(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Annual Report | August 31, 2023
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

This page is intentionally left blank.

In This Report
2
3
5
 
6
9
12
15
18
21
24
27
30
 
31
56
70
82
90
100
110
129
136
148
149
150
153
157
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.
Schwab U.S. Equity ETFs | Annual Report1

Schwab U.S. Equity ETFs
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended August 31, 2023
Schwab U.S. Broad Market ETF
(Ticker Symbol: SCHB)
Market Price Return1
14.92%
NAV Return1
14.88%
Dow Jones U.S. Broad Stock Market Index
14.86%
ETF Category: Morningstar Large Blend2
13.85%
Performance Details
pages 6-8
 
Schwab 1000 Index ETF
(Ticker Symbol: SCHK)
Market Price Return1
15.31%
NAV Return1
15.31%
Schwab 1000 Index®
15.36%
Russell 1000® Index
15.40%
ETF Category: Morningstar Large Blend2
13.85%
Performance Details
pages 9-11
 
Schwab U.S. Large-Cap ETF
(Ticker Symbol: SCHX)
Market Price Return1
15.58%
NAV Return1
15.61%
Dow Jones U.S. Large-Cap Total Stock Market Index
15.62%
ETF Category: Morningstar Large Blend2
13.85%
Performance Details
pages 12-14
 
Schwab U.S. Large-Cap Growth ETF
(Ticker Symbol: SCHG)
Market Price Return1
24.42%
NAV Return1
24.41%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index
24.45%
ETF Category: Morningstar Large Growth2
17.98%
Performance Details
pages 15-17
Total Returns for the 12 Months Ended August 31, 2023
Schwab U.S. Large-Cap Value ETF
(Ticker Symbol: SCHV)
Market Price Return1
7.58%
NAV Return1
7.60%
Dow Jones U.S. Large-Cap Value Total Stock Market Index
7.62%
ETF Category: Morningstar Large Value2
8.86%
Performance Details
pages 18-20
 
Schwab U.S. Mid-Cap ETF
(Ticker Symbol: SCHM)
Market Price Return1
8.39%
NAV Return1
8.45%
Dow Jones U.S. Mid-Cap Total Stock Market Index
8.41%
ETF Category: Morningstar Mid-Cap Blend2
9.15%
Performance Details
pages 21-23
 
Schwab U.S. Small-Cap ETF
(Ticker Symbol: SCHA)
Market Price Return1
6.64%
NAV Return1
6.69%
Dow Jones U.S. Small-Cap Total Stock Market Index
6.57%
ETF Category: Morningstar Small Blend2
7.55%
Performance Details
pages 24-26
 
Schwab U.S. Dividend Equity ETF
(Ticker Symbol: SCHD)
Market Price Return1
6.72%
NAV Return1
6.75%
Dow Jones U.S. Dividend 100TM Index
6.82%
ETF Category: Morningstar Large Value2
8.86%
Performance Details
pages 27-29
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such products.
1
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
2Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
The Investment Environment
For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. For the reporting period, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned 15.94%. Among U.S. stocks, small-cap and mid-cap stocks were weaker, with the Russell 2000® Index and the Dow Jones U.S. Mid-Cap Total Stock Market Index returning 4.65% and 8.41%, respectively. U.S. growth stocks outperformed U.S. value stocks.
The U.S. economy continued to show unexpected resiliency. U.S. gross domestic product (GDP) growth was positive for the third and fourth quarters of 2022 and the first and second quarters of 2023. Inflation generally declined throughout the reporting period, though it remained above the Fed’s historical 2% target and rose slightly in July and August. Consumer spending has remained strong as consumers continue to spend down the significant savings they accumulated during the COVID-19 pandemic. The unemployment rate remained low throughout the period despite inflationary pressures. However, unemployment unexpectedly jumped in August largely as a result of an increase in the labor force participation rate (the proportion of working-age Americans who have a job or are looking for one) which rose to its highest level since February 2020, just prior to the COVID-19 pandemic declaration.
In its efforts to lower inflation, the Fed raised interest rates seven times over the reporting period, with the federal funds rate ending in a range of 5.25% to 5.50%. However, the likelihood of further increases began to temper, as evidenced by the Fed’s pause on rate hikes at its June meeting before a 0.25% increase in July supported by consumer spending and a tight labor market. The Fed’s efforts to reduce the assets held on its balance sheet were effective over the reporting period, though its balance sheet spiked in early March when the Fed supported banks after the failure of three U.S. regional banks.
Asset Class Performance Comparison % returns during the 12 months ended August 31, 2023
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 a guarantee 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.
Schwab U.S. Equity ETFs | Annual Report3

Schwab U.S. Equity ETFs
The Investment Environment (continued)
Among the 11 sectors in the Dow Jones U.S. Broad Market Index, all but two posted gains for the reporting period. The strongest sector was the information technology sector, led by a handful of big names including NVIDIA Corp., Microsoft Corp., and Apple Inc. Much of the sector’s strength was driven by strong demand for accelerated computing and artificial intelligence (AI) platforms and services. The communication services sector was also a notably strong performer for the reporting period. The two sectors that lost ground for the period were the utilities and real estate sectors, both hampered by high interest rates and inflation, as rising bond yields provided investors with lower-risk investment options.
4Schwab U.S. Equity ETFs | Annual Report

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

Schwab U.S. Broad Market ETF as of August 31, 2023
The Schwab U.S. Broad Market ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Broad Stock Market Index (the index). The index includes the largest 2,500 publicly traded U.S. companies for which pricing information is readily available. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace. The fund invests in a representative sample of securities included in the index that, when taken together, are expected to perform similarly to the index as a whole. Due to the use of representative sampling, the fund may not hold all of the securities in the index.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, stocks in the information technology and communication services sectors were the top performers, while the utilities and real estate sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 14.92% and its NAV return was 14.88% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 14.86% during the same period.
Contributors and Detractors. The information technology sector contributed the most to the total return of the fund. Information technology stocks represented an average weight of approximately 27% of the fund’s investments and returned approximately 30% for the reporting period. One example from this sector is NVIDIA Corp., which designs, develops, and markets three-dimensional (3D) graphics processors and related software. The fund’s holdings of NVIDIA Corp. represented an average weight of approximately 2% of the fund’s investments and returned approximately 227% for the reporting period.
The industrials sector also contributed to the total return of the fund, representing an average weight of approximately 9% of the fund’s investments and returning approximately 20% for the reporting period.
The utilities sector detracted the most from the total return of the fund. Utilities stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately -13% for the reporting period. One example from this sector is NextEra Energy, Inc., which provides sustainable energy generation and distribution services. The fund’s holdings of NextEra Energy, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately -20% for the reporting period.
The real estate sector also detracted from the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately -7% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
6Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Broad Market ETF (11/3/09)
Market Price Return2
14.92%
10.20%
12.19%
NAV Return2
14.88%
10.19%
12.19%
Dow Jones U.S. Broad Stock Market Index
14.86%
10.20%
12.19%
ETF Category: Morningstar Large Blend3
13.85%
9.70%
11.32%
Fund Expense Ratio4: 0.03%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Broad Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2
ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4
As stated in the prospectus.
Schwab U.S. Equity ETFs | Annual Report7

Schwab U.S. Broad Market ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
2,460
Weighted Average Market Cap (millions)
$586,932
Price/Earnings Ratio (P/E)
21.7
Price/Book Ratio (P/B)
3.7
Portfolio Turnover Rate
4%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
8Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF as of August 31, 2023
The Schwab 1000 Index ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Schwab 1000 Index® (the index). The index is a float-adjusted market capitalization weighted index that includes the 1,000 largest stocks of publicly traded companies in the United States, with size being determined by market capitalization (total market value of all shares outstanding). The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, stocks in the information technology and communication services sectors were the top performers, while the utilities and real estate sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price and NAV returns were 15.31% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 15.36% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The utilities sector detracted the most from the total return of the fund. Utilities stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately -13% for the reporting period. One example from this sector is NextEra Energy, Inc., which provides sustainable energy generation and distribution services. The fund’s holdings of NextEra Energy, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately -20% for the reporting period.
The real estate sector also detracted from the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately -7% for the reporting period.
The information technology sector contributed the most to the total return of the fund. Information technology stocks represented an average weight of approximately 28% of the fund’s investments and returned approximately 30% for the reporting period. One example from this sector is NVIDIA Corp., which designs, develops, and markets three-dimensional (3D) graphics processors and related software. The fund’s holdings of NVIDIA Corp. represented an average weight of approximately 2% of the fund’s investments and returned approximately 227% for the reporting period.
The industrials sector also contributed to the total return of the fund, representing an average weight of approximately 9% of the fund’s investments and returning approximately 20% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
Schwab U.S. Equity ETFs | Annual Report9

Schwab 1000 Index ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (October 11, 2017 – August 31, 2023)1
Average Annual Returns1
Fund and Inception Date
1 Year
5 Years
Since Inception*
Fund: Schwab 1000 Index ETF (10/11/17)
Market Price Return2
15.31%
10.54%
11.62%
NAV Return2
15.31%
10.54%
11.61%
Schwab 1000 Index®
15.36%
10.60%
11.67%
Russell 1000® Index
15.40%
10.77%
11.83%
ETF Category: Morningstar Large Blend3
13.85%
9.70%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
10Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
986
2
Weighted Average Market Cap (millions)
$618,057
Price/Earnings Ratio (P/E)
22.2
Price/Book Ratio (P/B)
3.9
Portfolio Turnover Rate
4%
3
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Annual Report11

Schwab U.S. Large-Cap ETF as of August 31, 2023
The Schwab U.S. Large-Cap ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Total Stock Market Index (the index). The index includes the large-cap portion of the Dow Jones U.S. Total Stock Market Index actually available to investors in the marketplace. The index includes the components ranked 1-750 by full market capitalization. The index is a float-adjusted market capitalization weighted index. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, the information technology and communication services sectors were the top performers, while the utilities and real estate sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 15.58% and its NAV return was 15.61% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 15.62% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The utilities sector detracted the most from the total return of the fund. Utilities stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately -12% for the reporting period. One example from this sector is NextEra Energy, Inc., which provides sustainable energy generation and distribution services. The fund’s holdings of NextEra Energy, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately -20% for the reporting period.
The real estate sector also detracted from the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately -7% for the reporting period.
The information technology sector contributed the most to the total return of the fund. Information technology stocks represented an average weight of approximately 28% of the fund’s investments and returned approximately 31% for the reporting period. One example from this sector is NVIDIA Corp., which designs, develops, and markets three-dimensional (3D) graphics processors and related software. The fund’s holdings of NVIDIA Corp. represented an average weight of approximately 2% of the fund’s investments and returned approximately 227% for the reporting period.
The communication services sector also contributed to the total return of the fund, representing an average weight of approximately 8% of the fund’s investments and returning approximately 24% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
12Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Large-Cap ETF (11/3/09)
Market Price Return2
15.58%
10.84%
12.59%
NAV Return2
15.61%
10.83%
12.59%
Dow Jones U.S. Large-Cap Total Stock Market Index
15.62%
10.86%
12.62%
ETF Category: Morningstar Large Blend3
13.85%
9.70%
11.32%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
Schwab U.S. Equity ETFs | Annual Report13

Schwab U.S. Large-Cap ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
750
Weighted Average Market Cap (millions)
$635,446
Price/Earnings Ratio (P/E)
22.6
Price/Book Ratio (P/B)
4.0
Portfolio Turnover Rate
4%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
14Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF as of August 31, 2023
The Schwab U.S. Large-Cap Growth ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Growth Total Stock Market Index (the index). The index includes the large-cap growth portion of the Dow Jones U.S. Total Stock Market Index actually available to investors in the marketplace. The index includes the components ranked 1-750 by full market capitalization and that are classified as “growth” based on a number of factors. The index is a float-adjusted market capitalization weighted index. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, the communication services and industrials sectors were the top performers, while the real estate and consumer staples sectors underperformed by comparison.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 24.42% and its NAV return was 24.41% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 24.45% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The consumer discretionary sector detracted the most from the total return of the fund. Consumer discretionary stocks represented an average weight of approximately 12% of the fund’s investments and returned approximately 8% for the reporting period. One example from this sector is Tesla, Inc., a multinational automotive and clean energy company. The fund’s holdings of Tesla, Inc. represented an average weight of approximately 3% of the fund’s investments and returned approximately -6% for the reporting period.
The real estate sector also detracted from the total return of the fund, representing an average weight of approximately 1% of the fund’s investments and returning approximately -11% for the reporting period.
The information technology sector contributed the most to the total return of the fund. Information technology stocks represented an average weight of approximately 48% of the fund’s investments and returned approximately 34% for the reporting period. One example from this sector is NVIDIA Corp, which designs, develops, and markets three-dimensional (3D) graphics processors and related software. The fund’s holdings of NVIDIA Corp. represented an average weight of approximately 4% of the fund’s investments and returned approximately 227% for the reporting period.
The communication services sector also contributed to the total return of the fund, representing an average weight of approximately 12% of the fund’s investments and returning approximately 37% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
Schwab U.S. Equity ETFs | Annual Report15

Schwab U.S. Large-Cap Growth ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Large-Cap Growth ETF (12/11/09)
Market Price Return2
24.42%
14.29%
15.58%
NAV Return2
24.41%
14.28%
15.57%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index
24.45%
14.32%
15.62%
ETF Category: Morningstar Large Growth3
17.98%
10.30%
12.80%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
16Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
240
Weighted Average Market Cap (millions)
$1,100,849
Price/Earnings Ratio (P/E)
33.7
Price/Book Ratio (P/B)
8.1
Portfolio Turnover Rate
9%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Annual Report17

Schwab U.S. Large-Cap Value ETF as of August 31, 2023
The Schwab U.S. Large-Cap Value ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Value Total Stock Market Index (the index). The index includes the large-cap value portion of the Dow Jones U.S. Total Stock Market Index actually available to investors in the marketplace. The index includes the components ranked 1-750 by full market capitalization and that are classified as “value” based on a number of factors. The index is a float-adjusted market capitalization weighted index. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, the industrials and information technology sectors were the top performers, while the utilities and real estate sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 7.58% and its NAV return was 7.60% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 7.62% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The utilities sector detracted the most from the total return of the fund. Utilities stocks represented an average weight of approximately 5% of the fund’s investments and returned approximately -13% for the reporting period. One example from this sector is NextEra Energy, Inc., which provides sustainable energy generation and distribution services. The fund’s holdings of NextEra Energy, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately -20% for the reporting period.
The real estate sector also detracted from the total return of the fund, representing an average weight of approximately 4% of the fund’s investments and returning approximately -6% for the reporting period.
The industrials sector contributed the most to the total return of the fund. Industrials stocks represented an average weight of approximately 13% of the fund’s investments and returned approximately 17% for the reporting period. One example from this sector is Caterpillar, Inc., which designs, manufactures, and markets construction, mining, and forestry machinery. The fund’s holdings of Caterpillar, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately 56% for the reporting period.
The information technology sector also contributed to the total return of the fund, representing an average weight of approximately 11% of the fund’s investments and returning approximately 17% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
18Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Large-Cap Value ETF (12/11/09)
Market Price Return2
7.58%
6.66%
9.26%
NAV Return2
7.60%
6.65%
9.26%
Dow Jones U.S. Large-Cap Value Total Stock Market Index
7.62%
6.69%
9.32%
ETF Category: Morningstar Large Value3
8.86%
7.23%
9.07%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
Schwab U.S. Equity ETFs | Annual Report19

Schwab U.S. Large-Cap Value ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
511
Weighted Average Market Cap (millions)
$151,865
Price/Earnings Ratio (P/E)
16.7
Price/Book Ratio (P/B)
2.6
Portfolio Turnover Rate
7%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
20Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF as of August 31, 2023
The Schwab U.S. Mid-Cap ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Mid-Cap Total Stock Market Index (the index). The index includes the mid-cap portion of the Dow Jones U.S. Total Stock Market Index actually available to investors in the marketplace. The index includes the components ranked 501-1,000 by full market capitalization. The index is a float-adjusted market capitalization weighted index. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, the industrials and consumer discretionary sectors were the top performers, while the utilities and communication services sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 8.39% and its NAV return was 8.45% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 8.41% during the same period.
Contributors and Detractors. The industrials sector contributed the most to the total return of the fund. Industrials stocks represented an average weight of approximately 19% of the fund’s investments and returned approximately 23% for the reporting period. One example from this sector is Builders FirstSource, Inc., which manufactures and distributes building products to professional homebuilders. The fund’s holdings of Builders FirstSource, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately 147% for the reporting period.
The consumer discretionary sector also contributed to the total return of the fund, representing an average weight of approximately 13% of the fund’s investments and returning approximately 18% for the reporting period.
The utilities sector detracted the most from the total return of the fund. Utilities stocks represented an average weight of approximately 4% of the fund’s investments and returned approximately -12% for the reporting period. One example from this sector is The AES Corp., which acquires, develops, owns, and operates renewable energy power plants. The fund’s holdings of The AES Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately -28% for the reporting period.
The communication services sector also detracted from the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately -10% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
Schwab U.S. Equity ETFs | Annual Report21

Schwab U.S. Mid-Cap ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Mid-Cap ETF (1/13/11)
Market Price Return2
8.39%
5.78%
9.70%
NAV Return2
8.45%
5.79%
9.71%
Dow Jones U.S. Mid-Cap Total Stock Market Index
8.41%
5.80%
9.72%
ETF Category: Morningstar Mid-Cap Blend3
9.15%
6.53%
9.11%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
22Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
495
Weighted Average Market Cap (millions)
$10,643
Price/Earnings Ratio (P/E)
15.3
Price/Book Ratio (P/B)
2.4
Portfolio Turnover Rate
18%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Annual Report23

Schwab U.S. Small-Cap ETF as of August 31, 2023
The Schwab U.S. Small-Cap ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Small-Cap Total Stock Market Index (the index). The index includes the small-cap portion of the Dow Jones U.S. Total Stock Market Index actually available to investors in the marketplace. The index includes the components ranked 751-2,500 by full market capitalization. The index is a float-adjusted market capitalization weighted index. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, the industrials and energy sectors were the top performers, while the utilities and health care sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 6.64% and its NAV return was 6.69% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 6.57% during the same period.
Contributors and Detractors. The industrials sector contributed the most to the total return of the fund. Industrials stocks represented an average weight of approximately 18% of the fund’s investments and returned approximately 22% for the reporting period. One example from this sector is Vertiv Holdings Co., which, through is subsidiaries, provides power systems, heat rejection, power transfer switches, monitoring equipment, power control, and holistic data center cooling solutions. The fund’s holdings of Vertiv Holdings Co. represented an average weight of less than 1% of the fund’s investments and returned approximately 242% for the reporting period.
The information technology sector also contributed to the total return of the fund, representing an average weight of approximately 14% of the fund’s investments and returning approximately 16% for the reporting period.
The health care sector detracted the most from the total return of the fund. Health care stocks represented an average weight of approximately 14% of the fund’s investments and returned approximately -8% for the reporting period. One example from this sector is STAAR Surgical Co., which develops, manufactures, and markets high margin visual implants. The fund’s holdings of STAAR Surgical Co. represented an average weight of less than 1% of the fund’s investments and returned approximately -54% for the reporting period.
The financials sector also detracted from the total return of the fund, representing an average weight of approximately 16% of the fund’s investments and returning approximately -2% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
24Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Small-Cap ETF (11/3/09)
Market Price Return2
6.64%
3.93%
8.33%
NAV Return2
6.69%
3.93%
8.33%
Dow Jones U.S. Small-Cap Total Stock Market Index
6.57%
3.87%
8.28%
ETF Category: Morningstar Small Blend3
7.55%
4.33%
8.05%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
Schwab U.S. Equity ETFs | Annual Report25

Schwab U.S. Small-Cap ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
1,740
Weighted Average Market Cap (millions)
$4,392
Price/Earnings Ratio (P/E)
13.7
Price/Book Ratio (P/B)
2.0
Portfolio Turnover Rate
9%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
26Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF as of August 31, 2023
The Schwab U.S. Dividend Equity ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100TM Index (the index). The 100-component index is a subset of the Dow Jones U.S. Broad Market Index, excluding real estate investment trusts (REITs), master limited partnerships, preferred stocks, and convertibles. The index is modified market capitalization weighted. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2023, U.S. stocks rose. U.S. stocks were volatile for the first half of the year as inflation remained elevated and the U.S. Federal Reserve (Fed) continued to raise interest rates. Despite these headwinds, as inflation began to ease, U.S. stocks staged a relatively steady upswing through the end of the reporting period. The ongoing war between Russia and Ukraine weighed on the global economy. Among U.S. stocks, small-cap and mid-cap stocks were weaker than large-cap stocks and growth stocks outperformed value stocks. Within the index, the information technology and energy sectors were the top performers, while the utilities and communication services sectors underperformed.
Performance. During the 12-month reporting period ended August 31, 2023, the fund closely tracked the index. The fund’s market price return was 6.72% and its NAV return was 6.75% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned 6.82% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Contributors and Detractors. The financials sector detracted the most from the total return of the fund. Financials stocks represented an average weight of approximately 18% of the fund’s investments and returned approximately -3% for the reporting period. One example from this sector is U.S. Bancorp, a diversified financial services company. The fund’s holdings of U.S. Bancorp represented approximately 2% of the fund’s investments and returned approximately -16% for the reporting period.
The communication services sector also detracted from the total return of the fund, representing an average weight of approximately 5% of the fund’s investments and returning approximately -7% for the reporting period.
The information technology sector contributed the most to the total return of the fund. Information technology stocks represented an average weight of approximately 19% of the fund’s investments and returned approximately 28% for the reporting period. One example from this sector is Broadcom, Inc., which provides semiconductors products. The fund’s holdings of Broadcom, Inc. represented an average weight of approximately 4% of the fund’s investments and returned approximately 90% for the reporting period.
The energy sector also contributed to the total return of the fund, representing an average weight of approximately 7% of the fund’s investments and returning approximately 10% for the reporting period.
Management views and portfolio holdings may have changed since the report date.
Schwab U.S. Equity ETFs | Annual Report27

Schwab U.S. Dividend Equity ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (August 31, 2013 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. Dividend Equity ETF (10/20/11)
Market Price Return2
6.72%
10.83%
11.91%
NAV Return2
6.75%
10.83%
11.91%
Dow Jones U.S. Dividend 100TM Index
6.82%
10.93%
12.01%
ETF Category: Morningstar Large Value3
8.86%
7.23%
9.07%
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 and mutual funds within the category as of the report date.
4
As stated in the prospectus.
28Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF
Performance and Fund Facts as of August 31, 2023 (continued)
Statistics1
Number of Holdings
101
Weighted Average Market Cap (millions)
$150,775
Price/Earnings Ratio (P/E)
15.1
Price/Book Ratio (P/B)
3.6
Portfolio Turnover Rate
28%
2
Sector Weightings % of Investments3
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
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3
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.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab U.S. Equity ETFs | Annual Report29

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 March 1, 2023 and held through August 31, 2023.
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 3/1/23
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/23
EXPENSES PAID
DURING PERIOD
3/1/23-8/31/23 2
Schwab U.S. Broad Market ETF
Actual Return
0.03%
$1,000.00
$1,130.90
$0.16
Hypothetical 5% Return
0.03%
$1,000.00
$1,025.05
$0.15
Schwab 1000 Index ETF
Actual Return
0.05%
$1,000.00
$1,137.80
$0.27
Hypothetical 5% Return
0.05%
$1,000.00
$1,024.95
$0.26
Schwab U.S. Large-Cap ETF
Actual Return
0.03%
$1,000.00
$1,142.00
$0.16
Hypothetical 5% Return
0.03%
$1,000.00
$1,025.05
$0.15
Schwab U.S. Large-Cap Growth ETF
Actual Return
0.04%
$1,000.00
$1,275.90
$0.23
Hypothetical 5% Return
0.04%
$1,000.00
$1,025.00
$0.20
Schwab U.S. Large-Cap Value ETF
Actual Return
0.04%
$1,000.00
$1,030.20
$0.20
Hypothetical 5% Return
0.04%
$1,000.00
$1,025.00
$0.20
Schwab U.S. Mid-Cap ETF
Actual Return
0.04%
$1,000.00
$1,032.20
$0.20
Hypothetical 5% Return
0.04%
$1,000.00
$1,025.00
$0.20
Schwab U.S. Small-Cap ETF
Actual Return
0.04%
$1,000.00
$1,013.50
$0.20
Hypothetical 5% Return
0.04%
$1,000.00
$1,025.00
$0.20
Schwab U.S. Dividend Equity ETF
Actual Return
0.06%
$1,000.00
$1,017.30
$0.31
Hypothetical 5% Return
0.06%
$1,000.00
$1,024.90
$0.31
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 184 days in the period, and divided
by 365 days in the fiscal year.
30Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
 
Per-Share Data
Net asset value at beginning of period
$46.48
$54.57
$41.64
$35.07
$35.28
Income (loss) from investment operations:
Net investment income (loss)2
0.77
0.71
0.67
0.74
0.72
Net realized and unrealized gains (losses)
6.04
(8.09
)
12.99
6.55
(0.28
)
Total from investment operations
6.81
(7.38
)
13.66
7.29
0.44
Less distributions:
Distributions from net investment income
(0.76
)
(0.71
)
(0.73
)
(0.72
)
(0.65
)
Net asset value at end of period
$52.53
$46.48
$54.57
$41.64
$35.07
Total return
14.88
%
(13.64
%)
33.23
%
21.24
%
1.35
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.03
%3
0.03
%3
0.03
%
0.03
%
0.03
%
Net investment income (loss)
1.62
%
1.38
%
1.42
%
2.02
%
2.12
%
Portfolio turnover rate4
4
%
4
%
4
%
4
%
4
%
Net assets, end of period (x 1,000,000)
$23,455
$20,360
$22,368
$16,549
$14,877
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional
information).
2
Calculated based on the average shares outstanding during the period.
3
Ratio includes less than 0.005% of non-routine proxy expenses.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab U.S. Equity ETFs | Annual Report31

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023

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 2.1%
Adient plc *
51,227
2,006,562
American Axle & Manufacturing
Holdings, Inc. *
63,357
478,345
Aptiv plc *
144,561
14,665,713
Autoliv, Inc.
41,183
4,019,461
BorgWarner, Inc.
126,164
5,141,183
Canoo, Inc. *
174,049
103,124
Dana, Inc.
69,273
1,115,988
Dorman Products, Inc. *
14,844
1,224,778
Faraday Future Intelligent Electric,
Inc. *(a)
6,287
47,306
Fisker, Inc. *(a)
95,396
559,975
Ford Motor Co.
2,099,490
25,466,814
Fox Factory Holding Corp. *
22,437
2,486,244
General Motors Co.
742,560
24,883,186
Gentex Corp.
125,228
4,089,947
Gentherm, Inc. *
17,974
1,082,215
Harley-Davidson, Inc.
69,531
2,346,671
Holley, Inc. *
29,112
165,938
LCI Industries
13,526
1,694,537
Lear Corp.
31,537
4,544,166
Lucid Group, Inc. *(a)
435,933
2,737,659
Luminar Technologies, Inc. *(a)
133,746
770,377
Mobileye Global, Inc., Class A *
40,299
1,431,018
Modine Manufacturing Co. *
28,338
1,348,605
Patrick Industries, Inc.
11,475
959,769
Phinia, Inc. *
24,702
686,716
QuantumScape Corp. *
172,316
1,230,336
Rivian Automotive, Inc., Class A *
301,165
6,845,480
Solid Power, Inc. *
59,129
125,354
Standard Motor Products, Inc.
9,700
359,191
Stoneridge, Inc. *
13,702
281,576
Tesla, Inc. *
1,438,877
371,345,376
The Goodyear Tire & Rubber Co. *
152,896
1,973,887
Thor Industries, Inc.
28,418
2,978,775
Visteon Corp. *
14,941
2,080,833
Winnebago Industries, Inc.
16,092
1,043,566
XPEL, Inc. *
10,270
855,491
 
493,176,162
 
Banks 3.2%
1st Source Corp.
9,231
412,533
Ameris Bancorp
34,906
1,422,419
Arrow Financial Corp.
9,196
161,942
Associated Banc-Corp.
80,487
1,394,840
Atlantic Union Bankshares Corp.
40,965
1,216,251
Axos Financial, Inc. *
27,672
1,192,386
Banc of California, Inc.
29,201
365,889
BancFirst Corp.
9,137
873,314
Bank of America Corp.
3,702,795
106,159,133
Bank of Hawaii Corp. (a)
21,299
1,144,608
Bank of Marin Bancorp
7,905
148,772
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bank OZK
57,817
2,322,509
BankUnited, Inc.
40,034
1,050,893
Banner Corp.
18,255
795,005
Berkshire Hills Bancorp, Inc.
23,105
482,895
BOK Financial Corp.
15,063
1,251,886
Brookline Bancorp, Inc.
46,709
447,005
Byline Bancorp, Inc.
12,196
258,311
Cadence Bank
98,906
2,262,969
Camden National Corp.
7,417
243,203
Capitol Federal Financial, Inc.
67,860
384,766
Cathay General Bancorp
38,200
1,361,066
Central Pacific Financial Corp.
14,217
241,262
Citigroup, Inc.
1,040,494
42,961,997
Citizens Financial Group, Inc.
255,871
7,197,651
Citizens Financial Services, Inc. (a)
2,222
121,632
City Holding Co.
7,825
714,892
Columbia Banking System, Inc.
111,641
2,286,408
Columbia Financial, Inc. *
17,545
301,072
Comerica, Inc.
69,942
3,364,910
Commerce Bancshares, Inc.
60,078
2,949,229
Community Bank System, Inc.
28,894
1,373,910
Community Trust Bancorp, Inc.
8,318
295,289
ConnectOne Bancorp, Inc.
19,553
373,853
CrossFirst Bankshares, Inc. *
21,186
227,750
Cullen/Frost Bankers, Inc.
34,329
3,245,120
Customers Bancorp, Inc. *
15,105
530,790
CVB Financial Corp.
69,852
1,219,616
Dime Community Bancshares, Inc.
16,561
352,915
Eagle Bancorp, Inc.
16,734
402,620
East West Bancorp, Inc.
74,190
4,105,675
Eastern Bankshares, Inc.
85,377
1,149,174
Enterprise Financial Services Corp.
19,649
760,613
F.N.B. Corp.
192,563
2,239,508
FB Financial Corp.
18,177
552,217
Fifth Third Bancorp
363,816
9,659,315
Financial Institutions, Inc.
7,751
135,643
First BanCorp
96,462
1,336,963
First Bancorp/Southern Pines NC
21,890
648,820
First Busey Corp.
26,834
542,047
First Citizens BancShares, Inc.,
Class A
6,397
8,702,479
First Commonwealth Financial Corp.
54,987
718,680
First Community Bankshares, Inc.
9,237
285,700
First Financial Bancorp
50,161
1,042,346
First Financial Bankshares, Inc.
69,473
1,995,265
First Financial Corp.
5,687
208,827
First Foundation, Inc.
27,288
214,484
First Hawaiian, Inc.
68,132
1,288,376
First Horizon Corp.
286,894
3,600,520
First Interstate BancSystem, Inc.,
Class A
47,678
1,235,337
First Merchants Corp.
31,713
946,316
First Mid Bancshares, Inc.
8,990
251,450
Flushing Financial Corp.
14,401
203,342
Fulton Financial Corp.
89,746
1,196,314
German American Bancorp, Inc.
14,980
433,371
Glacier Bancorp, Inc.
59,253
1,790,033
See financial notes
32Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Great Southern Bancorp, Inc.
4,752
239,833
Hancock Whitney Corp.
45,670
1,883,887
Hanmi Financial Corp.
15,242
263,991
HarborOne Bancorp, Inc.
21,927
218,612
Heartland Financial USA, Inc.
19,825
607,438
Heritage Commerce Corp.
30,707
266,230
Heritage Financial Corp.
18,795
323,650
Hilltop Holdings, Inc.
24,045
730,728
Home BancShares, Inc.
100,163
2,221,615
HomeStreet, Inc.
9,687
91,542
Hope Bancorp, Inc.
64,990
628,453
Horizon Bancorp, Inc.
21,704
242,868
Huntington Bancshares, Inc.
769,555
8,534,365
Independent Bank Corp.
23,239
1,255,371
Independent Bank Group, Inc.
19,781
834,758
International Bancshares Corp.
27,696
1,240,227
JPMorgan Chase & Co.
1,560,907
228,407,521
Kearny Financial Corp.
38,374
284,351
KeyCorp
501,855
5,686,017
Lakeland Bancorp, Inc.
33,335
450,356
Lakeland Financial Corp.
14,075
733,730
LINKBANCORP, Inc.
7,005
49,035
Live Oak Bancshares, Inc.
18,311
592,178
Luther Burbank Corp.
6,823
62,021
M&T Bank Corp.
88,697
11,091,560
Mercantile Bank Corp.
7,839
261,666
Metrocity Bankshares, Inc.
8,494
165,633
Midland States Bancorp, Inc.
11,007
244,355
National Bank Holdings Corp.,
Class A
19,869
626,668
NBT Bancorp, Inc.
25,195
867,212
New York Community Bancorp, Inc.
385,664
4,735,954
Nicolet Bankshares, Inc.
7,252
549,774
Northfield Bancorp, Inc.
22,216
234,157
Northwest Bancshares, Inc.
67,888
746,768
OceanFirst Financial Corp.
32,092
541,392
OFG Bancorp
24,852
749,536
Old National Bancorp
155,232
2,368,840
Origin Bancorp, Inc.
15,960
489,812
Pacific Premier Bancorp, Inc.
51,466
1,184,747
PacWest Bancorp
61,973
492,685
Park National Corp.
7,876
801,462
Pathward Financial, Inc.
14,845
731,413
Peapack-Gladstone Financial Corp.
7,818
213,197
Peoples Bancorp, Inc.
17,632
454,377
Pinnacle Financial Partners, Inc.
41,018
2,730,158
Popular, Inc.
38,104
2,601,741
Preferred Bank
6,654
413,280
Premier Financial Corp.
18,114
341,268
Prosperity Bancshares, Inc.
50,597
2,874,416
Provident Financial Services, Inc.
39,524
651,356
QCR Holdings, Inc.
9,069
475,760
Regions Financial Corp.
502,378
9,213,613
Renasant Corp.
30,243
842,268
Republic Bancorp, Inc., Class A
4,756
211,357
S&T Bancorp, Inc.
20,042
567,790
Sandy Spring Bancorp, Inc.
23,506
522,773
Seacoast Banking Corp. of Florida
45,291
1,069,321
ServisFirst Bancshares, Inc.
26,199
1,468,192
Simmons First National Corp.,
Class A
68,472
1,220,171
Southside Bancshares, Inc.
15,950
480,095
SouthState Corp.
40,345
2,916,943
Stellar Bancorp, Inc.
24,621
523,689
Stock Yards Bancorp, Inc.
16,214
742,601
Synovus Financial Corp.
77,799
2,408,657
Texas Capital Bancshares, Inc. *
25,782
1,609,828
The Bancorp, Inc. *
29,667
1,089,076
SECURITY
NUMBER
OF SHARES
VALUE ($)
The First Bancshares, Inc.
15,127
429,456
The First of Long Island Corp.
10,468
136,712
The PNC Financial Services Group,
Inc.
213,373
25,760,522
Tompkins Financial Corp.
6,406
332,664
Towne Bank
36,615
864,114
TriCo Bancshares
17,862
613,381
Triumph Financial, Inc.
11,413
733,057
Truist Financial Corp.
708,839
21,655,031
TrustCo Bank Corp.
9,602
273,369
Trustmark Corp.
33,204
765,020
U.S. Bancorp
746,135
27,256,312
UMB Financial Corp.
23,719
1,499,278
United Bankshares, Inc.
71,936
2,163,835
United Community Banks, Inc.
61,764
1,667,628
Univest Financial Corp.
15,794
284,134
Valley National Bancorp
225,298
2,068,236
Veritex Holdings, Inc.
28,690
539,659
Washington Federal, Inc.
35,012
951,626
Washington Trust Bancorp, Inc.
8,591
240,548
Webster Financial Corp.
92,971
3,942,900
Wells Fargo & Co.
2,004,639
82,771,544
WesBanco, Inc.
31,343
794,858
Westamerica BanCorp
14,346
631,654
Western Alliance Bancorp
57,955
2,898,330
Wintrust Financial Corp.
32,474
2,520,307
WSFS Financial Corp.
32,964
1,295,485
Zions Bancorp NA
79,325
2,816,037
 
743,036,361
 
Capital Goods 6.4%
374Water, Inc. *
32,024
48,036
3D Systems Corp. *
71,200
449,272
3M Co.
293,413
31,298,365
A.O. Smith Corp.
66,670
4,833,575
AAON, Inc.
34,344
2,165,733
AAR Corp. *
17,328
1,067,405
Acuity Brands, Inc.
16,833
2,714,826
Advanced Drainage Systems, Inc.
33,399
4,280,416
AECOM
74,336
6,522,984
AeroVironment, Inc. *
13,596
1,319,220
AGCO Corp.
33,073
4,283,946
Air Lease Corp.
55,231
2,251,216
Alamo Group, Inc.
5,404
927,597
Albany International Corp., Class A
16,611
1,540,172
Allegion plc
46,892
5,336,779
Allison Transmission Holdings, Inc.
48,421
2,927,049
Ameresco, Inc., Class A *
17,862
776,818
American Woodmark Corp. *
9,257
718,991
AMETEK, Inc.
123,001
19,619,890
Amprius Technologies, Inc. *(a)
6,954
34,214
API Group Corp. *
107,818
3,035,077
Apogee Enterprises, Inc.
11,459
578,221
Applied Industrial Technologies, Inc.
20,708
3,196,694
Archer Aviation, Inc., Class A *(a)
79,005
550,665
Arcosa, Inc.
25,723
2,012,053
Argan, Inc.
7,046
299,314
Armstrong World Industries, Inc.
23,850
1,826,672
Array Technologies, Inc. *
75,715
1,883,032
Astec Industries, Inc.
12,653
693,637
Astra Space, Inc. *
122,034
31,534
Atkore, Inc. *
20,649
3,179,327
Axon Enterprise, Inc. *
37,464
7,976,460
AZZ, Inc.
13,460
660,886
Babcock & Wilcox Enterprises, Inc. *
39,328
206,472
Barnes Group, Inc.
26,992
1,060,786
Beacon Roofing Supply, Inc. *
29,254
2,335,932
See financial notes
Schwab U.S. Equity ETFs | Annual Report33

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Blink Charging Co. *(a)
26,961
106,226
Bloom Energy Corp., Class A *
98,871
1,482,076
Boise Cascade Co.
21,316
2,331,331
Builders FirstSource, Inc. *
68,368
9,916,095
BWX Technologies, Inc.
49,056
3,618,371
Carlisle Cos., Inc.
27,290
7,177,816
Carrier Global Corp.
446,565
25,655,159
Caterpillar, Inc.
275,092
77,336,614
ChargePoint Holdings, Inc. *(a)
146,047
1,045,697
Chart Industries, Inc. *
22,178
4,004,903
CIRCOR International, Inc. *
10,509
585,246
Columbus McKinnon Corp.
15,193
572,320
Comfort Systems USA, Inc.
19,032
3,512,736
Construction Partners, Inc., Class A *
21,838
758,871
Core & Main, Inc., Class A *
47,004
1,543,611
Crane Co.
25,569
2,329,847
CSW Industrials, Inc.
8,307
1,492,186
Cummins, Inc.
75,367
17,337,425
Curtiss-Wright Corp.
20,360
4,234,676
Custom Truck One Source, Inc. *
34,745
233,139
Deere & Co.
144,002
59,176,182
Desktop Metal, Inc., Class A *(a)
131,949
237,508
Donaldson Co., Inc.
64,469
4,117,635
Douglas Dynamics, Inc.
11,828
358,034
Dover Corp.
74,366
11,028,478
DXP Enterprises, Inc. *
7,607
270,581
Dycom Industries, Inc. *
15,587
1,557,609
Eaton Corp. plc
212,800
49,022,736
EMCOR Group, Inc.
25,218
5,655,137
Emerson Electric Co.
305,723
30,037,285
Encore Wire Corp.
9,499
1,565,530
Energy Recovery, Inc. *
30,851
838,530
Energy Vault Holdings, Inc. *
31,733
101,228
Enerpac Tool Group Corp.
30,054
787,415
EnerSys
21,779
2,286,359
Enovix Corp. *
60,067
827,723
EnPro Industries, Inc.
11,049
1,506,973
Esab Corp.
28,007
2,021,265
ESCO Technologies, Inc.
13,961
1,493,967
ESS Tech, Inc. *
41,921
59,947
Fastenal Co.
306,196
17,630,766
Federal Signal Corp.
32,823
2,000,562
Ferguson plc
109,468
17,685,650
Flowserve Corp.
70,023
2,770,810
Fluence Energy, Inc. *
19,675
518,436
Fluor Corp. *
77,343
2,706,232
Fortive Corp.
188,272
14,845,247
Fortune Brands Innovations, Inc.
67,701
4,672,723
Franklin Electric Co., Inc.
20,738
2,005,572
FTAI Aviation Ltd.
53,648
1,982,830
FTC Solar, Inc. *
20,061
37,715
FuelCell Energy, Inc. *
221,721
310,409
Gates Industrial Corp. plc *
77,515
951,884
GATX Corp.
18,924
2,235,681
Generac Holdings, Inc. *
33,280
3,953,997
General Dynamics Corp.
119,819
27,155,778
General Electric Co.
581,482
66,556,430
Gibraltar Industries, Inc. *
15,987
1,199,505
Global Industrial Co.
9,241
312,715
GMS, Inc. *
21,730
1,506,758
Graco, Inc.
89,748
7,084,707
GrafTech International Ltd.
98,595
349,026
Granite Construction, Inc.
23,599
974,403
Great Lakes Dredge & Dock Corp. *
34,117
301,253
Griffon Corp.
25,527
1,068,815
H&E Equipment Services, Inc.
18,370
832,528
Hayward Holdings, Inc. *
85,174
1,260,575
HEICO Corp.
50,987
8,602,017
SECURITY
NUMBER
OF SHARES
VALUE ($)
Helios Technologies, Inc.
17,284
1,000,398
Herc Holdings, Inc.
12,962
1,686,875
Hexcel Corp.
44,982
3,297,181
Hillenbrand, Inc.
37,164
1,800,224
Hillman Solutions Corp. *
90,065
815,088
Honeywell International, Inc.
355,488
66,810,415
Howmet Aerospace, Inc.
196,093
9,700,721
Hubbell, Inc.
28,610
9,328,290
Huntington Ingalls Industries, Inc.
21,327
4,698,765
Hyliion Holdings Corp. *
68,540
83,619
Hyster-Yale Materials Handling, Inc.
5,890
268,996
Hyzon Motors, Inc. *(a)
51,143
64,952
IDEX Corp.
40,391
9,144,522
IES Holdings, Inc. *
4,674
350,457
Illinois Tool Works, Inc.
148,291
36,679,779
Ingersoll Rand, Inc.
215,511
15,001,721
Insteel Industries, Inc.
11,055
384,161
Intuitive Machines, Inc. *(a)
5,883
28,003
ITT, Inc.
43,988
4,499,093
Janus International Group, Inc. *
41,420
474,259
JELD-WEN Holding, Inc. *
45,041
679,218
John Bean Technologies Corp.
17,098
1,879,241
Johnson Controls International plc
365,544
21,589,029
Kadant, Inc.
6,262
1,376,012
Kaman Corp.
14,826
332,547
Kennametal, Inc.
43,611
1,154,383
Kratos Defense & Security Solutions,
Inc. *
68,182
1,097,048
L3Harris Technologies, Inc.
101,322
18,044,435
Lennox International, Inc.
17,204
6,482,639
Leonardo DRS, Inc. *
26,578
455,015
Lincoln Electric Holdings, Inc.
30,646
5,898,129
Lindsay Corp.
5,967
740,505
Lockheed Martin Corp.
120,356
53,961,613
Markforged Holding Corp. *
36,564
47,899
Masco Corp.
119,955
7,078,545
Masonite International Corp. *
11,718
1,203,556
MasTec, Inc. *
32,537
3,237,106
Masterbrand, Inc. *
68,346
875,512
McGrath RentCorp
13,034
1,317,737
MDU Resources Group, Inc.
107,327
2,185,178
Mercury Systems, Inc. *
30,733
1,206,270
Microvast Holdings, Inc. *
94,350
210,401
Moog, Inc., Class A
15,086
1,752,390
MRC Global, Inc. *
43,908
409,223
MSC Industrial Direct Co., Inc.,
Class A
25,173
2,569,156
Mueller Industries, Inc.
30,638
2,364,028
Mueller Water Products, Inc., Class A
83,443
1,178,215
MYR Group, Inc. *
8,809
1,251,495
National Presto Industries, Inc.
2,567
192,140
Nauticus Robotics, Inc. *
11,992
24,224
NEXTracker, Inc., Class A *
24,305
1,023,727
Nikola Corp. *(a)
313,881
370,380
Nordson Corp.
28,666
6,998,517
Northrop Grumman Corp.
76,290
33,040,436
NOW, Inc. *
55,114
615,623
nVent Electric plc
87,924
4,971,223
Omega Flex, Inc.
1,630
136,431
Oshkosh Corp.
35,041
3,638,307
Otis Worldwide Corp.
220,003
18,821,257
Owens Corning
48,068
6,917,466
PACCAR, Inc.
278,433
22,912,252
Parker-Hannifin Corp.
68,507
28,560,568
Parsons Corp. *
18,087
1,031,321
Pentair plc
86,894
6,105,172
PGT Innovations, Inc. *
30,863
870,028
Plug Power, Inc. *(a)
290,563
2,458,163
See financial notes
34Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Primoris Services Corp.
28,259
999,521
Proto Labs, Inc. *
14,622
431,349
Quanex Building Products Corp.
18,134
489,255
Quanta Services, Inc.
77,508
16,266,604
RBC Bearings, Inc. *
15,500
3,573,370
Regal Rexnord Corp.
34,975
5,672,595
Resideo Technologies, Inc. *
80,006
1,348,901
REV Group, Inc.
18,314
248,704
Rocket Lab USA, Inc. *
123,224
777,543
Rockwell Automation, Inc.
61,408
19,164,209
RTX Corp.
780,050
67,115,502
Rush Enterprises, Inc., Class A
34,386
1,423,924
Rush Enterprises, Inc., Class B
5,992
275,475
Sarcos Technology & Robotics Corp. *
12,367
13,851
Sensata Technologies Holding plc
81,580
3,069,040
SES AI Corp. *(a)
75,603
159,522
Shoals Technologies Group, Inc.,
Class A *
90,777
1,786,491
Simpson Manufacturing Co., Inc.
22,769
3,637,575
SiteOne Landscape Supply, Inc. *
24,052
4,117,462
Snap-on, Inc.
28,320
7,606,752
Southland Holdings, Inc. *(a)
5,124
34,946
Spirit AeroSystems Holdings, Inc.,
Class A
57,216
1,219,845
SPX Technologies, Inc. *
24,235
1,915,050
Standex International Corp.
6,246
959,573
Stanley Black & Decker, Inc.
81,445
7,686,779
Stem, Inc. *(a)
79,811
406,238
SunPower Corp. *
45,269
324,126
Sunrun, Inc. *
116,018
1,813,361
TechPrecision Corp. *
5,522
38,378
Tecnoglass, Inc.
10,475
408,211
Tennant Co.
10,157
837,242
Terex Corp.
35,963
2,179,717
Terran Orbital Corp. *
29,668
36,195
Textron, Inc.
107,656
8,365,948
The AZEK Co., Inc. *
64,390
2,189,904
The Boeing Co. *
301,624
67,572,825
The Gorman-Rupp Co.
13,022
418,527
The Greenbrier Cos., Inc.
17,029
724,754
The Manitowoc Co., Inc. *
18,960
320,803
The Middleby Corp. *
28,743
4,184,693
The Shyft Group, Inc.
17,935
281,221
The Timken Co.
35,176
2,688,150
The Toro Co.
55,489
5,677,634
Thermon Group Holdings, Inc. *
18,384
505,192
Titan International, Inc. *
28,405
357,619
Titan Machinery, Inc. *
10,653
330,456
TPI Composites, Inc. *
21,448
108,312
Trane Technologies plc
122,047
25,051,367
TransDigm Group, Inc. *
27,782
25,110,761
Trex Co., Inc. *
58,205
4,154,091
Trinity Industries, Inc.
42,849
1,074,224
Triton International Ltd.
29,201
2,450,256
Triumph Group, Inc. *
33,079
311,273
Tutor Perini Corp. *
22,573
200,674
UFP Industries, Inc.
32,909
3,434,054
United Rentals, Inc.
36,769
17,521,899
V2X, Inc. *
5,699
286,717
Valmont Industries, Inc.
11,193
2,837,426
Velo3D, Inc. *(a)
30,854
48,749
Veritiv Corp.
7,260
1,222,076
Vertiv Holdings Co.
172,257
6,785,203
Vicor Corp. *
12,172
824,896
Virgin Galactic Holdings, Inc. *(a)
132,307
333,414
W.W. Grainger, Inc.
23,958
17,109,366
Wabash National Corp.
25,269
569,816
Watsco, Inc.
17,863
6,511,957
SECURITY
NUMBER
OF SHARES
VALUE ($)
Watts Water Technologies, Inc.,
Class A
14,657
2,766,802
WESCO International, Inc.
24,145
3,907,868
Westinghouse Air Brake Technologies
Corp.
96,162
10,820,148
WillScot Mobile Mini Holdings Corp. *
108,216
4,439,020
Woodward, Inc.
32,257
4,173,088
Xometry, Inc., Class A *
15,461
294,532
Xylem, Inc.
127,167
13,166,871
Zurn Elkay Water Solutions Corp.,
Class C
76,712
2,272,209
 
1,505,204,137
 
Commercial & Professional Services 1.6%
ABM Industries, Inc.
35,459
1,610,548
ACCO Brands Corp.
54,867
292,441
Alight, Inc., Class A *
180,959
1,382,527
ASGN, Inc. *
26,075
2,142,322
Automatic Data Processing, Inc.
220,561
56,157,036
Barrett Business Services, Inc.
3,337
319,284
BlackSky Technology, Inc. *
57,589
78,321
Booz Allen Hamilton Holding Corp.,
Class A
71,340
8,083,535
Brady Corp., Class A
24,281
1,224,734
BrightView Holdings, Inc. *
18,323
151,714
Broadridge Financial Solutions, Inc.
62,984
11,728,251
CACI International, Inc., Class A *
12,133
3,979,745
Casella Waste Systems, Inc., Class A *
29,813
2,348,370
CBIZ, Inc. *
26,197
1,469,914
Ceridian HCM Holding, Inc. *
82,835
6,007,194
Cimpress plc *
10,202
659,151
Cintas Corp.
46,179
23,282,066
Clarivate plc *
228,514
1,697,859
Clean Harbors, Inc. *
26,795
4,537,465
Concentrix Corp.
22,634
1,806,872
Conduent, Inc. *
89,444
280,854
Copart, Inc. *
458,303
20,545,723
CoreCivic, Inc. *
60,792
654,122
CSG Systems International, Inc.
16,133
876,183
Deluxe Corp.
23,977
484,815
Driven Brands Holdings, Inc. *
30,075
452,629
Dun & Bradstreet Holdings, Inc.
117,703
1,282,963
Ennis, Inc.
14,314
304,888
Enviri Corp. *
45,585
339,608
Equifax, Inc.
65,627
13,565,101
ExlService Holdings, Inc. *
89,143
2,605,650
Exponent, Inc.
27,062
2,431,791
First Advantage Corp.
30,531
425,907
FiscalNote Holdings, Inc. *(a)
37,985
83,947
Forrester Research, Inc. *
6,590
201,852
Franklin Covey Co. *
6,805
290,369
FTI Consulting, Inc. *
18,089
3,361,298
Genpact Ltd.
90,711
3,386,242
Healthcare Services Group, Inc.
39,292
453,823
Heidrick & Struggles International,
Inc.
10,941
289,827
Heritage-Crystal Clean, Inc. *
8,795
396,654
HireRight Holdings Corp. *
10,343
108,291
HNI Corp.
24,972
818,083
Huron Consulting Group, Inc. *
10,093
1,008,795
ICF International, Inc.
9,031
1,219,727
Insperity, Inc.
19,073
1,932,667
Interface, Inc.
29,465
304,373
Jacobs Solutions, Inc.
68,027
9,171,400
KBR, Inc.
72,300
4,447,896
Kelly Services, Inc., Class A
19,050
352,235
See financial notes
Schwab U.S. Equity ETFs | Annual Report35

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kforce, Inc.
10,611
664,779
Korn Ferry
27,732
1,413,777
LanzaTech Global, Inc. *(a)
47,229
312,656
LegalZoom.com, Inc. *
51,392
586,383
Leidos Holdings, Inc.
73,323
7,149,726
Liquidity Services, Inc. *
11,633
212,302
ManpowerGroup, Inc.
26,072
2,056,299
Matthews International Corp., Class A
16,345
689,432
Maximus, Inc.
32,339
2,613,638
MillerKnoll, Inc.
40,929
781,744
Montrose Environmental Group, Inc. *
14,355
551,806
MSA Safety, Inc.
19,576
3,576,144
NV5 Global, Inc. *
6,551
666,761
OPENLANE, Inc. *
59,793
933,369
Paychex, Inc.
171,521
20,965,012
Paycom Software, Inc.
25,955
7,652,572
Paycor HCM, Inc. *
24,811
582,314
Paylocity Holding Corp. *
22,138
4,438,669
Pitney Bowes, Inc.
91,310
300,410
Planet Labs PBC *
108,426
352,385
RB Global, Inc.
97,102
5,993,135
Republic Services, Inc.
110,105
15,869,434
Resources Connection, Inc.
17,243
267,439
Robert Half International, Inc.
57,256
4,234,654
Rollins, Inc.
123,424
4,883,888
Science Applications International
Corp.
28,923
3,403,080
SP Plus Corp. *
10,233
400,827
SS&C Technologies Holdings, Inc.
115,659
6,641,140
Steelcase, Inc., Class A
50,876
461,445
Stericycle, Inc. *
49,532
2,189,810
Sterling Check Corp. *
12,259
170,890
Tetra Tech, Inc.
28,295
4,452,218
The Brink's Co.
24,534
1,859,923
The GEO Group, Inc. *
69,592
503,846
TransUnion
103,273
8,387,833
TriNet Group, Inc. *
18,321
2,032,349
TrueBlue, Inc. *
16,469
249,176
TTEC Holdings, Inc.
9,801
291,678
UniFirst Corp.
8,119
1,429,999
Upwork, Inc. *
65,592
971,418
Verisk Analytics, Inc.
77,763
18,835,754
Verra Mobility Corp. *
74,855
1,331,670
Viad Corp. *
10,945
310,729
VSE Corp.
6,022
341,749
Waste Management, Inc.
197,814
31,013,279
 
374,064,603
 
Consumer Discretionary Distribution & Retail 5.2%
1-800-Flowers.com, Inc., Class A *
16,993
127,957
Abercrombie & Fitch Co., Class A *
26,920
1,446,950
Academy Sports & Outdoors, Inc.
41,510
2,265,201
Advance Auto Parts, Inc.
31,557
2,171,753
Amazon.com, Inc. *
4,767,086
657,905,539
American Eagle Outfitters, Inc.
98,480
1,670,221
America's Car-Mart, Inc. *
3,259
362,759
Arko Corp.
40,582
305,582
Asbury Automotive Group, Inc. *
11,468
2,637,640
AutoNation, Inc. *
16,733
2,628,587
AutoZone, Inc. *
9,835
24,895,631
BARK, Inc. *
51,475
82,360
Bath & Body Works, Inc.
121,985
4,497,587
Best Buy Co., Inc.
103,860
7,940,097
Big Lots, Inc.
11,668
72,342
Boot Barn Holdings, Inc. *
16,194
1,485,800
Burlington Stores, Inc. *
34,750
5,638,535
Caleres, Inc.
19,345
554,621
SECURITY
NUMBER
OF SHARES
VALUE ($)
Camping World Holdings, Inc.,
Class A
23,448
579,869
CarMax, Inc. *
84,398
6,893,629
CarParts.com, Inc. *
30,712
148,339
Carvana Co. *(a)
54,710
2,754,649
Chewy, Inc., Class A *
51,402
1,232,620
Chico's FAS, Inc. *
64,629
331,547
ContextLogic, Inc., Class A *(a)
12,138
64,999
Designer Brands, Inc., Class A (a)
25,329
266,208
Dick's Sporting Goods, Inc.
32,765
3,811,880
Dillard's, Inc., Class A
1,761
607,756
eBay, Inc.
286,044
12,809,050
Etsy, Inc. *
66,082
4,861,653
Five Below, Inc. *
29,872
5,136,789
Floor & Decor Holdings, Inc., Class A *
56,761
5,659,072
Foot Locker, Inc.
42,334
830,593
GameStop Corp., Class A *(a)
135,543
2,514,323
Genesco, Inc. *
6,608
226,522
Genuine Parts Co.
75,156
11,553,732
Group 1 Automotive, Inc.
7,474
1,976,275
Groupon, Inc. *(a)
16,013
198,081
GrowGeneration Corp. *
35,645
115,846
Guess?, Inc.
17,086
411,089
Haverty Furniture Cos., Inc.
8,044
251,777
Hibbett, Inc.
7,082
327,967
Kohl's Corp.
59,199
1,577,061
Lands' End, Inc. *
7,423
57,157
Leslie's, Inc. *
82,165
514,353
Lithia Motors, Inc.
14,689
4,524,506
LKQ Corp.
135,156
7,099,745
LL Flooring Holdings, Inc. *
13,974
48,210
Lowe’s Cos., Inc.
318,101
73,315,918
Macy's, Inc.
144,931
1,772,506
MarineMax, Inc. *
11,984
398,708
Monro, Inc.
16,934
554,419
Murphy USA, Inc.
10,628
3,375,878
National Vision Holdings, Inc. *
41,590
761,513
Nordstrom, Inc.
62,235
1,009,452
Ollie's Bargain Outlet Holdings, Inc. *
31,208
2,405,513
O'Reilly Automotive, Inc. *
32,525
30,563,742
Overstock.com, Inc. *
24,852
648,886
Penske Automotive Group, Inc.
12,789
2,101,233
Petco Health & Wellness Co., Inc. *
42,530
216,478
PetMed Express, Inc.
12,637
142,419
Pool Corp.
20,887
7,636,287
Qurate Retail, Inc. *
183,432
142,160
Rent the Runway, Inc., Class A *
25,641
35,385
Revolve Group, Inc. *
22,455
328,966
RH *
9,559
3,490,851
Ross Stores, Inc.
182,747
22,260,412
Sally Beauty Holdings, Inc. *
57,178
580,928
Shoe Carnival, Inc.
8,165
188,856
Signet Jewelers Ltd.
24,223
1,816,725
Sleep Number Corp. *
12,184
311,667
Sonic Automotive, Inc., Class A
8,646
461,005
Sportsman's Warehouse Holdings,
Inc. *
18,770
90,284
Stitch Fix, Inc., Class A *
44,109
193,639
The Aaron's Co., Inc.
18,142
218,974
The Buckle, Inc.
15,865
579,707
The Children's Place, Inc. *
6,911
183,211
The Container Store Group, Inc. *
16,929
39,614
The Gap, Inc.
112,216
1,299,461
The Home Depot, Inc.
540,738
178,605,761
The ODP Corp. *
18,104
892,889
The TJX Cos., Inc.
614,621
56,840,150
Tractor Supply Co.
58,551
12,793,393
Ulta Beauty, Inc. *
26,716
11,087,941
See financial notes
36Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Upbound Group, Inc.
26,249
803,744
Urban Outfitters, Inc. *
32,733
1,087,063
Valvoline, Inc.
74,155
2,553,898
Victoria's Secret & Co. *
41,262
791,405
Warby Parker, Inc., Class A *
32,939
395,597
Wayfair, Inc., Class A *
44,036
3,043,328
Williams-Sonoma, Inc.
35,019
4,944,683
Winmark Corp.
1,529
581,830
Zumiez, Inc. *
8,189
155,509
 
1,225,776,447
 
Consumer Durables & Apparel 1.2%
Acushnet Holdings Corp.
16,904
989,729
AMMO, Inc. *
43,478
99,565
Beazer Homes USA, Inc. *
16,163
473,738
Brunswick Corp.
37,781
2,989,233
Capri Holdings Ltd. *
66,607
3,496,201
Carter's, Inc.
19,856
1,421,094
Cavco Industries, Inc. *
4,393
1,227,931
Century Communities, Inc.
15,076
1,119,393
Columbia Sportswear Co.
18,669
1,369,184
Crocs, Inc. *
33,250
3,236,555
D.R. Horton, Inc.
166,236
19,785,409
Deckers Outdoor Corp. *
14,002
7,408,318
Dream Finders Homes, Inc., Class A *
11,971
345,004
Ethan Allen Interiors, Inc.
12,775
400,880
Figs, Inc., Class A *
67,103
414,697
Fossil Group, Inc. *
27,034
57,312
Funko, Inc., Class A *
17,865
124,519
Garmin Ltd.
81,393
8,629,286
G-III Apparel Group Ltd. *
21,418
425,147
GoPro, Inc., Class A *
67,642
245,879
Green Brick Partners, Inc. *
14,524
718,357
Hanesbrands, Inc.
183,801
964,955
Hasbro, Inc.
69,175
4,980,600
Helen of Troy Ltd. *
12,973
1,594,641
Installed Building Products, Inc.
12,553
1,816,796
iRobot Corp. *
14,961
581,833
Johnson Outdoors, Inc., Class A
2,903
162,307
KB Home
42,774
2,172,919
Kontoor Brands, Inc.
26,399
1,208,810
Latham Group, Inc. *
24,281
89,840
La-Z-Boy, Inc.
22,797
703,287
Leggett & Platt, Inc.
70,594
1,990,751
Lennar Corp., Class A
142,159
16,929,715
Levi Strauss & Co., Class A
53,738
739,972
LGI Homes, Inc. *
10,939
1,346,591
Lululemon Athletica, Inc. *
61,953
23,620,201
M.D.C. Holdings, Inc.
30,938
1,468,008
M/I Homes, Inc. *
14,713
1,444,522
Malibu Boats, Inc., Class A *
10,722
520,660
Mattel, Inc. *
189,702
4,203,796
Meritage Homes Corp.
19,663
2,733,944
Mohawk Industries, Inc. *
28,264
2,865,687
Movado Group, Inc.
8,138
222,574
Newell Brands, Inc.
201,821
2,135,266
NIKE, Inc., Class B
658,252
66,950,811
NVR, Inc. *
1,626
10,369,539
Oxford Industries, Inc.
7,785
786,207
Peloton Interactive, Inc., Class A *
181,016
1,154,882
Polaris, Inc.
28,587
3,204,317
PulteGroup, Inc.
119,190
9,780,731
Purple Innovation, Inc.
33,186
72,014
PVH Corp.
33,671
2,814,896
Ralph Lauren Corp.
22,017
2,567,843
Skechers U.S.A., Inc., Class A *
71,769
3,610,698
Skyline Champion Corp. *
28,408
2,024,638
SECURITY
NUMBER
OF SHARES
VALUE ($)
Smith & Wesson Brands, Inc.
24,138
283,380
Snap One Holdings Corp. *
10,317
94,401
Solo Brands, Inc., Class A *
14,485
80,971
Sonos, Inc. *
69,313
955,133
Steven Madden Ltd.
38,101
1,314,485
Sturm Ruger & Co., Inc.
9,422
485,987
Tapestry, Inc.
123,634
4,119,485
Taylor Morrison Home Corp. *
58,131
2,755,409
Tempur Sealy International, Inc.
92,120
4,303,846
Toll Brothers, Inc.
54,658
4,478,130
TopBuild Corp. *
16,964
4,920,917
Topgolf Callaway Brands Corp. *
74,752
1,303,675
Traeger, Inc. *
31,994
143,013
Tri Pointe Homes, Inc. *
53,102
1,651,472
Tupperware Brands Corp. *
21,840
54,382
Under Armour, Inc., Class A *
196,164
1,498,693
United Homes Group, Inc. *
4,104
34,351
Universal Electronics, Inc. *
6,304
56,106
VF Corp.
175,885
3,475,488
Vista Outdoor, Inc. *
31,101
909,704
Vizio Holding Corp., Class A *
29,722
170,604
Whirlpool Corp.
29,126
4,076,475
Wolverine World Wide, Inc.
42,701
345,024
YETI Holdings, Inc. *
46,263
2,310,837
 
