corp.	606,891	148,548,710
MGM Resorts International	315,665	13,980,803
Norwegian Cruise Line Holdings Ltd. *	304,404	5,932,834
Royal Caribbean Cruises Ltd. *	182,137	14,702,099
Service Corp. International	133,487	8,122,684
Starbucks Corp.	958,087	87,942,806
Vail Resorts, Inc.	32,660	8,509,563
Wyndham Hotels & Resorts, Inc.	76,143	6,579,517
Wynn Resorts Ltd. *	85,223	7,373,494
Yum! Brands, Inc.	238,633	29,251,633
		667,846,798

Diversified Financials 5.5%
AGNC Investment Corp.	426,046	5,500,254
Ally Financial, Inc.	280,889	14,016,361
American Express Co.	509,733	99,163,458
Ameriprise Financial, Inc.	90,812	27,224,530
Annaly Capital Management, Inc.	1,172,609	8,161,359
Apollo Global Management, Inc.	299,627	19,553,658
Ares Management Corp., Class A	136,019	11,029,781
Berkshire Hathaway, Inc., Class B *	1,487,741	478,234,344
BlackRock, Inc.	116,134	86,390,921
Blackstone, Inc.	558,203	71,154,136
Capital One Financial Corp.	346,411	53,094,414
Cboe Global Markets, Inc.	87,141	10,220,768
CME Group, Inc.	292,048	69,078,113
Coinbase Global, Inc., Class A *	23,839	4,547,766
Credit Acceptance Corp. *	6,712	3,692,405
Discover Financial Services	238,984	29,500,185
Equitable Holdings, Inc.	305,326	9,971,947
FactSet Research Systems, Inc.	30,515	12,391,836
Franklin Resources, Inc.	229,365	6,819,021
Intercontinental Exchange, Inc.	457,930	58,669,992
Invesco Ltd.	277,847	5,901,470
Jefferies Financial Group, Inc.	160,674	5,710,354
KKR & Co., Inc.	474,525	28,528,443
MarketAxess Holdings, Inc.	30,975	11,814,794
Moody's Corp.	131,363	42,302,827
Morgan Stanley	1,167,031	105,896,393
Morningstar, Inc.	19,245	5,401,109
MSCI, Inc.	67,191	33,709,053
Nasdaq, Inc.	95,087	16,274,140
Northern Trust Corp.	169,019	19,251,264
Raymond James Financial, Inc.	150,353	16,486,206
S&P Global, Inc.	287,544	108,030,316
SEI Investments Co.	87,060	5,099,975
SoFi Technologies, Inc. *(a)	523,326	5,992,083
Starwood Property Trust, Inc.	246,931	5,886,835
State Street Corp.	297,708	25,403,424
Synchrony Financial	443,804	18,985,935
T. Rowe Price Group, Inc.	182,358	26,361,673
The Bank of New York Mellon Corp.	616,399	32,761,607
The Carlyle Group, Inc.	112,253	5,261,298
The Charles Schwab Corp. (b)	1,217,099	102,796,182
The Goldman Sachs Group, Inc.	275,608	94,062,254
Upstart Holdings, Inc. *	39,832	6,293,058
Voya Financial, Inc.	90,060	6,065,541
		1,812,691,483

Energy 3.5%
APA Corp.	294,477	10,492,215
Baker Hughes Co.	712,848	20,943,474
Cheniere Energy, Inc.	191,420	25,439,718
Chevron Corp.	1,566,164	225,527,616

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ConocoPhillips	1,071,504	101,642,869
Continental Resources, Inc.	47,718	2,645,009
Coterra Energy, Inc.	663,616	15,482,161
Devon Energy Corp.	510,962	30,427,787
Diamondback Energy, Inc.	138,308	19,100,335
EOG Resources, Inc.	475,699	54,667,329
Exxon Mobil Corp.	3,439,880	269,755,390
Halliburton Co.	725,279	24,318,605
Hess Corp.	223,959	22,633,296
Kinder Morgan, Inc.	1,580,724	27,504,598
Marathon Oil Corp.	631,371	14,243,730
Marathon Petroleum Corp.	500,731	38,991,923
Occidental Petroleum Corp.	722,692	31,603,321
ONEOK, Inc.	361,503	23,606,146
Phillips 66	355,057	29,910,002
Pioneer Natural Resources Co.	184,660	44,244,536
Schlumberger N.V.	1,140,842	44,766,640
Targa Resources Corp.	185,807	12,146,204
Texas Pacific Land Corp.	5,092	6,053,013
The Williams Cos., Inc.	985,625	30,830,350
Valero Energy Corp.	331,353	27,671,289
		1,154,647,556

Food & Staples Retailing 1.4%
Albertsons Cos., Inc., Class A	79,543	2,318,678
Costco Wholesale Corp.	359,106	186,465,791
Sysco Corp.	417,540	36,367,734
The Kroger Co.	548,731	25,680,611
US Foods Holding Corp. *	179,952	7,034,324
Walgreens Boots Alliance, Inc.	582,446	26,844,936
Walmart, Inc.	1,155,189	156,135,345
		440,847,419

Food, Beverage & Tobacco 3.1%
Altria Group, Inc.	1,492,902	76,570,944
Archer-Daniels-Midland Co.	453,830	35,602,964
Beyond Meat, Inc. *(a)	48,694	2,277,905
Brown-Forman Corp., Class A	45,407	2,771,643
Brown-Forman Corp., Class B	148,302	9,673,740
Bunge Ltd.	114,832	12,005,686
Campbell Soup Co.	163,492	7,352,235
Conagra Brands, Inc.	388,331	13,579,935
Constellation Brands, Inc., Class A	133,212	28,723,171
Darling Ingredients, Inc. *	131,369	9,521,625
General Mills, Inc.	492,210	33,189,720
Hormel Foods Corp.	229,216	10,919,850
Kellogg Co.	207,755	13,283,855
Keurig Dr Pepper, Inc.	598,098	23,128,450
Lamb Weston Holdings, Inc.	119,466	7,936,126
McCormick & Co., Inc. Non-Voting Shares	202,225	19,245,753
Molson Coors Beverage Co., Class B	153,662	8,018,083
Mondelez International, Inc., Class A	1,133,968	74,252,225
Monster Beverage Corp. *	304,838	25,728,327
PepsiCo, Inc.	1,123,429	183,950,265
Philip Morris International, Inc.	1,265,103	127,863,960
Post Holdings, Inc. *	47,500	4,994,150
The Boston Beer Co., Inc., Class A *	7,744	2,969,514
The Coca-Cola Co.	3,158,703	196,597,675
The Hershey Co.	117,863	23,838,970
The J.M. Smucker Co.	87,781	11,828,490
The Kraft Heinz Co.	575,518	22,571,816
Tyson Foods, Inc., Class A	239,133	22,158,064
		1,010,555,141

SECURITY	NUMBER OF SHARES	VALUE ($)
Health Care Equipment & Services 5.8%
Abbott Laboratories	1,436,404	173,259,050
ABIOMED, Inc. *	37,070	11,519,132
agilon health, Inc. *	38,406	776,569
Align Technology, Inc. *	59,613	30,489,665
AmerisourceBergen Corp.	121,186	17,272,641
Anthem, Inc.	197,210	89,109,338
Baxter International, Inc.	407,411	34,617,713
Becton Dickinson & Co.	233,372	63,309,156
Boston Scientific Corp. *	1,158,444	51,168,471
Cardinal Health, Inc.	228,520	12,342,365
Centene Corp. *	474,695	39,219,301
Cerner Corp.	239,526	22,335,799
Chemed Corp.	12,403	5,932,231
Cigna Corp.	269,528	64,088,368
CVS Health Corp.	1,072,960	111,212,304
DaVita, Inc. *	52,815	5,955,948
Dentsply Sirona, Inc.	177,532	9,611,582
DexCom, Inc. *	78,898	32,656,671
Edwards Lifesciences Corp. *	507,368	57,012,942
Encompass Health Corp.	80,825	5,336,067
Guardant Health, Inc. *	82,306	5,454,419
HCA Healthcare, Inc.	194,738	48,744,869
Henry Schein, Inc. *	113,355	9,791,605
Hologic, Inc. *	205,471	14,623,371
Humana, Inc.	104,485	45,379,925
IDEXX Laboratories, Inc. *	68,891	36,674,124
Insulet Corp. *	56,267	14,893,312
Intuitive Surgical, Inc. *	289,871	84,158,247
Laboratory Corp. of America Holdings *	77,937	21,141,191
Masimo Corp. *	41,137	6,477,021
McKesson Corp.	124,243	34,161,855
Medtronic plc	1,093,743	114,832,078
Molina Healthcare, Inc. *	47,306	14,516,792
Novocure Ltd. *	72,238	5,913,403
Oak Street Health, Inc. *	113,413	1,985,862
Penumbra, Inc. *	28,428	6,303,625
Quest Diagnostics, Inc.	99,399	13,048,107
ResMed, Inc.	118,620	29,269,485
STERIS plc	81,034	19,448,160
Stryker Corp.	272,747	71,827,922
Teladoc Health, Inc. *	129,292	9,814,556
Teleflex, Inc.	37,969	12,769,354
The Cooper Cos., Inc.	40,223	16,452,011
UnitedHealth Group, Inc.	765,047	364,062,916
Universal Health Services, Inc., Class B	59,258	8,529,004
Veeva Systems, Inc., Class A *	112,417	25,749,114
Zimmer Biomet Holdings, Inc.	169,368	21,541,916
		1,894,789,557

Household & Personal Products 1.5%
Church & Dwight Co., Inc.	198,822	19,454,733
Colgate-Palmolive Co.	684,791	52,694,667
Kimberly-Clark Corp.	273,366	35,578,585
Olaplex Holdings, Inc. *	57,604	966,595
Reynolds Consumer Products, Inc.	44,892	1,336,435
The Clorox Co.	99,420	14,494,442
The Estee Lauder Cos., Inc., Class A	188,207	55,771,380
The Procter & Gamble Co.	1,965,444	306,393,065
		486,689,902

₆₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Insurance 2.1%
Aflac, Inc.	495,447	30,266,857
Alleghany Corp. *	11,043	7,309,583
American Financial Group, Inc.	53,611	7,258,393
American International Group, Inc.	675,786	41,385,135
Aon plc, Class A	179,151	52,337,173
Arch Capital Group Ltd. *	312,993	14,745,100
Arthur J. Gallagher & Co.	168,156	26,600,598
Assurant, Inc.	46,140	7,830,419
Brown & Brown, Inc.	189,840	12,835,082
Chubb Ltd.	349,916	71,256,894
Cincinnati Financial Corp.	121,730	14,947,227
CNA Financial Corp.	22,834	1,043,514
Erie Indemnity Co., Class A	20,204	3,537,720
Everest Re Group Ltd.	31,809	9,486,080
Fidelity National Financial, Inc.	231,559	11,031,471
Globe Life, Inc.	76,063	7,679,321
Lincoln National Corp.	137,645	9,280,026
Loews Corp.	162,243	9,951,986
Markel Corp. *	11,084	13,776,414
Marsh & McLennan Cos., Inc.	410,601	63,811,501
MetLife, Inc.	582,420	39,342,471
Old Republic International Corp.	231,536	6,100,974
Principal Financial Group, Inc.	199,760	14,111,046
Prudential Financial, Inc.	308,067	34,398,761
Reinsurance Group of America, Inc.	55,244	6,124,350
RenaissanceRe Holdings Ltd.	37,225	5,612,786
The Allstate Corp.	232,426	28,439,645
The Hartford Financial Services Group, Inc.	275,852	19,166,197
The Progressive Corp.	475,534	50,373,317
The Travelers Cos., Inc.	200,140	34,390,056
W.R. Berkley Corp.	113,494	10,248,508
Willis Towers Watson plc	101,022	22,457,191
		687,135,796

Materials 2.6%
Air Products and Chemicals, Inc.	180,111	42,560,229
Albemarle Corp.	94,872	18,584,476
Amcor plc	1,248,215	14,516,740
AptarGroup, Inc.	53,020	6,462,078
Avery Dennison Corp.	67,200	11,840,640
Axalta Coating Systems Ltd. *	176,296	4,767,044
Ball Corp.	263,547	23,650,708
Berry Global Group, Inc. *	109,445	6,637,839
Celanese Corp.	88,366	12,307,617
CF Industries Holdings, Inc.	175,325	14,234,637
Cleveland-Cliffs, Inc. *	368,938	8,249,454
Corteva, Inc.	592,771	30,841,875
Crown Holdings, Inc.	103,667	12,716,831
Dow, Inc.	599,942	35,372,580
DuPont de Nemours, Inc.	420,114	32,504,220
Eastman Chemical Co.	108,835	12,893,682
Ecolab, Inc.	202,212	35,641,887
FMC Corp.	102,635	12,033,954
Freeport-McMoRan, Inc.	1,194,221	56,068,676
Ginkgo Bioworks Holdings, Inc. *(a)	946,832	4,260,744
International Flavors & Fragrances, Inc.	206,401	27,451,333
International Paper Co.	314,083	13,672,033
Linde plc *	416,531	122,143,550
LyondellBasell Industries N.V., Class A	212,823	20,692,780
Martin Marietta Materials, Inc.	50,632	19,209,781
Newmont Corp.	648,261	42,914,878
Nucor Corp.	231,776	30,506,357

SECURITY	NUMBER OF SHARES	VALUE ($)
Packaging Corp. of America	76,970	11,329,214
PPG Industries, Inc.	192,528	25,692,862
Reliance Steel & Aluminum Co.	51,239	9,779,988
Royal Gold, Inc.	53,452	6,481,590
RPM International, Inc.	105,401	8,913,763
Sealed Air Corp.	121,570	8,160,994
Sonoco Products Co.	79,839	4,688,146
Steel Dynamics, Inc.	153,078	10,804,245
The Mosaic Co.	300,215	15,740,273
The Scotts Miracle-Gro Co.	32,965	4,617,078
The Sherwin-Williams Co.	195,855	51,535,326
Vulcan Materials Co.	107,667	19,536,177
Westlake Corp.	27,826	3,069,486
Westrock Co.	218,082	9,872,572
		862,958,337

Media & Entertainment 8.1%
Activision Blizzard, Inc.	633,535	51,633,102
Alphabet, Inc., Class A *	244,383	660,112,697
Alphabet, Inc., Class C *	227,164	612,847,582
Altice USA, Inc., Class A *	182,959	2,115,006
AMC Entertainment Holdings, Inc., Class A *(a)	416,449	7,854,228
Cable One, Inc.	4,053	5,807,341
Charter Communications, Inc., Class A *	100,521	60,491,527
Comcast Corp., Class A	3,703,024	173,153,402
Discovery, Inc., Class A *(a)	138,205	3,876,650
Discovery, Inc., Class C *	246,129	6,884,228
DISH Network Corp., Class A *	204,487	6,535,405
Electronic Arts, Inc.	229,617	29,870,876
Fox Corp., Class A	258,730	10,822,676
Fox Corp., Class B	120,462	4,608,876
IAC/InterActiveCorp *	68,619	7,874,716
Liberty Broadband Corp., Class A *	18,929	2,741,108
Liberty Broadband Corp., Class C *	114,696	16,825,903
Liberty Media Corp. - Liberty Formula One, Class A *	19,092	1,072,207
Liberty Media Corp. - Liberty Formula One, Class C *	164,813	10,009,093
Liberty Media Corp. - Liberty SiriusXM, Class A *	64,066	3,226,364
Liberty Media Corp. - Liberty SiriusXM, Class C *	129,761	6,529,574
Live Nation Entertainment, Inc. *	109,526	13,232,931
Match Group, Inc. *	229,484	25,585,171
Meta Platforms, Inc., Class A *	1,922,719	405,751,391
Netflix, Inc. *	360,026	142,037,458
News Corp., Class A	314,299	7,015,154
News Corp., Class B	102,112	2,290,372
Omnicom Group, Inc.	171,775	14,410,205
Paramount Global, Class B	500,533	15,321,315
Pinterest, Inc., Class A *	456,257	12,204,875
Playtika Holding Corp. *	83,141	1,712,705
Roku, Inc. *	95,438	13,316,464
Sirius XM Holdings, Inc. (a)	758,660	4,673,346
Snap, Inc., Class A *	871,523	34,808,629
Take-Two Interactive Software, Inc. *	93,497	15,146,514
The Interpublic Group of Cos., Inc.	319,390	11,753,552
The Walt Disney Co. *	1,476,679	219,227,764
Twitter, Inc. *	648,742	23,062,778
Zynga, Inc., Class A *	858,312	7,793,473
		2,654,236,658

₆₇

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Pharmaceuticals, Biotechnology & Life Sciences 7.3%
10X Genomics, Inc., Class A *	74,395	6,060,961
AbbVie, Inc.	1,435,874	212,179,101
Agilent Technologies, Inc.	246,423	32,123,702
Alnylam Pharmaceuticals, Inc. *	96,947	15,303,084
Amgen, Inc.	457,855	103,695,000
Avantor, Inc. *	494,239	17,145,151
Biogen, Inc. *	119,651	25,247,558
BioMarin Pharmaceutical, Inc. *	148,408	11,593,633
Bio-Rad Laboratories, Inc., Class A *	17,474	10,938,025
Bio-Techne Corp.	31,872	13,367,436
Bristol-Myers Squibb Co.	1,803,614	123,854,173
Bruker Corp.	82,134	5,779,770
Catalent, Inc. *	138,776	14,160,703
Charles River Laboratories International, Inc. *	40,886	11,904,368
Danaher Corp.	516,589	141,757,188
Elanco Animal Health, Inc. *	383,631	10,898,957
Eli Lilly & Co.	644,888	161,189,756
Exact Sciences Corp. *	139,270	10,871,416
Gilead Sciences, Inc.	1,020,101	61,614,100
Horizon Therapeutics plc *	183,942	16,769,992
Illumina, Inc. *	127,021	41,485,059
Incyte Corp. *	152,871	10,441,089
IQVIA Holdings, Inc. *	155,428	35,767,091
Jazz Pharmaceuticals plc *	49,703	6,830,186
Johnson & Johnson	2,138,518	351,935,907
Merck & Co., Inc.	2,052,002	157,142,313
Mettler-Toledo International, Inc. *	18,673	26,305,402
Moderna, Inc. *	286,784	44,050,022
Neurocrine Biosciences, Inc. *	76,878	6,909,026
Novavax, Inc. *	61,234	5,105,079
Organon & Co.	206,543	7,710,250
PerkinElmer, Inc.	102,295	18,373,205
Pfizer, Inc.	4,560,334	214,062,078
Regeneron Pharmaceuticals, Inc. *	85,920	53,129,491
Repligen Corp. *	42,165	8,293,856
Royalty Pharma plc, Class A	290,927	11,421,794
Sarepta Therapeutics, Inc. *	71,268	5,459,842
Seagen, Inc. *	108,201	13,943,863
Syneos Health, Inc. *	83,887	6,643,850
Thermo Fisher Scientific, Inc.	320,247	174,214,368
Vertex Pharmaceuticals, Inc. *	206,645	47,532,483
Viatris, Inc.	979,473	10,783,998
Waters Corp. *	49,665	15,730,395
West Pharmaceutical Services, Inc.	60,029	23,236,025
Zoetis, Inc.	384,362	74,431,701
		2,377,392,447

Real Estate 3.0%
Alexandria Real Estate Equities, Inc.	114,350	21,657,890
American Campus Communities, Inc.	111,871	6,019,779
American Homes 4 Rent, Class A	229,950	8,740,399
American Tower Corp.	370,274	84,004,062
Americold Realty Trust	216,381	5,781,700
Apartment Income REIT Corp.	128,239	6,618,415
AvalonBay Communities, Inc.	113,884	27,171,584
Boston Properties, Inc.	115,333	14,106,379
Camden Property Trust	82,830	13,676,061
CBRE Group, Inc., Class A	272,534	26,394,918
Crown Castle International Corp.	351,105	58,490,582
CubeSmart	175,805	8,475,559
CyrusOne, Inc.	102,855	9,292,949
Digital Realty Trust, Inc.	231,142	31,185,679
Duke Realty Corp.	309,124	16,383,572
Equinix, Inc.	73,126	51,899,716

SECURITY	NUMBER OF SHARES	VALUE ($)
Equity LifeStyle Properties, Inc.	138,655	10,346,436
Equity Residential	276,713	23,603,619
Essex Property Trust, Inc.	52,710	16,718,031
Extra Space Storage, Inc.	108,568	20,427,069
Federal Realty Investment Trust	56,804	6,679,014
Gaming & Leisure Properties, Inc.	183,889	8,350,399
Healthcare Trust of America, Inc., Class A	178,478	5,245,468
Healthpeak Properties, Inc.	436,733	13,564,927
Host Hotels & Resorts, Inc. *	583,886	10,667,597
Invitation Homes, Inc.	484,306	18,306,767
Iron Mountain, Inc.	235,304	11,572,251
Jones Lang LaSalle, Inc. *	41,098	10,119,150
Kilroy Realty Corp.	84,943	6,083,618
Kimco Realty Corp.	498,601	11,732,082
Lamar Advertising Co., Class A	70,374	7,674,988
Medical Properties Trust, Inc.	483,102	9,826,295
Mid-America Apartment Communities, Inc.	93,447	19,120,191
National Retail Properties, Inc.	142,320	6,064,255
Omega Healthcare Investors, Inc.	195,218	5,499,291
Opendoor Technologies, Inc. *	309,590	2,585,076
Prologis, Inc.	601,296	87,699,022
Public Storage	124,007	44,024,965
Realty Income Corp.	461,111	30,474,826
Regency Centers Corp.	125,817	8,290,082
SBA Communications Corp.	88,509	26,852,746
Simon Property Group, Inc.	267,421	36,786,433
STORE Capital Corp.	197,764	6,075,310
Sun Communities, Inc.	94,782	17,155,542
UDR, Inc.	235,550	12,924,628
Ventas, Inc.	323,451	17,466,354
VICI Properties, Inc.	509,998	14,259,544
Vornado Realty Trust	127,906	5,535,772
Welltower, Inc.	354,742	29,546,461
Weyerhaeuser Co.	607,994	23,638,807
WP Carey, Inc.	151,108	11,695,759
Zillow Group, Inc., Class A *	29,628	1,696,796
Zillow Group, Inc., Class C *	137,293	7,897,093
		996,105,908

Retailing 6.2%
Advance Auto Parts, Inc.	51,166	10,462,424
Amazon.com, Inc. *	354,352	1,088,307,124
AutoZone, Inc. *	17,013	31,701,854
Bath & Body Works, Inc.	214,361	11,440,447
Best Buy Co., Inc.	179,603	17,356,834
Burlington Stores, Inc. *	53,967	12,190,606
CarMax, Inc. *	132,455	14,481,305
Carvana Co. *	69,422	10,445,928
Dollar General Corp.	189,935	37,671,708
Dollar Tree, Inc. *	182,382	25,912,835
DoorDash, Inc., Class A *	131,270	13,776,786
eBay, Inc.	509,839	27,832,111
Etsy, Inc. *	102,764	15,917,116
Five Below, Inc. *	45,415	7,430,348
Floor & Decor Holdings, Inc., Class A *	85,296	8,156,004
GameStop Corp., Class A *	50,477	6,225,833
Genuine Parts Co.	115,218	14,075,031
LKQ Corp.	217,136	10,194,535
Lowe's Cos., Inc.	562,522	124,351,113
O'Reilly Automotive, Inc. *	54,666	35,491,354
Pool Corp.	32,528	14,916,690
RH *	14,064	5,651,900
Ross Stores, Inc.	288,491	26,365,192
Target Corp.	396,380	79,184,833
The Gap, Inc.	174,956	2,545,610

₆₈

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The Home Depot, Inc.	857,465	270,813,171
The TJX Cos., Inc.	978,488	64,678,057
Tractor Supply Co.	92,619	18,874,826
Ulta Beauty, Inc. *	44,029	16,488,860
Wayfair, Inc., Class A *	63,504	8,945,808
Williams-Sonoma, Inc.	60,092	8,704,927
		2,040,591,170

Semiconductors & Semiconductor Equipment 5.9%
Advanced Micro Devices, Inc. *	1,328,142	163,813,045
Analog Devices, Inc.	436,485	69,964,181
Applied Materials, Inc.	733,177	98,392,353
Broadcom, Inc.	334,408	196,444,636
Enphase Energy, Inc. *	109,352	18,228,978
Entegris, Inc.	109,892	14,338,708
First Solar, Inc. *	80,173	6,036,225
Intel Corp.	3,305,544	157,674,449
KLA Corp.	123,233	42,946,700
Lam Research Corp.	114,437	64,239,210
Marvell Technology, Inc.	669,415	45,741,127
Microchip Technology, Inc.	452,322	31,811,806
Micron Technology, Inc.	908,404	80,720,779
Monolithic Power Systems, Inc.	35,274	16,180,184
NVIDIA Corp.	2,031,401	495,357,134
NXP Semiconductor N.V.	216,564	41,173,148
ON Semiconductor Corp. *	349,287	21,868,859
Qorvo, Inc. *	89,285	12,212,402
QUALCOMM, Inc.	909,618	156,445,200
Skyworks Solutions, Inc.	133,923	18,504,141
SolarEdge Technologies, Inc. *	42,682	13,633,484
Teradyne, Inc.	131,965	15,561,313
Texas Instruments, Inc.	750,246	127,534,318
Universal Display Corp.	35,447	5,491,095
		1,914,313,475

Software & Services 14.4%
Accenture plc, Class A	513,342	162,226,339
Adobe, Inc. *	386,664	180,835,020
Affirm Holdings, Inc. *	118,410	4,954,274
Akamai Technologies, Inc. *	131,934	14,283,175
Anaplan, Inc. *	120,654	5,715,380
ANSYS, Inc. *	70,743	22,934,173
AppLovin Corp., Class A *	22,733	1,320,333
Aspen Technology, Inc. *	54,182	8,257,879
Autodesk, Inc. *	178,974	39,415,444
Automatic Data Processing, Inc.	342,507	70,022,131
Avalara, Inc. *	70,035	7,277,337
Bentley Systems, Inc., Class B	148,871	5,715,158
Bill.com Holdings, Inc. *	73,938	17,588,371
Black Knight, Inc. *	125,295	7,040,326
Block, Inc. *	399,745	50,967,488
Broadridge Financial Solutions, Inc.	94,846	13,867,434
Cadence Design Systems, Inc. *	225,729	34,182,142
Ceridian HCM Holding, Inc. *	110,371	8,047,150
Citrix Systems, Inc.	101,366	10,390,015
Cloudflare, Inc., Class A *	222,032	25,848,965
Cognizant Technology Solutions Corp., Class A	426,376	36,723,765
Concentrix Corp.	35,177	7,031,531
Coupa Software, Inc. *	60,348	7,302,711
Crowdstrike Holdings, Inc., Class A *	167,629	32,722,857
Datadog, Inc., Class A *	209,304	33,720,967
DocuSign, Inc. *	159,477	18,886,861
DXC Technology Co. *	204,608	6,962,810
Dynatrace, Inc. *	159,295	7,075,884
Elastic N.V. *	57,945	5,020,934

SECURITY	NUMBER OF SHARES	VALUE ($)
EPAM Systems, Inc. *	45,962	9,548,606
Euronet Worldwide, Inc. *	42,793	5,487,346
Fair Isaac Corp. *	22,117	10,421,309
Fidelity National Information Services, Inc.	495,029	47,141,612
Fiserv, Inc. *	482,185	47,095,009
Five9, Inc. *	55,175	6,069,250
FleetCor Technologies, Inc. *	65,756	15,400,055
Fortinet, Inc. *	110,430	38,045,344
Gartner, Inc. *	66,626	18,683,263
Genpact Ltd.	140,684	5,886,219
Global Payments, Inc.	236,139	31,496,220
GoDaddy, Inc., Class A *	134,674	11,233,158
Guidewire Software, Inc. *	67,388	5,940,252
HubSpot, Inc. *	36,598	19,213,950
International Business Machines Corp.	729,079	89,319,468
Intuit, Inc.	229,909	109,061,932
Jack Henry & Associates, Inc.	60,466	10,690,389
Mastercard, Inc., Class A	704,902	254,342,740
Microsoft Corp.	6,099,624	1,822,506,655
MongoDB, Inc. *	53,606	20,476,956
NortonLifeLock, Inc.	470,666	13,639,901
Nuance Communications, Inc. *	231,168	12,834,447
Okta, Inc. *	119,640	21,874,978
Oracle Corp.	1,311,051	99,600,544
Palantir Technologies, Inc., Class A *	1,298,416	15,386,230
Palo Alto Networks, Inc. *	79,691	47,356,377
Paychex, Inc.	261,217	31,100,496
Paycom Software, Inc. *	39,011	13,232,921
Paylocity Holding Corp. *	32,696	6,945,938
PayPal Holdings, Inc. *	954,023	106,783,794
Pegasystems, Inc.	33,502	2,918,694
PTC, Inc. *	85,348	9,497,525
RingCentral, Inc., Class A *	66,505	8,701,514
salesforce.com, Inc. *	795,638	167,505,668
ServiceNow, Inc. *	161,550	93,686,076
Snowflake, Inc., Class A *	188,364	50,040,780
Splunk, Inc. *	132,138	15,605,498
SS&C Technologies Holdings, Inc.	180,121	13,503,671
Synopsys, Inc. *	123,668	38,632,647
The Trade Desk, Inc., Class A *	353,552	30,165,057
The Western Union Co.	327,282	5,949,987
Thoughtworks Holding, Inc. *	29,515	674,713
Twilio, Inc., Class A *	136,509	23,861,773
Tyler Technologies, Inc. *	33,383	14,296,604
UiPath, Inc., Class A *	210,941	7,321,762
Unity Software, Inc. *	129,797	13,816,891
VeriSign, Inc. *	78,278	16,729,574
Visa, Inc., Class A	1,362,612	294,487,705
VMware, Inc., Class A	164,025	19,243,413
WEX, Inc. *	36,062	6,076,808
Workday, Inc., Class A *	155,428	35,600,783
Zendesk, Inc. *	98,550	11,497,829
Zoom Video Communications, Inc., Class A *	175,615	23,286,549
Zscaler, Inc. *	64,108	15,331,428
		4,711,585,162

Technology Hardware & Equipment 8.2%
Amphenol Corp., Class A	485,335	36,890,313
Apple Inc.	12,662,861	2,090,891,608
Arista Networks, Inc. *	181,814	22,314,032
Arrow Electronics, Inc. *	56,340	6,866,719
CDW Corp.	109,939	18,960,080
Ciena Corp. *	126,480	8,653,762
Cisco Systems, Inc.	3,427,350	191,143,310

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cognex Corp.	143,475	9,693,171
Corning, Inc.	623,866	25,204,186
Dell Technologies, Inc., Class C *	235,770	12,014,839
F5, Inc. *	49,305	9,902,909
Hewlett Packard Enterprise Co.	1,060,521	16,883,494
HP, Inc.	937,832	32,223,908
IPG Photonics Corp. *	28,858	3,761,640
Jabil, Inc.	116,140	6,714,053
Juniper Networks, Inc.	264,559	8,939,449
Keysight Technologies, Inc. *	149,342	23,501,951
Motorola Solutions, Inc.	137,262	30,256,663
NetApp, Inc.	182,033	14,267,747
Seagate Technology Holdings plc	165,989	17,123,425
TE Connectivity Ltd.	265,465	37,810,180
Teledyne Technologies, Inc. *	38,037	16,332,327
Trimble, Inc. *	203,772	14,213,097
Ubiquiti, Inc.	4,944	1,255,232
Western Digital Corp. *	252,547	12,864,744
Zebra Technologies Corp., Class A *	43,640	18,038,158
		2,686,720,997

