(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Semiannual Report  |  February 28, 2022
Schwab U.S. Equity ETFs

Schwab U.S. Broad Market ETF SCHB
Schwab 1000 Index® ETF SCHK
Schwab U.S. Large-Cap ETF SCHX
Schwab U.S. Large-Cap Growth ETF SCHG
Schwab U.S. Large-Cap Value ETF SCHV
Schwab U.S. Mid-Cap ETF SCHM
Schwab U.S. Small-Cap ETF SCHA
Schwab U.S. Dividend Equity ETF SCHD

         
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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 ManagementTM
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 100TM 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.
1 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs 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

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Broad Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Broad Market ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab 1000 Index ETF

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
* Inception (10/11/17) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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 ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Large-Cap Growth ETF

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Growth Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Growth ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Table of Contents
Schwab U.S. Large-Cap Value ETF

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Value Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Value ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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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Table of Contents
Schwab U.S. Large-Cap Value ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Equity ETFs  |  Semiannual Report

Table of Contents
Schwab U.S. Mid-Cap ETF

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Mid-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Mid-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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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Table of Contents
Schwab U.S. Mid-Cap ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Equity ETFs  |  Semiannual Report

Table of Contents
Schwab U.S. Small-Cap ETF

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.    

 
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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Small-company stocks may be subject to greater volatility than many other asset classes.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Small-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Small-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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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Table of Contents
Schwab U.S. Small-Cap ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Equity ETFs  |  Semiannual Report

Table of Contents
Schwab U.S. Dividend Equity ETF

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.    

 
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 100TM 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%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
The fund may underperform other funds that do not limit their investment to dividend paying stocks. Stocks held by the fund may reduce or stop paying dividends, affecting the fund’s ability to generate income. Diversification strategies do not ensure a profit and do not protect against losses in declining markets.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100TM Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S& P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 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  |  Semiannual Report

Table of Contents
Schwab U.S. Dividend Equity ETF
Performance and Fund Facts as of February 28, 2022

Statistics1
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
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Not annualized.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Table of Contents
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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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
See financial notes

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 orders@mysummaryprospectus.com.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
 
24
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 ($)
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
 
25
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 ($)
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