272,633,650
 
Consumer Services 2.3%
2U, Inc. *
31,102
98,593
Accel Entertainment, Inc. *
28,392
337,581
ADT, Inc.
113,111
726,173
Adtalem Global Education, Inc. *
22,983
1,007,805
Airbnb, Inc., Class A *
220,242
28,972,835
Aramark
147,495
5,483,864
Bally's Corp. *
14,961
248,353
BJ's Restaurants, Inc. *
12,460
366,449
Bloomin' Brands, Inc.
46,737
1,311,440
Booking Holdings, Inc. *
19,738
61,287,082
Bowlero Corp. *
17,870
196,570
Boyd Gaming Corp.
40,822
2,729,767
Bright Horizons Family Solutions,
Inc. *
30,887
2,916,351
Brinker International, Inc. *
23,134
757,176
Caesars Entertainment, Inc. *
114,611
6,333,404
Carnival Corp. *
537,724
8,506,794
Carriage Services, Inc.
7,528
232,013
Chegg, Inc. *
62,312
636,206
Chipotle Mexican Grill, Inc. *
14,707
28,335,094
Choice Hotels International, Inc.
14,156
1,796,396
Churchill Downs, Inc.
34,542
4,327,422
Chuy's Holdings, Inc. *
10,085
384,238
Coursera, Inc. *
48,055
835,676
Cracker Barrel Old Country Store, Inc.
11,834
975,477
Darden Restaurants, Inc.
64,439
10,020,909
Dave & Buster's Entertainment, Inc. *
20,886
820,193
Denny's Corp. *
31,391
299,156
Dine Brands Global, Inc.
8,159
446,950
Domino’s Pizza, Inc.
18,884
7,315,662
DoorDash, Inc., Class A *
140,828
11,847,860
DraftKings, Inc., Class A *
246,807
7,317,828
Duolingo, Inc. *
15,033
2,212,256
Dutch Bros, Inc., Class A *
16,006
473,938
El Pollo Loco Holdings, Inc.
11,542
109,764
Everi Holdings, Inc. *
47,409
685,534
Expedia Group, Inc. *
76,216
8,261,052
First Watch Restaurant Group, Inc. *
5,598
107,034
Frontdoor, Inc. *
44,340
1,455,239
Golden Entertainment, Inc.
11,674
425,050
See financial notes
Schwab U.S. Equity ETFs | Annual Report37

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Graham Holdings Co., Class B
2,066
1,211,358
Grand Canyon Education, Inc. *
16,352
1,917,272
H&R Block, Inc.
80,841
3,232,023
Hilton Grand Vacations, Inc. *
40,828
1,785,000
Hilton Worldwide Holdings, Inc.
140,909
20,946,123
Hyatt Hotels Corp., Class A
24,915
2,800,695
Jack in the Box, Inc.
11,214
901,269
Krispy Kreme, Inc.
34,922
467,606
Las Vegas Sands Corp.
175,463
9,625,900
Laureate Education, Inc.
71,159
991,245
Life Time Group Holdings, Inc. *
29,490
507,228
Light & Wonder, Inc. *
48,682
3,732,449
Lindblad Expeditions Holdings, Inc. *
20,202
182,828
Marriott International, Inc., Class A
137,175
27,916,484
Marriott Vacations Worldwide Corp.
19,655
2,136,302
McDonald’s Corp.
390,232
109,713,727
MGM Resorts International
161,026
7,081,923
Mister Car Wash, Inc. *
41,755
302,306
Monarch Casino & Resort, Inc.
7,088
477,731
Norwegian Cruise Line Holdings Ltd. *
227,635
3,771,912
OneSpaWorld Holdings Ltd. *
33,543
383,732
Papa John's International, Inc.
15,973
1,209,156
Penn Entertainment, Inc. *
81,576
1,932,535
Perdoceo Education Corp.
35,022
580,315
Planet Fitness, Inc., Class A *
45,442
2,762,874
Playa Hotels & Resorts N.V. *
65,515
488,742
Portillo's, Inc., Class A *
20,878
382,903
Red Rock Resorts, Inc., Class A
25,885
1,137,128
Rover Group, Inc. *
55,278
374,232
Royal Caribbean Cruises Ltd. *
117,444
11,619,909
Rush Street Interactive, Inc. *
28,146
129,472
Sabre Corp. *
176,743
883,715
SeaWorld Entertainment, Inc. *
20,922
1,018,901
Service Corp. International
80,958
5,109,259
Shake Shack, Inc., Class A *
20,260
1,418,200
Six Flags Entertainment Corp. *
39,073
897,116
Sonder Holdings, Inc. *
80,968
40,484
Starbucks Corp.
611,752
59,609,115
Strategic Education, Inc.
12,270
950,925
Stride, Inc. *
22,288
947,017
Sweetgreen, Inc., Class A *
39,295
564,276
Target Hospitality Corp. *
12,718
202,216
Texas Roadhouse, Inc.
35,800
3,726,780
The Cheesecake Factory, Inc.
25,103
799,531
The Wendy's Co.
89,634
1,773,857
Travel & Leisure Co.
40,734
1,637,507
Udemy, Inc. *
38,261
396,384
Vacasa, Inc., Class A *
51,100
30,762
Vail Resorts, Inc.
21,568
4,881,270
Wingstop, Inc.
16,002
2,570,561
WW International, Inc. *
34,436
334,374
Wyndham Hotels & Resorts, Inc.
45,934
3,462,964
Wynn Resorts Ltd.
55,459
5,622,433
Yum! Brands, Inc.
150,180
19,430,288
 
547,611,498
 
Consumer Staples Distribution & Retail 1.7%
Albertsons Cos., Inc., Class A
106,684
2,389,722
BJ's Wholesale Club Holdings, Inc. *
71,454
4,815,285
Casey's General Stores, Inc.
19,825
4,845,428
Costco Wholesale Corp.
236,782
130,059,617
Dollar General Corp.
117,216
16,234,416
Dollar Tree, Inc. *
111,150
13,600,314
Grocery Outlet Holding Corp. *
48,348
1,491,536
Ingles Markets, Inc., Class A
7,780
607,851
Performance Food Group Co. *
83,337
5,177,728
PriceSmart, Inc.
13,679
1,087,207
SECURITY
NUMBER
OF SHARES
VALUE ($)
Rite Aid Corp. *(a)(b)
34,960
26,919
SpartanNash Co.
18,458
401,646
Sprouts Farmers Market, Inc. *
55,090
2,247,121
Sysco Corp.
270,480
18,838,932
Target Corp.
246,307
31,170,151
The Andersons, Inc.
17,068
876,612
The Chefs' Warehouse, Inc. *
18,551
529,446
The Kroger Co.
348,839
16,182,641
United Natural Foods, Inc. *
31,168
627,412
US Foods Holding Corp. *
120,972
4,890,898
Walgreens Boots Alliance, Inc.
383,068
9,695,451
Walmart, Inc.
749,016
121,797,492
Weis Markets, Inc.
8,555
554,963
 
388,148,788
 
Energy 4.4%
Antero Midstream Corp.
179,998
2,181,576
Antero Resources Corp. *
146,571
4,055,620
APA Corp.
165,217
7,243,113
Archrock, Inc.
74,386
951,397
Atlas Energy Solutions, Inc.,
Class A (a)
9,071
193,122
Baker Hughes Co.
540,917
19,575,786
Bristow Group, Inc. *
12,170
337,109
Cactus, Inc., Class A
34,353
1,832,389
California Resources Corp.
37,532
2,095,787
Callon Petroleum Co. *
27,011
1,059,642
ChampionX Corp.
105,506
3,807,712
Cheniere Energy, Inc.
129,751
21,175,363
Chesapeake Energy Corp.
56,894
5,018,620
Chevron Corp.
951,665
153,313,231
Chord Energy Corp.
22,093
3,568,019
Civitas Resources, Inc.
26,297
2,162,139
Clean Energy Fuels Corp. *
98,549
419,819
CNX Resources Corp. *
87,928
1,965,191
Comstock Resources, Inc.
47,140
577,936
ConocoPhillips
645,742
76,862,670
CONSOL Energy, Inc.
18,289
1,573,586
Core Laboratories, Inc.
24,740
594,750
Coterra Energy, Inc.
405,232
11,423,490
CVR Energy, Inc.
15,232
498,086
Delek US Holdings, Inc.
35,472
913,404
Denbury, Inc. *
26,669
2,442,347
Devon Energy Corp.
341,304
17,437,221
Diamond Offshore Drilling, Inc. *
55,149
820,066
Diamondback Energy, Inc.
96,898
14,707,178
DMC Global, Inc. *
9,810
235,636
Dril-Quip, Inc. *
18,294
504,549
DTE Midstream LLC
51,775
2,707,315
Earthstone Energy, Inc., Class A *
19,791
403,341
Enviva, Inc.
10,201
93,849
EOG Resources, Inc.
312,384
40,178,830
EQT Corp.
193,191
8,349,715
Equitrans Midstream Corp.
230,820
2,215,872
Excelerate Energy, Inc., Class A
9,162
170,413
Expro Group Holdings N.V. *
36,192
850,874
Exxon Mobil Corp.
2,159,184
240,079,669
Granite Ridge Resources, Inc.
6,739
49,869
Green Plains, Inc. *
32,662
1,013,828
Gulfport Energy Corp. *
5,641
665,638
Halliburton Co.
481,454
18,593,753
Helix Energy Solutions Group, Inc. *
77,583
786,692
Helmerich & Payne, Inc.
55,458
2,217,765
Hess Corp.
147,497
22,788,286
HF Sinclair Corp.
68,798
3,790,082
HighPeak Energy, Inc. (a)
6,811
100,326
International Seaways, Inc.
21,368
918,183
See financial notes
38Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kinder Morgan, Inc.
1,054,700
18,161,934
Kinetik Holdings, Inc.
13,552
475,811
Kosmos Energy Ltd. *
243,869
1,775,366
Liberty Energy, Inc.
80,570
1,285,092
Magnolia Oil & Gas Corp., Class A
91,066
2,076,305
Marathon Oil Corp.
330,562
8,710,309
Marathon Petroleum Corp.
226,516
32,339,689
Matador Resources Co.
60,804
3,861,054
Murphy Oil Corp.
78,696
3,572,798
Nabors Industries Ltd. *
4,885
540,721
New Fortress Energy, Inc.
24,711
767,029
NexTier Oilfield Solutions, Inc. *
77,876
826,264
Noble Corp. plc
55,488
2,926,437
Northern Oil and Gas, Inc.
43,009
1,799,066
NOV, Inc.
209,448
4,425,636
Occidental Petroleum Corp.
383,842
24,101,439
Oceaneering International, Inc. *
55,215
1,258,350
ONEOK, Inc.
237,645
15,494,454
Ovintiv, Inc.
130,411
6,124,101
Par Pacific Holdings, Inc. *
32,355
1,111,394
Patterson-UTI Energy, Inc.
111,687
1,579,254
PBF Energy, Inc., Class A
58,445
2,740,486
Peabody Energy Corp.
61,347
1,323,868
Permian Resources Corp.
124,127
1,760,121
Phillips 66
245,022
27,971,712
Pioneer Natural Resources Co.
124,999
29,741,012
ProFrac Holding Corp., Class A *
17,071
187,781
ProPetro Holding Corp. *
51,728
498,658
Range Resources Corp.
128,322
4,155,066
RPC, Inc.
45,518
363,689
Schlumberger N.V.
760,335
44,829,352
SM Energy Co.
65,062
2,752,773
Southwestern Energy Co. *
583,284
3,954,666
Talos Energy, Inc. *
57,930
997,555
Targa Resources Corp.
120,713
10,411,496
TechnipFMC plc
235,320
4,480,493
Tellurian, Inc. *
270,364
302,808
Texas Pacific Land Corp.
3,290
6,200,827
The Williams Cos., Inc.
648,630
22,397,194
Transocean Ltd. *
377,726
3,089,799
Uranium Energy Corp. *
195,415
844,193
US Silica Holdings, Inc. *
40,312
497,047
Valaris Ltd. *
31,751
2,391,485
Valero Energy Corp.
193,072
25,080,053
Vital Energy, Inc. *
10,061
606,578
Vitesse Energy, Inc.
13,385
311,067
Weatherford International plc *
35,108
3,107,760
World Fuel Services Corp.
33,079
724,430
 
1,040,455,326
 
Equity Real Estate Investment Trusts (REITs) 2.7%
Acadia Realty Trust
50,890
757,752
Agree Realty Corp.
49,719
3,073,629
Alexander & Baldwin, Inc.
37,984
684,092
Alexander's, Inc.
1,052
201,721
Alexandria Real Estate Equities, Inc.
84,135
9,788,266
American Assets Trust, Inc.
27,424
587,148
American Homes 4 Rent, Class A
167,570
6,039,223
American Tower Corp.
248,343
45,029,553
Americold Realty Trust, Inc.
143,486
4,828,304
Apartment Income REIT Corp.
79,750
2,716,285
Apartment Investment & Management
Co., Class A
79,176
602,529
Apple Hospitality REIT, Inc.
112,321
1,687,061
Armada Hoffler Properties, Inc.
34,318
390,882
AvalonBay Communities, Inc.
75,746
13,923,630
Boston Properties, Inc.
76,680
5,119,924
SECURITY
NUMBER
OF SHARES
VALUE ($)
Brandywine Realty Trust
92,862
464,310
Brixmor Property Group, Inc.
160,015
3,517,130
Broadstone Net Lease, Inc.
100,216
1,620,493
Camden Property Trust
56,977
6,131,865
CareTrust REIT, Inc.
53,048
1,068,917
Centerspace
8,139
526,919
Chatham Lodging Trust
24,839
242,925
City Office REIT, Inc.
26,532
133,721
Community Healthcare Trust, Inc.
13,358
443,352
Corporate Office Properties Trust
59,814
1,547,986
Cousins Properties, Inc.
81,101
1,905,873
Crown Castle, Inc.
232,030
23,319,015
CubeSmart
120,117
5,010,080
DiamondRock Hospitality Co.
109,403
881,788
Digital Realty Trust, Inc.
155,895
20,534,489
Diversified Healthcare Trust
120,369
326,802
Douglas Emmett, Inc.
91,858
1,255,699
Easterly Government Properties, Inc.
52,269
698,837
EastGroup Properties, Inc.
23,621
4,243,040
Elme Communities
46,925
721,706
Empire State Realty Trust, Inc.,
Class A
68,377
596,931
EPR Properties
40,360
1,807,321
Equinix, Inc.
49,942
39,023,680
Equity Commonwealth
58,442
1,112,151
Equity LifeStyle Properties, Inc.
93,239
6,243,283
Equity Residential
180,965
11,731,961
Essential Properties Realty Trust, Inc.
79,187
1,902,072
Essex Property Trust, Inc.
33,922
8,086,666
Extra Space Storage, Inc.
112,768
14,510,986
Federal Realty Investment Trust
38,895
3,809,376
First Industrial Realty Trust, Inc.
68,259
3,545,372
Four Corners Property Trust, Inc.
46,024
1,157,964
Franklin Street Properties Corp.
52,789
101,355
Gaming & Leisure Properties, Inc.
139,557
6,615,002
Getty Realty Corp.
23,978
719,820
Gladstone Commercial Corp.
22,561
296,677
Global Medical REIT, Inc.
33,881
327,968
Global Net Lease, Inc.
55,396
628,745
Healthcare Realty Trust, Inc.
203,706
3,568,929
Healthpeak Properties, Inc.
288,549
5,938,338
Highwoods Properties, Inc.
56,708
1,351,352
Host Hotels & Resorts, Inc.
380,041
6,000,847
Hudson Pacific Properties, Inc.
68,739
468,113
Independence Realty Trust, Inc.
119,778
2,015,864
Industrial Logistics Properties Trust
32,204
126,562
Innovative Industrial Properties, Inc.
15,123
1,319,935
InvenTrust Properties Corp.
36,572
874,437
Invitation Homes, Inc.
308,353
10,511,754
Iron Mountain, Inc.
155,632
9,888,857
JBG SMITH Properties
53,278
835,399
Kilroy Realty Corp.
56,614
2,091,887
Kimco Realty Corp.
325,027
6,156,011
Kite Realty Group Trust
116,339
2,625,771
Lamar Advertising Co., Class A
46,858
4,274,387
LTC Properties, Inc.
22,019
723,544
LXP Industrial Trust
156,300
1,534,866
Medical Properties Trust, Inc.
319,742
2,308,537
Mid-America Apartment
Communities, Inc.
62,217
9,035,775
National Health Investors, Inc.
23,454
1,199,203
National Storage Affiliates Trust
44,111
1,482,130
NexPoint Diversified Real Estate Trust
18,457
174,603
NexPoint Residential Trust, Inc.
12,235
459,424
NNN REIT, Inc.
96,363
3,795,739
Office Properties Income Trust
31,600
233,840
Omega Healthcare Investors, Inc.
125,358
3,988,892
One Liberty Properties, Inc.
9,850
193,552
See financial notes
Schwab U.S. Equity ETFs | Annual Report39

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Orion Office REIT, Inc.
35,784
208,621
Outfront Media, Inc.
79,135
898,182
Paramount Group, Inc.
94,571
486,095
Park Hotels & Resorts, Inc.
115,344
1,479,864
Peakstone Realty Trust
19,182
376,926
Pebblebrook Hotel Trust
66,676
964,802
Phillips Edison & Co., Inc.
62,688
2,122,616
Physicians Realty Trust
127,975
1,780,132
Piedmont Office Realty Trust, Inc.,
Class A
66,942
459,892
PotlatchDeltic Corp.
42,482
2,007,699
Prologis, Inc.
492,791
61,204,642
Public Storage
84,284
23,294,412
Rayonier, Inc.
78,497
2,347,060
Realty Income Corp.
358,725
20,102,949
Regency Centers Corp.
86,032
5,351,190
Retail Opportunity Investments Corp.
66,194
890,971
Rexford Industrial Realty, Inc.
107,453
5,745,512
RLJ Lodging Trust
86,955
868,680
RPT Realty
48,381
548,641
Ryman Hospitality Properties, Inc.
31,411
2,670,877
Sabra Health Care REIT, Inc.
126,507
1,585,133
Safehold, Inc.
21,484
457,180
Saul Centers, Inc.
7,449
279,784
SBA Communications Corp.
57,901
13,000,512
Service Properties Trust
89,442
738,791
Simon Property Group, Inc.
174,520
19,806,275
SITE Centers Corp.
96,652
1,290,304
SL Green Realty Corp. (a)
35,318
1,386,585
Spirit Realty Capital, Inc.
75,132
2,900,847
STAG Industrial, Inc.
95,583
3,491,647
Star Holdings *
7,729
105,269
Summit Hotel Properties, Inc.
57,469
333,895
Sun Communities, Inc.
66,489
8,139,583
Sunstone Hotel Investors, Inc.
110,177
989,389
Tanger Factory Outlet Centers, Inc.
55,894
1,299,535
Terreno Realty Corp.
39,676
2,415,872
The Macerich Co.
116,351
1,360,143
The Necessity Retail REIT, Inc.
73,814
553,605
UDR, Inc.
164,909
6,579,869
UMH Properties, Inc.
30,735
459,488
Uniti Group, Inc.
134,203
720,670
Universal Health Realty Income Trust
6,510
303,561
Urban Edge Properties
63,724
1,042,525
Ventas, Inc.
213,126
9,309,344
Veris Residential, Inc. *
42,598
792,749
VICI Properties, Inc.
536,304
16,539,615
Vornado Realty Trust
86,735
2,083,375
Welltower, Inc.
264,803
21,946,873
Weyerhaeuser Co.
391,150
12,810,162
WP Carey, Inc.
114,115
7,423,181
Xenia Hotels & Resorts, Inc.
59,792
705,546
 
630,081,894
 
Financial Services 7.6%
Affiliated Managers Group, Inc.
19,081
2,557,045
Affirm Holdings, Inc. *
113,079
2,353,174
AGNC Investment Corp.
318,904
3,160,339
Alerus Financial Corp.
9,902
193,089
Ally Financial, Inc.
161,084
4,460,416
AlTi Global, Inc. *(a)
12,371
90,432
American Express Co.
317,539
50,167,987
Ameriprise Financial, Inc.
56,103
18,939,251
Annaly Capital Management, Inc.
258,945
5,248,815
Apollo Commercial Real Estate
Finance, Inc.
68,124
743,914
Apollo Global Management, Inc.
230,005
20,088,637
SECURITY
NUMBER
OF SHARES
VALUE ($)
Arbor Realty Trust, Inc.
96,648
1,542,502
Ares Management Corp., Class A
87,022
9,001,556
ARMOUR Residential REIT, Inc.
108,543
532,946
Artisan Partners Asset Management,
Inc., Class A
36,682
1,409,322
Assetmark Financial Holdings, Inc. *
10,926
315,652
Avantax, Inc. *
21,009
439,508
AvidXchange Holdings, Inc. *
74,216
762,940
B. Riley Financial, Inc. (a)
9,037
462,740
Berkshire Hathaway, Inc., Class B *
952,388
343,050,158
BGC Group, Inc., Class A
181,515
896,684
BlackRock, Inc.
79,916
55,984,355
Blackstone Mortgage Trust, Inc.,
Class A
91,692
2,019,058
Blackstone, Inc.
377,040
40,105,745
Block, Inc. *
289,198
16,672,265
Blue Owl Capital, Inc.
189,934
2,269,711
Bread Financial Holdings, Inc.
27,159
1,020,635
Brightsphere Investment Group, Inc.
16,406
339,768
BrightSpire Capital, Inc.
68,485
476,656
Cannae Holdings, Inc. *
39,325
771,950
Cantaloupe, Inc. *
28,052
222,172
Capital One Financial Corp.
204,026
20,890,222
Cass Information Systems, Inc.
6,983
267,728
Cboe Global Markets, Inc.
56,321
8,431,817
Chimera Investment Corp.
129,220
781,781
Claros Mortgage Trust, Inc.
64,741
737,400
CME Group, Inc.
192,199
38,954,893
Cohen & Steers, Inc.
13,819
900,722
Coinbase Global, Inc., Class A *
88,888
7,075,485
Corebridge Financial, Inc.
79,004
1,408,641
Credit Acceptance Corp. *
3,168
1,589,607
Curo Group Holdings Corp. *
15,661
16,914
Diamond Hill Investment Group, Inc.
1,690
285,204
Discover Financial Services
135,677
12,220,427
Donnelley Financial Solutions, Inc. *
13,709
675,442
Dynex Capital, Inc.
28,674
371,615
Ellington Financial, Inc.
34,199
457,241
Enact Holdings, Inc.
19,295
552,995
Encore Capital Group, Inc. *
12,471
584,391
Enova International, Inc. *
16,538
834,342
Equitable Holdings, Inc.
176,667
5,088,010
Essent Group Ltd.
56,468
2,835,823
Euronet Worldwide, Inc. *
25,104
2,193,085
Evercore, Inc., Class A
18,978
2,657,869
EVERTEC, Inc.
34,417
1,361,881
FactSet Research Systems, Inc.
20,488
8,941,168
Federal Agricultural Mortgage Corp.,
Class C
5,442
915,997
Federated Hermes, Inc.
44,914
1,561,211
Fidelity National Information Services,
Inc.
316,691
17,690,359
FirstCash Holdings, Inc.
19,630
1,753,352
Fiserv, Inc. *
329,438
39,990,479
FleetCor Technologies, Inc. *
39,424
10,712,683
Flywire Corp. *
39,245
1,357,092
Focus Financial Partners, Inc.,
Class A *(c)
31,038
1,645,014
Forge Global Holdings, Inc. *(a)
55,165
135,154
Franklin BSP Realty Trust, Inc.
43,563
615,981
Franklin Resources, Inc.
151,940
4,062,876
Global Payments, Inc.
139,939
17,728,872
Granite Point Mortgage Trust, Inc.
28,072
149,904
Green Dot Corp., Class A *
24,990
370,852
Hamilton Lane, Inc., Class A
19,747
1,832,324
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
56,213
1,257,485
See financial notes
40Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Houlihan Lokey, Inc.
26,931
2,836,912
Interactive Brokers Group, Inc.,
Class A
54,891
4,999,472
Intercontinental Exchange, Inc.
298,961
35,274,408
International Money Express, Inc. *
16,867
291,799
Invesco Ltd.
245,578
3,909,602
Invesco Mortgage Capital, Inc.
21,585
242,831
Jack Henry & Associates, Inc.
39,014
6,116,615
Jackson Financial, Inc., Class A
31,569
1,186,994
Janus Henderson Group plc
71,004
1,950,480
Jefferies Financial Group, Inc.
99,774
3,560,934
KKR & Co., Inc.
308,762
19,393,341
KKR Real Estate Finance Trust, Inc.
30,262
378,578
Ladder Capital Corp.
57,235
627,296
Lazard Ltd., Class A
61,040
2,120,530
LendingClub Corp. *
55,696
387,644
LendingTree, Inc. *
5,642
106,690
LPL Financial Holdings, Inc.
41,484
9,565,796
MarketAxess Holdings, Inc.
20,054
4,831,610
Marqeta, Inc., Class A *
235,863
1,450,557
Mastercard, Inc., Class A
447,047
184,469,474
Merchants Bancorp
13,373
390,090
MFA Financial, Inc.
47,586
521,543
MGIC Investment Corp.
159,006
2,795,325
Moelis & Co., Class A
35,732
1,694,054
Moneylion, Inc. *
2,607
58,345
Moody's Corp.
84,251
28,375,737
Morgan Stanley
695,830
59,249,924
Morningstar, Inc.
13,372
3,111,263
Mr Cooper Group, Inc. *
35,929
2,035,737
MSCI, Inc.
42,825
23,280,526
Nasdaq, Inc.
180,732
9,484,815
Navient Corp.
53,599
946,022
Nelnet, Inc., Class A
9,490
871,656
NerdWallet, Inc., Class A *
16,601
149,409
New York Mortgage Trust, Inc.
52,063
495,640
NewtekOne, Inc. (a)
13,763
246,495
NMI Holdings, Inc., Class A *
43,655
1,249,406
Northern Trust Corp.
110,451
8,402,008
OneMain Holdings, Inc.
63,982
2,655,893
Open Lending Corp., Class A *
54,075
446,119
Payoneer Global, Inc. *
105,545
653,324
PayPal Holdings, Inc. *
595,578
37,229,581
PennyMac Financial Services, Inc.
15,653
1,123,416
PennyMac Mortgage Investment Trust
46,950
629,599
Piper Sandler Cos.
7,878
1,173,664
PJT Partners, Inc., Class A
12,999
1,026,791
PRA Group, Inc. *
20,294
395,327
PROG Holdings, Inc. *
24,892
853,796
Radian Group, Inc.
83,914
2,272,391
Raymond James Financial, Inc.
101,913
10,659,081
Ready Capital Corp.
83,919
916,395
Redwood Trust, Inc.
63,600
509,436
Remitly Global, Inc. *
53,337
1,341,426
Repay Holdings Corp. *
40,577
374,120
Rithm Capital Corp.
256,596
2,645,505
Robinhood Markets, Inc., Class A *
278,795
3,036,078
Rocket Cos., Inc., Class A *(a)
68,432
730,854
S&P Global, Inc.
175,050
68,420,043
SEI Investments Co.
53,741
3,335,166
Shift4 Payments, Inc., Class A *
30,633
1,739,648
SLM Corp.
130,453
1,857,651
SoFi Technologies, Inc. *
441,874
3,826,629
Starwood Property Trust, Inc.
166,529
3,402,187
State Street Corp.
178,496
12,269,815
StepStone Group, Inc., Class A
26,944
831,761
Stifel Financial Corp.
56,904
3,699,898
StoneX Group, Inc. *
9,237
867,170
SECURITY
NUMBER
OF SHARES
VALUE ($)
Synchrony Financial
228,881
7,388,279
T. Rowe Price Group, Inc.
119,261
13,384,662
TFS Financial Corp.
24,605
334,874
The Bank of New York Mellon Corp.
383,560
17,210,337
The Carlyle Group, Inc.
116,103
3,755,932
The Charles Schwab Corp. (d)
787,506
46,580,980
The Goldman Sachs Group, Inc.
177,575
58,193,103
The Western Union Co.
200,797
2,479,843
Toast, Inc., Class A *
180,452
4,000,621
TPG RE Finance Trust, Inc.
32,986
248,055
TPG, Inc.
28,598
804,176
Tradeweb Markets, Inc., Class A
61,348
5,302,308
Two Harbors Investment Corp.
53,766
740,358
Upstart Holdings, Inc. *(a)
38,477
1,237,805
UWM Holdings Corp. (a)
49,804
296,832
Victory Capital Holdings, Inc., Class A
14,123
486,114
Virtu Financial, Inc., Class A
47,699
893,879
Virtus Investment Partners, Inc.
3,623
750,323
Visa, Inc., Class A
864,129
212,299,213
Voya Financial, Inc.
52,542
3,661,127
Walker & Dunlop, Inc.
16,544
1,411,865
Waterstone Financial, Inc.
10,817
134,239
WEX, Inc. *
22,879
4,488,402
WisdomTree, Inc.
62,384
455,403
World Acceptance Corp. *
1,641
221,223
 
1,790,936,035
 
Food, Beverage & Tobacco 3.0%
Altria Group, Inc.
954,803
42,221,389
Archer-Daniels-Midland Co.
289,816
22,982,409
B&G Foods, Inc.
37,943
485,291
Beyond Meat, Inc. *(a)
33,700
397,660
BRC, Inc., Class A *(a)
18,991
85,839
Brown-Forman Corp., Class B
128,268
8,482,363
Bunge Ltd.
80,519
9,204,932
Calavo Growers, Inc.
10,250
337,840
Cal-Maine Foods, Inc.
19,902
951,117
Campbell Soup Co.
107,543
4,484,543
Celsius Holdings, Inc. *
21,670
4,248,187
Coca-Cola Consolidated, Inc.
2,475
1,729,777
Conagra Brands, Inc.
255,008
7,619,639
Constellation Brands, Inc., Class A
85,946
22,394,090
Darling Ingredients, Inc. *
84,883
5,242,374
Flowers Foods, Inc.
103,743
2,444,185
Fresh Del Monte Produce, Inc.
16,175
413,271
Freshpet, Inc. *
25,437
1,920,748
General Mills, Inc.
313,643
21,221,085
Hormel Foods Corp.
155,018
5,982,145
Hostess Brands, Inc. *
70,751
2,014,988
Ingredion, Inc.
35,008
3,602,673
J&J Snack Foods Corp.
8,121
1,316,658
John B Sanfilippo & Son, Inc.
4,938
495,528
Kellogg Co.
137,450
8,387,199
Keurig Dr Pepper, Inc.
447,395
15,054,842
Lamb Weston Holdings, Inc.
77,686
7,567,393
Lancaster Colony Corp.
10,535
1,740,277
McCormick & Co., Inc. Non Voting
Shares
134,215
11,016,367
MGP Ingredients, Inc.
8,373
1,003,923
Mission Produce, Inc. *
21,736
206,927
Molson Coors Beverage Co., Class B
100,512
6,381,507
Mondelez International, Inc., Class A
726,858
51,795,901
Monster Beverage Corp. *
407,530
23,396,297
National Beverage Corp. *
12,733
653,330
PepsiCo, Inc.
736,563
131,049,289
Philip Morris International, Inc.
828,897
79,623,846
Pilgrim's Pride Corp. *
24,390
613,652
See financial notes
Schwab U.S. Equity ETFs | Annual Report41

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Post Holdings, Inc. *
28,719
2,576,381
Seaboard Corp.
132
497,684
Sovos Brands, Inc. *
25,757
576,957
The Boston Beer Co., Inc., Class A *
4,959
1,812,167
The Coca-Cola Co.
2,080,301
124,464,409
The Duckhorn Portfolio, Inc. *
22,470
279,527
The Hain Celestial Group, Inc. *
48,878
517,618
The Hershey Co.
78,592
16,886,277
The J.M. Smucker Co.
56,978
8,258,961
The Kraft Heinz Co.
426,485
14,112,389
The Simply Good Foods Co. *
44,933
1,621,183
The Vita Coco Co., Inc. *
12,658
358,095
Tootsie Roll Industries, Inc.
10,023
322,239
TreeHouse Foods, Inc. *
27,372
1,273,345
Turning Point Brands, Inc.
8,993
221,408
Tyson Foods, Inc., Class A
152,920
8,146,048
Universal Corp.
13,401
638,156
Utz Brands, Inc.
35,051
541,187
Vector Group Ltd.
69,374
742,996
Vital Farms, Inc. *
15,646
184,310
Westrock Coffee Co. *
6,641
66,676
 
692,867,494
 
Health Care Equipment & Services 5.3%
23andMe Holding Co., Class A *
156,855
172,540
Abbott Laboratories
928,882
95,581,958
Acadia Healthcare Co., Inc. *
49,156
3,789,928
Accolade, Inc. *
33,794
455,881
AdaptHealth Corp. *
40,664
485,122
Addus HomeCare Corp. *
8,691
762,201
Agiliti, Inc. *
18,183
175,466
agilon health, Inc. *
155,288
2,751,703
AirSculpt Technologies, Inc. *(a)
2,323
17,841
Akili, Inc., Class A *
18,240
17,879
Align Technology, Inc. *
38,009
14,068,651
Alignment Healthcare, Inc. *
43,593
254,583
Amedisys, Inc. *
17,508
1,641,375
American Well Corp., Class A *
130,164
184,833
AMN Healthcare Services, Inc. *
21,202
1,873,833
AngioDynamics, Inc. *
22,048
177,045
Apollo Medical Holdings, Inc. *
20,978
794,227
Artivion, Inc. *
23,157
391,816
AtriCure, Inc. *
25,418
1,147,623
Atrion Corp.
747
347,430
Avanos Medical, Inc. *
24,752
520,782
Aveanna Healthcare Holdings, Inc. *
32,406
46,665
AxoGen, Inc. *
23,010
144,043
Axonics, Inc. *
26,632
1,526,014
Baxter International, Inc.
271,167
11,009,380
Becton Dickinson & Co.
151,343
42,292,801
Bioventus, Inc., Class A *
19,441
69,988
Boston Scientific Corp. *
768,086
41,430,559
Brookdale Senior Living, Inc. *
98,421
418,289
Butterfly Network, Inc. *(a)
52,621
93,139
Cano Health, Inc. *
115,181
35,625
Cardinal Health, Inc.
135,842
11,863,082
Castle Biosciences, Inc. *
12,794
254,984
Cencora, Inc.
86,984
15,307,444
Centene Corp. *
292,831
18,053,031
Certara, Inc. *
57,198
924,320
Cerus Corp. *
94,507
178,618
Chemed Corp.
7,964
4,073,108
Clover Health Investments Corp. *
191,732
251,169
Community Health Systems, Inc. *
64,005
216,337
Computer Programs & Systems, Inc. *
8,348
135,822
CONMED Corp.
16,411
1,829,170
CorVel Corp. *
4,874
1,054,977
SECURITY
NUMBER
OF SHARES
VALUE ($)
CVS Health Corp.
684,391
44,601,761
DaVita, Inc. *
29,459
3,017,191
Definitive Healthcare Corp., Class A *
22,679
213,183
Dentsply Sirona, Inc.
113,282
4,201,629
DexCom, Inc. *
207,172
20,920,229
DocGo, Inc. *
44,658
399,689
Doximity, Inc., Class A *
63,426
1,512,076
Edwards Lifesciences Corp. *
322,659
24,673,734
Elevance Health, Inc.
126,733
56,017,253
Embecta Corp.
30,195
553,474
Encompass Health Corp.
53,176
3,777,623
Enovis Corp. *
25,813
1,446,561
Envista Holdings Corp. *
87,643
2,806,329
Evolent Health, Inc., Class A *
51,097
1,303,484
Fulgent Genetics, Inc. *
11,287
369,762
GE Healthcare, Inc.
208,322
14,676,285
GeneDx Holdings Corp. *
9,801
43,614
Glaukos Corp. *
25,614
1,924,636
Globus Medical, Inc., Class A *
42,745
2,312,504
GoodRx Holdings, Inc., Class A *
41,211
269,108
Guardant Health, Inc. *
61,188
2,391,227
Haemonetics Corp. *
27,019
2,424,415
HCA Healthcare, Inc.
110,164
30,548,477
Health Catalyst, Inc. *
30,589
357,585
HealthEquity, Inc. *
45,902
3,100,680
HealthStream, Inc.
12,028
252,949
Henry Schein, Inc. *
69,918
5,351,524
Hims & Hers Health, Inc. *
65,342
438,445
Hologic, Inc. *
131,549
9,831,972
Humana, Inc.
66,747
30,812,418
ICU Medical, Inc. *
10,882
1,578,216
IDEXX Laboratories, Inc. *
44,324
22,667,737
Inari Medical, Inc. *
27,591
1,838,112
Innovage Holding Corp. *(a)
12,189
66,796
Inogen, Inc. *
14,634
90,877
Inspire Medical Systems, Inc. *
15,490
3,514,371
Insulet Corp. *
37,232
7,137,747
Integer Holdings Corp. *
17,577
1,499,494
Integra LifeSciences Holdings Corp. *
38,688
1,645,788
Intuitive Surgical, Inc. *
187,206
58,535,572
Invitae Corp. *(a)
138,921
128,377
iRhythm Technologies, Inc. *
16,458
1,701,263
Laboratory Corp. of America Holdings
47,455
9,875,385
Lantheus Holdings, Inc. *
36,432
2,493,406
LeMaitre Vascular, Inc.
10,742
620,995
LifeStance Health Group, Inc. *
49,815
408,981
LivaNova plc *
28,583
1,587,786
Masimo Corp. *
25,926
2,962,823
McKesson Corp.
72,396
29,850,319
Medtronic plc
710,154
57,877,551
Merit Medical Systems, Inc. *
30,461
1,988,494
ModivCare, Inc. *
7,060
226,626
Molina Healthcare, Inc. *
31,230
9,685,048
Multiplan Corp. *
129,385
221,248
National HealthCare Corp.
7,164
472,466
National Research Corp.
7,892
329,886
Neogen Corp. *
116,234
2,687,330
NeoGenomics, Inc. *
66,975
1,006,634
Nevro Corp. *
19,518
391,141
NextGen Healthcare, Inc. *
29,026
528,563
Novocure Ltd. *
48,809
1,076,727
NuVasive, Inc. *
28,690
1,140,427
OmniAb, Inc., Class A *(c)
3,072
0
OmniAb, Inc., Class B *(c)
3,072
0
Omnicell, Inc. *
24,242
1,378,400
OPKO Health, Inc. *
221,002
404,434
Option Care Health, Inc. *
88,882
3,095,760
OraSure Technologies, Inc. *
41,221
266,288
See financial notes
42Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Orchestra BioMed Holdings, Inc. *
6,953
43,387
Orthofix Medical, Inc. *
17,870
378,129
OrthoPediatrics Corp. *
8,785
335,763
Outset Medical, Inc. *
27,506
374,357
Owens & Minor, Inc. *
40,762
688,878
Paragon 28, Inc. *
15,828
226,815
Patterson Cos., Inc.
46,068
1,383,883
Pediatrix Medical Group, Inc. *
45,338
640,626
Penumbra, Inc. *
20,391
5,393,419
PetIQ, Inc. *
14,757
281,564
Phreesia, Inc. *
28,433
809,488
Premier, Inc., Class A
62,867
1,353,527
Privia Health Group, Inc. *
51,068
1,340,535
PROCEPT BioRobotics Corp. *
17,089
582,906
Progyny, Inc. *
40,906
1,527,430
Pulmonx Corp. *
18,926
197,966
Quest Diagnostics, Inc.
59,769
7,859,623
QuidelOrtho Corp. *
29,108
2,397,335
R1 RCM, Inc. *
73,595
1,268,778
RadNet, Inc. *
30,453
1,017,435
ResMed, Inc.
78,452
12,520,155
Schrodinger, Inc. *
28,265
1,042,696
Select Medical Holdings Corp.
56,014
1,636,169
Semler Scientific, Inc. *
2,627
69,248
Senseonics Holdings, Inc. *(a)
255,415
129,802
Sharecare, Inc. *
179,100
169,715
Shockwave Medical, Inc. *
19,569
4,312,812
SI-BONE, Inc. *
17,228
394,177
Sight Sciences, Inc. *
13,984
91,735
Silk Road Medical, Inc. *
20,535
396,736
Simulations Plus, Inc.
8,579
381,680
STAAR Surgical Co. *
26,238
1,137,680
STERIS plc
52,679
12,094,572
Stryker Corp.
180,346
51,137,108
Surgery Partners, Inc. *
37,443
1,357,683
Surmodics, Inc. *
7,974
293,603
Tandem Diabetes Care, Inc. *
33,922
928,106
Teladoc Health, Inc. *
87,655
1,984,509
Teleflex, Inc.
24,995
5,317,436
Tenet Healthcare Corp. *
54,450
4,223,142
The Cigna Group
157,900
43,621,454
The Cooper Cos., Inc.
26,456
9,788,455
The Ensign Group, Inc.
29,825
2,989,061
The Joint Corp. *
7,497
69,647
The Pennant Group, Inc. *
16,005
191,740
TransMedics Group, Inc. *
17,491
1,147,934
Treace Medical Concepts, Inc. *
18,651
290,023
UnitedHealth Group, Inc.
497,219
236,964,631
Universal Health Services, Inc.,
Class B
33,542
4,518,107
US Physical Therapy, Inc.
7,774
783,852
Varex Imaging Corp. *
20,749
408,133
Veeva Systems, Inc., Class A *
77,835
16,244,164
Veradigm, Inc. *
58,038
776,548
Vicarious Surgical, Inc. *
27,206
25,155
Zimmer Biomet Holdings, Inc.
111,281
13,255,793
Zimvie, Inc. *
10,828
127,770
 
1,237,275,242
 
Household & Personal Products 1.4%
BellRing Brands, Inc. *
71,179
2,953,929
Central Garden & Pet Co. *
5,310
234,383
Central Garden & Pet Co., Class A *
21,949
895,519
Church & Dwight Co., Inc.
130,541
12,632,453
Colgate-Palmolive Co.
443,552
32,587,765
Coty, Inc., Class A *
194,983
2,254,003
Edgewell Personal Care Co.
27,544
1,062,097
SECURITY
NUMBER
OF SHARES
VALUE ($)
elf Beauty, Inc. *
26,867
3,726,722
Energizer Holdings, Inc.
36,125
1,240,894
Herbalife Ltd. *
51,507
773,635
Inter Parfums, Inc.
9,777
1,366,140
Kenvue, Inc.
921,000
21,229,056
Kimberly-Clark Corp.
180,475
23,250,594
Medifast, Inc.
5,909
498,365
Nu Skin Enterprises, Inc., Class A
27,489
656,712
Olaplex Holdings, Inc. *
32,029
86,799
Reynolds Consumer Products, Inc.
28,598
780,439
Spectrum Brands Holdings, Inc.
22,269
1,852,113
The Beauty Health Co. *
49,946
307,667
The Clorox Co.
66,078
10,337,903
The Estee Lauder Cos., Inc., Class A
123,987
19,903,633
The Honest Co., Inc. *
30,757
45,520
The Procter & Gamble Co.
1,259,422
194,379,192
USANA Health Sciences, Inc. *
5,880
378,025
Veru, Inc. *(a)
41,771
43,442
WD-40 Co.
7,177
1,542,122
 
335,019,122
 
Insurance 2.2%
Aflac, Inc.
294,613
21,969,291
Ambac Financial Group, Inc. *
22,481
289,555
American Equity Investment Life
Holding Co.
33,440
1,795,059
American Financial Group, Inc.
37,310
4,324,975
American International Group, Inc.
386,988
22,646,538
AMERISAFE, Inc.
10,136
525,045
Aon plc, Class A
109,147
36,388,518
Arch Capital Group Ltd. *
198,658
15,268,854
Argo Group International Holdings
Ltd.
18,315
544,871
Arthur J. Gallagher & Co.
114,465
26,381,893
Assurant, Inc.
28,473
3,967,143
Assured Guaranty Ltd.
31,527
1,855,049
Axis Capital Holdings Ltd.
41,585
2,281,353
Bright Health Group, Inc. *
1,708
14,450
Brighthouse Financial, Inc. *
34,884
1,732,339
Brown & Brown, Inc.
125,942
9,332,302
BRP Group, Inc., Class A *
33,359
887,016
Chubb Ltd.
221,144
44,421,195
Cincinnati Financial Corp.
84,180
8,905,402
CNA Financial Corp.
14,244
560,217
CNO Financial Group, Inc.
61,301
1,434,443
Employers Holdings, Inc.
14,201
557,105
Enstar Group Ltd. *
7,196
1,822,675
Erie Indemnity Co., Class A
13,331
3,715,750
Everest Group Ltd.
23,042
8,310,789
F&G Annuities & Life, Inc.
9,892
280,043
Fidelity National Financial, Inc.
145,533
6,025,066
First American Financial Corp.
54,937
3,388,514
Genworth Financial, Inc., Class A *
251,933
1,458,692
Globe Life, Inc.
47,282
5,275,253
Goosehead Insurance, Inc., Class A *
12,585
879,188
Hagerty, Inc., Class A *
19,015
173,797
Hippo Holdings, Inc. *
7,900
78,842
Horace Mann Educators Corp.
22,232
637,169
James River Group Holdings Ltd.
19,380
282,173
Kemper Corp.
34,285
1,610,366
Kinsale Capital Group, Inc.
11,628
4,635,270
Lemonade, Inc. *(a)
24,015
330,446
Lincoln National Corp.
83,231
2,135,707
Loews Corp.
101,004
6,271,338
Markel Group, Inc. *
7,103
10,504,769
Marsh & McLennan Cos., Inc.
264,783
51,630,037
MBIA, Inc. *
27,152
214,229
See financial notes
Schwab U.S. Equity ETFs | Annual Report43

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mercury General Corp.
14,846
424,744
MetLife, Inc.
343,712
21,770,718
National Western Life Group, Inc.,
Class A
1,238
562,721
Old Republic International Corp.
144,635
3,955,767
Oscar Health, Inc., Class A *
63,451
397,838
Palomar Holdings, Inc. *
13,250
675,883
Primerica, Inc.
19,260
3,870,490
Principal Financial Group, Inc.
120,325
9,350,456
ProAssurance Corp.
29,757
526,104
Prudential Financial, Inc.
193,584
18,326,597
Reinsurance Group of America, Inc.
35,551
4,928,080
RenaissanceRe Holdings Ltd.
26,711
5,018,730
RLI Corp.
21,721
2,856,746
Ryan Specialty Holdings, Inc., Class A
*
49,846
2,429,993
Safety Insurance Group, Inc.
8,127
559,706
Selective Insurance Group, Inc.
32,282
3,202,697
Selectquote, Inc. *
65,741
80,204
SiriusPoint Ltd. *
45,706
505,508
Skyward Specialty Insurance Group,
Inc. *
4,859
118,171
Stewart Information Services Corp.
14,537
673,354
The Allstate Corp.
139,592
15,049,414
The Hanover Insurance Group, Inc.
18,974
2,024,905
The Hartford Financial Services
Group, Inc.
164,172
11,790,833
The Progressive Corp.
312,757
41,743,677
The Travelers Cos., Inc.
123,645
19,935,283
Trupanion, Inc. *
18,548
551,432
United Fire Group, Inc.
11,907
235,401
Unum Group
99,183
4,878,812
W.R. Berkley Corp.
107,512
6,650,692
White Mountains Insurance Group
Ltd.
1,369
2,174,917
Willis Towers Watson plc
56,797
11,743,348
 
512,755,947
 
Materials 2.7%
AdvanSix, Inc.
14,691
485,978
Air Products and Chemicals, Inc.
118,724
35,081,755
Albemarle Corp.
62,690
12,457,130
Alcoa Corp.
95,948
2,886,116
Alpha Metallurgical Resources, Inc.
6,963
1,412,375
Amcor plc
786,120
7,656,809
AptarGroup, Inc.
34,727
4,603,411
Arch Resources, Inc.
9,856
1,287,194
Ashland, Inc.
26,033
2,255,239
ATI, Inc. *
68,180
3,090,599
Avery Dennison Corp.
43,038
8,107,498
Avient Corp.
46,115
1,849,673
Axalta Coating Systems Ltd. *
118,442
3,351,909
Balchem Corp.
17,203
2,417,022
Ball Corp.
168,122
9,154,243
Berry Global Group, Inc.
63,483
4,147,979
Cabot Corp.
29,744
2,155,250
Carpenter Technology Corp.
26,061
1,632,200
Celanese Corp.
53,469
6,756,343
Century Aluminum Co. *
28,875
214,830
CF Industries Holdings, Inc.
103,985
8,014,124
Chase Corp.
4,153
525,355
Clearwater Paper Corp. *
9,331
357,284
Cleveland-Cliffs, Inc. *
274,522
4,197,441
Coeur Mining, Inc. *
180,643
435,350
Commercial Metals Co.
61,917
3,485,308
Compass Minerals International, Inc.
18,090
545,414
SECURITY
NUMBER
OF SHARES
VALUE ($)
Corteva, Inc.
378,239
19,104,852
Crown Holdings, Inc.
63,967
5,927,182
Danimer Scientific, Inc. *(a)
46,650
90,968
Dow, Inc.
376,777
20,556,953
DuPont de Nemours, Inc.
245,449
18,872,574
Eagle Materials, Inc.
19,095
3,615,065
Eastman Chemical Co.
63,752
5,419,558
Ecolab, Inc.
132,462
24,347,840
Ecovyst, Inc. *
36,860
377,446
Element Solutions, Inc.
119,514
2,464,379
FMC Corp.
66,807
5,760,768
Freeport-McMoRan, Inc.
765,623
30,556,014
Ginkgo Bioworks Holdings, Inc. *(a)
590,863
1,382,619
Graphic Packaging Holding Co.
163,701
3,640,710
Greif, Inc., Class A
16,977
1,232,360
H.B. Fuller Co.
29,086
2,109,608
Hawkins, Inc.
9,782
608,343
Hecla Mining Co.
312,015
1,369,746
Huntsman Corp.
91,535
2,551,080
Ingevity Corp. *
18,024
971,313
Innospec, Inc.
13,142
1,411,714
International Flavors & Fragrances,
Inc.
135,772
9,565,137
International Paper Co.
185,394
6,473,958
Kaiser Aluminum Corp.
8,783
666,805
Knife River Corp. *
26,831
1,380,723
Koppers Holdings, Inc.
11,271
431,567
Kronos Worldwide, Inc.
13,059
109,696
Linde plc
261,567
101,236,892
Livent Corp. *
96,205
2,065,521
Louisiana-Pacific Corp.
38,386
2,398,357
LSB Industries, Inc. *
23,483
237,648
LyondellBasell Industries N.V.,
Class A
135,429
13,376,322
Martin Marietta Materials, Inc.
33,073
14,764,118
Materion Corp.
10,841
1,179,392
Mativ Holdings, Inc.
28,669
470,172
Mercer International, Inc.
22,343
203,098
Minerals Technologies, Inc.
17,628
1,077,071
MP Materials Corp. *
48,622
1,018,145
Myers Industries, Inc.
20,369
383,141
NewMarket Corp.
3,531
1,658,299
Newmont Corp.
426,382
16,807,978
Nucor Corp.
134,171
23,090,829
O-I Glass, Inc. *
83,219
1,652,729
Olin Corp.
64,167
3,722,969
Orion S.A.
29,865
675,546
Packaging Corp. of America
48,011
7,158,440
Pactiv Evergreen, Inc.
21,084
173,310
Perimeter Solutions S.A. *
80,868
477,930
Piedmont Lithium, Inc. *
8,999
402,795
PPG Industries, Inc.
125,878
17,844,465
PureCycle Technologies, Inc. *(a)
69,829
623,573
Quaker Chemical Corp.
7,355
1,305,365
Ranpak Holdings Corp. *
20,649
130,708
Reliance Steel & Aluminum Co.
31,709
9,035,797
Royal Gold, Inc.
35,185
3,943,887
RPM International, Inc.
68,612
6,843,361
Schnitzer Steel Industries, Inc.,
Class A
13,736
456,035
Sealed Air Corp.
76,610
2,839,167
Sensient Technologies Corp.
22,550
1,389,306
Silgan Holdings, Inc.
44,940
2,028,142
Sonoco Products Co.
52,148
2,995,903
Steel Dynamics, Inc.
85,736
9,138,600
Stepan Co.
11,505
1,004,041
Summit Materials, Inc., Class A *
62,990
2,356,456
SunCoke Energy, Inc.
43,568
405,182
See financial notes
44Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sylvamo Corp.
16,817
702,446
The Chemours Co.
79,887
2,717,756
The Mosaic Co.
177,461
6,894,360
The Scotts Miracle-Gro Co.
21,870
1,239,154
The Sherwin-Williams Co.
125,432
34,082,383
TimkenSteel Corp. *
20,894
457,788
TriMas Corp.
22,102
579,072
Trinseo plc
18,721
197,132
Tronox Holdings plc
60,210
821,264
United States Lime & Minerals, Inc.
1,044
226,110
United States Steel Corp.
120,340
3,741,371
Valhi, Inc.
1,707
22,601
Vulcan Materials Co.
71,169
15,532,634
Warrior Met Coal, Inc.
27,366
1,082,599
Westlake Corp.
18,296
2,396,410
Westrock Co.
136,468
4,463,868
Worthington Industries, Inc.
16,226
1,221,331
 
632,511,776
 
Media & Entertainment 7.3%
Activision Blizzard, Inc.
382,029
35,142,848
Advantage Solutions, Inc. *
48,810
136,668
Alphabet, Inc., Class A *
3,172,636
432,017,844
Alphabet, Inc., Class C *
2,728,911
374,815,926
Altice USA, Inc., Class A *
112,366
344,964
AMC Entertainment Holdings, Inc.,
Class A *(a)
32,055
402,290
AMC Networks, Inc., Class A *
15,285
177,917
Angi, Inc. *
46,670
114,808
Atlanta Braves Holdings, Inc.,
Class C *
29,530
1,087,885
Bumble, Inc., Class A *
53,466
897,160
Cable One, Inc.
2,492
1,621,220
Cardlytics, Inc. *
17,464
290,950
Cargurus, Inc. *
47,863
866,799
Cars.com, Inc. *
34,005
635,553
Charter Communications, Inc.,
Class A *
55,482
24,307,774
Cinemark Holdings, Inc. *
58,340
949,775
Clear Channel Outdoor Holdings,
Inc. *
258,051
374,174
Comcast Corp., Class A
2,220,901
103,849,331
DISH Network Corp., Class A *
135,256
811,536
Electronic Arts, Inc.
139,202
16,701,456
Endeavor Group Holdings, Inc.,
Class A *
96,249
2,106,891
Eventbrite, Inc., Class A *
45,738
463,326
Fox Corp., Class A
212,036
7,009,910
fuboTV, Inc. *
159,498
373,225
Gannett Co., Inc. *
84,609
246,212
Gray Television, Inc.
45,536
367,020
Grindr, Inc. *
13,397
68,861
IAC, Inc. *
40,998
2,268,419
iHeartMedia, Inc., Class A *
56,161
202,741
Integral Ad Science Holding Corp. *
25,253
360,360
John Wiley & Sons, Inc., Class A
23,227
863,115
Liberty Broadband Corp., Class C *
71,809
6,718,450
Liberty Media Corp.-Liberty Formula
One, Class C *
122,289
8,412,260
Liberty Media Corp.-Liberty Live,
Class C *
35,713
1,201,743
Liberty Media Corp.-Liberty SiriusXM,
Class C *
121,475
2,968,849
Lions Gate Entertainment Corp.,
Class A *
93,526
740,726
Live Nation Entertainment, Inc. *
76,878
6,498,497
SECURITY
NUMBER
OF SHARES
VALUE ($)
Loop Media, Inc. *
19,024
16,568
Madison Square Garden
Entertainment Corp. *
16,869
541,326
Madison Square Garden Sports Corp.
9,548
1,699,544
Magnite, Inc. *
64,597
532,925
Match Group, Inc. *
149,094
6,988,036
MediaAlpha, Inc., Class A *
12,804
107,426
Meta Platforms, Inc., Class A *
1,181,303
349,535,745
Netflix, Inc. *
237,543
103,017,648
News Corp., Class A
268,560
5,771,354
Nexstar Media Group, Inc., Class A
19,098
3,109,154
Nextdoor Holdings, Inc. *
68,780
149,253
Omnicom Group, Inc.
106,273
8,609,176
Paramount Global, Class B (a)
274,804
4,146,792
Pinterest, Inc., Class A *
316,824
8,709,492
Playtika Holding Corp. *
48,487
473,233
QuinStreet, Inc. *
26,268
260,053
ROBLOX Corp., Class A *
197,594
5,589,934
Roku, Inc. *
66,045
5,362,854
Rumble, Inc. *(a)
43,232
361,852
Scholastic Corp.
15,337
666,393
Shutterstock, Inc.
12,742
536,566
Sinclair, Inc.
21,859
275,861
Sirius XM Holdings, Inc. (a)
371,347
1,633,927
Skillz, Inc. *
7,498
61,409
Snap, Inc., Class A *
533,114
5,517,730
Sphere Entertainment Co. *
14,038
492,172
System1, Inc. *
10,248
18,241
Take-Two Interactive Software, Inc. *
84,121
11,962,006
TechTarget, Inc. *
13,693
393,674
TEGNA, Inc.
120,815
1,997,072
The E.W. Scripps Co., Class A *
29,547
225,739
The Interpublic Group of Cos., Inc.
205,769
6,710,127
The New York Times Co., Class A
85,873
3,801,598
The Trade Desk, Inc., Class A *
237,122
18,976,874
The Walt Disney Co. *
975,641
81,641,639
TripAdvisor, Inc. *
56,955
860,590
Vimeo, Inc. *
81,988
326,312
Vivid Seats, Inc., Class A *
10,496
76,201
Warner Bros Discovery, Inc. *
1,186,257
15,587,417
Warner Music Group Corp., Class A
62,257
2,073,158
WideOpenWest, Inc. *
29,117
235,848
World Wrestling Entertainment, Inc.,
Class A
23,327
2,252,222
Yelp, Inc. *
36,751
1,574,780
Ziff Davis, Inc. *
24,966
1,663,984
ZipRecruiter, Inc., Class A *
24,593
373,568
ZoomInfo Technologies, Inc. *
144,556
2,604,899
 
1,703,939,855
 
Pharmaceuticals, Biotechnology & Life Sciences 7.7%
10X Genomics, Inc., Class A *
52,480
2,721,088
2seventy bio, Inc. *
27,695
143,737
4D Molecular Therapeutics, Inc. *
19,928
324,428
AbbVie, Inc.
942,090
138,449,546
Absci Corp. *
25,362
45,398
ACADIA Pharmaceuticals, Inc. *
63,567
1,717,580
ACELYRIN, Inc. *
16,579
419,946
Aclaris Therapeutics, Inc. *
32,036
239,629
Acrivon Therapeutics, Inc. *
4,150
48,638
Adaptive Biotechnologies Corp. *
61,535
416,592
Agenus, Inc. *
161,172
222,417
Agilent Technologies, Inc.
158,031
19,132,813
Agios Pharmaceuticals, Inc. *
29,146
799,475
Akero Therapeutics, Inc. *
19,942
989,721
Akoya Biosciences, Inc. *
10,385
54,002
Alector, Inc. *
36,201
197,295
See financial notes
Schwab U.S. Equity ETFs | Annual Report45