Telecommunication Services 1.2%
AT&T, Inc.	5,804,104	137,499,224
Liberty Global plc, Class A *	143,230	3,692,469
Liberty Global plc, Class C *	269,082	6,961,151
Lumen Technologies, Inc.	747,134	7,740,308
T-Mobile US, Inc. *	477,395	58,819,838
Verizon Communications, Inc.	3,364,646	180,580,551
		395,293,541

Transportation 1.9%
Alaska Air Group, Inc. *	101,707	5,709,831
AMERCO	7,904	4,565,429
American Airlines Group, Inc. *	523,618	9,032,410
C.H. Robinson Worldwide, Inc.	105,314	10,181,758
CSX Corp.	1,802,747	61,131,151
Delta Air Lines, Inc. *	520,097	20,762,272
Expeditors International of Washington, Inc.	137,649	14,227,401
FedEx Corp.	198,813	44,190,165
Hertz Global Holdings, Inc. *(a)	45,927	933,237
J.B. Hunt Transport Services, Inc.	67,945	13,788,079
Lyft, Inc., Class A *	239,712	9,334,385
Norfolk Southern Corp.	197,821	50,745,043
Old Dominion Freight Line, Inc.	75,692	23,769,559
Southwest Airlines Co. *	479,658	21,009,020
Uber Technologies, Inc. *	1,357,114	48,896,817
Union Pacific Corp.	522,457	128,498,299
United Airlines Holdings, Inc. *	262,625	11,660,550
United Parcel Service, Inc., Class B	592,459	124,665,223
XPO Logistics, Inc. *	80,039	5,817,235
		608,917,864

Utilities 2.5%
Alliant Energy Corp.	202,888	11,848,659
Ameren Corp.	208,610	17,930,029
American Electric Power Co., Inc.	409,887	37,156,256
American Water Works Co., Inc.	147,324	22,259,183
Atmos Energy Corp.	107,102	11,760,871
Avangrid, Inc.	57,247	2,568,673
CenterPoint Energy, Inc.	509,788	13,942,702
CMS Energy Corp.	235,358	15,065,266
Consolidated Edison, Inc.	286,793	24,598,236
Constellation Energy Corp.	264,277	12,151,456

SECURITY	NUMBER OF SHARES	VALUE ($)
Dominion Energy, Inc.	658,353	52,358,814
DTE Energy Co.	157,181	19,111,638
Duke Energy Corp.	624,700	62,726,127
Edison International	307,968	19,531,330
Entergy Corp.	163,057	17,155,227
Essential Utilities, Inc.	188,371	8,874,158
Evergy, Inc.	185,721	11,590,848
Eversource Energy	278,771	22,803,468
Exelon Corp.	796,459	33,897,295
FirstEnergy Corp.	441,439	18,474,222
NextEra Energy, Inc.	1,594,813	124,826,013
NiSource, Inc.	322,117	9,318,845
NRG Energy, Inc.	199,492	7,548,777
OGE Energy Corp.	161,892	6,079,045
PG&E Corp. *	1,226,513	13,945,453
Pinnacle West Capital Corp.	91,457	6,477,899
PPL Corp.	612,487	16,028,785
Public Service Enterprise Group, Inc.	410,121	26,588,144
Sempra Energy	259,536	37,430,282
The AES Corp.	541,397	11,493,858
The Southern Co.	860,948	55,763,602
UGI Corp.	170,606	6,558,095
Vistra Corp.	390,180	8,903,908
WEC Energy Group, Inc.	255,809	23,247,922
Xcel Energy, Inc.	436,776	29,408,128
		819,423,214
Total Common Stocks (Cost $20,615,638,522)		32,695,470,257


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)	24,223,848	24,223,848
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)(d)	50,077,735	50,077,735
		74,301,583
Total Short-Term Investments (Cost $74,301,583)		74,301,583
Total Investments in Securities (Cost $20,689,940,105)		32,769,771,840

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 03/18/22	185	40,404,000	(464,752)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $48,729,780.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

Below is a summary of the fund’s transactions with affiliated issuers during the period ended February 28, 2022:

	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 2/28/22	BALANCE OF SHARES HELD AT 2/28/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS

Diversified Financials 0.3%
The Charles Schwab Corp.	$85,857,950	$5,830,064	($2,456,317)	$669,639	$12,894,846	$102,796,182	1,217,099	$455,869

The following is a summary of the inputs used to value the fund’s investments as of February 28, 2022 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks¹	$32,695,470,257	$—	$—	$32,695,470,257
Short-Term Investments¹	74,301,583	—	—	74,301,583
Liabilities
Futures Contracts²	(464,752)	—	—	(464,752)
Total	$32,769,307,088	$—	$—	$32,769,307,088

¹	As categorized in the Portfolio Holdings.
²	Futures contracts are valued at unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

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Table of Contents

Schwab U.S. Large-Cap ETF

Statement of Operations

For the period September 1, 2021 through February 28, 2022; unaudited
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $36,213)		$226,368,454
Dividends received from securities - affiliated		455,869
Securities on loan, net	+	448,110
Total investment income		227,272,433
Expenses
Management fees		5,000,992
Total expenses	–	5,000,992
Net investment income		222,271,441
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(57,983)
Net realized losses on sales of securities - unaffiliated		(55,264,780)
Net realized gains on sales of in-kind redemptions - affiliated		727,622
Net realized gains on sales of in-kind redemptions - unaffiliated		249,881,630
Net realized gains on futures contracts	+	887,193
Net realized gains		196,173,682
Net change in unrealized appreciation (depreciation) on securities - affiliated		12,894,846
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(1,801,387,354)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(1,322,337)
Net change in unrealized appreciation (depreciation)	+	(1,789,814,845)
Net realized and unrealized losses		(1,593,641,163)
Decrease in net assets resulting from operations		($1,371,369,722)

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$156.70	$120.16	$84.02	$81.69	$65.55	$55.25
Income (loss) from investment operations:
Net investment income (loss)¹	0.28	0.73	0.69	0.95	0.68	0.75
Net realized and unrealized gains (losses)	(13.49)	36.43	36.18	2.30	16.17	10.17
Total from investment operations	(13.21)	37.16	36.87	3.25	16.85	10.92
Less distributions:
Distributions from net investment income	(0.42)	(0.62)	(0.73)	(0.92)	(0.71)	(0.62)
Net asset value at end of period	$143.07	$156.70	$120.16	$84.02	$81.69	$65.55
Total return	(8.46%) ²	31.06%	44.22%	4.09%	25.88%	19.89%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ³	0.04%	0.04%	0.04%	0.04%	0.05% ⁴
Net investment income (loss)	0.36% ³	0.55%	0.74%	1.21%	0.93%	1.25%
Portfolio turnover rate⁵	5% ²	12%	7%	14%	5%	5%
Net assets, end of period (x 1,000,000)	$15,574	$16,563	$12,785	$8,108	$6,887	$4,471

*	Unaudited.
¹	Calculated based on the average shares outstanding during the period.
²	Not annualized.
³	Annualized.
⁴	Effective December 29, 2016, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
⁵	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of February 28, 2022 (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 3.9%
Tesla, Inc. *	693,767	603,875,610

Banks 0.2%
SVB Financial Group *	50,003	30,301,818

Capital Goods 1.3%
Axon Enterprise, Inc. *	55,880	7,837,170
Generac Holdings, Inc. *	53,671	16,931,590
Huntington Ingalls Industries, Inc.	33,914	6,932,022
L3Harris Technologies, Inc.	167,374	42,230,134
Nordson Corp.	46,125	10,446,851
Plug Power, Inc. *	442,671	11,195,150
Roper Technologies, Inc.	89,964	40,323,664
TransDigm Group, Inc. *	44,618	29,741,913
Trex Co., Inc. *	98,216	9,020,157
United Rentals, Inc. *	61,652	19,828,516
		194,487,167

Commercial & Professional Services 0.6%
Cintas Corp.	75,017	28,155,381
Copart, Inc. *	181,982	22,361,948
CoStar Group, Inc. *	336,812	20,548,900
Verisk Analytics, Inc.	137,606	24,403,048
		95,469,277

Consumer Durables & Apparel 0.4%
Deckers Outdoor Corp. *	23,427	6,761,969
Lululemon Athletica, Inc. *	100,756	32,235,875
NVR, Inc. *	2,796	13,863,798
Peloton Interactive, Inc., Class A *	254,142	7,385,367
		60,247,009

Consumer Services 1.6%
Airbnb, Inc., Class A *	295,770	44,806,197
Booking Holdings, Inc. *	35,031	76,096,090
Caesars Entertainment, Inc. *	182,149	15,335,124
Chegg, Inc. *	123,253	3,854,121
Chipotle Mexican Grill, Inc. *	24,005	36,568,017
Domino's Pizza, Inc.	31,004	13,400,239
DraftKings, Inc., Class A *	283,701	6,718,040
Expedia Group, Inc. *	124,483	24,412,361
Hilton Worldwide Holdings, Inc. *	237,822	35,402,183
		256,592,372

Diversified Financials 2.1%
BlackRock, Inc.	121,806	90,610,265
Coinbase Global, Inc., Class A *	25,197	4,806,832
Credit Acceptance Corp. *	7,070	3,889,348

SECURITY	NUMBER OF SHARES	VALUE ($)
FactSet Research Systems, Inc.	32,169	13,063,509
KKR & Co., Inc.	498,918	29,994,950
MarketAxess Holdings, Inc.	32,415	12,364,053
Moody's Corp.	138,058	44,458,818
MSCI, Inc.	70,316	35,276,834
S&P Global, Inc.	205,564	77,230,395
SoFi Technologies, Inc. *(a)	549,610	6,293,035
Upstart Holdings, Inc. *	42,034	6,640,952
		324,628,991

Energy 0.6%
Baker Hughes Co.	744,756	21,880,931
Cheniere Energy, Inc.	201,390	26,764,731
Diamondback Energy, Inc.	145,191	20,050,877
Halliburton Co.	763,109	25,587,045
Texas Pacific Land Corp.	5,293	6,291,948
		100,575,532

Food & Staples Retailing 1.3%
Costco Wholesale Corp.	376,901	195,705,844

Food, Beverage & Tobacco 0.2%
Beyond Meat, Inc. *(a)	51,450	2,406,831
Monster Beverage Corp. *	320,675	27,064,970
Post Holdings, Inc. *	49,767	5,232,503
The Boston Beer Co., Inc., Class A *	7,948	3,047,740
		37,752,044

Health Care Equipment & Services 6.8%
ABIOMED, Inc. *	38,861	12,075,667
agilon health, Inc. *	39,089	790,380
Align Technology, Inc. *	62,534	31,983,640
Boston Scientific Corp. *	1,215,573	53,691,859
Centene Corp. *	497,500	41,103,450
Chemed Corp.	13,040	6,236,902
Cigna Corp.	282,612	67,199,481
DexCom, Inc. *	82,654	34,211,317
Edwards Lifesciences Corp. *	532,597	59,847,925
Guardant Health, Inc. *	86,769	5,750,182
Humana, Inc.	109,606	47,604,078
IDEXX Laboratories, Inc. *	72,324	38,501,681
Insulet Corp. *	58,809	15,566,154
Intuitive Surgical, Inc. *	304,525	88,412,743
Masimo Corp. *	43,370	6,828,606
McKesson Corp.	130,236	35,809,691
Molina Healthcare, Inc. *	49,731	15,260,952
Novocure Ltd. *	76,337	6,248,947
Oak Street Health, Inc. *	119,548	2,093,285
Penumbra, Inc. *	29,812	6,610,513
ResMed, Inc.	124,288	30,668,064
Teladoc Health, Inc. *	136,456	10,358,375
Teleflex, Inc.	39,907	13,421,123
The Cooper Cos., Inc.	42,035	17,193,156

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
UnitedHealth Group, Inc.	803,424	382,325,379
Veeva Systems, Inc., Class A *	118,266	27,088,827
		1,056,882,377

Household & Personal Products 0.4%
The Estee Lauder Cos., Inc., Class A	197,770	58,605,184

Insurance 0.2%
Alleghany Corp. *	11,663	7,719,973
Markel Corp. *	11,674	14,509,731
RenaissanceRe Holdings Ltd.	39,245	5,917,361
		28,147,065

Materials 1.5%
Ginkgo Bioworks Holdings, Inc. *(a)	998,801	4,494,604
Linde plc *	437,194	128,202,768
Newmont Corp.	680,189	45,028,512
The Sherwin-Williams Co.	205,812	54,155,312
		231,881,196

Media & Entertainment 13.7%
Alphabet, Inc., Class A *	256,510	692,869,421
Alphabet, Inc., Class C *	238,429	643,238,525
Altice USA, Inc., Class A *	191,677	2,215,786
Cable One, Inc.	4,217	6,042,329
Charter Communications, Inc., Class A *	105,580	63,535,932
Fox Corp., Class A	272,357	11,392,693
Fox Corp., Class B	125,431	4,798,990
Liberty Broadband Corp., Class A *	19,962	2,890,697
Liberty Broadband Corp., Class C *	120,879	17,732,949
Live Nation Entertainment, Inc. *	115,098	13,906,140
Meta Platforms, Inc., Class A *	2,018,316	425,925,226
Netflix, Inc. *	377,836	149,063,859
Pinterest, Inc., Class A *	481,532	12,880,981
Roku, Inc. *	100,364	14,003,789
Snap, Inc., Class A *	913,424	36,482,155
Take-Two Interactive Software, Inc. *	98,413	15,942,906
Twitter, Inc. *	682,052	24,246,949
		2,137,169,327

Pharmaceuticals, Biotechnology & Life Sciences 5.4%
10X Genomics, Inc., Class A *	77,767	6,335,678
Alnylam Pharmaceuticals, Inc. *	101,952	16,093,123
Avantor, Inc. *	519,530	18,022,496
BioMarin Pharmaceutical, Inc. *	156,467	12,223,202
Bio-Rad Laboratories, Inc., Class A *	18,403	11,519,542
Bio-Techne Corp.	33,493	14,047,299
Charles River Laboratories International, Inc. *	43,012	12,523,374
Danaher Corp.	542,409	148,842,454
Exact Sciences Corp. *	146,790	11,458,427
Horizon Therapeutics plc *	193,618	17,652,153
Illumina, Inc. *	133,310	43,539,046
Incyte Corp. *	160,093	10,934,352
IQVIA Holdings, Inc. *	163,034	37,517,384
Mettler-Toledo International, Inc. *	19,613	27,629,618
Neurocrine Biosciences, Inc. *	80,552	7,239,208
PerkinElmer, Inc.	107,586	19,323,521
Regeneron Pharmaceuticals, Inc. *	90,176	55,761,231
Repligen Corp. *	43,792	8,613,886
Sarepta Therapeutics, Inc. *	74,123	5,678,563
Seagen, Inc. *	113,847	14,671,463

SECURITY	NUMBER OF SHARES	VALUE ($)
Syneos Health, Inc. *	88,046	6,973,243
Thermo Fisher Scientific, Inc.	336,098	182,837,312
Vertex Pharmaceuticals, Inc. *	216,903	49,892,028
West Pharmaceutical Services, Inc.	63,194	24,461,134
Zoetis, Inc.	403,584	78,154,042
		841,943,779

Real Estate 1.3%
American Tower Corp.	388,518	88,143,079
CBRE Group, Inc., Class A	285,474	27,648,157
Equinix, Inc.	76,810	54,514,361
SBA Communications Corp.	92,784	28,149,738
Zillow Group, Inc., Class A *	31,537	1,806,124
Zillow Group, Inc., Class C *	145,118	8,347,187
		208,608,646

Retailing 8.7%
Amazon.com, Inc. *	371,947	1,142,345,943
AutoZone, Inc. *	17,888	33,332,320
Carvana Co. *	72,858	10,962,943
Dollar General Corp.	198,981	39,465,892
DoorDash, Inc., Class A *	138,593	14,545,335
Etsy, Inc. *	108,215	16,761,422
Five Below, Inc. *	47,653	7,796,507
Floor & Decor Holdings, Inc., Class A *	90,097	8,615,075
O'Reilly Automotive, Inc. *	57,484	37,320,912
Pool Corp.	34,235	15,699,486
RH *	14,810	5,951,695
Ulta Beauty, Inc. *	46,337	17,353,207
Wayfair, Inc., Class A *	66,732	9,400,537
		1,359,551,274

Semiconductors & Semiconductor Equipment 7.1%
Advanced Micro Devices, Inc. *	1,394,288	171,971,482
Broadcom, Inc.	351,136	206,271,332
Enphase Energy, Inc. *	115,035	19,176,335
Lam Research Corp.	120,110	67,423,749
Monolithic Power Systems, Inc.	36,972	16,959,056
NVIDIA Corp.	2,132,266	519,953,064
NXP Semiconductor N.V.	226,805	43,120,167
ON Semiconductor Corp. *	367,720	23,022,949
Qorvo, Inc. *	93,922	12,846,651
SolarEdge Technologies, Inc. *	44,784	14,304,905
Universal Display Corp.	36,822	5,704,096
		1,100,753,786

Software & Services 27.0%
Adobe, Inc. *	405,829	189,798,107
Affirm Holdings, Inc. *	124,957	5,228,201
Anaplan, Inc. *	124,018	5,874,733
ANSYS, Inc. *	74,445	24,134,325
AppLovin Corp., Class A *	23,057	1,339,151
Autodesk, Inc. *	187,648	41,325,719
Avalara, Inc. *	74,090	7,698,692
Bill.com Holdings, Inc. *	77,834	18,515,152
Block, Inc. *	420,303	53,588,632
Cadence Design Systems, Inc. *	236,388	35,796,235
Cloudflare, Inc., Class A *	233,525	27,186,980
Concentrix Corp.	36,641	7,324,169
Coupa Software, Inc. *	63,124	7,638,635
Crowdstrike Holdings, Inc., Class A *	175,579	34,274,777
Datadog, Inc., Class A *	219,383	35,344,795
DocuSign, Inc. *	167,797	19,872,199
Dynatrace, Inc. *	168,216	7,472,155

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Elastic N.V. *	61,181	5,301,334
EPAM Systems, Inc. *	48,382	10,051,361
Fair Isaac Corp. *	23,382	11,017,365
Fiserv, Inc. *	507,108	49,529,238
Five9, Inc. *	58,008	6,380,880
FleetCor Technologies, Inc. *	69,206	16,208,045
Fortinet, Inc. *	115,735	39,873,022
Gartner, Inc. *	70,174	19,678,193
Global Payments, Inc.	247,504	33,012,084
GoDaddy, Inc., Class A *	141,517	11,803,933
HubSpot, Inc. *	38,283	20,098,575
Intuit, Inc.	241,531	114,575,060
Mastercard, Inc., Class A	739,970	266,995,975
Microsoft Corp.	6,403,016	1,913,157,151
MongoDB, Inc. *	56,430	21,555,696
Okta, Inc. *	125,891	23,017,910
Palo Alto Networks, Inc. *	83,634	49,699,504
Paycom Software, Inc. *	41,046	13,923,214
Paylocity Holding Corp. *	33,665	7,151,793
PayPal Holdings, Inc. *	1,002,248	112,181,619
PTC, Inc. *	90,116	10,028,108
RingCentral, Inc., Class A *	69,966	9,154,351
salesforce.com, Inc. *	835,048	175,802,655
ServiceNow, Inc. *	169,800	98,470,416
Snowflake, Inc., Class A *	197,624	52,500,792
Splunk, Inc. *	137,691	16,261,307
SS&C Technologies Holdings, Inc.	188,740	14,149,838
Synopsys, Inc. *	130,080	40,635,691
The Trade Desk, Inc., Class A *	371,892	31,729,825
Twilio, Inc., Class A *	143,663	25,112,292
Tyler Technologies, Inc. *	35,028	15,001,091
UiPath, Inc., Class A *	221,135	7,675,596
Unity Software, Inc. *	136,538	14,534,470
Visa, Inc., Class A	1,430,381	309,133,942
VMware, Inc., Class A	171,816	20,157,453
WEX, Inc. *	38,061	6,413,659
Workday, Inc., Class A *	162,908	37,314,077
Zendesk, Inc. *	103,116	12,030,544
Zoom Video Communications, Inc., Class A *	184,881	24,515,221
Zscaler, Inc. *	67,454	16,131,624
		4,204,377,561

Technology Hardware & Equipment 14.6%
Apple Inc.	13,292,319	2,194,827,713
Arista Networks, Inc. *	191,386	23,488,804
Ciena Corp. *	131,914	9,025,556
Dell Technologies, Inc., Class C *	248,756	12,676,606
IPG Photonics Corp. *	30,392	3,961,597
Teledyne Technologies, Inc. *	39,840	17,106,499
Ubiquiti, Inc.	5,257	1,334,700

SECURITY	NUMBER OF SHARES	VALUE ($)
Zebra Technologies Corp., Class A *	45,651	18,869,384
		2,281,290,859

Telecommunication Services 0.4%
T-Mobile US, Inc. *	500,825	61,706,648

Transportation 0.6%
AMERCO	8,358	4,827,664
Lyft, Inc., Class A *	251,396	9,789,360
Old Dominion Freight Line, Inc.	79,493	24,963,187
Uber Technologies, Inc. *	1,423,120	51,275,014
		90,855,225
Total Common Stocks (Cost $9,512,902,385)		15,561,408,591


SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (b)	6,436,168	6,436,168
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (b)(c)	10,954,558	10,954,558
		17,390,726
Total Short-Term Investments (Cost $17,390,726)		17,390,726
Total Investments in Securities (Cost $9,530,293,111)		15,578,799,317

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 1000 Growth Index, e-mini, expires 03/18/22	80	10,749,200	(454,771)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $10,679,672.
(b)	The rate shown is the 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$70.68	$53.91	$55.14	$56.37	$50.65	$46.01
Income (loss) from investment operations:
Net investment income (loss)¹	0.76	1.39	1.93	1.84	1.47	1.36
Net realized and unrealized gains (losses)	(0.81)	17.05	(1.36)	(1.48)	5.63	4.56
Total from investment operations	(0.05)	18.44	0.57	0.36	7.10	5.92
Less distributions:
Distributions from net investment income	(0.77)	(1.67)	(1.80)	(1.59)	(1.38)	(1.28)
Net asset value at end of period	$69.86	$70.68	$53.91	$55.14	$56.37	$50.65
Total return	(0.06%) ²	34.95%	1.21%	0.70%	14.20%	13.01%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ³	0.04%	0.04%	0.04%	0.04%	0.05% ⁴
Net investment income (loss)	2.17% ³	2.22%	3.59%	3.38%	2.72%	2.79%
Portfolio turnover rate⁵	6% ²	23%	19%	7%	8%	7%
Net assets, end of period (x 1,000,000)	$10,140	$9,927	$6,847	$5,977	$4,692	$3,533

*	Unaudited.
¹	Calculated based on the average shares outstanding during the period.
²	Not annualized.
³	Annualized.
⁴	Effective December 29, 2016, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
⁵	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2022 (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 1.1%
Aptiv plc *	124,534	16,119,681
Autoliv, Inc.	35,983	3,166,864
BorgWarner, Inc.	110,429	4,528,693
Ford Motor Co.	1,804,926	31,694,501
General Motors Co. *	667,561	31,188,450
Gentex Corp.	107,853	3,264,710
Harley-Davidson, Inc.	70,343	2,905,166
Lear Corp.	27,297	4,294,910
Lucid Group, Inc. *(a)	253,491	7,346,169
QuantumScape Corp. *(a)	113,291	1,828,517
Rivian Automotive, Inc., Class A *(a)	71,605	4,837,634
		111,175,295

Banks 7.1%
Bank of America Corp.	3,311,559	146,370,908
BOK Financial Corp.	13,665	1,403,395
Citigroup, Inc.	912,381	54,040,327
Citizens Financial Group, Inc.	195,693	10,258,227
Comerica, Inc.	60,405	5,768,073
Commerce Bancshares, Inc.	51,023	3,662,431
Cullen/Frost Bankers, Inc.	26,211	3,688,674
East West Bancorp, Inc.	65,477	5,733,166
Fifth Third Bancorp	314,626	15,051,708
First Republic Bank	82,557	14,303,826
Huntington Bancshares, Inc.	664,836	10,318,255
JPMorgan Chase & Co.	1,358,864	192,686,915
KeyCorp	427,324	10,713,013
M&T Bank Corp.	59,132	10,775,624
People's United Financial, Inc.	195,677	4,124,871
Regions Financial Corp.	437,994	10,595,075
Signature Bank	27,821	9,595,185
The PNC Financial Services Group, Inc.	194,336	38,721,448
Truist Financial Corp.	613,922	38,198,227
U.S. Bancorp	620,498	35,082,957
Wells Fargo & Co.	1,833,385	97,847,757
Zions Bancorp NA	72,161	5,115,493
		724,055,555

Capital Goods 8.9%
3M Co.	264,990	39,390,763
A.O. Smith Corp.	60,841	4,172,476
Acuity Brands, Inc.	15,939	2,906,795
AGCO Corp.	28,218	3,390,675
Allegion plc	41,436	4,745,251
AMETEK, Inc.	106,296	13,796,158
Carlisle Cos., Inc.	24,110	5,723,714
Carrier Global Corp.	398,485	17,884,007
Caterpillar, Inc.	248,750	46,660,525
Cummins, Inc.	65,645	13,399,457
Deere & Co.	129,742	46,709,715
Donaldson Co., Inc.	56,507	3,066,635

SECURITY	NUMBER OF SHARES	VALUE ($)
Dover Corp.	66,045	10,359,819
Eaton Corp. plc	183,350	28,289,071
Emerson Electric Co.	274,956	25,548,912
Fastenal Co.	264,133	13,592,284
Fortive Corp.	164,796	10,670,541
Fortune Brands Home & Security, Inc.	62,588	5,438,897
General Dynamics Corp.	106,519	24,973,380
General Electric Co.	504,966	48,229,303
Graco, Inc.	78,446	5,655,172
HEICO Corp.	19,571	2,886,918
HEICO Corp., Class A	34,116	4,193,539
Honeywell International, Inc.	316,560	60,067,260
Howmet Aerospace, Inc.	176,674	6,346,130
Hubbell, Inc.	25,140	4,481,205
IDEX Corp.	35,003	6,717,076
Illinois Tool Works, Inc.	131,344	28,414,961
Ingersoll Rand, Inc.	187,346	9,464,720
Johnson Controls International plc	325,896	21,170,204
Lennox International, Inc.	15,451	4,124,335
Lincoln Electric Holdings, Inc.	27,156	3,461,304
Lockheed Martin Corp.	112,842	48,950,860
Masco Corp.	111,953	6,273,846
Northrop Grumman Corp.	68,507	30,289,685
Otis Worldwide Corp.	195,334	15,300,512
Owens Corning	46,417	4,325,600
PACCAR, Inc.	159,758	14,667,382
Parker-Hannifin Corp.	59,386	17,601,417
Pentair plc	75,778	4,388,304
Quanta Services, Inc.	65,633	7,150,059
Raytheon Technologies Corp.	688,217	70,679,886
Rockwell Automation, Inc.	53,363	14,225,509
Sensata Technologies Holding plc *	72,459	4,196,101
Snap-on, Inc.	24,641	5,179,045
Stanley Black & Decker, Inc.	75,065	12,213,075
Textron, Inc.	101,546	7,426,059
The Boeing Co. *	254,024	52,161,288
The Middleby Corp. *	25,670	4,559,505
The Toro Co.	49,023	4,598,848
Trane Technologies plc	109,229	16,813,620
W.W. Grainger, Inc.	19,922	9,503,989
Watsco, Inc.	15,107	4,125,117
Westinghouse Air Brake Technologies Corp.	85,862	7,969,711
Woodward, Inc.	29,084	3,624,739
Xylem, Inc.	83,024	7,384,985
		899,540,344

Commercial & Professional Services 1.0%
ADT, Inc.	66,077	483,023
Booz Allen Hamilton Holding Corp.	61,582	4,969,052
Clarivate plc *	170,155	2,548,922
Dun & Bradstreet Holdings, Inc. *	68,922	1,279,192
Equifax, Inc.	56,206	12,272,018
IAA, Inc. *	61,632	2,264,360
Jacobs Engineering Group, Inc.	60,012	7,381,476
Leidos Holdings, Inc.	64,488	6,567,458

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ManpowerGroup, Inc.	24,766	2,632,131
Nielsen Holdings plc	164,063	2,857,977
Republic Services, Inc.	96,303	11,583,325
Robert Half International, Inc.	51,087	6,145,255
Rollins, Inc.	103,529	3,378,151
Stericycle, Inc. *	41,987	2,450,361
TransUnion	88,180	8,003,217
Waste Management, Inc.	177,021	25,561,832
		100,377,750

Consumer Durables & Apparel 1.6%
D.R. Horton, Inc.	149,583	12,774,388
Garmin Ltd.	69,923	7,722,296
Hanesbrands, Inc.	159,697	2,467,319
Hasbro, Inc.	59,839	5,807,375
Leggett & Platt, Inc.	60,859	2,256,652
Lennar Corp., Class A	124,928	11,228,529
Lennar Corp., Class B	7,189	542,769
Mohawk Industries, Inc. *	25,037	3,524,709
Newell Brands, Inc.	175,088	4,158,340
NIKE, Inc., Class B	587,604	80,237,326
Polaris, Inc.	26,366	3,203,733
PulteGroup, Inc.	116,722	5,796,415
Tapestry, Inc.	126,357	5,168,001
Toll Brothers, Inc.	52,582	2,853,099
Under Armour, Inc., Class A *	86,310	1,544,086
Under Armour, Inc., Class C *	98,340	1,537,054
VF Corp.	149,883	8,696,212
Whirlpool Corp.	27,934	5,622,276
		165,140,579

Consumer Services 2.4%
Aramark	116,771	4,315,856
Bright Horizons Family Solutions, Inc. *	27,650	3,612,196
Carnival Corp. *	370,182	7,525,800
Darden Restaurants, Inc.	59,594	8,654,241
Las Vegas Sands Corp. *	158,658	6,800,082
Marriott International, Inc., Class A *	125,755	21,395,956
McDonald's Corp.	343,523	84,084,125
MGM Resorts International	179,011	7,928,397
Norwegian Cruise Line Holdings Ltd. *	171,319	3,339,007
Royal Caribbean Cruises Ltd. *	103,237	8,333,290
Service Corp. International	75,742	4,608,901
Starbucks Corp.	542,523	49,798,186
Vail Resorts, Inc.	18,512	4,823,301
Wyndham Hotels & Resorts, Inc.	42,741	3,693,250
Wynn Resorts Ltd. *	48,654	4,209,544
Yum! Brands, Inc.	134,696	16,511,036
		239,633,168

Diversified Financials 8.4%
AGNC Investment Corp.	241,334	3,115,622
Ally Financial, Inc.	159,446	7,956,355
American Express Co.	288,484	56,121,677
Ameriprise Financial, Inc.	51,492	15,436,787
Annaly Capital Management, Inc.	666,631	4,639,752
Apollo Global Management, Inc.	169,514	11,062,484
Ares Management Corp., Class A	77,345	6,271,906
Berkshire Hathaway, Inc., Class B *	842,066	270,682,116
Blackstone, Inc.	315,887	40,266,116
Capital One Financial Corp.	195,721	29,998,158
Cboe Global Markets, Inc.	49,173	5,767,501
CME Group, Inc.	165,276	39,092,732
Discover Financial Services	134,913	16,653,661
Equitable Holdings, Inc.	173,604	5,669,907

SECURITY	NUMBER OF SHARES	VALUE ($)
Franklin Resources, Inc.	129,414	3,847,478
Intercontinental Exchange, Inc.	259,131	33,199,864
Invesco Ltd.	156,233	3,318,389
Jefferies Financial Group, Inc.	90,440	3,214,237
Morgan Stanley	660,136	59,900,741
Morningstar, Inc.	10,928	3,066,943
Nasdaq, Inc.	53,883	9,222,075
Northern Trust Corp.	95,451	10,871,869
Raymond James Financial, Inc.	85,269	9,349,746
S&P Global, Inc.	52,069	19,562,243
SEI Investments Co.	48,939	2,866,847
Starwood Property Trust, Inc.	139,279	3,320,411
State Street Corp.	168,213	14,353,615
Synchrony Financial	251,506	10,759,427
T. Rowe Price Group, Inc.	103,464	14,956,756
The Bank of New York Mellon Corp.	349,515	18,576,722
The Carlyle Group, Inc.	64,205	3,009,288
The Charles Schwab Corp. (b)	690,400	58,311,184
The Goldman Sachs Group, Inc.	156,111	53,279,123
Voya Financial, Inc.	51,372	3,459,904
		851,181,636