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Alkermes plc *
87,917
2,566,297
Allogene Therapeutics, Inc. *
48,131
187,230
Allovir, Inc. *
24,351
76,219
Alnylam Pharmaceuticals, Inc. *
66,485
13,152,063
ALX Oncology Holdings, Inc. *
14,595
62,175
Amgen, Inc.
285,451
73,172,509
Amicus Therapeutics, Inc. *
134,703
1,726,892
Amneal Pharmaceuticals, Inc. *
57,383
234,696
Amphastar Pharmaceuticals, Inc. *
20,615
1,098,986
Amylyx Pharmaceuticals, Inc. *
21,835
470,763
AnaptysBio, Inc. *
9,233
181,705
Anavex Life Sciences Corp. *
45,094
356,243
Anika Therapeutics, Inc. *
7,652
136,588
Apellis Pharmaceuticals, Inc. *
52,825
2,229,743
Arcellx, Inc. *
15,843
567,813
Arcturus Therapeutics Holdings, Inc. *
12,690
385,142
Arcus Biosciences, Inc. *
27,522
564,201
Arcutis Biotherapeutics, Inc. *
23,254
198,589
Arrowhead Pharmaceuticals, Inc. *
57,140
1,579,350
Arvinas, Inc. *
25,523
720,004
Atara Biotherapeutics, Inc. *
57,976
84,645
Atea Pharmaceuticals, Inc. *
44,007
147,864
Avantor, Inc. *
361,601
7,828,662
Avid Bioservices, Inc. *
32,474
383,193
Avidity Biosciences, Inc. *
39,164
296,080
Axsome Therapeutics, Inc. *
19,844
1,603,395
Azenta, Inc. *
35,019
1,976,122
Beam Therapeutics, Inc. *
34,443
798,389
BioCryst Pharmaceuticals, Inc. *
101,105
718,857
Biogen, Inc. *
77,157
20,628,696
Biohaven Ltd. *
34,159
624,768
BioLife Solutions, Inc. *
18,137
239,590
BioMarin Pharmaceutical, Inc. *
100,178
9,154,266
Bio-Rad Laboratories, Inc., Class A *
11,395
4,560,279
Bio-Techne Corp.
84,275
6,607,160
Bioxcel Therapeutics, Inc. *
11,031
41,697
Blueprint Medicines Corp. *
32,449
1,617,907
Bridgebio Pharma, Inc. *
64,762
1,937,031
Bristol-Myers Squibb Co.
1,122,383
69,194,912
Bruker Corp.
53,121
3,484,738
C4 Therapeutics, Inc. *
26,033
75,496
Cara Therapeutics, Inc. *
38,831
99,796
CareDx, Inc. *
27,778
258,613
Caribou Biosciences, Inc. *
28,855
169,956
Cassava Sciences, Inc. *(a)
21,181
444,166
Catalent, Inc. *
95,726
4,783,428
Catalyst Pharmaceuticals, Inc. *
53,611
752,698
Celldex Therapeutics, Inc. *
24,728
689,911
Century Therapeutics, Inc. *
11,163
27,684
Cerevel Therapeutics Holdings, Inc. *
34,966
828,694
Charles River Laboratories
International, Inc. *
27,404
5,667,695
Codexis, Inc. *
33,964
59,097
Coherus Biosciences, Inc. *
34,840
185,697
Collegium Pharmaceutical, Inc. *
18,405
431,045
Corcept Therapeutics, Inc. *
48,044
1,572,480
Crinetics Pharmaceuticals, Inc. *
24,675
427,371
CRISPR Therapeutics AG *
41,958
2,098,320
CryoPort, Inc. *
24,534
345,929
Cullinan Oncology, Inc. *
13,500
139,725
Cytek Biosciences, Inc. *
42,172
320,507
Cytokinetics, Inc. *
51,752
1,808,215
Danaher Corp.
354,472
93,935,080
Day One Biopharmaceuticals, Inc. *
18,850
254,287
Deciphera Pharmaceuticals, Inc. *
29,851
419,108
Denali Therapeutics, Inc. *
59,526
1,374,455
Design Therapeutics, Inc. *
15,525
38,502
Dynavax Technologies Corp. *
62,851
902,540
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dyne Therapeutics, Inc. *
16,882
192,455
Eagle Pharmaceuticals, Inc. *
5,378
91,157
Edgewise Therapeutics, Inc. *
22,756
142,225
Editas Medicine, Inc. *
36,134
321,954
Elanco Animal Health, Inc. *
249,083
3,038,813
Eli Lilly & Co.
420,825
233,221,215
Emergent BioSolutions, Inc. *
22,857
107,199
Enanta Pharmaceuticals, Inc. *
11,095
164,761
Entrada Therapeutics, Inc. *
9,207
135,527
EQRx, Inc. *
122,229
279,904
Erasca, Inc. *
44,033
114,045
Exact Sciences Corp. *
96,277
8,055,497
Exelixis, Inc. *
174,672
3,910,906
Fate Therapeutics, Inc. *
44,895
112,686
FibroGen, Inc. *
49,182
47,215
Fortrea Holdings, Inc. *
46,901
1,292,123
G1 Therapeutics, Inc. *
28,630
47,812
Genelux Corp. *
740
17,893
Generation Bio Co. *
33,862
161,860
Gilead Sciences, Inc.
666,089
50,942,487
Gossamer Bio, Inc. *
46,210
48,058
Halozyme Therapeutics, Inc. *
70,404
2,996,394
Harmony Biosciences Holdings, Inc. *
15,487
561,404
Heron Therapeutics, Inc. *
76,555
125,550
HilleVax, Inc. *
6,807
90,805
Horizon Therapeutics plc *
121,092
13,651,912
Humacyte, Inc. *(a)
22,187
84,976
IGM Biosciences, Inc. *
4,931
35,257
Illumina, Inc. *
84,020
13,881,784
ImmunityBio, Inc. *(a)
75,411
121,412
ImmunoGen, Inc. *
124,284
1,968,659
Immunovant, Inc. *
29,729
675,146
Incyte Corp. *
98,869
6,380,017
Inhibrx, Inc. *
16,749
358,429
Innoviva, Inc. *
30,514
389,054
Inovio Pharmaceuticals, Inc. *
235,069
105,758
Insmed, Inc. *
73,638
1,611,936
Instil Bio, Inc. *
55,456
25,016
Intellia Therapeutics, Inc. *
47,206
1,769,281
Intra-Cellular Therapies, Inc. *
47,851
2,656,688
Invivyd, Inc. *(a)
33,524
62,355
Ionis Pharmaceuticals, Inc. *
76,935
3,098,172
Iovance Biotherapeutics, Inc. *
119,707
723,030
IQVIA Holdings, Inc. *
98,703
21,974,249
Ironwood Pharmaceuticals, Inc. *
70,670
621,896
iTeos Therapeutics, Inc. *
13,523
163,155
Jazz Pharmaceuticals plc *
34,215
4,905,062
Johnson & Johnson
1,286,079
207,933,253
Karuna Therapeutics, Inc. *
16,146
3,031,573
Keros Therapeutics, Inc. *
9,958
349,625
Kinnate Biopharma, Inc. *
8,087
18,034
Kodiak Sciences, Inc. *
19,478
42,852
Kronos Bio, Inc. *
29,509
41,018
Krystal Biotech, Inc. *
11,712
1,457,910
Kura Oncology, Inc. *
32,869
326,389
Kymera Therapeutics, Inc. *
21,043
401,500
Lexicon Pharmaceuticals, Inc. *
54,343
93,470
Ligand Pharmaceuticals, Inc. *
9,070
596,534
Lyell Immunopharma, Inc. *
76,172
182,051
MacroGenics, Inc. *
32,319
150,607
Madrigal Pharmaceuticals, Inc. *
6,892
1,240,560
MannKind Corp. *
137,736
634,963
Maravai LifeSciences Holdings, Inc.,
Class A *
59,233
612,469
Medpace Holdings, Inc. *
13,193
3,565,672
Merck & Co., Inc.
1,355,388
147,710,184
Mersana Therapeutics, Inc. *
55,291
61,373
Mesa Laboratories, Inc.
2,759
395,530
See financial notes
46Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mettler-Toledo International, Inc. *
11,758
14,268,098
MiMedx Group, Inc. *
60,337
447,701
Mind Medicine MindMed, Inc. *
23,967
99,463
Mineralys Therapeutics, Inc. *
6,494
83,383
Mirati Therapeutics, Inc. *
32,945
1,225,554
Moderna, Inc. *
175,327
19,824,224
Monte Rosa Therapeutics, Inc. *
15,607
91,613
Morphic Holding, Inc. *
19,449
1,071,251
Myriad Genetics, Inc. *
43,026
768,014
NanoString Technologies, Inc. *
38,195
97,779
Natera, Inc. *
61,057
3,585,878
Nektar Therapeutics *
117,014
69,623
Neurocrine Biosciences, Inc. *
52,042
5,666,853
Nkarta, Inc. *
18,565
31,932
Novavax, Inc. *(a)
46,713
373,704
Nurix Therapeutics, Inc. *
24,789
210,707
Nuvation Bio, Inc. *
70,241
115,195
Ocean Biomedical, Inc. *(a)
7,978
35,981
Ocugen, Inc. *
150,671
64,954
Omeros Corp. *(a)
32,978
114,104
OmniAb, Inc. *
53,982
313,096
Organogenesis Holdings, Inc. *
42,992
120,378
Organon & Co.
135,438
2,974,218
Pacific Biosciences of California, Inc. *
124,166
1,400,592
Pacira BioSciences, Inc. *
24,924
879,817
Perrigo Co., plc
72,572
2,540,020
Pfizer, Inc.
3,013,488
106,617,205
Phathom Pharmaceuticals, Inc. *
12,158
174,954
Phibro Animal Health Corp., Class A
10,877
151,734
Pliant Therapeutics, Inc. *
24,351
411,045
PMV Pharmaceuticals, Inc. *
18,820
135,880
Poseida Therapeutics, Inc. *
27,215
56,879
Precigen, Inc. *
98,356
172,123
Prelude Therapeutics, Inc. *
8,957
33,410
Prestige Consumer Healthcare, Inc. *
26,583
1,550,586
Prime Medicine, Inc. *
5,170
68,451
Protagonist Therapeutics, Inc. *
28,706
568,953
Prothena Corp. plc *
21,687
1,145,507
PTC Therapeutics, Inc. *
39,676
1,567,202
Quanterix Corp. *
19,400
519,920
RAPT Therapeutics, Inc. *
13,294
253,915
Reata Pharmaceuticals, Inc., Class A *
15,517
2,622,373
Recursion Pharmaceuticals, Inc.,
Class A *
70,350
612,045
Regeneron Pharmaceuticals, Inc. *
57,693
47,682,688
REGENXBIO, Inc. *
21,414
379,028
Relay Therapeutics, Inc. *
46,815
478,449
Repligen Corp. *
27,589
4,798,003
Replimune Group, Inc. *
20,327
415,077
Revance Therapeutics, Inc. *
45,465
801,548
REVOLUTION Medicines, Inc. *
49,489
1,681,141
Revvity, Inc.
66,483
7,780,505
Rhythm Pharmaceuticals, Inc. *
23,744
617,581
Rocket Pharmaceuticals, Inc. *
31,362
490,815
Roivant Sciences Ltd. *
60,217
696,711
Royalty Pharma plc, Class A
201,088
5,996,444
Sage Therapeutics, Inc. *
27,817
556,340
Sana Biotechnology, Inc. *
50,451
269,913
Sarepta Therapeutics, Inc. *
49,729
6,017,706
Scholar Rock Holding Corp. *
18,890
118,063
Scilex Holding Co. *(c)
38,288
108,187
Seagen, Inc. *
74,239
15,298,431
Seer, Inc. *
21,005
55,243
Seres Therapeutics, Inc. *
48,955
168,895
SIGA Technologies, Inc.
20,794
95,444
SomaLogic, Inc. *
90,284
199,528
Sotera Health Co. *
53,431
862,376
SpringWorks Therapeutics, Inc. *
23,936
674,516
SECURITY
NUMBER
OF SHARES
VALUE ($)
Stoke Therapeutics, Inc. *
15,083
84,766
Supernus Pharmaceuticals, Inc. *
29,724
946,412
Syndax Pharmaceuticals, Inc. *
35,478
656,698
Syneos Health, Inc. *
55,263
2,361,388
Tarsus Pharmaceuticals, Inc. *
9,988
174,890
TG Therapeutics, Inc. *
75,777
793,385
TherapeuticsMD, Inc. *
8,619
32,666
Theravance Biopharma, Inc. *
27,555
262,324
Thermo Fisher Scientific, Inc.
206,039
114,784,327
Third Harmonic Bio, Inc. *
6,349
38,538
Travere Therapeutics, Inc. *
34,765
496,444
Twist Bioscience Corp. *
30,437
669,310
Tyra Biosciences, Inc. *
6,026
91,776
Ultragenyx Pharmaceutical, Inc. *
37,572
1,382,274
uniQure N.V. *
22,791
198,510
United Therapeutics Corp. *
24,966
5,601,372
Vanda Pharmaceuticals, Inc. *
27,750
144,023
Vaxart, Inc. *
83,614
68,781
Vaxcyte, Inc. *
40,930
2,125,086
Ventyx Biosciences, Inc. *
14,898
499,083
Veracyte, Inc. *
39,147
1,033,481
Vericel Corp. *
25,720
844,388
Vertex Pharmaceuticals, Inc. *
137,465
47,884,558
Verve Therapeutics, Inc. *
21,504
276,756
Viatris, Inc.
638,736
6,866,412
Vir Biotechnology, Inc. *
40,870
517,414
Waters Corp. *
31,577
8,866,822
West Pharmaceutical Services, Inc.
39,661
16,138,061
Xencor, Inc. *
32,147
706,591
Y-mAbs Therapeutics, Inc. *
16,951
85,942
Zentalis Pharmaceuticals, Inc. *
31,881
846,759
Zoetis, Inc.
246,782
47,014,439
Zura Bio Ltd. *
6,798
46,770
 
1,797,876,407
 
Real Estate Management & Development 0.2%
Anywhere Real Estate, Inc. *
60,964
399,924
CBRE Group, Inc., Class A *
165,752
14,097,208
Compass, Inc., Class A *
144,716
520,978
CoStar Group, Inc. *
218,344
17,902,024
Cushman & Wakefield plc *
88,338
811,826
DigitalBridge Group, Inc.
78,923
1,374,839
Doma Holdings, Inc. *
3,023
19,226
eXp World Holdings, Inc.
39,093
751,367
Forestar Group, Inc. *
12,268
349,761
FRP Holdings, Inc. *
3,539
201,617
Howard Hughes Holdings, Inc. *
18,571
1,460,609
Jones Lang LaSalle, Inc. *
25,435
4,395,168
Kennedy-Wilson Holdings, Inc.
63,579
1,015,357
Marcus & Millichap, Inc.
13,339
444,189
Newmark Group, Inc., Class A
68,186
483,439
Offerpad Solutions, Inc. *
11,454
149,360
Opendoor Technologies, Inc. *
284,309
1,108,805
RE/MAX Holdings, Inc., Class A
10,409
168,626
Redfin Corp. *
60,632
577,217
Seritage Growth Properties, Class A *
20,288
153,174
Tejon Ranch Co. *
13,897
231,802
The RMR Group, Inc., Class A
7,974
201,583
The St. Joe Co.
17,648
1,089,587
WeWork, Inc., Class A *
388,486
45,841
Zillow Group, Inc., Class C *
115,243
6,011,075
 
53,964,602
 
Semiconductors & Semiconductor Equipment 7.0%
ACM Research, Inc., Class A *
22,988
403,669
Advanced Micro Devices, Inc. *
860,072
90,926,812
See financial notes
Schwab U.S. Equity ETFs | Annual Report47

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Allegro MicroSystems, Inc. *
34,924
1,335,843
Alpha & Omega Semiconductor Ltd. *
11,575
365,191
Ambarella, Inc. *
20,270
1,259,780
Amkor Technology, Inc.
54,311
1,518,536
Analog Devices, Inc.
270,051
49,089,871
Applied Materials, Inc.
451,571
68,981,986
Axcelis Technologies, Inc. *
17,438
3,350,712
Broadcom, Inc.
222,674
205,503,608
CEVA, Inc. *
12,230
283,981
Cirrus Logic, Inc. *
29,395
2,411,566
Cohu, Inc. *
25,440
951,202
Credo Technology Group Holding
Ltd. *
50,469
830,720
Diodes, Inc. *
24,259
1,985,599
Enphase Energy, Inc. *
73,208
9,263,008
Entegris, Inc.
79,957
8,097,245
First Solar, Inc. *
53,033
10,029,601
FormFactor, Inc. *
41,320
1,459,422
Ichor Holdings Ltd. *
15,192
556,483
Impinj, Inc. *
11,814
786,458
Intel Corp.
2,225,254
78,195,425
KLA Corp.
73,286
36,780,045
Kulicke & Soffa Industries, Inc.
30,133
1,558,780
Lam Research Corp.
71,695
50,358,568
Lattice Semiconductor Corp. *
73,458
7,144,525
MACOM Technology Solutions
Holdings, Inc. *
27,411
2,317,874
Marvell Technology, Inc.
459,326
26,755,739
MaxLinear, Inc. *
39,906
937,791
Microchip Technology, Inc.
292,463
23,935,172
Micron Technology, Inc.
582,689
40,753,269
MKS Instruments, Inc.
30,515
3,058,518
Monolithic Power Systems, Inc.
24,047
12,533,537
Navitas Semiconductor Corp. *
45,165
398,807
NVIDIA Corp.
1,320,672
651,817,666
NXP Semiconductors N.V.
139,273
28,651,242
ON Semiconductor Corp. *
230,634
22,708,224
Onto Innovation, Inc. *
26,051
3,620,568
PDF Solutions, Inc. *
15,866
576,570
Photronics, Inc. *
33,876
804,894
Power Integrations, Inc.
30,561
2,567,735
Qorvo, Inc. *
53,145
5,707,241
QUALCOMM, Inc.
595,497
68,202,271
Rambus, Inc. *
57,978
3,274,018
Rigetti Computing, Inc. *
53,437
96,187
Semtech Corp. *
33,626
879,320
Silicon Laboratories, Inc. *
16,995
2,291,946
SiTime Corp. *
8,741
1,159,843
SkyWater Technology, Inc. *
6,449
43,208
Skyworks Solutions, Inc.
84,992
9,242,030
SMART Global Holdings, Inc. *
27,282
704,694
SolarEdge Technologies, Inc. *
30,088
4,891,406
Synaptics, Inc. *
20,906
1,830,111
Teradyne, Inc.
82,529
8,902,403
Texas Instruments, Inc.
485,449
81,584,559
Ultra Clean Holdings, Inc. *
23,400
822,744
Universal Display Corp.
23,337
3,793,663
Veeco Instruments, Inc. *
26,848
783,693
Wolfspeed, Inc. *
67,013
3,204,562
 
1,652,280,141
 
Software & Services 11.4%
8x8, Inc. *
61,483
199,820
A10 Networks, Inc.
34,698
516,653
Accenture plc, Class A
337,507
109,274,641
ACI Worldwide, Inc. *
57,213
1,389,132
Adeia, Inc.
55,313
556,449
SECURITY
NUMBER
OF SHARES
VALUE ($)
Adobe, Inc. *
244,992
137,033,825
Agilysys, Inc. *
10,543
743,756
Akamai Technologies, Inc. *
81,278
8,541,505
Alarm.com Holdings, Inc. *
26,814
1,570,496
Alkami Technology, Inc. *
19,311
336,398
Altair Engineering, Inc., Class A *
28,454
1,891,622
Alteryx, Inc., Class A *
34,016
1,004,152
Amplitude, Inc., Class A *
34,957
408,298
ANSYS, Inc. *
46,287
14,759,536
Appfolio, Inc., Class A *
10,153
1,957,194
Appian Corp., Class A *
22,716
1,106,269
AppLovin Corp., Class A *
67,474
2,916,226
Asana, Inc., Class A *
42,360
910,316
Aspen Technology, Inc. *
15,541
3,014,954
Atlassian Corp., Class A *
80,714
16,470,499
Aurora Innovation, Inc. *
247,517
784,629
Autodesk, Inc. *
113,788
25,254,109
AvePoint, Inc. *
46,307
321,371
Bentley Systems, Inc., Class B
106,625
5,321,654
BigCommerce Holdings, Inc. *
34,840
369,304
Bill Holdings, Inc. *
51,104
5,892,291
Black Knight, Inc. *
83,406
6,318,839
Blackbaud, Inc. *
23,977
1,824,889
Blackline, Inc. *
29,880
1,794,593
Blend Labs, Inc., Class A *(a)
87,112
101,050
Box, Inc., Class A *
76,437
2,024,052
Braze, Inc., Class A *
20,878
965,816
C3.ai, Inc., Class A *(a)
46,911
1,455,179
Cadence Design Systems, Inc. *
145,570
35,000,851
CCC Intelligent Solutions Holdings,
Inc. *
55,015
588,660
Cerence, Inc. *
21,591
563,525
Cipher Mining, Inc. *(a)
26,515
84,583
Clear Secure, Inc., Class A
43,978
956,082
Clearwater Analytics Holdings, Inc.,
Class A *
42,722
775,404
Cloudflare, Inc., Class A *
154,668
10,058,060
Cognizant Technology Solutions Corp.,
Class A
272,325
19,501,193
CommVault Systems, Inc. *
23,244
1,587,798
Confluent, Inc., Class A *
100,402
3,322,302
Consensus Cloud Solutions, Inc. *
9,250
295,352
Couchbase, Inc. *
12,975
221,872
Crowdstrike Holdings, Inc., Class A *
119,773
19,526,592
CS Disco, Inc. *
10,937
103,901
Datadog, Inc., Class A *
134,575
12,983,796
Digital Turbine, Inc. *
49,155
437,971
DigitalOcean Holdings, Inc. *
30,081
813,691
DocuSign, Inc. *
108,161
5,440,498
Dolby Laboratories, Inc., Class A
31,735
2,680,655
Domo, Inc., Class B *
16,951
180,698
DoubleVerify Holdings, Inc. *
54,132
1,830,203
Dropbox, Inc., Class A *
145,082
4,031,829
D-Wave Quantum, Inc. *(a)
29,539
34,265
DXC Technology Co. *
121,187
2,513,418
Dynatrace, Inc. *
115,396
5,562,087
E2open Parent Holdings, Inc. *
91,302
440,989
Ebix, Inc.
12,257
204,692
Elastic N.V. *
41,992
2,598,465
Enfusion, Inc., Class A *
9,368
80,003
EngageSmart, Inc. *
15,425
273,177
Envestnet, Inc. *
28,823
1,574,600
EPAM Systems, Inc. *
30,928
8,010,043
Everbridge, Inc. *
21,525
534,035
EverCommerce, Inc. *
15,350
162,249
Expensify, Inc., Class A *
23,334
100,103
Fair Isaac Corp. *
13,301
12,031,952
Fastly, Inc., Class A *
60,688
1,443,768
See financial notes
48Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Five9, Inc. *
38,269
2,769,528
Fortinet, Inc. *
348,117
20,960,125
Freshworks, Inc., Class A *
89,947
1,967,141
Gartner, Inc. *
42,158
14,741,809
Gen Digital, Inc.
304,698
6,170,134
Gitlab, Inc., Class A *
35,337
1,673,914
GoDaddy, Inc., Class A *
81,935
5,941,107
Grid Dynamics Holdings, Inc. *
29,343
341,259
Guidewire Software, Inc. *
43,341
3,745,963
HashiCorp, Inc., Class A *
51,307
1,496,112
HubSpot, Inc. *
26,470
14,466,384
Informatica, Inc., Class A *
20,680
433,246
Instructure Holdings, Inc. *
8,957
232,076
Intapp, Inc. *
11,534
422,260
InterDigital, Inc.
14,314
1,241,167
International Business Machines
Corp.
484,941
71,203,887
Intuit, Inc.
149,802
81,164,222
Jamf Holding Corp. *
23,705
399,666
Kaltura, Inc. *
36,885
69,713
Kyndryl Holdings, Inc. *
110,526
1,865,679
LivePerson, Inc. *
49,293
207,031
LiveRamp Holdings, Inc. *
34,388
1,112,108
Manhattan Associates, Inc. *
32,993
6,685,042
Marathon Digital Holdings, Inc. *(a)
89,740
1,128,032
MariaDB plc *
19,768
11,507
Matterport, Inc. *
130,020
348,454
MeridianLink, Inc. *
10,556
186,947
Microsoft Corp.
3,970,952
1,301,519,227
MicroStrategy, Inc., Class A *
5,853
2,092,623
Model N, Inc. *
18,377
496,179
MongoDB, Inc. *
37,410
14,264,433
N-Able, Inc. *
37,235
497,832
nCino, Inc. *
41,727
1,371,566
NCR Corp. *
75,405
2,319,458
New Relic, Inc. *
31,252
2,659,858
NextNav, Inc. *
18,242
78,805
Nutanix, Inc., Class A *
122,442
3,807,946
Okta, Inc. *
82,878
6,921,142
ON24, Inc.
22,555
154,727
OneSpan, Inc. *
19,744
241,864
Oracle Corp.
822,449
99,014,635
PagerDuty, Inc. *
45,908
1,182,590
Palantir Technologies, Inc., Class A *
957,256
14,339,695
Palo Alto Networks, Inc. *
161,555
39,306,331
Pegasystems, Inc.
22,171
1,101,012
Perficient, Inc. *
18,864
1,203,335
Porch Group, Inc. *
38,028
32,134
PowerSchool Holdings, Inc., Class A *
21,186
468,634
Procore Technologies, Inc. *
37,573
2,538,056
Progress Software Corp.
23,040
1,401,754
PROS Holdings, Inc. *
22,005
789,099
PTC, Inc. *
57,085
8,401,199
Q2 Holdings, Inc. *
31,249
1,075,278
Qualys, Inc. *
17,938
2,792,050
Rackspace Technology, Inc. *
35,433
88,582
Rapid7, Inc. *
32,617
1,643,571
RingCentral, Inc., Class A *
41,795
1,292,719
Riot Platforms, Inc. *
95,746
1,086,717
Roper Technologies, Inc.
57,110
28,501,317
Salesforce, Inc. *
522,517
115,716,615
Samsara, Inc., Class A *
65,629
1,795,609
SentinelOne, Inc., Class A *
126,078
2,096,677
ServiceNow, Inc. *
108,679
63,993,456
Smartsheet, Inc., Class A *
70,986
2,962,246
Snowflake, Inc., Class A *
153,918
24,142,038
SolarWinds Corp. *
25,916
276,005
SoundHound AI, Inc., Class A *(a)
75,200
189,504
SECURITY
NUMBER
OF SHARES
VALUE ($)
Splunk, Inc. *
81,367
9,866,562
Sprinklr, Inc., Class A *
42,235
639,016
Sprout Social, Inc., Class A *
25,529
1,366,823
SPS Commerce, Inc. *
19,457
3,621,531
Squarespace, Inc., Class A *
22,110
666,616
Synopsys, Inc. *
81,300
37,307,757
Telos Corp. *
24,860
64,885
Tenable Holdings, Inc. *
61,556
2,792,796
Teradata Corp. *
53,596
2,479,887
Thoughtworks Holding, Inc. *
34,285
170,396
Tucows, Inc., Class A *
4,729
111,841
Twilio, Inc., Class A *
93,745
5,972,494
Tyler Technologies, Inc. *
22,360
8,908,895
UiPath, Inc., Class A *
191,829
3,032,816
Unisys Corp. *
34,223
137,919
Unity Software, Inc. *
119,449
4,427,974
Upland Software, Inc. *
20,831
73,950
Varonis Systems, Inc. *
58,854
1,879,208
Verint Systems, Inc. *
33,945
1,099,479
VeriSign, Inc. *
48,795
10,139,113
VMware, Inc., Class A *
111,994
18,902,347
Workday, Inc., Class A *
109,334
26,732,163
Workiva, Inc. *
24,955
2,791,217
Xperi, Inc. *
22,067
260,391
Yext, Inc. *
55,063
482,352
Zeta Global Holdings Corp., Class A *
70,332
571,799
Zoom Video Communications, Inc.,
Class A *
117,991
8,380,901
Zscaler, Inc. *
45,770
7,142,408
Zuora, Inc., Class A *
67,505
614,971
 
2,669,058,417
 
Technology Hardware & Equipment 8.3%
908 Devices, Inc. *
10,730
77,149
ADTRAN Holdings, Inc.
37,194
318,009
Advanced Energy Industries, Inc.
19,999
2,361,282
Aeva Technologies, Inc. *
63,572
59,923
AEye, Inc. *
75,509
19,632
Amphenol Corp., Class A
317,905
28,096,444
Apple Inc.
7,896,196
1,483,458,165
Arista Networks, Inc. *
133,447
26,052,858
Arrow Electronics, Inc. *
30,010
4,004,234
Avid Technology, Inc. *
18,272
487,132
Avnet, Inc.
48,348
2,453,661
Badger Meter, Inc.
15,723
2,611,276
Belden, Inc.
22,848
2,145,427
Benchmark Electronics, Inc.
19,126
492,303
Calix, Inc. *
30,709
1,428,276
Casa Systems, Inc. *
20,928
20,300
CDW Corp.
72,162
15,237,006
Ciena Corp. *
80,060
4,001,399
Cisco Systems, Inc.
2,186,845
125,415,561
Clearfield, Inc. *
6,807
239,266
Cognex Corp.
90,866
4,277,971
Coherent Corp. *
75,050
2,824,131
CommScope Holding Co., Inc. *
110,756
369,925
Comtech Telecommunications Corp.
16,496
165,785
Corning, Inc.
406,623
13,345,367
Corsair Gaming, Inc. *
21,322
335,182
Crane NXT Co.
25,569
1,517,776
CTS Corp.
16,961
757,309
Dell Technologies, Inc., Class C
136,470
7,675,073
Digi International, Inc. *
19,624
655,049
ePlus, Inc. *
14,213
943,459
Evolv Technologies Holdings, Inc. *
40,516
283,207
Extreme Networks, Inc. *
68,580
1,882,521
F5, Inc. *
32,067
5,248,085
See financial notes
Schwab U.S. Equity ETFs | Annual Report49

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fabrinet *
19,354
3,111,543
FARO Technologies, Inc. *
9,909
157,157
Harmonic, Inc. *
60,140
642,295
Hewlett Packard Enterprise Co.
692,048
11,757,896
HP, Inc.
462,501
13,740,905
Infinera Corp. *
109,982
514,716
Inseego Corp. *
42,564
27,049
Insight Enterprises, Inc. *
15,379
2,462,024
IonQ, Inc. *
83,897
1,442,189
IPG Photonics Corp. *
16,619
1,800,835
Itron, Inc. *
24,429
1,671,188
Jabil, Inc.
70,663
8,085,260
Juniper Networks, Inc.
170,849
4,975,123
Keysight Technologies, Inc. *
94,600
12,610,180
Kimball Electronics, Inc. *
13,749
415,082
Knowles Corp. *
50,798
814,292
Lightwave Logic, Inc. *(a)
60,088
379,155
Littelfuse, Inc.
13,310
3,554,835
Lumentum Holdings, Inc. *
36,368
1,968,600
Methode Electronics, Inc.
19,297
622,328
MicroVision, Inc. *(a)
95,265
240,068
Mirion Technologies, Inc. *
66,002
563,657
Motorola Solutions, Inc.
89,885
25,488,689
Movella Holdings, Inc. *
15,916
12,660
Napco Security Technologies, Inc.
15,371
380,893
National Instruments Corp.
70,052
4,175,099
NetApp, Inc.
114,073
8,749,399
NETGEAR, Inc. *
16,134
212,646
NetScout Systems, Inc. *
35,789
1,024,639
nLight, Inc. *
23,751
270,999
Novanta, Inc. *
18,983
3,169,781
OSI Systems, Inc. *
8,239
1,123,388
Ouster, Inc. *
15,416
86,792
PAR Technology Corp. *
14,958
650,374
PC Connection, Inc.
5,785
307,299
Plexus Corp. *
14,648
1,487,504
Presto Automation, Inc. *
14,224
47,366
Pure Storage, Inc., Class A *
154,502
5,653,228
Ribbon Communications, Inc. *
48,417
143,314
Rogers Corp. *
9,842
1,422,267
Sanmina Corp. *
30,916
1,722,021
ScanSource, Inc. *
12,720
416,962
Seagate Technology Holdings plc
103,457
7,323,721
SmartRent, Inc. *
67,564
229,718
Super Micro Computer, Inc. *
24,351
6,698,473
TD SYNNEX Corp.
22,255
2,264,446
TE Connectivity Ltd.
167,521
22,178,105
Teledyne Technologies, Inc. *
25,089
10,494,729
Trimble, Inc. *
132,469
7,257,977
TTM Technologies, Inc. *
56,129
836,322
Ubiquiti, Inc.
2,172
380,165
ViaSat, Inc. *
41,091
1,139,864
Viavi Solutions, Inc. *
119,362
1,247,333
Vishay Intertechnology, Inc.
67,823
1,861,063
Vontier Corp.
83,399
2,619,563
Western Digital Corp. *
171,684
7,725,780
Xerox Holdings Corp.
61,673
979,984
Zebra Technologies Corp., Class A *
27,190
7,477,522
 
1,948,076,605
 
Telecommunication Services 0.8%
Anterix, Inc. *
10,671
353,103
AT&T, Inc.
3,813,185
56,397,006
ATN International, Inc.
5,570
199,796
Bandwidth, Inc., Class A *
12,385
177,973
Cogent Communications Holdings,
Inc.
22,868
1,614,024
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consolidated Communications
Holdings, Inc. *
40,257
159,015
EchoStar Corp., Class A *
18,302
318,089
Frontier Communications Parent,
Inc. *
119,252
1,910,417
GCI Liberty, Inc. *(c)
47,809
8,632
Globalstar, Inc. *
397,314
572,132
Gogo, Inc. *
35,988
408,464
IDT Corp., Class B *
11,152
260,734
Iridium Communications, Inc.
67,116
3,285,328
Liberty Global plc, Class C *
216,905
4,303,395
Liberty Latin America Ltd., Class A *
5,246
46,899
Liberty Latin America Ltd., Class C *
90,870
814,195
Lumen Technologies, Inc. *
502,530
799,023
Radius Global Infrastructure, Inc.,
Class A *
41,591
620,538
Shenandoah Telecommunications Co.
27,362
622,212
Telephone and Data Systems, Inc.
53,864
1,157,537
T-Mobile US, Inc. *
307,504
41,897,420
United States Cellular Corp. *
7,821
358,749
Verizon Communications, Inc.
2,243,702
78,484,696
 
194,769,377
 
Transportation 1.8%
Air Transport Services Group, Inc. *
29,869
643,976
Alaska Air Group, Inc. *
67,803
2,845,692
Allegiant Travel Co.
8,571
761,448
American Airlines Group, Inc. *
349,840
5,153,143
ArcBest Corp.
12,778
1,349,229
Avis Budget Group, Inc. *
12,700
2,710,053
C.H. Robinson Worldwide, Inc.
62,172
5,622,214
CSX Corp.
1,085,915
32,794,633
Daseke, Inc. *
23,430
124,179
Delta Air Lines, Inc.
342,992
14,707,497
Expeditors International of
Washington, Inc.
81,575
9,520,618
FedEx Corp.
123,477
32,229,967
Forward Air Corp.
13,748
973,633
Frontier Group Holdings, Inc. *
20,144
126,504
GXO Logistics, Inc. *
63,391
4,055,122
Hawaiian Holdings, Inc. *
29,413
252,364
Heartland Express, Inc.
25,613
386,500
Hertz Global Holdings, Inc. *
82,842
1,404,172
Hub Group, Inc., Class A *
17,313
1,351,107
J.B. Hunt Transport Services, Inc.
44,323
8,327,405
JetBlue Airways Corp. *
176,978
1,047,710
Joby Aviation, Inc. *
180,694
1,346,170
Kirby Corp. *
32,092
2,658,180
Knight-Swift Transportation Holdings,
Inc.
85,657
4,695,717
Landstar System, Inc.
19,238
3,651,565
Lyft, Inc., Class A *
177,217
2,087,616
Marten Transport Ltd.
31,325
657,825
Matson, Inc.
19,149
1,682,814
Norfolk Southern Corp.
121,629
24,935,161
Old Dominion Freight Line, Inc.
48,047
20,533,846
RXO, Inc. *
62,980
1,138,678
Ryder System, Inc.
24,704
2,487,693
Saia, Inc. *
14,169
6,038,828
Schneider National, Inc., Class B
19,191
554,812
SkyWest, Inc. *
23,842
1,075,274
Southwest Airlines Co.
318,330
10,059,228
Spirit Airlines, Inc.
58,562
966,273
Sun Country Airlines Holdings, Inc. *
21,761
324,021
TuSimple Holdings, Inc., Class A *
76,523
95,654
Uber Technologies, Inc. *
1,080,197
51,017,704
See financial notes
50Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
U-Haul Holding Co.
5,151
293,452
Union Pacific Corp.
325,915
71,887,072
United Airlines Holdings, Inc. *
175,015
8,717,497
United Parcel Service, Inc., Class B
387,062
65,568,303
Universal Logistics Holdings, Inc.
3,740
101,429
Werner Enterprises, Inc.
31,560
1,313,212
XPO, Inc. *
61,663
4,601,910
 
414,877,100
 
Utilities 2.3%
ALLETE, Inc.
30,321
1,664,623
Alliant Energy Corp.
133,980
6,721,777
Altus Power, Inc. *
20,931
135,214
Ameren Corp.
140,273
11,119,441
American Electric Power Co., Inc.
275,703
21,615,115
American States Water Co.
19,765
1,664,411
American Water Works Co., Inc.
103,421
14,348,630
Atmos Energy Corp.
78,012
9,045,491
Avangrid, Inc.
37,432
1,291,404
Avista Corp.
40,863
1,360,329
Black Hills Corp.
35,646
1,960,530
California Water Service Group
30,159
1,515,490
CenterPoint Energy, Inc.
337,105
9,401,858
Chesapeake Utilities Corp.
9,466
1,042,207
Clearway Energy, Inc., Class C
61,851
1,532,049
CMS Energy Corp.
155,016
8,710,349
Consolidated Edison, Inc.
186,058
16,551,720
Constellation Energy Corp.
173,578
18,079,884
Dominion Energy, Inc.
447,586
21,725,824
DTE Energy Co.
110,138
11,386,066
Duke Energy Corp.
411,716
36,560,381
Edison International
204,582
14,085,471
Entergy Corp.
113,067
10,769,632
Essential Utilities, Inc.
128,849
4,754,528
Evergy, Inc.
122,434
6,730,197
Eversource Energy
186,761
11,919,087
Exelon Corp.
529,425
21,240,531
FirstEnergy Corp.
291,114
10,500,482
Hawaiian Electric Industries, Inc. (a)
58,226
816,329
IDACORP, Inc.
27,007
2,588,351
MGE Energy, Inc.
19,348
1,401,376
Middlesex Water Co.
9,320
701,423
Montauk Renewables, Inc. *
32,202
307,529
National Fuel Gas Co.
48,932
2,629,606
New Jersey Resources Corp.
51,031
2,151,977
NextEra Energy, Inc.
1,079,680
72,122,624
NiSource, Inc.
217,674
5,824,956
Northwest Natural Holding Co.
19,409
762,386
NorthWestern Corp.
31,961
1,610,834
NRG Energy, Inc.
122,739
4,608,849
OGE Energy Corp.
106,691
3,632,829
ONE Gas, Inc.
29,667
2,149,967
Ormat Technologies, Inc.
27,902
2,118,878
Otter Tail Corp.
22,009
1,812,881
PG&E Corp. *
862,639
14,061,016
Pinnacle West Capital Corp.
61,117
4,722,511
PNM Resources, Inc.
45,648
2,022,663
Portland General Electric Co.
51,698
2,267,474
PPL Corp.
393,631
9,809,285
SECURITY
NUMBER
OF SHARES
VALUE ($)
Public Service Enterprise Group, Inc.
266,069
16,251,495
Sempra
335,927
23,588,794
SJW Group
14,832
975,352
Southwest Gas Holdings, Inc.
35,353
2,189,411
Spire, Inc.
28,182
1,646,111
Sunnova Energy International, Inc. *(a)
53,784
748,135
The AES Corp.
358,229
6,423,046
The Southern Co.
582,577
39,457,940
The York Water Co.
7,252
295,446
UGI Corp.
111,519
2,808,048
Unitil Corp.
8,367
408,477
Vistra Corp.
187,498
5,891,187
WEC Energy Group, Inc.
168,424
14,167,827
Xcel Energy, Inc.
292,722
16,723,208
 
547,130,942
Total Common Stocks
(Cost $14,900,983,954)
23,403,527,928
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (e)
15,052,560
15,052,560
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (e)(f)
29,220,235
29,220,235
 
44,272,795
Total Short-Term Investments
(Cost $44,272,795)
44,272,795
Total Investments in Securities
(Cost $14,945,256,749)
23,447,800,723
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/15/23
229
51,708,200
175,976
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$27,852,027.
(b)
On October 15, 2023, the issuer filed for bankruptcy.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
Issuer is affiliated with the fund’s investment adviser.
(e)
The rate shown is the annualized 7-day yield.
(f)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
See financial notes
Schwab U.S. Equity ETFs | Annual Report51

Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2023 (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:
SECURITY
VALUE AT
8/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/23
BALANCE
OF SHARES
HELD AT
8/31/23
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Financial Services 0.2%
The Charles Schwab Corp.
$55,147,023
$6,256,843
($4,998,150
)
$1,294,739
($11,119,475
)
$46,580,980
787,506
$773,196

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$18,382,670,867
$
$
$18,382,670,867
Financial Services
1,789,291,021
1,645,014
1,790,936,035
Health Care Equipment & Services
1,237,275,242
0
*
1,237,275,242
Pharmaceuticals, Biotechnology & Life Sciences
1,797,768,220
108,187
1,797,876,407
Telecommunication Services
194,760,745
8,632
194,769,377
Short-Term Investments1
44,272,795
44,272,795
Futures Contracts2
175,976
175,976
Total
$23,446,214,866
$—
$1,761,833
$23,447,976,699
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
52Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - affiliated (cost $35,699,975)
 
$46,580,980
Investments in securities, at value - unaffiliated (cost $14,909,556,774) including securities on loan of $27,852,027
 
23,401,219,743
Cash
 
154,211
Deposit with broker for futures contracts
 
2,915,000
Receivables:
 
Dividends
 
33,915,018
Investments sold
 
1,098,951
Income from securities on loan
+
429,601
Total assets
 
23,486,313,504
 
Liabilities
Collateral held for securities on loan
 
29,220,235
Payables:
 
Investments bought
 
1,088,478
Management fees
 
589,373
Variation margin on futures contracts
+
107,056
Total liabilities
 
31,005,142
Net assets
 
$23,455,308,362
 
Net Assets by Source
Capital received from investors
 
$15,443,071,208
Total distributable earnings
+
8,012,237,154
Net assets
 
$23,455,308,362
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$23,455,308,362
 
446,550,000
$52.53
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report53

Schwab U.S. Broad Market ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $96,964)
 
$346,485,700
Dividends received from securities - affiliated
 
773,196
Securities on loan, net
+
3,583,853
Total investment income
 
350,842,749
 
Expenses
Management fees
 
6,365,070
Proxy fees1
+
229,357
Total expenses
6,594,427
Net investment income
 
344,248,322
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(717,339
)
Net realized losses on sales of securities - unaffiliated
 
(232,739,296
)
Net realized gains on sales of in-kind redemptions - affiliated
 
2,012,078
Net realized gains on sales of in-kind redemptions - unaffiliated
 
642,351,605
Net realized gains on futures contracts
+
123,945
Net realized gains
 
411,030,993
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
(11,119,475
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
2,274,249,125
Net change in unrealized appreciation (depreciation) on futures contracts
+
1,967,465
Net change in unrealized appreciation (depreciation)
+
2,265,097,115
Net realized and unrealized gains
 
2,676,128,108
Increase in net assets resulting from operations
 
$3,020,376,430
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
54Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$344,248,322
$302,069,846
Net realized gains
 
411,030,993
246,992,523
Net change in unrealized appreciation (depreciation)
+
2,265,097,115
(3,687,905,416
)
Increase (decrease) in net assets resulting from operations
 
$3,020,376,430
($3,138,843,047
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($337,594,345
)
($301,551,265
)
TRANSACTIONS IN FUND SHARES1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
35,500,000
$1,616,821,269
39,500,000
$1,995,061,518
Shares redeemed
+
(26,950,000
)
(1,204,382,336
)
(11,400,000
)
(562,808,987
)
Net transactions in fund shares
 
8,550,000
$412,438,933
28,100,000
$1,432,252,531
 
SHARES OUTSTANDING AND NET ASSETS1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
438,000,000
$20,360,087,344
409,900,000
$22,368,229,125
Total increase (decrease)
+
8,550,000
3,095,221,018
28,100,000
(2,008,141,781
)
End of period
 
446,550,000
$23,455,308,362
438,000,000
$20,360,087,344
1
For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,
2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).
See financial notes
Schwab U.S. Equity ETFs | Annual Report55

Schwab 1000 Index ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
 
Per-Share Data
Net asset value at beginning of period
$38.30
$44.81
$34.50
$28.80
$28.62
Income (loss) from investment operations:
Net investment income (loss)1
0.63
0.57
0.56
0.61
0.57
Net realized and unrealized gains (losses)
5.15
(6.51
)
10.32
5.67
0.10
Total from investment operations
5.78
(5.94
)
10.88
6.28
0.67
Less distributions:
Distributions from net investment income
(0.61
)
(0.57
)
(0.57
)
(0.58
)
(0.49
)
Net asset value at end of period
$43.47
$38.30
$44.81
$34.50
$28.80
Total return
15.31
%
(13.36
%)
31.95
%
22.25
%
2.42
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.05
%
0.05
%2
0.05
%
0.05
%
0.05
%
Net investment income (loss)
1.61
%
1.36
%
1.43
%
2.03
%
2.06
%
Portfolio turnover rate3
4
%
4
%
5
%
5
%
5
%
Net assets, end of period (x 1,000,000)
$2,939
$2,235
$2,090
$1,145
$838
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
56Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023
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 2.1%
Aptiv plc *
19,054
1,933,028
Autoliv, Inc.
5,454
532,310
BorgWarner, Inc.
16,453
670,460
Ford Motor Co.
277,136
3,361,660
General Motors Co.
98,194
3,290,481
Gentex Corp.
16,550
540,523
Harley-Davidson, Inc.
9,291
313,571
Lear Corp.
4,162
599,703
Lucid Group, Inc. *
57,559
361,470
Phinia, Inc. *
3,285
91,323
Rivian Automotive, Inc., Class A *
39,453
896,767
Tesla, Inc. *
189,997
49,034,426
Thor Industries, Inc.
3,730
390,979
 
62,016,701
 
Banks 3.0%
Bank of America Corp.
488,956
14,018,368
Bank OZK
7,540
302,882
BOK Financial Corp.
1,981
164,641
Cadence Bank
12,870
294,466
Citigroup, Inc.
137,327
5,670,232
Citizens Financial Group, Inc.
34,172
961,258
Comerica, Inc.
9,179
441,602
Commerce Bancshares, Inc.
7,962
390,855
Cullen/Frost Bankers, Inc.
4,506
425,952
East West Bancorp, Inc.
9,899
547,811
F.N.B. Corp.
25,263
293,809
Fifth Third Bancorp
48,014
1,274,772
First Citizens BancShares, Inc., Class A
837
1,138,655
First Financial Bankshares, Inc.
9,157
262,989
First Horizon Corp.
37,744
473,687
First Interstate BancSystem, Inc.,
Class A
6,188
160,331
Glacier Bancorp, Inc.
7,726
233,402
Home BancShares, Inc.
13,314
295,304
Huntington Bancshares, Inc.
101,496
1,125,591
JPMorgan Chase & Co.
206,092
30,157,442
KeyCorp
65,532
742,478
M&T Bank Corp.
11,694
1,462,335
New York Community Bancorp, Inc.
50,615
621,552
Old National Bancorp
20,721
316,202
Pinnacle Financial Partners, Inc.
5,487
365,215
Popular, Inc.
4,993
340,922
Prosperity Bancshares, Inc.
6,658
378,241
Regions Financial Corp.
66,252
1,215,062
ServisFirst Bancshares, Inc.
3,399
190,480
SouthState Corp.
5,412
391,288
Synovus Financial Corp.
10,245
317,185
The PNC Financial Services Group, Inc.
28,182
3,402,413
Truist Financial Corp.
94,051
2,873,258
U.S. Bancorp
98,533
3,599,410
UMB Financial Corp.
3,207
202,714
SECURITY
NUMBER
OF SHARES
VALUE ($)
United Bankshares, Inc.
9,483
285,249
Valley National Bancorp
29,515
270,948
Webster Financial Corp.
12,401
525,926
Wells Fargo & Co.
264,741
10,931,156
Western Alliance Bancorp
7,780
389,078
Wintrust Financial Corp.
4,274
331,705
Zions Bancorp NA
10,487
372,288
 
88,159,154
 
Capital Goods 6.0%
3M Co.
38,966
4,156,503
A.O. Smith Corp.
8,794
637,565
Acuity Brands, Inc.
2,211
356,590
Advanced Drainage Systems, Inc.
4,379
561,213
AECOM
9,770
857,318
AGCO Corp.
4,354
563,974
Allegion plc
6,216
707,443
AMETEK, Inc.
16,297
2,599,534
Axon Enterprise, Inc. *
4,942
1,052,201
Bloom Energy Corp., Class A *
13,061
195,784
Builders FirstSource, Inc. *
9,037
1,310,726
BWX Technologies, Inc.
6,373
470,072
Carlisle Cos., Inc.
3,586
943,190
Carrier Global Corp.
58,965
3,387,539
Caterpillar, Inc.
36,349
10,218,794
ChargePoint Holdings, Inc. *(a)
18,548
132,804
Chart Industries, Inc. *
3,017
544,810
Crane Co.
3,343
304,614
Cummins, Inc.
10,005
2,301,550
Curtiss-Wright Corp.
2,722
566,149
Deere & Co.
19,015
7,814,024
Donaldson Co., Inc.
8,516
543,917
Dover Corp.
9,825
1,457,047
Eaton Corp. plc
28,114
6,476,622
EMCOR Group, Inc.
3,332
747,201
Emerson Electric Co.
40,367
3,966,058
Fastenal Co.
40,382
2,325,196
Fortive Corp.
24,853
1,959,659
Fortune Brands Innovations, Inc.
8,972
619,247
Generac Holdings, Inc. *
4,381
520,507
General Dynamics Corp.
15,889
3,601,083
General Electric Co.
76,747
8,784,462
Graco, Inc.
11,843
934,886
HEICO Corp.
6,763
1,140,986
Hexcel Corp.
5,899
432,397
Honeywell International, Inc.
46,904
8,815,138
Howmet Aerospace, Inc.
25,883
1,280,432
Hubbell, Inc.
3,761
1,226,274
Huntington Ingalls Industries, Inc.
2,804
617,777
IDEX Corp.
5,315
1,203,316
Illinois Tool Works, Inc.
19,531
4,830,993
Ingersoll Rand, Inc.
28,483
1,982,702
ITT, Inc.
5,784
591,588
Johnson Controls International plc
48,466
2,862,402
L3Harris Technologies, Inc.
13,378
2,382,488
Lennox International, Inc.
2,270
855,359
See financial notes
Schwab U.S. Equity ETFs | Annual Report57

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lincoln Electric Holdings, Inc.
4,066
782,542
Lockheed Martin Corp.
15,887
7,122,936
Masco Corp.
15,821
933,597
MasTec, Inc. *
4,162
414,077
Masterbrand, Inc. *
8,881
113,766
MDU Resources Group, Inc.
14,358
292,329
Nordson Corp.
3,773
921,140
Northrop Grumman Corp.
10,073
4,362,516
nVent Electric plc
11,675
660,105
Oshkosh Corp.
4,578
475,334
Otis Worldwide Corp.
29,196
2,497,718
Owens Corning
6,356
914,692
PACCAR, Inc.
36,890
3,035,678
Parker-Hannifin Corp.
9,055
3,775,029
Parsons Corp. *
2,423
138,159
Pentair plc
11,762
826,398
Plug Power, Inc. *(a)
38,145
322,707
Quanta Services, Inc.
10,263
2,153,896
RBC Bearings, Inc. *
2,084
480,445
Regal Rexnord Corp.
4,644
753,210
Rockwell Automation, Inc.
8,119
2,533,778
RTX Corp.
102,992
8,861,432
Sensata Technologies Holding plc
10,747
404,302
SiteOne Landscape Supply, Inc. *
3,153
539,762
Snap-on, Inc.
3,727
1,001,072
Stanley Black & Decker, Inc.
10,790
1,018,360
Sunrun, Inc. *
15,027
234,872
Textron, Inc.
14,238
1,106,435
The Boeing Co. *
39,857
8,929,164
The Middleby Corp. *
3,755
546,690
The Timken Co.
4,620
353,060
The Toro Co.
7,343
751,336
Trane Technologies plc
16,107
3,306,123
TransDigm Group, Inc. *
3,673
3,319,841
Trex Co., Inc. *
7,708
550,120
UFP Industries, Inc.
4,335
452,357
United Rentals, Inc.
4,838
2,305,501
Valmont Industries, Inc.
1,483
375,941
Vertiv Holdings Co.
22,743
895,847
W.W. Grainger, Inc.
3,152
2,250,969
Watsco, Inc.
2,343
854,141
WESCO International, Inc.
3,179
514,521
Westinghouse Air Brake Technologies
Corp.
12,673
1,425,966
WillScot Mobile Mini Holdings Corp. *
14,273
585,478
Woodward, Inc.
4,257
550,728
Xylem, Inc.
16,831
1,742,682
Zurn Elkay Water Solutions Corp.,
Class C
9,954
294,837
 
176,521,723
 
Commercial & Professional Services 1.5%
ASGN, Inc. *
3,474
285,424
Automatic Data Processing, Inc.
29,130
7,416,789
Booz Allen Hamilton Holding Corp.,
Class A
9,369
1,061,601
Broadridge Financial Solutions, Inc.
8,320
1,549,267
CACI International, Inc., Class A *
1,606
526,784
Casella Waste Systems, Inc., Class A *
3,929
309,487
Ceridian HCM Holding, Inc. *
10,938
793,224
Cintas Corp.
6,104
3,077,454
Clarivate plc *
30,455
226,281
Clean Harbors, Inc. *
3,603
610,132
Concentrix Corp.
2,978
237,734
Copart, Inc. *
60,640
2,718,491
Driven Brands Holdings, Inc. *
3,779
56,874
Dun & Bradstreet Holdings, Inc.
15,484
168,776
SECURITY
NUMBER
OF SHARES
VALUE ($)
Equifax, Inc.
8,628
1,783,408
ExlService Holdings, Inc. *
11,684
341,523
Exponent, Inc.
3,529
317,116
FTI Consulting, Inc. *
2,397
445,410
Genpact Ltd.
12,010
448,333
Insperity, Inc.
2,535
256,871
Jacobs Solutions, Inc.
8,945
1,205,965
KBR, Inc.
9,504
584,686
Leidos Holdings, Inc.
9,717
947,505
MSA Safety, Inc.
2,597
474,420
Paychex, Inc.
22,662
2,769,976
Paycom Software, Inc.
3,420
1,008,353
Paycor HCM, Inc. *
3,423
80,338
Paylocity Holding Corp. *
2,894
580,247
Republic Services, Inc.
14,522
2,093,056
Robert Half International, Inc.
7,544
557,954
Rollins, Inc.
16,301
645,030
Science Applications International Corp.
3,780
444,755
SS&C Technologies Holdings, Inc.
15,262
876,344
Stericycle, Inc. *
6,410
283,386
Tetra Tech, Inc.
3,722
585,657
TransUnion
13,644
1,108,166
TriNet Group, Inc. *
2,418
268,229
Verisk Analytics, Inc.
10,230
2,477,910
Waste Management, Inc.
26,106
4,092,899
 
43,715,855
 
Consumer Discretionary Distribution & Retail 5.3%
Advance Auto Parts, Inc.
4,159
286,222
Amazon.com, Inc. *
629,507
86,878,261
AutoNation, Inc. *
2,214
347,797
AutoZone, Inc. *
1,294
3,275,541
Bath & Body Works, Inc.
16,071
592,538
Best Buy Co., Inc.
13,723
1,049,123
Burlington Stores, Inc. *
4,580
743,151
CarMax, Inc. *
11,128
908,935
Dick's Sporting Goods, Inc.
4,340
504,916
eBay, Inc.
37,773
1,691,475
Etsy, Inc. *
8,699
639,985
Five Below, Inc. *
3,942
677,866
Floor & Decor Holdings, Inc., Class A *
7,456
743,363
GameStop Corp., Class A *(a)
17,875
331,581
Genuine Parts Co.
9,947
1,529,152
Lithia Motors, Inc.
1,940
597,559
LKQ Corp.
17,872
938,816
Lowe’s Cos., Inc.
42,074
9,697,216
Macy's, Inc.
19,074
233,275
Murphy USA, Inc.
1,405
446,284
O'Reilly Automotive, Inc. *
4,295
4,036,012
Penske Automotive Group, Inc.
1,701
279,474
Pool Corp.
2,741
1,002,110
RH *
1,244
454,296
Ross Stores, Inc.
24,175
2,944,757
The Home Depot, Inc.
71,416
23,588,705
The TJX Cos., Inc.
81,182
7,507,711
Tractor Supply Co.
7,753
1,694,031
Ulta Beauty, Inc. *
3,524
1,462,566
Valvoline, Inc.
9,768
336,410
Williams-Sonoma, Inc.
4,600
649,520
 
156,068,648
 
Consumer Durables & Apparel 1.0%
Brunswick Corp.
4,974
393,543
Capri Holdings Ltd. *
8,811
462,489
Columbia Sportswear Co.
2,462
180,563
Crocs, Inc. *
4,395
427,809
See financial notes
58Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
D.R. Horton, Inc.
21,941
2,611,418
Deckers Outdoor Corp. *
1,873
990,985
Garmin Ltd.
10,734
1,138,019
Hasbro, Inc.
9,176
660,672
Leggett & Platt, Inc.
9,312
262,598
Lennar Corp., Class A
17,956
2,138,380
Lululemon Athletica, Inc. *
8,177
3,117,563
Mattel, Inc. *
24,992
553,823
Mohawk Industries, Inc. *
3,681
373,217
Newell Brands, Inc.
26,244
277,661
NIKE, Inc., Class B
86,855
8,834,022
NVR, Inc. *
215
1,371,126
Polaris, Inc.
3,764
421,907
PulteGroup, Inc.
15,711
1,289,245
Skechers U.S.A., Inc., Class A *
9,371
471,455
Tapestry, Inc.
16,372
545,515
Tempur Sealy International, Inc.
12,133
566,854
Toll Brothers, Inc.
7,203
590,142
TopBuild Corp. *
2,247
651,810
VF Corp.
23,138
457,207
Whirlpool Corp.
3,853
539,266
 
29,327,289
 
Consumer Services 2.3%
ADT, Inc.
14,921
95,793
Airbnb, Inc., Class A *
29,112
3,829,684
Aramark
19,391
720,957
Booking Holdings, Inc. *
2,603
8,082,393
Boyd Gaming Corp.
5,432
363,238
Caesars Entertainment, Inc. *
15,081
833,376
Carnival Corp. *
70,475
1,114,914
Chipotle Mexican Grill, Inc. *
1,943
3,743,461
Choice Hotels International, Inc.
1,862
236,288
Churchill Downs, Inc.
4,628
579,796
Darden Restaurants, Inc.
8,494
1,320,902
Domino’s Pizza, Inc.
2,503
969,662
DoorDash, Inc., Class A *
18,538
1,559,602
DraftKings, Inc., Class A *
32,588
966,234
Expedia Group, Inc. *
10,056
1,089,970
H&R Block, Inc.
10,669
426,547
Hilton Grand Vacations, Inc. *
5,319
232,547
Hilton Worldwide Holdings, Inc.
18,694
2,778,863
Hyatt Hotels Corp., Class A
3,289
369,716
Las Vegas Sands Corp.
23,110
1,267,815
Light & Wonder, Inc. *
6,413
491,685
Marriott International, Inc., Class A
18,213
3,706,528
Marriott Vacations Worldwide Corp.
2,588
281,290
McDonald’s Corp.
51,489
14,476,132
MGM Resorts International
21,297
936,642
Norwegian Cruise Line Holdings Ltd. *
29,803
493,836
Penn Entertainment, Inc. *
10,925
258,813
Planet Fitness, Inc., Class A *
5,988
364,070
Royal Caribbean Cruises Ltd. *
15,547
1,538,220
Service Corp. International
10,664
673,005
Starbucks Corp.
80,815
7,874,614
Texas Roadhouse, Inc.
4,700
489,270
The Wendy's Co.
11,995
237,381
Vail Resorts, Inc.
2,839
642,522
Wyndham Hotels & Resorts, Inc.
6,047
455,883
Wynn Resorts Ltd.
7,305
740,581
Yum! Brands, Inc.
19,792
2,560,689
 
66,802,919
 
Consumer Staples Distribution & Retail 1.7%
Albertsons Cos., Inc., Class A
14,186
317,766
BJ's Wholesale Club Holdings, Inc. *
9,507
640,677
SECURITY
NUMBER
OF SHARES
VALUE ($)
Casey's General Stores, Inc.
2,655
648,909
Costco Wholesale Corp.
31,265
17,173,239
Dollar General Corp.
15,483
2,144,395
Dollar Tree, Inc. *
14,644
1,791,840
Performance Food Group Co. *
10,946
680,075
Sysco Corp.
35,712
2,487,341
Target Corp.
32,585
4,123,632
The Kroger Co.
46,187
2,142,615
US Foods Holding Corp. *
15,996
646,718
Walgreens Boots Alliance, Inc.
50,352
1,274,409
Walmart, Inc.
98,919
16,085,219
 
50,156,835
 
Energy 4.4%
Antero Resources Corp. *
19,441
537,932
APA Corp.
21,789
955,230
Baker Hughes Co.
71,413
2,584,436
ChampionX Corp.
14,016
505,837
Cheniere Energy, Inc.
17,168
2,801,818
Chesapeake Energy Corp.
7,507
662,192
Chevron Corp.
125,701
20,250,431
Chord Energy Corp.
2,910
469,965
Civitas Resources, Inc.
3,476
285,797
Comstock Resources, Inc.
6,202
76,037
ConocoPhillips
85,313
10,154,806
Coterra Energy, Inc.
53,475
1,507,460
Denbury, Inc. *
3,494
319,981
Devon Energy Corp.
45,361
2,317,494
Diamondback Energy, Inc.
12,816
1,945,212
DTE Midstream LLC
6,796
355,363
EOG Resources, Inc.
41,276
5,308,919
EQT Corp.
25,513
1,102,672
Exxon Mobil Corp.
285,128
31,703,382
Halliburton Co.
63,685
2,459,515
Helmerich & Payne, Inc.
7,137
285,409
Hess Corp.
19,522
3,016,149
HF Sinclair Corp.
9,095
501,044
Kinder Morgan, Inc.
139,398
2,400,434
Magnolia Oil & Gas Corp., Class A
11,793
268,880
Marathon Oil Corp.
43,621
1,149,413
Marathon Petroleum Corp.
29,958
4,277,104
Matador Resources Co.
8,028
509,778
Murphy Oil Corp.
10,236
464,714
New Fortress Energy, Inc.
3,398
105,474
NOV, Inc.
27,588
582,934
Occidental Petroleum Corp.
50,666
3,181,318
ONEOK, Inc.
31,553
2,057,256
Ovintiv, Inc.
17,233
809,262
PBF Energy, Inc., Class A
7,740
362,929
Phillips 66
32,408
3,699,697
Pioneer Natural Resources Co.
16,483
3,921,800
Range Resources Corp.
17,008
550,719
Schlumberger N.V.
100,574
5,929,843
SM Energy Co.
8,398
355,319
Southwestern Energy Co. *
77,356
524,474
Targa Resources Corp.
15,880
1,369,650
Texas Pacific Land Corp.
433
816,097
The Williams Cos., Inc.
85,904
2,966,265
Valero Energy Corp.
25,543
3,318,036
Vitesse Energy, Inc.
1,510
35,092
 
129,763,569
 
Equity Real Estate Investment Trusts (REITs) 2.5%
Agree Realty Corp.
6,572
406,281
Alexandria Real Estate Equities, Inc.
11,067
1,287,535
American Homes 4 Rent, Class A
22,178
799,295
See financial notes
Schwab U.S. Equity ETFs | Annual Report59

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
American Tower Corp.
32,877
5,961,258
Americold Realty Trust, Inc.
18,947
637,567
Apartment Income REIT Corp.
10,686
363,965
AvalonBay Communities, Inc.
10,011
1,840,222
Boston Properties, Inc.
10,021
669,102
Brixmor Property Group, Inc.
21,081
463,360
Camden Property Trust
7,526
809,948
Crown Castle, Inc.
30,638
3,079,119
CubeSmart
15,703
654,972
Digital Realty Trust, Inc.
20,549
2,706,714
EastGroup Properties, Inc.
3,134
562,960
Equinix, Inc.
6,587
5,146,950
Equity LifeStyle Properties, Inc.
12,305
823,943
Equity Residential
24,049
1,559,097
Essex Property Trust, Inc.
4,531
1,080,145
Extra Space Storage, Inc.
14,862
1,912,442
Federal Realty Investment Trust
5,189
508,211
First Industrial Realty Trust, Inc.
9,275
481,744
Gaming & Leisure Properties, Inc.
18,533
878,464
Healthcare Realty Trust, Inc.
26,760
468,835
Healthpeak Properties, Inc.
38,403
790,334
Host Hotels & Resorts, Inc.
50,206
792,753
Independence Realty Trust, Inc.
15,723
264,618
Invitation Homes, Inc.
40,933
1,395,406
Iron Mountain, Inc.
20,644
1,311,720
Kilroy Realty Corp.
7,419
274,132
Kimco Realty Corp.
43,508
824,042
Kite Realty Group Trust
15,282
344,915
Lamar Advertising Co., Class A
6,129
559,087
Medical Properties Trust, Inc.
42,168
304,453
Mid-America Apartment Communities,
Inc.
8,232
1,195,533
National Storage Affiliates Trust
5,804
195,014
NNN REIT, Inc.
12,758
502,538
Omega Healthcare Investors, Inc.
16,384
521,339
Prologis, Inc.
65,112
8,086,910
Public Storage
11,179
3,089,652
Rayonier, Inc.
10,369
310,033
Realty Income Corp.
47,580
2,666,383
Regency Centers Corp.
11,588
720,774
Rexford Industrial Realty, Inc.
14,176
757,991
Ryman Hospitality Properties, Inc.
4,153
353,130
SBA Communications Corp.
7,660
1,719,900
Simon Property Group, Inc.
23,111
2,622,867
Spirit Realty Capital, Inc.
9,958
384,478
STAG Industrial, Inc.
12,560
458,817
Sun Communities, Inc.
8,771
1,073,746
Terreno Realty Corp.
5,233
318,637
UDR, Inc.
21,728
866,947
Ventas, Inc.
28,367
1,239,071
VICI Properties, Inc.
70,662
2,179,216
Vornado Realty Trust
11,597
278,560
Welltower, Inc.
35,122
2,910,911
Weyerhaeuser Co.
51,550
1,688,262
WP Carey, Inc.
15,094
981,865
 
75,086,163
 
Financial Services 7.7%
Affiliated Managers Group, Inc.
2,538
340,117
Affirm Holdings, Inc. *
15,696
326,634
AGNC Investment Corp.
41,958
415,804
Ally Financial, Inc.
21,401
592,594
American Express Co.
41,921
6,623,099
Ameriprise Financial, Inc.
7,359
2,484,251
Annaly Capital Management, Inc.
34,800
705,396
Apollo Global Management, Inc.
30,409
2,655,922
Ares Management Corp., Class A
11,329
1,171,872
SECURITY
NUMBER
OF SHARES
VALUE ($)
Berkshire Hathaway, Inc., Class B *
125,765
45,300,553
BlackRock, Inc.
10,564
7,400,505
Blackstone Mortgage Trust, Inc., Class A
12,239
269,503
Blackstone, Inc.
49,824
5,299,779
Block, Inc. *
38,456
2,216,988
Blue Owl Capital, Inc.
24,996
298,702
Capital One Financial Corp.
26,968
2,761,253
Cboe Global Markets, Inc.
7,431
1,112,495
CME Group, Inc.
25,384
5,144,829
Coinbase Global, Inc., Class A *
11,722
933,071
Credit Acceptance Corp. *
421
211,245
Discover Financial Services
17,904
1,612,613
Equitable Holdings, Inc.
23,396
673,805
Essent Group Ltd.
7,566
379,964
Euronet Worldwide, Inc. *
3,285
286,978
FactSet Research Systems, Inc.
2,719
1,186,599
Fidelity National Information Services,
Inc.
41,843
2,337,350
Fiserv, Inc. *
43,545
5,285,928
FleetCor Technologies, Inc. *
5,233
1,421,963
Franklin Resources, Inc.
20,045
536,003
Global Payments, Inc.
18,471
2,340,091
Interactive Brokers Group, Inc., Class A
7,202
655,958
Intercontinental Exchange, Inc.
39,538
4,665,089
Invesco Ltd.
32,472
516,954
Jack Henry & Associates, Inc.
5,105
800,362
Jefferies Financial Group, Inc.
13,201
471,144
KKR & Co., Inc.
40,797
2,562,460
LPL Financial Holdings, Inc.
5,479
1,263,403
MarketAxess Holdings, Inc.
2,642
636,537
Mastercard, Inc., Class A
59,011
24,350,299
MGIC Investment Corp.
20,056
352,584
Moody's Corp.
11,148
3,754,646
Morgan Stanley
91,844
7,820,517
Morningstar, Inc.
1,751
407,405
MSCI, Inc.
5,657
3,075,258
Nasdaq, Inc.
23,874
1,252,907
Northern Trust Corp.
14,635
1,113,284
OneMain Holdings, Inc.
8,531
354,122
PayPal Holdings, Inc. *
78,729
4,921,350
Raymond James Financial, Inc.
13,444
1,406,108
Rithm Capital Corp.
34,092
351,488
Robinhood Markets, Inc., Class A *
36,283
395,122
S&P Global, Inc.
23,122
9,037,465
SEI Investments Co.
7,137
442,922
SoFi Technologies, Inc. *
57,792
500,479
Starwood Property Trust, Inc.
21,707
443,474
State Street Corp.
23,584
1,621,164
Stifel Financial Corp.
7,497
487,455
Synchrony Financial
30,227
975,728
T. Rowe Price Group, Inc.
15,817
1,775,142
The Bank of New York Mellon Corp.
50,641
2,272,262
The Carlyle Group, Inc.
15,283
494,405
The Charles Schwab Corp. (b)
103,986
6,150,772
The Goldman Sachs Group, Inc.
23,441
7,681,850
The Western Union Co.
26,218
323,792
Toast, Inc., Class A *
23,799
527,624
Tradeweb Markets, Inc., Class A
8,082
698,527
Visa, Inc., Class A
114,123
28,037,739
Voya Financial, Inc.
6,944
483,858
WEX, Inc. *
3,060
600,311
 
226,007,872
 
Food, Beverage & Tobacco 3.0%
Altria Group, Inc.
125,910
5,567,740
Archer-Daniels-Midland Co.
38,446
3,048,768
Brown-Forman Corp., Class B
12,860
850,432
See financial notes
60Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bunge Ltd.
10,613
1,213,278
Campbell Soup Co.
14,133
589,346
Celsius Holdings, Inc. *
2,843
557,342
Conagra Brands, Inc.
33,518
1,001,518
Constellation Brands, Inc., Class A
11,391
2,968,039
Darling Ingredients, Inc. *
11,241
694,244
Flowers Foods, Inc.
13,567
319,639
General Mills, Inc.
41,339
2,796,997
Hormel Foods Corp.
20,360
785,692
Ingredion, Inc.
4,648
478,326
Kellogg Co.
18,126
1,106,048
Keurig Dr Pepper, Inc.
59,615
2,006,045
Lamb Weston Holdings, Inc.
10,272
1,000,596
Lancaster Colony Corp.
1,398
230,936
McCormick & Co., Inc. Non Voting
Shares
17,639
1,447,809
Molson Coors Beverage Co., Class B
13,206
838,449
Mondelez International, Inc., Class A
96,058
6,845,093
Monster Beverage Corp. *
53,998
3,100,025
National Beverage Corp. *
1,585
81,326
PepsiCo, Inc.
97,165
17,287,597
Philip Morris International, Inc.
109,526
10,521,068
Pilgrim's Pride Corp. *
3,195
80,386
Post Holdings, Inc. *
3,726
334,259
Seaboard Corp.
17
64,096
The Coca-Cola Co.
274,489
16,422,677
The Hershey Co.
10,411
2,236,907
The J.M. Smucker Co.
7,552
1,094,662
The Kraft Heinz Co.
56,447
1,867,831
Tyson Foods, Inc., Class A
20,050
1,068,063
 
88,505,234
 
Health Care Equipment & Services 5.3%
Abbott Laboratories
122,652
12,620,891
Acadia Healthcare Co., Inc. *
6,452
497,449
agilon health, Inc. *
20,503
363,313
Align Technology, Inc. *
5,008
1,853,661
AMN Healthcare Services, Inc. *
2,797
247,199
Baxter International, Inc.
35,688
1,448,933
Becton Dickinson & Co.
20,027
5,596,545
Boston Scientific Corp. *
101,426
5,470,918
Cardinal Health, Inc.
17,954
1,567,923
Cencora, Inc.
11,447
2,014,443
Centene Corp. *
38,698
2,385,732
Chemed Corp.
1,063
543,661
CVS Health Corp.
90,426
5,893,062
DaVita, Inc. *
3,907
400,155
Dentsply Sirona, Inc.
14,899
552,604
DexCom, Inc. *
27,362
2,763,015
Edwards Lifesciences Corp. *
42,834
3,275,516
Elevance Health, Inc.
16,712
7,386,871
Encompass Health Corp.
7,101
504,455
Envista Holdings Corp. *
11,471
367,301
GE Healthcare, Inc.
27,510
1,938,079
Globus Medical, Inc., Class A *
8,409
454,927
Guardant Health, Inc. *
8,064
315,141
HCA Healthcare, Inc.
14,557
4,036,656
HealthEquity, Inc. *
6,053
408,880
Henry Schein, Inc. *
9,234
706,770
Hologic, Inc. *
17,297
1,292,778
Humana, Inc.
8,819
4,071,115
IDEXX Laboratories, Inc. *
5,860
2,996,863
Inspire Medical Systems, Inc. *
2,047
464,423
Insulet Corp. *
4,930
945,130
Intuitive Surgical, Inc. *
24,695
7,721,633
iRhythm Technologies, Inc. *
2,127
219,868
Laboratory Corp. of America Holdings
6,277
1,306,244
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lantheus Holdings, Inc. *
4,815
329,539
Masimo Corp. *
3,429
391,866
McKesson Corp.
9,578
3,949,201
Medtronic plc
93,797
7,644,455
Molina Healthcare, Inc. *
4,102
1,272,112
Novocure Ltd. *
6,513
143,677
Omnicell, Inc. *
3,165
179,962
Option Care Health, Inc. *
11,699
407,476
Penumbra, Inc. *
2,720
719,440
Premier, Inc., Class A
8,380
180,421
Privia Health Group, Inc. *
6,490
170,363
Quest Diagnostics, Inc.
7,889
1,037,404
QuidelOrtho Corp. *
3,806
313,462
R1 RCM, Inc. *
9,632
166,056
ResMed, Inc.
10,339
1,650,001
Shockwave Medical, Inc. *
2,568
565,962
STAAR Surgical Co. *
3,374
146,297
STERIS plc
6,980
1,602,538
Stryker Corp.
23,811
6,751,609
Teladoc Health, Inc. *
11,412
258,368
Teleflex, Inc.
3,331
708,637
Tenet Healthcare Corp. *
7,187
557,424
The Cigna Group
20,870
5,765,546
The Cooper Cos., Inc.
3,501
1,295,335
The Ensign Group, Inc.
3,938
394,666
UnitedHealth Group, Inc.
65,659
31,291,766
Universal Health Services, Inc., Class B
4,436
597,529
Veeva Systems, Inc., Class A *
10,304
2,150,445
Zimmer Biomet Holdings, Inc.
14,672
1,747,729
 
155,021,440
 
Household & Personal Products 1.4%
Church & Dwight Co., Inc.
17,224
1,666,766
Colgate-Palmolive Co.
58,562
4,302,550
Coty, Inc., Class A *
25,931
299,762
Kenvue, Inc.
121,534
2,801,365
Kimberly-Clark Corp.
23,837
3,070,921
Olaplex Holdings, Inc. *
5,799
15,715
Reynolds Consumer Products, Inc.
3,845
104,930
The Clorox Co.
8,718
1,363,931
The Estee Lauder Cos., Inc., Class A
16,373
2,628,358
The Procter & Gamble Co.
166,222
25,654,704
 
41,909,002
 
Insurance 2.2%
Aflac, Inc.
38,858
2,897,641
American Financial Group, Inc.
4,896
567,544
American International Group, Inc.
51,100
2,990,372
Aon plc, Class A
14,411
4,804,483
Arch Capital Group Ltd. *
26,336
2,024,185
Arthur J. Gallagher & Co.
15,130
3,487,162
Assurant, Inc.
3,749
522,348
Axis Capital Holdings Ltd.
5,433
298,054
Brown & Brown, Inc.
16,723
1,239,174
Chubb Ltd.
29,238
5,873,037
Cincinnati Financial Corp.
11,032
1,167,075
CNA Financial Corp.
1,869
73,508
Erie Indemnity Co., Class A
1,737
484,154
Everest Group Ltd.
3,010
1,085,647
F&G Annuities & Life, Inc.
1,197
33,887
Fidelity National Financial, Inc.
19,129
791,941
First American Financial Corp.
7,287
449,462
Globe Life, Inc.
6,260
698,428
Kinsale Capital Group, Inc.
1,542
614,687
Lincoln National Corp.
10,892
279,489
Loews Corp.
13,347
828,715
See financial notes
Schwab U.S. Equity ETFs | Annual Report61

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Markel Group, Inc. *
940
1,390,185
Marsh & McLennan Cos., Inc.
34,895
6,804,176
MetLife, Inc.
45,453
2,878,993
Old Republic International Corp.
19,011
519,951
Primerica, Inc.
2,544
511,242
Principal Financial Group, Inc.
15,852
1,231,859
Prudential Financial, Inc.
25,792
2,441,729
Reinsurance Group of America, Inc.
4,674
647,910
RenaissanceRe Holdings Ltd.
3,522
661,749
RLI Corp.
2,842
373,780
Ryan Specialty Holdings, Inc., Class A *
6,492
316,485
Selective Insurance Group, Inc.
4,246
421,246
The Allstate Corp.
18,601
2,005,374
The Hanover Insurance Group, Inc.
2,539
270,962
The Hartford Financial Services Group,
Inc.
21,883
1,571,637
The Progressive Corp.
41,316
5,514,446
The Travelers Cos., Inc.
16,281
2,624,986
Unum Group
12,970
637,994
W.R. Berkley Corp.
14,131
874,144
Willis Towers Watson plc
7,481
1,546,772
 
64,456,613
 
Materials 2.6%
Air Products and Chemicals, Inc.
15,675
4,631,806
Albemarle Corp.
8,276
1,644,524
Alcoa Corp.
12,672
381,174
Amcor plc
103,595
1,009,015
AptarGroup, Inc.
4,630
613,753
Ashland, Inc.
3,393
293,936
Avery Dennison Corp.
5,695
1,072,824
Axalta Coating Systems Ltd. *
15,530
439,499
Balchem Corp.
2,287
321,323
Ball Corp.
22,109
1,203,835
Berry Global Group, Inc.
8,394
548,464
Celanese Corp.
7,067
892,986
CF Industries Holdings, Inc.
13,804
1,063,874
Cleveland-Cliffs, Inc. *
36,278
554,691
Commercial Metals Co.
8,183
460,621
Corteva, Inc.
50,190
2,535,097
Crown Holdings, Inc.
8,529
790,297
Dow, Inc.
50,002
2,728,109
DuPont de Nemours, Inc.
32,439
2,494,235
Eagle Materials, Inc.
2,541
481,062
Eastman Chemical Co.
8,365
711,109
Ecolab, Inc.
17,501
3,216,859
Element Solutions, Inc.
15,737
324,497
FMC Corp.
8,770
756,237
Freeport-McMoRan, Inc.
101,071
4,033,744
Graphic Packaging Holding Co.
21,660
481,718
Huntsman Corp.
12,022
335,053
International Flavors & Fragrances, Inc.
17,939
1,263,802
International Paper Co.
24,455
853,969
Knife River Corp. *
3,582
184,330
Linde plc
34,531
13,364,878
Livent Corp. *
12,698
272,626
LyondellBasell Industries N.V., Class A
17,857
1,763,736
Martin Marietta Materials, Inc.
4,381
1,955,722
MP Materials Corp. *
6,372
133,430
Newmont Corp.
56,199
2,215,365
Nucor Corp.
17,751
3,054,947
Olin Corp.
8,468
491,313
Packaging Corp. of America
6,323
942,759
PPG Industries, Inc.
16,643
2,359,312
Reliance Steel & Aluminum Co.
4,156
1,184,294
Royal Gold, Inc.
4,607
516,399
RPM International, Inc.
9,038
901,450
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sealed Air Corp.
10,198
377,938
Silgan Holdings, Inc.
5,901
266,312
Sonoco Products Co.
6,872
394,796
Steel Dynamics, Inc.
11,320
1,206,599
The Chemours Co.
10,465
356,019
The Mosaic Co.
23,428
910,178
The Sherwin-Williams Co.
16,567
4,501,585
United States Steel Corp.
15,905
494,486
Vulcan Materials Co.
9,357
2,042,165
Westlake Corp.
2,385
312,387
Westrock Co.
17,918
586,098
 
76,927,237
 
Media & Entertainment 7.5%
Activision Blizzard, Inc.
50,493
4,644,851
Alphabet, Inc., Class A *
418,984
57,053,051
Alphabet, Inc., Class C *
360,405
49,501,627
AMC Entertainment Holdings, Inc.,
Class A *
4,168
52,308
Atlanta Braves Holdings, Inc., Class C *
3,087
113,725
Cable One, Inc.
332
215,989
Charter Communications, Inc., Class A *
7,335
3,213,610
Comcast Corp., Class A
293,401
13,719,431
DISH Network Corp., Class A *
17,835
107,010
Electronic Arts, Inc.
18,410
2,208,832
Endeavor Group Holdings, Inc., Class A *
12,692
277,828
Fox Corp., Class A
28,010
926,011
Getty Images Holdings, Inc. *
2,942
12,945
IAC, Inc. *
5,305
293,526
Liberty Broadband Corp., Class C *
8,299
776,454
Liberty Media Corp.-Liberty Formula
One, Class C *
14,670
1,009,149
Liberty Media Corp.-Liberty Live,
Class C *
3,299
111,011
Liberty Media Corp.-Liberty SiriusXM,
Class C *
10,691
261,288
Live Nation Entertainment, Inc. *
10,079
851,978
Match Group, Inc. *
19,648
920,902
Meta Platforms, Inc., Class A *
156,010
46,161,799
Netflix, Inc. *
31,351
13,596,302
News Corp., Class A
26,713
574,062
Nexstar Media Group, Inc., Class A
2,516
409,605
Omnicom Group, Inc.
14,070
1,139,811
Paramount Global, Class B
35,518
535,967
Pinterest, Inc., Class A *
41,764
1,148,092
Playtika Holding Corp. *
6,556
63,987
ROBLOX Corp., Class A *
26,082
737,860
Roku, Inc. *
8,695
706,034
Sirius XM Holdings, Inc. (a)
48,808
214,755
Snap, Inc., Class A *
70,346
728,081
Take-Two Interactive Software, Inc. *
11,140
1,584,108
TEGNA, Inc.
15,778
260,810
The Interpublic Group of Cos., Inc.
27,145
885,198
The New York Times Co., Class A
11,618
514,329
The Trade Desk, Inc., Class A *
31,363
2,509,981
The Walt Disney Co. *
128,857
10,782,754
Warner Bros Discovery, Inc. *
156,896
2,061,613
ZoomInfo Technologies, Inc. *
19,014
342,632
 
221,229,306
 
Pharmaceuticals, Biotechnology & Life Sciences 7.7%
AbbVie, Inc.
124,458
18,290,348
Agilent Technologies, Inc.
20,908
2,531,332
Alnylam Pharmaceuticals, Inc. *
8,776
1,736,068
Amgen, Inc.
37,692
9,661,967
Apellis Pharmaceuticals, Inc. *
6,979
294,584
See financial notes
62Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Arrowhead Pharmaceuticals, Inc. *
7,416
204,978
Avantor, Inc. *
47,468
1,027,682
Biogen, Inc. *
10,228
2,734,558
Biohaven Ltd. *
4,442
81,244
BioMarin Pharmaceutical, Inc. *
13,230
1,208,957
Bio-Rad Laboratories, Inc., Class A *
1,508
603,502
Bio-Techne Corp.
11,062
867,261
Blueprint Medicines Corp. *
4,245
211,656
Bristol-Myers Squibb Co.
148,065
9,128,207
Bruker Corp.
7,044
462,086
Catalent, Inc. *
12,691
634,169
Cerevel Therapeutics Holdings, Inc. *
4,585
108,665
Charles River Laboratories International,
Inc. *
3,600
744,552
CRISPR Therapeutics AG *
5,530
276,555
Cytokinetics, Inc. *
6,843
239,094
Danaher Corp.
46,847
12,414,455
Elanco Animal Health, Inc. *
32,703
398,977
Eli Lilly & Co.
55,566
30,794,677
Exact Sciences Corp. *
12,721
1,064,366
Exelixis, Inc. *
23,136
518,015
Fortrea Holdings, Inc. *
6,210
171,086
Gilead Sciences, Inc.
87,952
6,726,569
Halozyme Therapeutics, Inc. *
9,243
393,382
Horizon Therapeutics plc *
15,926
1,795,497
Illumina, Inc. *
11,168
1,845,177
Incyte Corp. *
13,083
844,246
Intellia Therapeutics, Inc. *
6,209
232,713
Intra-Cellular Therapies, Inc. *
6,286
348,999
Ionis Pharmaceuticals, Inc. *
10,009
403,062
IQVIA Holdings, Inc. *
13,098
2,916,008
Jazz Pharmaceuticals plc *
4,514
647,127
Johnson & Johnson
169,648
27,428,689
Karuna Therapeutics, Inc. *
2,139
401,619
Medpace Holdings, Inc. *
1,730
467,567
Merck & Co., Inc.
178,992
19,506,548
Mettler-Toledo International, Inc. *
1,558
1,890,602
Mirati Therapeutics, Inc. *
4,351
161,857
Moderna, Inc. *
23,061
2,607,507
Natera, Inc. *
8,048
472,659
Neurocrine Biosciences, Inc. *
6,884
749,599
Organon & Co.
17,887
392,799
Perrigo Co., plc
9,492
332,220
Pfizer, Inc.
398,233
14,089,484
Regeneron Pharmaceuticals, Inc. *
7,602
6,282,977
Repligen Corp. *
3,631
631,467
Revvity, Inc.
8,850
1,035,716
Royalty Pharma plc, Class A
26,576
792,496
Sarepta Therapeutics, Inc. *
6,556
793,342
Seagen, Inc. *
9,819
2,023,401
Sotera Health Co. *
6,984
112,722
Syneos Health, Inc. *
7,278
310,989
Thermo Fisher Scientific, Inc.
27,202
15,154,234
United Therapeutics Corp. *
3,297
739,715
Vertex Pharmaceuticals, Inc. *
18,157
6,324,809
Viatris, Inc.
84,529
908,687
Waters Corp. *
4,143
1,163,354
West Pharmaceutical Services, Inc.
5,222
2,124,832
Zoetis, Inc.
32,593
6,209,292
 
225,671,004
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
22,004
1,871,440
CoStar Group, Inc. *
28,898
2,369,347
Jones Lang LaSalle, Inc. *
3,359
580,435
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zillow Group, Inc., Class C *
11,223
585,392
 
5,406,614
 
Semiconductors & Semiconductor Equipment 7.3%
Advanced Micro Devices, Inc. *
113,614
12,011,272
Allegro MicroSystems, Inc. *
4,520
172,890
Amkor Technology, Inc.
7,146
199,802
Analog Devices, Inc.
35,673
6,484,638
Applied Materials, Inc.
59,570
9,099,913
Broadcom, Inc.
29,402
27,134,812
Cirrus Logic, Inc. *
3,919
321,515
Enphase Energy, Inc. *
9,665
1,222,912
Entegris, Inc.
10,521
1,065,462
First Solar, Inc. *
7,007
1,325,164
GLOBALFOUNDRIES, Inc. *(a)
4,957
273,874
Intel Corp.
294,007
10,331,406
KLA Corp.
9,686
4,861,113
Lam Research Corp.
9,473
6,653,835
Lattice Semiconductor Corp. *
9,725
945,854
Marvell Technology, Inc.
60,677
3,534,435
Microchip Technology, Inc.
38,708
3,167,863
Micron Technology, Inc.
77,235
5,401,816
MKS Instruments, Inc.
4,100
410,943
Monolithic Power Systems, Inc.
3,172
1,653,278
NVIDIA Corp.
174,400
86,075,120
NXP Semiconductors N.V.
18,335
3,771,876
ON Semiconductor Corp. *
30,524
3,005,393
Qorvo, Inc. *
7,014
753,233
QUALCOMM, Inc.
78,526
8,993,583
Skyworks Solutions, Inc.
11,174
1,215,061
SolarEdge Technologies, Inc. *
3,965
644,590
Synaptics, Inc. *
2,762
241,785
Teradyne, Inc.
10,889
1,174,596
Texas Instruments, Inc.
64,028
10,760,546
Universal Display Corp.
3,039
494,020
Wolfspeed, Inc. *
8,685
415,317
 
213,817,917
 
Software & Services 11.6%
Accenture plc, Class A
44,520
14,414,240
Adobe, Inc. *
32,353
18,096,327
Akamai Technologies, Inc. *
10,727
1,127,300
Amdocs Ltd.
8,503
758,468
ANSYS, Inc. *
6,102
1,945,745
AppLovin Corp., Class A *
8,807
380,639
Aspen Technology, Inc. *
2,027
393,238
Autodesk, Inc. *
15,130
3,357,952
Bentley Systems, Inc., Class B
14,110
704,230
Bill Holdings, Inc. *
6,815
785,770
Black Knight, Inc. *
10,975
831,466
Cadence Design Systems, Inc. *
19,245
4,627,268
CCC Intelligent Solutions Holdings, Inc. *
7,218
77,233
Cloudflare, Inc., Class A *
20,423
1,328,108
Cognizant Technology Solutions Corp.,
Class A
35,875
2,569,009
Crowdstrike Holdings, Inc., Class A *
15,838
2,582,069
Datadog, Inc., Class A *
17,761
1,713,581
DocuSign, Inc. *
14,294
718,988
Dolby Laboratories, Inc., Class A
4,217
356,210
DoubleVerify Holdings, Inc. *
7,147
241,640
Dropbox, Inc., Class A *
19,017
528,482
DXC Technology Co. *
15,945
330,699
Dynatrace, Inc. *
15,268
735,918
Elastic N.V. *
5,533
342,382
EPAM Systems, Inc. *
4,084
1,057,715
Fair Isaac Corp. *
1,756
1,588,460
See financial notes
Schwab U.S. Equity ETFs | Annual Report63

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Five9, Inc. *
4,951
358,304
Fortinet, Inc. *
46,028
2,771,346
Gartner, Inc. *
5,584
1,952,613
Gen Digital, Inc.
39,974
809,473
GoDaddy, Inc., Class A *
10,828
785,138
Guidewire Software, Inc. *
5,769
498,615
HubSpot, Inc. *
3,491
1,907,901
Informatica, Inc., Class A *
2,836
59,414
International Business Machines Corp.
64,003
9,397,560
Intuit, Inc.
19,792
10,723,504
Manhattan Associates, Inc. *
4,399
891,325
Microsoft Corp.
524,353
171,861,939
MongoDB, Inc. *
4,929
1,879,428
NCR Corp. *
9,748
299,848
Nutanix, Inc., Class A *
16,236
504,940
Okta, Inc. *
10,937
913,349
Oracle Corp.
108,544
13,067,612
Palantir Technologies, Inc., Class A *
126,806
1,899,554
Palo Alto Networks, Inc. *
21,341
5,192,265
Procore Technologies, Inc. *
4,946
334,102
PTC, Inc. *
7,536
1,109,073
Qualys, Inc. *
2,356
366,711
Roper Technologies, Inc.
7,518
3,751,933
Salesforce, Inc. *
69,029
15,287,162
SentinelOne, Inc., Class A *
16,574
275,626
ServiceNow, Inc. *
14,373
8,463,254
Smartsheet, Inc., Class A *
9,414
392,846
Snowflake, Inc., Class A *
20,422
3,203,191
Splunk, Inc. *
10,726
1,300,635
SPS Commerce, Inc. *
2,563
477,051
Synopsys, Inc. *
10,732
4,924,807
Tenable Holdings, Inc. *
8,142
369,403
Twilio, Inc., Class A *
12,323
785,098
Tyler Technologies, Inc. *
2,957
1,178,158
UiPath, Inc., Class A *
25,286
399,772
Unity Software, Inc. *
15,751
583,890
VeriSign, Inc. *
6,378
1,325,285
VMware, Inc., Class A *
14,788
2,495,919
Workday, Inc., Class A *
14,525
3,551,362
Zoom Video Communications, Inc.,
Class A *
15,555
1,104,872
Zscaler, Inc. *
6,031
941,138
 
339,988,553
 
Technology Hardware & Equipment 8.5%
Amphenol Corp., Class A
42,014
3,713,197
Apple Inc.
1,042,649
195,882,468
Arista Networks, Inc. *
17,636
3,443,076
Arrow Electronics, Inc. *
3,970
529,717
CDW Corp.
9,494
2,004,658
Ciena Corp. *
10,405
520,042
Cisco Systems, Inc.
288,854
16,565,777
Cognex Corp.
12,075
568,491
Coherent Corp. *
9,804
368,925
Corning, Inc.
53,943
1,770,409
Crane NXT Co.
3,343
198,440
Dell Technologies, Inc., Class C
18,046
1,014,907
F5, Inc. *
4,276
699,810
Hewlett Packard Enterprise Co.
91,392
1,552,750
HP, Inc.
61,122
1,815,935
IPG Photonics Corp. *
2,193
237,633
Jabil, Inc.
9,331
1,067,653
Juniper Networks, Inc.
22,706
661,199
Keysight Technologies, Inc. *
12,580
1,676,914
Littelfuse, Inc.
1,749
467,123
Lumentum Holdings, Inc. *
4,792
259,391
Motorola Solutions, Inc.
11,833
3,355,484
SECURITY
NUMBER
OF SHARES
VALUE ($)
National Instruments Corp.
9,298
554,161
NetApp, Inc.
15,130
1,160,471
Novanta, Inc. *
2,524
421,458
Pure Storage, Inc., Class A *
20,370
745,338
Rogers Corp. *
1,281
185,117
Seagate Technology Holdings plc
13,578
961,187
TD SYNNEX Corp.
2,934
298,534
TE Connectivity Ltd.
22,257
2,946,604
Teledyne Technologies, Inc. *
3,309
1,384,155
Trimble, Inc. *
17,488
958,168
Ubiquiti, Inc.
295
51,634
Western Digital Corp. *
22,518
1,013,310
Zebra Technologies Corp., Class A *
3,619
995,261
 
250,049,397
 
Telecommunication Services 0.8%
AT&T, Inc.
504,194
7,457,029
Frontier Communications Parent, Inc. *
15,687
251,306
GCI Liberty, Inc. *(c)
3,916
707
Iridium Communications, Inc.
8,924
436,830
Liberty Global plc, Class C *
17,170
340,653
Lumen Technologies, Inc. *
64,373
102,353
T-Mobile US, Inc. *
40,587
5,529,979
Verizon Communications, Inc.
296,314
10,365,063
 
24,483,920
 
Transportation 1.8%
Alaska Air Group, Inc. *
8,931
374,834
American Airlines Group, Inc. *
46,272
681,587
Avis Budget Group, Inc. *
1,679
358,282
C.H. Robinson Worldwide, Inc.
8,186
740,260
CSX Corp.
143,504
4,333,821
Delta Air Lines, Inc.
45,328
1,943,665
Expeditors International of Washington,
Inc.
10,773
1,257,317
FedEx Corp.
16,326
4,261,412
GXO Logistics, Inc. *
8,369
535,365
Hertz Global Holdings, Inc. *
11,317
191,823
J.B. Hunt Transport Services, Inc.
5,824
1,094,213
Knight-Swift Transportation Holdings,
Inc.
11,276
618,150
Landstar System, Inc.
2,518
477,942
Lyft, Inc., Class A *
23,357
275,145
Norfolk Southern Corp.
16,068
3,294,101
Old Dominion Freight Line, Inc.
6,344
2,711,235
RXO, Inc. *
8,179
147,876
Saia, Inc. *
1,864
794,437
Southwest Airlines Co.
41,795
1,320,722
Uber Technologies, Inc. *
142,728
6,741,043
U-Haul Holding Co.
620
35,321
U-Haul Holding Co.,Non Voting
6,194
329,769
Union Pacific Corp.
43,021
9,489,142
United Airlines Holdings, Inc. *
23,144
1,152,803
United Parcel Service, Inc., Class B
51,080
8,652,952
XPO, Inc. *
8,152
608,384
 
52,421,601
 
Utilities 2.4%
Alliant Energy Corp.
17,669
886,454
Ameren Corp.
18,517
1,467,843
American Electric Power Co., Inc.
36,360
2,850,624
American Water Works Co., Inc.
13,777
1,911,421
Atmos Energy Corp.
10,198
1,182,458
Avangrid, Inc.
4,881
168,394
Black Hills Corp.
4,710
259,050
See financial notes
64Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
CenterPoint Energy, Inc.
44,520
1,241,663
CMS Energy Corp.
20,511
1,152,513
Consolidated Edison, Inc.
24,505
2,179,965
Constellation Energy Corp.
22,935
2,388,910
Dominion Energy, Inc.
59,091
2,868,277
DTE Energy Co.
14,521
1,501,181
Duke Energy Corp.
54,412
4,831,786
Edison International
27,010
1,859,638
Entergy Corp.
14,917
1,420,844
Essential Utilities, Inc.
17,000
627,300
Evergy, Inc.
16,235
892,438
Eversource Energy
24,610
1,570,610
Exelon Corp.
70,272
2,819,313
FirstEnergy Corp.
38,269
1,380,363
Hawaiian Electric Industries, Inc.
7,659
107,379
IDACORP, Inc.
3,532
338,507
National Fuel Gas Co.
6,423
345,172
New Jersey Resources Corp.
6,764
285,238
NextEra Energy, Inc.
142,604
9,525,947
NiSource, Inc.
29,141
779,813
NRG Energy, Inc.
16,255
610,375
OGE Energy Corp.
14,090
479,764
ONE Gas, Inc.
3,913
283,575
Ormat Technologies, Inc.
3,653
277,409
PG&E Corp. *
114,380
1,864,394
Pinnacle West Capital Corp.
7,913
611,438
PNM Resources, Inc.
6,026
267,012
Portland General Electric Co.
6,840
300,002
PPL Corp.
52,131
1,299,105
Public Service Enterprise Group, Inc.
35,089
2,143,236
Sempra
44,466
3,122,403
Southwest Gas Holdings, Inc.
4,676
289,585
The AES Corp.
47,338
848,770
The Southern Co.
76,961
5,212,569
UGI Corp.
14,635
368,509
Vistra Corp.
24,763
778,053
WEC Energy Group, Inc.
22,299
1,875,792
Xcel Energy, Inc.
38,894
2,222,014
 
69,697,106
Total Common Stocks
(Cost $2,262,521,186)
2,933,211,672
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)
1,181,461
1,181,461
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)(e)
1,109,275
1,109,275
 
2,290,736
Total Short-Term Investments
(Cost $2,290,736)
2,290,736
Total Investments in Securities
(Cost $2,264,811,922)
2,935,502,408
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/15/23
25
5,645,000
24,227
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$1,074,020.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:
SECURITY
VALUE AT
8/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/23
BALANCE
OF SHARES
HELD AT
8/31/23
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Financial Services 0.2%
The Charles Schwab Corp.
$6,429,560
$1,335,813
($344,826
)
($46,278
)
($1,223,497
)
$6,150,772
103,986
$98,760
See financial notes
Schwab U.S. Equity ETFs | Annual Report65

Schwab 1000 Index ETF
Portfolio Holdings  as of August 31, 2023 (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$2,908,727,752
$
$
$2,908,727,752
Telecommunication Services
24,483,213
707
24,483,920
Short-Term Investments1
2,290,736
2,290,736
Futures Contracts2
24,227
24,227
Total
$2,935,525,928
$—
$707
$2,935,526,635
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
66Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - affiliated (cost $5,970,303)
 
$6,150,772
Investments in securities, at value - unaffiliated (cost $2,258,841,619) including securities on loan of $1,074,020
 
2,929,351,636
Cash
 
20,308
Deposit with broker for futures contracts
 
339,200
Receivables:
 
Dividends
 
4,320,698
Fund shares sold
 
2,175,679
Income from securities on loan
 
44,600
Investments sold
+
25,223
Total assets
 
2,942,428,116
 
Liabilities
Collateral held for securities on loan
 
1,109,275
Payables:
 
Investments bought
 
2,274,688
Management fees
 
122,961
Variation margin on futures contracts
+
11,998
Total liabilities
 
3,518,922
Net assets
 
$2,938,909,194
 
Net Assets by Source
Capital received from investors
 
$2,339,347,612
Total distributable earnings
+
599,561,582
Net assets
 
$2,938,909,194
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$2,938,909,194
 
67,600,000
$43.47
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report67

Schwab 1000 Index ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $10,619)
 
$41,637,349
Dividends received from securities - affiliated
 
98,760
Securities on loan, net
+
231,744
Total investment income
 
41,967,853
 
Expenses
Management fees
 
1,266,822
Total expenses
1,266,822
Net investment income
 
40,701,031
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(107,408
)
Net realized losses on sales of securities - unaffiliated
 
(45,971,140
)
Net realized gains on sales of in-kind redemptions - affiliated
 
61,130
Net realized gains on sales of in-kind redemptions - unaffiliated
 
21,468,023
Net realized gains on futures contracts
+
156,602
Net realized losses
 
(24,392,793
)
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
(1,223,497
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
374,222,432
Net change in unrealized appreciation (depreciation) on futures contracts
+
278,222
Net change in unrealized appreciation (depreciation)
+
373,277,157
Net realized and unrealized gains
 
348,884,364
Increase in net assets resulting from operations
 
$389,585,395
See financial notes
68Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$40,701,031
$29,794,319
Net realized gains (losses)
 
(24,392,793
)
4,531,559
Net change in unrealized appreciation (depreciation)
+
373,277,157
(352,446,723
)
Increase (decrease) in net assets resulting from operations
 
$389,585,395
($318,120,845
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($38,671,065
)
($29,128,865
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
10,750,000
$411,186,678
12,600,000
$529,373,421
Shares redeemed
+
(1,500,000
)
(58,078,437
)
(900,000
)
(37,665,232
)
Net transactions in fund shares
 
9,250,000
$353,108,241
11,700,000
$491,708,189
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
58,350,000
$2,234,886,623
46,650,000
$2,090,428,144
Total increase
+
9,250,000
704,022,571
11,700,000
144,458,479
End of period
 
67,600,000
$2,938,909,194
58,350,000
$2,234,886,623
See financial notes
Schwab U.S. Equity ETFs | Annual Report69

Schwab U.S. Large-Cap ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
 
Per-Share Data
Net asset value at beginning of period
$46.83
$54.73
$42.14
$35.00
$34.77
Income (loss) from investment operations:
Net investment income (loss)2
0.78
0.72
0.69
0.76
0.74
Net realized and unrealized gains (losses)
6.42
(7.90
)
12.63
7.10
0.16
Total from investment operations
7.20
(7.18
)
13.32
7.86
0.90
Less distributions:
Distributions from net investment income
(0.77
)
(0.72
)
(0.73
)
(0.72
)
(0.67
)
Net asset value at end of period
$53.26
$46.83
$54.73
$42.14
$35.00
Total return
15.61
%
(13.22
%)
32.05
%
22.92
%
2.70
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.03
%3
0.03
%3
0.03
%
0.03
%
0.03
%
Net investment income (loss)
1.63
%
1.39
%
1.45
%
2.06
%
2.19
%
Portfolio turnover rate4
4
%
4
%
4
%
5
%
4
%
Net assets, end of period (x 1,000,000)
$34,018
$28,911
$33,035
$23,253
$17,786
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional
information).
2
Calculated based on the average shares outstanding during the period.
3
Ratio includes less than 0.005% of non-routine proxy expenses.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
70Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023
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 2.2%
Aptiv plc *
226,386
22,966,860
Autoliv, Inc.
64,851
6,329,457
BorgWarner, Inc.
196,980
8,026,935
Ford Motor Co.
3,305,351
40,093,908
General Motors Co.
1,164,890
39,035,464
Gentex Corp.
199,385
6,511,914
Harley-Davidson, Inc.
109,285
3,688,369
Lear Corp.
49,175
7,085,626
Lucid Group, Inc. *(a)
685,227
4,303,225
Phinia, Inc. *
39,351
1,093,958
Rivian Automotive, Inc., Class A *
470,167
10,686,896
Tesla, Inc. *
2,260,802
583,467,780
 
733,290,392
 
Banks 2.9%
Bank of America Corp.
5,820,679
166,878,867
BOK Financial Corp.
24,263
2,016,498
Citigroup, Inc.
1,634,687
67,496,226
Citizens Financial Group, Inc.
407,513
11,463,341
Comerica, Inc.
110,030
5,293,543
Commerce Bancshares, Inc.
95,171
4,671,944
Cullen/Frost Bankers, Inc.
53,872
5,092,520
East West Bancorp, Inc.
118,245
6,543,678
Fifth Third Bancorp
570,418
15,144,598
First Citizens BancShares, Inc.,
Class A
10,039
13,657,056
First Horizon Corp.
448,560
5,629,428
Huntington Bancshares, Inc.
1,213,536
13,458,114
JPMorgan Chase & Co.
2,452,308
358,846,230
KeyCorp
787,404
8,921,287
M&T Bank Corp.
138,669
17,340,558
Regions Financial Corp.
788,942
14,469,196
The PNC Financial Services Group,
Inc.
335,588
40,515,539
Truist Financial Corp.
1,115,707
34,084,849
U.S. Bancorp
1,172,968
42,848,521
Webster Financial Corp.
145,750
6,181,258
Wells Fargo & Co.
3,147,926
129,977,865
Western Alliance Bancorp
91,380
4,569,914
Zions Bancorp NA
122,902
4,363,021
 
979,464,051
 
Capital Goods 5.9%
3M Co.
462,379
49,321,968
A.O. Smith Corp.
104,793
7,597,493
Acuity Brands, Inc.
26,645
4,297,306
Advanced Drainage Systems, Inc.
52,120
6,679,699
AECOM
115,838
10,164,785
AGCO Corp.
51,825
6,712,892
Allegion plc
73,609
8,377,440
AMETEK, Inc.
193,935
30,934,572
SECURITY
NUMBER
OF SHARES
VALUE ($)
Axon Enterprise, Inc. *
58,886
12,537,418
Builders FirstSource, Inc. *
107,662
15,615,296
Carlisle Cos., Inc.
42,825
11,263,832
Carrier Global Corp.
701,105
40,278,482
Caterpillar, Inc.
432,558
121,605,031
Cummins, Inc.
118,499
27,259,510
Deere & Co.
226,370
93,024,488
Donaldson Co., Inc.
101,713
6,496,409
Dover Corp.
117,261
17,389,806
Eaton Corp. plc
334,077
76,961,318
Emerson Electric Co.
478,831
47,045,146
Fastenal Co.
478,518
27,553,066
Ferguson plc
171,835
27,761,663
Fortive Corp.
297,856
23,485,946
Fortune Brands Innovations, Inc.
105,842
7,305,215
Generac Holdings, Inc. *
52,287
6,212,218
General Dynamics Corp.
189,022
42,839,946
General Electric Co.
914,061
104,623,422
Graco, Inc.
140,808
11,115,384
HEICO Corp.
80,257
13,540,158
Honeywell International, Inc.
558,633
104,989,486
Howmet Aerospace, Inc.
308,930
15,282,767
Hubbell, Inc.
44,730
14,584,217
Huntington Ingalls Industries, Inc.
33,402
7,359,129
IDEX Corp.
63,178
14,303,499
Illinois Tool Works, Inc.
231,943
57,371,101
Ingersoll Rand, Inc.
338,314
23,550,038
Johnson Controls International plc
575,704
34,001,078
L3Harris Technologies, Inc.
158,683
28,259,855
Lennox International, Inc.
27,112
10,216,073
Lincoln Electric Holdings, Inc.
48,230
9,282,346
Lockheed Martin Corp.
189,255
84,852,479
Masco Corp.
189,461
11,180,094
Masterbrand, Inc. *
107,245
1,373,808
Nordson Corp.
45,569
11,125,216
Northrop Grumman Corp.
119,618
51,805,360
Otis Worldwide Corp.
346,368
29,631,782
Owens Corning
75,682
10,891,397
PACCAR, Inc.
439,613
36,175,754
Parker-Hannifin Corp.
107,897
44,982,259
Pentair plc
138,077
9,701,290
Plug Power, Inc. *(a)
454,319
3,843,539
Quanta Services, Inc.
121,820
25,566,363
Regal Rexnord Corp.
55,741
9,040,633
Rockwell Automation, Inc.
96,629
30,155,978
RTX Corp.
1,226,217
105,503,711
Sensata Technologies Holding plc
128,386
4,829,881
Snap-on, Inc.
44,319
11,904,083
Stanley Black & Decker, Inc.
128,681
12,144,913
Textron, Inc.
169,519
13,173,321
The Boeing Co. *
474,611
106,327,102
The Middleby Corp. *
45,006
6,552,424
The Toro Co.
87,397
8,942,461
Trane Technologies plc
191,067
39,218,412
TransDigm Group, Inc. *
43,842
39,626,592
Trex Co., Inc. *
91,537
6,532,996
United Rentals, Inc.
57,836
27,561,167
See financial notes
Schwab U.S. Equity ETFs | Annual Report71

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
W.W. Grainger, Inc.
37,410
26,715,977
Watsco, Inc.
28,347
10,333,899
Westinghouse Air Brake Technologies
Corp.
150,298
16,911,531
WillScot Mobile Mini Holdings Corp. *
170,025
6,974,426
Woodward, Inc.
49,745
6,435,511
Xylem, Inc.
201,575
20,871,075
 
2,008,084,932
 
Commercial & Professional Services 1.4%
Automatic Data Processing, Inc.
347,064
88,365,965
Booz Allen Hamilton Holding Corp.,
Class A
110,548
12,526,194
Broadridge Financial Solutions, Inc.
99,126
18,458,252
Ceridian HCM Holding, Inc. *
131,666
9,548,418
Cintas Corp.
72,674
36,640,051
Clarivate plc *
358,032
2,660,178
Concentrix Corp.
35,623
2,843,784
Copart, Inc. *
718,170
32,195,561
Dun & Bradstreet Holdings, Inc.
180,104
1,963,134
Equifax, Inc.
102,724
21,233,051
Genpact Ltd.
141,597
5,285,816
Jacobs Solutions, Inc.
107,268
14,461,872
Leidos Holdings, Inc.
115,275
11,240,465
Paychex, Inc.
269,126
32,895,271
Paycom Software, Inc.
40,816
12,034,189
Paylocity Holding Corp. *
34,525
6,922,263
RB Global, Inc.
152,443
9,408,782
Republic Services, Inc.
172,532
24,867,037
Robert Half International, Inc.
89,764
6,638,945
Rollins, Inc.
194,809
7,708,592
SS&C Technologies Holdings, Inc.
181,308
10,410,705
TransUnion
161,723
13,135,142
Verisk Analytics, Inc.
121,912
29,529,525
Waste Management, Inc.
310,268
48,643,817
 
459,617,009
 
Consumer Discretionary Distribution & Retail 5.4%
Advance Auto Parts, Inc.
49,757
3,424,277
Amazon.com, Inc. *
7,490,816
1,033,807,516
AutoZone, Inc. *
15,474
39,169,800
Bath & Body Works, Inc.
191,283
7,052,604
Best Buy Co., Inc.
163,041
12,464,485
Burlington Stores, Inc. *
54,513
8,845,279
CarMax, Inc. *
132,019
10,783,312
Carvana Co. *(a)
82,247
4,141,137
eBay, Inc.
447,462
20,037,348
Etsy, Inc. *
103,723
7,630,901
Five Below, Inc. *
46,566
8,007,489
Floor & Decor Holdings, Inc., Class A *
89,168
8,890,050
GameStop Corp., Class A *(a)
213,604
3,962,354
Genuine Parts Co.
117,870
18,120,155
LKQ Corp.
212,109
11,142,086
Lowe’s Cos., Inc.
500,488
115,352,474
O'Reilly Automotive, Inc. *
51,151
48,066,595
Penske Automotive Group, Inc.
20,030
3,290,929
Pool Corp.
33,064
12,088,198
RH *
15,042
5,493,188
Ross Stores, Inc.
286,915
34,949,116
The Home Depot, Inc.
849,811
280,692,573
The TJX Cos., Inc.
966,945
89,423,074
Tractor Supply Co.
92,021
20,106,589
Ulta Beauty, Inc. *
42,225
17,524,642
Wayfair, Inc., Class A *
69,150
4,778,957
SECURITY
NUMBER
OF SHARES
VALUE ($)
Williams-Sonoma, Inc.
54,861
7,746,373
 
1,836,991,501
 
Consumer Durables & Apparel 0.9%
D.R. Horton, Inc.
260,058
30,952,103
Deckers Outdoor Corp. *
22,077
11,680,720
Garmin Ltd.
128,112
13,582,434
Hasbro, Inc.
109,353
7,873,416
Leggett & Platt, Inc.
110,196
3,107,527
Lennar Corp., Class A
223,595
26,627,929
Lululemon Athletica, Inc. *
97,049
37,000,902
Mohawk Industries, Inc. *
44,432
4,504,961
Newell Brands, Inc.
312,728
3,308,662
NIKE, Inc., Class B
1,034,401
105,208,926
NVR, Inc. *
2,579
16,447,134
Polaris, Inc.
44,595
4,998,654
PulteGroup, Inc.
187,649
15,398,477
Tapestry, Inc.
194,898
6,494,001
Toll Brothers, Inc.
86,623
7,097,022
VF Corp.
277,895
5,491,205
Whirlpool Corp.
45,715
6,398,271
 
306,172,344
 
Consumer Services 2.2%
ADT, Inc.
178,052
1,143,094
Airbnb, Inc., Class A *
346,692
45,607,333
Aramark
230,924
8,585,754
Booking Holdings, Inc. *
30,981
96,196,934
Caesars Entertainment, Inc. *
180,851
9,993,826
Carnival Corp. *
840,356
13,294,432
Chipotle Mexican Grill, Inc. *
23,140
44,582,450
Darden Restaurants, Inc.
101,463
15,778,511
Domino’s Pizza, Inc.
29,725
11,515,465
DoorDash, Inc., Class A *
220,272
18,531,483
DraftKings, Inc., Class A *
387,868
11,500,286
Expedia Group, Inc. *
119,747
12,979,377
Hilton Worldwide Holdings, Inc.
221,661
32,949,908
Las Vegas Sands Corp.
274,549
15,061,758
Marriott International, Inc., Class A
216,790
44,118,933
McDonald’s Corp.
612,940
172,328,081
MGM Resorts International
253,401
11,144,576
Norwegian Cruise Line Holdings Ltd. *
357,978
5,931,696
Royal Caribbean Cruises Ltd. *
185,354
18,338,925
Service Corp. International
126,963
8,012,635
Starbucks Corp.
962,346
93,770,994
Vail Resorts, Inc.
34,203
7,740,823
Wyndham Hotels & Resorts, Inc.
71,993
5,427,552
Wynn Resorts Ltd.
86,586
8,778,089
Yum! Brands, Inc.
234,927
30,394,855
 
743,707,770
 
Consumer Staples Distribution & Retail 1.7%
Albertsons Cos., Inc., Class A
168,179
3,767,209
BJ's Wholesale Club Holdings, Inc. *
111,889
7,540,200
Costco Wholesale Corp.
372,266
204,478,268
Dollar General Corp.
183,526
25,418,351
Dollar Tree, Inc. *
175,034
21,417,160
Sysco Corp.
426,195
29,684,482
Target Corp.
386,798
48,949,287
The Kroger Co.
549,879
25,508,887
US Foods Holding Corp. *
190,228
7,690,918
Walgreens Boots Alliance, Inc.
599,597
15,175,800
Walmart, Inc.
1,176,606
191,327,902
 
580,958,464
 
See financial notes
72Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Energy 4.3%
Antero Resources Corp. *
229,973
6,363,353
APA Corp.
259,430
11,373,411
Baker Hughes Co.
847,408
30,667,696
Cheniere Energy, Inc.
204,427
33,362,486
Chesapeake Energy Corp.
89,684
7,911,026
Chevron Corp.
1,493,740
240,641,514
ConocoPhillips
1,015,553
120,881,274
Coterra Energy, Inc.
636,806
17,951,561
Devon Energy Corp.
537,369
27,454,182
Diamondback Energy, Inc.
152,690
23,175,288
EOG Resources, Inc.
491,326
63,194,350
EQT Corp.
303,817
13,130,971
Exxon Mobil Corp.
3,392,758
377,240,762
Halliburton Co.
756,506
29,216,262
Hess Corp.
231,878
35,825,151
HF Sinclair Corp.
108,238
5,962,831
Kinder Morgan, Inc.
1,651,934
28,446,304
Marathon Oil Corp.
519,105
13,678,417
Marathon Petroleum Corp.
356,760
50,934,625
New Fortress Energy, Inc.
39,575
1,228,408
Occidental Petroleum Corp.
601,933
37,795,373
ONEOK, Inc.
375,719
24,496,879
Ovintiv, Inc.
203,864
9,573,453
Phillips 66
384,433
43,886,871
Pioneer Natural Resources Co.
196,570
46,769,900
Schlumberger N.V.
1,197,488
70,603,893
Targa Resources Corp.
189,112
16,310,910
Texas Pacific Land Corp.
5,136
9,680,076
The Williams Cos., Inc.
1,024,907
35,390,039
Valero Energy Corp.
302,806
39,334,499
Vitesse Energy, Inc.
17,971
417,646
 
1,472,899,411
 
Equity Real Estate Investment Trusts (REITs) 2.5%
Alexandria Real Estate Equities, Inc.
132,010
15,358,043
American Homes 4 Rent, Class A
263,877
9,510,127
American Tower Corp.
391,410
70,970,461
Americold Realty Trust, Inc.
227,451
7,653,726
Apartment Income REIT Corp.
125,874
4,287,268
AvalonBay Communities, Inc.
118,777
21,833,588
Boston Properties, Inc.
119,189
7,958,249
Camden Property Trust
89,084
9,587,220
Crown Castle, Inc.
363,429
36,524,614
CubeSmart
187,097
7,803,816
Digital Realty Trust, Inc.
243,847
32,119,527
Equinix, Inc.
78,484
61,325,828
Equity LifeStyle Properties, Inc.
146,311
9,796,985
Equity Residential
286,093
18,547,409
Essex Property Trust, Inc.
54,261
12,935,280
Extra Space Storage, Inc.
177,933
22,896,418
Federal Realty Investment Trust
61,320
6,005,681
Gaming & Leisure Properties, Inc.
220,514
10,452,364
Healthcare Realty Trust, Inc.
321,246
5,628,230
Healthpeak Properties, Inc.
458,332
9,432,473
Host Hotels & Resorts, Inc.
593,598
9,372,912
Invitation Homes, Inc.
487,247
16,610,250
Iron Mountain, Inc.
244,985
15,566,347
Kilroy Realty Corp.
88,345
3,264,348
Kimco Realty Corp.
518,884
9,827,663
Lamar Advertising Co., Class A
73,677
6,720,816
Medical Properties Trust, Inc.
506,482
3,656,800
Mid-America Apartment
Communities, Inc.
98,000
14,232,540
NNN REIT, Inc.
154,903
6,101,629
Omega Healthcare Investors, Inc.
195,789
6,230,006
SECURITY
NUMBER
OF SHARES
VALUE ($)
Prologis, Inc.
775,289
96,290,894
Public Storage
132,542
36,631,958
Realty Income Corp.
563,828
31,596,921
Regency Centers Corp.
137,894
8,577,007
Rexford Industrial Realty, Inc.
168,849
9,028,356
SBA Communications Corp.
91,287
20,496,670
Simon Property Group, Inc.
273,834
31,077,421
Sun Communities, Inc.
104,529
12,796,440
UDR, Inc.
259,101
10,338,130
Ventas, Inc.
335,236
14,643,108
VICI Properties, Inc.
840,477
25,920,311
Vornado Realty Trust
133,436
3,205,133
Welltower, Inc.
416,242
34,498,137
Weyerhaeuser Co.
617,217
20,213,857
WP Carey, Inc.
179,693
11,689,030
 
839,213,991
 
Financial Services 7.7%
Affirm Holdings, Inc. *
176,084
3,664,308
AGNC Investment Corp.
500,599
4,960,936
Ally Financial, Inc.
253,470
7,018,584
American Express Co.
499,093
78,851,703
Ameriprise Financial, Inc.
87,675
29,597,327
Annaly Capital Management, Inc.
414,949
8,411,016
Apollo Global Management, Inc.
361,106
31,538,998
Ares Management Corp., Class A
134,874
13,951,367
Berkshire Hathaway, Inc., Class B *
1,496,477
539,031,015
BlackRock, Inc.
125,692
88,052,274
Blackstone, Inc.
593,320
63,111,448
Block, Inc. *
457,994
26,403,354
Capital One Financial Corp.
321,122
32,879,682
Cboe Global Markets, Inc.
88,490
13,247,838
CME Group, Inc.
301,874
61,183,822
Coinbase Global, Inc., Class A *
139,679
11,118,448
Corebridge Financial, Inc.
124,825
2,225,630
Credit Acceptance Corp. *
5,086
2,552,002
Discover Financial Services
212,446
19,135,011
Equitable Holdings, Inc.
278,551
8,022,269
FactSet Research Systems, Inc.
32,195
14,050,220
Fidelity National Information Services,
Inc.
495,929
27,702,594
Fiserv, Inc. *
518,470
62,937,073
FleetCor Technologies, Inc. *
62,255
16,916,551
Franklin Resources, Inc.
240,724
6,436,960
Global Payments, Inc.
219,698
27,833,540
Intercontinental Exchange, Inc.
469,186
55,359,256
Invesco Ltd.
383,233
6,101,069
Jack Henry & Associates, Inc.
61,261
9,604,500
Jefferies Financial Group, Inc.
156,696
5,592,480
KKR & Co., Inc.
484,089
30,405,630
LPL Financial Holdings, Inc.
65,270
15,050,609
MarketAxess Holdings, Inc.
31,475
7,583,272
Mastercard, Inc., Class A
702,207
289,758,696
Moody's Corp.
132,217
44,530,686
Morgan Stanley
1,093,584
93,118,678
Morningstar, Inc.
20,990
4,883,743
MSCI, Inc.
67,335
36,604,653
Nasdaq, Inc.
284,771
14,944,782
Northern Trust Corp.
174,871
13,302,437
PayPal Holdings, Inc. *
937,205
58,584,685
Raymond James Financial, Inc.
160,295
16,765,254
S&P Global, Inc.
275,252
107,584,997
SEI Investments Co.
85,538
5,308,488
SoFi Technologies, Inc. *
696,527
6,031,924
Starwood Property Trust, Inc.
262,605
5,365,020
State Street Corp.
279,584
19,218,604
Synchrony Financial
359,944
11,618,992
See financial notes
Schwab U.S. Equity ETFs | Annual Report73

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
T. Rowe Price Group, Inc.
188,253
21,127,634
The Bank of New York Mellon Corp.
601,464
26,987,690
The Carlyle Group, Inc.
183,393
5,932,764
The Charles Schwab Corp. (b)
1,238,854
73,278,214
The Goldman Sachs Group, Inc.
279,083
91,458,290
The Western Union Co.
312,058
3,853,916
Visa, Inc., Class A
1,357,964
333,624,596
Voya Financial, Inc.
82,635
5,758,007
WEX, Inc. *
35,856
7,034,230
 
2,627,207,766
 
Food, Beverage & Tobacco 3.0%
Altria Group, Inc.
1,499,361
66,301,743
Archer-Daniels-Midland Co.
458,015
36,320,590
Brown-Forman Corp., Class B
202,182
13,370,296
Bunge Ltd.
126,443
14,454,964
Campbell Soup Co.
169,017
7,048,009
Conagra Brands, Inc.
399,163
11,926,990
Constellation Brands, Inc., Class A
135,582
35,327,246
Darling Ingredients, Inc. *
134,498
8,306,597
General Mills, Inc.
492,103
33,295,689
Hormel Foods Corp.
241,948
9,336,773
Kellogg Co.
216,072
13,184,713
Keurig Dr Pepper, Inc.
705,259
23,731,965
Lamb Weston Holdings, Inc.
122,356
11,918,698
McCormick & Co., Inc. Non Voting
Shares
210,237
17,256,253
Molson Coors Beverage Co., Class B
156,594
9,942,153
Mondelez International, Inc., Class A
1,143,307
81,472,057
Monster Beverage Corp. *
640,059
36,745,787
PepsiCo, Inc.
1,156,522
205,768,394
Philip Morris International, Inc.
1,302,276
125,096,633
Post Holdings, Inc. *
45,003
4,037,219
The Coca-Cola Co.
3,264,868
195,337,052
The Hershey Co.
123,296
26,491,379
The J.M. Smucker Co.
89,438
12,964,038
The Kraft Heinz Co.
667,845
22,098,991
Tyson Foods, Inc., Class A
239,792
12,773,720
 
1,034,507,949
 
Health Care Equipment & Services 5.2%
Abbott Laboratories
1,458,680
150,098,172
agilon health, Inc. *
244,217
4,327,525
Align Technology, Inc. *
59,744
22,113,644
Baxter International, Inc.
423,768
17,204,981
Becton Dickinson & Co.
238,554
66,663,915
Boston Scientific Corp. *
1,207,871
65,152,562
Cardinal Health, Inc.
212,895
18,592,120
Cencora, Inc.
136,312
23,988,186
Centene Corp. *
459,739
28,342,909
Chemed Corp.
12,564
6,425,732
CVS Health Corp.
1,076,575
70,160,393
DaVita, Inc. *
46,054
4,716,851
Dentsply Sirona, Inc.
177,437
6,581,138
DexCom, Inc. *
324,772
32,795,477
Edwards Lifesciences Corp. *
509,926
38,994,041
Elevance Health, Inc.
198,988
87,954,686
Encompass Health Corp.
83,682
5,944,769
GE Healthcare, Inc.
327,575
23,077,659
Guardant Health, Inc. *
96,164
3,758,089
HCA Healthcare, Inc.
173,465
48,101,845
Henry Schein, Inc. *
110,101
8,427,131
Hologic, Inc. *
206,633
15,443,750
Humana, Inc.
104,684
48,325,275
IDEXX Laboratories, Inc. *
69,801
35,696,929
Insulet Corp. *
58,500
11,215,035
SECURITY
NUMBER
OF SHARES
VALUE ($)
Intuitive Surgical, Inc. *
294,064
91,947,932
Laboratory Corp. of America Holdings
74,393
15,481,183
Masimo Corp. *
40,663
4,646,968
McKesson Corp.
113,966
46,990,461
Medtronic plc
1,116,753
91,015,370
Molina Healthcare, Inc. *
48,851
15,149,672
Novocure Ltd. *
75,930
1,675,016
Penumbra, Inc. *
32,127
8,497,592
Quest Diagnostics, Inc.
94,030
12,364,945
R1 RCM, Inc. *
113,581
1,958,136
ResMed, Inc.
123,685
19,738,889
Shockwave Medical, Inc. *
30,814
6,791,097
STERIS plc
83,324
19,130,357
Stryker Corp.
283,637
80,425,271
Teladoc Health, Inc. *
138,183
3,128,463
Teleflex, Inc.
39,298
8,360,257
The Cigna Group
248,489
68,647,571
The Cooper Cos., Inc.
41,406
15,319,806
UnitedHealth Group, Inc.
781,293
372,348,618
Universal Health Services, Inc.,
Class B
52,882
7,123,205
Veeva Systems, Inc., Class A *
121,854
25,430,930
Zimmer Biomet Holdings, Inc.
174,615
20,800,139
 
1,781,074,692
 
Household & Personal Products 1.5%
Church & Dwight Co., Inc.
204,194
19,759,853
Colgate-Palmolive Co.
697,195
51,222,917
Kenvue, Inc.
1,446,453
33,340,740
Kimberly-Clark Corp.
283,077
36,468,810
Olaplex Holdings, Inc. *
69,894
189,413
Reynolds Consumer Products, Inc.
45,575
1,243,742
The Clorox Co.
103,934
16,260,474
The Estee Lauder Cos., Inc., Class A
194,270
31,186,163
The Procter & Gamble Co.
1,977,908
305,270,321
 