Energy 5.9%
APA Corp.	167,675	5,974,260
Chevron Corp.	886,284	127,624,896
ConocoPhillips	606,347	57,518,076
Continental Resources, Inc.	26,897	1,490,901
Coterra Energy, Inc.	374,561	8,738,508
Devon Energy Corp.	289,776	17,256,161
EOG Resources, Inc.	268,979	30,911,067
Exxon Mobil Corp.	1,946,510	152,645,314
Hess Corp.	126,608	12,795,005
Kinder Morgan, Inc.	897,373	15,614,290
Marathon Oil Corp.	357,506	8,065,335
Marathon Petroleum Corp.	282,935	22,032,148
Occidental Petroleum Corp.	408,281	17,854,128
ONEOK, Inc.	204,789	13,372,722
Phillips 66	201,503	16,974,613
Pioneer Natural Resources Co.	104,355	25,003,458
Schlumberger N.V.	644,925	25,306,857
Targa Resources Corp.	105,551	6,899,869
The Williams Cos., Inc.	558,898	17,482,329
Valero Energy Corp.	188,058	15,704,724
		599,264,661

Food & Staples Retailing 1.4%
Albertsons Cos., Inc., Class A	44,732	1,303,938
Sysco Corp.	235,654	20,525,463
The Kroger Co.	311,101	14,559,527
US Foods Holding Corp. *	103,014	4,026,817
Walgreens Boots Alliance, Inc.	330,664	15,240,304
Walmart, Inc.	653,838	88,372,744
		144,028,793

Food, Beverage & Tobacco 5.4%
Altria Group, Inc.	844,582	43,318,611
Archer-Daniels-Midland Co.	257,233	20,179,929
Brown-Forman Corp., Class A	25,440	1,552,858
Brown-Forman Corp., Class B	84,245	5,495,301
Bunge Ltd.	64,521	6,745,671
Campbell Soup Co.	92,737	4,170,383
Conagra Brands, Inc.	221,175	7,734,490
Constellation Brands, Inc., Class A	75,517	16,282,976
Darling Ingredients, Inc. *	74,078	5,369,173
General Mills, Inc.	278,396	18,772,242

₈₅

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Hormel Foods Corp.	130,147	6,200,203
Kellogg Co.	117,755	7,529,255
Keurig Dr Pepper, Inc.	339,660	13,134,652
Lamb Weston Holdings, Inc.	67,185	4,463,100
McCormick & Co., Inc. Non-Voting Shares	114,596	10,906,101
Molson Coors Beverage Co., Class B	86,157	4,495,672
Mondelez International, Inc., Class A	641,248	41,988,919
PepsiCo, Inc.	635,676	104,085,588
Philip Morris International, Inc.	715,820	72,347,927
The Coca-Cola Co.	1,787,356	111,245,037
The Hershey Co.	66,904	13,532,003
The J.M. Smucker Co.	49,917	6,726,316
The Kraft Heinz Co.	326,163	12,792,113
Tyson Foods, Inc., Class A	135,392	12,545,423
		551,613,943

Health Care Equipment & Services 5.0%
Abbott Laboratories	813,018	98,066,231
AmerisourceBergen Corp.	68,783	9,803,641
Anthem, Inc.	111,588	50,421,038
Baxter International, Inc.	230,118	19,553,126
Becton Dickinson & Co.	132,017	35,813,572
Cardinal Health, Inc.	129,755	7,008,068
Cerner Corp.	135,504	12,635,748
CVS Health Corp.	606,899	62,905,081
DaVita, Inc. *	29,811	3,361,787
Dentsply Sirona, Inc.	100,873	5,461,264
Encompass Health Corp.	45,457	3,001,071
HCA Healthcare, Inc.	110,089	27,556,378
Henry Schein, Inc. *	63,687	5,501,283
Hologic, Inc. *	116,625	8,300,201
Laboratory Corp. of America Holdings *	44,088	11,959,311
Medtronic plc	618,769	64,964,557
Quest Diagnostics, Inc.	56,477	7,413,736
STERIS plc	45,892	11,014,080
Stryker Corp.	154,358	40,650,179
Universal Health Services, Inc., Class B	33,786	4,862,819
Zimmer Biomet Holdings, Inc.	96,280	12,245,853
		502,499,024

Household & Personal Products 2.4%
Church & Dwight Co., Inc.	111,999	10,959,102
Colgate-Palmolive Co.	387,480	29,816,586
Kimberly-Clark Corp.	154,816	20,149,303
Olaplex Holdings, Inc. *	32,608	547,162
Reynolds Consumer Products, Inc.	25,402	756,218
The Clorox Co.	56,390	8,221,098
The Procter & Gamble Co.	1,112,752	173,466,909
		243,916,378

Insurance 3.7%
Aflac, Inc.	279,815	17,093,898
American Financial Group, Inc.	30,588	4,141,309
American International Group, Inc.	381,783	23,380,391
Aon plc, Class A	101,292	29,591,445
Arch Capital Group Ltd. *	177,681	8,370,552
Arthur J. Gallagher & Co.	95,380	15,088,162
Assurant, Inc.	26,306	4,464,391
Brown & Brown, Inc.	107,918	7,296,336
Chubb Ltd.	198,047	40,330,291
Cincinnati Financial Corp.	68,983	8,470,423
CNA Financial Corp.	13,116	599,401
Erie Indemnity Co., Class A	11,337	1,985,109
Everest Re Group Ltd.	18,026	5,375,714

SECURITY	NUMBER OF SHARES	VALUE ($)
Fidelity National Financial, Inc.	130,466	6,215,400
Globe Life, Inc.	42,768	4,317,857
Lincoln National Corp.	78,308	5,279,525
Loews Corp.	92,091	5,648,862
Marsh & McLennan Cos., Inc.	232,083	36,068,019
MetLife, Inc.	328,727	22,205,509
Old Republic International Corp.	131,914	3,475,934
Principal Financial Group, Inc.	113,152	7,993,057
Prudential Financial, Inc.	173,811	19,407,736
Reinsurance Group of America, Inc.	31,036	3,440,651
The Allstate Corp.	131,863	16,134,757
The Hartford Financial Services Group, Inc.	156,184	10,851,664
The Progressive Corp.	268,960	28,490,933
The Travelers Cos., Inc.	113,079	19,430,365
W.R. Berkley Corp.	64,173	5,794,822
Willis Towers Watson plc	57,363	12,751,795
		373,694,308

Materials 3.6%
Air Products and Chemicals, Inc.	101,791	24,053,213
Albemarle Corp.	53,887	10,555,924
Amcor plc	706,114	8,212,106
AptarGroup, Inc.	30,160	3,675,901
Avery Dennison Corp.	38,198	6,730,488
Axalta Coating Systems Ltd. *	99,224	2,683,017
Ball Corp.	148,963	13,367,940
Berry Global Group, Inc. *	61,800	3,748,170
Celanese Corp.	50,123	6,981,131
CF Industries Holdings, Inc.	98,266	7,978,216
Cleveland-Cliffs, Inc. *	208,144	4,654,100
Corteva, Inc.	335,590	17,460,748
Crown Holdings, Inc.	58,926	7,228,452
Dow, Inc.	340,348	20,066,918
DuPont de Nemours, Inc.	238,296	18,436,961
Eastman Chemical Co.	61,614	7,299,411
Ecolab, Inc.	114,663	20,210,500
FMC Corp.	58,264	6,831,454
Freeport-McMoRan, Inc.	675,535	31,716,368
International Flavors & Fragrances, Inc.	117,117	15,576,561
International Paper Co.	177,874	7,742,855
LyondellBasell Industries N.V., Class A	121,025	11,767,261
Martin Marietta Materials, Inc.	28,609	10,854,255
Nucor Corp.	131,208	17,269,597
Packaging Corp. of America	43,761	6,441,182
PPG Industries, Inc.	109,193	14,571,806
Reliance Steel & Aluminum Co.	28,837	5,504,118
Royal Gold, Inc.	29,954	3,632,222
RPM International, Inc.	59,349	5,019,145
Sealed Air Corp.	67,734	4,546,983
Sonoco Products Co.	44,964	2,640,286
Steel Dynamics, Inc.	87,039	6,143,213
The Mosaic Co.	170,319	8,929,825
The Scotts Miracle-Gro Co.	18,594	2,604,276
Vulcan Materials Co.	61,144	11,094,579
Westlake Corp.	15,215	1,678,367
Westrock Co.	122,767	5,557,662
		363,465,211

Media & Entertainment 3.4%
Activision Blizzard, Inc.	358,144	29,188,736
AMC Entertainment Holdings, Inc., Class A *(a)	235,687	4,445,057
Comcast Corp., Class A	2,096,157	98,016,301
Discovery, Inc., Class A *(a)	77,366	2,170,116
Discovery, Inc., Class C *	140,075	3,917,898

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
DISH Network Corp., Class A *	115,408	3,688,440
Electronic Arts, Inc.	130,037	16,916,513
IAC/InterActiveCorp *	38,476	4,415,506
Liberty Media Corp. - Liberty Formula One, Class A *	10,675	599,508
Liberty Media Corp. - Liberty Formula One, Class C *	93,145	5,656,696
Liberty Media Corp. - Liberty SiriusXM, Class A *	36,056	1,815,780
Liberty Media Corp. - Liberty SiriusXM, Class C *	73,850	3,716,132
Match Group, Inc. *	130,255	14,522,130
News Corp., Class A	179,754	4,012,109
News Corp., Class B	55,613	1,247,400
Omnicom Group, Inc.	97,945	8,216,606
Paramount Global, Class A	4,208	143,282
Paramount Global, Class B	278,965	8,539,119
Playtika Holding Corp. *	46,793	963,936
Sirius XM Holdings, Inc. (a)	425,375	2,620,310
The Interpublic Group of Cos., Inc.	181,440	6,676,992
The Walt Disney Co. *	835,468	124,033,579
Zynga, Inc., Class A *	481,596	4,372,892
		349,895,038

Pharmaceuticals, Biotechnology & Life Sciences 8.8%
AbbVie, Inc.	812,864	120,116,913
Agilent Technologies, Inc.	139,208	18,147,155
Amgen, Inc.	258,974	58,652,432
Biogen, Inc. *	67,609	14,266,175
Bristol-Myers Squibb Co.	1,020,512	70,078,559
Bruker Corp.	46,857	3,297,327
Catalent, Inc. *	78,780	8,038,711
Elanco Animal Health, Inc. *	218,406	6,204,914
Eli Lilly & Co.	365,065	91,247,997
Gilead Sciences, Inc.	576,709	34,833,224
Jazz Pharmaceuticals plc *	28,309	3,890,223
Johnson & Johnson	1,210,415	199,197,997
Merck & Co., Inc.	1,161,406	88,940,471
Moderna, Inc. *	162,208	24,915,149
Novavax, Inc. *	34,534	2,879,100
Organon & Co.	115,885	4,325,987
Pfizer, Inc.	2,580,808	121,143,127
Royalty Pharma plc, Class A	164,378	6,453,480
Viatris, Inc.	556,937	6,131,876
Waters Corp. *	28,046	8,883,010
		891,643,827

Real Estate 4.4%
Alexandria Real Estate Equities, Inc.	64,838	12,280,317
American Campus Communities, Inc.	63,551	3,419,679
American Homes 4 Rent, Class A	129,775	4,932,748
Americold Realty Trust	122,012	3,260,161
Apartment Income REIT Corp.	71,807	3,705,959
AvalonBay Communities, Inc.	64,311	15,343,962
Boston Properties, Inc.	65,465	8,007,024
Camden Property Trust	46,994	7,759,179
Crown Castle International Corp.	198,738	33,107,763
CubeSmart	100,138	4,827,653
CyrusOne, Inc.	58,552	5,290,173
Digital Realty Trust, Inc.	130,494	17,606,251
Duke Realty Corp.	175,240	9,287,720
Equity LifeStyle Properties, Inc.	78,854	5,884,086
Equity Residential	157,137	13,403,786
Essex Property Trust, Inc.	29,886	9,478,943
Extra Space Storage, Inc.	61,444	11,560,689
Federal Realty Investment Trust	32,026	3,765,617

SECURITY	NUMBER OF SHARES	VALUE ($)
Gaming & Leisure Properties, Inc.	103,584	4,703,749
Healthcare Trust of America, Inc., Class A	101,516	2,983,555
Healthpeak Properties, Inc.	248,172	7,708,222
Host Hotels & Resorts, Inc. *	328,947	6,009,862
Invitation Homes, Inc.	274,147	10,362,757
Iron Mountain, Inc.	133,498	6,565,432
Jones Lang LaSalle, Inc. *	23,265	5,728,308
Kilroy Realty Corp.	47,890	3,429,882
Kimco Realty Corp.	283,997	6,682,449
Lamar Advertising Co., Class A	40,110	4,374,397
Medical Properties Trust, Inc.	275,209	5,597,751
Mid-America Apartment Communities, Inc.	53,045	10,853,537
National Retail Properties, Inc.	80,300	3,421,583
Omega Healthcare Investors, Inc.	109,136	3,074,361
Opendoor Technologies, Inc. *	177,761	1,484,304
Prologis, Inc.	339,930	49,578,791
Public Storage	70,139	24,900,748
Realty Income Corp.	260,250	17,199,923
Regency Centers Corp.	71,211	4,692,093
Simon Property Group, Inc.	151,106	20,786,141
STORE Capital Corp.	112,255	3,448,474
Sun Communities, Inc.	53,278	9,643,318
UDR, Inc.	133,815	7,342,429
Ventas, Inc.	183,593	9,914,022
VICI Properties, Inc.	289,542	8,095,594
Vornado Realty Trust	72,701	3,146,499
Welltower, Inc.	200,205	16,675,074
Weyerhaeuser Co.	343,966	13,373,398
WP Carey, Inc.	85,888	6,647,731
		451,346,094

Retailing 4.2%
Advance Auto Parts, Inc.	28,920	5,913,562
Bath & Body Works, Inc.	121,989	6,510,553
Best Buy Co., Inc.	101,586	9,817,271
Burlington Stores, Inc. *	30,712	6,937,534
CarMax, Inc. *	74,392	8,133,277
Dollar Tree, Inc. *	103,530	14,709,542
eBay, Inc.	287,873	15,714,987
GameStop Corp., Class A *(a)	28,424	3,505,816
Genuine Parts Co.	65,399	7,989,142
LKQ Corp.	123,667	5,806,166
Lowe's Cos., Inc.	318,368	70,378,430
Ross Stores, Inc.	163,434	14,936,233
Target Corp.	224,402	44,828,787
The Gap, Inc.	98,184	1,428,577
The Home Depot, Inc.	485,249	153,256,192
The TJX Cos., Inc.	552,949	36,549,929
Tractor Supply Co.	52,357	10,669,833
Williams-Sonoma, Inc.	34,315	4,970,871
		422,056,702

Semiconductors & Semiconductor Equipment 4.8%
Analog Devices, Inc.	247,122	39,611,185
Applied Materials, Inc.	415,224	55,723,061
Entegris, Inc.	62,388	8,140,386
First Solar, Inc. *	45,206	3,403,560
Intel Corp.	1,870,087	89,203,150
KLA Corp.	69,731	24,301,254
Marvell Technology, Inc.	378,766	25,881,081
Microchip Technology, Inc.	255,234	17,950,607
Micron Technology, Inc.	514,371	45,707,007
QUALCOMM, Inc.	514,999	88,574,678
Skyworks Solutions, Inc.	75,814	10,475,220

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Teradyne, Inc.	74,796	8,819,944
Texas Instruments, Inc.	424,656	72,187,274
		489,978,407

Software & Services 3.9%
Accenture plc, Class A	290,443	91,785,797
Akamai Technologies, Inc. *	74,850	8,103,261
Aspen Technology, Inc. *	30,946	4,716,480
Automatic Data Processing, Inc.	193,764	39,613,112
Bentley Systems, Inc., Class B	84,915	3,259,887
Black Knight, Inc. *	71,404	4,012,191
Broadridge Financial Solutions, Inc.	53,661	7,845,775
Ceridian HCM Holding, Inc. *	62,293	4,541,783
Citrix Systems, Inc.	57,519	5,895,697
Cognizant Technology Solutions Corp., Class A	241,518	20,801,945
DXC Technology Co. *	115,321	3,924,374
Euronet Worldwide, Inc. *	24,137	3,095,087
Fidelity National Information Services, Inc.	280,012	26,665,543
Genpact Ltd.	79,173	3,312,598
Guidewire Software, Inc. *	38,138	3,361,865
International Business Machines Corp.	412,354	50,517,488
Jack Henry & Associates, Inc.	33,882	5,990,338
NortonLifeLock, Inc.	267,865	7,762,728
Nuance Communications, Inc. *	131,330	7,291,442
Oracle Corp.	741,595	56,338,972
Palantir Technologies, Inc., Class A *	736,743	8,730,404
Paychex, Inc.	147,578	17,570,637
Pegasystems, Inc.	18,588	1,619,386
The Western Union Co.	185,931	3,380,226
Thoughtworks Holding, Inc. *	16,736	382,585
VeriSign, Inc. *	44,424	9,494,297
		400,013,898

Technology Hardware & Equipment 2.9%
Amphenol Corp., Class A	275,053	20,906,779
Arrow Electronics, Inc. *	32,141	3,917,345
CDW Corp.	62,257	10,736,842
Cisco Systems, Inc.	1,939,423	108,161,621
Cognex Corp.	81,607	5,513,369
Corning, Inc.	353,645	14,287,258
F5, Inc. *	27,811	5,585,839
Hewlett Packard Enterprise Co.	600,931	9,566,821
HP, Inc.	530,013	18,211,247
Jabil, Inc.	65,831	3,805,690
Juniper Networks, Inc.	148,638	5,022,478
Keysight Technologies, Inc. *	84,779	13,341,671
Motorola Solutions, Inc.	77,669	17,120,578
NetApp, Inc.	103,075	8,079,018
Seagate Technology Holdings plc	94,120	9,709,419
TE Connectivity Ltd.	150,079	21,375,752
Trimble, Inc. *	115,073	8,026,342
Western Digital Corp. *	143,436	7,306,630
		290,674,699

Telecommunication Services 1.9%
AT&T, Inc.	3,283,568	77,787,726
Liberty Global plc, Class A *	80,697	2,080,369
Liberty Global plc, Class C *	153,338	3,966,854
Lumen Technologies, Inc.	426,310	4,416,571
Verizon Communications, Inc.	1,903,439	102,157,571
		190,409,091

SECURITY	NUMBER OF SHARES	VALUE ($)
Transportation 2.9%
Alaska Air Group, Inc. *	57,243	3,213,622
American Airlines Group, Inc. *	296,336	5,111,796
C.H. Robinson Worldwide, Inc.	59,573	5,759,518
CSX Corp.	1,019,946	34,586,369
Delta Air Lines, Inc. *	294,041	11,738,117
Expeditors International of Washington, Inc.	78,054	8,067,661
FedEx Corp.	112,377	24,978,036
Hertz Global Holdings, Inc. *(a)	25,945	527,202
J.B. Hunt Transport Services, Inc.	38,720	7,857,450
Norfolk Southern Corp.	111,893	28,702,792
Southwest Airlines Co. *	272,722	11,945,223
Union Pacific Corp.	295,597	72,702,082
United Airlines Holdings, Inc. *	149,199	6,624,436
United Parcel Service, Inc., Class B	335,287	70,551,090
XPO Logistics, Inc. *	44,995	3,270,237
		295,635,631

Utilities 4.6%
Alliant Energy Corp.	115,392	6,738,893
Ameren Corp.	118,477	10,183,098
American Electric Power Co., Inc.	231,673	21,001,157
American Water Works Co., Inc.	83,637	12,636,714
Atmos Energy Corp.	60,990	6,697,312
Avangrid, Inc.	31,946	1,433,417
CenterPoint Energy, Inc.	289,481	7,917,305
CMS Energy Corp.	133,373	8,537,206
Consolidated Edison, Inc.	162,820	13,965,071
Constellation Energy Corp.	149,439	6,871,205
Dominion Energy, Inc.	372,381	29,615,461
DTE Energy Co.	89,053	10,827,954
Duke Energy Corp.	353,754	35,520,439
Edison International	174,378	11,059,053
Entergy Corp.	92,242	9,704,781
Essential Utilities, Inc.	105,316	4,961,437
Evergy, Inc.	105,721	6,598,048
Eversource Energy	158,392	12,956,466
Exelon Corp.	450,007	19,152,298
FirstEnergy Corp.	249,936	10,459,822
NextEra Energy, Inc.	902,311	70,623,882
NiSource, Inc.	179,385	5,189,608
NRG Energy, Inc.	111,931	4,235,469
OGE Energy Corp.	91,543	3,437,440
PG&E Corp. *	694,690	7,898,625
Pinnacle West Capital Corp.	51,514	3,648,737
PPL Corp.	344,608	9,018,391
Public Service Enterprise Group, Inc.	232,813	15,093,267
Sempra Energy	146,840	21,177,265
The AES Corp.	307,504	6,528,310
The Southern Co.	487,452	31,572,266
UGI Corp.	95,595	3,674,672
Vistra Corp.	220,820	5,039,112
WEC Energy Group, Inc.	145,312	13,205,954
Xcel Energy, Inc.	247,816	16,685,451
		463,865,586
Total Common Stocks (Cost $7,820,262,150)		10,115,105,618

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBEROF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 0.3% OF NET ASSETS

Money Market Funds 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)	4,687,605	4,687,605
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)(d)	22,609,175	22,609,175
		27,296,780
Total Short-Term Investments (Cost $27,296,780)		27,296,780
Total Investments in Securities (Cost $7,847,558,930)		10,142,402,398

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 1000 Value Index, e-mini, expires 03/18/22	292	23,240,280	(177,104)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $22,016,139.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	The rate shown is the 7-day yield.
(d)	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 28, 2022:

	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 2/28/22	BALANCE OF SHARES HELD AT 2/28/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.6% OF NET ASSETS

Diversified Financials 0.6%
The Charles Schwab Corp.	$49,406,943	$4,627,704	($3,321,909)	$549,199	$7,049,247	$58,311,184	690,400	$257,370

The following is a summary of the inputs used to value the fund’s investments as of February 28, 2022 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks¹	$10,115,105,618	$—	$—	$10,115,105,618
Short-Term Investments¹	27,296,780	—	—	27,296,780
Liabilities
Futures Contracts²	(177,104)	—	—	(177,104)
Total	$10,142,225,294	$—	$—	$10,142,225,294

¹	As categorized in the Portfolio Holdings.
²	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Statement of Operations

For the period September 1, 2021 through February 28, 2022; unaudited
Investment Income
Dividends received from securities - unaffiliated		$110,103,411
Dividends received from securities - affiliated		257,370
Securities on loan, net	+	147,822
Total investment income		110,508,603
Expenses
Management fees		2,004,543
Total expenses	–	2,004,543
Net investment income		108,504,060
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(42,319)
Net realized losses on sales of securities - unaffiliated		(10,983,358)
Net realized gains on sales of in-kind redemptions - affiliated		591,518
Net realized gains on sales of in-kind redemptions - unaffiliated		151,816,172
Net realized gains on futures contracts	+	87,533
Net realized gains		141,469,546
Net change in unrealized appreciation (depreciation) on securities - affiliated		7,049,247
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(272,895,432)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(321,164)
Net change in unrealized appreciation (depreciation)	+	(266,167,349)
Net realized and unrealized losses		(124,697,803)
Decrease in net assets resulting from operations		($16,193,743)

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Table of Contents

Schwab U.S. Mid-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$80.01	$57.45	$55.72	$58.44	$48.77	$43.67
Income (loss) from investment operations:
Net investment income (loss)¹	0.54	0.93	0.87	0.84	0.76	0.71
Net realized and unrealized gains (losses)	(4.86)	22.43	1.76	(2.76)	9.59	5.09
Total from investment operations	(4.32)	23.36	2.63	(1.92)	10.35	5.80
Less distributions:
Distributions from net investment income	(0.64)	(0.80)	(0.90)	(0.80)	(0.68)	(0.70)
Net asset value at end of period	$75.05	$80.01	$57.45	$55.72	$58.44	$48.77
Total return	(5.44%) ²	40.98%	4.90%	(3.24%)	21.36%	13.38%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ³	0.04%	0.04%	0.04% ⁴	0.05%	0.06% ⁵
Net investment income (loss)	1.40% ³	1.31%	1.61%	1.52%	1.42%	1.54%
Portfolio turnover rate⁶	12% ²	23%	19%	19%	13%	17%
Net assets, end of period (x 1,000,000)	$9,812	$9,986	$6,678	$6,255	$5,359	$3,555

*	Unaudited.
¹	Calculated based on the average shares outstanding during the period.
²	Not annualized.
³	Annualized.
⁴	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/19 is a blended ratio.
⁵	Effective October 7, 2016 and March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
⁶	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2022 (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 1.2%
Autoliv, Inc.	187,829	16,530,830
BorgWarner, Inc.	571,827	23,450,625
Gentex Corp.	564,570	17,089,534
Harley-Davidson, Inc.	367,254	15,167,590
Lear Corp.	142,176	22,369,972
QuantumScape Corp. *(a)	592,024	9,555,268
Thor Industries, Inc.	132,574	11,997,947
		116,161,766

Banks 4.4%
Bank OZK	288,757	13,577,354
BOK Financial Corp.	72,232	7,418,226
Comerica, Inc.	313,153	29,902,980
Commerce Bancshares, Inc.	264,901	19,014,594
Cullen/Frost Bankers, Inc.	135,282	19,038,236
East West Bancorp, Inc.	338,816	29,666,729
Essent Group Ltd.	263,828	11,655,921
First Citizens BancShares, Inc., Class A	31,792	25,066,402
First Financial Bankshares, Inc.	306,107	14,668,648
First Horizon Corp.	1,291,352	30,320,945
MGIC Investment Corp.	778,040	11,810,647
New York Community Bancorp, Inc.	1,110,613	12,816,474
People's United Financial, Inc.	1,021,040	21,523,523
Pinnacle Financial Partners, Inc.	181,623	18,358,453
Popular, Inc.	190,561	17,503,028
Prosperity Bancshares, Inc.	220,023	16,382,913
Radian Group, Inc.	427,157	10,209,052
Signature Bank	144,680	49,898,685
Synovus Financial Corp.	347,295	18,285,082
TFS Financial Corp.	113,732	1,952,778
Western Alliance Bancorp	248,451	23,289,797
Zions Bancorp NA	373,685	26,490,530
		428,850,997

Capital Goods 11.2%
A.O. Smith Corp.	317,628	21,782,928
Acuity Brands, Inc.	83,327	15,196,345
Advanced Drainage Systems, Inc.	134,327	15,678,647
AECOM	343,616	24,967,139
AGCO Corp.	146,386	17,589,742
Air Lease Corp.	255,872	10,685,215
Allegion plc	214,200	24,530,184
Armstrong World Industries, Inc.	113,472	10,030,925
Axon Enterprise, Inc. *	156,629	21,967,217
AZEK Co., Inc. *	266,328	7,854,013
Builders FirstSource, Inc. *	456,717	33,988,879
BWX Technologies, Inc.	219,549	11,728,308
Carlisle Cos., Inc.	124,794	29,626,096
ChargePoint Holdings, Inc. *(a)	410,003	5,953,244
Colfax Corp. *	321,513	12,928,038
Crane Co.	119,283	12,057,126

SECURITY	NUMBER OF SHARES	VALUE ($)
Curtiss-Wright Corp.	93,707	13,823,657
Donaldson Co., Inc.	295,001	16,009,704
EMCOR Group, Inc.	127,417	14,721,760
Flowserve Corp.	310,615	9,433,378
Fortune Brands Home & Security, Inc.	324,107	28,164,898
Graco, Inc.	405,759	29,251,166
Hexcel Corp.	200,447	11,605,881
Howmet Aerospace, Inc.	917,907	32,971,219
Hubbell, Inc.	129,756	23,129,007
Huntington Ingalls Industries, Inc.	95,578	19,536,143
IDEX Corp.	181,446	34,819,487
ITT, Inc.	204,193	17,942,439
Lennox International, Inc.	80,400	21,461,172
Lincoln Electric Holdings, Inc.	140,853	17,953,123
MasTec, Inc. *	136,560	10,755,466
MDU Resources Group, Inc.	485,679	13,001,627
Nordson Corp.	128,994	29,215,851
nVent Electric plc	401,687	13,629,240
Oshkosh Corp.	163,727	18,180,246
Owens Corning	239,787	22,345,751
Pentair plc	395,252	22,889,043
Plug Power, Inc. *	1,237,143	31,287,346
Quanta Services, Inc.	340,113	37,051,910
Regal Rexnord Corp.	161,802	25,944,951
Rocket Lab USA, Inc. *(a)	344,371	3,285,299
Sensata Technologies Holding plc *	378,070	21,894,034
SiteOne Landscape Supply, Inc. *	106,590	18,379,314
Snap-on, Inc.	128,155	26,935,618
Sunrun, Inc. *	494,464	13,488,978
Textron, Inc.	525,989	38,465,576
The Middleby Corp. *	132,834	23,593,975
The Timken Co.	164,924	10,812,417
The Toro Co.	254,224	23,848,753
Trex Co., Inc. *	274,453	25,205,763
Vertiv Holdings Co.	725,109	9,440,919
Watsco, Inc.	78,817	21,521,770
Westinghouse Air Brake Technologies Corp.	445,733	41,372,937
Woodward, Inc.	150,443	18,749,711
Zurn Water Solutions Corp.	289,040	9,399,581
		1,098,083,156

Commercial & Professional Services 3.1%
ADT, Inc.	347,392	2,539,436
ASGN, Inc. *	124,375	13,779,506
Aurora Innovation, Inc. *(a)	611,077	3,495,360
Booz Allen Hamilton Holding Corp.	319,262	25,761,251
CACI International, Inc., Class A *	55,684	15,579,826
Clarivate plc *	886,099	13,273,763
Clean Harbors, Inc. *	119,270	11,381,936
Driven Brands Holdings, Inc. *	131,676	3,867,324
Dun & Bradstreet Holdings, Inc. *	359,785	6,677,610
IAA, Inc. *	321,870	11,825,504
Jacobs Engineering Group, Inc.	311,002	38,253,246
Leidos Holdings, Inc.	334,769	34,092,875
ManpowerGroup, Inc.	129,471	13,760,178

₉₄

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
MSA Safety, Inc.	86,904	12,088,346
Nielsen Holdings plc	856,631	14,922,512
Robert Half International, Inc.	265,760	31,968,270
Science Applications International Corp.	137,515	12,058,690
Stericycle, Inc. *	219,288	12,797,648
Tetra Tech, Inc.	128,991	20,479,901
TriNet Group, Inc. *	95,867	8,370,148
		306,973,330