494,942,433
 
Insurance 2.1%
Aflac, Inc.
460,490
34,338,739
American Financial Group, Inc.
58,518
6,783,407
American International Group, Inc.
606,200
35,474,824
Aon plc, Class A
171,559
57,196,055
Arch Capital Group Ltd. *
312,587
24,025,437
Arthur J. Gallagher & Co.
180,127
41,515,671
Assurant, Inc.
44,807
6,242,959
Brown & Brown, Inc.
197,731
14,651,867
Chubb Ltd.
347,799
69,862,385
Cincinnati Financial Corp.
132,165
13,981,735
CNA Financial Corp.
23,453
922,407
Erie Indemnity Co., Class A
21,002
5,853,888
Everest Group Ltd.
35,807
12,914,869
F&G Annuities & Life, Inc.
15,606
441,806
Fidelity National Financial, Inc.
226,756
9,387,699
Globe Life, Inc.
74,665
8,330,374
Lincoln National Corp.
128,626
3,300,543
Loews Corp.
158,981
9,871,130
Markel Group, Inc. *
11,260
16,652,639
Marsh & McLennan Cos., Inc.
415,275
80,974,472
MetLife, Inc.
538,851
34,130,822
Old Republic International Corp.
227,698
6,227,540
Principal Financial Group, Inc.
189,160
14,699,624
Prudential Financial, Inc.
305,598
28,930,963
Reinsurance Group of America, Inc.
55,849
7,741,788
RenaissanceRe Holdings Ltd.
42,015
7,894,198
The Allstate Corp.
220,626
23,785,689
See financial notes
74Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
The Hartford Financial Services
Group, Inc.
259,512
18,638,152
The Progressive Corp.
491,805
65,641,213
The Travelers Cos., Inc.
194,331
31,331,987
W.R. Berkley Corp.
168,878
10,446,793
Willis Towers Watson plc
89,019
18,405,569
 
720,597,244
 
Materials 2.5%
Air Products and Chemicals, Inc.
186,669
55,158,823
Albemarle Corp.
98,506
19,574,127
Alcoa Corp.
149,278
4,490,282
Amcor plc
1,237,057
12,048,935
AptarGroup, Inc.
54,737
7,255,937
Avery Dennison Corp.
67,891
12,789,307
Axalta Coating Systems Ltd. *
186,087
5,266,262
Ball Corp.
265,692
14,466,929
Berry Global Group, Inc.
100,116
6,541,579
Celanese Corp.
83,456
10,545,500
CF Industries Holdings, Inc.
163,048
12,566,109
Cleveland-Cliffs, Inc. *
435,095
6,652,603
Corteva, Inc.
595,626
30,085,069
Crown Holdings, Inc.
100,349
9,298,338
Dow, Inc.
595,216
32,474,985
DuPont de Nemours, Inc.
386,438
29,713,218
Eastman Chemical Co.
99,349
8,445,659
Ecolab, Inc.
207,563
38,152,155
FMC Corp.
104,292
8,993,099
Freeport-McMoRan, Inc.
1,201,076
47,934,943
International Flavors & Fragrances,
Inc.
214,324
15,099,126
International Paper Co.
291,806
10,189,866
Linde plc
410,736
158,971,261
LyondellBasell Industries N.V.,
Class A
213,110
21,048,875
Martin Marietta Materials, Inc.
52,050
23,235,641
Newmont Corp.
665,948
26,251,670
Nucor Corp.
211,297
36,364,214
Packaging Corp. of America
75,564
11,266,592
PPG Industries, Inc.
198,134
28,087,476
Reliance Steel & Aluminum Co.
49,623
14,140,570
Royal Gold, Inc.
55,105
6,176,719
RPM International, Inc.
107,912
10,763,143
Sealed Air Corp.
120,403
4,462,135
Sonoco Products Co.
81,133
4,661,091
Steel Dynamics, Inc.
134,795
14,367,799
The Mosaic Co.
279,052
10,841,170
The Sherwin-Williams Co.
197,255
53,598,129
Vulcan Materials Co.
112,050
24,454,913
Westlake Corp.
28,790
3,770,914
Westrock Co.
215,534
7,050,117
 
857,255,280
 
Media & Entertainment 7.7%
Activision Blizzard, Inc.
601,175
55,302,088
Alphabet, Inc., Class A *
4,985,481
678,872,948
Alphabet, Inc., Class C *
4,288,469
589,021,217
AMC Entertainment Holdings, Inc.,
Class A *(a)
48,800
612,441
Cable One, Inc.
3,943
2,565,198
Charter Communications, Inc.,
Class A *
87,367
38,277,230
Comcast Corp., Class A
3,489,454
163,166,869
DISH Network Corp., Class A *
208,007
1,248,042
Electronic Arts, Inc.
218,103
26,167,998
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fox Corp., Class A
334,140
11,046,668
IAC, Inc. *
63,380
3,506,815
Liberty Broadband Corp., Class C *
112,661
10,540,563
Liberty Media Corp.-Liberty Formula
One, Class C *
192,683
13,254,664
Liberty Media Corp.-Liberty Live,
Class C *
55,715
1,874,810
Liberty Media Corp.-Liberty SiriusXM,
Class C *
188,997
4,619,087
Live Nation Entertainment, Inc. *
120,845
10,215,028
Match Group, Inc. *
232,614
10,902,618
Meta Platforms, Inc., Class A *
1,856,369
549,281,024
Netflix, Inc. *
373,285
161,886,239
News Corp., Class A
421,131
9,050,105
Omnicom Group, Inc.
168,737
13,669,384
Paramount Global, Class B
442,376
6,675,454
Pinterest, Inc., Class A *
498,432
13,701,896
ROBLOX Corp., Class A *
310,684
8,789,250
Roku, Inc. *
103,871
8,434,325
Sirius XM Holdings, Inc. (a)
583,298
2,566,511
Snap, Inc., Class A *
837,803
8,671,261
Take-Two Interactive Software, Inc. *
132,961
18,907,054
The Interpublic Group of Cos., Inc.
322,330
10,511,181
The Trade Desk, Inc., Class A *
371,907
29,763,717
The Walt Disney Co. *
1,533,071
128,287,381
Warner Bros Discovery, Inc. *
1,854,507
24,368,222
ZoomInfo Technologies, Inc. *
227,755
4,104,145
 
2,619,861,433
 
Pharmaceuticals, Biotechnology & Life Sciences 7.7%
AbbVie, Inc.
1,480,748
217,610,726
Agilent Technologies, Inc.
248,801
30,122,337
Alnylam Pharmaceuticals, Inc. *
104,573
20,686,631
Amgen, Inc.
448,486
114,964,901
Avantor, Inc. *
563,869
12,207,764
Biogen, Inc. *
121,813
32,567,924
Biohaven Ltd. *
53,437
977,363
BioMarin Pharmaceutical, Inc. *
157,602
14,401,671
Bio-Rad Laboratories, Inc., Class A *
17,831
7,135,966
Bio-Techne Corp.
131,754
10,329,513
Bristol-Myers Squibb Co.
1,762,864
108,680,565
Bruker Corp.
83,453
5,474,517
Catalent, Inc. *
151,165
7,553,715
Charles River Laboratories
International, Inc. *
43,017
8,896,776
Danaher Corp.
557,203
147,658,795
Elanco Animal Health, Inc. *
389,178
4,747,971
Eli Lilly & Co.
661,196
366,434,823
Exact Sciences Corp. *
151,433
12,670,399
Fortrea Holdings, Inc. *
74,348
2,048,287
Gilead Sciences, Inc.
1,047,443
80,108,441
Horizon Therapeutics plc *
189,522
21,366,710
Illumina, Inc. *
132,304
21,859,267
Incyte Corp. *
155,663
10,044,933
IQVIA Holdings, Inc. *
156,126
34,758,331
Jazz Pharmaceuticals plc *
53,714
7,700,439
Johnson & Johnson
2,021,207
326,788,748
Karuna Therapeutics, Inc. *
25,188
4,729,299
Merck & Co., Inc.
2,129,411
232,063,211
Mettler-Toledo International, Inc. *
18,516
22,468,796
Moderna, Inc. *
274,581
31,046,874
Neurocrine Biosciences, Inc. *
82,152
8,945,531
Organon & Co.
213,181
4,681,455
Pfizer, Inc.
4,735,107
167,528,086
Regeneron Pharmaceuticals, Inc. *
90,632
74,906,442
Repligen Corp. *
43,057
7,488,043
Revvity, Inc.
105,421
12,337,420
See financial notes
Schwab U.S. Equity ETFs | Annual Report75

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Royalty Pharma plc, Class A
316,140
9,427,295
Sarepta Therapeutics, Inc. *
78,218
9,465,160
Seagen, Inc. *
116,040
23,912,363
Syneos Health, Inc. *
87,581
3,742,336
Thermo Fisher Scientific, Inc.
323,847
180,415,164
United Therapeutics Corp. *
39,300
8,817,348
Vertex Pharmaceuticals, Inc. *
216,224
75,319,468
Viatris, Inc.
1,002,873
10,780,885
Waters Corp. *
49,552
13,914,201
West Pharmaceutical Services, Inc.
62,273
25,338,884
Zoetis, Inc.
388,049
73,927,215
 
2,629,052,989
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
261,248
22,219,142
CoStar Group, Inc. *
343,741
28,183,325
Jones Lang LaSalle, Inc. *
39,745
6,867,936
Zillow Group, Inc., Class C *
180,861
9,433,710
 
66,704,113
 
Semiconductors & Semiconductor Equipment 7.4%
Advanced Micro Devices, Inc. *
1,350,776
142,804,039
Analog Devices, Inc.
424,689
77,199,966
Applied Materials, Inc.
709,234
108,342,586
Broadcom, Inc.
349,879
322,899,830
Enphase Energy, Inc. *
115,110
14,564,868
Entegris, Inc.
125,637
12,723,259
First Solar, Inc. *
83,401
15,772,797
Intel Corp.
3,500,227
122,997,977
KLA Corp.
115,222
57,826,465
Lam Research Corp.
112,767
79,207,541
Marvell Technology, Inc.
719,813
41,929,107
Microchip Technology, Inc.
460,674
37,701,560
Micron Technology, Inc.
919,392
64,302,277
Monolithic Power Systems, Inc.
37,752
19,676,720
NVIDIA Corp.
2,075,375
1,024,301,331
NXP Semiconductors N.V.
218,345
44,917,933
ON Semiconductor Corp. *
361,780
35,620,859
Qorvo, Inc. *
83,667
8,984,999
QUALCOMM, Inc.
934,865
107,070,088
Skyworks Solutions, Inc.
133,135
14,477,100
SolarEdge Technologies, Inc. *
47,264
7,683,709
Teradyne, Inc.
130,194
14,044,027
Texas Instruments, Inc.
761,446
127,968,615
Universal Display Corp.
36,690
5,964,326
Wolfspeed, Inc. *
103,518
4,950,231
 
2,513,932,210
 
Software & Services 11.8%
Accenture plc, Class A
530,169
171,652,817
Adobe, Inc. *
385,034
215,364,918
Akamai Technologies, Inc. *
127,838
13,434,495
ANSYS, Inc. *
72,973
23,268,901
AppLovin Corp., Class A *
105,890
4,576,566
Aspen Technology, Inc. *
24,495
4,752,030
Atlassian Corp., Class A *
127,922
26,103,763
Autodesk, Inc. *
179,388
39,813,373
Bentley Systems, Inc., Class B
167,898
8,379,789
Bill Holdings, Inc. *
80,468
9,277,960
Black Knight, Inc. *
131,832
9,987,592
Cadence Design Systems, Inc. *
229,131
55,092,258
Cloudflare, Inc., Class A *
243,209
15,815,881
Cognizant Technology Solutions Corp.,
Class A
424,863
30,424,439
Crowdstrike Holdings, Inc., Class A *
187,581
30,581,330
SECURITY
NUMBER
OF SHARES
VALUE ($)
Datadog, Inc., Class A *
211,530
20,408,414
DocuSign, Inc. *
169,955
8,548,737
DXC Technology Co. *
190,286
3,946,532
Dynatrace, Inc. *
181,002
8,724,296
Elastic N.V. *
65,025
4,023,747
EPAM Systems, Inc. *
48,660
12,602,453
Fair Isaac Corp. *
20,935
18,937,592
Five9, Inc. *
59,052
4,273,593
Fortinet, Inc. *
545,926
32,870,204
Gartner, Inc. *
66,339
23,197,422
Gen Digital, Inc.
477,014
9,659,534
GoDaddy, Inc., Class A *
128,538
9,320,290
Guidewire Software, Inc. *
68,165
5,891,501
HubSpot, Inc. *
41,674
22,775,674
International Business Machines
Corp.
761,991
111,883,139
Intuit, Inc.
235,408
127,546,409
Manhattan Associates, Inc. *
52,030
10,542,319
Microsoft Corp.
6,239,610
2,045,094,574
MongoDB, Inc. *
58,780
22,412,814
Okta, Inc. *
130,197
10,872,751
Oracle Corp.
1,290,915
155,413,257
Palantir Technologies, Inc., Class A *
1,499,018
22,455,290
Palo Alto Networks, Inc. *
254,185
61,843,211
PTC, Inc. *
89,454
13,164,945
Roper Technologies, Inc.
89,574
44,702,800
Salesforce, Inc. *
821,894
182,016,645
ServiceNow, Inc. *
170,981
100,678,742
Snowflake, Inc., Class A *
243,296
38,160,978
Splunk, Inc. *
127,918
15,511,337
Synopsys, Inc. *
127,910
58,696,620
Twilio, Inc., Class A *
146,216
9,315,421
Tyler Technologies, Inc. *
35,133
13,998,041
UiPath, Inc., Class A *
301,249
4,762,747
Unity Software, Inc. *
187,707
6,958,299
VeriSign, Inc. *
75,979
15,787,676
VMware, Inc., Class A *
176,667
29,817,856
Workday, Inc., Class A *
172,347
42,138,842
Zoom Video Communications, Inc.,
Class A *
185,338
13,164,558
Zscaler, Inc. *
71,502
11,157,887
 
4,011,803,259
 
Technology Hardware & Equipment 8.7%
Amphenol Corp., Class A
500,690
44,250,982
Apple Inc.
12,407,034
2,330,909,478
Arista Networks, Inc. *
210,169
41,031,294
Arrow Electronics, Inc. *
47,441
6,330,053
CDW Corp.
112,847
23,827,644
Ciena Corp. *
123,998
6,197,420
Cisco Systems, Inc.
3,435,944
197,051,388
Cognex Corp.
144,086
6,783,569
Corning, Inc.
640,024
21,005,588
Dell Technologies, Inc., Class C
214,956
12,089,126
F5, Inc. *
50,364
8,242,572
Hewlett Packard Enterprise Co.
1,088,450
18,492,766
HP, Inc.
725,128
21,543,553
Jabil, Inc.
112,238
12,842,272
Juniper Networks, Inc.
268,719
7,825,097
Keysight Technologies, Inc. *
149,249
19,894,892
Motorola Solutions, Inc.
141,000
39,983,370
NetApp, Inc.
179,671
13,780,766
Pure Storage, Inc., Class A *
242,577
8,875,892
Seagate Technology Holdings plc
161,799
11,453,751
TD SYNNEX Corp.
34,731
3,533,879
TE Connectivity Ltd.
264,951
35,076,863
Teledyne Technologies, Inc. *
39,337
16,454,667
See financial notes
76Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Trimble, Inc. *
208,105
11,402,073
Ubiquiti, Inc.
3,680
644,110
Western Digital Corp. *
268,602
12,087,090
Zebra Technologies Corp., Class A *
43,217
11,885,107
 
2,943,495,262
 
Telecommunication Services 0.8%
AT&T, Inc.
6,002,315
88,774,239
GCI Liberty, Inc. *(c)
75,055
13,552
Liberty Global plc, Class C *
342,102
6,787,303
Lumen Technologies, Inc. *
756,625
1,203,034
T-Mobile US, Inc. *
483,920
65,934,100
Verizon Communications, Inc.
3,527,292
123,384,674
 
286,096,902
 
Transportation 1.8%
Alaska Air Group, Inc. *
107,798
4,524,282
American Airlines Group, Inc. *
548,535
8,079,920
Avis Budget Group, Inc. *
19,997
4,267,160
C.H. Robinson Worldwide, Inc.
97,102
8,780,934
CSX Corp.
1,703,606
51,448,901
Delta Air Lines, Inc.
541,264
23,209,400
Expeditors International of
Washington, Inc.
128,464
14,993,033
FedEx Corp.
194,304
50,717,230
Hertz Global Holdings, Inc. *
133,701
2,266,232
J.B. Hunt Transport Services, Inc.
69,351
13,029,666
Knight-Swift Transportation Holdings,
Inc.
134,824
7,391,052
Lyft, Inc., Class A *
272,582
3,211,016
Norfolk Southern Corp.
191,379
39,234,609
Old Dominion Freight Line, Inc.
75,627
32,320,711
RXO, Inc. *
99,910
1,806,373
Southwest Airlines Co.
499,832
15,794,691
Uber Technologies, Inc. *
1,699,464
80,265,685
U-Haul Holding Co.
8,245
469,718
Union Pacific Corp.
511,687
112,862,802
United Airlines Holdings, Inc. *
273,726
13,634,292
United Parcel Service, Inc., Class B
608,247
103,037,042
XPO, Inc. *
97,283
7,260,230
 
598,604,979
 
Utilities 2.3%
Alliant Energy Corp.
209,696
10,520,448
Ameren Corp.
220,459
17,475,785
American Electric Power Co., Inc.
433,079
33,953,394
American Water Works Co., Inc.
163,753
22,719,091
Atmos Energy Corp.
121,248
14,058,706
Avangrid, Inc.
58,150
2,006,175
CenterPoint Energy, Inc.
529,894
14,778,744
CMS Energy Corp.
243,768
13,697,324
Consolidated Edison, Inc.
291,882
25,965,823
Constellation Energy Corp.
271,530
28,282,565
Dominion Energy, Inc.
700,265
33,990,863
DTE Energy Co.
173,014
17,886,187
Duke Energy Corp.
646,063
57,370,394
Edison International
321,688
22,148,219
Entergy Corp.
177,561
16,912,685
Essential Utilities, Inc.
202,588
7,475,497
Evergy, Inc.
191,641
10,534,506
SECURITY
NUMBER
OF SHARES
VALUE ($)
Eversource Energy
292,912
18,693,644
Exelon Corp.
836,987
33,579,918
FirstEnergy Corp.
455,541
16,431,364
NextEra Energy, Inc.
1,697,812
113,413,842
NiSource, Inc.
346,667
9,276,809
NRG Energy, Inc.
192,502
7,228,450
OGE Energy Corp.
169,050
5,756,152
PG&E Corp. *
1,361,068
22,185,408
Pinnacle West Capital Corp.
94,237
7,281,693
PPL Corp.
617,657
15,392,012
Public Service Enterprise Group, Inc.
418,327
25,551,413
Sempra
529,287
37,166,533
The AES Corp.
562,349
10,082,918
The Southern Co.
916,330
62,063,031
UGI Corp.
175,873
4,428,482
Vistra Corp.
294,768
9,261,611
WEC Energy Group, Inc.
264,727
22,268,835
Xcel Energy, Inc.
463,135
26,458,903
 
796,297,424
Total Common Stocks
(Cost $22,830,879,086)
33,941,833,800
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)
21,369,226
21,369,226
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)(e)
16,796,061
16,796,061
 
38,165,287
Total Short-Term Investments
(Cost $38,165,287)
38,165,287
Total Investments in Securities
(Cost $22,869,044,373)
33,979,999,087
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/15/23
323
72,933,400
280,374
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$16,307,417.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
See financial notes
Schwab U.S. Equity ETFs | Annual Report77

Schwab U.S. Large-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:
SECURITY
VALUE AT
8/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/23
BALANCE
OF SHARES
HELD AT
8/31/23
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Financial Services 0.2%
The Charles Schwab Corp.
$85,808,704
$10,103,490
($6,877,661
)
$875,484
($16,631,803
)
$73,278,214
1,238,854
$1,225,576

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$33,655,736,898
$
$
$33,655,736,898
Telecommunication Services
286,083,350
13,552
286,096,902
Short-Term Investments1
38,165,287
38,165,287
Futures Contracts2
280,374
280,374
Total
$33,980,265,909
$—
$13,552
$33,980,279,461
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
78Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - affiliated (cost $60,391,797)
 
$73,278,214
Investments in securities, at value - unaffiliated (cost $22,808,652,576) including securities on loan of $16,307,417
 
33,906,720,873
Deposit with broker for futures contracts
 
4,367,200
Receivables:
 
Dividends
 
50,649,383
Fund shares sold
 
13,327,481
Investments sold
 
6,373,323
Income from securities on loan
+
452,421
Total assets
 
34,055,168,895
 
Liabilities
Collateral held for securities on loan
 
16,796,061
Payables:
 
Investments bought
 
14,234,055
Fund shares redeemed
 
5,326,100
Management fees
 
855,036
Variation margin on futures contracts
+
157,440
Total liabilities
 
37,368,692
Net assets
 
$34,017,800,203
 
Net Assets by Source
Capital received from investors
 
$23,793,673,855
Total distributable earnings
+
10,224,126,348
Net assets
 
$34,017,800,203
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$34,017,800,203
 
638,700,000
$53.26
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report79

Schwab U.S. Large-Cap ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $127,261)
 
$507,533,198
Dividends received from securities - affiliated
 
1,225,576
Securities on loan, net
+
2,863,225
Total investment income
 
511,621,999
 
Expenses
Management fees
 
9,245,009
Proxy fees1
+
120,435
Total expenses
9,365,444
Net investment income
 
502,256,555
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(1,234,068
)
Net realized losses on sales of securities - unaffiliated
 
(391,211,304
)
Net realized gains on sales of in-kind redemptions - affiliated
 
2,109,552
Net realized gains on sales of in-kind redemptions - unaffiliated
 
931,055,077
Net realized gains on futures contracts
+
1,413,040
Net realized gains
 
542,132,297
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
(16,631,803
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
3,652,458,513
Net change in unrealized appreciation (depreciation) on futures contracts
+
3,582,966
Net change in unrealized appreciation (depreciation)
+
3,639,409,676
Net realized and unrealized gains
 
4,181,541,973
Increase in net assets resulting from operations
 
$4,683,798,528
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
80Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$502,256,555
$442,102,487
Net realized gains
 
542,132,297
1,524,137,554
Net change in unrealized appreciation (depreciation)
+
3,639,409,676
(6,397,356,416
)
Increase (decrease) in net assets resulting from operations
 
$4,683,798,528
($4,431,116,375
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($491,587,390
)
($444,552,685
)
TRANSACTIONS IN FUND SHARES1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
60,200,000
$2,775,351,355
76,150,000
$3,881,895,998
Shares redeemed
+
(38,800,000
)
(1,860,648,362
)
(62,450,000
)
(3,130,544,574
)
Net transactions in fund shares
 
21,400,000
$914,702,993
13,700,000
$751,351,424
 
SHARES OUTSTANDING AND NET ASSETS1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
617,300,000
$28,910,886,072
603,600,000
$33,035,203,708
Total increase (decrease)
+
21,400,000
5,106,914,131
13,700,000
(4,124,317,636
)
End of period
 
638,700,000
$34,017,800,203
617,300,000
$28,910,886,072
1
For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,
2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).
See financial notes
Schwab U.S. Equity ETFs | Annual Report81

Schwab U.S. Large-Cap Growth ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
 
Per-Share Data
Net asset value at beginning of period
$62.09
$78.35
$60.08
$42.01
$40.85
Income (loss) from investment operations:
Net investment income (loss)2
0.35
0.29
0.37
0.35
0.48
Net realized and unrealized gains (losses)
14.73
(16.20
)
18.21
18.09
1.14
Total from investment operations
15.08
(15.91
)
18.58
18.44
1.62
Less distributions:
Distributions from net investment income
(0.34
)
(0.35
)
(0.31
)
(0.37
)
(0.46
)
Net asset value at end of period
$76.83
$62.09
$78.35
$60.08
$42.01
Total return
24.41
%
(20.37
%)
31.06
%
44.22
%
4.09
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%3
0.04
%3
0.04
%
0.04
%
0.04
%
Net investment income (loss)
0.54
%
0.41
%
0.55
%
0.74
%
1.21
%
Portfolio turnover rate4
9
%
6
%
12
%
7
%
14
%
Net assets, end of period (x 1,000,000)
$19,818
$14,493
$16,563
$12,785
$8,108
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional
information).
2
Calculated based on the average shares outstanding during the period.
3
Ratio includes less than 0.005% of non-routine proxy expenses.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
82Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of August 31, 2023
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 3.4%
Tesla, Inc. *
2,590,230
668,486,558
 
Banks 0.1%
First Citizens BancShares, Inc.,
Class A
11,355
15,447,342
 
Capital Goods 2.3%
Axon Enterprise, Inc. *
67,693
14,412,517
Builders FirstSource, Inc. *
123,521
17,915,486
Carlisle Cos., Inc.
48,507
12,758,311
Deere & Co.
259,614
106,685,777
Generac Holdings, Inc. *
59,781
7,102,581
General Electric Co.
1,048,329
119,991,737
Huntington Ingalls Industries, Inc.
37,219
8,200,090
L3Harris Technologies, Inc.
182,219
32,451,382
Nordson Corp.
50,825
12,408,415
Plug Power, Inc. *(a)
519,003
4,390,765
TransDigm Group, Inc. *
50,303
45,466,367
Trex Co., Inc. *
104,568
7,463,018
United Rentals, Inc.
65,900
31,403,986
W.W. Grainger, Inc.
42,944
30,668,028
WillScot Mobile Mini Holdings Corp. *
192,238
7,885,603
 
459,204,063
 
Commercial & Professional Services 0.8%
Ceridian HCM Holding, Inc. *
149,154
10,816,648
Cintas Corp.
83,157
41,925,265
Concentrix Corp.
39,953
3,189,448
Copart, Inc. *
826,466
37,050,471
Paycom Software, Inc.
46,907
13,830,060
Paylocity Holding Corp. *
39,719
7,963,659
Verisk Analytics, Inc.
139,368
33,757,717
 
148,533,268
 
Consumer Discretionary Distribution & Retail 6.9%
Amazon.com, Inc. *
8,565,277
1,182,093,879
AutoZone, Inc. *
17,782
45,012,110
Carvana Co. *(a)
96,234
4,845,382
Etsy, Inc. *
121,848
8,964,357
Five Below, Inc. *
54,044
9,293,406
Floor & Decor Holdings, Inc., Class A *
103,141
10,283,158
O'Reilly Automotive, Inc. *
59,025
55,465,792
Pool Corp.
38,203
13,967,017
RH *
17,316
6,323,630
Ulta Beauty, Inc. *
48,523
20,138,501
Wayfair, Inc., Class A *
79,425
5,489,062
 
1,361,876,294
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consumer Durables & Apparel 0.6%
D.R. Horton, Inc.
299,308
35,623,638
Deckers Outdoor Corp. *
25,298
13,384,919
Lululemon Athletica, Inc. *
111,646
42,566,154
NVR, Inc. *
2,901
18,500,634
 
110,075,345
 
Consumer Services 1.6%
Airbnb, Inc., Class A *
397,088
52,236,926
Booking Holdings, Inc. *
35,573
110,455,232
Caesars Entertainment, Inc. *
205,833
11,374,332
Chipotle Mexican Grill, Inc. *
26,543
51,138,806
Domino’s Pizza, Inc.
33,561
13,001,531
DoorDash, Inc., Class A *
253,753
21,348,240
DraftKings, Inc., Class A *
444,381
13,175,897
Expedia Group, Inc. *
137,221
14,873,384
Hilton Worldwide Holdings, Inc.
254,093
37,770,924
 
325,375,272
 
Consumer Staples Distribution & Retail 1.3%
Costco Wholesale Corp.
427,061
234,576,066
Dollar General Corp.
209,441
29,007,579
 
263,583,645
 
Energy 1.5%
Baker Hughes Co.
972,253
35,185,836
Cheniere Energy, Inc.
233,899
38,172,317
Diamondback Energy, Inc.
173,568
26,344,151
EOG Resources, Inc.
564,843
72,650,106
EQT Corp.
347,849
15,034,034
Halliburton Co.
865,370
33,420,589
Hess Corp.
266,844
41,227,398
New Fortress Energy, Inc.
42,826
1,329,319
Targa Resources Corp.
215,059
18,548,839
Texas Pacific Land Corp.
5,889
11,099,293
 
293,011,882
 
Equity Real Estate Investment Trusts (REITs) 0.9%
American Tower Corp.
448,672
81,353,207
Equinix, Inc.
90,038
70,353,892
Rexford Industrial Realty, Inc.
189,210
10,117,059
SBA Communications Corp.
103,361
23,207,645
 
185,031,803
 
Financial Services 6.7%
Affirm Holdings, Inc. *
202,909
4,222,536
BlackRock, Inc.
144,265
101,063,403
Block, Inc. *
523,087
30,155,966
Coinbase Global, Inc., Class A *
160,194
12,751,442
Corebridge Financial, Inc.
143,293
2,554,914
Credit Acceptance Corp. *
5,619
2,819,446
See financial notes
Schwab U.S. Equity ETFs | Annual Report83

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
FactSet Research Systems, Inc.
36,341
15,859,576
Fiserv, Inc. *
592,235
71,891,407
FleetCor Technologies, Inc. *
69,905
18,995,286
KKR & Co., Inc.
556,732
34,968,337
LPL Financial Holdings, Inc.
74,474
17,172,960
MarketAxess Holdings, Inc.
36,051
8,685,767
Mastercard, Inc., Class A
805,572
332,411,230
Moody's Corp.
151,873
51,150,826
MSCI, Inc.
76,838
41,770,674
PayPal Holdings, Inc. *
1,072,097
67,016,783
S&P Global, Inc.
316,255
123,611,429
Visa, Inc., Class A
1,557,620
382,676,082
WEX, Inc. *
39,697
7,787,757
 
1,327,565,821
 
Food, Beverage & Tobacco 0.2%
Monster Beverage Corp. *
738,289
42,385,171
Post Holdings, Inc. *
47,652
4,274,861
 
46,660,032
 
Health Care Equipment & Services 6.0%
agilon health, Inc. *
279,661
4,955,593
Align Technology, Inc. *
68,424
25,326,459
Centene Corp. *
527,347
32,510,942
Chemed Corp.
13,810
7,062,986
DexCom, Inc. *
372,963
37,661,804
Edwards Lifesciences Corp. *
583,737
44,638,368
Elevance Health, Inc.
228,118
100,830,437
GE Healthcare, Inc.
375,875
26,480,394
Guardant Health, Inc. *
109,853
4,293,055
Humana, Inc.
120,064
55,425,144
IDEXX Laboratories, Inc. *
79,917
40,870,353
Insulet Corp. *
66,744
12,795,492
Intuitive Surgical, Inc. *
337,566
105,550,137
Masimo Corp. *
46,156
5,274,708
McKesson Corp.
130,306
53,727,770
Molina Healthcare, Inc. *
55,605
17,244,223
Novocure Ltd. *
87,399
1,928,022
Penumbra, Inc. *
36,688
9,703,976
R1 RCM, Inc. *
128,420
2,213,961
ResMed, Inc.
141,002
22,502,509
Shockwave Medical, Inc. *
35,124
7,740,978
Teladoc Health, Inc. *
156,783
3,549,567
Teleflex, Inc.
44,744
9,518,839
The Cigna Group
284,495
78,594,589
The Cooper Cos., Inc.
47,233
17,475,738
UnitedHealth Group, Inc.
895,909
426,972,311
Veeva Systems, Inc., Class A *
140,564
29,335,707
 
1,184,184,062
 
Household & Personal Products 0.2%
Olaplex Holdings, Inc. *
69,385
188,033
The Estee Lauder Cos., Inc., Class A
223,343
35,853,252
 
36,041,285
 
Insurance 0.1%
Markel Group, Inc. *
12,797
18,925,739
RenaissanceRe Holdings Ltd.
48,161
9,048,971
 
27,974,710
 
Materials 1.7%
Albemarle Corp.
112,771
22,408,725
Cleveland-Cliffs, Inc. *
494,186
7,556,104
SECURITY
NUMBER
OF SHARES
VALUE ($)
Corteva, Inc.
683,186
34,507,725
Linde plc
471,511
182,493,618
Martin Marietta Materials, Inc.
59,210
26,431,936
The Sherwin-Williams Co.
225,582
61,295,141
Westlake Corp.
32,694
4,282,260
 
338,975,509
 
Media & Entertainment 12.3%
Alphabet, Inc., Class A *
5,694,773
775,457,239
Alphabet, Inc., Class C *
4,896,588
672,546,362
Cable One, Inc.
4,570
2,973,105
Charter Communications, Inc.,
Class A *
101,014
44,256,254
Liberty Broadband Corp., Class C *
129,086
12,077,286
Live Nation Entertainment, Inc. *
140,830
11,904,360
Meta Platforms, Inc., Class A *
2,129,637
630,138,292
Netflix, Inc. *
428,026
185,626,316
Pinterest, Inc., Class A *
586,137
16,112,906
ROBLOX Corp., Class A *
359,102
10,158,996
Roku, Inc. *
119,739
9,722,807
Snap, Inc., Class A *
971,827
10,058,409
Take-Two Interactive Software, Inc. *
155,827
22,158,599
The Trade Desk, Inc., Class A *
430,114
34,422,023
ZoomInfo Technologies, Inc. *
272,900
4,917,658
 
2,442,530,612
 
Pharmaceuticals, Biotechnology & Life Sciences 7.4%
Alnylam Pharmaceuticals, Inc. *
119,596
23,658,481
Avantor, Inc. *
646,540
13,997,591
Biohaven Ltd. *
60,834
1,112,654
BioMarin Pharmaceutical, Inc. *
179,743
16,424,915
Bio-Rad Laboratories, Inc., Class A *
20,373
8,153,274
Bio-Techne Corp.
150,677
11,813,077
Catalent, Inc. *
172,513
8,620,475
Charles River Laboratories
International, Inc. *
48,810
10,094,884
Danaher Corp.
640,067
169,617,755
Eli Lilly & Co.
758,140
420,161,188
Exact Sciences Corp. *
173,685
14,532,224
Horizon Therapeutics plc *
217,119
24,477,996
Illumina, Inc. *
152,136
25,135,910
Incyte Corp. *
176,113
11,364,572
IQVIA Holdings, Inc. *
178,215
39,676,005
Jazz Pharmaceuticals plc *
59,325
8,504,832
Karuna Therapeutics, Inc. *
28,985
5,442,224
Mettler-Toledo International, Inc. *
21,152
25,667,529
Moderna, Inc. *
315,261
35,646,561
Neurocrine Biosciences, Inc. *
92,455
10,067,425
Regeneron Pharmaceuticals, Inc. *
103,839
85,821,895
Repligen Corp. *
49,681
8,640,023
Revvity, Inc.
119,416
13,975,254
Sarepta Therapeutics, Inc. *
89,386
10,816,600
Seagen, Inc. *
133,352
27,479,847
Syneos Health, Inc. *
97,201
4,153,399
Thermo Fisher Scientific, Inc.
371,680
207,062,928
United Therapeutics Corp. *
44,476
9,978,635
Vertex Pharmaceuticals, Inc. *
248,005
86,390,062
Waters Corp. *
56,285
15,804,828
West Pharmaceutical Services, Inc.
71,301
29,012,377
Zoetis, Inc.
444,640
84,708,366
 
1,468,013,786
 
See financial notes
84Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Real Estate Management & Development 0.2%
CoStar Group, Inc. *
393,964
32,301,108
Zillow Group, Inc., Class C *
207,836
10,840,726
 
43,141,834
 
Semiconductors & Semiconductor Equipment 9.9%
Advanced Micro Devices, Inc. *
1,549,828
163,847,816
Broadcom, Inc.
401,390
370,438,817
Enphase Energy, Inc. *
131,970
16,698,164
KLA Corp.
132,623
66,559,505
Lam Research Corp.
129,713
91,110,411
Monolithic Power Systems, Inc.
43,640
22,745,605
NVIDIA Corp.
2,372,725
1,171,058,424
ON Semiconductor Corp. *
417,514
41,108,429
Qorvo, Inc. *
96,725
10,387,298
SolarEdge Technologies, Inc. *
54,346
8,835,029
Universal Display Corp.
42,115
6,846,214
 
1,969,635,712
 
Software & Services 20.9%
Accenture plc, Class A
608,426
196,990,086
Adobe, Inc. *
441,405
246,895,473
ANSYS, Inc. *
83,534
26,636,487
AppLovin Corp., Class A *
121,058
5,232,127
Atlassian Corp., Class A *
146,370
29,868,262
Autodesk, Inc. *
206,479
45,825,949
Bill Holdings, Inc. *
92,227
10,633,773
Cadence Design Systems, Inc. *
262,881
63,207,108
Cloudflare, Inc., Class A *
278,639
18,119,894
Crowdstrike Holdings, Inc., Class A *
215,890
35,196,547
Datadog, Inc., Class A *
242,323
23,379,323
DocuSign, Inc. *
194,751
9,795,975
Dynatrace, Inc. *
208,880
10,068,016
Elastic N.V. *
74,631
4,618,166
EPAM Systems, Inc. *
55,617
14,404,247
Fair Isaac Corp. *
23,959
21,673,072
Five9, Inc. *
68,014
4,922,173
Fortinet, Inc. *
628,605
37,848,307
Gartner, Inc. *
75,506
26,402,938
GoDaddy, Inc., Class A *
145,885
10,578,121
HubSpot, Inc. *
47,833
26,141,691
Intuit, Inc.
270,177
146,384,600
Microsoft Corp.
7,141,769
2,340,786,207
MongoDB, Inc. *
67,409
25,703,052
Okta, Inc. *
148,966
12,440,151
Palo Alto Networks, Inc. *
291,005
70,801,517
PTC, Inc. *
101,845
14,988,529
Roper Technologies, Inc.
102,501
51,154,149
Salesforce, Inc. *
942,312
208,684,416
ServiceNow, Inc. *
196,254
115,560,243
Snowflake, Inc., Class A *
278,138
43,625,945
Splunk, Inc. *
146,292
17,739,368
Synopsys, Inc. *
146,848
67,387,079
Twilio, Inc., Class A *
168,464
10,732,841
Tyler Technologies, Inc. *
40,252
16,037,604
UiPath, Inc., Class A *
345,383
5,460,505
Unity Software, Inc. *
215,691
7,995,665
VMware, Inc., Class A *
201,859
34,069,762
Workday, Inc., Class A *
198,433
48,516,869
Zoom Video Communications, Inc.,
Class A *
212,266
15,077,254
Zscaler, Inc. *
82,418
12,861,329
 
4,134,444,820
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Technology Hardware & Equipment 14.0%
Apple Inc.
14,201,908
2,668,112,456
Arista Networks, Inc. *
241,317
47,112,318
Ciena Corp. *
144,885
7,241,352
Dell Technologies, Inc., Class C
254,731
14,326,072
Pure Storage, Inc., Class A *
284,421
10,406,964
Teledyne Technologies, Inc. *
46,260
19,350,558
Ubiquiti, Inc.
4,639
811,964
Zebra Technologies Corp., Class A *
50,249
13,818,978
 
2,781,180,662
 
Telecommunication Services 0.4%
T-Mobile US, Inc. *
554,123
75,499,259
 
Transportation 0.3%
Hertz Global Holdings, Inc. *
145,993
2,474,582
Knight-Swift Transportation Holdings,
Inc.
152,115
8,338,944
Lyft, Inc., Class A *
313,863
3,697,306
Old Dominion Freight Line, Inc.
86,764
37,080,331
U-Haul Holding Co.
9,292
529,365
 
52,120,528
 
Utilities 0.2%
Constellation Energy Corp.
311,310
32,426,050
Total Common Stocks
(Cost $12,210,045,805)
19,791,020,154
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (b)
15,652,296
15,652,296
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (b)(c)
7,993,825
7,993,825
 
23,646,121
Total Short-Term Investments
(Cost $23,646,121)
23,646,121
Total Investments in Securities
(Cost $12,233,691,926)
19,814,666,275
See financial notes
Schwab U.S. Equity ETFs | Annual Report85

Schwab U.S. Large-Cap Growth ETF
Portfolio Holdings  as of August 31, 2023 (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 1000 Growth Index,
e-mini, expires 09/15/23
141
20,030,460
548,324
S&P 500 Index, e-mini, expires
09/15/23
23
5,193,400
94,462
 
642,786
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$7,833,498.
(b)
The rate shown is the annualized 7-day yield.
(c)
Security purchased with cash collateral received for securities on loan.

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$19,791,020,154
$
$
$19,791,020,154
Short-Term Investments1
23,646,121
23,646,121
Futures Contracts2
642,786
642,786
Total
$19,815,309,061
$—
$—
$19,815,309,061
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
86Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $12,233,691,926) including securities on loan of $7,833,498
 
$19,814,666,275
Deposit with broker for futures contracts
 
2,613,600
Receivables:
 
Fund shares sold
 
38,379,120
Investments sold
 
15,178,170
Dividends
 
9,259,591
Variation margin on future contracts
 
16,170
Income from securities on loan
+
6,906
Total assets
 
19,880,119,832
 
Liabilities
Collateral held for securities on loan
 
7,993,825
Payables:
 
Investments bought
 
37,969,113
Fund shares redeemed
 
15,342,152
Management fees
+
654,811
Total liabilities
 
61,959,901
Net assets
 
$19,818,159,931
 
Net Assets by Source
Capital received from investors
 
$13,024,589,724
Total distributable earnings
+
6,793,570,207
Net assets
 
$19,818,159,931
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$19,818,159,931
 
257,950,000
$76.83
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report87

Schwab U.S. Large-Cap Growth ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $30,448)
 
$92,609,695
Securities on loan, net
+
194,469
Total investment income
 
92,804,164
 
Expenses
Management fees
 
6,372,105
Proxy fees1
+
107,298
Total expenses
6,479,403
Net investment income
 
86,324,761
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(411,994,942
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
461,778,459
Net realized gains on futures contracts
+
1,024,998
Net realized gains
 
50,808,515
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
3,738,328,411
Net change in unrealized appreciation (depreciation) on futures contracts
+
1,460,794
Net change in unrealized appreciation (depreciation)
+
3,739,789,205
Net realized and unrealized gains
 
3,790,597,720
Increase in net assets resulting from operations
 
$3,876,922,481
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
88Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$86,324,761
$64,704,339
Net realized gains
 
50,808,515
495,842,465
Net change in unrealized appreciation (depreciation)
+
3,739,789,205
(4,088,195,586
)
Increase (decrease) in net assets resulting from operations
 
$3,876,922,481
($3,527,648,782
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($83,274,425
)
($75,895,760
)
TRANSACTIONS IN FUND SHARES1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
37,550,000
$2,378,593,012
39,450,000
$2,822,393,022
Shares redeemed
+
(13,000,000
)
(846,955,037
)
(17,450,000
)
(1,289,334,614
)
Net transactions in fund shares
 
24,550,000
$1,531,637,975
22,000,000
$1,533,058,408
 
SHARES OUTSTANDING AND NET ASSETS1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
233,400,000
$14,492,873,900
211,400,000
$16,563,360,034
Total increase (decrease)
+
24,550,000
5,325,286,031
22,000,000
(2,070,486,134
)
End of period
 
257,950,000
$19,818,159,931
233,400,000
$14,492,873,900
1
For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,
2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).
See financial notes
Schwab U.S. Equity ETFs | Annual Report89

Schwab U.S. Large-Cap Value ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
 
Per-Share Data
Net asset value at beginning of period
$64.47
$70.68
$53.91
$55.14
$56.37
Income (loss) from investment operations:
Net investment income (loss)1
1.69
1.51
1.39
1.93
1.84
Net realized and unrealized gains (losses)
3.11
(6.24
)
17.05
(1.36
)
(1.48
)
Total from investment operations
4.80
(4.73
)
18.44
0.57
0.36
Less distributions:
Distributions from net investment income
(1.66
)
(1.48
)
(1.67
)
(1.80
)
(1.59
)
Net asset value at end of period
$67.61
$64.47
$70.68
$53.91
$55.14
Total return
7.60
%
(6.78
%)
34.95
%
1.21
%
0.70
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%2
0.04
%2
0.04
%
0.04
%
0.04
%
Net investment income (loss)
2.57
%
2.19
%
2.22
%
3.59
%
3.38
%
Portfolio turnover rate3
7
%
8
%
23
%
19
%
7
%
Net assets, end of period (x 1,000,000)
$9,824
$9,497
$9,927
$6,847
$5,977
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
90Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of August 31, 2023
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.7% OF NET ASSETS
 
Automobiles & Components 0.9%
Aptiv plc *
133,580
13,551,691
Autoliv, Inc.
37,977
3,706,555
BorgWarner, Inc.
116,299
4,739,184
Ford Motor Co.
1,937,865
23,506,303
General Motors Co.
685,392
22,967,486
Gentex Corp.
114,947
3,754,169
Harley-Davidson, Inc.
64,717
2,184,199
Lear Corp.
29,060
4,187,255
Lucid Group, Inc. *(a)
402,801
2,529,590
Phinia, Inc. *
23,049
640,762
Rivian Automotive, Inc., Class A *
276,439
6,283,459
 
88,050,653
 
Banks 5.8%
Bank of America Corp.
3,419,486
98,036,664
BOK Financial Corp.
14,039
1,166,781
Citigroup, Inc.
960,625
39,664,206
Citizens Financial Group, Inc.
237,996
6,694,827
Comerica, Inc.
65,096
3,131,769
Commerce Bancshares, Inc.
55,783
2,738,387
Cullen/Frost Bankers, Inc.
31,726
2,999,059
East West Bancorp, Inc.
69,899
3,868,211
Fifth Third Bancorp
336,604
8,936,836
First Horizon Corp.
264,365
3,317,781
Huntington Bancshares, Inc.
714,311
7,921,709
JPMorgan Chase & Co.
1,441,378
210,916,843
KeyCorp
459,682
5,208,197
M&T Bank Corp.
81,907
10,242,470
Regions Financial Corp.
463,868
8,507,339
The PNC Financial Services Group, Inc.
196,829
23,763,165
Truist Financial Corp.
657,385
20,083,112
U.S. Bancorp
688,052
25,134,539
Webster Financial Corp.
86,053
3,649,508
Wells Fargo & Co.
1,850,385
76,402,397
Western Alliance Bancorp
54,175
2,709,292
Zions Bancorp NA
72,689
2,580,459
 
567,673,551
 
Capital Goods 9.6%
3M Co.
272,005
29,014,773
A.O. Smith Corp.
61,137
4,432,433
Acuity Brands, Inc.
15,587
2,513,871
Advanced Drainage Systems, Inc.
30,885
3,958,222
AECOM
68,333
5,996,221
AGCO Corp.
30,515
3,952,608
Allegion plc
43,250
4,922,283
AMETEK, Inc.
113,795
18,151,440
Carrier Global Corp.
411,993
23,668,998
Caterpillar, Inc.
254,130
71,443,567
Cummins, Inc.
69,726
16,039,769
Donaldson Co., Inc.
59,946
3,828,751
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dover Corp.
69,093
10,246,492
Eaton Corp. plc
196,535
45,275,768
Emerson Electric Co.
281,852
27,691,959
Fastenal Co.
281,262
16,195,066
Ferguson plc
101,137
16,339,694
Fortive Corp.
174,479
13,757,669
Fortune Brands Innovations, Inc.
62,570
4,318,581
General Dynamics Corp.
110,968
25,149,788
Graco, Inc.
82,710
6,529,127
HEICO Corp.
47,352
7,988,756
Honeywell International, Inc.
328,368
61,713,482
Howmet Aerospace, Inc.
181,830
8,995,130
Hubbell, Inc.
26,508
8,642,933
IDEX Corp.
37,383
8,463,511
Illinois Tool Works, Inc.
136,474
33,756,844
Ingersoll Rand, Inc.
199,652
13,897,776
Johnson Controls International plc
338,512
19,992,519
Lennox International, Inc.
15,998
6,028,206
Lincoln Electric Holdings, Inc.
28,303
5,447,195
Lockheed Martin Corp.
111,131
49,825,584
Masco Corp.
110,734
6,534,413
Masterbrand, Inc. *
63,122
808,593
Northrop Grumman Corp.
70,442
30,507,726
Otis Worldwide Corp.
204,115
17,462,038
Owens Corning
44,626
6,422,128
PACCAR, Inc.
257,878
21,220,781
Parker-Hannifin Corp.
63,288
26,384,767
Pentair plc
81,439
5,721,904
Quanta Services, Inc.
71,645
15,036,136
Regal Rexnord Corp.
32,644
5,294,530
Rockwell Automation, Inc.
56,626
17,671,842
RTX Corp.
720,626
62,002,661
Sensata Technologies Holding plc
75,338
2,834,216
Snap-on, Inc.
26,183
7,032,754
Stanley Black & Decker, Inc.
75,324
7,109,079
Textron, Inc.
99,799
7,755,380
The Boeing Co. *
278,844
62,469,421
The Middleby Corp. *
26,324
3,832,511
The Toro Co.
51,275
5,246,458
Trane Technologies plc
112,542
23,100,371
Watsco, Inc.
16,559
6,036,583
Westinghouse Air Brake Technologies
Corp.
88,850
9,997,402
Woodward, Inc.
29,526
3,819,779
Xylem, Inc.
118,096
12,227,660
 
944,708,149
 
Commercial & Professional Services 2.0%
Automatic Data Processing, Inc.
203,707
51,865,839
Booz Allen Hamilton Holding Corp.,
Class A
65,459
7,417,159
Broadridge Financial Solutions, Inc.
58,285
10,853,250
Clarivate plc *
213,877
1,589,106
Dun & Bradstreet Holdings, Inc.
108,615
1,183,903
Equifax, Inc.
60,421
12,489,021
Genpact Ltd.
83,628
3,121,833
See financial notes
Schwab U.S. Equity ETFs | Annual Report91

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Jacobs Solutions, Inc.
62,747
8,459,551
Leidos Holdings, Inc.
67,403
6,572,466
Paychex, Inc.
158,395
19,360,621
RB Global, Inc.
90,055
5,558,195
Republic Services, Inc.
101,251
14,593,307
Robert Half International, Inc.
52,971
3,917,735
Rollins, Inc.
113,823
4,503,976
SS&C Technologies Holdings, Inc.
106,537
6,117,355
TransUnion
95,343
7,743,758
Waste Management, Inc.
182,691
28,642,295
 
193,989,370
 
Consumer Discretionary Distribution & Retail 3.9%
Advance Auto Parts, Inc.
29,229
2,011,540
Bath & Body Works, Inc.
112,364
4,142,861
Best Buy Co., Inc.
96,283
7,360,835
Burlington Stores, Inc. *
31,929
5,180,800
CarMax, Inc. *
77,796
6,354,377
eBay, Inc.
264,034
11,823,443
GameStop Corp., Class A *(a)
124,933
2,317,507
Genuine Parts Co.
69,420
10,671,937
LKQ Corp.
125,468
6,590,834
Lowe’s Cos., Inc.
294,061
67,775,179
Penske Automotive Group, Inc.
11,927
1,959,606
Ross Stores, Inc.
168,866
20,569,567
The Home Depot, Inc.
499,490
164,981,547
The TJX Cos., Inc.
568,289
52,555,367
Tractor Supply Co.
53,999
11,798,781
Williams-Sonoma, Inc.
32,438
4,580,246
 
380,674,427
 
Consumer Durables & Apparel 1.3%
Garmin Ltd.
75,680
8,023,594
Hasbro, Inc.
64,187
4,621,464
Leggett & Platt, Inc.
65,414
1,844,675
Lennar Corp., Class A
131,405
15,649,021
Mohawk Industries, Inc. *
26,078
2,644,048
Newell Brands, Inc.
187,153
1,980,079
NIKE, Inc., Class B
607,980
61,837,646
Polaris, Inc.
26,460
2,965,901
PulteGroup, Inc.
109,789
9,009,285
Tapestry, Inc.
113,870
3,794,148
Toll Brothers, Inc.
50,658
4,150,410
VF Corp.
162,952
3,219,932
Whirlpool Corp.
27,055
3,786,618
 
123,526,821
 
Consumer Services 2.7%
ADT, Inc.
104,730
672,367
Aramark
128,543
4,779,229
Carnival Corp. *
495,636
7,840,962
Darden Restaurants, Inc.
59,750
9,291,723
Las Vegas Sands Corp.
162,170
8,896,646
Marriott International, Inc., Class A
127,197
25,885,861
McDonald’s Corp.
360,103
101,242,958
MGM Resorts International
148,498
6,530,942
Norwegian Cruise Line Holdings Ltd. *
210,271
3,484,190
Royal Caribbean Cruises Ltd. *
108,605
10,745,379
Service Corp. International
74,281
4,687,874
Starbucks Corp.
565,216
55,074,647
Vail Resorts, Inc.
19,895
4,502,636
Wyndham Hotels & Resorts, Inc.
42,439
3,199,476
Wynn Resorts Ltd.
50,876
5,157,809
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yum! Brands, Inc.
138,279
17,890,537
 
269,883,236
 
Consumer Staples Distribution & Retail 2.1%
Albertsons Cos., Inc., Class A
99,078
2,219,347
BJ's Wholesale Club Holdings, Inc. *
66,365
4,472,337
Dollar Tree, Inc. *
102,441
12,534,681
Sysco Corp.
249,805
17,398,918
Target Corp.
227,765
28,823,661
The Kroger Co.
321,722
14,924,684
US Foods Holding Corp. *
111,891
4,523,753
Walgreens Boots Alliance, Inc.
353,772
8,953,969
Walmart, Inc.
691,819
112,496,688
 
206,348,038
 
Energy 7.3%
Antero Resources Corp. *
136,003
3,763,203
APA Corp.
152,723
6,695,376
Chesapeake Energy Corp.
52,640
4,643,375
Chevron Corp.
877,953
141,438,228
ConocoPhillips
596,691
71,024,130
Coterra Energy, Inc.
374,144
10,547,119
Devon Energy Corp.
316,502
16,170,087
Exxon Mobil Corp.
1,994,141
221,728,538
HF Sinclair Corp.
63,625
3,505,101
Kinder Morgan, Inc.
973,917
16,770,851
Marathon Oil Corp.
303,808
8,005,341
Marathon Petroleum Corp.
209,235
29,872,481
Occidental Petroleum Corp.
354,561
22,262,885
ONEOK, Inc.
220,739
14,392,183
Ovintiv, Inc.
120,218
5,645,437
Phillips 66
226,363
25,841,600
Pioneer Natural Resources Co.
115,292
27,431,426
Schlumberger N.V.
702,769
41,435,260
The Williams Cos., Inc.
601,180
20,758,746
Valero Energy Corp.
178,391
23,172,991
Vitesse Energy, Inc.
11,789
273,976
 
715,378,334
 
Equity Real Estate Investment Trusts (REITs) 4.0%
Alexandria Real Estate Equities, Inc.
77,815
9,052,997
American Homes 4 Rent, Class A
155,666
5,610,203
Americold Realty Trust, Inc.
132,738
4,466,634
Apartment Income REIT Corp.
73,207
2,493,430
AvalonBay Communities, Inc.
69,982
12,864,091
Boston Properties, Inc.
70,146
4,683,648
Camden Property Trust
52,507
5,650,803
Crown Castle, Inc.
214,046
21,511,623
CubeSmart
110,416
4,605,451
Digital Realty Trust, Inc.
143,684
18,926,057
Equity LifeStyle Properties, Inc.
86,072
5,763,381
Equity Residential
168,426
10,919,058
Essex Property Trust, Inc.
31,564
7,524,542
Extra Space Storage, Inc.
104,271
13,417,592
Federal Realty Investment Trust
36,005
3,526,330
Gaming & Leisure Properties, Inc.
129,670
6,146,358
Healthcare Realty Trust, Inc.
187,724
3,288,925
Healthpeak Properties, Inc.
269,114
5,538,366
Host Hotels & Resorts, Inc.
350,803
5,539,179
Invitation Homes, Inc.
287,282
9,793,443
Iron Mountain, Inc.
144,225
9,164,057
Kilroy Realty Corp.
51,431
1,900,375
Kimco Realty Corp.
304,880
5,774,427
Lamar Advertising Co., Class A
42,942
3,917,169
Medical Properties Trust, Inc.
293,305
2,117,662
See financial notes
92Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mid-America Apartment Communities,
Inc.
57,673
8,375,850
NNN REIT, Inc.
89,411
3,521,899
Omega Healthcare Investors, Inc.
115,680
3,680,938
Prologis, Inc.
455,316
56,550,247
Public Storage
78,070
21,576,987
Realty Income Corp.
332,392
18,627,248
Regency Centers Corp.
81,030
5,040,066
Simon Property Group, Inc.
161,453
18,323,301
Sun Communities, Inc.
61,543
7,534,094
UDR, Inc.
152,207
6,073,059
Ventas, Inc.
197,676
8,634,488
VICI Properties, Inc.
494,715
15,257,011
Vornado Realty Trust
78,716
1,890,758
Welltower, Inc.
245,352
20,334,774
Weyerhaeuser Co.
361,500
11,839,125
WP Carey, Inc.
105,630
6,871,232
 
398,326,878
 
Financial Services 8.8%
AGNC Investment Corp.
294,258
2,916,097
Ally Financial, Inc.
147,837
4,093,606
American Express Co.
293,192
46,321,404
Ameriprise Financial, Inc.
51,471
17,375,580
Annaly Capital Management, Inc.
242,616
4,917,826
Apollo Global Management, Inc.
213,029
18,605,953
Ares Management Corp., Class A
79,040
8,175,898
Berkshire Hathaway, Inc., Class B *
879,583
316,825,797
Blackstone, Inc.
348,140
37,031,652
Capital One Financial Corp.
188,455
19,295,907
Cboe Global Markets, Inc.
52,100
7,799,891
CME Group, Inc.
177,545
35,984,821
Discover Financial Services
125,293
11,285,140
Equitable Holdings, Inc.
163,643
4,712,918
Fidelity National Information Services,
Inc.
292,159
16,320,002
Franklin Resources, Inc.
141,047
3,771,597
Global Payments, Inc.
129,266
16,376,709
Intercontinental Exchange, Inc.
276,268
32,596,861
Invesco Ltd.
226,389
3,604,113
Jack Henry & Associates, Inc.
35,818
5,615,546
Jefferies Financial Group, Inc.
92,269
3,293,081
Morgan Stanley
642,860
54,739,529
Morningstar, Inc.
12,415
2,888,598
Nasdaq, Inc.
167,508
8,790,820
Northern Trust Corp.
102,495
7,796,795
Raymond James Financial, Inc.
94,266
9,859,281
SEI Investments Co.
49,775
3,089,036
SoFi Technologies, Inc. *
409,078
3,542,615
Starwood Property Trust, Inc.
154,202
3,150,347
State Street Corp.
165,114
11,349,936
Synchrony Financial
210,821
6,805,302
T. Rowe Price Group, Inc.
110,881
12,444,175
The Bank of New York Mellon Corp.
354,302
15,897,531
The Carlyle Group, Inc.
107,073
3,463,811
The Charles Schwab Corp. (b)
730,302
43,197,363
The Goldman Sachs Group, Inc.
163,915
53,716,585
The Western Union Co.
184,231
2,275,253
Voya Financial, Inc.
48,542
3,382,407
 
863,309,783
 
Food, Beverage & Tobacco 5.9%
Altria Group, Inc.
880,548
38,937,833
Archer-Daniels-Midland Co.
268,780
21,314,254
Brown-Forman Corp., Class B
118,167
7,814,384
Bunge Ltd.
74,058
8,466,311
SECURITY
NUMBER
OF SHARES
VALUE ($)
Campbell Soup Co.
99,010
4,128,717
Conagra Brands, Inc.
235,349
7,032,228
Constellation Brands, Inc., Class A
79,585
20,736,668
Darling Ingredients, Inc. *
78,370
4,840,131
General Mills, Inc.
289,805
19,608,206
Hormel Foods Corp.
142,379
5,494,406
Kellogg Co.
126,854
7,740,631
Keurig Dr Pepper, Inc.
415,602
13,985,007
Lamb Weston Holdings, Inc.
72,096
7,022,871
McCormick & Co., Inc. Non Voting
Shares
123,924
10,171,682
Molson Coors Beverage Co., Class B
92,593
5,878,730
Mondelez International, Inc., Class A
671,455
47,847,883
PepsiCo, Inc.
679,531
120,902,155
Philip Morris International, Inc.
765,424
73,526,629
The Coca-Cola Co.
1,919,726
114,857,207
The Hershey Co.
72,726
15,625,908
The J.M. Smucker Co.
52,420
7,598,279
The Kraft Heinz Co.
393,609
13,024,522
Tyson Foods, Inc., Class A
140,935
7,507,607
 
584,062,249
 
Health Care Equipment & Services 4.5%
Abbott Laboratories
857,627
88,249,818
Baxter International, Inc.
249,826
10,142,936
Becton Dickinson & Co.
140,150
39,164,918
Boston Scientific Corp. *
709,442
38,267,301
Cardinal Health, Inc.
125,498
10,959,740
Cencora, Inc.
80,059
14,088,783
CVS Health Corp.
632,082
41,192,784
DaVita, Inc. *
27,174
2,783,161
Dentsply Sirona, Inc.
104,288
3,868,042
Encompass Health Corp.
49,293
3,501,775
HCA Healthcare, Inc.
101,875
28,249,938
Henry Schein, Inc. *
64,364
4,926,421
Hologic, Inc. *
121,632
9,090,776
Laboratory Corp. of America Holdings
43,786
9,111,867
Medtronic plc
655,955
53,460,332
Quest Diagnostics, Inc.
55,444
7,290,886
STERIS plc
49,033
11,257,486
Stryker Corp.
166,608
47,241,698
Universal Health Services, Inc., Class B
30,892
4,161,152
Zimmer Biomet Holdings, Inc.
102,748
12,239,342
 
439,249,156
 
Household & Personal Products 2.8%
Church & Dwight Co., Inc.
120,600
11,670,462
Colgate-Palmolive Co.
409,367
30,076,193
Kenvue, Inc.
850,471
19,603,362
Kimberly-Clark Corp.
166,432
21,441,435
Reynolds Consumer Products, Inc.
27,038
737,867
The Clorox Co.
60,790
9,510,595
The Procter & Gamble Co.
1,162,534
179,425,498
 
272,465,412
 
Insurance 4.2%
Aflac, Inc.
271,427
20,240,311
American Financial Group, Inc.
34,410
3,988,807
American International Group, Inc.
357,237
20,905,509
Aon plc, Class A
100,791
33,602,712
Arch Capital Group Ltd. *
183,775
14,124,947
Arthur J. Gallagher & Co.
105,695
24,360,584
Assurant, Inc.
26,101
3,636,652
Brown & Brown, Inc.
115,782
8,579,446
Chubb Ltd.
204,300
41,037,741
See financial notes
Schwab U.S. Equity ETFs | Annual Report93

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cincinnati Financial Corp.
77,310
8,178,625
CNA Financial Corp.
13,469
529,736
Erie Indemnity Co., Class A
12,344
3,440,643
Everest Group Ltd.
21,160
7,631,989
F&G Annuities & Life, Inc.
9,183
259,971
Fidelity National Financial, Inc.
134,320
5,560,848
Globe Life, Inc.
43,657
4,870,812
Lincoln National Corp.
75,796
1,944,925
Loews Corp.
92,990
5,773,749
Marsh & McLennan Cos., Inc.
243,928
47,563,521
MetLife, Inc.
317,160
20,088,914
Old Republic International Corp.
134,557
3,680,134
Principal Financial Group, Inc.
111,662
8,677,254
Prudential Financial, Inc.
180,041
17,044,482
Reinsurance Group of America, Inc.
32,833
4,551,310
The Allstate Corp.
129,708
13,983,820
The Hartford Financial Services Group,
Inc.
153,238
11,005,553
The Progressive Corp.
288,854
38,553,343
The Travelers Cos., Inc.
114,054
18,388,926
W.R. Berkley Corp.
98,797
6,111,582
Willis Towers Watson plc
52,560
10,867,306
 
409,184,152
 
Materials 3.3%
Air Products and Chemicals, Inc.
109,522
32,362,656
Alcoa Corp.
88,191
2,652,785
Amcor plc
726,116
7,072,370
AptarGroup, Inc.
32,195
4,267,769
Avery Dennison Corp.
39,843
7,505,625
Axalta Coating Systems Ltd. *
108,803
3,079,125
Ball Corp.
155,522
8,468,173
Berry Global Group, Inc.
58,895
3,848,199
Celanese Corp.
49,223
6,219,818
CF Industries Holdings, Inc.
96,124
7,408,277
Crown Holdings, Inc.
59,169
5,482,600
Dow, Inc.
349,244
19,054,753
DuPont de Nemours, Inc.
226,119
17,386,290
Eastman Chemical Co.
58,577
4,979,631
Ecolab, Inc.
122,213
22,463,972
FMC Corp.
61,471
5,300,644
Freeport-McMoRan, Inc.
706,708
28,204,716
International Flavors & Fragrances, Inc.
126,038
8,879,377
International Paper Co.
170,742
5,962,311
LyondellBasell Industries N.V., Class A
125,282
12,374,103
Newmont Corp.
391,950
15,450,669
Nucor Corp.
123,991
21,338,851
Packaging Corp. of America
44,222
6,593,500
PPG Industries, Inc.
116,300
16,486,688
Reliance Steel & Aluminum Co.
29,078
8,286,067
Royal Gold, Inc.
32,324
3,623,197
RPM International, Inc.
63,838
6,367,202
Sealed Air Corp.
71,179
2,637,894
Sonoco Products Co.
48,158
2,766,677
Steel Dynamics, Inc.
78,953
8,415,600
The Mosaic Co.
163,378
6,347,235
Vulcan Materials Co.
65,649
14,327,894
Westrock Co.
126,648
4,142,656
 
329,757,324
 
Media & Entertainment 2.9%
Activision Blizzard, Inc.
352,724
32,447,081
AMC Entertainment Holdings, Inc.,
Class A *(a)
28,618
359,147
Comcast Corp., Class A
2,051,399
95,923,417
DISH Network Corp., Class A *
123,029
738,174
SECURITY
NUMBER
OF SHARES
VALUE ($)
Electronic Arts, Inc.
128,320
15,395,833
Fox Corp., Class A
195,389
6,459,560
IAC, Inc. *
37,720
2,087,048
Liberty Media Corp.-Liberty Formula
One, Class C *
113,484
7,806,564
Liberty Media Corp.-Liberty Live,
Class C *
32,935
1,108,263
Liberty Media Corp.-Liberty SiriusXM,
Class C *
111,708
2,730,143
Match Group, Inc. *
136,916
6,417,253
News Corp., Class A
246,366
5,294,405
Omnicom Group, Inc.
98,725
7,997,712
Paramount Global, Class B
254,086
3,834,158
Sirius XM Holdings, Inc. (a)
342,624
1,507,546
The Interpublic Group of Cos., Inc.
190,398
6,208,879
The Walt Disney Co. *
901,123
75,405,973
Warner Bros Discovery, Inc. *
1,094,156
14,377,210
 
286,098,366
 
Pharmaceuticals, Biotechnology & Life Sciences 8.1%
AbbVie, Inc.
870,210
127,886,062
Agilent Technologies, Inc.
145,829
17,655,517
Amgen, Inc.
263,483
67,541,232
Biogen, Inc. *
71,452
19,103,407
Bristol-Myers Squibb Co.
1,035,884
63,862,249
Bruker Corp.
49,296
3,233,818
Elanco Animal Health, Inc. *
228,810
2,791,482
Fortrea Holdings, Inc. *
43,535
1,199,389
Gilead Sciences, Inc.
615,002
47,035,353
Johnson & Johnson
1,188,315
192,126,769
Merck & Co., Inc.
1,251,553
136,394,246
Organon & Co.
125,550
2,757,078
Pfizer, Inc.
2,784,367
98,510,904
Royalty Pharma plc, Class A
185,104
5,519,801
Viatris, Inc.
593,822
6,383,586
 
792,000,893
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
153,404
13,047,010
Jones Lang LaSalle, Inc. *
23,591
4,076,525
 
17,123,535
 
Semiconductors & Semiconductor Equipment 4.7%
Analog Devices, Inc.
249,413
45,338,295
Applied Materials, Inc.
416,701
63,655,245
Entegris, Inc.
73,868
7,480,612
First Solar, Inc. *
49,097
9,285,225
Intel Corp.
2,056,769
72,274,863
Marvell Technology, Inc.
423,720
24,681,690
Microchip Technology, Inc.
270,243
22,116,687
Micron Technology, Inc.
540,096
37,774,314
NXP Semiconductors N.V.
128,085
26,349,646
QUALCOMM, Inc.
549,269
62,907,779
Skyworks Solutions, Inc.
78,695
8,557,294
Teradyne, Inc.
76,707
8,274,384
Texas Instruments, Inc.
447,598
75,223,320
Wolfspeed, Inc. *
61,508
2,941,313
 
466,860,667
 
Software & Services 2.4%
Akamai Technologies, Inc. *
75,111
7,893,415
Aspen Technology, Inc. *
14,432
2,799,808
Bentley Systems, Inc., Class B
98,261
4,904,207
Black Knight, Inc. *
77,425
5,865,718
See financial notes
94Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cognizant Technology Solutions Corp.,
Class A
250,653
17,949,261
DXC Technology Co. *
112,263
2,328,335
Gen Digital, Inc.
280,574
5,681,623
Guidewire Software, Inc. *
40,109
3,466,621
International Business Machines Corp.
447,739
65,741,517
Manhattan Associates, Inc. *
30,614
6,203,009
Oracle Corp.
758,957
91,370,833
Palantir Technologies, Inc., Class A *
884,058
13,243,189
VeriSign, Inc. *
44,757
9,300,057
 
236,747,593
 
Technology Hardware & Equipment 3.1%
Amphenol Corp., Class A
293,650
25,952,787
Arrow Electronics, Inc. *
27,895
3,722,030
CDW Corp.
66,545
14,050,977
Cisco Systems, Inc.
2,020,195
115,858,183
Cognex Corp.
84,854
3,994,926
Corning, Inc.
377,609
12,393,127
F5, Inc. *
29,988
4,907,836
Hewlett Packard Enterprise Co.
640,043
10,874,331
HP, Inc.
427,192
12,691,874
Jabil, Inc.
65,252
7,466,134
Juniper Networks, Inc.
158,563
4,617,355
Keysight Technologies, Inc. *
87,895
11,716,403
Motorola Solutions, Inc.
82,718
23,456,343
NetApp, Inc.
105,806
8,115,320
Seagate Technology Holdings plc
94,703
6,704,025
TD SYNNEX Corp.
20,605
2,096,559
TE Connectivity Ltd.
155,525
20,589,955
Trimble, Inc. *
122,402
6,706,406
Western Digital Corp. *
157,333
7,079,985
 
302,994,556
 
Telecommunication Services 1.3%
AT&T, Inc.
3,525,207
52,137,811
GCI Liberty, Inc. *(c)
32
6
Liberty Global plc, Class C *
199,707
3,962,187
Lumen Technologies, Inc. *
453,362
720,846
Verizon Communications, Inc.
2,073,010
72,513,890
 
129,334,740
 
Transportation 3.3%
Alaska Air Group, Inc. *
63,186
2,651,916
American Airlines Group, Inc. *
321,229
4,731,703
Avis Budget Group, Inc. *
11,785
2,514,801
C.H. Robinson Worldwide, Inc.
57,216
5,174,043
CSX Corp.
1,003,228
30,297,486
Delta Air Lines, Inc.
317,109
13,597,634
Expeditors International of Washington,
Inc.
75,507
8,812,422
FedEx Corp.
114,113
29,785,775
J.B. Hunt Transport Services, Inc.
40,875
7,679,595
Norfolk Southern Corp.
112,336
23,030,003
RXO, Inc. *
57,722
1,043,614
Southwest Airlines Co.
294,139
9,294,792
Uber Technologies, Inc. *
997,842
47,128,078
Union Pacific Corp.
300,861
66,360,911
United Airlines Holdings, Inc. *
161,329
8,035,798
United Parcel Service, Inc., Class B
357,367
60,537,970
XPO, Inc. *
56,842
4,242,118
 
324,918,659
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Utilities 4.6%
Alliant Energy Corp.
123,637
6,202,868
Ameren Corp.
129,691
10,280,606
American Electric Power Co., Inc.
254,039
19,916,658
American Water Works Co., Inc.
96,061
13,327,503
Atmos Energy Corp.
71,422
8,281,381
Avangrid, Inc.
34,550
1,191,975
CenterPoint Energy, Inc.
311,976
8,701,011
CMS Energy Corp.
143,923
8,087,033
Consolidated Edison, Inc.
170,680
15,183,693
Dominion Energy, Inc.
412,544
20,024,886
DTE Energy Co.
101,774
10,521,396
Duke Energy Corp.
380,282
33,769,042
Edison International
189,018
13,013,889
Entergy Corp.
104,447
9,948,577
Essential Utilities, Inc.
118,064
4,356,562
Evergy, Inc.
112,918
6,207,102
Eversource Energy
172,216
10,990,825
Exelon Corp.
490,905
19,695,109
FirstEnergy Corp.
268,933
9,700,413
NextEra Energy, Inc.
997,751
66,649,767
NiSource, Inc.
202,951
5,430,969
NRG Energy, Inc.
113,449
4,260,010
OGE Energy Corp.
98,838
3,365,434
PG&E Corp. *
796,567
12,984,042
Pinnacle West Capital Corp.
55,660
4,300,848
PPL Corp.
364,085
9,072,998
Public Service Enterprise Group, Inc.
246,219
15,039,056
Sempra
310,494
21,802,889
The AES Corp.
329,238
5,903,237
The Southern Co.
538,063
36,443,007
UGI Corp.
103,157
2,597,493
Vistra Corp.
174,003
5,467,174
WEC Energy Group, Inc.
155,638
13,092,268
Xcel Energy, Inc.
271,051
15,485,144
 
451,294,865
Total Common Stocks
(Cost $8,232,635,064)
9,793,961,407
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)
4,109,335
4,109,335
State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.28% (d)(e)
4,589,348
4,589,348
 
8,698,683
Total Short-Term Investments
(Cost $8,698,683)
8,698,683
Total Investments in Securities
(Cost $8,241,333,747)
9,802,660,090
See financial notes
Schwab U.S. Equity ETFs | Annual Report95

Schwab U.S. Large-Cap Value ETF
Portfolio Holdings  as of August 31, 2023 (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
FUTURES CONTRACTS
Long
Russell 1000 Value Index,
e-mini, expires 09/15/23
299
23,357,880
(121,022
)
S&P 500 Index, e-mini, expires
09/15/23
27
6,096,600
166,129
 
45,107
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$4,424,844.
(b)
Issuer is affiliated with the fund’s investment adviser.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:
SECURITY
VALUE AT
8/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/23
BALANCE
OF SHARES
HELD AT
8/31/23
DIVIDENDS
RECEIVED
COMMON STOCKS 0.4% OF NET ASSETS
 
Financial Services 0.4%
The Charles Schwab Corp.
$50,567,555
$7,697,746
($5,685,789
)
$345,140
($9,727,289
)
$43,197,363
730,302
$730,845

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$9,664,626,667
$
$
$9,664,626,667
Telecommunication Services
129,334,734
6
129,334,740
Short-Term Investments1
8,698,683
8,698,683
Futures Contracts2
166,129
166,129
Liabilities
Futures Contracts2
(121,022
)
(121,022
)
Total
$9,802,705,191
$—
$6
$9,802,705,197
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
96Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - affiliated (cost $37,285,680)
 
$43,197,363
Investments in securities, at value - unaffiliated (cost $8,204,048,067) including securities on loan of $4,424,844
 
9,759,462,727
Deposit with broker for futures contracts
 
1,512,400
Receivables:
 
Dividends
 
25,105,409
Investments sold
 
14,116,688
Fund shares sold
 
3,392,452
Income from securities on loan
 
269,839
Foreign tax reclaims
+
2,440
Total assets
 
9,847,059,318
 
Liabilities
Collateral held for securities on loan
 
4,589,348
Payables:
 
Fund shares redeemed
 
13,569,809
Investments bought
 
4,062,069
Management fees
 
335,092
Variation margin on futures contracts
+
108,313
Total liabilities
 
22,664,631
Net assets
 
$9,824,394,687
 
Net Assets by Source
Capital received from investors
 
$8,806,258,708
Total distributable earnings
+
1,018,135,979
Net assets
 
$9,824,394,687
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$9,824,394,687
 
145,300,000
$67.61
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report97

Schwab U.S. Large-Cap Value ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $59,677)
 
$251,914,528
Dividends received from securities - affiliated
 
730,845
Securities on loan, net
+
1,599,818
Total investment income
 
254,245,191
 
Expenses
Management fees
 
3,895,864
Proxy fees1
+
100,581
Total expenses
3,996,445
Net investment income
 
250,248,746
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated
 
(877,930
)
Net realized losses on sales of securities - unaffiliated
 
(94,958,595
)
Net realized gains on sales of in-kind redemptions - affiliated
 
1,223,070
Net realized gains on sales of in-kind redemptions - unaffiliated
 
404,538,168
Net realized losses on futures contracts
+
(131,561
)
Net realized gains
 
309,793,152
Net change in unrealized appreciation (depreciation) on securities - affiliated
 
(9,727,289
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
153,304,573
Net change in unrealized appreciation (depreciation) on futures contracts
+
875,758
Net change in unrealized appreciation (depreciation)
+
144,453,042
Net realized and unrealized gains
 
454,246,194
Increase in net assets resulting from operations
 
$704,494,940
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
98Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$250,248,746
$218,601,748
Net realized gains
 
309,793,152
218,299,902
Net change in unrealized appreciation (depreciation)
+
144,453,042
(1,143,915,305
)
Increase (decrease) in net assets resulting from operations
 
$704,494,940
($707,013,655
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($245,578,070
)
($212,274,805
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
14,500,000
$936,764,004
16,400,000
$1,137,605,009
Shares redeemed
+
(16,500,000
)
(1,068,302,839
)
(9,550,000
)
(648,175,061
)
Net transactions in fund shares
 
(2,000,000
)
($131,538,835
)
6,850,000
$489,429,948
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
147,300,000
$9,497,016,652
140,450,000
$9,926,875,164
Total increase (decrease)
+
(2,000,000
)
327,378,035
6,850,000
(429,858,512
)
End of period
 
145,300,000
$9,824,394,687
147,300,000
$9,497,016,652
See financial notes
Schwab U.S. Equity ETFs | Annual Report99

Schwab U.S. Mid-Cap ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
 
Per-Share Data
Net asset value at beginning of period
$67.29
$80.01
$57.45
$55.72
$58.44
Income (loss) from investment operations:
Net investment income (loss)1
1.16
1.05
0.93
0.87
0.84
Net realized and unrealized gains (losses)
4.43
(12.66
)
22.43
1.76
(2.76
)
Total from investment operations
5.59
(11.61
)
23.36
2.63
(1.92
)
Less distributions:
Distributions from net investment income
(1.16
)
(1.11
)
(0.80
)
(0.90
)
(0.80
)
Net asset value at end of period
$71.72
$67.29
$80.01
$57.45
$55.72
Total return
8.45
%
(14.62
%)
40.98
%
4.90
%
(3.24
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%2
0.04
%2
0.04
%
0.04
%
0.04
%3
Net investment income (loss)
1.71
%
1.43
%
1.31
%
1.61
%
1.52
%
Portfolio turnover rate4
18
%
16
%
23
%
19
%
19
%
Net assets, end of period (x 1,000,000)
$9,976
$9,195
$9,986
$6,678
$6,255
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019 is a blended ratio.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
100Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of August 31, 2023
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 1.2%
Autoliv, Inc.
204,142
19,924,259
BorgWarner, Inc.
619,384
25,239,898
Gentex Corp.
618,362
20,195,703
Harley-Davidson, Inc.
346,461
11,693,059
Lear Corp.
155,982
22,475,446
Phinia, Inc. *
124,967
3,474,083
QuantumScape Corp. *
869,034
6,204,903
Thor Industries, Inc.
141,470
14,828,885
 
124,036,236
 
Banks 3.2%
Bank OZK
285,499
11,468,495
BOK Financial Corp.
75,655
6,287,687
Comerica, Inc.
347,862
16,735,641
Commerce Bancshares, Inc.
300,227
14,738,143
Cullen/Frost Bankers, Inc.
170,293
16,097,797
East West Bancorp, Inc.
373,883
20,690,685
First Citizens BancShares, Inc., Class A
31,438
42,768,255
First Financial Bankshares, Inc.
343,332
9,860,495
First Horizon Corp.
1,421,289
17,837,177
Glacier Bancorp, Inc.
294,066
8,883,734
New York Community Bancorp, Inc.
1,908,385
23,434,968
Pinnacle Financial Partners, Inc.
203,029
13,513,610
Popular, Inc.
190,065
12,977,638
Prosperity Bancshares, Inc.
249,433
14,170,289
SouthState Corp.
200,840
14,520,732
Synovus Financial Corp.
386,911
11,978,765
Valley National Bancorp
1,117,155
10,255,483
Webster Financial Corp.
461,912
19,589,688
Western Alliance Bancorp
289,709
14,488,347
Zions Bancorp NA
391,886
13,911,953
 
314,209,582
 
Capital Goods 14.3%
A.O. Smith Corp.
329,120
23,861,200
Acuity Brands, Inc.
84,156
13,572,680
Advanced Drainage Systems, Inc.
165,323
21,187,796
AECOM
367,903
32,283,488
AGCO Corp.
164,231
21,272,841
Air Lease Corp.
273,456
11,146,067
Allegion plc
232,419
26,451,606
Armstrong World Industries, Inc.
119,023
9,115,972
Axon Enterprise, Inc. *
185,736
39,545,052
Builders FirstSource, Inc. *
339,070
49,178,713
BWX Technologies, Inc.
241,813
17,836,127
Carlisle Cos., Inc.
134,881
35,476,401
ChargePoint Holdings, Inc. *(a)
713,480
5,108,517
Chart Industries, Inc. *
111,020
20,047,992
Crane Co.
127,699
11,635,933
Curtiss-Wright Corp.
101,351
21,079,994
Donaldson Co., Inc.
320,609
20,477,297
SECURITY
NUMBER
OF SHARES
VALUE ($)
EMCOR Group, Inc.
125,651
28,177,237
Flowserve Corp.
347,142
13,736,409
Fortune Brands Innovations, Inc.
334,863
23,112,244
Graco, Inc.
445,505
35,168,165
Hexcel Corp.
223,435
16,377,785
Howmet Aerospace, Inc.
973,080
48,138,268
Hubbell, Inc.
141,772
46,224,761
Huntington Ingalls Industries, Inc.
105,419
23,225,914
IDEX Corp.
199,943
45,267,095
ITT, Inc.
217,929
22,289,778
Lennox International, Inc.
85,510
32,221,023
Leonardo DRS, Inc. *
130,483
2,233,869
Lincoln Electric Holdings, Inc.
152,148
29,282,404
Masco Corp.
595,699
35,152,198
MasTec, Inc. *
157,847
15,704,198
Masterbrand, Inc. *
340,930
4,367,313
MDU Resources Group, Inc.
539,496
10,984,139
Nordson Corp.
142,449
34,777,499
nVent Electric plc
437,813
24,753,947
Oshkosh Corp.
172,697
17,931,129
Owens Corning
238,483
34,320,088
Pentair plc
436,638
30,678,186
Plug Power, Inc. *(a)
1,428,353
12,083,866
RBC Bearings, Inc. *
76,696
17,681,496
Regal Rexnord Corp.
175,155
28,408,389
Sensata Technologies Holding plc
403,640
15,184,937
SiteOne Landscape Supply, Inc. *
118,919
20,357,744
Snap-on, Inc.
140,070
37,622,802
Sunrun, Inc. *
568,600
8,887,218
Textron, Inc.
533,630
41,468,387
The Middleby Corp. *
141,453
20,594,142
The Timken Co.
173,978
13,295,399
The Toro Co.
275,597
28,199,085
Trex Co., Inc. *
287,609
20,526,654
Valmont Industries, Inc.
55,645
14,106,007
Vertiv Holdings Co.
854,132
33,644,259
Watsco, Inc.
88,461
32,248,458
WESCO International, Inc.
119,293
19,307,572
Westinghouse Air Brake Technologies
Corp.
475,787
53,535,553
WillScot Mobile Mini Holdings Corp. *
534,690
21,932,984
Woodward, Inc.
158,696
20,530,501
Zurn Elkay Water Solutions Corp.,
Class C
379,101
11,228,972
 
1,424,245,750
 
Commercial & Professional Services 4.6%
ASGN, Inc. *
130,613
10,731,164
Booz Allen Hamilton Holding Corp.,
Class A
350,002
39,658,727
CACI International, Inc., Class A *
60,234
19,757,354
Ceridian HCM Holding, Inc. *
409,705
29,711,806
Clarivate plc *
1,140,531
8,474,145
Clean Harbors, Inc. *
132,973
22,517,648
Concentrix Corp.
112,894
9,012,328
Driven Brands Holdings, Inc. *
145,472
2,189,354
See financial notes
Schwab U.S. Equity ETFs | Annual Report101

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dun & Bradstreet Holdings, Inc.
582,779
6,352,291
ExlService Holdings, Inc. *
440,142
12,865,351
Genpact Ltd.
448,628
16,747,283
Jacobs Solutions, Inc.
335,596
45,245,053
KBR, Inc.
358,725
22,068,762
Leidos Holdings, Inc.
363,008
35,396,910
ManpowerGroup, Inc.
133,590
10,536,243
Maximus, Inc.
160,895
13,003,534
MSA Safety, Inc.
97,753
17,857,518
Paylocity Holding Corp. *
109,163
21,887,181
RB Global, Inc.
481,236
29,701,886
Robert Half International, Inc.
284,857
21,068,024
Science Applications International
Corp.
142,686
16,788,435
Stericycle, Inc. *
244,946
10,829,063
Tetra Tech, Inc.
140,668
22,134,110
TriNet Group, Inc. *
90,672
10,058,245
 
454,592,415
 
Consumer Discretionary Distribution & Retail 3.7%
Advance Auto Parts, Inc.
157,471
10,837,154
AutoNation, Inc. *
83,183
13,067,217
Bath & Body Works, Inc.
605,076
22,309,152
Burlington Stores, Inc. *
171,596
27,843,167
Chewy, Inc., Class A *
253,598
6,081,280
Dick's Sporting Goods, Inc.
162,503
18,905,599
Five Below, Inc. *
147,372
25,342,089
Floor & Decor Holdings, Inc., Class A *
281,341
28,049,698
GameStop Corp., Class A *(a)
668,394
12,398,709
Kohl's Corp.
293,128
7,808,930
Lithia Motors, Inc.
72,763
22,412,459
LKQ Corp.
671,057
35,250,624
Murphy USA, Inc.
53,028
16,843,814
Ollie's Bargain Outlet Holdings, Inc. *
152,456
11,751,309
Penske Automotive Group, Inc.
63,962
10,508,957
Pool Corp.
103,310
37,770,136
RH *
47,263
17,259,975
The Gap, Inc.
566,192
6,556,503
Valvoline, Inc.
367,562
12,658,835
Williams-Sonoma, Inc.
173,529
24,502,295
 
368,157,902
 
Consumer Durables & Apparel 4.1%
Brunswick Corp.
186,956
14,791,959
Capri Holdings Ltd. *
332,497
17,452,768
Columbia Sportswear Co.
93,704
6,872,251
Crocs, Inc. *
164,062
15,969,795
Deckers Outdoor Corp. *
69,660
36,856,409
Hasbro, Inc.
344,373
24,794,856
Leggett & Platt, Inc.
352,826
9,949,693
Mattel, Inc. *
935,819
20,737,749
Mohawk Industries, Inc. *
139,931
14,187,604
Newell Brands, Inc.
998,890
10,568,256
Polaris, Inc.
141,441
15,854,122
PulteGroup, Inc.
590,543
48,459,959
PVH Corp.
166,182
13,892,815
Ralph Lauren Corp.
108,741
12,682,463
Skechers U.S.A., Inc., Class A *
355,022
17,861,157
Tapestry, Inc.
612,580
20,411,166
Tempur Sealy International, Inc.
454,895
21,252,694
Toll Brothers, Inc.
272,194
22,300,854
TopBuild Corp. *
83,904
24,338,872
Under Armour, Inc., Class A *
954,014
7,288,667
Whirlpool Corp.
144,736
20,257,251
SECURITY
NUMBER
OF SHARES
VALUE ($)
YETI Holdings, Inc. *
229,684
11,472,716
 
408,254,076
 
Consumer Services 4.9%
ADT, Inc.
564,182
3,622,048
Aramark
692,452
25,745,365
Boyd Gaming Corp.
203,217
13,589,121
Bright Horizons Family Solutions, Inc. *
152,823
14,429,548
Caesars Entertainment, Inc. *
568,726
31,427,799
Carnival Corp. *
2,654,396
41,992,545
Choice Hotels International, Inc.
69,978
8,880,208
Churchill Downs, Inc.
174,151
21,817,637
DraftKings, Inc., Class A *
1,222,305
36,241,343
H&R Block, Inc.
403,059
16,114,299
Marriott Vacations Worldwide Corp.
97,497
10,596,949
MGM Resorts International
799,119
35,145,254
Norwegian Cruise Line Holdings Ltd. *
1,121,345
18,580,687
Penn Entertainment, Inc. *
406,429
9,628,303
Planet Fitness, Inc., Class A *
224,285
13,636,528
Royal Caribbean Cruises Ltd. *
581,718
57,555,179
Service Corp. International
400,281
25,261,734
Texas Roadhouse, Inc.
177,138
18,440,066
The Wendy's Co.
444,758
8,801,761
Vail Resorts, Inc.
106,581
24,121,412
Wingstop, Inc.
79,204
12,723,330
Wyndham Hotels & Resorts, Inc.
227,199
17,128,533
Wynn Resorts Ltd.
273,670
27,744,664
 
493,224,313
 
Consumer Staples Distribution & Retail 1.1%
Albertsons Cos., Inc., Class A
529,757
11,866,557
BJ's Wholesale Club Holdings, Inc. *
355,150
23,933,558
Casey's General Stores, Inc.
98,472
24,067,542
Performance Food Group Co. *
413,449
25,687,586
US Foods Holding Corp. *
598,920
24,214,336
 
109,769,579
 
Energy 4.1%
Antero Midstream Corp.
885,456
10,731,727
Antero Resources Corp. *
730,810
20,221,513
APA Corp.
816,684
35,803,427
Chesapeake Energy Corp.
283,022
24,965,371
Chord Energy Corp.
109,805
17,733,507
EQT Corp.
956,886
41,356,613
HF Sinclair Corp.
340,504
18,758,365
Marathon Oil Corp.
1,634,060
43,057,481
Matador Resources Co.
299,222
19,000,597
New Fortress Energy, Inc.
124,220
3,855,789
NOV, Inc.
1,041,263
22,001,887
Ovintiv, Inc.
647,261
30,395,377
Range Resources Corp.
637,816
20,652,482
Southwestern Energy Co. *
2,910,359
19,732,234
Targa Resources Corp.
597,885
51,567,581
Texas Pacific Land Corp.
16,286
30,695,038
Vitesse Energy, Inc.
60,577
1,407,809
 
411,936,798
 
Equity Real Estate Investment Trusts (REITs) 6.8%
Agree Realty Corp.
246,109
15,214,458
American Homes 4 Rent, Class A
830,338
29,925,382
Americold Realty Trust, Inc.
714,036
24,027,311
Apartment Income REIT Corp.
394,902
13,450,362
Brixmor Property Group, Inc.
795,759
17,490,783
Camden Property Trust
282,142
30,364,122
See financial notes
102Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cousins Properties, Inc.
400,311
9,407,309
CubeSmart
593,761
24,765,771
Douglas Emmett, Inc.
448,872
6,136,080
EastGroup Properties, Inc.
117,404
21,089,281
Equity LifeStyle Properties, Inc.
463,317
31,023,706
Federal Realty Investment Trust
194,195
19,019,458
First Industrial Realty Trust, Inc.
349,937
18,175,728
Gaming & Leisure Properties, Inc.
695,200
32,952,480
Healthcare Realty Trust, Inc.
1,006,827
17,639,609
Host Hotels & Resorts, Inc.
1,879,620
29,679,200
Iron Mountain, Inc.
771,475
49,019,521
Kilroy Realty Corp.
278,817
10,302,288
Kimco Realty Corp.
1,638,208
31,027,660
Lamar Advertising Co., Class A
231,256
21,095,172
Medical Properties Trust, Inc.
1,582,843
11,428,126
NNN REIT, Inc.
481,435
18,963,725
Omega Healthcare Investors, Inc.
619,613
19,716,086
Rayonier, Inc.
392,527
11,736,557
Regency Centers Corp.
434,965
27,054,823
Rexford Industrial Realty, Inc.
531,980
28,444,971
Spirit Realty Capital, Inc.
373,871
14,435,159
STAG Industrial, Inc.
474,045
17,316,864
UDR, Inc.
818,967
32,676,783
Vornado Realty Trust
427,282
10,263,314
WP Carey, Inc.
566,035
36,820,577
 
680,662,666
 
Financial Services 7.3%
Affiliated Managers Group, Inc.
95,560
12,805,996
Affirm Holdings, Inc. *
564,175
11,740,482
AGNC Investment Corp.
1,576,254
15,620,677
Ally Financial, Inc.
795,047
22,014,851
Annaly Capital Management, Inc.
1,305,196
26,456,323
Ares Management Corp., Class A
424,995
43,961,483
Blackstone Mortgage Trust, Inc.,
Class A
456,670
10,055,873
Cboe Global Markets, Inc.
279,335
41,819,243
Credit Acceptance Corp. *
15,954
8,005,239
Equitable Holdings, Inc.
875,159
25,204,579
Essent Group Ltd.
283,797
14,252,285
Euronet Worldwide, Inc. *
124,872
10,908,818
FactSet Research Systems, Inc.
101,382
44,244,119
Interactive Brokers Group, Inc.,
Class A
272,181
24,790,245
Invesco Ltd.
1,211,255
19,283,180
Jack Henry & Associates, Inc.
192,589
30,194,103
Janus Henderson Group plc
351,297
9,650,129
Jefferies Financial Group, Inc.
493,461
17,611,623
Lazard Ltd., Class A
298,179
10,358,738
LPL Financial Holdings, Inc.
205,467
47,378,636
MarketAxess Holdings, Inc.
99,547
23,983,859
MGIC Investment Corp.
758,648
13,337,032
Morningstar, Inc.
66,411
15,451,847
OneMain Holdings, Inc.
319,204
13,250,158
Rithm Capital Corp.
1,278,709
13,183,490
Robinhood Markets, Inc., Class A *
1,373,142
14,953,516
SEI Investments Co.
267,660
16,610,980
SoFi Technologies, Inc. *
2,188,938
18,956,203
Starwood Property Trust, Inc.
824,505
16,844,637
Stifel Financial Corp.
281,066
18,274,911
TFS Financial Corp.
124,872
1,699,508
The Carlyle Group, Inc.
574,492
18,584,816
The Western Union Co.
991,575
12,245,951
Toast, Inc., Class A *
892,584
19,788,587
Tradeweb Markets, Inc., Class A
303,180
26,203,847
Voya Financial, Inc.
259,839
18,105,582
SECURITY
NUMBER
OF SHARES
VALUE ($)
WEX, Inc. *
113,221
22,211,696
 
730,043,242
 
Food, Beverage & Tobacco 2.9%
Bunge Ltd.
398,421
45,547,489
Campbell Soup Co.
530,286
22,112,926
Celsius Holdings, Inc. *
107,553
21,084,690
Darling Ingredients, Inc. *
421,684
26,043,204
Flowers Foods, Inc.
510,437
12,025,896
Ingredion, Inc.
174,541
17,962,014
Lamb Weston Holdings, Inc.
385,570
37,558,374
Lancaster Colony Corp.
52,249
8,631,012
Molson Coors Beverage Co., Class B
496,170
31,501,833
Pilgrim's Pride Corp. *
118,922
2,992,078
Post Holdings, Inc. *
141,747
12,716,123
Seaboard Corp.
677
2,552,513
The Boston Beer Co., Inc., Class A *
24,782
9,056,086
The J.M. Smucker Co.
282,150
40,897,643
 
290,681,881
 
Health Care Equipment & Services 4.0%
Acadia Healthcare Co., Inc. *
243,363
18,763,287
agilon health, Inc. *
771,918
13,678,387
Amedisys, Inc. *
86,221
8,083,219
Chemed Corp.
39,702
20,305,191
DaVita, Inc. *
146,213
14,975,136
Dentsply Sirona, Inc.
561,615
20,830,300
Encompass Health Corp.
265,286
18,845,918
Envista Holdings Corp. *
433,156
13,869,655
Guardant Health, Inc. *
305,241
11,928,818
HealthEquity, Inc. *
226,143
15,275,960
Henry Schein, Inc. *
346,205
26,498,531
Inspire Medical Systems, Inc. *
77,103
17,493,129
Integra LifeSciences Holdings Corp. *
188,118
8,002,540
Lantheus Holdings, Inc. *
180,513
12,354,310
Masimo Corp. *
128,487
14,683,494
Novocure Ltd. *
241,019
5,316,879
Option Care Health, Inc. *
437,629
15,242,618
Penumbra, Inc. *
101,284
26,789,618
QuidelOrtho Corp. *
142,936
11,772,209
R1 RCM, Inc. *
365,963
6,309,202
Shockwave Medical, Inc. *
96,790
21,331,548
Teladoc Health, Inc. *
431,735
9,774,480
Teleflex, Inc.
124,361
26,456,559
Tenet Healthcare Corp. *
269,472
20,900,248
Universal Health Services, Inc., Class B
166,306
22,401,418
 
401,882,654
 
Household & Personal Products 0.2%
Coty, Inc., Class A *
971,200
11,227,072
Olaplex Holdings, Inc. *
221,327
599,796
Reynolds Consumer Products, Inc.
143,817
3,924,766
 
15,751,634
 
Insurance 4.3%
American Financial Group, Inc.
184,640
21,403,469
Assurant, Inc.
140,465
19,570,989
Axis Capital Holdings Ltd.
205,350
11,265,501
CNA Financial Corp.
72,139
2,837,227
Erie Indemnity Co., Class A
65,941
18,379,735
Everest Group Ltd.
113,443
40,916,621
F&G Annuities & Life, Inc.
50,225
1,421,870
Fidelity National Financial, Inc.
720,541
29,830,397
First American Financial Corp.
272,896
16,832,225
See financial notes
Schwab U.S. Equity ETFs | Annual Report103

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Globe Life, Inc.
234,848
26,201,991
Kinsale Capital Group, Inc.
57,519
22,928,799
Lincoln National Corp.
408,818
10,490,270
Loews Corp.
500,682
31,087,345
Old Republic International Corp.
719,857
19,688,089
Primerica, Inc.
95,784
19,248,753
Reinsurance Group of America, Inc.
175,852
24,376,604
RenaissanceRe Holdings Ltd.
132,748
24,942,022
Selective Insurance Group, Inc.
159,783
15,852,071
The Hanover Insurance Group, Inc.
94,659
10,102,009
Unum Group
489,550
24,080,965
W.R. Berkley Corp.
531,454
32,875,744
 
424,332,696
 
Materials 6.1%
Alcoa Corp.
472,301
14,206,814
AptarGroup, Inc.
173,205
22,960,055
Ashland, Inc.
128,678
11,147,375
Avery Dennison Corp.
213,606
40,239,098
Axalta Coating Systems Ltd. *
585,452
16,568,292
Berry Global Group, Inc.
315,124
20,590,202
Celanese Corp.
264,498
33,421,967
Cleveland-Cliffs, Inc. *
1,361,471
20,816,892
Crown Holdings, Inc.
317,392
29,409,543
Eagle Materials, Inc.
95,421
18,065,104
Eastman Chemical Co.
314,887
26,768,544
FMC Corp.
330,443
28,494,100
Graphic Packaging Holding Co.
812,161
18,062,461
Huntsman Corp.
450,914
12,566,973
Knife River Corp. *
134,681
6,930,684
MP Materials Corp. *
244,341
5,116,500
Olin Corp.
318,246
18,464,633
Packaging Corp. of America
237,998
35,485,502
Reliance Steel & Aluminum Co.
155,546
44,324,388
Royal Gold, Inc.
173,645
19,463,868
RPM International, Inc.
341,173
34,028,595
Sealed Air Corp.
382,028
14,157,958
Sonoco Products Co.
258,957
14,877,080
Steel Dynamics, Inc.
424,841
45,283,802
The Scotts Miracle-Gro Co.
108,620
6,154,409
United States Steel Corp.
599,268
18,631,242
Westlake Corp.
91,243
11,951,008
Westrock Co.
677,816
22,171,361
 
610,358,450
 
Media & Entertainment 2.5%
AMC Entertainment Holdings, Inc.,
Class A *(a)
155,834
1,955,717
Bumble, Inc., Class A *
260,884
4,377,634
Cable One, Inc.
12,510
8,138,631
DISH Network Corp., Class A *
667,418
4,004,508
Endeavor Group Holdings, Inc.,
Class A *
474,268
10,381,727
IAC, Inc. *
202,149
11,184,904
Liberty Media Corp.-Liberty Formula
One, Class C *
605,572
41,657,298
News Corp., Class A
1,324,517
28,463,870
Nexstar Media Group, Inc., Class A
94,810
15,435,068
Pinterest, Inc., Class A *
1,572,453
43,226,733
Playtika Holding Corp. *
240,673
2,348,968
Roku, Inc. *
326,007
26,471,768
The Interpublic Group of Cos., Inc.
1,021,693
33,317,409
The New York Times Co., Class A
433,342
19,184,050
 
250,148,285
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pharmaceuticals, Biotechnology & Life Sciences 5.7%
10X Genomics, Inc., Class A *
259,390
13,449,372
Alkermes plc *
439,884
12,840,214
Apellis Pharmaceuticals, Inc. *
261,616
11,042,811
Arrowhead Pharmaceuticals, Inc. *
282,024
7,795,143
Biohaven Ltd. *
170,818
3,124,261
BioMarin Pharmaceutical, Inc. *
496,569
45,376,475
Bio-Rad Laboratories, Inc., Class A *
56,413
22,576,483
Bio-Techne Corp.
416,681
32,667,790
Bruker Corp.
264,183
17,330,405
Charles River Laboratories
International, Inc. *
135,261
27,974,680
CRISPR Therapeutics AG *
209,124
10,458,291
Elanco Animal Health, Inc. *
1,225,166
14,947,025
Exact Sciences Corp. *
477,314
39,936,862
Exelixis, Inc. *
861,249
19,283,365
Halozyme Therapeutics, Inc. *
348,448
14,829,947
Intellia Therapeutics, Inc. *
232,499
8,714,063
Ionis Pharmaceuticals, Inc. *
378,181
15,229,349
Jazz Pharmaceuticals plc *
169,158
24,250,491
Karuna Therapeutics, Inc. *
80,151
15,049,152
Mirati Therapeutics, Inc. *
163,167
6,069,812
Natera, Inc. *
302,068
17,740,454
Neurocrine Biosciences, Inc. *
257,863
28,078,702
Organon & Co.
674,948
14,821,858
Perrigo Co., plc
358,238
12,538,330
Repligen Corp. *
137,006
23,826,714
Sarepta Therapeutics, Inc. *
246,581
29,838,767
Sotera Health Co. *
261,689
4,223,661
Syneos Health, Inc. *
274,552
11,731,607
United Therapeutics Corp. *
124,020
27,825,127
Viatris, Inc.
3,168,719
34,063,729
 
567,634,940
 
Real Estate Management & Development 0.6%
Jones Lang LaSalle, Inc. *
126,236
21,813,581
Opendoor Technologies, Inc. *
1,380,067
5,382,261
WeWork, Inc., Class A *
1,834,617
216,485
Zillow Group, Inc., Class C *
571,483
29,808,553
 
57,220,880
 
Semiconductors & Semiconductor Equipment 2.7%
Allegro MicroSystems, Inc. *
172,751
6,607,726
Entegris, Inc.
396,072
40,110,212
First Solar, Inc. *
262,824
49,705,275
Lattice Semiconductor Corp. *
364,294
35,431,234
MKS Instruments, Inc.
151,956
15,230,550
Power Integrations, Inc.
151,818
12,755,748
Qorvo, Inc. *
263,978
28,348,597
Silicon Laboratories, Inc. *
84,372
11,378,408
SolarEdge Technologies, Inc. *
148,903
24,207,161
Synaptics, Inc. *
104,266
9,127,446
Universal Display Corp.
115,024
18,698,301
Wolfspeed, Inc. *
329,093
15,737,227
 
267,337,885
 
Software & Services 5.4%
AppLovin Corp., Class A *
333,690
14,422,082
Aspen Technology, Inc. *
77,229
14,982,426
Bentley Systems, Inc., Class B
528,697
26,387,267
Bill Holdings, Inc. *
253,032
29,174,590
Black Knight, Inc. *
414,301
31,387,444
CCC Intelligent Solutions Holdings,
Inc. *
281,019
3,006,903
See financial notes
104Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Dolby Laboratories, Inc., Class A
157,143
13,273,869
Dropbox, Inc., Class A *
719,209
19,986,818
DXC Technology Co. *
602,485
12,495,539
Dynatrace, Inc. *
572,913
27,614,407
Elastic N.V. *
206,948
12,805,942
Fair Isaac Corp. *
66,105
59,797,923
Five9, Inc. *
187,974
13,603,678
GoDaddy, Inc., Class A *
408,136
29,593,941
Guidewire Software, Inc. *
215,559
18,630,764
Informatica, Inc., Class A *
103,785
2,174,296
Manhattan Associates, Inc. *
164,166
33,263,315
New Relic, Inc. *
154,979
13,190,263
Nutanix, Inc., Class A *
609,093
18,942,792
Procore Technologies, Inc. *
185,991
12,563,692
PTC, Inc. *
281,837
41,477,951
Qualys, Inc. *
88,869
13,832,460
Smartsheet, Inc., Class A *
351,625
14,673,311
Thoughtworks Holding, Inc. *
174,001
864,785
Tyler Technologies, Inc. *
110,921
44,194,254
UiPath, Inc., Class A *
948,540
14,996,418
 
537,337,130
 
Technology Hardware & Equipment 3.9%
Arrow Electronics, Inc. *
149,353
19,928,171
Ciena Corp. *
394,188
19,701,516
Cognex Corp.
456,177
21,476,813
Coherent Corp. *
368,562
13,868,988
Crane NXT Co.
127,718
7,581,340
Dell Technologies, Inc., Class C
677,519
38,103,669
F5, Inc. *
159,800
26,152,868
IPG Photonics Corp. *
82,783
8,970,366
Jabil, Inc.
351,079
40,170,459
Juniper Networks, Inc.
849,881
24,748,535
Littelfuse, Inc.
65,698
17,546,622
Lumentum Holdings, Inc. *
182,160
9,860,321
National Instruments Corp.
347,619
20,718,092
NetApp, Inc.
565,944
43,407,905
Pure Storage, Inc., Class A *
763,238
27,926,878
TD SYNNEX Corp.
109,976
11,190,058
Western Digital Corp. *
845,506
38,047,770
 
389,400,371
 
Telecommunication Services 0.5%
Frontier Communications Parent, Inc. *
592,073
9,485,010
GCI Liberty, Inc. *(b)
1,240
224
Iridium Communications, Inc.
333,090
16,304,756
Liberty Global plc, Class C *
1,066,217
21,153,745
Lumen Technologies, Inc. *
2,456,438
3,905,736
 
50,849,471
 
Transportation 2.6%
Alaska Air Group, Inc. *
338,033
14,187,245
American Airlines Group, Inc. *
1,725,344
25,414,317
Avis Budget Group, Inc. *
63,046
13,453,386
C.H. Robinson Worldwide, Inc.
308,242
27,874,324
GXO Logistics, Inc. *
314,398
20,112,040
Hertz Global Holdings, Inc. *
416,177
7,054,200
Knight-Swift Transportation Holdings,
Inc.
425,557
23,329,035
Landstar System, Inc.
95,067
18,044,667
Lyft, Inc., Class A *
872,162
10,274,069
RXO, Inc. *
309,261
5,591,439
Saia, Inc. *
70,238
29,935,436
SECURITY
NUMBER
OF SHARES
VALUE ($)
U-Haul Holding Co.
25,858
1,473,130
United Airlines Holdings, Inc. *
867,721
43,221,183
XPO, Inc. *
306,343
22,862,378
 
262,826,849
 
Utilities 3.2%
Alliant Energy Corp.
665,326
33,379,405
Atmos Energy Corp.
381,840
44,274,348
Black Hills Corp.
176,680
9,717,400
Essential Utilities, Inc.
635,803
23,461,131
Hawaiian Electric Industries, Inc. (a)
288,936
4,050,883
IDACORP, Inc.
133,947
12,837,481
National Fuel Gas Co.
243,039
13,060,916
NiSource, Inc.
1,091,615
29,211,617
NRG Energy, Inc.
608,509
22,849,513
OGE Energy Corp.
529,633
18,034,004
Pinnacle West Capital Corp.
299,327
23,128,997
Portland General Electric Co.
255,914
11,224,388
The AES Corp.
1,771,600
31,764,788
UGI Corp.
554,107
13,952,414
Vistra Corp.
926,663
29,115,751
 
320,063,036
Total Common Stocks
(Cost $8,623,164,140)
9,964,958,721
 
 
 
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS
 
Money Market Funds 0.4%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)
7,800,161
7,800,161
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (c)(d)
28,594,683
28,594,683
 
36,394,844
Total Short-Term Investments
(Cost $36,394,844)
36,394,844
Total Investments in Securities
(Cost $8,659,558,984)
10,001,353,565
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 400 Mid-Cap Index,
e-mini, expires 09/15/23
39
10,329,930
11,500
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$27,895,253.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust
See financial notes
Schwab U.S. Equity ETFs | Annual Report105

Schwab U.S. Mid-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$9,914,109,250
$
$
$9,914,109,250
Telecommunication Services
50,849,247
224
50,849,471
Short-Term Investments1
36,394,844
36,394,844
Futures Contracts2
11,500
11,500
Total
$10,001,364,841
$—
$224
$10,001,365,065
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
106Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $8,659,558,984) including securities on loan of $27,895,253
 
$10,001,353,565
Cash
 
763,438
Deposit with broker for futures contracts
 
748,800
Receivables:
 
Dividends
 
9,036,204
Investments sold
 
4,525,501
Fund shares sold
 
3,584,713
Income from securities on loan
+
628,880
Total assets
 
10,020,641,101
 
Liabilities
Collateral held for securities on loan
 
28,594,683
Payables:
 
Investments bought
 
12,163,759
Fund shares redeemed
 
3,584,713
Management fees
 
336,399
Variation margin on futures contracts
+
6,474
Total liabilities
 
44,686,028
Net assets
 
$9,975,955,073
 
Net Assets by Source
Capital received from investors
 
$9,644,976,364
Total distributable earnings
+
330,978,709
Net assets
 
$9,975,955,073
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$9,975,955,073
 
139,100,000
$71.72
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report107

Schwab U.S. Mid-Cap ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $61,778)
 
$159,380,382
Securities on loan, net
+
6,408,567
Total investment income
 
165,788,949
 
Expenses
Management fees
 
3,781,393
Proxy fees1
+
119,405
Total expenses
3,900,798
Net investment income
 
161,888,151
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(369,954,183
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
438,561,669
Net realized gains on futures contracts
+
988,070
Net realized gains
 
69,595,556
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
538,059,686
Net change in unrealized appreciation (depreciation) on futures contracts
+
551,783
Net change in unrealized appreciation (depreciation)
+
538,611,469
Net realized and unrealized gains
 
608,207,025
Increase in net assets resulting from operations
 
$770,095,176
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
108Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$161,888,151
$137,156,563
Net realized gains
 
69,595,556
539,712,146
Net change in unrealized appreciation (depreciation)
+
538,611,469
(2,186,848,943
)
Increase (decrease) in net assets resulting from operations
 
$770,095,176
($1,509,980,234
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($160,033,135
)
($141,961,375
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
16,200,000
$1,096,153,217
29,900,000
$2,242,278,240
Shares redeemed
+
(13,750,000
)
(925,533,718
)
(18,050,000
)
(1,380,826,667
)
Net transactions in fund shares
 
2,450,000
$170,619,499
11,850,000
$861,451,573
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
136,650,000
$9,195,273,533
124,800,000
$9,985,763,569
Total increase (decrease)
+
2,450,000
780,681,540
11,850,000
(790,490,036
)
End of period
 
139,100,000
$9,975,955,073
136,650,000
$9,195,273,533
See financial notes
Schwab U.S. Equity ETFs | Annual Report109

Schwab U.S. Small-Cap ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
 
Per-Share Data
Net asset value at beginning of period
$42.08
$51.85
$35.62
$34.60
$39.12
Income (loss) from investment operations:
Net investment income (loss)2
0.65
0.56
0.55
0.51
0.52
Net realized and unrealized gains (losses)
2.11
(9.72
)
16.19
1.01
(4.53
)
Total from investment operations
2.76
(9.16
)
16.74
1.52
(4.01
)
Less distributions:
Distributions from net investment income
(0.62
)
(0.61
)
(0.51
)
(0.50
)
(0.51
)
Net asset value at end of period
$44.22
$42.08
$51.85
$35.62
$34.60
Total return
6.69
%
(17.78
%)
47.33
%
4.53
%
(10.26
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.04
%3
0.04
%3
0.04
%
0.04
%
0.04
%4
Net investment income (loss)
1.55
%
1.20
%
1.18
%
1.50
%
1.49
%
Portfolio turnover rate5
9
%
15
%
15
%
12
%
11
%
Net assets, end of period (x 1,000,000)
$14,481
$13,539
$16,622
$10,044
$8,100
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional
information).
2
Calculated based on the average shares outstanding during the period.
3
Ratio includes less than 0.005% of non-routine proxy expenses.
4
Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019 is a blended ratio.
5
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
110Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.5%
Adient plc *
405,190
15,871,292
American Axle & Manufacturing
Holdings, Inc. *
500,559
3,779,220
Canoo, Inc. *(a)
1,425,820
844,798
Dana, Inc.
551,719
8,888,193
Dorman Products, Inc. *
121,569
10,030,658
Faraday Future Intelligent Electric,
Inc. *(a)
48,771
367,002
Fisker, Inc. *(a)
745,541
4,376,326
Fox Factory Holding Corp. *
180,720
20,025,583
Gentherm, Inc. *
141,740
8,534,165
Holley, Inc. *
218,743
1,246,835
LCI Industries
108,325
13,570,956
Luminar Technologies, Inc. *(a)
1,051,972
6,059,359
Mobileye Global, Inc., Class A *
326,137
11,581,125
Modine Manufacturing Co. *
222,678
10,597,246
Patrick Industries, Inc.
90,302
7,552,859
QuantumScape Corp. *(a)
1,404,392
10,027,359
Solid Power, Inc. *
458,017
970,996
Standard Motor Products, Inc.
81,465
3,016,649
Stoneridge, Inc. *
116,905
2,402,398
The Goodyear Tire & Rubber Co. *
1,211,657
15,642,492
Thor Industries, Inc.
228,724
23,974,850
Visteon Corp. *
121,366
16,902,643
Winnebago Industries, Inc.
130,824
8,483,936
Workhorse Group, Inc. *(a)
770,026
606,935
XPEL, Inc. *
84,202
7,014,027
 
212,367,902
 
Banks 6.6%
1st Source Corp.
73,488
3,284,179
Ameris Bancorp
278,207
11,336,935
Arrow Financial Corp.
69,040
1,215,794
Associated Banc-Corp.
645,487
11,186,290
Atlantic Union Bankshares Corp.
320,024
9,501,513
Axos Financial, Inc. *
225,060
9,697,835
Banc of California, Inc.
228,964
2,868,919
BancFirst Corp.
74,597
7,129,981
Bank of Hawaii Corp. (a)
169,784
9,124,192
Bank of Marin Bancorp
60,758
1,143,466
Bank OZK
461,696
18,546,328
BankUnited, Inc.
318,337
8,356,346
Banner Corp.
147,387
6,418,704
Berkshire Hills Bancorp, Inc.
188,358
3,936,682
Brookline Bancorp, Inc.
377,538
3,613,039
Byline Bancorp, Inc.
95,490
2,022,478
Cadence Bank
783,144
17,918,335
Camden National Corp.
63,046
2,067,278
Capitol Federal Financial, Inc.
544,491
3,087,264
Cathay General Bancorp
311,211
11,088,448
Central Pacific Financial Corp.
115,352
1,957,523
Citizens Financial Services, Inc. (a)
18,647
1,020,737
SECURITY
NUMBER
OF SHARES
VALUE ($)
City Holding Co.
64,292
5,873,717
Columbia Banking System, Inc.
890,034
18,227,896
Columbia Financial, Inc. *
135,744
2,329,367
Community Bank System, Inc.
230,523
10,961,369
Community Trust Bancorp, Inc.
64,508
2,290,034
ConnectOne Bancorp, Inc.
151,464
2,895,992
CrossFirst Bankshares, Inc. *
179,242
1,926,852
Customers Bancorp, Inc. *
125,368
4,405,432
CVB Financial Corp.
559,285
9,765,116
Dime Community Bancshares, Inc.
140,275
2,989,260
Eagle Bancorp, Inc.
132,031
3,176,666
Eastern Bankshares, Inc.
685,218
9,223,034
Enterprise Financial Services Corp.
159,861
6,188,219
F.N.B. Corp.
1,544,641
17,964,175
FB Financial Corp.
151,118
4,590,965
Financial Institutions, Inc.
67,255
1,176,963
First BanCorp
768,384
10,649,802
First Bancorp/Southern Pines NC
175,415
5,199,301
First Busey Corp.
219,919
4,442,364
First Commonwealth Financial Corp.
442,779
5,787,122
First Community Bankshares, Inc.
73,095
2,260,828
First Financial Bancorp
405,653
8,429,469
First Financial Bankshares, Inc.
554,749
15,932,391
First Financial Corp.
47,623
1,748,717
First Foundation, Inc.
214,814
1,688,438
First Hawaiian, Inc.
545,301
10,311,642
First Interstate BancSystem, Inc.,
Class A
379,032
9,820,719
First Merchants Corp.
254,429
7,592,161
First Mid Bancshares, Inc.
75,513
2,112,099
Flushing Financial Corp.
118,042
1,666,753
Fulton Financial Corp.
710,690
9,473,498
German American Bancorp, Inc.
117,761
3,406,826
Glacier Bancorp, Inc.
474,768
14,342,741
Great Southern Bancorp, Inc.
39,036
1,970,147
Hancock Whitney Corp.
367,717
15,168,326
Hanmi Financial Corp.
129,167
2,237,172
HarborOne Bancorp, Inc.
176,461
1,759,316
Heartland Financial USA, Inc.
161,997
4,963,588
Heritage Commerce Corp.
258,394
2,240,276
Heritage Financial Corp.
148,415
2,555,706
Hilltop Holdings, Inc.
197,414
5,999,411
Home BancShares, Inc.
806,006
17,877,213
HomeStreet, Inc.
75,119
709,875
Hope Bancorp, Inc.
511,746
4,948,584
Horizon Bancorp, Inc.
165,814
1,855,459
Independent Bank Corp.
188,252
10,169,373
Independent Bank Group, Inc.
152,050
6,416,510
International Bancshares Corp.
225,097
10,079,844
Kearny Financial Corp.
286,098
2,119,986
Lakeland Bancorp, Inc.
276,063
3,729,611
Lakeland Financial Corp.
109,440
5,705,107
LINKBANCORP, Inc. (a)
50,690
354,830
Live Oak Bancshares, Inc.
142,836
4,619,316
Luther Burbank Corp.
42,507
386,389
Mercantile Bank Corp.
64,071
2,138,690
Metrocity Bankshares, Inc.
76,183
1,485,569
See financial notes
Schwab U.S. Equity ETFs | Annual Report111

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Midland States Bancorp, Inc.
95,464
2,119,301
National Bank Holdings Corp.,
Class A
161,858
5,105,001
NBT Bancorp, Inc.
201,612
6,939,485
New York Community Bancorp, Inc.
3,088,873
37,931,360
Nicolet Bankshares, Inc.
57,026
4,323,141
Northfield Bancorp, Inc.
177,602
1,871,925
Northwest Bancshares, Inc.
542,129
5,963,419
OceanFirst Financial Corp.
255,279
4,306,557
OFG Bancorp
203,897
6,149,534
Old National Bancorp
1,251,078
19,091,450
Origin Bancorp, Inc.
123,988
3,805,192
Pacific Premier Bancorp, Inc.
410,978
9,460,714
PacWest Bancorp
501,573
3,987,505
Park National Corp.
61,906
6,299,555
Pathward Financial, Inc.
115,315
5,681,570
Peapack-Gladstone Financial Corp.
67,698
1,846,124
Peoples Bancorp, Inc.
139,472
3,594,193
Pinnacle Financial Partners, Inc.
328,174
21,843,261
Popular, Inc.
307,699
21,009,688
Preferred Bank
56,983
3,539,214
Premier Financial Corp.
153,139
2,885,139
Prosperity Bancshares, Inc.
403,752
22,937,151
Provident Financial Services, Inc.
322,330
5,311,998
QCR Holdings, Inc.
71,992
3,776,700
Renasant Corp.
239,500
6,670,075
Republic Bancorp, Inc., Class A
38,932
1,730,138
S&T Bancorp, Inc.
166,901
4,728,305
Sandy Spring Bancorp, Inc.
193,060
4,293,654
Seacoast Banking Corp. of Florida
357,908
8,450,208
ServisFirst Bancshares, Inc.
208,619
11,691,009
Simmons First National Corp.,
Class A
543,964
9,693,439
Southside Bancshares, Inc.
125,594
3,780,379
SouthState Corp.
324,458
23,458,313
Stellar Bancorp, Inc.
194,792
4,143,226
Stock Yards Bancorp, Inc.
125,694
5,756,785
Synovus Financial Corp.
625,799
19,374,737
Texas Capital Bancshares, Inc. *
204,434
12,764,859
The Bancorp, Inc. *
233,557
8,573,878
The First Bancshares, Inc.
119,020
3,378,978
The First of Long Island Corp.
90,260
1,178,796
Tompkins Financial Corp.
54,605
2,835,638
Towne Bank
289,444
6,830,878
TriCo Bancshares
142,974
4,909,727
Triumph Financial, Inc.
93,486
6,004,606
TrustCo Bank Corp.
82,145
2,338,668
Trustmark Corp.
260,702
6,006,574
UMB Financial Corp.
187,143
11,829,309
United Bankshares, Inc.
575,768
17,319,101
United Community Banks, Inc.
492,928
13,309,056
Univest Financial Corp.
127,224
2,288,760
Valley National Bancorp
1,803,967
16,560,417
Veritex Holdings, Inc.
230,394
4,333,711
Washington Federal, Inc.
280,940
7,635,949
Washington Trust Bancorp, Inc.
73,499
2,057,972
WesBanco, Inc.
252,560
6,404,922
Westamerica BanCorp
114,715
5,050,901
Wintrust Financial Corp.
261,616
20,304,018
WSFS Financial Corp.
262,646
10,321,988
 