Consumer Durables & Apparel 4.5%
Brunswick Corp.	184,028	17,578,355
Capri Holdings Ltd. *	358,887	24,311,005
Carter's, Inc.	100,643	9,730,165
Columbia Sportswear Co.	82,692	7,667,202
Crocs, Inc. *	140,463	11,760,967
Deckers Outdoor Corp. *	65,482	18,900,725
Hanesbrands, Inc.	834,128	12,887,278
Hasbro, Inc.	309,205	30,008,345
Hayward Holdings, Inc. *	99,118	1,773,221
Helen of Troy Ltd. *	57,612	11,849,060
Leggett & Platt, Inc.	318,562	11,812,279
Mattel, Inc. *	836,137	20,886,702
Mohawk Industries, Inc. *	130,953	18,435,563
Newell Brands, Inc.	903,399	21,455,726
Polaris, Inc.	136,167	16,545,652
PulteGroup, Inc.	604,443	30,016,639
PVH Corp.	169,558	16,598,033
Ralph Lauren Corp.	116,318	15,358,629
Skechers U.S.A., Inc., Class A *	321,940	14,802,801
Tapestry, Inc.	656,245	26,840,421
Tempur Sealy International, Inc.	459,608	15,171,660
Toll Brothers, Inc.	273,198	14,823,724
TopBuild Corp. *	78,568	16,866,978
Under Armour, Inc., Class A *	449,823	8,047,333
Under Armour, Inc., Class C *	513,060	8,019,128
Whirlpool Corp.	145,005	29,185,156
YETI Holdings, Inc. *	209,258	12,881,923
		444,214,670

Consumer Services 3.9%
Aramark	608,888	22,504,500
Bright Horizons Family Solutions, Inc. *	144,026	18,815,557
Caesars Entertainment, Inc. *	510,350	42,966,366
Chegg, Inc. *	346,332	10,829,802
Choice Hotels International, Inc.	78,295	11,301,883
Churchill Downs, Inc.	82,134	19,783,617
Coursera, Inc. *	197,470	4,014,565
Marriott Vacations Worldwide Corp.	101,620	16,327,285
MGM Resorts International	928,913	41,141,557
Norwegian Cruise Line Holdings Ltd. *	883,022	17,210,099
Penn National Gaming, Inc. *	396,451	20,357,759
Planet Fitness, Inc., Class A *	198,953	16,837,392
Service Corp. International	393,314	23,933,157
Terminix Global Holdings, Inc. *	289,439	12,318,524
Texas Roadhouse, Inc.	166,260	15,779,737
The Wendy's Co.	420,360	9,558,986
Vail Resorts, Inc.	96,560	25,158,708
Wingstop, Inc.	71,233	10,353,717
Wyndham Hotels & Resorts, Inc.	222,306	19,209,461
Wynn Resorts Ltd. *	251,053	21,721,106
		380,123,778

SECURITY	NUMBER OF SHARES	VALUE ($)
Diversified Financials 6.4%
Affiliated Managers Group, Inc.	97,078	13,431,712
AGNC Investment Corp.	1,252,222	16,166,186
Ally Financial, Inc.	826,771	41,255,873
Annaly Capital Management, Inc.	3,457,222	24,062,265
Apollo Global Management, Inc.	880,465	57,459,146
Ares Management Corp., Class A	400,096	32,443,785
Blackstone Mortgage Trust, Inc., Class A	399,010	12,680,538
Cboe Global Markets, Inc.	254,632	29,865,787
Credit Acceptance Corp. *	19,776	10,879,173
Equitable Holdings, Inc.	898,035	29,329,823
FactSet Research Systems, Inc.	89,821	36,475,410
Invesco Ltd.	814,368	17,297,176
Janus Henderson Group plc	407,351	13,674,773
Jefferies Financial Group, Inc.	468,765	16,659,908
Lazard Ltd., Class A	268,781	9,294,447
LPL Financial Holdings, Inc.	191,366	34,627,678
Morningstar, Inc.	56,529	15,864,864
New Residential Investment Corp.	1,114,864	11,572,288
OneMain Holdings, Inc.	266,527	13,587,547
Raymond James Financial, Inc.	441,982	48,463,326
SEI Investments Co.	252,986	14,819,920
SoFi Technologies, Inc. *(a)	1,540,722	17,641,267
Starwood Property Trust, Inc.	727,045	17,332,753
Stifel Financial Corp.	248,342	18,253,137
The Carlyle Group, Inc.	331,845	15,553,575
Tradeweb Markets, Inc., Class A	250,715	21,180,403
Upstart Holdings, Inc. *	117,416	18,550,554
Voya Financial, Inc.	264,934	17,843,305
		626,266,619

Energy 3.8%
Antero Midstream Corp.	774,332	7,774,293
APA Corp.	866,375	30,868,941
Continental Resources, Inc.	139,299	7,721,344
Coterra Energy, Inc.	1,941,924	45,305,087
Devon Energy Corp.	1,502,622	89,481,140
Diamondback Energy, Inc.	406,483	56,135,302
EQT Corp.	721,907	16,704,928
HollyFrontier Corp. *	356,580	10,857,861
Marathon Oil Corp.	1,858,248	41,922,075
NOV, Inc.	932,766	15,996,937
Targa Resources Corp.	546,545	35,727,647
Texas Pacific Land Corp.	14,784	17,574,184
		376,069,739

Food & Staples Retailing 0.9%
Albertsons Cos., Inc., Class A	233,688	6,812,005
BJ's Wholesale Club Holdings, Inc. *	325,753	20,480,091
Casey's General Stores, Inc.	88,491	16,643,387
Performance Food Group Co. *	368,288	20,638,860
US Foods Holding Corp. *	531,993	20,795,606
		85,369,949

Food, Beverage & Tobacco 2.4%
Beyond Meat, Inc. *(a)	143,462	6,711,152
Bunge Ltd.	335,380	35,063,979
Campbell Soup Co.	482,939	21,717,767
Darling Ingredients, Inc. *	385,889	27,969,235
Flowers Foods, Inc.	474,617	13,009,252
Ingredion, Inc.	158,878	14,098,834
Lamb Weston Holdings, Inc.	348,453	23,147,733
Lancaster Colony Corp.	47,414	7,975,509

₉₅

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Molson Coors Beverage Co., Class B	449,363	23,447,761
Pilgrim's Pride Corp. *	116,194	2,739,854
Post Holdings, Inc. *	139,761	14,694,472
Seaboard Corp.	613	2,365,861
The Boston Beer Co., Inc., Class A *	22,417	8,596,023
The J.M. Smucker Co.	258,606	34,847,158
		236,384,590

Health Care Equipment & Services 4.6%
ABIOMED, Inc. *	108,622	33,753,200
agilon health, Inc. *	113,781	2,300,652
Amedisys, Inc. *	77,877	12,479,011
Certara, Inc. *	247,107	6,261,691
Chemed Corp.	36,742	17,573,331
DaVita, Inc. *	155,645	17,552,087
Dentsply Sirona, Inc.	521,935	28,257,561
Encompass Health Corp.	237,573	15,684,570
Envista Holdings Corp. *	385,138	18,486,624
Guardant Health, Inc. *	242,593	16,076,638
HealthEquity, Inc. *	198,968	10,686,571
Henry Schein, Inc. *	330,750	28,570,185
Insulet Corp. *	164,620	43,573,268
Integra LifeSciences Holdings Corp. *	173,531	11,636,989
LHC Group, Inc. *	75,661	10,302,758
Masimo Corp. *	121,131	19,072,076
Molina Healthcare, Inc. *	139,400	42,777,678
Novocure Ltd. *	213,184	17,451,242
Oak Street Health, Inc. *	332,745	5,826,365
Penumbra, Inc. *	83,776	18,576,490
Quidel Corp. *	90,357	9,558,867
Tandem Diabetes Care, Inc. *	151,527	17,066,486
Tenet Healthcare Corp. *	255,510	21,971,305
Universal Health Services, Inc., Class B	174,405	25,102,112
		450,597,757

Household & Personal Products 0.2%
Coty, Inc., Class A *	800,433	7,339,971
Herbalife Nutrition Ltd. *	236,015	8,397,414
Reynolds Consumer Products, Inc.	129,986	3,869,683
		19,607,068

Insurance 4.2%
Alleghany Corp. *	32,727	21,662,656
American Financial Group, Inc.	157,774	21,361,022
Assurant, Inc.	135,889	23,061,722
Axis Capital Holdings Ltd.	184,372	10,070,399
Brown & Brown, Inc.	559,374	37,819,276
CNA Financial Corp.	64,644	2,954,231
Erie Indemnity Co., Class A	59,549	10,427,030
Everest Re Group Ltd.	94,011	28,035,960
Fidelity National Financial, Inc.	678,921	32,343,796
First American Financial Corp.	261,851	17,554,491
Globe Life, Inc.	221,559	22,368,597
Lincoln National Corp.	405,197	27,318,382
Loews Corp.	478,081	29,325,488
Old Republic International Corp.	681,486	17,957,156
Primerica, Inc.	94,291	12,247,458
Reinsurance Group of America, Inc.	161,181	17,868,526
RenaissanceRe Holdings Ltd.	109,779	16,552,478
Selective Insurance Group, Inc.	143,281	11,919,546
The Hanover Insurance Group, Inc.	84,992	11,857,234
Unum Group	487,395	13,608,068
W.R. Berkley Corp.	333,127	30,081,368
		416,394,884

SECURITY	NUMBER OF SHARES	VALUE ($)
Materials 7.0%
Alcoa Corp.	446,618	33,648,200
AptarGroup, Inc.	157,043	19,140,401
Ashland Global Holdings, Inc.	134,832	12,442,297
Avery Dennison Corp.	197,540	34,806,548
Axalta Coating Systems Ltd. *	512,611	13,861,001
Berry Global Group, Inc. *	322,807	19,578,244
CF Industries Holdings, Inc.	511,898	41,560,999
Cleveland-Cliffs, Inc. *	1,085,710	24,276,476
Crown Holdings, Inc.	305,217	37,440,969
Diversey Holdings Ltd. *	113,343	1,084,692
Eagle Materials, Inc.	97,164	13,294,950
Eastman Chemical Co.	320,880	38,014,654
FMC Corp.	302,512	35,469,532
Graphic Packaging Holding Co.	674,606	13,883,391
Huntsman Corp.	494,349	19,991,474
MP Materials Corp. *	178,043	8,122,322
Olin Corp.	342,305	17,632,131
Packaging Corp. of America	226,815	33,384,900
Reliance Steel & Aluminum Co.	149,572	28,548,808
Royal Gold, Inc.	156,548	18,983,010
RPM International, Inc.	309,322	26,159,361
Sealed Air Corp.	353,301	23,717,096
Sonoco Products Co.	234,735	13,783,639
Steel Dynamics, Inc.	449,646	31,736,015
The Mosaic Co.	884,172	46,357,138
The Scotts Miracle-Gro Co.	97,280	13,625,037
United States Steel Corp.	644,938	17,548,763
Valvoline, Inc.	431,599	13,953,596
Westlake Corp.	79,110	8,726,624
Westrock Co.	636,759	28,826,080
		689,598,348

Media & Entertainment 2.9%
Altice USA, Inc., Class A *	537,824	6,217,246
Bumble, Inc., Class A *	172,269	4,415,255
Cable One, Inc.	11,818	16,933,421
Discovery, Inc., Class A *(a)	403,436	11,316,380
Discovery, Inc., Class C *	724,207	20,256,070
DISH Network Corp., Class A *	596,175	19,053,753
IAC/InterActiveCorp *	199,778	22,926,523
Liberty Media Corp. - Liberty Formula One, Class A *	53,984	3,031,741
Liberty Media Corp. - Liberty Formula One, Class C *	485,792	29,502,148
News Corp., Class A	937,505	20,925,112
News Corp., Class B	289,959	6,503,780
Playtika Holding Corp. *	244,179	5,030,087
The Interpublic Group of Cos., Inc.	939,856	34,586,701
The New York Times Co., Class A	398,879	17,546,687
Vimeo, Inc. *	373,518	4,851,999
ZoomInfo Technologies, Inc., Class A *	721,980	39,485,086
Zynga, Inc., Class A *	2,511,526	22,804,656
		285,386,645

Pharmaceuticals, Biotechnology & Life Sciences 5.7%
10X Genomics, Inc., Class A *	218,563	17,806,328
Adaptive Biotechnologies Corp. *	258,389	3,728,553
Alkermes plc *	385,066	9,572,741
Arrowhead Pharmaceuticals, Inc. *	248,983	10,955,252
Biohaven Pharmaceutical Holding Co., Ltd. *	139,152	16,518,734
BioMarin Pharmaceutical, Inc. *	438,183	34,230,856
Bio-Rad Laboratories, Inc., Class A *	51,596	32,297,032
Bio-Techne Corp.	93,822	39,349,885

₉₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bridgebio Pharma, Inc. *	255,850	1,995,630
Bruker Corp.	242,495	17,064,373
Elanco Animal Health, Inc. *	1,129,463	32,088,044
Exelixis, Inc. *	755,418	15,508,732
Fate Therapeutics, Inc. *	193,291	6,678,204
Intellia Therapeutics, Inc. *	165,221	16,332,096
Ionis Pharmaceuticals, Inc. *	337,604	11,269,222
Jazz Pharmaceuticals plc *	146,604	20,146,322
Mirati Therapeutics, Inc. *	118,459	10,458,745
Natera, Inc. *	210,045	13,810,459
Neurocrine Biosciences, Inc. *	226,362	20,343,153
Novavax, Inc. *	180,365	15,037,030
Organon & Co.	604,953	22,582,895
PerkinElmer, Inc.	301,230	54,103,920
Perrigo Co., plc	319,523	11,349,457
Repligen Corp. *	122,654	24,126,042
Roivant Sciences Ltd. *(a)	227,259	1,429,459
Sarepta Therapeutics, Inc. *	207,853	15,923,618
Sotera Health Co. *	236,069	5,162,829
Syneos Health, Inc. *	247,327	19,588,298
Ultragenyx Pharmaceutical, Inc. *	162,879	10,965,014
United Therapeutics Corp. *	107,453	17,858,689
Viatris, Inc.	2,886,186	31,776,908
Vir Biotechnology, Inc. *	174,365	4,392,254
		564,450,774

Real Estate 9.2%
American Campus Communities, Inc.	332,046	17,867,395
American Homes 4 Rent, Class A	677,396	25,747,822
Americold Realty Trust	636,778	17,014,708
Apartment Income REIT Corp.	374,540	19,330,009
Brixmor Property Group, Inc.	708,742	17,803,599
Camden Property Trust	243,781	40,250,681
Cousins Properties, Inc.	354,904	13,709,941
CubeSmart	517,094	24,929,102
CyrusOne, Inc.	303,012	27,377,134
Douglas Emmett, Inc.	418,919	13,279,732
EastGroup Properties, Inc.	97,064	18,515,929
Equity LifeStyle Properties, Inc.	408,243	30,463,093
eXp World Holdings, Inc.	158,042	4,226,043
Federal Realty Investment Trust	167,032	19,639,623
First Industrial Realty Trust, Inc.	310,873	17,900,067
Gaming & Leisure Properties, Inc.	540,037	24,523,080
Healthcare Realty Trust, Inc.	351,353	9,163,286
Healthcare Trust of America, Inc., Class A	527,166	15,493,409
Highwoods Properties, Inc.	249,443	10,875,715
Host Hotels & Resorts, Inc. *	1,703,327	31,119,784
Iron Mountain, Inc.	691,214	33,993,904
Jones Lang LaSalle, Inc. *	120,510	29,671,972
Kilroy Realty Corp.	250,119	17,913,523
Kimco Realty Corp.	1,471,612	34,627,030
Lamar Advertising Co., Class A	207,109	22,587,307
Life Storage, Inc.	195,604	24,761,510
Medical Properties Trust, Inc.	1,423,723	28,958,526
National Retail Properties, Inc.	419,321	17,867,268
Omega Healthcare Investors, Inc.	570,164	16,061,520
Opendoor Technologies, Inc. *	922,423	7,702,232
Rayonier, Inc.	341,847	13,571,326
Regency Centers Corp.	368,021	24,248,904
Rexford Industrial Realty, Inc.	361,362	25,342,317
SL Green Realty Corp.	159,383	12,674,136
Spirit Realty Capital, Inc.	294,434	13,652,905
STAG Industrial, Inc.	417,711	16,274,021
STORE Capital Corp.	585,605	17,989,786
The Howard Hughes Corp. *	98,572	9,421,512
UDR, Inc.	693,464	38,050,370

SECURITY	NUMBER OF SHARES	VALUE ($)
VICI Properties, Inc.	1,500,993	41,967,764
Vornado Realty Trust	379,470	16,423,462
WeWork, Inc., Class A *(a)	501,481	3,209,478
WP Carey, Inc.	444,482	34,402,907
		900,603,832

Retailing 3.9%
Advance Auto Parts, Inc.	150,375	30,748,680
AutoNation, Inc. *	95,562	10,957,139
Bath & Body Works, Inc.	630,948	33,673,695
Chewy, Inc., Class A *	211,523	9,971,194
Dick's Sporting Goods, Inc.	154,867	16,261,035
Five Below, Inc. *	133,673	21,870,239
Floor & Decor Holdings, Inc., Class A *	251,811	24,078,168
Foot Locker, Inc.	215,956	6,828,529
GameStop Corp., Class A *(a)	147,833	18,233,722
Kohl's Corp.	359,188	19,978,037
Leslie's, Inc. *	327,287	6,974,486
Lithia Motors, Inc.	72,203	24,608,226
LKQ Corp.	640,154	30,055,230
Ollie's Bargain Outlet Holdings, Inc. *	144,110	6,222,670
Penske Automotive Group, Inc.	72,659	7,141,653
Petco Health & Wellness Co., Inc. *	194,402	3,405,923
Pool Corp.	95,686	43,879,686
Qurate Retail, Inc., Class A	851,407	4,691,253
Qurate Retail, Inc., Class B	2,420	13,891
RH *	41,438	16,652,689
The Gap, Inc.	510,518	7,428,037
Victoria's Secret & Co. *	173,178	9,287,536
Williams-Sonoma, Inc.	177,576	25,723,659
		378,685,377

Semiconductors & Semiconductor Equipment 2.9%
Allegro MicroSystems, Inc. *	131,139	3,759,755
Entegris, Inc.	323,433	42,201,538
First Solar, Inc. *	236,034	17,771,000
Lattice Semiconductor Corp. *	326,722	20,459,332
MKS Instruments, Inc.	132,262	19,918,657
ON Semiconductor Corp. *	1,028,234	64,377,731
Power Integrations, Inc.	144,055	12,964,950
Silicon Laboratories, Inc. *	95,919	14,743,710
SolarEdge Technologies, Inc. *	125,355	40,040,894
Universal Display Corp.	103,475	16,029,312
Wolfspeed, Inc. *	276,731	28,425,808
		280,692,687

Software & Services 8.2%
Affirm Holdings, Inc. *	348,841	14,595,507
Anaplan, Inc. *	348,932	16,528,909
AppLovin Corp., Class A *	64,638	3,754,175
Asana, Inc., Class A *	193,200	10,585,428
Aspen Technology, Inc. *	159,578	24,321,283
Avalara, Inc. *	207,338	21,544,492
Bill.com Holdings, Inc. *	217,850	51,822,158
Black Knight, Inc. *	370,496	20,818,170
C3.ai, Inc., Class A *	167,688	3,759,565
CDK Global, Inc.	282,626	12,814,263
Ceridian HCM Holding, Inc. *	324,925	23,690,282
Citrix Systems, Inc.	297,487	30,492,417
Concentrix Corp.	102,361	20,460,940
Datto Holding Corp. *	61,875	1,451,587
Dolby Laboratories, Inc., Class A	155,936	11,710,794
Dropbox, Inc., Class A *	673,980	15,292,606
Duck Creek Technologies, Inc. *	178,954	4,201,840
DXC Technology Co. *	602,111	20,489,837

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Dynatrace, Inc. *	469,387	20,850,170
Elastic N.V. *	171,373	14,849,470
Euronet Worldwide, Inc. *	126,229	16,186,345
Fair Isaac Corp. *	65,300	30,768,707
Fastly, Inc., Class A *	254,576	4,735,114
Five9, Inc. *	162,298	17,852,780
Genpact Ltd.	412,876	17,274,732
GoDaddy, Inc., Class A *	396,776	33,095,086
Guidewire Software, Inc. *	198,748	17,519,636
Informatica, Inc., Class A *	70,766	1,426,643
Jack Henry & Associates, Inc.	176,771	31,253,113
Manhattan Associates, Inc. *	150,926	20,175,788
Maximus, Inc.	146,797	11,576,411
New Relic, Inc. *	140,510	9,307,382
Nuance Communications, Inc. *	680,200	37,764,704
Nutanix, Inc., Class A *	504,584	13,472,393
Paylocity Holding Corp. *	94,524	20,080,679
Pegasystems, Inc.	97,685	8,510,317
PTC, Inc. *	252,256	28,071,048
Q2 Holdings, Inc. *	135,824	8,835,351
Smartsheet, Inc., Class A *	300,569	15,981,254
The Western Union Co.	959,560	17,444,801
Thoughtworks Holding, Inc. *	86,773	1,983,631
Tyler Technologies, Inc. *	97,821	41,892,821
WEX, Inc. *	106,968	18,025,178
Zendesk, Inc. *	288,655	33,677,379
		800,945,186

Technology Hardware & Equipment 3.3%
Arrow Electronics, Inc. *	166,093	20,243,415
Ciena Corp. *	369,458	25,278,316
Cognex Corp.	421,619	28,484,580
Coherent, Inc. *	58,551	15,476,200
F5, Inc. *	144,023	28,927,020
IPG Photonics Corp. *	85,294	11,118,073
Jabil, Inc.	341,874	19,763,736
Juniper Networks, Inc.	775,518	26,204,753
Littelfuse, Inc.	58,771	15,175,260
Lumentum Holdings, Inc. *	172,582	17,061,457
National Instruments Corp.	315,017	12,647,933
NetApp, Inc.	533,860	41,843,947
TD SYNNEX Corp.	98,628	10,043,289
Ubiquiti, Inc.	14,959	3,797,940
Vontier Corp.	403,060	9,794,358
Western Digital Corp. *	743,678	37,882,957
		323,743,234

Telecommunication Services 0.4%
Frontier Communications Parent, Inc. *	496,094	13,667,390
Lumen Technologies, Inc.	2,198,235	22,773,714
		36,441,104

Transportation 2.4%
Alaska Air Group, Inc. *	299,162	16,794,955
AMERCO	23,405	13,518,962
American Airlines Group, Inc. *	1,544,216	26,637,726
C.H. Robinson Worldwide, Inc.	310,281	29,997,967
GXO Logistics, Inc. *	235,171	19,737,902
Hertz Global Holdings, Inc. *(a)	134,679	2,736,677
JetBlue Airways Corp. *	759,671	11,600,176
Knight-Swift Transportation Holdings, Inc.	395,893	21,568,251

SECURITY	NUMBER OF SHARES	VALUE ($)
Landstar System, Inc.	90,956	14,044,516
Lyft, Inc., Class A *	705,873	27,486,695
TuSimple Holdings, Inc., Class A *	80,948	1,410,114
United Airlines Holdings, Inc. *	773,066	34,324,130
XPO Logistics, Inc. *	235,459	17,113,160
		236,971,231

Utilities 3.2%
Alliant Energy Corp.	597,710	34,906,264
Atmos Energy Corp.	316,074	34,708,086
Black Hills Corp.	151,990	10,637,780
Essential Utilities, Inc.	549,261	25,875,686
Hawaiian Electric Industries, Inc.	261,160	10,702,337
IDACORP, Inc.	120,567	12,532,940
National Fuel Gas Co.	217,737	13,551,951
NiSource, Inc.	936,489	27,092,627
NRG Energy, Inc.	583,986	22,098,030
OGE Energy Corp.	477,777	17,940,526
Pinnacle West Capital Corp.	269,168	19,065,169
Portland General Electric Co.	213,639	10,846,452
The AES Corp.	1,591,679	33,791,345
UGI Corp.	498,389	19,158,073
Vistra Corp.	1,151,178	26,269,882
		319,177,148
Total Common Stocks (Cost $7,892,130,472)		9,801,793,869


SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS

Money Market Funds 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (b)	10,580,271	10,580,271
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (b)(c)	69,127,590	69,127,590
		79,707,861
Total Short-Term Investments (Cost $79,707,861)		79,707,861
Total Investments in Securities (Cost $7,971,838,333)		9,881,501,730

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 400 Mid-Cap Index, e-mini, expires 03/18/22	34	9,037,200	70,094

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $67,323,837.
(b)	The rate shown is the 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

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Schwab U.S. Equity ETFs | Semiannual Report

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Table of Contents

Schwab U.S. Small-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$103.69	$71.24	$69.20	$78.24	$64.03	$57.42
Income (loss) from investment operations:
Net investment income (loss)¹	0.67	1.09	1.01	1.04	0.98	0.90
Net realized and unrealized gains (losses)	(9.47)	32.38	2.02	(9.07)	14.10	6.64
Total from investment operations	(8.80)	33.47	3.03	(8.03)	15.08	7.54
Less distributions:
Distributions from net investment income	(0.78)	(1.02)	(0.99)	(1.01)	(0.87)	(0.93)
Net asset value at end of period	$94.11	$103.69	$71.24	$69.20	$78.24	$64.03
Total return	(8.54%) ²	47.33%	4.53%	(10.26%)	23.71%	13.21%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ³	0.04%	0.04%	0.04% ⁴	0.05%	0.06% ⁵
Net investment income (loss)	1.34% ³	1.18%	1.50%	1.49%	1.38%	1.46%
Portfolio turnover rate⁶	12% ²	15%	12%	11%	9%	11%
Net assets, end of period (x 1,000,000)	$16,084	$16,622	$10,044	$8,100	$8,853	$5,491

*	Unaudited.
¹	Calculated based on the average shares outstanding during the period.
²	Not annualized.
³	Annualized.
⁴	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/19 is a blended ratio.
⁵	Effective October 7, 2016 and March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/17 is a blended ratio.
⁶	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (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 1.4%
Adient plc *	386,736	17,306,436
American Axle & Manufacturing Holdings, Inc. *	465,383	4,309,447
Canoo, Inc. *(a)	581,596	3,338,361
Dana, Inc.	591,218	11,008,479
Dorman Products, Inc. *	116,888	10,919,677
Faraday Future Intelligent Electric, Inc. *(a)	701,203	4,031,917
Fisker, Inc. *(a)	578,075	7,052,515
Fox Factory Holding Corp. *	172,794	20,393,148
Gentherm, Inc. *	136,107	11,547,318
Holley, Inc. *(a)	151,019	1,958,717
LCI Industries	103,694	12,911,977
Lordstown Motors Corp., Class A *(a)	494,107	1,269,855
Luminar Technologies, Inc. *(a)	884,411	12,408,286
Modine Manufacturing Co. *	213,735	2,158,724
Patrick Industries, Inc.	92,357	6,588,748
Standard Motor Products, Inc.	78,006	3,409,642
Stoneridge, Inc. *	110,757	1,828,598
Tenneco, Inc., Class A *	311,524	6,006,183
The Goodyear Tire & Rubber Co. *	1,153,715	17,871,045
Thor Industries, Inc.	228,364	20,666,942
Veoneer, Inc. *	414,660	14,699,697
Visteon Corp. *	115,161	13,838,897
Winnebago Industries, Inc.	137,258	8,794,120
Workhorse Group, Inc. *(a)	531,943	1,664,982
XL Fleet Corp. *(a)	402,133	784,159
XPEL, Inc. *	68,482	4,971,793
		221,739,663

Banks 10.1%
1st Source Corp.	69,758	3,368,614
Allegiance Bancshares, Inc.	76,842	3,292,680
Ameris Bancorp	271,942	13,461,129
Arrow Financial Corp.	65,882	2,263,047
Associated Banc-Corp.	616,488	15,036,142
Atlantic Union Bankshares Corp.	310,041	12,596,966
Axos Financial, Inc. *	220,051	12,045,592
Banc of California, Inc.	221,701	4,356,425
BancFirst Corp.	77,886	6,085,233
Bank of Hawaii Corp.	166,198	14,322,944
Bank of Marin Bancorp	65,382	2,309,292
Bank OZK	496,622	23,351,166
BankUnited, Inc.	365,925	16,173,885
Banner Corp.	141,148	8,696,128
Berkshire Hills Bancorp, Inc.	200,720	6,242,392
Brookline Bancorp, Inc.	316,920	5,432,009
Byline Bancorp, Inc.	96,504	2,631,664
Cadence Bank	804,836	25,448,914
Camden National Corp.	60,510	2,877,250
Capitol Federal Financial, Inc.	526,702	5,751,586
Cathay General Bancorp	316,301	14,875,636

SECURITY	NUMBER OF SHARES	VALUE ($)
CBTX, Inc.	75,006	2,254,680
Central Pacific Financial Corp.	114,113	3,330,958
City Holding Co.	61,703	4,915,878
Columbia Banking System, Inc.	319,359	11,698,120
Columbia Financial, Inc. *	156,057	3,314,651
Community Bank System, Inc.	221,270	16,139,434
Community Trust Bancorp, Inc.	62,516	2,643,176
ConnectOne Bancorp, Inc.	145,489	4,801,137
CrossFirst Bankshares, Inc. *	185,770	2,922,162
Customers Bancorp, Inc. *	122,394	7,533,351
CVB Financial Corp.	522,277	12,315,292
Dime Community Bancshares, Inc.	135,385	4,601,736
Eagle Bancorp, Inc.	131,690	7,890,865
Eastern Bankshares, Inc.	697,957	15,257,340
Enterprise Financial Services Corp.	158,171	7,819,974
Essent Group Ltd.	452,727	20,001,479
F.N.B. Corp.	1,391,965	18,694,090
FB Financial Corp.	146,004	6,488,418
Federal Agricultural Mortgage Corp., Class C	40,441	5,002,552
Financial Institutions, Inc.	64,495	2,059,970
First BanCorp	842,969	11,902,722
First Bancorp (North Carolina)	140,920	6,324,490
First Bancshares, Inc.	85,863	3,031,822
First Busey Corp.	206,748	5,675,233
First Citizens BancShares, Inc., Class A	54,599	43,048,582
First Commonwealth Financial Corp.	387,473	6,257,689
First Community Bankshares, Inc.	61,741	1,810,864
First Financial Bancorp	384,581	9,453,001
First Financial Bankshares, Inc.	526,398	25,224,992
First Financial Corp.	46,197	2,148,622
First Foundation, Inc.	161,911	4,318,166
First Hawaiian, Inc.	528,910	15,375,414
First Horizon Corp.	2,220,145	52,129,005
First Interstate BancSystem, Inc., Class A	332,743	13,509,366
First Merchants Corp.	221,213	9,675,857
First Mid Bancshares, Inc.	66,628	2,669,784
Flagstar Bancorp, Inc.	216,753	9,879,602
Flushing Financial Corp.	125,264	2,942,451
Fulton Financial Corp.	661,251	11,915,743
German American Bancorp, Inc.	101,709	4,045,984
Glacier Bancorp, Inc.	445,495	24,680,423
Great Southern Bancorp, Inc.	41,904	2,573,744
Hancock Whitney Corp.	356,403	19,844,519
Hanmi Financial Corp.	124,072	3,240,761
Harborone Bancorp, Inc.	195,645	2,893,590
Heartland Financial USA, Inc.	165,386	8,206,453
Heritage Commerce Corp.	251,313	2,988,112
Heritage Financial Corp.	143,558	3,764,091
Hilltop Holdings, Inc.	250,595	7,748,397
Home BancShares, Inc.	618,813	14,486,412
HomeStreet, Inc.	83,460	4,294,852
Hope Bancorp, Inc.	495,307	8,400,407
Horizon Bancorp, Inc.	158,168	3,176,013
Independent Bank Corp.	195,010	16,772,810

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Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Independent Bank Group, Inc.	151,378	11,678,813
International Bancshares Corp.	218,357	9,391,535
Investors Bancorp, Inc.	924,371	15,473,971
Kearny Financial Corp.	306,320	4,046,487
Lakeland Bancorp, Inc.	253,735	4,577,379
Lakeland Financial Corp.	104,049	8,345,770
Live Oak Bancshares, Inc.	130,778	8,363,253
Luther Burbank Corp.	46,965	607,727
Mercantile Bank Corp.	58,802	2,168,030
Merchants Bancorp	102,026	2,953,653
Meta Financial Group, Inc.	130,381	7,221,804
Metrocity Bankshares, Inc.	79,175	1,924,744
MGIC Investment Corp.	1,335,441	20,271,994
Midland States Bancorp, Inc.	84,484	2,480,450
Mr Cooper Group, Inc. *	308,011	15,656,199
National Bank Holdings Corp., Class A	123,685	5,489,140
NBT Bancorp, Inc.	178,500	6,849,045
New York Community Bancorp, Inc.	1,910,949	22,052,351
Nicolet Bankshares, Inc. *	50,055	4,768,239
NMI Holdings, Inc., Class A *	353,205	8,173,164
Northfield Bancorp, Inc.	178,037	2,795,181
Northwest Bancshares, Inc.	522,161	7,352,027
OceanFirst Financial Corp.	244,742	5,477,326
OFG Bancorp	203,471	5,733,813
Old National Bancorp	1,210,671	22,131,062
Origin Bancorp, Inc.	89,202	4,119,348
Pacific Premier Bancorp, Inc.	386,823	14,973,918
PacWest Bancorp	481,879	23,814,460
Park National Corp.	59,470	7,972,548
Peapack-Gladstone Financial Corp.	69,198	2,610,149
PennyMac Financial Services, Inc.	131,483	7,593,143
Peoples Bancorp, Inc.	100,417	3,141,044
Pinnacle Financial Partners, Inc.	312,465	31,583,962
Popular, Inc.	327,899	30,117,523
Preferred Bank	55,929	4,389,308
Premier Financial Corp.	150,899	4,628,072
Prosperity Bancshares, Inc.	378,473	28,181,100
Provident Financial Services, Inc.	317,867	7,542,984
QCR Holdings, Inc.	59,856	3,343,556
Radian Group, Inc.	736,388	17,599,673
Renasant Corp.	229,695	8,386,164
Republic Bancorp, Inc., Class A	37,350	1,713,618
Rocket Cos., Inc., Class A (a)	551,625	7,121,479
S&T Bancorp, Inc.	162,047	5,038,041
Sandy Spring Bancorp, Inc.	187,868	8,846,704
Seacoast Banking Corp. of Florida	239,333	8,771,554
ServisFirst Bancshares, Inc.	200,120	17,486,486
Silvergate Capital Corp., Class A *	122,292	15,663,159
Simmons First National Corp., Class A	471,588	13,449,690
Southside Bancshares, Inc.	131,703	5,490,698
SouthState Corp.	286,766	25,808,940
Stock Yards Bancorp, Inc.	99,800	5,336,306
Synovus Financial Corp.	597,324	31,449,109
Texas Capital Bancshares, Inc. *	207,959	13,850,069
TFS Financial Corp.	198,043	3,400,398
The Bancorp, Inc. *	234,282	6,864,463
The First of Long Island Corp.	92,537	2,014,530
Tompkins Financial Corp.	49,029	3,878,194
Towne Bank	272,340	8,491,561
TriCo Bancshares	110,349	4,789,147
TriState Capital Holdings, Inc. *	113,717	3,775,404
Triumph Bancorp, Inc. *	97,099	9,740,972
TrustCo Bank Corp.	79,695	2,723,178
Trustmark Corp.	256,244	8,069,124
UMB Financial Corp.	176,468	17,975,030
Umpqua Holdings Corp.	889,013	18,980,428

SECURITY	NUMBER OF SHARES	VALUE ($)
United Bankshares, Inc.	558,830	20,464,355
United Community Banks, Inc.	429,956	16,622,099
Univest Financial Corp.	120,188	3,483,048
UWM Holdings Corp. (a)	356,342	1,546,524
Valley National Bancorp	1,672,166	23,360,159
Veritex Holdings, Inc.	202,826	8,240,820
Walker & Dunlop, Inc.	120,854	16,720,151
Washington Federal, Inc.	267,273	9,509,573
Washington Trust Bancorp, Inc.	71,514	3,881,065
Waterstone Financial, Inc.	95,777	1,871,483
Webster Financial Corp.	738,194	44,446,661
WesBanco, Inc.	261,915	9,570,374
Westamerica BanCorp	110,738	6,568,978
Western Alliance Bancorp	427,573	40,080,693
Wintrust Financial Corp.	234,294	23,279,452
WSFS Financial Corp.	268,878	13,667,069
		1,624,734,825

Capital Goods 11.2%
AAON, Inc.	170,102	9,961,173
AAR Corp. *	136,060	6,114,536
Advanced Drainage Systems, Inc.	231,001	26,962,437
AECOM	591,231	42,958,844
Aerojet Rocketdyne Holdings, Inc.	307,438	11,913,222
AeroVironment, Inc. *	95,149	6,760,336
Air Lease Corp.	439,262	18,343,581
Alamo Group, Inc.	40,783	5,673,323
Albany International Corp., Class A	132,662	11,650,377
Allison Transmission Holdings, Inc.	428,027	17,095,398
Altra Industrial Motion Corp.	265,942	11,294,557
Ameresco, Inc., Class A *	127,440	8,188,020
American Woodmark Corp. *	67,555	3,619,597
API Group Corp. *	810,315	17,478,495
Apogee Enterprises, Inc.	103,373	4,659,021
Applied Industrial Technologies, Inc.	157,752	15,948,727
Archer Aviation, Inc., Class A *(a)	473,655	1,492,013
Arcosa, Inc.	198,941	10,478,222
Argan, Inc.	66,036	2,568,140
Armstrong World Industries, Inc.	195,174	17,253,382
Array Technologies, Inc. *	487,078	5,474,757
Astec Industries, Inc.	94,131	4,687,724
Astra Space, Inc. *(a)	511,253	1,779,160
Atkore, Inc. *	189,154	19,238,853
AZEK Co., Inc. *	456,951	13,475,485
AZZ, Inc.	102,634	5,052,672
Babcock & Wilcox Enterprises, Inc. *	224,039	1,570,513
Barnes Group, Inc.	191,104	8,876,781
Beacon Roofing Supply, Inc. *	226,697	13,531,544
Berkshire Grey, Inc. *	164,914	550,813
Blink Charging Co. *(a)	148,098	3,640,249
Bloom Energy Corp., Class A *	606,012	13,453,466
Boise Cascade Co.	161,221	12,888,007
Builders FirstSource, Inc. *	785,666	58,469,264
BWX Technologies, Inc.	378,165	20,201,574
Byrna Technologies, Inc. *	65,097	651,621
ChargePoint Holdings, Inc. *(a)	706,336	10,255,999
Chart Industries, Inc. *	146,408	21,141,315
CIRCOR International, Inc. *	83,565	2,251,241
Colfax Corp. *	553,009	22,236,492
Columbus McKinnon Corp.	115,973	5,293,008
Comfort Systems USA, Inc.	148,019	12,726,674
Construction Partners, Inc., Class A *	149,007	3,987,427
Core & Main, Inc., Class A *	233,054	5,239,054
Cornerstone Building Brands, Inc. *	223,436	4,933,467
Crane Co.	205,132	20,734,743
CSW Industrials, Inc.	64,793	7,796,542
Curtiss-Wright Corp.	161,270	23,790,550

₁₀₅

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Custom Truck One Source, Inc. *	202,980	1,595,423
Desktop Metal, Inc., Class A *(a)	754,733	3,139,689
Douglas Dynamics, Inc.	93,698	3,442,465
DXP Enterprises, Inc. *	69,634	1,999,192
Dycom Industries, Inc. *	123,708	10,770,018
EMCOR Group, Inc.	219,214	25,327,986
Encore Wire Corp.	83,080	9,672,174
Energy Recovery, Inc. *	158,945	3,019,955
Enerpac Tool Group Corp.	245,934	4,242,362
EnerSys	171,813	12,495,959
Enovix Corp. *	399,558	6,656,636
EnPro Industries, Inc.	84,467	9,328,535
Eos Energy Enterprises, Inc. *(a)	161,587	468,602
ESCO Technologies, Inc.	106,940	7,439,816
ESS Tech, Inc. *(a)	209,228	1,085,893
Evoqua Water Technologies Corp. *	494,081	21,077,495
Federal Signal Corp.	251,232	9,071,988
Flowserve Corp.	534,487	16,232,370
Fluence Energy, Inc. *	139,064	1,881,536
Fluor Corp. *	580,692	12,577,789
Franklin Electric Co., Inc.	160,036	13,532,644
FTC Solar, Inc. *	80,016	376,875
FuelCell Energy, Inc. *	1,515,592	9,093,552
Gates Industrial Corp. plc *	397,250	6,292,440
GATX Corp.	145,648	15,530,446
Gibraltar Industries, Inc. *	134,921	6,519,383
Global Industrial Co.	65,245	2,073,486
GMS, Inc. *	176,963	9,600,243
GrafTech International Ltd.	820,902	8,274,692
Granite Construction, Inc.	187,021	5,661,126
Great Lakes Dredge & Dock Corp. *	268,517	3,788,775
Griffon Corp.	194,240	4,477,232
H&E Equipment Services, Inc.	131,258	5,481,334
Helios Technologies, Inc.	132,987	10,427,511
Herc Holdings, Inc.	102,145	16,253,312
Hexcel Corp.	344,424	19,942,150
Hillenbrand, Inc.	299,716	14,299,450
Hillman Solutions Corp. *	405,528	3,803,853
Hydrofarm Holdings Group, Inc. *	145,733	2,951,093
Hyliion Holdings Corp. *	459,549	1,985,252
Hyster-Yale Materials Handling, Inc.	40,072	1,533,956
Hyzon Motors, Inc. *(a)	363,137	2,026,304
IES Holdings, Inc. *	36,883	1,550,561
Insteel Industries, Inc.	79,197	2,939,001
ITT, Inc.	351,443	30,881,296
Janus International Group, Inc. *	220,574	2,124,128
JELD-WEN Holding, Inc. *	376,014	8,678,403
John Bean Technologies Corp.	130,207	14,761,568
Kadant, Inc.	47,511	9,376,296
Kaman Corp.	113,613	4,931,940
Kennametal, Inc.	342,767	10,869,142
Kratos Defense & Security Solutions, Inc. *	511,290	10,696,187
Lindsay Corp.	44,511	5,840,288
Markforged Holding Corp. *(a)	272,901	1,061,585
Masonite International Corp. *	97,484	9,195,666
MasTec, Inc. *	234,474	18,467,172
Maxar Technologies, Inc.	298,260	9,675,554
McGrath RentCorp	99,921	8,121,579
MDU Resources Group, Inc.	835,580	22,368,477
Mercury Systems, Inc. *	232,069	13,975,195
Meritor, Inc. *	290,264	10,336,301
Microvast Holdings, Inc. *(a)	978,311	6,985,141
Moog, Inc., Class A	120,121	9,983,256
MRC Global, Inc. *	252,455	2,549,796
MSC Industrial Direct Co., Inc., Class A	192,080	14,882,358
Mueller Industries, Inc.	235,555	13,438,413

SECURITY	NUMBER OF SHARES	VALUE ($)
Mueller Water Products, Inc., Class A	650,808	8,258,754
MYR Group, Inc. *	68,882	6,182,159
National Presto Industries, Inc.	20,908	1,662,186
Nikola Corp. *(a)	843,023	6,659,882
NOW, Inc. *	457,875	4,276,552
NV5 Global, Inc. *	48,362	5,186,824
nVent Electric plc	691,152	23,450,787
Omega Flex, Inc.	12,389	1,799,502
Oshkosh Corp.	281,586	31,267,309
Parsons Corp. *	108,442	3,758,600
PGT Innovations, Inc. *	243,385	5,235,211
Primoris Services Corp.	219,743	5,794,623
Proterra, Inc. *	757,416	6,847,041
Proto Labs, Inc. *	114,435	6,434,680
Quanex Building Products Corp.	136,398	3,118,058
RBC Bearings, Inc. *	118,537	22,978,397
Regal Rexnord Corp.	278,179	44,606,003
Resideo Technologies, Inc. *	592,680	15,255,583
REV Group, Inc.	138,910	1,878,063
Rocket Lab USA, Inc. *(a)	590,068	5,629,249
Romeo Power, Inc. *(a)	384,589	703,798
Rush Enterprises, Inc., Class A	177,335	9,210,780
Rush Enterprises, Inc., Class B	28,845	1,413,693
Sarcos Technology and Robotics Corp. *(a)	238,251	1,436,654
Shoals Technologies Group, Inc., Class A *	427,441	6,757,842
Shyft Group, Inc.	133,051	5,376,591
Simpson Manufacturing Co., Inc.	178,477	21,151,309
SiteOne Landscape Supply, Inc. *	183,460	31,634,008
Spirit AeroSystems Holdings, Inc., Class A	430,771	21,538,550
SPX Corp. *	186,214	9,441,050
SPX FLOW, Inc.	172,646	14,828,565
Standex International Corp.	50,373	5,336,012
Stem, Inc. *	516,239	4,914,595
Sunrun, Inc. *	848,618	23,150,299
Tennant Co.	75,646	5,959,392
Terex Corp.	285,994	11,805,832
The Gorman-Rupp Co.	92,738	3,455,418
The Greenbrier Cos., Inc.	134,865	5,992,052
The Manitowoc Co., Inc. *	145,444	2,404,189
The Timken Co.	282,942	18,549,678
Thermon Group Holdings, Inc. *	135,898	2,326,574
Titan International, Inc. *	210,990	2,363,088
Titan Machinery, Inc. *	82,745	2,344,166
TPI Composites, Inc. *	151,793	2,052,241
Trinity Industries, Inc.	335,398	9,679,586
Triton International Ltd.	273,951	17,993,102
Triumph Group, Inc. *	266,334	6,669,003
Tutor Perini Corp. *	173,166	1,697,027
UFP Industries, Inc.	254,310	21,807,082
Univar Solutions, Inc. *	700,882	21,524,086
Valmont Industries, Inc.	86,957	18,821,843
Velo3D, Inc. *(a)	246,444	2,003,590
Veritiv Corp. *	57,152	6,124,980
Vertiv Holdings Co.	1,245,530	16,216,801
Vicor Corp. *	87,935	6,574,900
View, Inc. *(a)	250,956	607,314
Virgin Galactic Holdings, Inc. *(a)	730,696	7,073,137
Wabash National Corp.	201,824	3,439,081
Watts Water Technologies, Inc., Class A	112,906	16,252,819
Welbilt, Inc. *	530,790	12,547,876
WESCO International, Inc. *	182,209	22,180,302
WillScot Mobile Mini Holdings Corp. *	916,143	32,550,561

₁₀₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Zurn Water Solutions Corp.	497,663	16,184,001
		1,807,855,621

Commercial & Professional Services 3.2%
ABM Industries, Inc.	275,598	12,355,058
ACCO Brands Corp.	395,433	3,400,724
Alight, Inc., Class A *	1,008,045	10,523,990
ASGN, Inc. *	213,752	23,681,584
Aurora Innovation, Inc. *(a)	1,056,378	6,042,482
Barrett Business Services, Inc.	30,356	1,825,913
BlackSky Technology, Inc. *(a)	226,802	567,005
Brady Corp., Class A	199,636	9,199,227
BrightView Holdings, Inc. *	206,157	2,785,181
CACI International, Inc., Class A *	95,803	26,804,721
Casella Waste Systems, Inc., Class A *	206,744	15,588,498
CBIZ, Inc. *	214,182	8,333,822
Cimpress plc *	79,845	5,029,437
Clean Harbors, Inc. *	205,206	19,582,809
CoreCivic, Inc. *	497,789	4,534,858
Deluxe Corp.	176,118	5,479,031
Driven Brands Holdings, Inc. *	228,186	6,701,823
Ennis, Inc.	107,733	2,023,226
Exponent, Inc.	214,120	20,290,011
First Advantage Corp. *	168,206	2,716,527
Forrester Research, Inc. *	46,131	2,395,583
Franklin Covey Co. *	51,411	2,370,047
FTI Consulting, Inc. *	140,515	20,515,190
Harsco Corp. *	328,384	3,911,053
Healthcare Services Group, Inc.	304,249	4,813,219
Heidrick & Struggles International, Inc.	80,662	3,448,300
Heritage-Crystal Clean, Inc. *	65,941	1,848,986
HireRight Holdings Corp. *	90,639	1,184,652
HNI Corp.	179,682	7,311,261
Huron Consulting Group, Inc. *	89,486	4,414,344
ICF International, Inc.	70,040	6,206,945
Insperity, Inc.	146,844	13,208,618
Interface, Inc.	241,029	3,145,428
KAR Auction Services, Inc. *	499,716	9,224,757
KBR, Inc.	575,919	28,588,619
Kelly Services, Inc., Class A	147,081	3,121,059
Kforce, Inc.	82,220	6,181,300
Korn Ferry	223,606	14,816,134
LegalZoom.com, Inc. *	79,726	1,244,523
ManTech International Corp., Class A	113,403	9,454,408
Matthews International Corp., Class A	128,885	4,276,404
MillerKnoll, Inc.	310,633	12,077,411
MSA Safety, Inc.	149,815	20,839,266
Pitney Bowes, Inc.	675,429	3,363,636
Resources Connection, Inc.	127,647	2,118,940
Science Applications International Corp.	236,035	20,697,909
SP Plus Corp. *	95,976	2,864,884
Steelcase, Inc., Class A	360,423	4,386,348
Sterling Check Corp. *	58,609	1,234,305
Tetra Tech, Inc.	221,894	35,230,110
The Brink's Co.	201,316	14,104,199
The GEO Group, Inc. *	500,115	2,980,685
TriNet Group, Inc. *	164,283	14,343,549
TrueBlue, Inc. *	144,783	3,938,098
UniFirst Corp.	62,539	11,335,194
Upwork, Inc. *	494,523	12,501,541
US Ecology, Inc. *	129,890	6,161,982
Viad Corp. *	83,675	2,923,604
VSE Corp.	42,938	2,045,996
		512,294,414

SECURITY	NUMBER OF SHARES	VALUE ($)
Consumer Durables & Apparel 3.8%
Acushnet Holdings Corp.	141,305	6,189,159
AMMO, Inc. *(a)	357,111	1,681,993
Beazer Homes USA, Inc. *	120,031	1,964,907
Brunswick Corp.	316,469	30,229,119
Callaway Golf Co. *	480,262	11,881,682
Capri Holdings Ltd. *	617,785	41,848,756
Carter's, Inc.	173,330	16,757,544
Cavco Industries, Inc. *	35,081	9,564,133
Century Communities, Inc.	122,516	7,806,720
Columbia Sportswear Co.	141,588	13,128,039
Crocs, Inc. *	241,732	20,240,220
Dream Finders Homes, Inc., Class A *(a)	74,447	1,497,874
Ethan Allen Interiors, Inc.	90,457	2,357,309
Fossil Group, Inc. *	195,922	2,648,865
G-III Apparel Group Ltd. *	178,366	4,947,873
GoPro, Inc., Class A *	526,419	4,527,203
Green Brick Partners, Inc. *	196,753	4,562,702
Hayward Holdings, Inc. *	170,428	3,048,957
Helen of Troy Ltd. *	99,066	20,374,904
Installed Building Products, Inc.	96,392	9,321,106
iRobot Corp. *	111,234	6,914,305
Johnson Outdoors, Inc., Class A	29,093	2,399,300
KB Home	351,732	13,580,373
Kontoor Brands, Inc.	195,128	9,666,641
Latham Group, Inc. *	132,412	2,315,886
La-Z-Boy, Inc.	182,981	5,339,386
Levi Strauss & Co., Class A	396,503	8,980,793
LGI Homes, Inc. *	87,700	11,061,601
M.D.C Holdings, Inc.	232,262	10,298,497
M/I Homes, Inc. *	118,719	5,851,660
Malibu Boats, Inc., Class A *	85,988	5,990,784
Mattel, Inc. *	1,438,112	35,924,038
Meritage Homes Corp. *	152,956	15,078,403
Movado Group, Inc.	67,280	2,652,178
Oxford Industries, Inc.	65,696	5,806,869
Purple Innovation, Inc. *	238,350	1,434,867
PVH Corp.	291,641	28,548,738
Ralph Lauren Corp.	200,120	26,423,845
Skechers U.S.A., Inc., Class A *	553,958	25,470,989
Skyline Champion Corp. *	216,676	14,569,294
Smith & Wesson Brands, Inc.	196,182	3,458,689
Snap One Holdings Corp. *(a)	55,522	1,090,452
Solo Brands, Inc., Class A *(a)	52,656	556,047
Sonos, Inc. *	516,358	14,143,046
Steven Madden Ltd.	314,140	13,401,212
Sturm Ruger & Co., Inc.	71,869	5,204,034
Taylor Morrison Home Corp. *	504,096	14,870,832
Tempur Sealy International, Inc.	790,660	26,099,687
TopBuild Corp. *	135,183	29,021,086
Traeger, Inc. *(a)	96,733	954,755
Tri Pointe Homes, Inc. *	455,563	10,190,944
Tupperware Brands Corp. *(a)	199,448	3,635,937
Universal Electronics, Inc. *	53,392	1,774,216
Vista Outdoor, Inc. *	235,002	8,565,823
Vizio Holding Corp., Class A *(a)	149,053	2,024,140
Wolverine World Wide, Inc.	338,036	7,784,969
YETI Holdings, Inc. *	360,305	22,180,376
		617,843,757

Consumer Services 4.0%
2U, Inc. *	309,911	3,254,066
Accel Entertainment, Inc. *	229,419	3,003,095
Adtalem Global Education, Inc. *	203,060	4,219,587
American Public Education, Inc. *	77,112	1,539,156

₁₀₇

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bally's Corp. *	119,838	4,316,565
BJ's Restaurants, Inc. *	95,028	3,047,548
Bloomin' Brands, Inc. *	334,179	8,224,145
Boyd Gaming Corp. *	336,124	23,844,637
Brinker International, Inc. *	186,893	7,950,428
Carriage Services, Inc.	61,848	3,043,540
Choice Hotels International, Inc.	134,543	19,421,282
Churchill Downs, Inc.	141,262	34,025,778
Chuy's Holdings, Inc. *	80,776	2,633,298
Coursera, Inc. *	340,697	6,926,370
Cracker Barrel Old Country Store, Inc.	96,635	12,975,181
Dave & Buster's Entertainment, Inc. *	159,066	6,893,920
Denny's Corp. *	258,659	4,091,985
Dine Brands Global, Inc.	71,020	5,954,317
Duolingo, Inc. *(a)	23,442	2,022,810
Dutch Bros, Inc., Class A *(a)	98,134	4,731,040
El Pollo Loco Holdings, Inc. *	78,011	1,035,206
Everi Holdings, Inc. *	375,713	8,791,684
F45 Training Holdings, Inc. *(a)	85,455	1,314,298
First Watch Restaurant Group, Inc. *(a)	38,530	559,070
Frontdoor, Inc. *	347,002	10,427,410
GAN Ltd. *	164,455	1,096,915
Golden Entertainment, Inc. *	84,028	4,783,714
Golden Nugget Online Gaming, Inc. *	174,967	1,504,716
Graham Holdings Co., Class B	16,355	9,831,481
Grand Canyon Education, Inc. *	164,599	14,292,131
H&R Block, Inc.	720,605	17,878,210
Hilton Grand Vacations, Inc. *	363,633	18,858,007
Houghton Mifflin Harcourt Co. *	524,471	10,987,667
Hyatt Hotels Corp., Class A *	206,193	20,023,402
Jack in the Box, Inc.	89,295	7,703,480
Krispy Kreme, Inc. (a)	124,543	1,856,936
Laureate Education, Inc.	412,818	4,474,947
Life Time Group Holdings, Inc. *(a)	156,132	2,427,853
Lindblad Expeditions Holdings, Inc. *	124,802	2,212,740
Marriott Vacations Worldwide Corp.	174,909	28,102,629
Mister Car Wash, Inc. *	160,705	2,574,494
Monarch Casino & Resort, Inc. *	53,463	4,164,768
Noodles & Co. *	150,659	1,030,508
OneSpaWorld Holdings Ltd. *	238,458	2,465,656
Papa John's International, Inc.	132,681	14,172,984
Penn National Gaming, Inc. *	682,786	35,061,061
Perdoceo Education Corp. *	285,304	2,987,133
Planet Fitness, Inc., Class A *	342,354	28,973,419
Playa Hotels & Resorts N.V. *	542,902	5,130,424
Portillo's, Inc., Class A *(a)	82,140	2,058,428
PowerSchool Holdings, Inc., Class A *	168,756	2,657,907
Red Rock Resorts, Inc., Class A	217,844	10,953,196
Rover Group, Inc. *	306,520	1,750,229
Rush Street Interactive, Inc. *	215,472	2,225,826
Ruth's Hospitality Group, Inc.	129,490	3,212,647
Scientific Games Corp., Class A *	395,565	24,888,950
SeaWorld Entertainment, Inc. *	211,346	14,665,299
Shake Shack, Inc., Class A *	160,424	11,986,881
Six Flags Entertainment Corp. *	317,238	13,850,611
Strategic Education, Inc.	93,226	5,502,199
Stride, Inc. *	176,504	5,927,004
Terminix Global Holdings, Inc. *	496,432	21,128,146
Texas Roadhouse, Inc.	285,922	27,136,857
The Cheesecake Factory, Inc. *	200,710	8,588,381
The Wendy's Co.	724,228	16,468,945
Travel & Leisure Co.	354,573	19,873,817
Udemy, Inc. *(a)	61,648	813,137
Vivint Smart Home, Inc. *	162,590	1,169,022
Wingstop, Inc.	122,197	17,761,334

SECURITY	NUMBER OF SHARES	VALUE ($)
WW International, Inc. *	219,791	2,239,670
		641,700,177

Diversified Financials 4.6%
Affiliated Managers Group, Inc.	166,939	23,097,680
Alerus Financial Corp.	61,802	1,776,808
Apollo Commercial Real Estate Finance, Inc.	540,981	7,059,802
Arbor Realty Trust, Inc.	619,188	11,145,384
ARMOUR Residential REIT, Inc. (a)	366,188	2,977,108
Artisan Partners Asset Management, Inc., Class A	267,113	10,179,676
Assetmark Financial Holdings, Inc. *	77,922	1,830,388
B. Riley Financial, Inc.	65,280	3,887,424
Bakkt Holdings, Inc. *(a)	122,204	697,785
BGC Partners, Inc., Class A	1,331,467	6,098,119
Blackstone Mortgage Trust, Inc., Class A	686,749	21,824,883
Blucora, Inc. *	201,127	4,002,427
Blue Owl Capital, Inc.	1,363,822	17,047,775
Brightsphere Investment Group, Inc.	146,295	3,492,062
BrightSpire Capital, Inc.	381,075	3,376,324
Broadmark Realty Capital, Inc.	541,362	4,688,195
Cannae Holdings, Inc. *	342,645	9,200,018
Chimera Investment Corp.	972,727	11,838,088
Cohen & Steers, Inc.	102,968	8,367,180
Cowen, Inc., Class A	111,380	3,302,417
Curo Group Holdings Corp.	85,627	1,144,833
Diamond Hill Investment Group, Inc.	12,870	2,495,236
Donnelley Financial Solutions, Inc. *	119,001	3,819,932
Dynex Capital, Inc.	150,115	2,307,268
Ellington Financial, Inc.	222,902	3,938,678
Encore Capital Group, Inc. *	102,367	6,755,198
Enova International, Inc. *	148,638	6,059,971
Evercore, Inc., Class A	159,872	20,305,343
Federated Hermes, Inc.	397,577	12,988,841
FirstCash Holdings, Inc.	165,599	11,929,752
Focus Financial Partners, Inc., Class A *	210,169	10,516,857
Franklin BSP Realty Trust, Inc.	179,205	2,365,506
Granite Point Mortgage Trust, Inc.	219,512	2,462,925
Green Dot Corp., Class A *	225,744	6,467,566
Hamilton Lane, Inc., Class A	143,448	11,203,289
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	346,726	16,414,009
Houlihan Lokey, Inc.	209,593	21,558,736
Interactive Brokers Group, Inc., Class A	358,622	23,733,604
Invesco Mortgage Capital, Inc.	1,271,898	2,772,738
Jackson Financial, Inc., Class A	381,759	15,610,126
Janus Henderson Group plc	700,484	23,515,248
KKR Real Estate Finance Trust, Inc.	181,329	3,893,134
Ladder Capital Corp.	460,848	5,281,318
Lazard Ltd., Class A	462,212	15,983,291
LendingClub Corp. *	409,286	7,604,534
LendingTree, Inc. *	47,106	5,700,297
LPL Financial Holdings, Inc.	328,950	59,523,502
MFA Financial, Inc.	1,637,232	6,647,162
Moelis & Co., Class A	249,989	12,051,970
Moneylion, Inc. *	377,757	910,394
Navient Corp.	660,053	11,623,533
Nelnet, Inc., Class A	85,231	6,865,357
New Residential Investment Corp.	1,918,347	19,912,442
New York Mortgage Trust, Inc.	1,562,773	5,485,333
OneMain Holdings, Inc.	458,699	23,384,475
Open Lending Corp., Class A *	422,010	8,790,468

₁₀₈

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Oportun Financial Corp. *	79,858	1,304,880
PennyMac Mortgage Investment Trust	399,900	6,238,440
Piper Sandler Cos.	57,834	8,560,010
PJT Partners, Inc., Class A	99,988	6,381,234
PRA Group, Inc. *	179,722	8,020,993
PROG Holdings, Inc. *	232,651	7,128,427
Ready Capital Corp.	241,884	3,591,977
Redwood Trust, Inc.	470,311	4,886,531
SLM Corp.	1,201,221	23,664,054
StepStone Group, Inc., Class A	198,953	6,869,847
Stifel Financial Corp.	427,157	31,396,039
StoneX Group, Inc. *	68,774	5,188,998
TPG RE Finance Trust, Inc.	241,859	2,863,611
Tradeweb Markets, Inc., Class A	431,479	36,451,346
Two Harbors Investment Corp.	1,411,749	7,143,450
Virtu Financial, Inc., Class A	350,167	12,283,858
Virtus Investment Partners, Inc.	29,241	7,035,969
WisdomTree Investments, Inc.	441,353	2,484,817
World Acceptance Corp. *	17,419	3,422,311
		742,829,201

Energy 4.6%
Antero Midstream Corp.	1,330,512	13,358,340
Antero Resources Corp. *	1,173,524	26,908,905
Arch Resources, Inc. (a)	63,043	7,525,443
Archaea Energy, Inc. *	109,925	2,016,024
Archrock, Inc.	547,794	4,574,080
Brigham Minerals, Inc., Class A	184,700	4,207,466
Bristow Group, Inc. *	94,635	3,136,204
Cactus, Inc., Class A	242,053	12,262,405
California Resources Corp.	335,403	13,828,666
Callon Petroleum Co. *	194,606	10,967,994
Centennial Resource Development, Inc., Class A *	761,521	6,686,154
ChampionX Corp. *	827,242	17,711,251
Chesapeake Energy Corp.	426,740	32,965,665
Civitas Resources, Inc.	295,831	14,930,591
Clean Energy Fuels Corp. *	692,044	5,031,160
CNX Resources Corp. *	867,966	14,182,564
Comstock Resources, Inc. *	370,804	3,077,673
CONSOL Energy, Inc. *	131,270	4,035,240
Core Laboratories N.V.	189,010	5,209,116
CVR Energy, Inc.	120,372	2,093,269
Delek US Holdings, Inc. *	305,955	5,271,605
Denbury, Inc. *	205,716	14,947,325
DMC Global, Inc. *	78,123	2,296,816
Dril-Quip, Inc. *	143,750	4,145,750
DTE Midstream LLC *	396,723	21,065,991
EQT Corp.	1,240,947	28,715,514
Equitrans Midstream Corp.	1,664,400	10,668,804
Expro Group Holdings N.V. *	120,536	1,939,424
Green Plains, Inc. *	220,866	7,231,153
Gulfport Energy Corp. *	46,961	3,239,370
Helix Energy Solutions Group, Inc. *	585,397	2,370,858
Helmerich & Payne, Inc.	442,259	16,023,044
HollyFrontier Corp. *	612,927	18,663,627
International Seaways, Inc.	173,512	3,173,534
Kosmos Energy Ltd. *	1,864,333	9,060,658
Laredo Petroleum, Inc. *	58,514	4,479,832
Liberty Oilfield Services, Inc., Class A *	429,429	5,359,274
Magnolia Oil & Gas Corp., Class A	603,535	13,489,007
Matador Resources Co.	452,493	22,443,653
Murphy Oil Corp.	595,935	20,661,066
Nabors Industries Ltd. *	32,382	4,065,236
New Fortress Energy, Inc.	170,882	4,714,634
NexTier Oilfield Solutions, Inc. *	670,137	5,334,291
Northern Oil and Gas, Inc.	265,209	6,651,442