960,650,643
 
Capital Goods 12.6%
374Water, Inc. *(a)
244,226
366,339
3D Systems Corp. *
557,372
3,517,017
AAON, Inc.
275,096
17,347,554
AAR Corp. *
140,604
8,661,206
SECURITY
NUMBER
OF SHARES
VALUE ($)
AeroVironment, Inc. *
107,755
10,455,468
Air Lease Corp.
441,730
18,004,915
Alamo Group, Inc.
44,042
7,559,809
Albany International Corp., Class A
133,210
12,351,231
Allison Transmission Holdings, Inc.
389,253
23,530,344
Ameresco, Inc., Class A *
145,747
6,338,537
American Woodmark Corp. *
71,240
5,533,211
Amprius Technologies, Inc. *(a)
52,641
258,994
API Group Corp. *
866,139
24,381,813
Apogee Enterprises, Inc.
95,166
4,802,076
Applied Industrial Technologies, Inc.
165,236
25,507,481
Archer Aviation, Inc., Class A *(a)
636,250
4,434,663
Arcosa, Inc.
207,240
16,210,313
Argan, Inc.
57,140
2,427,307
Armstrong World Industries, Inc.
193,516
14,821,390
Array Technologies, Inc. *
599,348
14,905,785
Astec Industries, Inc.
96,709
5,301,587
Astra Space, Inc. *
602,133
155,591
Atkore, Inc. *
166,419
25,623,533
AZZ, Inc.
107,162
5,261,654
Babcock & Wilcox Enterprises, Inc. *
314,250
1,649,813
Barnes Group, Inc.
217,150
8,533,995
Beacon Roofing Supply, Inc. *
234,851
18,752,852
Blink Charging Co. *(a)
204,980
807,621
Bloom Energy Corp., Class A *
782,033
11,722,675
Boise Cascade Co.
169,402
18,527,497
BWX Technologies, Inc.
391,617
28,885,670
ChargePoint Holdings, Inc. *(a)
1,157,943
8,290,872
Chart Industries, Inc. *
179,706
32,451,310
CIRCOR International, Inc. *
86,848
4,836,565
Columbus McKinnon Corp.
122,872
4,628,588
Comfort Systems USA, Inc.
152,905
28,221,676
Construction Partners, Inc., Class A *
177,473
6,167,187
Core & Main, Inc., Class A *
378,717
12,437,066
Crane Co.
206,283
18,796,507
CSW Industrials, Inc.
66,028
11,860,610
Curtiss-Wright Corp.
164,086
34,128,247
Custom Truck One Source, Inc. *
262,004
1,758,047
Desktop Metal, Inc., Class A *(a)
1,004,739
1,808,530
Douglas Dynamics, Inc.
98,838
2,991,826
Dragonfly Energy Holdings Corp. *
41,866
72,010
DXP Enterprises, Inc. *
61,997
2,205,233
Dycom Industries, Inc. *
125,681
12,559,302
EMCOR Group, Inc.
203,377
45,607,292
Encore Wire Corp.
76,883
12,671,087
Energy Recovery, Inc. *
241,214
6,556,197
Energy Vault Holdings, Inc. *(a)
289,301
922,870
Enerpac Tool Group Corp.
244,673
6,410,433
EnerSys
174,774
18,347,775
Enovix Corp. *
476,177
6,561,719
EnPro Industries, Inc.
89,451
12,200,222
Esab Corp.
221,347
15,974,613
ESCO Technologies, Inc.
109,948
11,765,536
ESS Tech, Inc. *
230,990
330,316
Federal Signal Corp.
260,258
15,862,725
Flowserve Corp.
561,485
22,217,961
Fluence Energy, Inc. *
160,658
4,233,338
Fluor Corp. *
612,528
21,432,355
Franklin Electric Co., Inc.
165,634
16,018,464
FTAI Aviation Ltd.
427,180
15,788,573
FTC Solar, Inc. *
195,127
366,839
FuelCell Energy, Inc. *(a)
1,725,360
2,415,504
Gates Industrial Corp. plc *
606,462
7,447,353
GATX Corp.
151,017
17,841,148
Gibraltar Industries, Inc. *
129,987
9,752,925
Global Industrial Co.
69,036
2,336,178
GMS, Inc. *
177,033
12,275,468
GrafTech International Ltd.
820,703
2,905,289
See financial notes
112Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Granite Construction, Inc.
188,031
7,763,800
Great Lakes Dredge & Dock Corp. *
280,339
2,475,393
Griffon Corp.
202,984
8,498,940
H&E Equipment Services, Inc.
144,780
6,561,430
Hayward Holdings, Inc. *
681,347
10,083,936
Heliogen, Inc. *
421,508
76,883
Helios Technologies, Inc.
139,481
8,073,160
Herc Holdings, Inc.
103,723
13,498,511
Hexcel Corp.
360,597
26,431,760
Hillenbrand, Inc.
298,003
14,435,265
Hillman Solutions Corp. *
727,208
6,581,232
Hyliion Holdings Corp. *
535,950
653,859
Hyster-Yale Materials Handling, Inc.
45,429
2,074,742
Hyzon Motors, Inc. *(a)
363,032
461,051
IES Holdings, Inc. *
36,264
2,719,075
Insteel Industries, Inc.
82,381
2,862,740
Intuitive Machines, Inc. *(a)
18,962
90,259
ITT, Inc.
352,575
36,061,371
Janus International Group, Inc. *
336,464
3,852,513
JELD-WEN Holding, Inc. *
362,893
5,472,426
John Bean Technologies Corp.
135,981
14,945,672
Kadant, Inc.
50,226
11,036,661
Kaman Corp.
121,912
2,734,486
Kennametal, Inc.
343,293
9,086,966
Kratos Defense & Security Solutions,
Inc. *
543,892
8,751,222
Leonardo DRS, Inc. *
212,183
3,632,573
Lindsay Corp.
47,375
5,879,238
Markforged Holding Corp. *
399,158
522,897
Masonite International Corp. *
94,294
9,684,937
MasTec, Inc. *
254,992
25,369,154
McGrath RentCorp
104,868
10,602,155
MDU Resources Group, Inc.
871,229
17,738,222
Mercury Systems, Inc. *
248,509
9,753,978
Microvast Holdings, Inc. *
821,670
1,832,324
Moog, Inc., Class A
123,118
14,301,387
MRC Global, Inc. *
362,816
3,381,445
MSC Industrial Direct Co., Inc.,
Class A
202,102
20,626,530
Mueller Industries, Inc.
243,802
18,811,762
Mueller Water Products, Inc., Class A
668,056
9,432,951
MYR Group, Inc. *
71,556
10,165,961
National Presto Industries, Inc.
21,566
1,614,215
Nauticus Robotics, Inc. *
47,601
96,154
NEXTracker, Inc., Class A *
195,034
8,214,832
Nikola Corp. *(a)
2,339,351
2,760,434
NOW, Inc. *
455,743
5,090,649
Nuburu, Inc. *
25,114
9,774
nVent Electric plc
708,636
40,066,279
Nxu, Inc. *
105,137
21,027
Omega Flex, Inc.
12,888
1,078,726
Oshkosh Corp.
279,301
28,999,823
Parsons Corp. *
144,232
8,224,109
PGT Innovations, Inc. *
251,905
7,101,202
Primoris Services Corp.
227,828
8,058,276
Proto Labs, Inc. *
113,337
3,343,442
Quanex Building Products Corp.
143,291
3,865,991
RBC Bearings, Inc. *
123,991
28,584,885
Resideo Technologies, Inc. *
630,498
10,630,196
REV Group, Inc.
133,753
1,816,366
Rocket Lab USA, Inc. *
940,807
5,936,492
Rush Enterprises, Inc., Class A
270,473
11,200,266
Rush Enterprises, Inc., Class B
47,604
2,188,356
Sarcos Technology & Robotics Corp. *
54,723
61,290
SES AI Corp. *(a)
611,221
1,289,676
Shoals Technologies Group, Inc.,
Class A *
727,122
14,309,761
Simpson Manufacturing Co., Inc.
182,750
29,196,140
SECURITY
NUMBER
OF SHARES
VALUE ($)
SiteOne Landscape Supply, Inc. *
192,595
32,970,338
Southland Holdings, Inc. *(a)
33,308
227,161
Spirit AeroSystems Holdings, Inc.,
Class A
449,635
9,586,218
SPX Technologies, Inc. *
194,339
15,356,668
Standex International Corp.
50,907
7,820,842
Stem, Inc. *(a)
632,641
3,220,143
SunPower Corp. *
363,577
2,603,211
Sunrun, Inc. *
925,060
14,458,688
TechPrecision Corp. *
30,147
209,522
Tecnoglass, Inc.
84,847
3,306,488
Tennant Co.
79,292
6,536,040
Terex Corp.
290,137
17,585,204
Terran Orbital Corp. *
252,516
308,070
The AZEK Co., Inc. *
518,095
17,620,411
The Gorman-Rupp Co.
98,158
3,154,798
The Greenbrier Cos., Inc.
137,125
5,836,040
The Manitowoc Co., Inc. *
150,083
2,539,404
The Shyft Group, Inc.
136,259
2,136,541
The Timken Co.
281,647
21,523,464
Thermon Group Holdings, Inc. *
142,743
3,922,578
Titan International, Inc. *
217,147
2,733,881
Titan Machinery, Inc. *
85,615
2,655,777
TPI Composites, Inc. *
185,014
934,321
Trinity Industries, Inc.
348,624
8,740,004
Triton International Ltd.
235,419
19,754,008
Triumph Group, Inc. *
277,170
2,608,170
Tutor Perini Corp. *
181,681
1,615,144
UFP Industries, Inc.
265,626
27,718,073
V2X, Inc. *
48,467
2,438,375
Valmont Industries, Inc.
90,010
22,817,535
Velo3D, Inc. *(a)
262,721
415,099
Veritiv Corp.
57,831
9,734,692
Vertiv Holdings Co.
1,379,810
54,350,716
Vicor Corp. *
95,998
6,505,784
View, Inc. *
6,647
89,867
Virgin Galactic Holdings, Inc. *(a)
1,056,802
2,663,141
Wabash National Corp.
204,555
4,612,715
Watts Water Technologies, Inc.,
Class A
117,172
22,118,558
WESCO International, Inc.
192,740
31,194,969
Xometry, Inc., Class A *
126,197
2,404,053
Zurn Elkay Water Solutions Corp.,
Class C
611,048
18,099,242
 
1,823,996,878
 
Commercial & Professional Services 4.5%
ABM Industries, Inc.
283,239
12,864,715
ACCO Brands Corp.
413,552
2,204,232
Alight, Inc., Class A *
1,445,055
11,040,220
ASGN, Inc. *
210,382
17,284,985
Barrett Business Services, Inc.
29,105
2,784,766
BlackSky Technology, Inc. *(a)
397,613
540,754
Brady Corp., Class A
196,663
9,919,682
BrightView Holdings, Inc. *
162,974
1,349,425
CACI International, Inc., Class A *
97,543
31,995,079
Casella Waste Systems, Inc., Class A *
240,297
18,928,195
CBIZ, Inc. *
214,902
12,058,151
Cimpress plc *
84,671
5,470,593
Clean Harbors, Inc. *
215,255
36,451,282
Conduent, Inc. *
724,395
2,274,600
CoreCivic, Inc. *
488,415
5,255,345
CSG Systems International, Inc.
129,715
7,044,822
Deluxe Corp.
187,315
3,787,509
Driven Brands Holdings, Inc. *
234,410
3,527,871
Ennis, Inc.
111,762
2,380,531
Enviri Corp. *
339,102
2,526,310
See financial notes
Schwab U.S. Equity ETFs | Annual Report113

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
ExlService Holdings, Inc. *
711,389
20,793,900
Exponent, Inc.
217,700
19,562,522
First Advantage Corp.
235,396
3,283,774
FiscalNote Holdings, Inc. *(a)
310,444
686,081
Forrester Research, Inc. *
49,630
1,520,167
Franklin Covey Co. *
51,627
2,202,924
FTI Consulting, Inc. *
145,195
26,980,135
Healthcare Services Group, Inc.
315,037
3,638,677
Heidrick & Struggles International,
Inc.
86,942
2,303,094
Heritage-Crystal Clean, Inc. *
69,179
3,119,973
HireRight Holdings Corp. *
75,076
786,046
HNI Corp.
198,430
6,500,567
Huron Consulting Group, Inc. *
82,250
8,220,888
ICF International, Inc.
72,179
9,748,496
Insperity, Inc.
153,955
15,600,260
Interface, Inc.
246,974
2,551,241
KBR, Inc.
580,689
35,723,987
Kelly Services, Inc., Class A
139,879
2,586,363
Kforce, Inc.
81,237
5,089,498
Korn Ferry
224,702
11,455,308
LanzaTech Global, Inc. *(a)
341,924
2,263,537
LegalZoom.com, Inc. *
398,819
4,550,525
Liquidity Services, Inc. *
100,443
1,833,085
ManpowerGroup, Inc.
216,079
17,042,151
Matthews International Corp., Class A
130,650
5,510,817
Maximus, Inc.
260,025
21,015,220
MillerKnoll, Inc.
321,870
6,147,717
Montrose Environmental Group, Inc. *
118,937
4,571,938
MSA Safety, Inc.
157,705
28,809,549
NV5 Global, Inc. *
53,827
5,478,512
OPENLANE, Inc. *
468,128
7,307,478
Paycor HCM, Inc. *
204,887
4,808,698
Pitney Bowes, Inc.
692,025
2,276,762
Planet Labs PBC *
847,359
2,753,917
Resources Connection, Inc.
136,219
2,112,757
Science Applications International
Corp.
230,821
27,158,399
SP Plus Corp. *
83,480
3,269,912
Steelcase, Inc., Class A
402,004
3,646,176
Stericycle, Inc. *
396,186
17,515,383
Sterling Check Corp. *
98,845
1,377,899
Tetra Tech, Inc.
227,699
35,828,438
The Brink's Co.
198,391
15,040,022
The GEO Group, Inc. *
540,855
3,915,790
TriNet Group, Inc. *
146,765
16,280,641
TrueBlue, Inc. *
132,713
2,007,948
TTEC Holdings, Inc.
80,501
2,395,710
UniFirst Corp.
64,429
11,347,880
Upwork, Inc. *
518,038
7,672,143
Verra Mobility Corp. *
596,768
10,616,503
Viad Corp. *
87,965
2,497,326
VSE Corp.
45,811
2,599,774
 
651,695,575
 
Consumer Discretionary Distribution & Retail 3.1%
1-800-Flowers.com, Inc., Class A *
119,577
900,415
Abercrombie & Fitch Co., Class A *
214,803
11,545,661
Academy Sports & Outdoors, Inc.
329,546
17,983,325
American Eagle Outfitters, Inc.
785,454
13,321,300
America's Car-Mart, Inc. *
24,616
2,740,007
Arko Corp.
317,524
2,390,956
Asbury Automotive Group, Inc. *
92,088
21,180,240
AutoNation, Inc. *
134,567
21,139,130
BARK, Inc. *
454,726
727,562
Big Lots, Inc. (a)
122,522
759,636
Boot Barn Holdings, Inc. *
127,886
11,733,540
SECURITY
NUMBER
OF SHARES
VALUE ($)
Caleres, Inc.
155,653
4,462,571
Camping World Holdings, Inc.,
Class A
180,315
4,459,190
CarParts.com, Inc. *
230,213
1,111,929
Chewy, Inc., Class A *
410,268
9,838,227
Chico's FAS, Inc. *
526,394
2,700,401
ContextLogic, Inc., Class A *(a)
82,474
441,648
Designer Brands, Inc., Class A (a)
219,217
2,303,971
Dick's Sporting Goods, Inc.
263,161
30,616,151
Dillard's, Inc., Class A
14,537
5,017,009
Foot Locker, Inc.
339,276
6,656,595
Genesco, Inc. *
50,526
1,732,031
Group 1 Automotive, Inc.
60,624
16,030,198
Groupon, Inc. *(a)
92,674
1,146,377
GrowGeneration Corp. *
262,000
851,500
Guess?, Inc.
126,714
3,048,739
Haverty Furniture Cos., Inc.
59,598
1,865,417
Hibbett, Inc.
54,054
2,503,241
Kohl's Corp.
475,065
12,655,732
Lands' End, Inc. *
56,037
431,485
Leslie's, Inc. *
632,026
3,956,483
Lithia Motors, Inc.
117,779
36,278,288
LL Flooring Holdings, Inc. *
128,071
441,845
Macy's, Inc.
1,167,612
14,279,895
MarineMax, Inc. *
92,626
3,081,667
Monro, Inc.
135,359
4,431,654
Murphy USA, Inc.
85,678
27,214,760
National Vision Holdings, Inc. *
334,042
6,116,309
Nordstrom, Inc.
481,380
7,807,984
Ollie's Bargain Outlet Holdings, Inc. *
246,309
18,985,498
Overstock.com, Inc. *
192,670
5,030,614
Petco Health & Wellness Co., Inc. *
340,629
1,733,802
PetMed Express, Inc.
89,548
1,009,206
Qurate Retail, Inc. *
1,487,109
1,152,509
Rent the Runway, Inc., Class A *(a)
188,606
260,276
Revolve Group, Inc. *
173,807
2,546,273
Sally Beauty Holdings, Inc. *
456,710
4,640,174
Shoe Carnival, Inc.
73,966
1,710,834
Signet Jewelers Ltd.
193,467
14,510,025
Sleep Number Corp. *
95,477
2,442,302
Sonic Automotive, Inc., Class A
67,694
3,609,444
Sportsman's Warehouse Holdings,
Inc. *
158,922
764,415
Stitch Fix, Inc., Class A *
321,395
1,410,924
The Aaron's Co., Inc.
130,890
1,579,842
The Buckle, Inc.
127,665
4,664,879
The Children's Place, Inc. *
54,434
1,443,045
The Container Store Group, Inc. *
140,562
328,915
The Gap, Inc.
915,217
10,598,213
The ODP Corp. *
145,247
7,163,582
Torrid Holdings, Inc. *(a)
41,602
94,020
Upbound Group, Inc.
215,548
6,600,080
Urban Outfitters, Inc. *
256,674
8,524,143
Valvoline, Inc.
593,802
20,450,541
Victoria's Secret & Co. *
333,241
6,391,562
Warby Parker, Inc., Class A *
270,125
3,244,201
Winmark Corp.
12,008
4,569,404
Zumiez, Inc. *
66,254
1,258,163
 
452,619,955
 
Consumer Durables & Apparel 4.3%
Acushnet Holdings Corp.
132,896
7,781,061
AMMO, Inc. *
378,672
867,159
Beazer Homes USA, Inc. *
125,489
3,678,083
Brunswick Corp.
302,296
23,917,660
Capri Holdings Ltd. *
537,721
28,224,975
Carter's, Inc.
161,303
11,544,456
See financial notes
114Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cavco Industries, Inc. *
34,525
9,650,428
Century Communities, Inc.
121,454
9,017,959
Columbia Sportswear Co.
151,253
11,092,895
Crocs, Inc. *
265,718
25,864,990
Dream Finders Homes, Inc., Class A *
92,921
2,677,983
Ethan Allen Interiors, Inc.
98,137
3,079,539
Figs, Inc., Class A *
541,658
3,347,446
Fossil Group, Inc. *
201,973
428,183
Funko, Inc., Class A *
144,511
1,007,242
G-III Apparel Group Ltd. *
175,116
3,476,053
GoPro, Inc., Class A *
546,648
1,987,065
Green Brick Partners, Inc. *
115,013
5,688,543
Hanesbrands, Inc.
1,496,483
7,856,536
Helen of Troy Ltd. *
102,549
12,605,323
Installed Building Products, Inc.
99,739
14,435,225
iRobot Corp. *
115,726
4,500,584
Johnson Outdoors, Inc., Class A
23,396
1,308,070
KB Home
344,084
17,479,467
Kontoor Brands, Inc.
214,169
9,806,798
Latham Group, Inc. *
182,797
676,349
La-Z-Boy, Inc.
185,529
5,723,570
Levi Strauss & Co., Class A
421,454
5,803,422
LGI Homes, Inc. *
88,569
10,902,844
M.D.C. Holdings, Inc.
250,694
11,895,430
M/I Homes, Inc. *
119,053
11,688,624
Malibu Boats, Inc., Class A *
88,367
4,291,102
Mattel, Inc. *
1,515,046
33,573,419
Meritage Homes Corp.
157,153
21,850,553
Movado Group, Inc.
68,130
1,863,355
Oxford Industries, Inc.
63,499
6,412,764
Peloton Interactive, Inc., Class A *
1,436,807
9,166,829
Purple Innovation, Inc. (a)
268,705
583,090
PVH Corp.
268,410
22,439,076
Ralph Lauren Corp.
175,795
20,502,971
Skechers U.S.A., Inc., Class A *
574,913
28,923,873
Skyline Champion Corp. *
227,321
16,201,168
Smith & Wesson Brands, Inc.
194,463
2,282,996
Snap One Holdings Corp. *
75,439
690,267
Solo Brands, Inc., Class A *
122,552
685,066
Sonos, Inc. *
546,799
7,534,890
Steven Madden Ltd.
305,002
10,522,569
Sturm Ruger & Co., Inc.
75,800
3,909,764
Taylor Morrison Home Corp. *
466,467
22,110,536
Tempur Sealy International, Inc.
736,493
34,408,953
TopBuild Corp. *
135,805
39,394,314
Topgolf Callaway Brands Corp. *
593,673
10,353,657
Traeger, Inc. *
248,759
1,111,953
Tri Pointe Homes, Inc. *
428,380
13,322,618
Tupperware Brands Corp. *
160,850
400,516
Under Armour, Inc., Class A *
1,542,384
11,783,814
United Homes Group, Inc. *(a)
25,813
216,055
Universal Electronics, Inc. *
52,687
468,914
Vista Outdoor, Inc. *
243,667
7,127,260
Vizio Holding Corp., Class A *
239,852
1,376,750
Wolverine World Wide, Inc.
336,281
2,717,150
YETI Holdings, Inc. *
370,424
18,502,679
 
622,742,883
 
Consumer Services 4.1%
2U, Inc. *
339,311
1,075,616
Accel Entertainment, Inc. *
227,492
2,704,880
Adtalem Global Education, Inc. *
186,965
8,198,415
Bally's Corp. *
115,083
1,910,378
BJ's Restaurants, Inc. *
99,843
2,936,383
Bloomin' Brands, Inc.
373,261
10,473,704
Bowlero Corp. *
154,354
1,697,894
Boyd Gaming Corp.
328,563
21,971,008
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bright Horizons Family Solutions,
Inc. *
247,140
23,334,959
Brinker International, Inc. *
189,734
6,209,994
Carriage Services, Inc.
55,770
1,718,831
Chegg, Inc. *
509,629
5,203,312
Choice Hotels International, Inc.
113,213
14,366,730
Churchill Downs, Inc.
281,912
35,317,935
Chuy's Holdings, Inc. *
78,014
2,972,333
Coursera, Inc. *
373,420
6,493,774
Cracker Barrel Old Country Store, Inc.
94,850
7,818,486
Dave & Buster's Entertainment, Inc. *
171,254
6,725,145
Denny's Corp. *
236,702
2,255,770
Dine Brands Global, Inc.
66,584
3,647,472
Duolingo, Inc. *
120,511
17,734,399
Dutch Bros, Inc., Class A *(a)
125,853
3,726,507
El Pollo Loco Holdings, Inc.
83,511
794,190
Everi Holdings, Inc. *
378,794
5,477,361
First Watch Restaurant Group, Inc. *
48,277
923,056
Frontdoor, Inc. *
348,643
11,442,463
Golden Entertainment, Inc.
95,292
3,469,582
Graham Holdings Co., Class B
16,125
9,454,571
Grand Canyon Education, Inc. *
131,439
15,411,223
H&R Block, Inc.
651,052
26,029,059
Hilton Grand Vacations, Inc. *
328,661
14,369,059
Hyatt Hotels Corp., Class A
200,028
22,485,148
Jack in the Box, Inc.
88,264
7,093,778
Krispy Kreme, Inc.
285,365
3,821,037
Laureate Education, Inc.
578,139
8,053,476
Life Time Group Holdings, Inc. *
240,261
4,132,489
Light & Wonder, Inc. *
390,235
29,919,317
Lindblad Expeditions Holdings, Inc. *
142,807
1,292,403
Marriott Vacations Worldwide Corp.
157,509
17,119,653
Mister Car Wash, Inc. *
347,788
2,517,985
Monarch Casino & Resort, Inc.
57,488
3,874,691
OneSpaWorld Holdings Ltd. *
269,551
3,083,663
Papa John's International, Inc.
126,982
9,612,537
Penn Entertainment, Inc. *
657,782
15,582,856
Perdoceo Education Corp.
290,812
4,818,755
Planet Fitness, Inc., Class A *
363,874
22,123,539
Playa Hotels & Resorts N.V. *
531,437
3,964,520
Portillo's, Inc., Class A *
175,830
3,224,722
Red Rock Resorts, Inc., Class A
210,305
9,238,699
Rover Group, Inc. *
414,833
2,808,419
Rush Street Interactive, Inc. *
245,853
1,130,924
Sabre Corp. *
1,423,553
7,117,765
SeaWorld Entertainment, Inc. *
169,473
8,253,335
Shake Shack, Inc., Class A *
159,725
11,180,750
Six Flags Entertainment Corp. *
317,101
7,280,639
Sonder Holdings, Inc. *
587,874
293,937
Strategic Education, Inc.
95,788
7,423,570
Stride, Inc. *
174,783
7,426,530
Sweetgreen, Inc., Class A *
322,212
4,626,964
Target Hospitality Corp. *
110,209
1,752,323
Texas Roadhouse, Inc.
286,842
29,860,252
The Cheesecake Factory, Inc.
204,215
6,504,248
The Wendy's Co.
722,814
14,304,489
Travel & Leisure Co.
326,447
13,123,169
Udemy, Inc. *
289,743
3,001,737
Vacasa, Inc., Class A *
363,945
219,095
Wingstop, Inc.
128,128
20,582,482
WW International, Inc. *
258,735
2,512,317
 
597,226,702
 
Consumer Staples Distribution & Retail 1.0%
Casey's General Stores, Inc.
159,387
38,955,777
Grocery Outlet Holding Corp. *
382,234
11,791,919
Ingles Markets, Inc., Class A
61,554
4,809,214
See financial notes
Schwab U.S. Equity ETFs | Annual Report115

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Performance Food Group Co. *
667,910
41,497,248
PriceSmart, Inc.
107,273
8,526,058
Rite Aid Corp. *(a)(b)
240,393
185,103
SpartanNash Co.
151,228
3,290,721
Sprouts Farmers Market, Inc. *
440,998
17,988,308
The Andersons, Inc.
134,437
6,904,684
The Chefs' Warehouse, Inc. *
150,031
4,281,885
United Natural Foods, Inc. *
252,783
5,088,522
Weis Markets, Inc.
70,666
4,584,103
 
147,903,542
 
Energy 5.7%
Antero Midstream Corp.
1,434,776
17,389,485
Archrock, Inc.
576,450
7,372,795
Atlas Energy Solutions, Inc.,
Class A (a)
77,241
1,644,461
Bristow Group, Inc. *
99,971
2,769,197
Cactus, Inc., Class A
275,629
14,702,051
California Resources Corp.
301,900
16,858,096
Callon Petroleum Co. *
219,679
8,618,007
ChampionX Corp.
845,671
30,520,266
Chord Energy Corp.
177,959
28,740,378
Civitas Resources, Inc.
210,037
17,269,242
Clean Energy Fuels Corp. *
748,230
3,187,460
Clean Energy Technologies, Inc. *
40,136
61,809
CNX Resources Corp. *
707,632
15,815,575
Comstock Resources, Inc.
389,820
4,779,193
CONSOL Energy, Inc.
136,154
11,714,690
Core Laboratories, Inc.
200,656
4,823,770
CVR Energy, Inc.
124,300
4,064,610
Delek US Holdings, Inc.
281,018
7,236,213
Denbury, Inc. *
215,055
19,694,737
Diamond Offshore Drilling, Inc. *
434,215
6,456,777
DMC Global, Inc. *
79,265
1,903,945
Dril-Quip, Inc. *
146,856
4,050,288
DTE Midstream LLC
414,232
21,660,191
Earthstone Energy, Inc., Class A *
164,979
3,362,272
Enviva, Inc.
130,543
1,200,996
Equitrans Midstream Corp.
1,849,946
17,759,482
Excelerate Energy, Inc., Class A
73,438
1,365,947
Expro Group Holdings N.V. *
293,359
6,896,870
Granite Ridge Resources, Inc. (a)
61,132
452,377
Green Plains, Inc. *
254,551
7,901,263
Gulfport Energy Corp. *
46,742
5,515,556
Helix Energy Solutions Group, Inc. *
612,129
6,206,988
Helmerich & Payne, Inc.
438,839
17,549,172
HighPeak Energy, Inc. (a)
58,019
854,620
International Seaways, Inc.
173,016
7,434,498
Kinetik Holdings, Inc.
100,869
3,541,511
Kosmos Energy Ltd. *
1,965,489
14,308,760
Liberty Energy, Inc.
635,163
10,130,850
Magnolia Oil & Gas Corp., Class A
725,156
16,533,557
Matador Resources Co.
484,122
30,741,747
Murphy Oil Corp.
628,513
28,534,490
Nabors Industries Ltd. *
38,688
4,282,375
NexTier Oilfield Solutions, Inc. *
642,162
6,813,339
Noble Corp. plc
444,056
23,419,513
Northern Oil and Gas, Inc.
346,001
14,473,222
NOV, Inc.
1,684,842
35,600,711
Oceaneering International, Inc. *
430,925
9,820,781
Par Pacific Holdings, Inc. *
240,193
8,250,630
Patterson-UTI Energy, Inc.
889,108
12,571,987
PBF Energy, Inc., Class A
468,989
21,990,894
Peabody Energy Corp.
502,356
10,840,842
Permian Resources Corp.
1,008,529
14,300,941
ProFrac Holding Corp., Class A *(a)
135,928
1,495,208
ProPetro Holding Corp. *
415,495
4,005,372
SECURITY
NUMBER
OF SHARES
VALUE ($)
Range Resources Corp.
1,032,591
33,435,297
RPC, Inc.
354,378
2,831,480
SM Energy Co.
515,285
21,801,708
Southwestern Energy Co. *
4,715,520
31,971,226
Talos Energy, Inc. *
460,193
7,924,523
TechnipFMC plc
1,889,503
35,976,137
Tellurian, Inc. *(a)
2,167,089
2,427,140
Transocean Ltd. *
3,013,787
24,652,778
Uranium Energy Corp. *
1,609,796
6,954,319
US Silica Holdings, Inc. *
329,811
4,066,570
Valaris Ltd. *
257,629
19,404,616
Verde Clean Fuels, Inc. *(a)
25,100
106,173
Vital Energy, Inc. *
79,588
4,798,361
Weatherford International plc *
280,326
24,814,458
World Fuel Services Corp.
266,232
5,830,481
 
826,485,274
 
Equity Real Estate Investment Trusts (REITs) 5.3%
Acadia Realty Trust
407,937
6,074,182
Agree Realty Corp.
398,270
24,621,051
Alexander & Baldwin, Inc.
311,459
5,609,377
Alexander's, Inc.
9,094
1,743,775
American Assets Trust, Inc.
224,408
4,804,575
Apartment Investment & Management
Co., Class A
632,613
4,814,185
Apple Hospitality REIT, Inc.
912,582
13,706,982
Armada Hoffler Properties, Inc.
288,770
3,289,090
Brandywine Realty Trust
733,685
3,668,425
Brixmor Property Group, Inc.
1,283,933
28,220,847
Broadstone Net Lease, Inc.
799,866
12,933,833
CareTrust REIT, Inc.
424,372
8,551,096
Centerspace
63,681
4,122,708
Chatham Lodging Trust
206,544
2,020,000
City Office REIT, Inc.
170,645
860,051
Community Healthcare Trust, Inc.
104,800
3,478,312
Corporate Office Properties Trust
482,651
12,491,008
Cousins Properties, Inc.
649,585
15,265,248
DiamondRock Hospitality Co.
897,340
7,232,560
Diversified Healthcare Trust
1,024,197
2,780,695
Douglas Emmett, Inc.
729,648
9,974,288
Easterly Government Properties, Inc.
398,475
5,327,611
EastGroup Properties, Inc.
190,056
34,139,759
Elme Communities
377,701
5,809,041
Empire State Realty Trust, Inc.,
Class A
555,969
4,853,609
EPR Properties
322,467
14,440,072
Equity Commonwealth
470,441
8,952,492
Essential Properties Realty Trust, Inc.
638,101
15,327,186
First Industrial Realty Trust, Inc.
566,327
29,415,024
Four Corners Property Trust, Inc.
373,016
9,385,083
Franklin Street Properties Corp.
382,202
733,828
Getty Realty Corp.
192,103
5,766,932
Gladstone Commercial Corp.
169,124
2,223,981
Global Medical REIT, Inc.
268,448
2,598,577
Global Net Lease, Inc.
444,085
5,040,365
Highwoods Properties, Inc.
450,688
10,739,895
Hudson Pacific Properties, Inc.
548,038
3,732,139
Independence Realty Trust, Inc.
958,324
16,128,593
Industrial Logistics Properties Trust
274,819
1,080,039
Innovative Industrial Properties, Inc.
119,772
10,453,700
InvenTrust Properties Corp.
289,247
6,915,896
JBG SMITH Properties
414,919
6,505,930
Kite Realty Group Trust
937,771
21,165,491
LTC Properties, Inc.
176,586
5,802,616
LXP Industrial Trust
1,250,689
12,281,766
National Health Investors, Inc.
185,428
9,480,934
National Storage Affiliates Trust
349,932
11,757,715
See financial notes
116Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
NexPoint Diversified Real Estate Trust
138,974
1,314,694
NexPoint Residential Trust, Inc.
98,607
3,702,693
Office Properties Income Trust
204,940
1,516,556
One Liberty Properties, Inc.
72,438
1,423,407
Orion Office REIT, Inc.
240,716
1,403,374
Outfront Media, Inc.
626,473
7,110,469
Paramount Group, Inc.
692,661
3,560,278
Park Hotels & Resorts, Inc.
920,675
11,812,260
Peakstone Realty Trust (a)
154,939
3,044,551
Pebblebrook Hotel Trust
526,057
7,612,045
Phillips Edison & Co., Inc.
501,546
16,982,348
Physicians Realty Trust
1,017,610
14,154,955
Piedmont Office Realty Trust, Inc.,
Class A
527,068
3,620,957
PotlatchDeltic Corp.
341,263
16,128,089
Rayonier, Inc.
634,159
18,961,354
Retail Opportunity Investments Corp.
537,603
7,236,136
RLJ Lodging Trust
683,836
6,831,522
RPT Realty
372,636
4,225,692
Ryman Hospitality Properties, Inc.
252,677
21,485,125
Sabra Health Care REIT, Inc.
992,121
12,431,276
Safehold, Inc.
172,361
3,667,842
Saul Centers, Inc.
54,751
2,056,448
Service Properties Trust
711,573
5,877,593
SITE Centers Corp.
781,289
10,430,208
SL Green Realty Corp. (a)
275,241
10,805,962
Spirit Realty Capital, Inc.
603,946
23,318,355
STAG Industrial, Inc.
766,382
27,995,934
Star Holdings *
56,489
769,380
Strawberry Fields REIT, Inc. (a)
10,158
69,867
Summit Hotel Properties, Inc.
454,063
2,638,106
Sunstone Hotel Investors, Inc.
887,354
7,968,439
Tanger Factory Outlet Centers, Inc.
451,432
10,495,794
Terreno Realty Corp.
316,936
19,298,233
The Macerich Co.
922,363
10,782,423
The Necessity Retail REIT, Inc.
578,463
4,338,473
UMH Properties, Inc.
241,874
3,616,016
Uniti Group, Inc.
1,025,329
5,506,017
Universal Health Realty Income Trust
54,262
2,530,237
Urban Edge Properties
503,894
8,243,706
Veris Residential, Inc. *
341,911
6,362,964
Xenia Hotels & Resorts, Inc.
465,823
5,496,711
 
773,147,051
 
Financial Services 6.6%
Affiliated Managers Group, Inc.
154,359
20,685,650
Alerus Financial Corp.
73,804
1,439,178
AlTi Global, Inc. *(a)
97,088
709,713
Apollo Commercial Real Estate
Finance, Inc.
559,189
6,106,344
Arbor Realty Trust, Inc. (a)
774,406
12,359,520
ARMOUR Residential REIT, Inc.
836,667
4,108,035
Artisan Partners Asset Management,
Inc., Class A
292,821
11,250,183
Assetmark Financial Holdings, Inc. *
90,880
2,625,523
Avantax, Inc. *
164,649
3,444,457
AvidXchange Holdings, Inc. *
575,776
5,918,977
B. Riley Financial, Inc. (a)
67,060
3,433,807
BGC Group, Inc., Class A
1,446,082
7,143,645
Blackstone Mortgage Trust, Inc.,
Class A
736,113
16,209,208
Blue Owl Capital, Inc.
1,525,969
18,235,330
Bread Financial Holdings, Inc.
213,568
8,025,885
Brightsphere Investment Group, Inc.
137,925
2,856,427
BrightSpire Capital, Inc.
560,255
3,899,375
Cannae Holdings, Inc. *
302,635
5,940,725
Cantaloupe, Inc. *
238,367
1,887,867
SECURITY
NUMBER
OF SHARES
VALUE ($)
Cass Information Systems, Inc.
51,800
1,986,012
Chimera Investment Corp.
996,216
6,027,107
Claros Mortgage Trust, Inc.
523,904
5,967,267
Cohen & Steers, Inc.
107,139
6,983,320
Curo Group Holdings Corp. *
91,433
98,748
Diamond Hill Investment Group, Inc.
12,649
2,134,645
Donnelley Financial Solutions, Inc. *
108,493
5,345,450
Dynex Capital, Inc.
229,842
2,978,752
Ellington Financial, Inc.
270,069
3,610,823
Enact Holdings, Inc.
126,018
3,611,676
Encore Capital Group, Inc. *
100,655
4,716,693
Enova International, Inc. *
133,733
6,746,830
Essent Group Ltd.
458,439
23,022,807
Euronet Worldwide, Inc. *
201,773
17,626,889
Evercore, Inc., Class A
150,860
21,127,943
EVERTEC, Inc.
278,202
11,008,453
Federal Agricultural Mortgage Corp.,
Class C
42,142
7,093,341
Federated Hermes, Inc.
364,426
12,667,448
FirstCash Holdings, Inc.
157,705
14,086,211
Flywire Corp. *
313,965
10,856,910
Focus Financial Partners, Inc.,
Class A *(c)
248,826
13,187,778
Forge Global Holdings, Inc. *(a)
444,498
1,089,020
Franklin BSP Realty Trust, Inc.
350,222
4,952,139
Granite Point Mortgage Trust, Inc.
220,331
1,176,568
Green Dot Corp., Class A *
200,510
2,975,568
Hamilton Lane, Inc., Class A
154,941
14,376,975
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
449,436
10,053,883
Houlihan Lokey, Inc.
215,712
22,723,102
Interactive Brokers Group, Inc.,
Class A
440,550
40,125,294
International Money Express, Inc. *
138,392
2,394,182
Invesco Mortgage Capital, Inc.
180,026
2,025,292
Jackson Financial, Inc., Class A
250,394
9,414,814
Janus Henderson Group plc
567,536
15,590,214
KKR Real Estate Finance Trust, Inc.
246,923
3,089,007
Ladder Capital Corp.
485,851
5,324,927
Lazard Ltd., Class A
481,390
16,723,489
LendingClub Corp. *
456,290
3,175,778
LendingTree, Inc. *
46,453
878,426
Marqeta, Inc., Class A *
1,864,296
11,465,420
Merchants Bancorp
110,243
3,215,788
MFA Financial, Inc.
385,612
4,226,307
MGIC Investment Corp.
1,227,442
21,578,430
Moelis & Co., Class A
284,306
13,478,947
Moneylion, Inc. *
17,815
398,700
Mr Cooper Group, Inc. *
290,846
16,479,334
Navient Corp.
424,040
7,484,306
Nelnet, Inc., Class A
76,626
7,038,098
NerdWallet, Inc., Class A *
148,000
1,332,000
New York Mortgage Trust, Inc.
388,913
3,702,452
NewtekOne, Inc. (a)
106,500
1,907,415
NMI Holdings, Inc., Class A *
356,232
10,195,360
OneMain Holdings, Inc.
515,480
21,397,575
Open Lending Corp., Class A *
426,711
3,520,366
Payoneer Global, Inc. *
876,263
5,424,068
PennyMac Financial Services, Inc.
128,214
9,201,919
PennyMac Mortgage Investment Trust
372,926
5,000,938
Piper Sandler Cos.
63,303
9,430,881
PJT Partners, Inc., Class A
106,547
8,416,148
PRA Group, Inc. *
166,328
3,240,069
PROG Holdings, Inc. *
200,147
6,865,042
Radian Group, Inc.
667,565
18,077,660
Ready Capital Corp.
691,248
7,548,428
Redwood Trust, Inc.
485,273
3,887,037
Remitly Global, Inc. *
434,754
10,934,063
See financial notes
Schwab U.S. Equity ETFs | Annual Report117

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Repay Holdings Corp. *
319,093
2,942,037
Rithm Capital Corp.
2,065,409
21,294,367
Robinhood Markets, Inc., Class A *
2,222,828
24,206,597
Rocket Cos., Inc., Class A *(a)
539,813
5,765,203
SHF Holdings, Inc. *
113,993
47,307
Shift4 Payments, Inc., Class A *
245,573
13,946,091
SLM Corp.
1,039,374
14,800,686
StepStone Group, Inc., Class A
210,687
6,503,908
Stifel Financial Corp.
454,537
29,553,996
StoneX Group, Inc. *
75,220
7,061,654
TFS Financial Corp.
202,550
2,756,705
Toast, Inc., Class A *
1,444,260
32,019,244
TPG RE Finance Trust, Inc.
258,282
1,942,281
TPG, Inc.
221,676
6,233,529
Tradeweb Markets, Inc., Class A
490,724
42,413,275
Two Harbors Investment Corp.
415,278
5,718,378
Upstart Holdings, Inc. *(a)
303,248
9,755,488
UWM Holdings Corp. (a)
402,601
2,399,502
Victory Capital Holdings, Inc., Class A
113,724
3,914,380
Virtu Financial, Inc., Class A
380,780
7,135,817
Virtus Investment Partners, Inc.
29,395
6,087,704
Walker & Dunlop, Inc.
132,689
11,323,679
Waterstone Financial, Inc.
84,856
1,053,063
WisdomTree, Inc.
489,862
3,575,993
World Acceptance Corp. *
14,255
1,921,717
 
953,072,982
 
Food, Beverage & Tobacco 1.9%
B&G Foods, Inc.
310,333
3,969,159
Benson Hill, Inc. *
547,682
349,914
Beyond Meat, Inc. *(a)
258,198
3,046,736
BRC, Inc., Class A *(a)
178,152
805,247
Calavo Growers, Inc.
75,199
2,478,559
Cal-Maine Foods, Inc.
162,331
7,757,798
Celsius Holdings, Inc. *
173,936
34,098,413
Coca-Cola Consolidated, Inc.
19,705
13,771,824
Flowers Foods, Inc.
824,346
19,421,592
Fresh Del Monte Produce, Inc.
132,613
3,388,262
Freshpet, Inc. *
205,905
15,547,887
Hostess Brands, Inc. *
569,257
16,212,439
Ingredion, Inc.
282,678
29,090,393
J&J Snack Foods Corp.
64,051
10,384,589
John B Sanfilippo & Son, Inc.
38,576
3,871,102
Lancaster Colony Corp.
84,819
14,011,251
MGP Ingredients, Inc.
65,962
7,908,844
Mission Produce, Inc. *
172,231
1,639,639
National Beverage Corp. *
100,278
5,145,264
Pilgrim's Pride Corp. *
191,219
4,811,070
Seaboard Corp.
1,085
4,090,808
Sovos Brands, Inc. *
208,881
4,678,934
The Boston Beer Co., Inc., Class A *
40,197
14,689,190
The Duckhorn Portfolio, Inc. *
180,508
2,245,520
The Hain Celestial Group, Inc. *
380,368
4,028,097
The Simply Good Foods Co. *
362,501
13,079,036
The Vita Coco Co., Inc. *
102,180
2,890,672
Tootsie Roll Industries, Inc.
76,836
2,470,277
TreeHouse Foods, Inc. *
216,178
10,056,601
Turning Point Brands, Inc.
64,459
1,586,981
Universal Corp.
105,632
5,030,196
Utz Brands, Inc.
285,923
4,414,651
Vector Group Ltd.
566,284
6,064,902
Vital Farms, Inc. *
114,145
1,344,628
Westrock Coffee Co. *(a)
51,523
517,291
 
274,897,766
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Health Care Equipment & Services 5.7%
23andMe Holding Co., Class A *
1,223,888
1,346,277
Acadia Healthcare Co., Inc. *
394,070
30,382,797
Accolade, Inc. *
274,642
3,704,921
AdaptHealth Corp. *
326,239
3,892,031
Addus HomeCare Corp. *
69,426
6,088,660
Agiliti, Inc. *
142,435
1,374,498
AirSculpt Technologies, Inc. *(a)
36,948
283,761
Akili, Inc., Class A *
140,341
137,562
Alignment Healthcare, Inc. *
349,154
2,039,059
Amedisys, Inc. *
139,610
13,088,438
American Well Corp., Class A *
1,048,718
1,489,180
AMN Healthcare Services, Inc. *
169,729
15,000,649
AngioDynamics, Inc. *
167,373
1,344,005
Apollo Medical Holdings, Inc. *
171,958
6,510,330
Artivion, Inc. *
177,134
2,997,107
AtriCure, Inc. *
202,220
9,130,233
Atrion Corp.
5,661
2,632,931
Avanos Medical, Inc. *
200,661
4,221,907
Aveanna Healthcare Holdings, Inc. *
200,935
289,346
AxoGen, Inc. *
179,197
1,121,773
Axonics, Inc. *
215,448
12,345,170
Bioventus, Inc., Class A *(a)
130,694
470,498
Brookdale Senior Living, Inc. *
811,550
3,449,088
Bullfrog AI Holdings, Inc. *(a)
7,048
23,117
Butterfly Network, Inc. *(a)
628,606
1,112,633
Cano Health, Inc. *(a)
882,889
273,078
Castle Biosciences, Inc. *
105,496
2,102,535
Certara, Inc. *
452,514
7,312,626
Cerus Corp. *
760,377
1,437,113
Clover Health Investments Corp. *
1,408,047
1,844,542
Community Health Systems, Inc. *
547,535
1,850,668
Computer Programs & Systems, Inc. *
60,601
985,978
CONMED Corp.
130,924
14,592,789
CorVel Corp. *
38,918
8,423,801
Definitive Healthcare Corp., Class A *
171,616
1,613,190
DocGo, Inc. *
356,868
3,193,969
Doximity, Inc., Class A *
508,822
12,130,316
Embecta Corp.
243,263
4,459,011
Enovis Corp. *
204,909
11,483,100
Envista Holdings Corp. *
699,674
22,403,561
Evolent Health, Inc., Class A *
409,558
10,447,825
Fulgent Genetics, Inc. *
86,202
2,823,978
GeneDx Holdings Corp. *
78,111
347,594
Glaukos Corp. *
206,660
15,528,432
Globus Medical, Inc., Class A *
341,524
18,476,448
GoodRx Holdings, Inc., Class A *
326,120
2,129,564
Haemonetics Corp. *
215,607
19,346,416
Health Catalyst, Inc. *
241,749
2,826,046
HealthEquity, Inc. *
365,286
24,675,069
HealthStream, Inc.
102,283
2,151,012
Hims & Hers Health, Inc. *
524,790
3,521,341
ICU Medical, Inc. *
86,496
12,544,515
Inari Medical, Inc. *
219,811
14,643,809
Innovage Holding Corp. *
79,851
437,583
Inogen, Inc. *
97,005
602,401
Inspire Medical Systems, Inc. *
124,912
28,340,035
Integer Holdings Corp. *
142,646
12,169,130
Integra LifeSciences Holdings Corp. *
304,098
12,936,329
Invitae Corp. *(a)
1,047,337
967,844
iRhythm Technologies, Inc. *
130,142
13,452,779
Lantheus Holdings, Inc. *
292,199
19,998,100
LeMaitre Vascular, Inc.
83,632
4,834,766
LifeStance Health Group, Inc. *
399,314
3,278,368
LivaNova plc *
230,251
12,790,443
Merit Medical Systems, Inc. *
245,905
16,052,678
ModivCare, Inc. *
54,036
1,734,556
See financial notes
118Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Multiplan Corp. *
997,115
1,705,067
National HealthCare Corp.
58,078
3,830,244
National Research Corp.
59,543
2,488,897
Neogen Corp. *
924,741
21,380,012
NeoGenomics, Inc. *
544,025
8,176,696
Nevro Corp. *
153,783
3,081,811
NextGen Healthcare, Inc. *
227,136
4,136,147
NuVasive, Inc. *
225,279
8,954,840
OmniAb, Inc., Class A *(c)
25,234
0
OmniAb, Inc., Class B *(c)
25,234
0
Omnicell, Inc. *
192,651
10,954,136
OPKO Health, Inc. *
1,740,893
3,185,834
Option Care Health, Inc. *
706,917
24,621,919
OraSure Technologies, Inc. *
308,746
1,994,499
Orchestra BioMed Holdings, Inc. *(a)
61,887
386,175
Orthofix Medical, Inc. *
150,230
3,178,867
OrthoPediatrics Corp. *
70,831
2,707,161
Outset Medical, Inc. *
211,336
2,876,283
Owens & Minor, Inc. *
326,842
5,523,630
Paragon 28, Inc. *
117,572
1,684,807
Patterson Cos., Inc.
371,832
11,169,833
Pediatrix Medical Group, Inc. *
353,508
4,995,068
PetIQ, Inc. *
108,034
2,061,289
Phreesia, Inc. *
227,569
6,478,889
Premier, Inc., Class A
510,856
10,998,730
Privia Health Group, Inc. *
401,398
10,536,698
PROCEPT BioRobotics Corp. *
140,671
4,798,288
Progyny, Inc. *
326,797
12,202,600
ProSomnus, Inc. *
33,056
35,039
Pulmonx Corp. *
159,785
1,671,351
QuidelOrtho Corp. *
230,944
19,020,548
RadNet, Inc. *
244,846
8,180,305
Schrodinger, Inc. *
229,067
8,450,282
Select Medical Holdings Corp.
447,191
13,062,449
Semler Scientific, Inc. *
21,179
558,278
Senseonics Holdings, Inc. *(a)
2,031,213
1,032,262
Sharecare, Inc. *
1,355,518
1,284,489
SI-BONE, Inc. *
132,866
3,039,974
Sight Sciences, Inc. *
110,542
725,156
Silk Road Medical, Inc. *
166,475
3,216,297
Simulations Plus, Inc.
67,483
3,002,319
STAAR Surgical Co. *
206,548
8,955,921
Surgery Partners, Inc. *
297,481
10,786,661
Surmodics, Inc. *
61,416
2,261,337
Tandem Diabetes Care, Inc. *
275,847
7,547,174
Tenet Healthcare Corp. *
436,304
33,839,738
The Ensign Group, Inc.
239,552
24,007,901
The Joint Corp. *
62,192
577,764
The Pennant Group, Inc. *
120,112
1,438,942
TransMedics Group, Inc. *
139,170
9,133,727
Treace Medical Concepts, Inc. *
150,933
2,347,008
US Physical Therapy, Inc.
62,969
6,349,164
Varex Imaging Corp. *
173,794
3,418,528
Veradigm, Inc. *
468,735
6,271,674
Vicarious Surgical, Inc. *
167,415
154,792
Zimvie, Inc. *
90,085
1,063,003
 
831,179,812
 
Household & Personal Products 1.1%
BellRing Brands, Inc. *
567,756
23,561,874
Central Garden & Pet Co. *
41,272
1,821,746
Central Garden & Pet Co., Class A *
177,024
7,222,579
Coty, Inc., Class A *
1,567,272
18,117,664
Edgewell Personal Care Co.
218,617
8,429,872
elf Beauty, Inc. *
216,309
30,004,221
Energizer Holdings, Inc.
283,892
9,751,690
Herbalife Ltd. *
422,576
6,347,092
SECURITY
NUMBER
OF SHARES
VALUE ($)
Inter Parfums, Inc.
76,924
10,748,590
Medifast, Inc.
46,661
3,935,389
Nu Skin Enterprises, Inc., Class A
213,764
5,106,822
Spectrum Brands Holdings, Inc.
174,963
14,551,673
The Beauty Health Co. *
392,494
2,417,763
The Honest Co., Inc. *
251,474
372,182
USANA Health Sciences, Inc. *
48,487
3,117,229
Veru, Inc. *(a)
241,523
251,184
WD-40 Co.
58,153
12,495,335
 
158,252,905
 
Insurance 3.0%
Ambac Financial Group, Inc. *
191,608
2,467,911
American Equity Investment Life
Holding Co.
269,884
14,487,373
AMERISAFE, Inc.
82,851
4,291,682
Argo Group International Holdings
Ltd.
149,201
4,438,730
Assured Guaranty Ltd.
254,073
14,949,655
Axis Capital Holdings Ltd.
332,187
18,223,779
Bright Health Group, Inc. *
13,412
113,466
Brighthouse Financial, Inc. *
285,411
14,173,510
BRP Group, Inc., Class A *
271,730
7,225,301
CNO Financial Group, Inc.
491,220
11,494,548
Employers Holdings, Inc.
115,927
4,547,816
Enstar Group Ltd. *
58,195
14,740,212
First American Financial Corp.
440,987
27,200,078
Genworth Financial, Inc., Class A *
2,049,585
11,867,097
Goosehead Insurance, Inc., Class A *
100,114
6,993,964
Hagerty, Inc., Class A *(a)
134,744
1,231,560
Hippo Holdings, Inc. *
64,679
645,496
Horace Mann Educators Corp.
173,697
4,978,156
James River Group Holdings Ltd.
160,101
2,331,071
Kemper Corp.
274,162
12,877,389
Kinsale Capital Group, Inc.
93,133
37,125,608
Lemonade, Inc. *(a)
191,625
2,636,760
MBIA, Inc. *
201,920
1,593,149
Mercury General Corp.
112,927
3,230,841
National Western Life Group, Inc.,
Class A
10,349
4,704,034
Oscar Health, Inc., Class A *
487,518
3,056,738
Palomar Holdings, Inc. *
106,520
5,433,585
Primerica, Inc.
155,086
31,166,083
ProAssurance Corp.
229,465
4,056,941
RLI Corp.
173,304
22,792,942
Ryan Specialty Holdings, Inc., Class A
*
398,407
19,422,341
Safety Insurance Group, Inc.
63,753
4,390,669
Selective Insurance Group, Inc.
258,477
25,643,503
Selectquote, Inc. *
526,867
642,778
SiriusPoint Ltd. *
369,013
4,081,284
Skyward Specialty Insurance Group,
Inc. *
38,611
939,020
Stewart Information Services Corp.
116,910
5,415,271
The Hanover Insurance Group, Inc.
152,891
16,316,528
Trupanion, Inc. *
152,294
4,527,701
United Fire Group, Inc.
92,259
1,823,960
Unum Group
792,379
38,977,123
White Mountains Insurance Group
Ltd.
10,963
17,416,808
 
434,672,461
 
Materials 4.8%
5E Advanced Materials, Inc. *(a)
127,312
325,919
AdvanSix, Inc.
117,204
3,877,108
See financial notes
Schwab U.S. Equity ETFs | Annual Report119

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)

SECURITY
NUMBER
OF SHARES
VALUE ($)
Alpha Metallurgical Resources, Inc.
56,431
11,446,464
Arch Resources, Inc.
79,996
10,447,478
Ashland, Inc.
207,405
17,967,495
ATI, Inc. *
549,422
24,905,299
Avient Corp.
366,677
14,707,414
Balchem Corp.
138,026
19,392,653
Cabot Corp.
239,810
17,376,633
Carpenter Technology Corp.
208,051
13,030,234
Century Aluminum Co. *
224,712
1,671,857
Chase Corp.
32,374
4,095,311
Clearwater Paper Corp. *
73,567
2,816,880
Coeur Mining, Inc. *
1,425,226
3,434,795
Commercial Metals Co.
500,637
28,180,857
Compass Minerals International, Inc.
145,294
4,380,614
Danimer Scientific, Inc. *(a)
381,452
743,831
Eagle Materials, Inc.
154,404
29,231,765
Ecovyst, Inc. *
306,887
3,142,523
Element Solutions, Inc.
960,296
19,801,304
Ginkgo Bioworks Holdings, Inc. *(a)
4,684,132
10,960,869
Graphic Packaging Holding Co.
1,311,956
29,177,901
Greif, Inc., Class A
134,917
9,793,625
H.B. Fuller Co.
230,077
16,687,485
Hawkins, Inc.
81,750
5,084,033
Hecla Mining Co.
2,461,544
10,806,178
Huntsman Corp.
728,852
20,313,105
Ingevity Corp. *
146,179
7,877,586
Innospec, Inc.
106,704
11,462,144
Kaiser Aluminum Corp.
68,698
5,215,552
Knife River Corp. *
217,387
11,186,735
Koppers Holdings, Inc.
88,370
3,383,687
Kronos Worldwide, Inc.
93,641
786,584
Livent Corp. *
767,675
16,481,982
Louisiana-Pacific Corp.
308,517
19,276,142
LSB Industries, Inc. *
201,337
2,037,530
Materion Corp.
87,947
9,567,754
Mativ Holdings, Inc.
236,126
3,872,466
Mercer International, Inc.
171,064
1,554,972
Minerals Technologies, Inc.
139,062
8,496,688
MP Materials Corp. *
394,814
8,267,405
Myers Industries, Inc.
155,263
2,920,497
NewMarket Corp.
28,369
13,323,217
O-I Glass, Inc. *
664,546
13,197,884
Olin Corp.
514,807
29,869,102
Orion S.A.
235,400
5,324,748
Pactiv Evergreen, Inc.
167,538
1,377,162
Perimeter Solutions S.A. *
627,815
3,710,387
Piedmont Lithium, Inc. *
69,814
3,124,875
PureCycle Technologies, Inc. *(a)
563,858
5,035,252
Quaker Chemical Corp.
58,300
10,347,084
Ranpak Holdings Corp. *
169,133
1,070,612
Schnitzer Steel Industries, Inc.,
Class A
110,529
3,669,563
Sensient Technologies Corp.
181,201
11,163,794
Silgan Holdings, Inc.
359,014
16,202,302
Stepan Co.
90,633
7,909,542
Summit Materials, Inc., Class A *
507,360
18,980,338
SunCoke Energy, Inc.
358,337
3,332,534
Sylvamo Corp.
136,179
5,688,197
The Chemours Co.
637,578
21,690,404
The Scotts Miracle-Gro Co.
175,769
9,959,072
TimkenSteel Corp. *
168,658
3,695,297
TriMas Corp.
177,553
4,651,889
Trinseo plc
149,806
1,577,457
Tronox Holdings plc
495,792
6,762,603
U.S. Goldmining, Inc. *
6,096
60,838
United States Lime & Minerals, Inc.
8,721
1,888,794
United States Steel Corp.
968,000
30,095,120
Valhi, Inc.
7,599
100,611
SECURITY
NUMBER
OF SHARES
VALUE ($)
Warrior Met Coal, Inc.
223,102
8,825,915
Worthington Industries, Inc.
129,831
9,772,379
 
698,594,326
 
Media & Entertainment 2.1%
Advantage Solutions, Inc. *
395,998
1,108,794
Altice USA, Inc., Class A *
923,992
2,836,655
AMC Networks, Inc., Class A *
124,329
1,447,190
Angi, Inc. *
322,470
793,276
Atlanta Braves Holdings, Inc.,
Class C *
242,232
8,923,827
Bumble, Inc., Class A *
422,043
7,081,882
Cardlytics, Inc. *
147,169
2,451,836
Cargurus, Inc. *
381,699
6,912,569
Cars.com, Inc. *
267,187
4,993,725
Cinemark Holdings, Inc. *
462,122
7,523,346
Clear Channel Outdoor Holdings,
Inc. *
2,071,681
3,003,937
Endeavor Group Holdings, Inc.,
Class A *
769,275
16,839,430
Eventbrite, Inc., Class A *
354,915
3,595,289
fuboTV, Inc. *(a)
1,236,682
2,893,836
Gannett Co., Inc. *
648,569
1,887,336
Gray Television, Inc.
369,327
2,976,776
Grindr, Inc. *(a)
102,219
525,406
iHeartMedia, Inc., Class A *
449,723
1,623,500
Integral Ad Science Holding Corp. *
205,353
2,930,387
John Wiley & Sons, Inc., Class A
185,534
6,894,443
Lions Gate Entertainment Corp.,
Class A *
765,448
6,062,348
Loop Media, Inc. *(a)
139,702
121,666
Madison Square Garden
Entertainment Corp. *
136,458
4,378,937
Madison Square Garden Sports Corp.
76,060
13,538,680
Magnite, Inc. *
508,390
4,194,218
MediaAlpha, Inc., Class A *
77,484
650,091
Nexstar Media Group, Inc., Class A
153,193
24,939,820
Nextdoor Holdings, Inc. *
578,454
1,255,245
Playtika Holding Corp. *
392,710
3,832,850
QuinStreet, Inc. *
214,807
2,126,589
Rumble, Inc. *(a)
341,930
2,861,954
Scholastic Corp.
124,212
5,397,011
Shutterstock, Inc.
103,915
4,375,861
Sinclair, Inc.
162,648
2,052,618
Skillz, Inc. *
63,785
522,399
Sphere Entertainment Co. *
111,746
3,917,815
System1, Inc. *
86,642
154,223
TechTarget, Inc. *
110,108
3,165,605
TEGNA, Inc.
964,181
15,937,912
The E.W. Scripps Co., Class A *
252,191
1,926,739
The New York Times Co., Class A
701,668
31,062,842
TripAdvisor, Inc. *
452,142
6,831,866
Vimeo, Inc. *
667,554
2,656,865
Vivid Seats, Inc., Class A *
98,283
713,535
Warner Music Group Corp., Class A
500,882
16,679,371
WideOpenWest, Inc. *
215,441
1,745,072
World Wrestling Entertainment, Inc.,
Class A
185,184
17,879,515
Yelp, Inc. *
295,106
12,645,292
Ziff Davis, Inc. *
202,456
13,493,692
ZipRecruiter, Inc., Class A *
206,715
3,140,001
 
295,504,072
 
See financial notes
120Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pharmaceuticals, Biotechnology & Life Sciences 6.9%
10X Genomics, Inc., Class A *
419,455
21,748,742
2seventy bio, Inc. *
213,186
1,106,435
4D Molecular Therapeutics, Inc. *
157,805
2,569,065
Absci Corp. *
209,675
375,318
ACADIA Pharmaceuticals, Inc. *
515,065
13,917,056
ACELYRIN, Inc. *
133,387
3,378,693
Aclaris Therapeutics, Inc. *
234,177
1,751,644
Acrivon Therapeutics, Inc. *
33,922
397,566
Adaptive Biotechnologies Corp. *
476,937
3,228,863
Agenus, Inc. *
1,338,109
1,846,590
Agios Pharmaceuticals, Inc. *
237,256
6,507,932
Akero Therapeutics, Inc. *
157,800
7,831,614
Akoya Biosciences, Inc. *
70,838
368,358
Alector, Inc. *
261,390
1,424,576
Alkermes plc *
710,503
20,739,583
Allogene Therapeutics, Inc. *
389,998
1,517,092
Allovir, Inc. *(a)
193,682
606,225
ALX Oncology Holdings, Inc. *
91,754
390,872
Amicus Therapeutics, Inc. *
1,081,496
13,864,779
Amneal Pharmaceuticals, Inc. *
428,238
1,751,493
Amphastar Pharmaceuticals, Inc. *
161,150
8,590,906
Amylyx Pharmaceuticals, Inc. *
170,447
3,674,837
AnaptysBio, Inc. *
80,045
1,575,286
Anavex Life Sciences Corp. *(a)
347,980
2,749,042
Anika Therapeutics, Inc. *
61,956
1,105,915
Apellis Pharmaceuticals, Inc. *
423,604
17,880,325
Arcellx, Inc. *
127,778
4,579,564
Arcturus Therapeutics Holdings, Inc. *
104,710
3,177,948
Arcus Biosciences, Inc. *
225,589
4,624,574
Arcutis Biotherapeutics, Inc. *
172,956
1,477,044
Arrowhead Pharmaceuticals, Inc. *
457,933
12,657,268
Arvinas, Inc. *
208,678
5,886,806
Atara Biotherapeutics, Inc. *
425,914
621,834
Atea Pharmaceuticals, Inc. *
322,984
1,085,226
Avid Bioservices, Inc. *
265,634
3,134,481
Avidity Biosciences, Inc. *
299,842
2,266,806
Axsome Therapeutics, Inc. *
159,687
12,902,710
Azenta, Inc. *
278,190
15,698,262
Beam Therapeutics, Inc. *
273,747
6,345,455
BioCryst Pharmaceuticals, Inc. *
806,897
5,737,038
BioLife Solutions, Inc. *
147,116
1,943,402
Bionano Genomics, Inc. *(a)
130,601
504,120
Bioxcel Therapeutics, Inc. *(a)
85,405
322,831
Blueprint Medicines Corp. *
258,179
12,872,805
Bridgebio Pharma, Inc. *
507,538
15,180,462
C4 Therapeutics, Inc. *
184,399
534,757
Cara Therapeutics, Inc. *
200,456
515,172
CareDx, Inc. *
227,120
2,114,487
Caribou Biosciences, Inc. *
231,463
1,363,317
Cassava Sciences, Inc. *(a)
166,201
3,485,235
Catalyst Pharmaceuticals, Inc. *
416,313
5,845,035
Celldex Therapeutics, Inc. *
202,293
5,643,975
Century Therapeutics, Inc. *
85,729
212,608
Cerevel Therapeutics Holdings, Inc. *
275,085
6,519,514
Codexis, Inc. *
280,267
487,665
Coherus Biosciences, Inc. *
284,855
1,518,277
Collegium Pharmaceutical, Inc. *
148,552
3,479,088
Corcept Therapeutics, Inc. *
386,237
12,641,537
Crinetics Pharmaceuticals, Inc. *
189,579
3,283,508
CRISPR Therapeutics AG *
338,096
16,908,181
CryoPort, Inc. *
194,260
2,739,066
Cullinan Oncology, Inc. *
108,198
1,119,849
Cytek Biosciences, Inc. *
347,061
2,637,664
Cytokinetics, Inc. *
408,680
14,279,279
Day One Biopharmaceuticals, Inc. *
172,766
2,330,613
Deciphera Pharmaceuticals, Inc. *
246,479
3,460,565
SECURITY
NUMBER
OF SHARES
VALUE ($)
Denali Therapeutics, Inc. *
475,505
10,979,410
Design Therapeutics, Inc. *
126,533
313,802
Dynavax Technologies Corp. *
510,150
7,325,754
Dyne Therapeutics, Inc. *
132,959
1,515,733
Eagle Pharmaceuticals, Inc. *
44,149
748,326
Edgewise Therapeutics, Inc. *
172,436
1,077,725
Editas Medicine, Inc. *
292,583
2,606,915
Emergent BioSolutions, Inc. *
188,603
884,548
Enanta Pharmaceuticals, Inc. *
82,933
1,231,555
Entrada Therapeutics, Inc. *
77,024
1,133,793
EQRx, Inc. *
978,281
2,240,263
Erasca, Inc. *
316,516
819,776
Exelixis, Inc. *
1,394,516
31,223,213
Fate Therapeutics, Inc. *
356,620
895,116
FibroGen, Inc. *
383,210
367,882
G1 Therapeutics, Inc. *
190,461
318,070
Genelux Corp. *
10,938
264,481
Generation Bio Co. *
223,275
1,067,255
Gossamer Bio, Inc. *(a)
345,828
359,661
Halozyme Therapeutics, Inc. *
563,801
23,995,371
Harmony Biosciences Holdings, Inc. *
129,003
4,676,359
Heron Therapeutics, Inc. *
457,804
750,799
HilleVax, Inc. *(a)
51,466
686,556
Humacyte, Inc. *(a)
215,854
826,721
IGM Biosciences, Inc. *
37,642
269,140
ImmunityBio, Inc. *(a)
593,574
955,654
ImmunoGen, Inc. *
997,030
15,792,955
Immunovant, Inc. *
241,403
5,482,262
Inhibrx, Inc. *
127,895
2,736,953
Innoviva, Inc. *
251,702
3,209,200
Inovio Pharmaceuticals, Inc. *
1,133,416
509,924
Insmed, Inc. *
584,537
12,795,515
Instil Bio, Inc. *
258,936
116,806
Intellia Therapeutics, Inc. *
376,577
14,114,106
Intra-Cellular Therapies, Inc. *
381,399
21,175,272
Invivyd, Inc. *(a)
223,673
416,032
Ionis Pharmaceuticals, Inc. *
611,629
24,630,300
Iovance Biotherapeutics, Inc. *
921,937
5,568,499
Ironwood Pharmaceuticals, Inc. *
578,399
5,089,911
iTeos Therapeutics, Inc. *
103,953
1,254,193
Keros Therapeutics, Inc. *
80,144
2,813,856
Kinnate Biopharma, Inc. *
75,441
168,233
Kodiak Sciences, Inc. *
136,431
300,148
Kronos Bio, Inc. *
198,736
276,243
Krystal Biotech, Inc. *
92,958
11,571,412
Kura Oncology, Inc. *
267,562
2,656,891
Kymera Therapeutics, Inc. *
168,978
3,224,100
Lexicon Pharmaceuticals, Inc. *
401,675
690,881
Ligand Pharmaceuticals, Inc. *
70,194
4,616,659
Lyell Immunopharma, Inc. *
616,314
1,472,990
MacroGenics, Inc. *
226,385
1,054,954
Madrigal Pharmaceuticals, Inc. *
55,630
10,013,400
MannKind Corp. *
1,133,972
5,227,611
Maravai LifeSciences Holdings, Inc.,
Class A *
469,405
4,853,648
Medpace Holdings, Inc. *
105,553
28,527,809
Mersana Therapeutics, Inc. *
436,550
484,571
Mesa Laboratories, Inc.
21,415
3,070,054
MiMedx Group, Inc. *
497,300
3,689,966
Mind Medicine MindMed, Inc. *(a)
155,729
646,275
Mineralys Therapeutics, Inc. *
52,492
673,997
Mirati Therapeutics, Inc. *
263,563
9,804,544
Monte Rosa Therapeutics, Inc. *(a)
132,055
775,163
Morphic Holding, Inc. *
154,491
8,509,364
Myriad Genetics, Inc. *
348,600
6,222,510
NanoString Technologies, Inc. *
186,880
478,413
Natera, Inc. *
488,508
28,690,075
Nektar Therapeutics *
787,756
468,715
See financial notes
Schwab U.S. Equity ETFs | Annual Report121