SECURITY	NUMBER OF SHARES	VALUE ($)
NOV, Inc.	1,601,397	27,463,959
Oasis Petroleum, Inc.	76,143	10,089,709
Oceaneering International, Inc. *	407,474	5,965,419
Ovintiv, Inc.	1,069,537	49,038,271
Par Pacific Holdings, Inc. *	190,835	2,595,356
Patterson-UTI Energy, Inc.	883,060	12,742,556
PBF Energy, Inc., Class A *	391,240	6,502,409
PDC Energy, Inc.	400,259	25,824,711
Peabody Energy Corp. *	385,731	6,688,576
ProPetro Holding Corp. *	348,085	4,445,045
Range Resources Corp. *	1,024,196	23,505,298
Renewable Energy Group, Inc. *	206,669	12,710,143
RPC, Inc. *	293,702	2,575,767
SM Energy Co.	498,623	17,706,103
Southwestern Energy Co. *	4,158,700	20,751,913
Talos Energy, Inc. *	168,880	2,653,105
TechnipFMC plc *	1,736,974	11,898,272
Tellurian, Inc. *	1,606,363	6,120,243
Transocean Ltd. *	2,480,168	8,779,795
US Silica Holdings, Inc. *	304,433	4,402,101
Valaris Ltd. *	268,656	10,945,045
Whiting Petroleum Corp.	160,365	11,842,955
World Fuel Services Corp.	260,661	7,387,133
		733,354,002

Food & Staples Retailing 1.0%
BJ's Wholesale Club Holdings, Inc. *	560,891	35,263,217
Casey's General Stores, Inc.	152,278	28,640,446
Grocery Outlet Holding Corp. *	358,566	9,971,720
Ingles Markets, Inc., Class A	58,216	4,786,519
Performance Food Group Co. *	632,828	35,463,681
PriceSmart, Inc.	98,979	7,197,753
Rite Aid Corp. *	227,579	2,084,624
SpartanNash Co.	146,677	4,127,491
Sprouts Farmers Market, Inc. *	461,086	13,131,729
The Andersons, Inc.	127,740	5,824,944
The Chefs' Warehouse, Inc. *	134,775	4,427,359
United Natural Foods, Inc. *	231,094	9,296,912
Weis Markets, Inc.	66,879	4,124,428
		164,340,823

Food, Beverage & Tobacco 1.5%
AppHarvest, Inc. *(a)	252,484	964,489
B&G Foods, Inc. (a)	266,939	7,901,394
Benson Hill, Inc. *(a)	551,841	1,782,446
Calavo Growers, Inc.	73,641	3,143,734
Cal-Maine Foods, Inc.	152,877	6,767,865
Celsius Holdings, Inc. *	157,799	10,081,778
Coca-Cola Consolidated, Inc.	19,034	9,458,566
Flowers Foods, Inc.	816,905	22,391,366
Fresh Del Monte Produce, Inc.	135,821	3,515,047
Freshpet, Inc. *	178,031	16,953,892
Hostess Brands, Inc. *	567,632	12,226,793
Ingredion, Inc.	273,202	24,243,946
J&J Snack Foods Corp.	60,977	9,983,154
John B Sanfilippo & Son, Inc.	35,979	2,861,050
Lancaster Colony Corp.	81,401	13,692,462
MGP Ingredients, Inc.	51,793	4,123,241
Mission Produce, Inc. *	149,804	1,944,456
National Beverage Corp.	95,151	4,187,596
Pilgrim's Pride Corp. *	199,016	4,692,797
Sanderson Farms, Inc.	87,046	15,545,545
Seaboard Corp.	1,051	4,056,314
Simply Good Foods Co. *	345,589	13,695,692
Sovos Brands, Inc. *	98,724	1,198,509
Tattooed Chef, Inc. *(a)	188,321	2,286,217

₁₀₉

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The Duckhorn Portfolio, Inc. *	129,373	2,538,298
The Hain Celestial Group, Inc. *	380,400	13,831,344
Tootsie Roll Industries, Inc.	70,592	2,382,480
TreeHouse Foods, Inc. *	228,838	8,981,892
Turning Point Brands, Inc.	60,255	2,019,748
Universal Corp.	100,459	5,435,837
Utz Brands, Inc.	256,085	3,905,296
Vector Group Ltd.	534,220	5,988,606
Vita Coco Co., Inc. *(a)	47,500	550,525
Vital Farms, Inc. *	97,200	1,385,100
		244,717,475

Health Care Equipment & Services 6.6%
1Life Healthcare, Inc. *	698,410	7,549,812
Acadia Healthcare Co., Inc. *	368,472	20,896,047
Accolade, Inc. *	238,168	4,282,261
AdaptHealth Corp. *	396,205	6,905,853
Addus HomeCare Corp. *	64,997	5,527,345
Agiliti, Inc. *	112,893	2,033,203
Alignment Healthcare, Inc. *	115,847	977,749
Allscripts Healthcare Solutions, Inc. *	503,960	9,807,062
Amedisys, Inc. *	133,695	21,423,287
American Well Corp., Class A *	798,319	3,376,889
AMN Healthcare Services, Inc. *	194,223	20,614,829
AngioDynamics, Inc. *	157,722	3,711,199
Apollo Medical Holdings, Inc. *	154,945	7,455,953
Apria, Inc. *	30,415	1,135,696
Artivion, Inc. *	163,884	3,203,932
AtriCure, Inc. *	188,701	13,105,284
Atrion Corp.	5,718	4,091,000
Avanos Medical, Inc. *	198,486	7,024,420
Aveanna Healthcare Holdings, Inc. *	159,569	837,737
AxoGen, Inc. *	176,673	1,650,126
Axonics, Inc. *	190,116	10,790,984
BioLife Solutions, Inc. *	119,504	2,808,344
Bioventus, Inc., Class A *	86,725	1,127,425
Brookdale Senior Living, Inc. *	765,647	5,267,651
Butterfly Network, Inc. *(a)	533,261	2,746,294
Cano Health, Inc. *	736,116	3,584,885
Cardiovascular Systems, Inc. *	168,345	3,545,346
Castle Biosciences, Inc. *	95,994	4,155,580
Certara, Inc. *	426,894	10,817,494
Cerus Corp. *	702,980	4,126,493
Change Healthcare, Inc. *	1,034,434	22,157,576
Clover Health Investments Corp. *(a)	1,105,923	3,008,111
Community Health Systems, Inc. *	506,821	5,326,689
Computer Programs & Systems, Inc. *	60,355	1,857,727
CONMED Corp.	119,971	17,534,961
CorVel Corp. *	38,825	6,175,505
Covetrus, Inc. *	426,204	7,552,335
CryoPort, Inc. *	190,940	6,554,970
Definitive Healthcare Corp. *	109,197	2,524,635
DocGo, Inc. *(a)	310,022	2,216,657
Doximity, Inc., Class A *	199,728	12,253,313
Eargo, Inc. *(a)	94,122	452,727
Envista Holdings Corp. *	662,450	31,797,600
Evolent Health, Inc., Class A *	334,148	8,905,044
Figs, Inc., Class A *	149,031	2,448,579
Fulgent Genetics, Inc. *	79,131	4,929,861
Glaukos Corp. *	193,209	10,686,390
Globus Medical, Inc., Class A *	323,774	22,767,788
GoodRx Holdings, Inc., Class A *	264,901	7,258,287
Haemonetics Corp. *	209,595	12,095,727
Hanger, Inc. *	149,888	2,715,971
Health Catalyst, Inc. *	212,458	5,761,861
HealthEquity, Inc. *	342,784	18,410,929
HealthStream, Inc. *	104,188	2,134,812

SECURITY	NUMBER OF SHARES	VALUE ($)
Heska Corp. *	44,314	6,292,588
Hims & Hers Health, Inc. *	501,765	2,619,213
ICU Medical, Inc. *	81,777	19,359,069
Inari Medical, Inc. *	131,775	11,593,565
Innovage Holding Corp. *(a)	72,693	358,376
Inogen, Inc. *	83,372	2,908,849
Inspire Medical Systems, Inc. *	112,152	27,371,817
Integer Holdings Corp. *	135,349	11,351,721
Integra LifeSciences Holdings Corp. *	298,560	20,021,434
Intersect ENT, Inc. *	136,486	3,712,419
Invitae Corp. *	855,812	9,234,211
iRhythm Technologies, Inc. *	120,831	15,619,823
Lantheus Holdings, Inc. *	279,200	13,351,344
LeMaitre Vascular, Inc.	78,360	3,719,749
LHC Group, Inc. *	130,038	17,707,274
LifeStance Health Group, Inc. *(a)	168,190	1,586,032
LivaNova plc *	218,164	17,195,686
MEDNAX, Inc. *	354,681	8,324,363
Meridian Bioscience, Inc. *	178,716	4,521,515
Merit Medical Systems, Inc. *	208,219	13,540,482
Mesa Laboratories, Inc.	21,309	5,440,827
ModivCare, Inc. *	50,950	6,012,100
Multiplan Corp. *	989,935	3,722,156
National HealthCare Corp.	55,335	3,597,882
National Research Corp.	56,832	2,260,777
Natus Medical, Inc. *	141,236	3,929,186
Neogen Corp. *	440,606	15,729,634
Nevro Corp. *	143,088	10,259,410
NextGen Healthcare, Inc. *	237,779	4,643,824
NuVasive, Inc. *	212,163	11,482,262
Omnicell, Inc. *	180,336	23,313,838
Option Care Health, Inc. *	568,392	14,607,674
OraSure Technologies, Inc. *	301,598	2,352,464
Ortho Clinical Diagnostics Holdings plc *	466,629	8,254,667
Orthofix Medical, Inc. *	81,216	2,759,720
OrthoPediatrics Corp. *	56,938	3,191,375
Outset Medical, Inc. *	168,830	7,423,455
Owens & Minor, Inc.	309,956	13,684,557
Paragon 28, Inc. *(a)	31,116	507,191
Patterson Cos., Inc.	355,252	10,622,035
PetIQ, Inc. *	110,155	2,185,475
Phreesia, Inc. *	209,205	6,441,422
Premier, Inc., Class A	499,481	17,951,347
Privia Health Group, Inc. *	109,721	2,824,219
PROCEPT BioRobotics Corp. *(a)	28,335	707,808
Progyny, Inc. *	285,843	11,250,780
Pulmonx Corp. *	143,120	3,758,331
Quidel Corp. *	155,445	16,444,527
R1 RCM, Inc. *	546,125	14,849,139
RadNet, Inc. *	183,505	4,527,068
Schrodinger, Inc. *	191,491	6,656,227
SeaSpine Holdings Corp. *	135,146	1,712,300
Select Medical Holdings Corp.	434,377	10,055,828
Sema4 Holdings Corp. *	509,576	1,778,420
Semler Scientific, Inc. *	19,768	1,443,064
Senseonics Holdings, Inc. *	1,674,568	3,014,222
Sharecare, Inc. *	1,178,874	3,595,566
Shockwave Medical, Inc. *	144,702	25,645,535
SI-BONE, Inc. *	111,837	2,467,124
Sight Sciences, Inc. *	42,719	743,738
Signify Health, Inc., Class A *	97,079	1,363,960
Silk Road Medical, Inc. *	142,341	5,285,121
Simulations Plus, Inc.	64,070	2,523,717
SmileDirectClub, Inc. *(a)	431,742	945,515
STAAR Surgical Co. *	195,242	15,486,595
Surgery Partners, Inc. *	145,603	7,610,669
Surmodics, Inc. *	57,828	2,595,321

₁₁₀

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tabula Rasa HealthCare, Inc. *	98,227	559,894
Tactile Systems Technology, Inc. *	81,541	1,660,175
Tandem Diabetes Care, Inc. *	260,858	29,380,437
Tenet Healthcare Corp. *	439,800	37,818,402
The Ensign Group, Inc.	215,184	18,084,063
The Joint Corp. *	58,803	2,410,923
The Pennant Group, Inc. *	111,063	1,804,774
Tivity Health, Inc. *	180,699	4,929,469
TransMedics Group, Inc. *	114,154	2,114,132
Treace Medical Concepts, Inc. *	47,948	1,032,800
US Physical Therapy, Inc.	52,644	4,841,669
Vapotherm, Inc. *	94,359	1,433,313
Varex Imaging Corp. *	160,843	3,802,329
Vicarious Surgical, Inc. *(a)	144,673	892,632
ViewRay, Inc. *	578,069	2,404,767
		1,063,325,616

Household & Personal Products 0.8%
BellRing Brands, Inc., Class A *	155,299	3,970,995
Central Garden & Pet Co. *	39,601	1,874,711
Central Garden & Pet Co., Class A *	165,568	7,291,615
Coty, Inc., Class A *	1,378,022	12,636,462
Edgewell Personal Care Co.	222,892	7,952,787
elf Beauty, Inc. *	195,366	5,163,523
Energizer Holdings, Inc.	258,043	8,616,056
Herbalife Nutrition Ltd. *	404,906	14,406,555
Inter Parfums, Inc.	73,312	6,809,219
Medifast, Inc.	47,581	8,850,066
Nu Skin Enterprises, Inc., Class A	204,252	9,475,250
Revlon, Inc., Class A *	30,030	290,991
Spectrum Brands Holdings, Inc.	174,439	16,184,450
The Beauty Health Co. *	394,099	7,637,639
The Honest Co., Inc. *	108,017	624,338
USANA Health Sciences, Inc. *	47,580	4,187,516
WD-40 Co.	56,163	11,900,378
		127,872,551

Insurance 2.5%
Ambac Financial Group, Inc. *	188,956	2,424,306
American Equity Investment Life Holding Co.	338,257	12,748,906
American National Group, Inc.	52,919	10,003,279
AMERISAFE, Inc.	78,997	3,720,759
Argo Group International Holdings Ltd.	143,681	6,059,028
Assured Guaranty Ltd.	286,631	17,762,523
Axis Capital Holdings Ltd.	316,455	17,284,772
Brighthouse Financial, Inc. *	327,396	17,109,715
BRP Group, Inc., Class A *	221,566	6,152,888
CNO Financial Group, Inc.	505,432	12,216,291
eHealth, Inc. *	97,848	1,520,558
Employers Holdings, Inc.	114,057	4,432,255
Enstar Group Ltd. *	50,983	14,531,685
First American Financial Corp.	450,787	30,220,761
Genworth Financial, Inc., Class A *	2,091,096	8,489,850
Goosehead Insurance, Inc., Class A	81,217	7,064,255
Hippo Holdings, Inc. *	1,512,224	2,933,715
Horace Mann Educators Corp.	170,757	7,101,784
James River Group Holdings Ltd.	152,150	4,047,190
Kemper Corp.	245,644	13,127,215
Kinsale Capital Group, Inc.	88,164	18,493,281
Lemonade, Inc. *(a)	155,714	3,962,921
MBIA, Inc. *	194,665	2,968,641
Mercury General Corp.	109,590	6,027,450
MetroMile, Inc. *	292,975	375,008

SECURITY	NUMBER OF SHARES	VALUE ($)
National Western Life Group, Inc., Class A	9,234	1,970,074
Oscar Health, Inc., Class A *	158,091	1,152,483
Palomar Holdings, Inc. *	99,667	6,421,545
Primerica, Inc.	162,215	21,070,106
ProAssurance Corp.	220,232	5,307,591
RLI Corp.	163,230	16,567,845
Root, Inc., Class A *(a)	405,194	733,401
Ryan Specialty Group Holdings, Inc., Class A *	238,130	9,539,488
Safety Insurance Group, Inc.	58,735	4,900,848
Selective Insurance Group, Inc.	246,454	20,502,508
Selectquote, Inc. *	508,514	1,581,479
SiriusPoint Ltd. *	355,220	2,625,076
State Auto Financial Corp.	73,035	3,798,550
Stewart Information Services Corp.	110,655	7,511,261
The Hanover Insurance Group, Inc.	145,844	20,346,696
Trupanion, Inc. *	140,683	12,609,417
United Fire Group, Inc.	89,182	2,462,315
Unum Group	838,132	23,400,645
White Mountains Insurance Group Ltd.	12,256	12,871,251
		406,151,615

Materials 4.8%
AdvanSix, Inc.	114,771	4,597,726
Alcoa Corp.	767,694	57,838,066
Allegheny Technologies, Inc. *	521,850	13,432,419
Amyris, Inc. *(a)	792,401	3,613,349
Arconic Corp. *	437,174	13,421,242
Ashland Global Holdings, Inc.	232,001	21,409,052
Avient Corp.	374,922	19,642,164
Balchem Corp.	132,617	18,346,236
Cabot Corp.	233,120	17,055,059
Carpenter Technology Corp.	198,284	7,612,123
Century Aluminum Co. *	209,749	4,954,271
Chase Corp.	30,971	2,844,067
Clearwater Paper Corp. *	67,617	1,949,398
Coeur Mining, Inc. *	1,048,842	4,510,021
Commercial Metals Co.	494,632	19,068,064
Compass Minerals International, Inc.	140,327	8,225,969
Danimer Scientific, Inc. *(a)	347,975	1,384,941
Diversey Holdings Ltd. *	194,184	1,858,341
Eagle Materials, Inc.	166,985	22,848,558
Ecovyst, Inc.	220,480	2,409,846
Element Solutions, Inc.	892,657	21,941,509
Ferro Corp. *	341,477	7,420,295
Forterra, Inc. *	125,052	2,946,225
Gatos Silver, Inc. *	189,307	637,965
GCP Applied Technologies, Inc. *	221,476	6,994,212
Glatfelter Corp.	181,768	2,497,492
Graphic Packaging Holding Co.	1,158,085	23,833,389
Greif, Inc., Class A	108,968	6,264,570
Greif, Inc., Class B	24,407	1,389,246
H.B. Fuller Co.	215,564	14,738,111
Hawkins, Inc.	76,517	3,463,159
Hecla Mining Co.	2,213,961	12,752,415
Huntsman Corp.	850,200	34,382,088
Ingevity Corp. *	161,005	10,985,371
Innospec, Inc.	101,080	9,653,140
Kaiser Aluminum Corp.	65,507	6,321,425
Koppers Holdings, Inc. *	86,917	2,488,434
Kraton Corp. *	132,886	6,132,689
Kronos Worldwide, Inc.	90,610	1,334,685
Livent Corp. *	663,414	15,623,400
Louisiana-Pacific Corp.	361,312	25,996,398
Materion Corp.	84,372	7,049,281

₁₁₁

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
McEwen Mining, Inc. *	1,554,207	1,231,087
Mercer International, Inc.	166,246	2,222,709
Minerals Technologies, Inc.	136,508	9,554,195
MP Materials Corp. *	306,632	13,988,552
Myers Industries, Inc.	150,996	2,509,554
Neenah, Inc.	68,420	2,664,959
NewMarket Corp.	28,317	8,998,010
O-I Glass, Inc. *	645,901	8,254,615
Olin Corp.	589,378	30,358,861
Orion Engineered Carbons S.A.	247,446	3,845,311
Pactiv Evergreen, Inc.	173,102	1,665,241
Piedmont Lithium, Inc. *(a)	64,614	3,395,466
PureCycle Technologies, Inc. *(a)	318,496	2,216,732
Quaker Chemical Corp.	55,008	10,210,035
Ranpak Holdings Corp. *	163,302	3,951,908
Resolute Forest Products, Inc.	198,324	2,473,100
Schnitzer Steel Industries, Inc., Class A	104,826	5,099,785
Schweitzer-Mauduit International, Inc.	128,389	4,008,305
Sensient Technologies Corp.	172,386	14,158,062
Silgan Holdings, Inc.	344,659	14,434,319
Stepan Co.	87,306	9,046,648
Summit Materials, Inc., Class A *	486,144	15,177,416
SunCoke Energy, Inc.	339,052	2,688,682
Sylvamo Corp. *	143,925	5,022,982
The Chemours Co.	667,772	18,430,507
TimkenSteel Corp. *	167,866	3,026,624
TriMas Corp.	174,936	5,687,169
Trinseo plc	160,359	8,332,254
Tronox Holdings plc, Class A	466,684	9,473,685
United States Lime & Minerals, Inc.	8,552	1,005,117
United States Steel Corp.	1,109,391	30,186,529
Valhi, Inc.	9,441	240,462
Valvoline, Inc.	742,210	23,995,649
Verso Corp., Class A	99,651	2,641,748
Warrior Met Coal, Inc.	209,784	6,608,196
Worthington Industries, Inc.	131,995	7,526,355
Zymergen, Inc. *	66,225	253,642
		766,450,882

Media & Entertainment 2.6%
Advantage Solutions, Inc. *	402,873	3,170,611
AMC Networks, Inc., Class A *	119,223	4,941,793
Angi, Inc. *	305,050	2,101,794
Bumble, Inc., Class A *	298,253	7,644,224
Cardlytics, Inc. *	136,465	7,914,970
Cargurus, Inc. *	359,549	17,420,149
Cars.com, Inc. *	265,051	4,288,525
Cinemark Holdings, Inc. *	438,672	7,694,307
Clear Channel Outdoor Holdings, Inc. *	1,936,531	7,242,626
Eventbrite, Inc., Class A *	315,686	4,770,015
fuboTV, Inc. *(a)	591,017	5,053,195
Gannett Co., Inc. *	580,786	2,880,699
Gray Television, Inc.	367,217	8,603,894
iHeartMedia, Inc., Class A *	448,834	9,627,489
Integral Ad Science Holding Corp. *	63,274	1,183,857
John Wiley & Sons, Inc., Class A	182,329	9,172,972
Liberty Media Corp. - Liberty Braves, Class A *	42,813	1,097,297
Liberty Media Corp. - Liberty Braves, Class C *	153,218	3,784,485
Lions Gate Entertainment Corp., Class A *	252,521	3,878,723

SECURITY	NUMBER OF SHARES	VALUE ($)
Lions Gate Entertainment Corp., Class B *	499,539	7,118,431
Loyalty Ventures, Inc. *	82,408	1,977,792
Madison Square Garden Entertainment Corp. *	104,583	8,195,124
Madison Square Garden Sports Corp. *	70,173	12,139,929
Magnite, Inc. *	471,300	6,871,554
MediaAlpha, Inc., Class A *	86,466	1,241,652
NerdWallet, Inc., Class A *(a)	30,541	349,694
Nexstar Media Group, Inc., Class A	167,873	31,064,899
Nextdoor Holdings, Inc. *(a)	270,443	1,695,678
QuinStreet, Inc. *	204,071	2,295,799
Scholastic Corp.	124,295	5,230,334
Sinclair Broadcast Group, Inc., Class A	200,295	6,008,850
Skillz, Inc. *(a)	1,068,950	3,324,434
Society Pass, Inc. *	12,972	33,857
TechTarget, Inc. *	106,491	8,346,765
TEGNA, Inc.	907,965	20,810,558
The E.W. Scripps Co., Class A *	233,431	5,196,174
The New York Times Co., Class A	685,799	30,168,298
TripAdvisor, Inc. *	406,039	10,329,632
Vimeo, Inc. *	639,483	8,306,884
Warner Music Group Corp., Class A	451,820	16,364,920
WideOpenWest, Inc. *	213,411	3,625,853
World Wrestling Entertainment, Inc., Class A	183,725	10,887,543
Yelp, Inc. *	281,531	9,541,086
Ziff Davis, Inc. *	198,191	19,938,015
ZipRecruiter, Inc., Class A *	47,879	956,622
ZoomInfo Technologies, Inc., Class A *	1,241,634	67,904,963
		412,396,965

Pharmaceuticals, Biotechnology & Life Sciences 7.0%
2seventy bio, Inc. *	94,874	1,407,930
4D Molecular Therapeutics, Inc. *	100,770	1,380,549
Absci Corp. *(a)	53,085	497,406
ACADIA Pharmaceuticals, Inc. *	482,513	12,260,655
Adagio Therapeutics, Inc. *(a)	76,985	515,030
Adaptive Biotechnologies Corp. *	445,541	6,429,157
Aerie Pharmaceuticals, Inc. *	195,228	1,620,392
Agenus, Inc. *	963,763	2,602,160
Agios Pharmaceuticals, Inc. *	223,991	6,972,840
Akero Therapeutics, Inc. *	96,743	1,715,253
Akoya Biosciences, Inc. *	26,192	290,207
Alector, Inc. *	238,713	3,781,214
Aligos Therapeutics, Inc. *	76,538	185,222
Alkermes plc *	663,385	16,491,751
Allakos, Inc. *	144,024	805,094
Allogene Therapeutics, Inc. *	302,266	2,765,734
Allovir, Inc. *	120,965	1,088,685
ALX Oncology Holdings, Inc. *	84,910	1,538,569
Amicus Therapeutics, Inc. *	1,030,485	8,388,148
Amneal Pharmaceuticals, Inc. *	407,145	1,844,367
Amphastar Pharmaceuticals, Inc. *	150,178	4,161,432
AnaptysBio, Inc. *	79,273	2,423,376
Anavex Life Sciences Corp. *	308,887	3,385,402
Anika Therapeutics, Inc. *	59,924	1,947,530
Annexon, Inc. *	105,598	512,678
Antares Pharma, Inc. *	693,458	2,427,103
Apellis Pharmaceuticals, Inc. *	331,045	14,079,344
Applied Molecular Transport, Inc. *	66,589	437,490
Arcturus Therapeutics Holdings, Inc. *	89,253	2,139,394
Arcus Biosciences, Inc. *	188,042	6,995,162
Arcutis Biotherapeutics, Inc. *	114,084	2,030,695

₁₁₂

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Arena Pharmaceuticals, Inc. *	251,435	23,878,782
Arrowhead Pharmaceuticals, Inc. *	428,735	18,864,340
Arvinas, Inc. *	177,219	11,485,563
Atara Biotherapeutics, Inc. *	365,529	4,697,048
Atea Pharmaceuticals, Inc. *	220,042	1,395,066
Avid Bioservices, Inc. *	250,335	5,126,861
Avidity Biosciences, Inc. *	178,279	3,023,612
Axsome Therapeutics, Inc. *	121,416	3,413,004
Beam Therapeutics, Inc. *	184,612	14,464,350
Berkeley Lights, Inc. *	169,720	1,301,752
BioAtla, Inc. *	71,566	463,748
BioCryst Pharmaceuticals, Inc. *	737,734	12,253,762
Biohaven Pharmaceutical Holding Co., Ltd. *	239,102	28,383,798
Bionano Genomics, Inc. *(a)	1,180,360	2,525,970
Bioxcel Therapeutics, Inc. *	77,873	1,425,855
Blueprint Medicines Corp. *	241,910	14,647,650
Bridgebio Pharma, Inc. *	438,428	3,419,738
C4 Therapeutics, Inc. *	150,739	3,381,076
Cara Therapeutics, Inc. *	171,739	1,780,933
CareDx, Inc. *	216,759	8,319,210
Caribou Biosciences, Inc. *(a)	83,376	832,092
Cassava Sciences, Inc. *(a)	154,538	6,569,410
Catalyst Pharmaceuticals, Inc. *	399,776	3,118,253
Celldex Therapeutics, Inc. *	192,372	5,751,923
Century Therapeutics, Inc. *(a)	42,802	603,508
Cerevel Therapeutics Holdings, Inc. *	228,635	6,051,968
ChemoCentryx, Inc. *	201,755	6,121,247
Chimerix, Inc. *	288,521	1,627,258
Clene, Inc. *(a)	84,607	261,436
Clovis Oncology, Inc. *(a)	529,422	1,090,609
Codexis, Inc. *	240,925	4,801,635
Coherus Biosciences, Inc. *	259,924	3,064,504
Collegium Pharmaceutical, Inc. *	141,084	2,746,905
Corcept Therapeutics, Inc. *	390,663	8,707,878
Cortexyme, Inc. *(a)	69,761	303,460
Crinetics Pharmaceuticals, Inc. *	158,781	3,178,796
Cullinan Oncology, Inc. *	98,620	1,414,211
Cytek Biosciences, Inc. *	59,189	807,338
Cytokinetics, Inc. *	344,141	12,155,060
Day One Biopharmaceuticals, Inc. *(a)	43,246	590,740
Deciphera Pharmaceuticals, Inc. *	173,590	1,338,379
Denali Therapeutics, Inc. *	380,738	12,396,829
Design Therapeutics, Inc. *	50,421	684,213
DICE Therapeutics, Inc. *(a)	51,413	950,626
Dynavax Technologies Corp. *	455,269	5,581,598
Dyne Therapeutics, Inc. *	101,474	869,632
Eagle Pharmaceuticals, Inc. *	46,245	2,191,551
Edgewise Therapeutics, Inc. *(a)	46,688	550,452
Editas Medicine, Inc. *	279,057	4,777,456
Emergent BioSolutions, Inc. *	196,474	8,130,094
Enanta Pharmaceuticals, Inc. *	74,265	5,229,741
Endo International plc *	953,671	2,965,917
Entrada Therapeutics, Inc. *(a)	36,467	442,345
Epizyme, Inc. *	366,550	546,160
Erasca, Inc. *(a)	80,197	994,443
Evelo Biosciences, Inc. *(a)	112,279	350,872
Exelixis, Inc. *	1,298,956	26,667,567
Fate Therapeutics, Inc. *	332,870	11,500,659
FibroGen, Inc. *	355,908	5,007,626
Finch Therapeutics Group, Inc. *	33,495	280,353
Forma Therapeutics Holdings, Inc. *	128,941	1,271,358
G1 Therapeutics, Inc. *(a)	144,657	1,534,811
Generation Bio Co. *	186,476	954,757
Global Blood Therapeutics, Inc. *	241,469	7,292,364
Gossamer Bio, Inc. *	213,404	1,927,038
Halozyme Therapeutics, Inc. *	576,756	20,457,535
Harmony Biosciences Holdings, Inc. *	94,613	3,780,735

SECURITY	NUMBER OF SHARES	VALUE ($)
Heron Therapeutics, Inc. *	415,653	2,951,136
Humacyte, Inc. *(a)	243,409	1,467,756
Humanigen, Inc. *(a)	197,577	401,081
IGM Biosciences, Inc. *	32,700	545,436
ImmunityBio, Inc. *(a)	278,428	1,904,448
ImmunoGen, Inc. *	752,238	4,242,622
Immunovant, Inc. *	171,119	954,844
Inhibrx, Inc. *	83,440	1,793,960
Innoviva, Inc. *	255,182	4,902,046
Inovio Pharmaceuticals, Inc. *(a)	858,376	2,781,138
Insmed, Inc. *	486,204	11,620,276
Instil Bio, Inc. *	69,099	741,432
Intellia Therapeutics, Inc. *	284,102	28,083,483
Intra-Cellular Therapies, Inc. *	343,979	19,083,955
Ionis Pharmaceuticals, Inc. *	579,074	19,329,490
Iovance Biotherapeutics, Inc. *	561,247	8,794,740
Ironwood Pharmaceuticals, Inc. *	674,093	7,253,241
iTeos Therapeutics, Inc. *	81,796	2,955,289
Karuna Therapeutics, Inc. *	90,064	9,456,720
Keros Therapeutics, Inc. *	53,810	2,889,597
Kinnate Biopharma, Inc. *	66,381	516,444
Kodiak Sciences, Inc. *	138,036	1,192,631
Kronos Bio, Inc. *	168,846	1,271,410
Krystal Biotech, Inc. *	84,447	5,366,607
Kura Oncology, Inc. *	271,342	4,306,198
Kymera Therapeutics, Inc. *	146,257	5,815,178
Lexicon Pharmaceuticals, Inc. *	280,482	580,598
Ligand Pharmaceuticals, Inc. *	68,703	6,954,118
Lyell Immunopharma, Inc. *(a)	99,965	723,747
MacroGenics, Inc. *	224,837	2,102,226
Madrigal Pharmaceuticals, Inc. *	50,928	4,728,665
MannKind Corp. *	1,025,090	2,685,736
Maravai LifeSciences Holdings, Inc., Class A *	447,323	17,476,910
Medpace Holdings, Inc. *	118,188	18,079,218
Mersana Therapeutics, Inc. *	277,772	1,219,419
MiMedx Group, Inc. *	337,632	1,705,042
Mirati Therapeutics, Inc. *	203,111	17,932,670
Monte Rosa Therapeutics, Inc. *(a)	50,331	721,747
Morphic Holding, Inc. *	107,516	4,285,588
Myovant Sciences Ltd. *	177,957	2,388,183
Myriad Genetics, Inc. *	327,831	7,992,520
NanoString Technologies, Inc. *	188,118	6,670,664
Natera, Inc. *	361,725	23,783,419
Nektar Therapeutics *	759,161	7,773,809
NeoGenomics, Inc. *	505,197	10,816,268
NGM Biopharmaceuticals, Inc. *	153,144	2,275,720
Nkarta, Inc. *(a)	56,865	515,197
Nurix Therapeutics, Inc. *	163,734	2,647,579
Nuvation Bio, Inc. *	470,898	2,382,744
Ocugen, Inc. *(a)	812,881	2,861,341
Olema Pharmaceuticals, Inc. *	123,111	576,159
Omeros Corp. *(a)	257,387	1,853,186
OPKO Health, Inc. *	1,667,994	5,220,821
Organogenesis Holdings, Inc. *	260,866	1,940,843
ORIC Pharmaceuticals, Inc. *	129,764	1,006,969
Pacific Biosciences of California, Inc. *	905,104	10,788,840
Pacira BioSciences, Inc. *	182,832	12,193,066
Passage Bio, Inc. *	145,041	481,536
Perrigo Co., plc	548,189	19,471,673
Personalis, Inc. *	146,509	1,538,345
Phathom Pharmaceuticals, Inc. *	64,521	1,169,766
Phibro Animal Health Corp., Class A	83,928	1,787,666
Pliant Therapeutics, Inc. *	90,312	810,099
PMV Pharmaceuticals, Inc. *	111,365	1,764,022
Poseida Therapeutics, Inc. *	123,067	449,195
Praxis Precision Medicines, Inc. *	147,016	1,925,910
Precigen, Inc. *	392,454	883,022

₁₁₃

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Precision BioSciences, Inc. *	202,985	862,686
Prelude Therapeutics, Inc. *(a)	52,295	461,765
Prestige Consumer Healthcare, Inc. *	205,828	12,252,941
Prometheus Biosciences, Inc. *	43,224	1,881,973
Protagonist Therapeutics, Inc. *	183,024	4,443,823
Prothena Corp. plc *	146,337	5,063,260
PTC Therapeutics, Inc. *	290,565	10,204,643
Quanterix Corp. *	137,591	4,642,320
Radius Health, Inc. *	194,874	1,621,352
RAPT Therapeutics, Inc. *	80,104	1,602,080
Reata Pharmaceuticals, Inc., Class A *	111,638	3,655,028
Recursion Pharmaceuticals, Inc., Class A *	104,949	1,149,192
REGENXBIO, Inc. *	153,445	4,021,793
Relay Therapeutics, Inc. *	317,065	7,644,437
Replimune Group, Inc. *	120,405	1,931,296
Revance Therapeutics, Inc. *	269,389	3,655,609
REVOLUTION Medicines, Inc. *	255,390	4,831,979
Rhythm Pharmaceuticals, Inc. *	161,136	1,227,856
Rocket Pharmaceuticals, Inc. *	183,629	3,270,432
Roivant Sciences Ltd. *(a)	390,871	2,458,579
Rubius Therapeutics, Inc. *	170,438	850,486
Sage Therapeutics, Inc. *	212,793	7,739,281
Sana Biotechnology, Inc. *	338,992	2,189,888
Sangamo Therapeutics, Inc. *	492,896	2,883,442
Scholar Rock Holding Corp. *	109,693	1,908,658
Science 37 Holdings, Inc. *(a)	210,370	1,682,960
Seer, Inc. *	144,133	2,208,118
Seres Therapeutics, Inc. *	264,471	2,115,768
Shattuck Labs, Inc. *	115,632	578,160
Silverback Therapeutics, Inc. *(a)	90,622	389,675
SomaLogic, Inc. *	587,059	5,336,366
Sorrento Therapeutics, Inc. *(a)	1,249,900	3,162,247
Sotera Health Co. *	407,955	8,921,976
SpringWorks Therapeutics, Inc. *	107,839	6,102,609
Stoke Therapeutics, Inc. *	88,307	1,721,987
Supernus Pharmaceuticals, Inc. *	220,033	7,030,054
Syndax Pharmaceuticals, Inc. *	171,966	2,680,950
Tarsus Pharmaceuticals, Inc. *	24,723	435,866
Taysha Gene Therapies, Inc. *	93,720	596,996
TCR2 Therapeutics, Inc. *	140,284	380,170
TG Therapeutics, Inc. *	546,913	5,398,031
Theravance Biopharma, Inc. *	215,451	2,169,592
Travere Therapeutics, Inc. *	212,085	5,781,437
Turning Point Therapeutics, Inc. *	203,687	6,448,730
Twist Bioscience Corp. *	220,727	12,347,468
Tyra Biosciences, Inc. *(a)	43,636	517,087
Ultragenyx Pharmaceutical, Inc. *	279,257	18,799,581
uniQure N.V. *	147,049	2,498,363
United Therapeutics Corp. *	184,924	30,734,369
Vanda Pharmaceuticals, Inc. *	227,205	2,581,049
Vaxart, Inc. *(a)	514,771	2,615,037
Vaxcyte, Inc. *	129,076	2,990,691
VBI Vaccines, Inc. *	985,835	1,468,894
Ventyx Biosciences, Inc. *(a)	38,924	455,022
Veracyte, Inc. *	292,123	8,121,019
Vericel Corp. *	193,181	7,960,989
Verve Therapeutics, Inc. *	59,191	1,932,586
Vir Biotechnology, Inc. *	300,446	7,568,235
Vor BioPharma, Inc. *	42,868	387,098
Xencor, Inc. *	240,502	7,530,118
Y-mAbs Therapeutics, Inc. *	140,439	1,279,399
Zentalis Pharmaceuticals, Inc. *	153,053	7,635,814
Zogenix, Inc. *	208,157	5,466,203
		1,118,116,346

SECURITY	NUMBER OF SHARES	VALUE ($)
Real Estate 7.3%
Acadia Realty Trust	363,899	7,801,995
Agree Realty Corp.	286,119	18,354,534
Alexander & Baldwin, Inc.	298,755	6,701,075
Alexander's, Inc.	8,940	2,265,575
American Assets Trust, Inc.	216,941	7,931,363
Apple Hospitality REIT, Inc.	872,358	15,432,013
Armada Hoffler Properties, Inc.	250,979	3,684,372
Brandywine Realty Trust	702,060	9,358,460
Brixmor Property Group, Inc.	1,218,802	30,616,306
Broadstone Net Lease, Inc.	661,186	14,321,289
CareTrust REIT, Inc.	399,592	6,992,860
Centerspace	58,443	5,493,058
Chatham Lodging Trust *	203,067	2,792,171
City Office REIT, Inc.	181,510	3,125,602
Community Healthcare Trust, Inc.	97,186	4,052,656
CorePoint Lodging, Inc. *	160,939	2,570,196
Corporate Office Properties Trust	461,604	12,098,641
Cousins Properties, Inc.	610,780	23,594,431
Cushman & Wakefield plc *	613,679	13,451,844
DiamondRock Hospitality Co. *	864,611	8,257,035
DigitalBridge Group, Inc. *	2,106,440	15,271,690
Diversified Healthcare Trust	971,866	2,798,974
Doma Holdings, Inc. *	710,642	1,890,308
Douglas Elliman, Inc. *	266,720	2,011,069
Douglas Emmett, Inc.	720,842	22,850,691
Easterly Government Properties, Inc.	355,810	7,407,964
EastGroup Properties, Inc.	166,988	31,854,631
Empire State Realty Trust, Inc., Class A	577,184	5,460,161
EPR Properties	307,132	15,295,174
Equity Commonwealth *	496,901	13,202,660
Essential Properties Realty Trust, Inc.	499,443	12,625,919
eXp World Holdings, Inc.	273,879	7,323,524
First Industrial Realty Trust, Inc.	534,563	30,780,138
Forestar Group, Inc. *	73,418	1,344,284
Four Corners Property Trust, Inc.	316,555	8,350,721
Franklin Street Properties Corp.	387,851	2,241,779
FRP Holdings, Inc. *	26,306	1,523,907
Getty Realty Corp.	163,497	4,504,342
Gladstone Commercial Corp.	151,860	3,217,913
Global Medical REIT, Inc.	246,611	3,871,793
Global Net Lease, Inc.	427,324	6,072,274
Healthcare Realty Trust, Inc.	605,088	15,780,695
Highwoods Properties, Inc.	428,053	18,663,111
Hudson Pacific Properties, Inc.	626,023	16,527,007
Independence Realty Trust, Inc.	428,935	10,839,187
Industrial Logistics Properties Trust	267,034	5,973,551
Innovative Industrial Properties, Inc.	97,987	18,466,630
InvenTrust Properties Corp.	276,095	7,164,665
iStar, Inc.	286,842	7,205,471
JBG SMITH Properties	467,786	12,480,530
Kennedy-Wilson Holdings, Inc.	498,045	11,026,716
Kite Realty Group Trust	899,107	19,717,416
Life Storage, Inc.	336,060	42,541,835
LTC Properties, Inc.	160,696	5,436,346
LXP Industrial Trust	1,162,594	17,973,703
Marcus & Millichap, Inc. *	101,870	5,065,995
National Health Investors, Inc.	188,653	10,057,091
National Storage Affiliates Trust	335,802	19,567,183
Newmark Group, Inc., Class A	674,163	11,919,202
NexPoint Residential Trust, Inc.	93,482	7,943,166
Offerpad Solutions, Inc. *(a)	291,551	1,495,657
Office Properties Income Trust	197,585	4,949,504
One Liberty Properties, Inc.	66,202	1,923,830
Orion Office REIT, Inc. *	220,881	3,761,603
Outfront Media, Inc.	597,645	15,957,121

₁₁₄

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Paramount Group, Inc.	677,575	7,582,064
Park Hotels & Resorts, Inc. *	970,250	18,279,510
Pebblebrook Hotel Trust	538,331	12,117,831
Physicians Realty Trust	904,097	14,700,617
Piedmont Office Realty Trust, Inc., Class A	509,298	8,678,438
PotlatchDeltic Corp.	275,358	15,117,154
Preferred Apartment Communities, Inc.	216,472	5,468,083
PS Business Parks, Inc.	82,565	13,151,779
Rayonier, Inc.	588,079	23,346,736
RE/MAX Holdings, Inc., Class A	79,144	2,345,828
Realogy Holdings Corp. *	480,646	8,738,144
Redfin Corp. *	432,190	9,348,270
Retail Opportunity Investments Corp.	499,437	9,069,776
Retail Value, Inc.	71,361	221,219
Rexford Industrial Realty, Inc.	621,773	43,604,940
RLJ Lodging Trust	683,249	9,558,654
RPT Realty	343,935	4,453,958
Ryman Hospitality Properties, Inc. *	225,730	19,889,070
Sabra Health Care REIT, Inc.	937,346	12,588,557
Safehold, Inc.	57,646	3,537,159
Saul Centers, Inc.	53,491	2,462,191
Seritage Growth Properties, Class A *	152,512	1,554,097
Service Properties Trust	673,659	5,813,677
SITE Centers Corp.	736,145	11,447,055
SL Green Realty Corp.	273,444	21,744,267
Spirit Realty Capital, Inc.	506,526	23,487,611
STAG Industrial, Inc.	718,142	27,978,812
Summit Hotel Properties, Inc. *	434,314	4,295,365
Sunstone Hotel Investors, Inc. *	899,541	9,517,144
Tanger Factory Outlet Centers, Inc.	427,009	7,122,510
Tejon Ranch Co. *	101,048	1,715,795
Terreno Realty Corp.	307,358	21,143,157
The Howard Hughes Corp. *	169,557	16,206,258
The Macerich Co.	874,544	13,380,523
The Necessity Retail REIT, Inc.	504,117	3,548,984
The RMR Group, Inc., Class A	62,766	1,829,001
The St. Joe Co.	134,505	7,267,305
UMH Properties, Inc.	186,317	4,296,470
Uniti Group, Inc.	967,676	12,550,758
Universal Health Realty Income Trust	53,170	3,036,539
Urban Edge Properties	451,996	8,235,367
Urstadt Biddle Properties, Inc.	8,110	137,870
Urstadt Biddle Properties, Inc., Class A	123,262	2,321,023
Veris Residential, Inc. *	326,620	5,519,878
Washington Real Estate Investment Trust	348,770	8,147,267
WeWork, Inc., Class A *(a)	857,228	5,486,259
Xenia Hotels & Resorts, Inc. *	470,534	8,723,700
		1,171,999,277

Retailing 3.6%
1-800-Flowers.com, Inc., Class A *	108,417	1,678,295
Abercrombie & Fitch Co., Class A *	242,588	9,237,751
Academy Sports & Outdoors, Inc. *	362,729	11,741,538
American Eagle Outfitters, Inc.	630,271	13,286,113
America's Car-Mart, Inc. *	24,796	2,384,879
Arko Corp. *	276,372	2,307,706
Asbury Automotive Group, Inc. *	94,892	18,419,486
AutoNation, Inc. *	163,896	18,792,315
BARK, Inc. *(a)	325,632	1,025,741
Bed Bath & Beyond, Inc. *	416,819	7,040,073
Big Lots, Inc.	134,030	4,658,883
Boot Barn Holdings, Inc. *	121,617	10,583,111
Caleres, Inc.	156,105	3,240,740

SECURITY	NUMBER OF SHARES	VALUE ($)
Camping World Holdings, Inc., Class A	168,470	5,173,714
CarParts.com, Inc. *	189,724	1,587,990
Chewy, Inc., Class A *	362,965	17,110,170
Chico's FAS, Inc. *	506,159	2,378,947
Conn's, Inc. *	78,814	1,445,449
ContextLogic, Inc., Class A *(a)	1,365,774	3,236,884
Designer Brands, Inc., Class A *	250,362	3,267,224
Dick's Sporting Goods, Inc.	266,452	27,977,460
Dillard's, Inc., Class A	17,632	4,420,519
Enjoy Technology, Inc. *(a)	126,036	412,138
Foot Locker, Inc.	370,636	11,719,510
Franchise Group, Inc.	110,210	4,645,351
Funko, Inc., Class A *	107,256	1,872,690
Genesco, Inc. *	57,888	3,713,515
Group 1 Automotive, Inc.	74,275	13,512,851
Groupon, Inc. *	85,216	1,850,892
GrowGeneration Corp. *	220,015	1,850,326
Guess?, Inc.	158,798	3,477,676
Haverty Furniture Cos., Inc.	62,222	1,767,727
Hibbett, Inc.	61,350	2,765,658
Kohl's Corp.	617,922	34,368,822
Lands' End, Inc. *	51,779	878,172
Leslie's, Inc. *	560,627	11,946,961
Liquidity Services, Inc. *	109,724	1,890,545
Lithia Motors, Inc.	124,235	42,341,773
LL Flooring Holdings, Inc. *	120,080	1,928,485
Macy's, Inc.	1,272,494	32,983,044
MarineMax, Inc. *	90,054	4,120,871
Monro, Inc.	138,625	6,471,015
Murphy USA, Inc.	96,685	17,474,847
National Vision Holdings, Inc. *	339,149	12,436,594
Nordstrom, Inc. *	456,244	9,462,501
Ollie's Bargain Outlet Holdings, Inc. *	248,304	10,721,767
Overstock.com, Inc. *	176,496	10,042,622
Party City Holdco, Inc. *	462,038	2,000,625
Penske Automotive Group, Inc.	125,089	12,294,998
Petco Health & Wellness Co., Inc. *	336,365	5,893,115
PetMed Express, Inc.	85,920	2,315,544
Porch Group, Inc. *	307,961	2,494,484
Quotient Technology, Inc. *	370,785	2,462,012
Qurate Retail, Inc., Class A	1,465,191	8,073,202
Qurate Retail, Inc., Class B	4,932	28,310
Rent the Runway, Inc., Class A *(a)	68,557	416,141
Rent-A-Center, Inc.	247,945	7,044,117
Revolve Group, Inc. *	163,082	7,734,979
Sally Beauty Holdings, Inc. *	464,174	8,020,927
Shift Technologies, Inc. *(a)	277,985	561,530
Shoe Carnival, Inc.	71,189	2,075,871
Shutterstock, Inc.	95,974	8,688,526
Signet Jewelers Ltd.	217,546	15,336,993
Sleep Number Corp. *	93,509	6,143,541
Sonic Automotive, Inc., Class A	84,649	4,546,498
Sportsman's Warehouse Holdings, Inc. *	178,695	2,038,910
Stitch Fix, Inc., Class A *	338,957	4,253,910
The Aaron's Co., Inc.	128,442	2,695,998
The Buckle, Inc.	119,874	4,315,464
The Children's Place, Inc. *	57,016	3,589,727
The Container Store Group, Inc. *	137,516	1,214,266
The ODP Corp. *	188,581	8,297,564
The RealReal, Inc. *	331,441	2,953,139
Torrid Holdings, Inc. *(a)	45,246	395,902
Urban Outfitters, Inc. *	271,955	7,481,482
Victoria's Secret & Co. *	297,277	15,942,966
Vivid Seats, Inc., Class A	90,949	1,062,284
Volta, Inc. *(a)	495,184	2,228,328
Vroom, Inc. *	519,699	3,159,770

₁₁₅

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Warby Parker, Inc., Class A *	41,835	1,252,122
Winmark Corp.	12,377	2,799,925
Xometry, Inc., Class A *(a)	29,071	1,421,863
Zumiez, Inc. *	87,241	3,881,352
		580,767,726

Semiconductors & Semiconductor Equipment 3.2%
ACM Research, Inc., Class A *	50,829	4,189,326
Allegro MicroSystems, Inc. *	227,324	6,517,379
Ambarella, Inc. *	150,705	21,054,996
Amkor Technology, Inc.	411,302	9,324,216
Axcelis Technologies, Inc. *	136,782	9,468,050
Azenta, Inc.	305,274	26,717,581
CEVA, Inc. *	93,712	3,820,638
Cirrus Logic, Inc. *	234,140	20,339,742
CMC Materials, Inc.	116,810	21,660,078
Cohu, Inc. *	201,268	6,275,536
Diodes, Inc. *	184,473	16,526,936
FormFactor, Inc. *	321,056	12,999,557
Ichor Holdings Ltd. *	115,886	4,082,664
Impinj, Inc. *	77,656	5,338,850
Kulicke & Soffa Industries, Inc.	254,395	13,289,595
Lattice Semiconductor Corp. *	562,283	35,210,162
MACOM Technology Solutions Holdings, Inc. *	197,617	11,876,782
MaxLinear, Inc. *	289,304	17,748,800
MKS Instruments, Inc.	227,664	34,286,198
Navitas Semiconductor Corp. *(a)	307,207	2,992,196
Onto Innovation, Inc. *	202,056	17,419,248
PDF Solutions, Inc. *	121,851	3,333,843
Photronics, Inc. *	249,663	4,598,793
Power Integrations, Inc.	247,880	22,309,200
Rambus, Inc. *	449,386	12,133,422
Semtech Corp. *	263,801	18,302,513
Silicon Laboratories, Inc. *	164,701	25,316,191
SiTime Corp. *	61,390	12,409,375
SkyWater Technology, Inc. *	28,949	334,361
SMART Global Holdings, Inc. *	191,175	5,247,754
SunPower Corp. *	343,166	6,152,966
Synaptics, Inc. *	161,171	36,816,292
Ultra Clean Holdings, Inc. *	184,256	8,440,767
Veeco Instruments, Inc. *	206,137	5,889,334
Wolfspeed, Inc. *	475,811	48,875,306
		511,298,647

Software & Services 7.3%
8x8, Inc. *	469,641	6,086,547
A10 Networks, Inc.	247,579	3,525,525
ACI Worldwide, Inc. *	482,422	16,170,785
Agilysys, Inc. *	80,702	3,391,905
Alarm.com Holdings, Inc. *	189,025	12,443,516
Alliance Data Systems Corp.	203,874	13,751,301
Altair Engineering, Inc., Class A *	208,162	13,826,120
Alteryx, Inc., Class A *	245,164	15,273,717
Amplitude, Inc., Class A *(a)	92,297	1,978,848
Appfolio, Inc., Class A *	78,922	8,929,235
Appian Corp. *	162,876	9,928,921
Asana, Inc., Class A *	331,364	18,155,434
Avaya Holdings Corp. *	343,678	4,732,446
AvePoint, Inc. *	352,875	1,990,215
AvidXchange Holdings, Inc. *	103,770	999,305
BigCommerce Holdings, Inc. *	245,759	6,365,158
Blackbaud, Inc. *	169,809	10,611,364
Blackline, Inc. *	218,653	16,466,757
Blend Labs, Inc., Class A *	85,894	759,303
Bottomline Technologies (DE), Inc. *	159,247	9,019,750

SECURITY	NUMBER OF SHARES	VALUE ($)
Box, Inc., Class A *	621,787	15,923,965
BTRS Holdings, Inc., Class A *	298,609	1,821,515
C3.ai, Inc., Class A *	291,489	6,535,183
Cantaloupe, Inc. *	245,585	1,908,195
Cass Information Systems, Inc.	47,965	1,898,455
CCC Intelligent Solutions Holdings, Inc. *(a)	252,311	2,740,097
CDK Global, Inc.	485,130	21,995,794
Cerence, Inc. *	155,799	5,625,902
ChannelAdvisor Corp. *	123,193	2,211,314
Cipher Mining, Inc. *(a)	170,621	520,394
Clear Secure, Inc., Class A *	55,012	1,481,473
Clearwater Analytics Holdings, Inc., Class A *	135,194	2,686,305
CommVault Systems, Inc. *	186,656	11,742,529
Conduent, Inc. *	670,510	3,265,384
Confluent, Inc., Class A *	250,930	10,737,295
Consensus Cloud Solutions, Inc. *	65,426	3,641,611
Couchbase, Inc. *	36,243	763,640
CS Disco, Inc. *	51,861	1,959,309
CSG Systems International, Inc.	134,210	8,283,441
Cyxtera Technologies, Inc. *(a)	136,509	1,661,315
Datto Holding Corp. *	106,425	2,496,730
Digital Turbine, Inc. *	360,497	17,476,895
DigitalOcean Holdings, Inc. *	71,267	4,227,558
Dolby Laboratories, Inc., Class A	268,289	20,148,504
Domo, Inc., Class B *	118,358	5,266,931
Dropbox, Inc., Class A *	1,159,071	26,299,321
Duck Creek Technologies, Inc. *	310,263	7,284,975
E2open Parent Holdings, Inc. *	721,042	6,474,957
Ebix, Inc.	97,930	2,889,914
Embark Technology, Inc. *(a)	813,329	3,708,780
Enfusion, Inc., Class A *(a)	75,788	1,257,323
Envestnet, Inc. *	224,121	16,768,733
Everbridge, Inc. *	157,602	6,228,431
EverCommerce, Inc. *	79,220	949,056
EVERTEC, Inc.	244,860	9,882,550
Evo Payments, Inc., Class A *	193,465	4,664,441
ExlService Holdings, Inc. *	136,464	16,483,487
Expensify, Inc., Class A *(a)	38,441	788,040
Fastly, Inc., Class A *	438,872	8,163,019
Flywire Corp. *	44,704	1,209,690
Freshworks, Inc., Class A *(a)	140,568	2,575,206
Gitlab, Inc., Class A *	42,357	2,468,142
Grid Dynamics Holdings, Inc. *	186,357	2,264,238
Informatica, Inc., Class A *	121,699	2,453,452
Intapp, Inc. *(a)	45,697	1,053,773
InterDigital, Inc.	126,348	8,139,338
International Money Express, Inc. *	136,983	2,199,947
IronNet, Inc. *(a)	134,212	625,428
Jamf Holding Corp. *	225,904	7,728,176
Kaltura, Inc. *	61,154	136,985
Kyndryl Holdings, Inc. *	735,350	11,662,651
Latch, Inc. *(a)	368,857	1,523,379
LivePerson, Inc. *	272,222	5,520,662
LiveRamp Holdings, Inc. *	279,692	12,071,507
Mandiant, Inc. *	984,570	19,494,486
Manhattan Associates, Inc. *	259,791	34,728,861
Marathon Digital Holdings, Inc. *(a)	408,413	10,353,270
Marqeta, Inc., Class A *	953,676	11,186,619
Matterport, Inc. *(a)	756,373	5,604,724
Maximus, Inc.	251,944	19,868,304
McAfee Corp., Class A	308,621	8,021,060
MeridianLink, Inc. *	56,400	1,104,312
MicroStrategy, Inc., Class A *	34,412	15,244,516
Mimecast Ltd. *	253,149	20,132,940
Model N, Inc. *	132,838	3,266,486
Momentive Global, Inc. *	531,576	8,356,375

₁₁₆

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
MoneyGram International, Inc. *	378,594	4,066,100
N-Able, Inc. *	283,453	3,279,551
nCino, Inc. *	234,130	10,753,591
NCR Corp. *	540,985	21,920,712
New Relic, Inc. *	242,055	16,033,723
NextNav, Inc. *(a)	82,257	500,123
Nutanix, Inc., Class A *	868,130	23,179,071
ON24, Inc. *	36,275	565,890
OneSpan, Inc. *	139,529	1,922,710
Pagerduty, Inc. *	311,264	10,526,948
Paya Holdings, Inc. *	344,717	2,223,425
Paycor HCM, Inc. *	127,987	3,592,595
Payoneer Global, Inc. *	788,405	3,800,112
Perficient, Inc. *	135,064	13,763,022
Ping Identity Holding Corp. *	247,609	5,209,693
Progress Software Corp.	180,734	7,966,755
PROS Holdings, Inc. *	165,353	5,254,918
Q2 Holdings, Inc. *	233,217	15,170,766
Qualtrics International, Inc., Class A *	387,594	11,755,726
Qualys, Inc. *	136,889	17,153,561
Rackspace Technology, Inc. *	255,974	2,848,991
Rapid7, Inc. *	231,813	23,983,373
Repay Holdings Corp. *	303,117	5,234,831
Riot Blockchain, Inc. *(a)	336,786	5,802,823
Sabre Corp. *	1,330,243	14,539,556
Sailpoint Technologies Holdings, Inc. *	382,432	15,821,212
SentinelOne, Inc., Class A *	172,049	7,140,033
Shift4 Payments, Inc., Class A *	193,674	10,196,936
Smartsheet, Inc., Class A *	517,929	27,538,285
SolarWinds Corp.	182,663	2,475,084
Sprout Social, Inc., Class A *	187,030	12,177,523
SPS Commerce, Inc. *	147,381	19,137,423
Squarespace, Inc., Class A *	114,401	3,387,414
Sumo Logic, Inc. *	360,324	4,338,301
Switch, Inc., Class A	541,453	14,088,607
Telos Corp. *	215,160	2,457,127
Tenable Holdings, Inc. *	374,499	20,732,265
Teradata Corp. *	444,876	22,239,351
Toast, Inc., Class A *(a)	302,961	6,216,760
TTEC Holdings, Inc.	75,568	6,007,656
Tucows, Inc., Class A *(a)	38,143	2,562,447
Unisys Corp. *	276,815	5,915,537
Upland Software, Inc. *	107,927	2,035,503
Varonis Systems, Inc. *	440,112	19,188,883
Verint Systems, Inc. *	268,092	13,466,261
Verra Mobility Corp. *	527,266	8,858,069
Vonage Holdings Corp. *	1,034,812	21,027,380
Workiva, Inc. *	184,979	19,478,289
Xperi Holding Corp.	431,588	7,475,104
Yext, Inc. *	469,582	3,484,298
Zuora, Inc., Class A *	476,994	7,240,769
		1,177,998,523

Technology Hardware & Equipment 3.6%
3D Systems Corp. *	524,380	9,344,452
908 Devices, Inc. *	55,805	928,037
ADTRAN, Inc.	198,661	4,090,430
Advanced Energy Industries, Inc.	154,457	13,260,134
Aeva Technologies, Inc. *(a)	372,135	1,562,967
AEye, Inc. *(a)	428,026	1,421,046
Avid Technology, Inc. *	145,170	4,567,048
Avnet, Inc.	407,186	17,130,315
Badger Meter, Inc.	120,172	11,946,299
Belden, Inc.	184,039	10,370,598
Benchmark Electronics, Inc.	143,769	3,758,122
Calix, Inc. *	224,925	12,222,425
Casa Systems, Inc. *	144,751	602,164

SECURITY	NUMBER OF SHARES	VALUE ($)
Coherent, Inc. *	100,751	26,630,504
CommScope Holding Co., Inc. *	839,791	8,011,606
Comtech Telecommunications Corp.	107,609	2,214,593
Corsair Gaming, Inc. *(a)	135,250	3,121,570
CTS Corp.	131,443	4,986,947
Diebold Nixdorf, Inc. *	300,583	2,615,072
ePlus, Inc. *	110,227	5,169,646
Evolv Technologies Holdings, Inc. *(a)	222,550	783,376
Extreme Networks, Inc. *	533,728	6,132,535
Fabrinet *	151,777	15,197,431
FARO Technologies, Inc. *	74,218	4,062,693
Harmonic, Inc. *	418,603	3,897,194
II-VI, Inc. *	435,770	30,268,584
Infinera Corp. *	868,374	8,015,092
Inseego Corp. *(a)	319,392	1,504,336
Insight Enterprises, Inc. *	143,169	14,889,576
IonQ, Inc. *(a)	466,724	7,458,250
Itron, Inc. *	185,808	8,857,467
Kimball Electronics, Inc. *	103,043	1,776,461
Knowles Corp. *	380,070	8,277,925
Lightwave Logic, Inc. *(a)	409,947	3,086,901
Littelfuse, Inc.	100,934	26,062,168
Lumentum Holdings, Inc. *	296,794	29,341,055
Methode Electronics, Inc.	157,528	7,189,578
MicroVision, Inc. *	669,655	2,685,317
Mirion Technologies, Inc. *	423,130	3,613,530
Napco Security Technologies, Inc. *	122,049	2,488,579
National Instruments Corp.	541,855	21,755,478
NETGEAR, Inc. *	119,409	3,177,474
NetScout Systems, Inc. *	304,212	9,470,120
nLight, Inc. *	180,148	2,936,412
Novanta, Inc. *	146,202	19,975,579
OSI Systems, Inc. *	68,042	5,488,948
Ouster, Inc. *(a)	301,013	1,017,424
PAR Technology Corp. *	104,104	4,366,122
PC Connection, Inc.	45,378	2,213,993
Plantronics, Inc. *	175,895	4,954,962
Plexus Corp. *	116,114	9,459,808
Pure Storage, Inc., Class A *	1,100,849	28,556,023
Ribbon Communications, Inc. *	491,283	1,493,500
Rogers Corp. *	76,966	21,011,718
Sanmina Corp. *	264,841	10,535,375
ScanSource, Inc. *	105,089	3,318,711
SmartRent, Inc. *(a)	363,545	2,344,865
Super Micro Computer, Inc. *	181,356	7,125,477
TD SYNNEX Corp.	169,575	17,267,822
TTM Technologies, Inc. *	426,428	5,360,200
Velodyne Lidar, Inc. *(a)	403,442	1,488,701
ViaSat, Inc. *	301,735	13,771,185
Viavi Solutions, Inc. *	975,283	15,994,641
Vishay Intertechnology, Inc.	545,599	10,470,045
Vontier Corp.	692,898	16,837,421
Xerox Holdings Corp.	563,272	11,102,091
		581,036,118

Telecommunication Services 0.7%
Anterix, Inc. *	76,122	4,055,780
ATN International, Inc.	45,173	1,505,616
Bandwidth, Inc., Class A *	94,514	2,887,403
Cogent Communications Holdings, Inc.	173,962	11,029,191
Consolidated Communications Holdings, Inc. *	302,951	2,157,011
EchoStar Corp., Class A *	158,942	3,868,648
Frontier Communications Parent, Inc. *	853,314	23,508,801
Globalstar, Inc. *	2,707,903	3,195,326

₁₁₇

Schwab U.S. Equity ETFs | Semiannual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Gogo, Inc. *(a)	273,768	3,898,456
IDT Corp., Class B *	71,019	2,560,945
Iridium Communications, Inc. *	542,013	21,458,295
Liberty Latin America Ltd., Class A *	169,687	1,705,354
Liberty Latin America Ltd., Class C *	636,561	6,422,900
Radius Global Infrastructure, Inc., Class A *	237,401	3,052,977
Shenandoah Telecommunications Co.	203,917	4,557,545
Telephone and Data Systems, Inc.	407,536	7,070,750
United States Cellular Corp. *	60,472	1,663,585
		104,598,583

Transportation 2.2%
Air Transport Services Group, Inc. *	238,433	7,513,024
Allegiant Travel Co. *	62,304	10,846,503
ArcBest Corp.	104,845	9,717,035
Atlas Air Worldwide Holdings, Inc. *	110,768	8,679,780
Avis Budget Group, Inc. *	164,511	30,177,898
Bird Global, Inc., Class A *(a)	586,486	1,917,809
Daseke, Inc. *	244,466	3,068,048
Forward Air Corp.	110,715	11,423,574
Frontier Group Holdings, Inc. *(a)	124,491	1,603,444
GXO Logistics, Inc. *	404,930	33,985,775
Hawaiian Holdings, Inc. *	208,906	4,006,817
Heartland Express, Inc.	189,982	2,728,142
Hub Group, Inc., Class A *	139,571	11,779,792
JetBlue Airways Corp. *	1,307,466	19,965,006
Joby Aviation, Inc. *(a)	1,093,172	5,618,904
Kirby Corp. *	247,112	16,099,347
Knight-Swift Transportation Holdings, Inc.	681,115	37,107,145
Landstar System, Inc.	156,411	24,151,422
Marten Transport Ltd.	243,698	4,203,790
Matson, Inc.	172,731	19,133,413
Ryder System, Inc.	220,215	17,361,751
Saia, Inc. *	108,146	31,062,776
Schneider National, Inc., Class B	142,662	3,726,331
SkyWest, Inc. *	205,629	5,780,231
Spirit Airlines, Inc. *	444,803	11,155,659
Sun Country Airlines Holdings, Inc. *	127,957	3,461,237
TuSimple Holdings, Inc., Class A *	138,833	2,418,471
Universal Logistics Holdings, Inc.	30,276	579,180
Werner Enterprises, Inc.	250,273	10,876,865
Wheels Up Experience, Inc. *	722,004	2,534,234
		352,683,403

Utilities 2.2%
ALLETE, Inc.	215,347	13,553,940
American States Water Co.	151,576	12,756,636
Avista Corp.	290,881	12,982,019
Black Hills Corp.	261,680	18,314,983
California Water Service Group	215,514	12,269,212
Chesapeake Utilities Corp.	72,211	9,600,453
Clearway Energy, Inc., Class A	141,282	4,321,816
Clearway Energy, Inc., Class C	335,377	11,201,592
Hawaiian Electric Industries, Inc.	448,255	18,369,490
IDACORP, Inc.	207,665	21,586,777
MGE Energy, Inc.	148,227	10,675,309
Middlesex Water Co.	72,147	7,213,979
Montauk Renewables, Inc. *(a)	257,462	2,662,157
National Fuel Gas Co.	374,576	23,313,610
New Jersey Resources Corp.	395,623	17,257,075
Northwest Natural Holding Co.	127,045	6,607,610
NorthWestern Corp.	215,813	13,052,370
ONE Gas, Inc.	219,835	18,266,090

SECURITY	NUMBER OF SHARES	VALUE ($)
Ormat Technologies, Inc.	183,567	13,097,506
Otter Tail Corp.	170,281	10,533,583
PNM Resources, Inc.	352,953	15,942,887
Portland General Electric Co.	366,630	18,613,805
SJW Group	113,150	7,379,643
South Jersey Industries, Inc.	460,980	15,641,051
Southwest Gas Holdings, Inc.	247,565	17,562,261
Spire, Inc.	212,283	14,246,312
Sunnova Energy International, Inc. *	382,472	7,706,811
Unitil Corp.	65,408	3,302,450
York Water Co.	53,403	2,396,193
		360,427,620
Total Common Stocks (Cost $13,449,179,186)		16,046,533,830

RIGHTS 0.0% OF NET ASSETS

Media & Entertainment 0.0%
Media General, Inc. CVR *(b)	177,806	15,131

Pharmaceuticals, Biotechnology & Life Sciences 0.0%
resTORbio, Inc. CVR *(b)	8,172	0
Total Rights (Cost $0)		15,131


SHORT-TERM INVESTMENTS 1.8% OF NET ASSETS

Money Market Funds 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)	27,890,547	27,890,547
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (c)(d)	269,766,696	269,766,696
		297,657,243
Total Short-Term Investments (Cost $297,657,243)		297,657,243
Total Investments in Securities (Cost $13,746,836,429)		16,344,206,204

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini, expires 03/18/22	335	34,245,375	535,369

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $261,588,335.
(b)	Fair valued by management using significant unobservable inputs in accordance with procedures approved by the fund’s Board of Trustees.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

CVR —	Contingent Value Rights
REIT —	Real Estate Investment Trust

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Table of Contents

Schwab U.S. Dividend Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 2/28/22*	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18	9/1/16– 8/31/17
Per-Share Data
Net asset value at beginning of period	$77.66	$57.31	$53.30	$52.71	$45.83	$42.47
Income (loss) from investment operations:
Net investment income (loss)¹	1.21	2.27	1.87	1.66	1.49	1.40
Net realized and unrealized gains (losses)	(0.57)	20.27	3.98	0.48	6.75	3.26
Total from investment operations	0.64	22.54	5.85	2.14	8.24	4.66
Less distributions:
Distributions from net investment income	(1.21)	(2.19)	(1.84)	(1.55)	(1.36)	(1.30)
Net asset value at end of period	$77.09	$77.66	$57.31	$53.30	$52.71	$45.83
Total return	0.85% ²	40.15%	11.46%	4.18%	18.21%	11.12%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.06% ³	0.06%	0.06%	0.06% ⁴	0.07%	0.07%
Net investment income (loss)	3.14% ³	3.27%	3.48%	3.23%	2.99%	3.17%
Portfolio turnover rate⁵	4% ²	46%	43%	24%	23%	15%
Net assets, end of period (x 1,000,000)	$34,168	$27,955	$12,694	$9,821	$8,093	$6,041

*	Unaudited.
¹	Calculated based on the average shares outstanding during the period.
²	Not annualized.
³	Annualized.
⁴	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/19 is a blended ratio.
⁵	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of February 28, 2022 (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 99.6% OF NET ASSETS

Banks 9.7%
1st Source Corp.	199,320	9,625,163
BancFirst Corp.	222,191	17,359,783
Bank of Hawaii Corp.	470,733	40,567,770
Bank OZK	1,419,125	66,727,258
Banner Corp.	402,532	24,799,997
Cathay General Bancorp	909,279	42,763,391
City Holding Co.	178,191	14,196,477
Comerica, Inc.	1,557,460	148,721,855
CVB Financial Corp.	1,482,492	34,957,161
Federal Agricultural Mortgage Corp., Class C	106,897	13,223,159
Fifth Third Bancorp	8,038,260	384,550,359
First Commonwealth Financial Corp.	1,112,296	17,963,580
First Horizon Corp.	6,387,455	149,977,443
Heritage Financial Corp.	420,051	11,013,737
Huntington Bancshares, Inc.	17,183,493	266,687,811
International Bancshares Corp.	620,646	26,693,985
KeyCorp	11,130,520	279,042,137
M&T Bank Corp.	1,496,953	272,789,745
Northwest Bancshares, Inc.	1,474,167	20,756,271
Premier Financial Corp.	429,529	13,173,655
Regions Financial Corp.	11,108,507	268,714,784
S&T Bancorp, Inc.	458,736	14,262,102
Stock Yards Bancorp, Inc.	285,571	15,269,481
Synovus Financial Corp.	1,704,076	89,719,601
U.S. Bancorp	15,700,926	887,730,356
Webster Financial Corp.	1,054,193	63,472,961
Zions Bancorp NA	1,885,737	133,679,896
		3,328,439,918

Capital Goods 13.5%
3M Co.	6,733,219	1,000,893,004
Cummins, Inc.	1,670,788	341,041,247
Emerson Electric Co.	6,956,035	646,354,772
Fastenal Co.	6,687,643	344,146,109
Illinois Tool Works, Inc.	3,335,269	721,552,095
Lockheed Martin Corp.	2,867,719	1,244,016,502
McGrath RentCorp	282,010	22,921,773
MSC Industrial Direct Co., Inc., Class A	546,605	42,350,955
Snap-on, Inc.	627,859	131,963,405
Watsco, Inc.	383,546	104,731,071
		4,599,970,933

Commercial & Professional Services 0.1%
Ennis, Inc.	304,415	5,716,914
HNI Corp.	508,626	20,695,992
		26,412,906

SECURITY	NUMBER OF SHARES	VALUE ($)
Consumer Durables & Apparel 1.1%
Hasbro, Inc.	1,504,629	146,024,244
Leggett & Platt, Inc.	1,549,148	57,442,408
Sturm Ruger & Co., Inc.	205,055	14,848,032
Whirlpool Corp.	729,869	146,900,734
		365,215,418

Diversified Financials 6.6%
Apollo Global Management, Inc.	2,440,281	159,252,738
BlackRock, Inc.	1,493,304	1,110,853,913
Cohen & Steers, Inc.	291,774	23,709,555
Evercore, Inc., Class A	461,664	58,635,945
Federated Hermes, Inc.	1,135,269	37,089,238
Franklin Resources, Inc.	3,274,121	97,339,618
Janus Henderson Group plc	2,006,781	67,367,638
Lazard Ltd., Class A	1,312,569	45,388,636
Northern Trust Corp.	2,424,728	276,176,519
T. Rowe Price Group, Inc.	2,640,209	381,668,613
		2,257,482,413

Energy 2.2%
ONEOK, Inc.	5,186,218	338,660,035
Valero Energy Corp.	4,757,195	397,273,355
		735,933,390

Food, Beverage & Tobacco 13.5%
Altria Group, Inc.	21,459,212	1,100,642,983
B&G Foods, Inc. (a)	756,061	22,379,406
Flowers Foods, Inc.	2,312,663	63,390,093
Kellogg Co.	2,975,519	190,254,685
PepsiCo, Inc.	8,286,288	1,356,796,797
The Coca-Cola Co.	25,088,913	1,561,533,945
Tyson Foods, Inc., Class A	3,430,855	317,903,024
		4,612,900,933

Household & Personal Products 1.6%
Kimberly-Clark Corp.	3,918,912	510,046,397
Nu Skin Enterprises, Inc., Class A	582,960	27,043,514
		537,089,911

Insurance 5.5%
Cincinnati Financial Corp.	1,744,007	214,146,620
Employers Holdings, Inc.	326,714	12,696,106
Fidelity National Financial, Inc.	3,321,462	158,234,450
Mercury General Corp.	309,459	17,020,245
Principal Financial Group, Inc.	2,904,497	205,173,668
Prudential Financial, Inc.	4,500,985	502,579,985
Safety Insurance Group, Inc.	165,304	13,792,966
The Allstate Corp.	3,440,698	421,003,808
The Hartford Financial Services Group, Inc.	4,039,711	280,679,120

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Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of February 28, 2022 (Unaudited) (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Unum Group	2,376,440	66,350,205
		1,891,677,173

Materials 3.7%
Amcor plc	17,943,508	208,682,998
International Paper Co.	4,548,203	197,983,277
Neenah, Inc.	196,362	7,648,300
Newmont Corp.	9,299,535	615,629,217
Schweitzer-Mauduit International, Inc.	366,910	11,454,930
Sonoco Products Co.	1,145,291	67,251,487
Steel Dynamics, Inc.	2,255,759	159,211,470
		1,267,861,679

Media & Entertainment 1.1%
Omnicom Group, Inc.	2,495,312	209,331,724
The Interpublic Group of Cos., Inc.	4,577,745	168,461,016
		377,792,740

Pharmaceuticals, Biotechnology & Life Sciences 12.5%
Amgen, Inc.	6,461,728	1,463,452,157
Merck & Co., Inc.	18,848,303	1,443,403,044
Organon & Co.	2,952,625	110,221,491
Pfizer, Inc.	26,846,017	1,260,152,038
		4,277,228,730

Retailing 4.5%
Best Buy Co., Inc.	2,622,672	253,455,022
Genuine Parts Co.	1,665,966	203,514,406
PetMed Express, Inc.	236,075	6,362,221
The Home Depot, Inc.	3,355,118	1,059,646,918
		1,522,978,567

Semiconductors & Semiconductor Equipment 7.5%
Broadcom, Inc.	2,344,261	1,377,112,682
Texas Instruments, Inc.	7,025,987	1,194,347,530
		2,571,460,212

Software & Services 8.3%
Automatic Data Processing, Inc.	4,923,147	1,006,488,173
Cass Information Systems, Inc.	138,600	5,485,788
International Business Machines Corp.	10,430,181	1,277,801,474
Kyndryl Holdings, Inc. *	2,087,350	33,105,371
Paychex, Inc.	3,726,472	443,673,756
The Western Union Co.	4,729,209	85,977,020
		2,852,531,582

SECURITY	NUMBER OF SHARES	VALUE ($)
Technology Hardware & Equipment 3.9%
Cisco Systems, Inc.	24,199,642	1,349,614,034

Telecommunication Services 4.3%
Verizon Communications, Inc.	27,329,516	1,466,775,124
Total Common Stocks (Cost $30,655,602,518)		34,041,365,663


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (b)	24,780,303	24,780,303
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% (b)(c)	19,965,488	19,965,488
		44,745,791
Total Short-Term Investments (Cost $44,745,791)		44,745,791
Total Investments in Securities (Cost $30,700,348,309)		34,086,111,454

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION (DEPRECIATION) ($)
FUTURES CONTRACTS
Long
S&P 400 Mid-Cap Index, e-mini, expires 03/18/22	161	42,793,800	311,566
S&P 500 Index, e-mini, expires 03/18/22	306	66,830,400	(1,000,671)
Net Unrealized Depreciation			(689,105)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $18,881,100.
(b)	The rate shown is the 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

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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 (ORGANIZED JANUARY 27, 2009)
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

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.

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:

Under procedures approved by the funds’ Board of Trustees (the Board), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. Among other things, these procedures allow the funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):

The funds value the securities in their portfolios every business day. The funds use the following policies 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 Board has adopted procedures to fair value each fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is 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. Each fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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. The Board convenes on a regular basis to review fair value determinations made by the funds pursuant to the valuation procedures.

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 techniques 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 the funds determine 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 management 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 securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

• 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 funds’ own 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

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Schwab U.S. Equity ETFs

Financial Notes, unaudited (continued)

2. Significant Accounting Policies (continued):

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds’ investments as of February 28, 2022 are disclosed in the 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 10% 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 28, 2022, 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 and Schwab U.S. Dividend Equity 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 28, 2022 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.

(f) Distributions to Shareholders:

The funds make distributions from net investment income, if any, quarterly 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.

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 or 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 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, the funds’ performance may be below that of their respective index. Errors relating to the 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 the 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 a fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by a fund reduce or stop paying dividends, the fund’s ability to generate income may be affected.

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Financial Notes, unaudited (continued)

3. Risk Factors (continued):

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 the fund’s volatility, and cause the fund to lose more than the initial amount invested. 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.

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Financial Notes, unaudited (continued)

3. Risk Factors (continued):

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 (for definition refer to Trustees and Officers section) 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 28, 2022, as applicable:

	UNDERLYING FUNDS
	SCHWAB U.S. LARGE-CAP ETF	SCHWAB U.S. SMALL-CAP ETF
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	0.5%	0.1%
Schwab Target 2030 Index Fund	0.9%	0.2%
Schwab Target 2035 Index Fund	0.6%	0.1%
Schwab Target 2040 Index Fund	0.8%	0.2%
Schwab Target 2045 Index Fund	0.5%	0.1%
Schwab Target 2050 Index Fund	0.6%	0.2%
Schwab Target 2055 Index Fund	0.4%	0.1%
Schwab Target 2060 Index Fund	0.5%	0.1%
Schwab Target 2065 Index Fund	0.0%*	0.0%*
Schwab VIT Balanced Portfolio	0.1%	0.0%*
Schwab VIT Balanced with Growth Portfolio	0.1%	0.1%
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 28, 2022, 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	$58,043,304	$106,748,736	($19,318,003)
Schwab 1000 Index ETF	8,790,407	5,810,093	(1,219,379)
Schwab U.S. Large-Cap ETF	148,688,356	192,007,900	(34,583,874)
Schwab U.S. Large-Cap Growth ETF	84,042,210	219,076,867	(39,247,246)
Schwab U.S. Large-Cap Value ETF	262,574,379	179,824,919	(7,038,329)
Schwab U.S. Mid-Cap ETF	52,115,485	296,263,231	(42,076,249)
Schwab U.S. Small-Cap ETF	272,845,025	422,089,474	(73,224,752)
Schwab U.S. Dividend Equity ETF	152,211,788	143,507,472	784,808

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.

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Financial Notes, unaudited (continued)

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 trust does not pay any interested or non-interested trustees (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 $850 million line of credit (the Syndicated Credit Facility), which matured on September 30, 2021. On September 30, 2021, 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 29, 2022. 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 Bank and Trust Company, which matured on September 30, 2021. On September 30, 2021, 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 29, 2022. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings 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 equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at February 28, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations. Refer to financial note 2(b) for the

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Financial Notes, unaudited (continued)

8. Derivatives (continued):

funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended February 28, 2022, 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	$28,527,595	127
Schwab 1000 Index ETF	2,696,645	12
Schwab U.S. Large-Cap ETF	42,732,884	189
Schwab U.S. Large-Cap Growth ETF	9,850,702	67
Schwab U.S. Large-Cap Value ETF	17,544,603	221
Schwab U.S. Mid-Cap ETF	13,343,174	49
Schwab U.S. Small-Cap ETF	34,446,640	314
Schwab U.S. Dividend Equity ETF	69,614,167	289

9. Purchases and Sales of Investment Securities:

For the period ended February 28, 2022, 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	$649,117,573	$575,282,144
Schwab 1000 Index ETF	69,655,003	57,664,180
Schwab U.S. Large-Cap ETF	877,901,533	836,695,386
Schwab U.S. Large-Cap Growth ETF	769,911,671	766,413,515
Schwab U.S. Large-Cap Value ETF	618,087,032	611,716,604
Schwab U.S. Mid-Cap ETF	1,276,054,082	1,185,096,671
Schwab U.S. Small-Cap ETF	2,247,673,535	1,934,193,571
Schwab U.S. Dividend Equity ETF	1,235,836,835	1,250,685,327

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. 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.

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Financial Notes, unaudited (continued)

10. In-Kind Transactions (continued):

The in-kind transactions for the period ended February 28, 2022, were as follows:

	IN-KIND PURCHASES OF SECURITIES	IN-KIND SALES OF SECURITIES
Schwab U.S. Broad Market ETF	$1,135,100,971	$135,423,074
Schwab 1000 Index ETF	258,000,742	16,752,484
Schwab U.S. Large-Cap ETF	1,679,407,778	384,078,559
Schwab U.S. Large-Cap Growth ETF	1,468,933,099	951,588,010
Schwab U.S. Large-Cap Value ETF	669,521,502	333,014,381
Schwab U.S. Mid-Cap ETF	1,578,911,154	1,108,692,885
Schwab U.S. Small-Cap ETF	2,514,352,306	1,475,217,243
Schwab U.S. Dividend Equity ETF	8,880,836,856	2,332,534,972

For the period ended February 28, 2022, where applicable, the funds realized 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 in-kind gains or losses for the period ended February 28, 2022 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:

As of February 28, 2022, 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	$13,643,685,576	$9,277,400,024	($668,792,211)	$8,608,607,813
Schwab 1000 Index ETF	1,699,296,166	583,043,733	(53,493,236)	529,550,497
Schwab U.S. Large-Cap ETF	20,819,139,131	12,623,359,218	(673,191,261)	11,950,167,957
Schwab U.S. Large-Cap Growth ETF	9,546,711,514	6,334,339,273	(302,706,241)	6,031,633,032
Schwab U.S. Large-Cap Value ETF	7,895,716,396	2,433,369,286	(186,860,388)	2,246,508,898
Schwab U.S. Mid-Cap ETF	8,022,778,458	2,405,603,671	(546,810,305)	1,858,793,366
Schwab U.S. Small-Cap ETF	13,905,455,582	3,982,402,908	(1,543,116,917)	2,439,285,991
Schwab U.S. Dividend Equity ETF	30,777,913,996	3,745,349,547	(437,841,194)	3,307,508,353

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, 2021 the funds had capital loss carryforwards available as follows:


Schwab U.S. Broad Market ETF	$188,735,777
Schwab 1000 Index ETF	15,455,599
Schwab U.S. Large-Cap ETF	368,801,288
Schwab U.S. Large-Cap Growth ETF	257,365,605
Schwab U.S. Large-Cap Value ETF	442,350,029
Schwab U.S. Mid-Cap ETF	537,950,940
Schwab U.S. Small-Cap ETF	565,761,334
Schwab U.S. Dividend Equity ETF	587,229,425

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Financial Notes, unaudited (continued)

11. Federal Income Taxes (continued):

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 28, 2022. The tax-basis components of distributions paid during the fiscal year ended August 31, 2021 were as follows:

	PRIOR FISCAL YEAR END DISTRIBUTIONS
	ORDINARY INCOME
Schwab U.S. Broad Market ETF	$289,355,570
Schwab 1000 Index ETF	21,896,405
Schwab U.S. Large-Cap ETF	415,722,485
Schwab U.S. Large-Cap Growth ETF	64,681,390
Schwab U.S. Large-Cap Value ETF	222,245,635
Schwab U.S. Mid-Cap ETF	95,570,430
Schwab U.S. Small-Cap ETF	151,607,245
Schwab U.S. Dividend Equity ETF	601,978,825

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 on the financial statements. A fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of August 31, 2021, 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 the Statement of Operations. During the fiscal year ended August 31, 2021, the funds did not incur any interest or penalties.

12. Subsequent Events:

Effective February 24, 2022, the Board authorized a 2-for-1 share split for the Schwab U.S. Broad Market ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF and Schwab U.S. Small-Cap ETF which applied to shareholders of record as of the close of markets on March 8, 2022, and paid after the close of the markets on March 10, 2022. Shares began trading at their post-split price on March 11, 2022. The share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total value of a shareholder’s investment.

Other than the planned changes for the 2-for-1 share split as discussed above, 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 20, 2021 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2020, through May 31, 2021, which included individual Fund liquidity risk metrics. No significant liquidity events impacting any of the Funds were noted in the report. 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 103 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
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.	103	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.	103	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.	103	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).	103	None
Kiran M. Patel 1948 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)	Retired.	103	Director (2008 – present), KLA-Tencor Corporation

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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).	103	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).	103	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)	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.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.	103	Director (2008 – present), The Charles Schwab Corporation
Joseph R. Martinetto² 1962 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)	Chief Operating Officer (Feb. 2018 – present), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – Apr. 2020), Charles Schwab Bank, SSB; Director (Nov. 2017 – Apr. 2020), Charles Schwab Premier Bank, SSB; Director (May 2007 – Apr. 2020), and Senior Executive Vice President (Feb. 2016 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation.	103	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
Jonathan de St. Paer 1973 President and Chief Executive 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)	Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2020 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Director (Apr. 2019 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc.
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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)	Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Director (July 2020 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited.
Omar Aguilar 1970 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 2011)	Chief Executive Officer (Jan. 2022 – present) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
Brett Wander 1961 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 2011)	Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
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)	Senior Vice President 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) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.

¹	Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
²	Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he 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. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab.
³	The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

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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.

Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of outstanding face value. It excludes zero-coupon STRIPS.

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.

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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.

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.

MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.

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.

Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in 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

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

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.

Table of Contents

Schwab U.S. Equity ETFs

Active semi-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 a 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

Number of Holdings	2,551
Weighted Average Market Cap (millions)	$511,739
Price/Earnings Ratio (P/E)	20.4
Price/Book Ratio (P/B)	3.8
Portfolio Turnover Rate	3% ^2,3

Number of Holdings	761
Weighted Average Market Cap (millions)	$561,000
Price/Earnings Ratio (P/E)	21.1
Price/Book Ratio (P/B)	4.1
Portfolio Turnover Rate	3% ^2,3

Number of Holdings	227
Weighted Average Market Cap (millions)	$1,058,762
Price/Earnings Ratio (P/E)	32.5
Price/Book Ratio (P/B)	8.9
Portfolio Turnover Rate	5% ^2,3

Number of Holdings	538
Weighted Average Market Cap (millions)	$148,071
Price/Earnings Ratio (P/E)	16.4
Price/Book Ratio (P/B)	2.8
Portfolio Turnover Rate	7% ^2,3

Number of Holdings	506
Weighted Average Market Cap (millions)	$11,534
Price/Earnings Ratio (P/E)	16.1
Price/Book Ratio (P/B)	2.7
Portfolio Turnover Rate	12% ^2,3

Number of Holdings	1,797
Weighted Average Market Cap (millions)	$4,551
Price/Earnings Ratio (P/E)	14.2
Price/Book Ratio (P/B)	2.2
Portfolio Turnover Rate	12% ^2,3

Number of Holdings	102
Weighted Average Market Cap (millions)	$122,646
Price/Earnings Ratio (P/E)	15.8
Price/Book Ratio (P/B)	3.6
Portfolio Turnover Rate	4% ^2,3

Assets
Investments in securities, at value - affiliated (cost $30,980,944)		$63,509,444
Investments in securities, at value - unaffiliated (cost $13,535,171,559) including securities on loan of $60,463,474		22,189,109,850
Cash		1,016,337
Deposit with broker for futures contracts		3,185,500
Receivables:
Dividends		26,319,864
Fund shares sold		10,367,699
Income from securities on loan	+	172,692
Total assets		22,293,681,386
Liabilities
Collateral held for securities on loan		62,366,625
Payables:
Investments bought		30,251,144
Management fees		516,466
Variation margin on futures contracts	+	76,688
Total liabilities		93,210,923
Net assets		$22,200,470,463
Net Assets by Source
Capital received from investors		$13,659,173,494
Total distributable earnings	+	8,541,296,969
Net assets		$22,200,470,463

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$22,200,470,463		214,350,000		$103.57

OPERATIONS
	9/1/21-2/28/22		9/1/20-8/31/21
Net investment income		$151,488,944	$270,646,770
Net realized gains		59,214,685	362,142,303
Net change in unrealized appreciation (depreciation)	+	(1,239,387,365)	4,858,261,799
Increase (decrease) in net assets resulting from operations		($1,028,683,736)	$5,491,050,872
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($161,644,965)	($289,355,570)

TRANSACTIONS IN FUND SHARES
	9/1/21-2/28/22			9/1/20-8/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		10,800,000	$1,166,710,990	14,550,000	$1,370,669,029
Shares redeemed	+	(1,400,000)	(144,140,951)	(8,300,000)	(752,664,118)
Net transactions in fund shares		9,400,000	$1,022,570,039	6,250,000	$618,004,911
SHARES OUTSTANDING AND NET ASSETS
	9/1/21-2/28/22			9/1/20-8/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		204,950,000	$22,368,229,125	198,700,000	$16,548,528,912
Total increase (decrease)	+	9,400,000	(167,758,662)	6,250,000	5,819,700,213
End of period		214,350,000	$22,200,470,463	204,950,000	$22,368,229,125

Assets
Investments in securities, at value - unaffiliated (cost $9,530,293,111) including securities on loan of $10,679,672		$15,578,799,317
Deposit with broker for futures contracts		576,000
Receivables:
Dividends		5,541,889
Income from securities on loan		55,636
Variation margin on future contracts	+	23,201
Total assets		15,584,996,043
Liabilities
Collateral held for securities on loan		10,954,558
Payables:
Management fees	+	483,437
Total liabilities		11,437,995
Net assets		$15,573,558,048
Net Assets by Source
Capital received from investors		$9,394,465,704
Total distributable earnings	+	6,179,092,344
Net assets		$15,573,558,048

Assets
Investments in securities, at value - unaffiliated (cost $7,971,838,333) including securities on loan of $67,323,837		$9,881,501,730
Deposit with broker for futures contracts		675,000
Receivables:
Investments sold		14,891,770
Dividends		7,450,651
Income from securities on loan	+	44,231
Total assets		9,904,563,382
Liabilities
Collateral held for securities on loan		69,127,590
Payables:
Fund shares redeemed		15,020,586
Investments bought		7,697,837
Management fees		299,447
Variation margin on futures contracts	+	4,420
Total liabilities		92,149,880
Net assets		$9,812,413,502
Net Assets by Source
Capital received from investors		$8,020,386,139
Total distributable earnings	+	1,792,027,363
Net assets		$9,812,413,502

*	Level 3 amount shown includes securities determined to have no value at February 28, 2022.
¹	As categorized in the Portfolio Holdings.
²	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Assets
Investments in securities, at value - unaffiliated (cost $13,746,836,429) including securities on loan of $261,588,335		$16,344,206,204
Cash		8,533,560
Deposit with broker for futures contracts		2,062,500
Receivables:
Investments sold		23,431,605
Dividends		9,152,773
Income from securities on loan		803,118
Variation margin on future contracts	+	92,128
Total assets		16,388,281,888
Liabilities
Collateral held for securities on loan		269,766,696
Payables:
Fund shares redeemed		18,822,295
Investments bought		15,522,294
Management fees	+	488,143
Total liabilities		304,599,428
Net assets		$16,083,682,460
Net Assets by Source
Capital received from investors		$13,553,125,687
Total distributable earnings	+	2,530,556,773
Net assets		$16,083,682,460

Assets
Investments in securities, at value - unaffiliated (cost $30,700,348,309) including securities on loan of $18,881,100		$34,086,111,454
Deposit with broker for futures contracts		6,036,505
Receivables:
Fund shares sold		119,740,264
Dividends		96,952,462
Income from securities on loan	+	8,504
Total assets		34,308,849,189
Liabilities
Collateral held for securities on loan		19,965,488
Payables:
Investments bought		119,188,150
Management fees		1,539,594
Variation margin on futures contracts	+	186,920
Total liabilities		140,880,152
Net assets		$34,167,969,037
Net Assets by Source
Capital received from investors		$30,701,030,708
Total distributable earnings	+	3,466,938,329
Net assets		$34,167,969,037