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
NGM Biopharmaceuticals, Inc. *
161,517
305,267
Nkarta, Inc. *
141,207
242,876
Novavax, Inc. *(a)
368,752
2,950,016
Nurix Therapeutics, Inc. *
188,640
1,603,440
Nuvation Bio, Inc. *
587,195
963,000
Ocean Biomedical, Inc. *(a)
33,401
150,639
Ocugen, Inc. *
988,527
426,154
Omeros Corp. *(a)
268,423
928,744
OmniAb, Inc. *
451,351
2,617,836
Organogenesis Holdings, Inc. *
301,357
843,800
Pacific Biosciences of California, Inc. *
997,128
11,247,604
Pacira BioSciences, Inc. *
197,239
6,962,537
Perrigo Co., plc
578,736
20,255,760
Phathom Pharmaceuticals, Inc. *(a)
99,686
1,434,482
PhenomeX, Inc. *
285,801
271,511
Phibro Animal Health Corp., Class A
86,738
1,209,995
Pliant Therapeutics, Inc. *
188,105
3,175,212
PMV Pharmaceuticals, Inc. *
138,687
1,001,320
Poseida Therapeutics, Inc. *
228,259
477,061
Precigen, Inc. *(a)
626,050
1,095,588
Prelude Therapeutics, Inc. *
46,915
174,993
Prestige Consumer Healthcare, Inc. *
212,935
12,420,499
Prime Medicine, Inc. *(a)
40,365
534,433
Protagonist Therapeutics, Inc. *
231,556
4,589,440
Prothena Corp. plc *
173,800
9,180,116
PTC Therapeutics, Inc. *
316,980
12,520,710
Quanterix Corp. *
149,115
3,996,282
RAPT Therapeutics, Inc. *
109,275
2,087,152
Reata Pharmaceuticals, Inc., Class A *
124,404
21,024,276
Recursion Pharmaceuticals, Inc.,
Class A *
569,024
4,950,509
REGENXBIO, Inc. *
161,416
2,857,063
Relay Therapeutics, Inc. *
388,132
3,966,709
Replimune Group, Inc. *
156,129
3,188,154
Revance Therapeutics, Inc. *
358,124
6,313,726
REVOLUTION Medicines, Inc. *
395,663
13,440,672
Rhythm Pharmaceuticals, Inc. *
193,520
5,033,455
Rocket Pharmaceuticals, Inc. *
255,110
3,992,471
Roivant Sciences Ltd. *
486,092
5,624,084
Sage Therapeutics, Inc. *
222,322
4,446,440
Sana Biotechnology, Inc. *
372,453
1,992,624
Sangamo Therapeutics, Inc. *
603,380
584,856
Scholar Rock Holding Corp. *
157,206
982,538
Scilex Holding Co. *(a)(c)
280,273
791,939
Seer, Inc. *
159,978
420,742
Seres Therapeutics, Inc. *
401,450
1,385,003
SIGA Technologies, Inc.
163,382
749,923
SomaLogic, Inc. *
655,881
1,449,497
Sotera Health Co. *
423,224
6,830,835
SpringWorks Therapeutics, Inc. *
190,803
5,376,829
Stoke Therapeutics, Inc. *
116,600
655,292
Supernus Pharmaceuticals, Inc. *
232,483
7,402,259
Syndax Pharmaceuticals, Inc. *
280,842
5,198,385
Tarsus Pharmaceuticals, Inc. *
79,499
1,392,027
TG Therapeutics, Inc. *
604,714
6,331,356
TherapeuticsMD, Inc. *
37,202
140,996
Theravance Biopharma, Inc. *
213,040
2,028,141
Third Harmonic Bio, Inc. *
47,382
287,609
Travere Therapeutics, Inc. *
281,333
4,017,435
Twist Bioscience Corp. *
245,346
5,395,159
Tyra Biosciences, Inc. *(a)
59,426
905,058
Ultragenyx Pharmaceutical, Inc. *
302,573
11,131,661
uniQure N.V. *
183,854
1,601,368
Vanda Pharmaceuticals, Inc. *
241,332
1,252,513
Vaxart, Inc. *
596,812
490,938
Vaxcyte, Inc. *
329,173
17,090,662
VBI Vaccines, Inc. *
26,501
32,331
Ventyx Biosciences, Inc. *
122,550
4,105,425
SECURITY
NUMBER
OF SHARES
VALUE ($)
Veracyte, Inc. *
309,264
8,164,570
Vericel Corp. *
202,907
6,661,437
Verve Therapeutics, Inc. *
179,113
2,305,184
Vir Biotechnology, Inc. *
328,595
4,160,013
Xencor, Inc. *
258,818
5,688,820
Y-mAbs Therapeutics, Inc. *
142,165
720,777
Zentalis Pharmaceuticals, Inc. *
244,608
6,496,788
Zura Bio Ltd. *(a)
43,465
299,039
 
997,469,178
 
Real Estate Management & Development 0.6%
Anywhere Real Estate, Inc. *
469,850
3,082,216
Appreciate Holdings, Inc. *
64,715
18,754
Compass, Inc., Class A *
1,150,673
4,142,423
Cushman & Wakefield plc *
701,574
6,447,465
DigitalBridge Group, Inc.
625,132
10,889,799
Doma Holdings, Inc. *
18,984
120,738
eXp World Holdings, Inc.
314,812
6,050,687
Forestar Group, Inc. *
76,320
2,175,883
FRP Holdings, Inc. *
27,431
1,562,744
Howard Hughes Holdings, Inc. *
147,851
11,628,481
Kennedy-Wilson Holdings, Inc.
509,484
8,136,460
Marcus & Millichap, Inc.
103,482
3,445,951
Newmark Group, Inc., Class A
535,257
3,794,972
Offerpad Solutions, Inc. *
64,776
844,679
Opendoor Technologies, Inc. *(a)
2,212,260
8,627,814
RE/MAX Holdings, Inc., Class A
77,646
1,257,865
Redfin Corp. *
471,866
4,492,164
Seritage Growth Properties, Class A *
155,158
1,171,443
Tejon Ranch Co. *
108,738
1,813,750
The RMR Group, Inc., Class A
60,668
1,533,687
The St. Joe Co.
144,921
8,947,423
WeWork, Inc., Class A *
2,951,889
348,323
 
90,533,721
 
Semiconductors & Semiconductor Equipment 2.9%
ACM Research, Inc., Class A *
180,594
3,171,231
Allegro MicroSystems, Inc. *
277,912
10,630,134
Alpha & Omega Semiconductor Ltd. *
94,711
2,988,132
Ambarella, Inc. *
160,733
9,989,556
Amkor Technology, Inc.
429,599
12,011,588
Ascent Solar Technologies, Inc. *
28,499
1,625
Axcelis Technologies, Inc. *
139,795
26,861,609
CEVA, Inc. *
101,008
2,345,406
Cirrus Logic, Inc. *
236,635
19,413,535
Cohu, Inc. *
203,939
7,625,279
Credo Technology Group Holding
Ltd. *
393,277
6,473,339
Diodes, Inc. *
195,362
15,990,380
FormFactor, Inc. *
328,791
11,612,898
Ichor Holdings Ltd. *
124,972
4,577,724
Impinj, Inc. *
93,123
6,199,198
Kulicke & Soffa Industries, Inc.
242,589
12,549,129
Lattice Semiconductor Corp. *
588,790
57,265,715
MACOM Technology Solutions
Holdings, Inc. *
221,339
18,716,426
MaxLinear, Inc. *
316,037
7,426,870
MKS Instruments, Inc.
245,408
24,597,244
Navitas Semiconductor Corp. *
351,846
3,106,800
Onto Innovation, Inc. *
209,165
29,069,752
PDF Solutions, Inc. *
127,864
4,646,578
Photronics, Inc. *
267,050
6,345,108
Power Integrations, Inc.
245,257
20,606,493
Rambus, Inc. *
465,485
26,285,938
Rigetti Computing, Inc. *(a)
336,799
606,238
Semtech Corp. *
274,399
7,175,534
See financial notes
122Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Silicon Laboratories, Inc. *
136,607
18,422,820
SiTime Corp. *
70,583
9,365,658
SkyWater Technology, Inc. *(a)
45,422
304,327
SMART Global Holdings, Inc. *
210,654
5,441,193
Synaptics, Inc. *
169,226
14,814,044
Ultra Clean Holdings, Inc. *
192,160
6,756,346
Veeco Instruments, Inc. *
221,428
6,463,483
 
419,857,330
 
Software & Services 6.4%
8x8, Inc. *
480,047
1,560,153
A10 Networks, Inc.
272,983
4,064,717
ACI Worldwide, Inc. *
462,980
11,241,154
Adeia, Inc.
456,384
4,591,223
Agilysys, Inc. *
85,456
6,028,494
Alarm.com Holdings, Inc. *
212,968
12,473,536
Alkami Technology, Inc. *
160,876
2,802,460
Altair Engineering, Inc., Class A *
228,907
15,217,737
Alteryx, Inc., Class A *
267,787
7,905,072
Amplitude, Inc., Class A *
264,914
3,094,196
Appfolio, Inc., Class A *
81,601
15,730,225
Appian Corp., Class A *
178,801
8,707,609
Asana, Inc., Class A *
336,779
7,237,381
Aurora Innovation, Inc. *
1,959,438
6,211,418
AvePoint, Inc. *
391,061
2,713,963
BigCommerce Holdings, Inc. *
261,549
2,772,419
Blackbaud, Inc. *
193,173
14,702,397
Blackline, Inc. *
235,195
14,125,812
Blend Labs, Inc., Class A *(a)
743,499
862,459
Box, Inc., Class A *
617,277
16,345,495
Braze, Inc., Class A *
164,842
7,625,591
C3.ai, Inc., Class A *(a)
372,631
11,559,014
CCC Intelligent Solutions Holdings,
Inc. *
457,803
4,898,492
Cerence, Inc. *
171,420
4,474,062
Cipher Mining, Inc. *(a)
187,033
596,635
Clear Secure, Inc., Class A
352,675
7,667,154
Clearwater Analytics Holdings, Inc.,
Class A *
344,675
6,255,851
CommVault Systems, Inc. *
188,185
12,854,917
Confluent, Inc., Class A *
802,327
26,549,000
Consensus Cloud Solutions, Inc. *
74,843
2,389,737
Couchbase, Inc. *
106,554
1,822,073
CS Disco, Inc. *
74,345
706,278
CXApp, Inc. *
7,821
31,049
Digital Turbine, Inc. *
384,061
3,421,984
DigitalOcean Holdings, Inc. *
238,475
6,450,749
Dolby Laboratories, Inc., Class A
254,529
21,500,065
Domo, Inc., Class B *
133,606
1,424,240
DoubleVerify Holdings, Inc. *
432,898
14,636,281
Dropbox, Inc., Class A *
1,164,088
32,350,006
D-Wave Quantum, Inc. *(a)
230,211
267,045
E2open Parent Holdings, Inc. *
734,570
3,547,973
Ebix, Inc.
100,424
1,677,081
Enfusion, Inc., Class A *
85,716
732,015
EngageSmart, Inc. *
127,730
2,262,098
Envestnet, Inc. *
232,117
12,680,552
Everbridge, Inc. *
173,333
4,300,392
EverCommerce, Inc. *
121,258
1,281,697
Expensify, Inc., Class A *
186,661
800,776
Fastly, Inc., Class A *
495,604
11,790,419
Freshworks, Inc., Class A *
717,459
15,690,828
Gitlab, Inc., Class A *
282,116
13,363,835
Grid Dynamics Holdings, Inc. *
225,947
2,627,764
HashiCorp, Inc., Class A *
410,161
11,960,295
Informatica, Inc., Class A *
166,437
3,486,855
Instructure Holdings, Inc. *
72,371
1,875,133
SECURITY
NUMBER
OF SHARES
VALUE ($)
Intapp, Inc. *
95,329
3,489,995
InterDigital, Inc.
113,995
9,884,506
Jamf Holding Corp. *
196,223
3,308,320
Kaltura, Inc. *(a)
298,901
564,923
Kyndryl Holdings, Inc. *
874,867
14,767,755
LivePerson, Inc. *
304,239
1,277,804
LiveRamp Holdings, Inc. *
277,299
8,967,850
Marathon Digital Holdings, Inc. *(a)
714,765
8,984,596
MariaDB plc *
107,363
62,496
Matterport, Inc. *
965,830
2,588,424
MeridianLink, Inc. *
86,561
1,532,995
MicroStrategy, Inc., Class A *
47,113
16,844,311
Model N, Inc. *
146,755
3,962,385
N-Able, Inc. *
288,565
3,858,114
nCino, Inc. *
331,597
10,899,593
NCR Corp. *
601,483
18,501,617
Near Intelligence, Inc. *(a)
55,983
21,335
New Relic, Inc. *
250,652
21,332,992
NextNav, Inc. *(a)
98,800
426,816
Nutanix, Inc., Class A *
985,218
30,640,280
ON24, Inc.
178,418
1,223,947
OneSpan, Inc. *
150,918
1,848,745
PagerDuty, Inc. *
359,460
9,259,690
Pegasystems, Inc.
176,831
8,781,427
Perficient, Inc. *
149,301
9,523,911
Porch Group, Inc. *(a)
352,706
298,037
PowerSchool Holdings, Inc., Class A *
174,515
3,860,272
Procore Technologies, Inc. *
300,466
20,296,478
Progress Software Corp.
185,075
11,259,963
PROS Holdings, Inc. *
176,855
6,342,020
Q2 Holdings, Inc. *
248,057
8,535,641
Qualys, Inc. *
143,558
22,344,803
Rackspace Technology, Inc. *
253,929
634,823
Rapid7, Inc. *
258,346
13,018,055
RingCentral, Inc., Class A *
334,816
10,355,859
Riot Platforms, Inc. *
747,024
8,478,722
Rubicon Technologies, Inc. *
196,944
98,255
Samsara, Inc., Class A *
525,171
14,368,679
SentinelOne, Inc., Class A *
1,003,552
16,689,070
Smartsheet, Inc., Class A *
569,111
23,749,002
SolarWinds Corp. *
205,058
2,183,868
SoundHound AI, Inc., Class A *(a)
550,799
1,388,013
Sprinklr, Inc., Class A *
335,722
5,079,474
Sprout Social, Inc., Class A *
206,302
11,045,409
SPS Commerce, Inc. *
156,106
29,056,010
Squarespace, Inc., Class A *
170,989
5,155,318
Telos Corp. *
225,907
589,617
Tenable Holdings, Inc. *
490,898
22,272,042
Teradata Corp. *
432,920
20,031,208
Thoughtworks Holding, Inc. *
282,003
1,401,555
Tucows, Inc., Class A *(a)
41,991
993,087
Unisys Corp. *
300,188
1,209,758
Upland Software, Inc. *
124,312
441,308
Varonis Systems, Inc. *
468,568
14,961,376
Verint Systems, Inc. *
274,987
8,906,829
Workiva, Inc. *
199,130
22,272,690
Xperi, Inc. *
180,521
2,130,148
Yext, Inc. *
453,261
3,970,566
Zeta Global Holdings Corp., Class A *
555,685
4,517,719
Zuora, Inc., Class A *
539,481
4,914,672
 
929,351,029
 
Technology Hardware & Equipment 4.2%
908 Devices, Inc. *
93,053
669,051
ADTRAN Holdings, Inc.
308,342
2,636,324
Advanced Energy Industries, Inc.
160,291
18,925,558
Aeva Technologies, Inc. *
434,829
409,870
See financial notes
Schwab U.S. Equity ETFs | Annual Report123

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
AEye, Inc. *
612,253
159,186
Avid Technology, Inc. *
143,583
3,827,923
Avnet, Inc.
390,908
19,838,581
Badger Meter, Inc.
125,517
20,845,863
Belden, Inc.
182,135
17,102,476
Benchmark Electronics, Inc.
152,831
3,933,870
Calix, Inc. *
246,730
11,475,412
Casa Systems, Inc. *(a)
145,332
140,972
Clearfield, Inc. *
53,783
1,890,472
Coherent Corp. *
595,369
22,403,735
CommScope Holding Co., Inc. *
901,958
3,012,540
Comtech Telecommunications Corp.
117,883
1,184,724
Corsair Gaming, Inc. *
176,701
2,777,740
Crane NXT Co.
206,666
12,267,694
CTS Corp.
135,072
6,030,965
Digi International, Inc. *
151,996
5,073,626
ePlus, Inc. *
115,264
7,651,224
Evolv Technologies Holdings, Inc. *
307,904
2,152,249
Extreme Networks, Inc. *
552,169
15,157,039
Fabrinet *
155,248
24,959,221
FARO Technologies, Inc. *
79,923
1,267,579
Harmonic, Inc. *
476,448
5,088,465
Infinera Corp. *
842,214
3,941,562
Inseego Corp. *
335,777
213,386
Insight Enterprises, Inc. *
123,913
19,837,232
IonQ, Inc. *
652,520
11,216,819
IPG Photonics Corp. *
133,433
14,458,800
Itron, Inc. *
194,609
13,313,202
Kimball Electronics, Inc. *
107,347
3,240,806
Knowles Corp. *
391,260
6,271,898
Lightwave Logic, Inc. *(a)
491,346
3,100,393
Littelfuse, Inc.
106,101
28,337,455
Lumentum Holdings, Inc. *
294,193
15,924,667
Methode Electronics, Inc.
154,942
4,996,879
MicroVision, Inc. *(a)
745,349
1,878,279
Mirion Technologies, Inc. *
515,318
4,400,816
Movella Holdings, Inc. *
115,201
91,631
Napco Security Technologies, Inc.
124,937
3,095,939
National Instruments Corp.
562,771
33,541,152
NETGEAR, Inc. *
123,622
1,629,338
NetScout Systems, Inc. *
288,587
8,262,246
nLight, Inc. *
193,750
2,210,688
Novanta, Inc. *
153,003
25,548,441
OSI Systems, Inc. *
66,487
9,065,502
Ouster, Inc. *(a)
111,132
625,673
PAR Technology Corp. *
118,023
5,131,640
PC Connection, Inc.
48,030
2,551,354
Plexus Corp. *
118,514
12,035,097
Presto Automation, Inc. *
55,278
184,076
Ribbon Communications, Inc. *
398,645
1,179,989
Rogers Corp. *
79,436
11,479,296
Sanmina Corp. *
249,988
13,924,332
ScanSource, Inc. *
107,378
3,519,851
SmartRent, Inc. *
524,097
1,781,930
Super Micro Computer, Inc. *
195,329
53,731,101
TTM Technologies, Inc. *
439,609
6,550,174
ViaSat, Inc. *
325,805
9,037,831
Viavi Solutions, Inc. *
951,624
9,944,471
Vishay Intertechnology, Inc.
546,348
14,991,789
Vontier Corp.
665,581
20,905,899
Xerox Holdings Corp.
482,747
7,670,850
 
600,704,843
 
Telecommunication Services 0.7%
Anterix, Inc. *
80,150
2,652,163
ATN International, Inc.
45,431
1,629,610
Bandwidth, Inc., Class A *
92,107
1,323,578
SECURITY
NUMBER
OF SHARES
VALUE ($)
Charge Enterprises, Inc. *
428,682
232,946
Cogent Communications Holdings,
Inc.
184,152
12,997,448
Consolidated Communications
Holdings, Inc. *
316,024
1,248,295
EchoStar Corp., Class A *
155,111
2,695,829
Frontier Communications Parent,
Inc. *
953,647
15,277,425
Globalstar, Inc. *
3,055,510
4,399,934
Gogo, Inc. *
280,719
3,186,161
IDT Corp., Class B *
86,157
2,014,351
Iridium Communications, Inc.
539,530
26,409,993
Liberty Latin America Ltd., Class A *
42,445
379,458
Liberty Latin America Ltd., Class C *
726,874
6,512,791
Radius Global Infrastructure, Inc.,
Class A *
340,823
5,085,079
Shenandoah Telecommunications Co.
213,409
4,852,921
Telephone and Data Systems, Inc.
424,025
9,112,297
United States Cellular Corp. *
60,526
2,776,328
 
102,786,607
 
Transportation 1.9%
Air Transport Services Group, Inc. *
239,456
5,162,671
Allegiant Travel Co.
67,111
5,962,141
ArcBest Corp.
102,363
10,808,509
Daseke, Inc. *
186,147
986,579
Forward Air Corp.
110,674
7,837,933
Frontier Group Holdings, Inc. *
156,956
985,684
Getaround, Inc. *
223,255
89,302
GXO Logistics, Inc. *
509,055
32,564,248
Hawaiian Holdings, Inc. *
224,784
1,928,647
Heartland Express, Inc.
201,104
3,034,659
Hub Group, Inc., Class A *
140,552
10,968,678
JetBlue Airways Corp. *
1,404,210
8,312,923
Joby Aviation, Inc. *(a)
1,469,637
10,948,796
Kirby Corp. *
256,175
21,218,975
Landstar System, Inc.
153,865
29,205,116
Marten Transport Ltd.
248,173
5,211,633
Matson, Inc.
153,548
13,493,798
Ryder System, Inc.
198,877
20,026,914
Saia, Inc. *
113,494
48,371,143
Schneider National, Inc., Class B
158,858
4,592,585
SkyWest, Inc. *
189,671
8,554,162
Spirit Airlines, Inc.
466,639
7,699,544
Sun Country Airlines Holdings, Inc. *
156,583
2,331,521
TuSimple Holdings, Inc., Class A *
585,029
731,286
Universal Logistics Holdings, Inc.
29,328
795,375
Werner Enterprises, Inc.
251,221
10,453,306
Wheels Up Experience, Inc. *(a)
72,091
138,415
 
272,414,543
 
Utilities 2.3%
ALLETE, Inc.
245,485
13,477,126
Altus Power, Inc. *
157,556
1,017,812
American States Water Co.
158,524
13,349,306
Avista Corp.
324,008
10,786,226
Black Hills Corp.
285,513
15,703,215
California Water Service Group
239,950
12,057,487
Chesapeake Utilities Corp.
76,094
8,377,949
Clearway Energy, Inc., Class C
494,725
12,254,338
Hawaiian Electric Industries, Inc. (a)
468,653
6,570,515
IDACORP, Inc.
216,080
20,709,107
MGE Energy, Inc.
154,388
11,182,323
Middlesex Water Co.
76,059
5,724,200
Montauk Renewables, Inc. *
268,296
2,562,227
National Fuel Gas Co.
392,636
21,100,259
See financial notes
124Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
New Jersey Resources Corp.
413,951
17,456,314
Northwest Natural Holding Co.
153,346
6,023,431
NorthWestern Corp.
255,243
12,864,247
ONE Gas, Inc.
236,977
17,173,723
Ormat Technologies, Inc.
224,824
17,073,135
Otter Tail Corp.
178,570
14,708,811
PNM Resources, Inc.
367,627
16,289,552
Portland General Electric Co.
413,138
18,120,233
SJW Group
117,738
7,742,451
Southwest Gas Holdings, Inc.
280,816
17,390,935
Spire, Inc.
225,314
13,160,591
Sunnova Energy International, Inc. *(a)
425,301
5,915,937
The York Water Co.
60,547
2,466,685
Unitil Corp.
69,395
3,387,864
 
324,645,999
Total Common Stocks
(Cost $14,008,379,495)
14,452,773,979
 
 
 
SHORT-TERM INVESTMENTS 1.2% OF NET ASSETS
 
Money Market Funds 1.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)
10,351,368
10,351,368
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (d)(e)
169,165,788
169,165,788
 
179,517,156
Total Short-Term Investments
(Cost $179,517,156)
179,517,156
Total Investments in Securities
(Cost $14,187,896,651)
14,632,291,135
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini,
expires 09/15/23
423
40,218,840
229,759
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$159,482,809.
(b)
On October 15, 2023, the issuer filed for bankruptcy.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
REIT —
Real Estate Investment Trust

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$11,671,052,007
$
$
$11,671,052,007
Financial Services
939,885,204
13,187,778
953,072,982
Health Care Equipment & Services
831,179,812
0
*
831,179,812
Pharmaceuticals, Biotechnology & Life Sciences
996,677,239
791,939
997,469,178
Short-Term Investments1
179,517,156
179,517,156
Futures Contracts2
229,759
229,759
Total
$14,618,541,177
$—
$13,979,717
$14,632,520,894
*
Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
Schwab U.S. Equity ETFs | Annual Report125

Schwab U.S. Small-Cap ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $14,187,896,651) including securities on loan of $159,482,809
 
$14,632,291,135
Cash
 
1,236,329
Deposit with broker for futures contracts
 
2,331,200
Receivables:
 
Dividends
 
13,511,962
Investments sold
 
3,792,547
Income from securities on loan
+
1,063,101
Total assets
 
14,654,226,274
 
Liabilities
Collateral held for securities on loan
 
169,165,788
Payables:
 
Investments bought
 
3,509,896
Management fees
 
490,707
Variation margin on futures contracts
+
86,751
Total liabilities
 
173,253,142
Net assets
 
$14,480,973,132
 
Net Assets by Source
Capital received from investors
 
$15,262,532,113
Total distributable loss
+
(781,558,981
)
Net assets
 
$14,480,973,132
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$14,480,973,132
 
327,450,000
$44.22
 
 
 
 
See financial notes
126Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $129,870)
 
$204,524,630
Securities on loan, net
+
15,021,354
Total investment income
 
219,545,984
 
Expenses
Management fees
 
5,512,562
Proxy fees1
+
85,432
Total expenses
5,597,994
Net investment income
 
213,947,990
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(414,050,847
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
844,379,884
Net realized losses on futures contracts
+
(1,924,093
)
Net realized gains
 
428,404,944
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
217,204,313
Net change in unrealized appreciation (depreciation) on futures contracts
+
1,037,675
Net change in unrealized appreciation (depreciation)
+
218,241,988
Net realized and unrealized gains
 
646,646,932
Increase in net assets resulting from operations
 
$860,594,922
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
Schwab U.S. Equity ETFs | Annual Report127

Schwab U.S. Small-Cap ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$213,947,990
$186,233,583
Net realized gains
 
428,404,944
1,257,485,653
Net change in unrealized appreciation (depreciation)
+
218,241,988
(4,548,673,429
)
Increase (decrease) in net assets resulting from operations
 
$860,594,922
($3,104,954,193
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($203,432,945
)
($200,176,110
)
TRANSACTIONS IN FUND SHARES1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
53,700,000
$2,230,857,833
69,550,000
$3,368,413,273
Shares redeemed
+
(47,950,000
)
(1,945,638,825
)
(68,450,000
)
(3,146,749,074
)
Net transactions in fund shares
 
5,750,000
$285,219,008
1,100,000
$221,664,199
 
SHARES OUTSTANDING AND NET ASSETS1
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
321,700,000
$13,538,592,147
320,600,000
$16,622,058,251
Total increase (decrease)
+
5,750,000
942,380,985
1,100,000
(3,083,466,104
)
End of period
 
327,450,000
$14,480,973,132
321,700,000
$13,538,592,147
1
For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,
2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).
See financial notes
128Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
9/1/22–
8/31/23
9/1/21–
8/31/22
9/1/20–
8/31/21
9/1/19–
8/31/20
9/1/18–
8/31/19
 
Per-Share Data
Net asset value at beginning of period
$72.38
$77.66
$57.31
$53.30
$52.71
Income (loss) from investment operations:
Net investment income (loss)1
2.74
2.53
2.27
1.87
1.66
Net realized and unrealized gains (losses)
2.02
(5.38
)
20.27
3.98
0.48
Total from investment operations
4.76
(2.85
)
22.54
5.85
2.14
Less distributions:
Distributions from net investment income
(2.60
)
(2.43
)
(2.19
)
(1.84
)
(1.55
)
Net asset value at end of period
$74.54
$72.38
$77.66
$57.31
$53.30
Total return
6.75
%
(3.74
%)
40.15
%
11.46
%
4.18
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.06
%2
0.06
%2
0.06
%
0.06
%
0.06
%3
Net investment income (loss)
3.74
%
3.31
%
3.27
%
3.48
%
3.23
%
Portfolio turnover rate4
28
%
14
%
46
%
43
%
24
%
Net assets, end of period (x 1,000,000)
$49,611
$37,095
$27,955
$12,694
$9,821
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019 is a blended ratio.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab U.S. Equity ETFs | Annual Report129

Schwab U.S. Dividend Equity ETF
Portfolio Holdings  as of August 31, 2023
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.7% OF NET ASSETS
 
Automobiles & Components 1.5%
Ford Motor Co.
61,615,608
747,397,325
 
Banks 5.6%
1st Source Corp.
269,955
12,064,289
Bank of Hawaii Corp. (a)
627,070
33,698,742
Bank OZK
1,730,817
69,526,919
Banner Corp.
537,290
23,398,979
Cathay General Bancorp
1,144,446
40,776,611
Central Pacific Financial Corp.
418,413
7,100,469
City Holding Co.
234,924
21,462,657
Comerica, Inc.
2,062,661
99,234,621
CVB Financial Corp.
2,068,425
36,114,700
Fifth Third Bancorp
10,754,454
285,530,754
First Commonwealth Financial Corp.
1,626,794
21,262,197
Hanmi Financial Corp.
480,084
8,315,055
Heritage Financial Corp.
552,841
9,519,922
Huntington Bancshares, Inc.
22,709,583
251,849,275
International Bancshares Corp.
830,569
37,192,880
KeyCorp
14,687,748
166,412,185
M&T Bank Corp.
2,664,038
333,137,952
Northwest Bancshares, Inc.
2,008,654
22,095,194
OFG Bancorp
752,001
22,680,350
Premier Financial Corp.
560,552
10,560,800
Regions Financial Corp.
14,698,371
269,568,124
S&T Bancorp, Inc.
609,203
17,258,721
Synovus Financial Corp.
2,286,127
70,778,492
U.S. Bancorp
21,924,967
800,919,044
Zions Bancorp NA
2,351,042
83,461,991
 
2,753,920,923
 
Capital Goods 9.3%
3M Co.
8,663,224
924,106,104
Fastenal Co.
8,983,221
517,253,865
Illinois Tool Works, Inc.
4,368,780
1,080,617,733
Lockheed Martin Corp.
3,575,675
1,603,153,886
MSC Industrial Direct Co., Inc.,
Class A
743,472
75,878,752
Snap-on, Inc.
835,853
224,510,116
Watsco, Inc.
523,518
190,848,487
 
4,616,368,943
 
Commercial & Professional Services 4.9%
Automatic Data Processing, Inc.
6,520,664
1,660,226,261
Ennis, Inc.
406,922
8,667,439
Kforce, Inc.
308,677
19,338,614
Paychex, Inc.
5,048,678
617,099,912
Robert Half International, Inc.
1,693,012
125,215,167
 
2,430,547,393
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consumer Discretionary Distribution & Retail 5.2%
Advance Auto Parts, Inc.
933,237
64,225,370
Best Buy Co., Inc.
3,099,009
236,919,238
Guess?, Inc.
485,448
11,679,879
The Buckle, Inc.
461,301
16,855,939
The Home Depot, Inc.
6,316,300
2,086,273,890
Williams-Sonoma, Inc.
1,047,912
147,965,174
 
2,563,919,490
 
Consumer Durables & Apparel 0.6%
Carter's, Inc.
599,101
42,877,659
Ethan Allen Interiors, Inc.
362,756
11,383,283
Leggett & Platt, Inc.
2,081,186
58,689,445
M.D.C. Holdings, Inc.
911,019
43,227,852
Sturm Ruger & Co., Inc.
280,135
14,449,363
Whirlpool Corp.
858,333
120,132,287
 
290,759,889
 
Consumer Services 1.0%
Cracker Barrel Old Country Store, Inc.
349,638
28,820,660
Darden Restaurants, Inc.
1,915,271
297,843,793
H&R Block, Inc.
2,398,931
95,909,262
The Wendy's Co.
2,674,934
52,936,944
 
475,510,659
 
Energy 9.5%
Chevron Corp.
11,922,846
1,920,770,491
Coterra Energy, Inc.
12,408,115
349,784,762
EOG Resources, Inc.
9,243,749
1,188,930,996
ONEOK, Inc.
7,033,720
458,598,544
Valero Energy Corp.
6,066,981
788,100,832
 
4,706,185,625
 
Financial Services 7.7%
Artisan Partners Asset Management,
Inc., Class A
1,067,429
41,010,622
BlackRock, Inc.
2,356,710
1,650,969,623
Blackstone, Inc.
11,177,639
1,188,965,460
Cohen & Steers, Inc.
390,278
25,438,320
Federal Agricultural Mortgage Corp.,
Class C
146,246
24,616,127
Janus Henderson Group plc
2,080,505
57,151,472
Lazard Ltd., Class A
1,777,200
61,739,928
Northern Trust Corp.
3,280,035
249,512,263
Radian Group, Inc.
2,473,893
66,993,023
T. Rowe Price Group, Inc.
3,529,810
396,150,576
The Western Union Co.
5,879,276
72,609,059
 
3,835,156,473
 
See financial notes
130Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Food, Beverage & Tobacco 11.1%
Altria Group, Inc.
28,098,975
1,242,536,675
Kellogg Co.
4,028,058
245,792,099
PepsiCo, Inc.
10,580,358
1,882,457,295
The Coca-Cola Co.
31,644,447
1,893,287,264
Tyson Foods, Inc., Class A
4,494,743
239,434,960
 
5,503,508,293
 
Household & Personal Products 1.4%
Kimberly-Clark Corp.
5,311,351
684,261,349
 
Insurance 1.8%
Fidelity National Financial, Inc.
4,282,545
177,297,363
First American Financial Corp.
1,630,636
100,577,628
Stewart Information Services Corp.
423,896
19,634,863
The Allstate Corp.
4,138,834
446,207,694
Unum Group
2,943,644
144,797,848
 
888,515,396
 
Materials 3.2%
Amcor plc
23,381,741
227,738,157
Huntsman Corp.
2,837,701
79,086,727
International Paper Co.
5,597,435
195,462,430
LyondellBasell Industries N.V.,
Class A
3,996,990
394,782,702
Newmont Corp.
12,491,080
492,398,374
Packaging Corp. of America
1,456,208
217,120,613
 
1,606,589,003
 
Media & Entertainment 0.6%
Paramount Global, Class B
7,952,849
120,008,491
The Interpublic Group of Cos., Inc.
6,114,222
199,384,780
 
319,393,271
 
Pharmaceuticals, Biotechnology & Life Sciences 15.8%
AbbVie, Inc.
13,960,649
2,051,656,977
Amgen, Inc.
8,403,188
2,154,073,212
Merck & Co., Inc.
17,545,609
1,912,120,469
Pfizer, Inc.
49,000,481
1,733,637,018
 
7,851,487,676
 
Semiconductors & Semiconductor Equipment 8.2%
Broadcom, Inc.
2,404,183
2,218,796,449
Texas Instruments, Inc.
11,079,236
1,861,976,402
 
4,080,772,851
 
Technology Hardware & Equipment 4.4%
Cisco Systems, Inc.
38,281,007
2,195,415,751
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Telecommunication Services 3.8%
Verizon Communications, Inc.
54,045,056
1,890,496,059
 
Transportation 3.8%
United Parcel Service, Inc., Class B
11,111,536
1,882,294,198
 
Utilities 0.3%
Clearway Energy, Inc., Class A
540,006
12,657,741
NRG Energy, Inc.
3,627,540
136,214,127
 
148,871,868
Total Common Stocks
(Cost $46,883,235,136)
49,471,372,435
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (b)
49,618,520
49,618,520
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.28% (b)(c)
29,140,140
29,140,140
 
78,758,660
Total Short-Term Investments
(Cost $78,758,660)
78,758,660
Total Investments in Securities
(Cost $46,961,993,796)
49,550,131,095
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
DJIA CBOT, e-mini, expires
09/15/23
629
109,417,695
(799,049
)
S&P 400 Mid-Cap Index,
e-mini, expires 09/15/23
103
27,281,610
(45,310
)
 
(844,359
)
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$28,611,176.
(b)
The rate shown is the annualized 7-day yield.
(c)
Security purchased with cash collateral received for securities on loan.
CBOT —
Chicago Board of Trade
See financial notes
Schwab U.S. Equity ETFs | Annual Report131

Schwab U.S. Dividend Equity ETF
Portfolio Holdings  as of August 31, 2023 (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (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
$49,471,372,435
$
$
$49,471,372,435
Short-Term Investments1
78,758,660
78,758,660
Liabilities
Futures Contracts2
(844,359
)
(844,359
)
Total
$49,549,286,736
$—
$—
$49,549,286,736
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative 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.
See financial notes
132Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF
Statement of Assets and Liabilities
As of August 31, 2023
Assets
Investments in securities, at value - unaffiliated (cost $46,961,993,796) including securities on loan of $28,611,176
 
$49,550,131,095
Deposit with broker for futures contracts
 
9,712,000
Receivables:
 
Dividends
 
155,112,197
Fund shares sold
 
33,546,767
Income from securities on loan
+
12,306
Total assets
 
49,748,514,365
 
Liabilities
Collateral held for securities on loan
 
29,140,140
Payables:
 
Investments bought
 
105,459,342
Management fees
 
2,497,859
Variation margin on futures contracts
+
912,614
Total liabilities
 
138,009,955
Net assets
 
$49,610,504,410
 
Net Assets by Source
Capital received from investors
 
$49,104,345,410
Total distributable earnings
+
506,159,000
Net assets
 
$49,610,504,410
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$49,610,504,410
 
665,600,000
$74.54
 
 
 
 
See financial notes
Schwab U.S. Equity ETFs | Annual Report133

Schwab U.S. Dividend Equity ETF
Statement of Operations
For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $31,308)
 
$1,697,590,473
Securities on loan, net
+
67,027
Total investment income
 
1,697,657,500
 
Expenses
Management fees
 
26,787,719
Proxy fees1
+
588,932
Total expenses
27,376,651
Net investment income
 
1,670,280,849
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - unaffiliated
 
(1,375,541,061
)
Net realized gains on sales of in-kind redemptions - unaffiliated
 
558,997,951
Net realized losses on futures contracts
+
(5,380,926
)
Net realized losses
 
(821,924,036
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated
 
1,882,428,394
Net change in unrealized appreciation (depreciation) on futures contracts
+
3,598,203
Net change in unrealized appreciation (depreciation)
+
1,886,026,597
Net realized and unrealized gains
 
1,064,102,561
Increase in net assets resulting from operations
 
$2,734,383,410
1
Proxy fees are non-routine expenses (see financial note 2(e) for additional information).
See financial notes
134Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods
OPERATIONS
 
9/1/22-8/31/23
9/1/21-8/31/22
Net investment income
 
$1,670,280,849
$1,089,446,351
Net realized gains (losses)
 
(821,924,036
)
900,938,380
Net change in unrealized appreciation (depreciation)
+
1,886,026,597
(3,630,852,309
)
Increase (decrease) in net assets resulting from operations
 
$2,734,383,410
($1,640,467,578
)
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($1,545,094,465
)
($1,019,575,010
)
TRANSACTIONS IN FUND SHARES
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
183,450,000
$13,551,421,768
219,600,000
$16,965,868,871
Shares redeemed
+
(30,350,000
)
(2,224,717,829
)
(67,050,000
)
(5,166,046,729
)
Net transactions in fund shares
 
153,100,000
$11,326,703,939
152,550,000
$11,799,822,142
 
SHARES OUTSTANDING AND NET ASSETS
 
9/1/22-8/31/23
9/1/21-8/31/22
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
512,500,000
$37,094,511,526
359,950,000
$27,954,731,972
Total increase
+
153,100,000
12,515,992,884
152,550,000
9,139,779,554
End of period
 
665,600,000
$49,610,504,410
512,500,000
$37,094,511,526
See financial notes
Schwab U.S. Equity ETFs | Annual Report135

Schwab U.S. Equity ETFs
Financial Notes
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
Schwab Crypto Thematic ETF
Schwab Municipal Bond ETF
Schwab High Yield Bond ETF
The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.
Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com.
Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.


2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
The funds may invest in certain mutual funds and exchange-traded funds (ETFs) which are referred to as “underlying funds”. For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
136Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Financial Notes (continued)
2. Significant Accounting Policies (continued):
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Mutual funds: Mutual funds are valued at their respective NAVs.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Schwab U.S. Equity ETFs | Annual Report137

Schwab U.S. Equity ETFs
Financial Notes (continued)
2. Significant Accounting Policies (continued):
The levels associated with valuing the funds’ investments as of August 31, 2023, are disclosed in each fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank.  Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement.  Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.
As of August 31, 2023, 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 August 31, 2023 are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.
(c) Security Transactions:
Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.
When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
138Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Financial Notes (continued)
2. Significant Accounting Policies (continued):
(e) Expenses:
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.
(f) Distributions to Shareholders:
The funds make distributions from net investment income, if any, 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.
(j) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.


3. Risk Factors:
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Schwab U.S. Equity ETFs | Annual Report139

Schwab U.S. Equity ETFs
Financial Notes (continued)
3. Risk Factors (continued):
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 an index may occur from time to time and may not be identified by the index provided for a period of time. In addition, market disruptions could cause delays in an index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.
Schwab U.S. Dividend Equity ETF primarily invests in dividend paying stocks. As a result, fund performance will correlate with the performance of the dividend paying stock segment of the stock market, and the fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be affected.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.
Large-Cap Company Risk. Certain funds invest in large-cap company stocks. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Certain funds invest in mid-cap company stocks. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Certain funds invest in small-cap company stocks. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.
Growth Investing Risk. Certain funds invest in growth stocks. Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks
Value Investing Risk. Certain funds emphasize a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.
Sampling Index Tracking Risk. Certain funds may not fully replicate the index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because certain funds utilize a sampling approach they may not track the return of their respective index as well as they would if the funds purchased all of the securities in their respective index.
Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Derivatives Risk. Each fund may invest in derivative instruments. The principal types of derivatives a fund may use are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, market risk, liquidity risk and leverage risk are discussed elsewhere in this section. A fund’s use of derivatives is also subject to leverage risk, credit risk, lack of availability risk, valuation risk, correlation risk and tax risk. Leverage risk is the risk that use of derivatives may magnify the effect of any decrease or increase in the value of the fund’s portfolio securities. Credit risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued
140Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Financial Notes (continued)
3. Risk Factors (continued):
incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase its volatility and cause the fund to lose more than the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.
Leverage Risk. Certain fund transactions, such as derivatives transactions, may give rise to a form of leverage and may expose a fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of a fund’s portfolio securities which means even a small amount of leverage can have a disproportionately large impact on a fund. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Concentration Risk. To the extent that a fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.
Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.
Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption.
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.


4. Affiliates and Affiliated Transactions:
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.
For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:
SCHWAB U.S.
BROAD
MARKET
ETF
SCHWAB
1000
INDEX
ETF
SCHWAB U.S.
LARGE-CAP
ETF
SCHWAB U.S.
LARGE-CAP
GROWTH
ETF
SCHWAB U.S.
LARGE-CAP
VALUE
ETF
SCHWAB U.S.
MID-CAP
ETF
SCHWAB U.S.
SMALL-CAP
ETF
SCHWAB U.S.
DIVIDEND
EQUITY
ETF
0.03
%
0.05
%
0.03
%
0.04
%
0.04
%
0.04
%
0.04
%
0.06
%
Schwab U.S. Equity ETFs | Annual Report141

Schwab U.S. Equity ETFs
Financial Notes (continued)
4. Affiliates and Affiliated Transactions (continued):
Investment from Affiliates
Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of August 31, 2023, as applicable:
 
UNDERLYING FUNDS
 
SCHWAB U.S.
LARGE-CAP
ETF
SCHWAB U.S.
SMALL-CAP
ETF
SCHWAB U.S.
DIVIDEND
EQUITY
ETF
Schwab Monthly Income Fund - Flexible Payout
%
%
0.0
%*
Schwab Monthly Income Fund - Income Payout
%
%
0.0
%*
Schwab Monthly Income Fund - Target Payout
%
%
0.0
%*
Schwab Target 2010 Index Fund
0.0
%*
0.0
%*
%
Schwab Target 2015 Index Fund
0.0
%*
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
1.0
%
0.2
%
%
Schwab Target 2035 Index Fund
0.8
%
0.2
%
%
Schwab Target 2040 Index Fund
1.0
%
0.2
%
%
Schwab Target 2045 Index Fund
0.7
%
0.2
%
%
Schwab Target 2050 Index Fund
0.9
%
0.2
%
%
Schwab Target 2055 Index Fund
0.6
%
0.2
%
%
Schwab Target 2060 Index Fund
0.7
%
0.2
%
%
Schwab Target 2065 Index Fund
0.1
%
0.0
%*
%
Schwab VIT Balanced Portfolio
0.1
%
0.0
%*
%
Schwab VIT Balanced with Growth Portfolio
0.2
%
0.0
%*
%
Schwab VIT Growth Portfolio
0.2
%
0.1
%
%
*
Less than 0.05%
Interfund Transactions
The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers.  For the period ended August 31, 2023, 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
$84,640,575
$169,617,147
($76,385,634
)
Schwab 1000 Index ETF
22,134,451
26,636,355
(17,956,206
)
Schwab U.S. Large-Cap ETF
263,193,468
319,954,229
(210,135,240
)
Schwab U.S. Large-Cap Growth ETF
416,810,845
447,414,241
(223,847,666
)
Schwab U.S. Large-Cap Value ETF
286,778,067
382,755,627
(40,095,911
)
Schwab U.S. Mid-Cap ETF
139,408,980
280,096,543
(151,998,665
)
Schwab U.S. Small-Cap ETF
191,509,436
504,751,392
(82,401,644
)
Schwab U.S. Dividend Equity ETF
226,863,387
286,798,054
(50,741,113
)
 
142Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Financial Notes (continued)
4. Affiliates and Affiliated Transactions (continued):
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.


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


6. Board of Trustees:
The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested trustees 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 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.


8. Derivatives:
Certain funds entered into 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 August 31, 2023 are presented in each fund’s 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 each fund’s Statement of Operations, if any. Refer to financial
Schwab U.S. Equity ETFs | Annual Report143

Schwab U.S. Equity ETFs
Financial Notes (continued)
8. Derivatives (continued):
note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts.  During the period ended August 31, 2023, 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
$29,617,452
144
Schwab 1000 Index ETF
4,002,425
19
Schwab U.S. Large-Cap ETF
50,153,106
244
Schwab U.S. Large-Cap Growth ETF
16,933,584
136
Schwab U.S. Large-Cap Value ETF
19,427,348
246
Schwab U.S. Mid-Cap ETF
15,969,075
65
Schwab U.S. Small-Cap ETF
21,967,068
238
Schwab U.S. Dividend Equity ETF
101,773,838
570


9. Purchases and Sales of Investment Securities:
For the period ended August 31, 2023, purchases and sales 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
$901,702,700
$763,127,047
Schwab 1000 Index ETF
127,289,816
102,782,594
Schwab U.S. Large-Cap ETF
1,304,232,705
1,162,812,605
Schwab U.S. Large-Cap Growth ETF
1,470,382,892
1,377,878,065
Schwab U.S. Large-Cap Value ETF
708,123,326
685,500,453
Schwab U.S. Mid-Cap ETF
1,940,816,696
1,675,266,784
Schwab U.S. Small-Cap ETF
1,805,627,997
1,286,800,190
Schwab U.S. Dividend Equity ETF
12,564,743,909
12,407,610,454


10. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges paid to the fund generally have no effect on net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.
144Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Financial Notes (continued)
10. In-Kind Transactions (continued):
The in-kind transactions for the period ended August 31, 2023, were as follows:
 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab U.S. Broad Market ETF
$1,549,838,837
$1,151,594,838
Schwab 1000 Index ETF
388,243,930
46,662,882
Schwab U.S. Large-Cap ETF
2,532,328,509
1,640,626,358
Schwab U.S. Large-Cap Growth ETF
2,235,561,344
720,793,079
Schwab U.S. Large-Cap Value ETF
891,929,118
1,027,410,332
Schwab U.S. Mid-Cap ETF
1,065,634,630
901,448,693
Schwab U.S. Small-Cap ETF
2,160,266,325
1,880,880,516
Schwab U.S. Dividend Equity ETF
13,132,808,080
1,854,870,922
For the period ended August 31, 2023, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2023 are disclosed in the funds’ Statements of Operations, if any.


11. Federal Income Taxes:
As of August 31, 2023, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
 
TAX COST
GROSS UNREALIZED
APPRECIATION
GROSS UNREALIZED
DEPRECIATION
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
Schwab U.S. Broad Market ETF
$15,124,093,182
$9,585,312,790
($1,261,429,273
)
$8,323,883,517
Schwab 1000 Index ETF
2,286,621,683
788,717,566
(139,812,614
)
648,904,952
Schwab U.S. Large-Cap ETF
23,128,655,868
12,414,763,282
(1,563,139,689
)
10,851,623,593
Schwab U.S. Large-Cap Growth ETF
12,275,164,375
8,115,133,531
(574,988,845
)
7,540,144,686
Schwab U.S. Large-Cap Value ETF
8,324,353,648
2,109,438,151
(631,086,602
)
1,478,351,549
Schwab U.S. Mid-Cap ETF
8,767,232,590
2,218,806,297
(984,673,822
)
1,234,132,475
Schwab U.S. Small-Cap ETF
14,443,376,747
3,244,287,971
(3,055,143,824
)
189,144,147
Schwab U.S. Dividend Equity ETF
47,254,980,698
5,255,804,962
(2,961,498,924
)
2,294,306,038
 
 
As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:
 
UNDISTRIBUTED
ORDINARY
INCOME
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
ON INVESTMENTS
CAPITAL LOSS
CARRYFORWARDS
AND OTHER LOSSES
TOTAL
Schwab U.S. Broad Market ETF
$68,948,164
$8,323,883,517
($380,594,527
)
$8,012,237,154
Schwab 1000 Index ETF
8,359,991
648,904,952
(57,703,361
)
599,561,582
Schwab U.S. Large-Cap ETF
98,799,035
10,851,623,593
(726,296,280
)
10,224,126,348
Schwab U.S. Large-Cap Growth ETF
15,223,450
7,540,144,686
(761,797,929
)
6,793,570,207
Schwab U.S. Large-Cap Value ETF
50,072,776
1,478,351,549
(510,288,346
)
1,018,135,979
Schwab U.S. Mid-Cap ETF
28,633,308
1,234,132,475
(931,787,074
)
330,978,709
Schwab U.S. Small-Cap ETF
49,098,037
189,144,147
(1,019,801,165
)
(781,558,981
)
Schwab U.S. Dividend Equity ETF
319,365,046
2,294,306,038
(2,107,512,084
)
506,159,000
Schwab U.S. Equity ETFs | Annual Report145

Schwab U.S. Equity ETFs
Financial Notes (continued)
11. Federal Income Taxes (continued):
The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts and partnership investments. The tax cost of the funds’ investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.
Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2023, the funds had capital loss carryforwards available as follows:
 
 
Schwab U.S. Broad Market ETF
$380,594,527
Schwab 1000 Index ETF
57,703,361
Schwab U.S. Large-Cap ETF
726,296,280
Schwab U.S. Large-Cap Growth ETF
761,797,929
Schwab U.S. Large-Cap Value ETF
510,288,346
Schwab U.S. Mid-Cap ETF
931,787,074
Schwab U.S. Small-Cap ETF
1,019,801,165
Schwab U.S. Dividend Equity ETF
2,107,512,084
The tax basis components of distributions paid during the current and prior fiscal years were as follows:
 
CURRENT FISCAL YEAR END DISTRIBUTIONS
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
ORDINARY
INCOME
Schwab U.S. Broad Market ETF
$337,594,345
$301,551,265
Schwab 1000 Index ETF
38,671,065
29,128,865
Schwab U.S. Large-Cap ETF
491,587,390
444,552,685
Schwab U.S. Large-Cap Growth ETF
83,274,425
75,895,760
Schwab U.S. Large-Cap Value ETF
245,578,070
212,274,805
Schwab U.S. Mid-Cap ETF
160,033,135
141,961,375
Schwab U.S. Small-Cap ETF
203,432,945
200,176,110
Schwab U.S. Dividend Equity ETF
1,545,094,465
1,019,575,010
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations.
As of August 31, 2023, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund’s Statement of Operations. During the fiscal year ended August 31, 2023, the funds did not incur any interest or penalties.


12. Share Splits:
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 markets on March 10, 2022. Shares began trading at their post-split price on March 11, 2022. The share split increased the number of shares outstanding and decreased the NAV per share. The share split did not change
146Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Financial Notes (continued)
12. Share Splits (continued):
the total value of a shareholder’s  investment. The Financial Highlights and Statement of Changes in Net Assets for 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 have been retroactively adjusted for the period ended August 31, 2022 to reflect the above share split.


13. Subsequent Events:
Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.
Schwab U.S. Equity ETFs | Annual Report147

Schwab U.S. Equity ETFs
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of 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:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of 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, (the “Funds”) eight of the funds constituting Schwab Strategic Trust, as of August 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year in the period ended August 31, 2019 were audited by other auditors, whose report, dated October 17, 2019, expressed an unqualified opinion on such financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Denver, Colorado
October 17, 2023
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.
148Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Other Federal Tax Information (unaudited)
For corporate shareholders, the following percentage of the funds’ dividend distributions paid during the fiscal year ended August 31, 2023, qualify for the corporate dividends received deduction:
 
 
Schwab U.S. Broad Market ETF
91.02
%
Schwab 1000 Index ETF
93.62
%
Schwab U.S. Large-Cap ETF
92.70
%
Schwab U.S. Large-Cap Growth ETF
95.90
%
Schwab U.S. Large-Cap Value ETF
92.78
%
Schwab U.S. Mid-Cap ETF
73.42
%
Schwab U.S. Small-Cap ETF
71.34
%
Schwab U.S. Dividend Equity ETF
99.49
%
For the fiscal year ended August 31, 2023, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2024 via IRS Form 1099 of the amount for use in preparing their 2023 income tax return.
Schwab U.S. Broad Market ETF
$316,246,722
Schwab 1000 Index ETF
37,238,342
Schwab U.S. Large-Cap ETF
471,474,539
Schwab U.S. Large-Cap Growth ETF
83,274,425
Schwab U.S. Large-Cap Value ETF
234,668,933
Schwab U.S. Mid-Cap ETF
119,944,356
Schwab U.S. Small-Cap ETF
148,683,304
Schwab U.S. Dividend Equity ETF
1,545,094,465
For the fiscal year ended August 31, 2023, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2024 via IRS Form 1099 of the amounts for use in preparing their 2023 income tax return.
Schwab U.S. Broad Market ETF
$18,672,905
Schwab 1000 Index ETF
1,432,723
Schwab U.S. Large-Cap ETF
20,112,851
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Large-Cap Value ETF
10,909,137
Schwab U.S. Mid-Cap ETF
28,700,780
Schwab U.S. Small-Cap ETF
30,410,643
Schwab U.S. Dividend Equity ETF
Schwab U.S. Equity ETFs | Annual Report149

Schwab U.S. Equity ETFs
Investment Advisory Agreement Approval
The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.
The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab U.S. Broad Market 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 and Schwab 1000 Index ETF (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser’s affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees’ legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds’ operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees’ legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer
sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.
The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on April 27, 2023 and June 6, 2023, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 6, 2023 called for the purpose of voting on such approval.
The Board’s approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:
1.
the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;
2.
each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;
3.
each Fund’s expenses and how those expenses compared to those of certain other similar exchange-traded funds;
4.
the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and
5.
the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser’s experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds’ portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser’s
150Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds and their shareholders. The Trustees considered Schwab’s overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.
Fund Performance. The Board considered each Fund’s performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund’s performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund’s investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund’s demonstrated performance in tracking its benchmark index. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser’s profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although the Schwab U.S. Small-Cap ETF and Schwab U.S. Mid-Cap ETF had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board concluded that other factors relevant to performance supported renewal of the Agreement with respect to the Funds, the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with the Fund’s investment objective and policies and that it had taken steps designed to help improve performance. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund, supported renewal of the Agreement with respect to such Fund.
Fund Expenses. With respect to each Fund’s expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund’s operating expense ratio, in each case in comparison to those of other similar exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to
the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to mutual funds and other exchange-traded funds that it manages. The Board evaluated the Funds’ unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds tracking U.S. equity indices. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.
Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.
Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to
Schwab U.S. Equity ETFs | Annual Report151

Schwab U.S. Equity ETFs
scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has invested in its infrastructure, as discussed above, over time and that the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not
identify any particular information or factor that was all important or controlling. Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.
152Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.
Independent Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Michael J. Beer
1961
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment management).
106
Director (2016 – 2019),
Principal Funds, Inc.
Robert W. Burns
1959
Trustee
(Trustee of Schwab Strategic Trust
since 2009; The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios and
Laudus Trust since 2016)
Retired/Private Investor.
106
None
Nancy F. Heller
1956
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2018)
Retired.
106
None
David L. Mahoney
1954
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios and
Laudus Trust since 2011; Schwab
Strategic Trust since 2016)
Private Investor.
106
Director
(2004 – present),
Corcept Therapeutics
Incorporated
Director (2009 – 2021),
Adamas
Pharmaceuticals, Inc.
Director (2003 – 2019),
Symantec Corporation
Jane P. Moncreiff
1961
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2019)
Consultant (2018 – present), Fulham Advisers LLC (management
consulting); Chief Investment Officer (2009 – 2017), CareGroup
Healthcare System, Inc. (healthcare).
106
None
Schwab U.S. Equity ETFs | Annual Report153

Schwab U.S. Equity ETFs
Independent Trustees (continued)
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Kimberly S. Patmore
1956
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2016)
Consultant (2008 – present), Patmore Management Consulting
(management consulting).
106
None
J. Derek Penn
1957
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2021)
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services).
106
None
154Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Interested Trustees
Name, Year of Birth, and
Position(s) with the trust
(Terms of office, and
length of Time Served1)
Principal Occupations
During the Past Five Years
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee
Other Directorships
Walter W. Bettinger II2
1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010)
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and
Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director
(May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; 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), Chief Executive Officer (Aug. 2017 – present) and
President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director
(Oct. 2020 – present), TD Ameritrade Holding Corporation; Director
(July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.
106
Director
(2008 – present), The
Charles Schwab
Corporation
Richard A. Wurster2
1973
Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust,
Schwab Annuity Portfolios, Schwab
Strategic Trust and Laudus Trust
since 2022)
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 – present), Executive
Vice President – Schwab Asset Management Solutions
(July 2019 – Oct. 2021) and Senior Vice President – Advisory
(May 2016 – July 2019), Charles Schwab & Co., Inc.; President
(Nov. 2021 – present), Schwab Holdings, Inc.; Director
(Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022),
Charles Schwab Investment Management, Inc.; Director, Chief Executive
Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment
Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.
106
None
Officers of the Trust
Name, Year of Birth, and Position(s) with the trust
(Terms of office, and length of Time Served3)
Principal Occupations During the Past Five Years
Omar Aguilar
1970
Chief Executive Officer 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), Chief Investment Officer (Apr. 2011 – present)
and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present),
Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present),
Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023),
Schwab Funds, Laudus Trust and Schwab ETFs.
Jonathan de St. Paer
1973
President
(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. 2021 – 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. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.;
President (Nov. 2018 – present), Chief Executive Officer (Apr. 2019 – Sept. 2023) and Trustee
(Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice
President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles
Schwab & Co., Inc.
Mark Fischer
1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013)
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Chief Financial Officer (Mar. 2020 – present) and Vice President
(Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
Schwab U.S. Equity ETFs | Annual Report155

Schwab U.S. Equity ETFs
Officers of the Trust (continued)
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
Dana Smith
1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023)
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer
(Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.
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)
Managing Director (Mar. 2023 – present), Chief Investment Officer (Apr. 2011 – present) and
Senior Vice President (Apr. 2011 – Mar. 2023) 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)
Managing Director (Mar. 2023 – present), Chief Investment Officer (Jan. 2020 – present) and
Senior Vice President (Jan. 2020 – Mar. 2023) 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)
Managing Director (Mar. 2023 – present), Chief Legal Officer (Mar. 2022 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles
Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk
(Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present),
Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
156Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Glossary
ask See “offer.”
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.
authorized participant (AP) A large institutional investor that places orders for creation units with the funds’ distributor.
beta A historical measure of an investment’s volatility relative to a market index (usually the S&P 500®). The index is defined as having a beta of 1.00. Investments with a beta higher than 1.00 have been more volatile than the index; those with a beta of less than 1.00 have been less volatile.
bid The highest price at which someone is willing to buy a security.
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.
Schwab U.S. Equity ETFs | Annual Report157

Schwab U.S. Equity ETFs
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.
158Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Equity ETFs
Schwab ETFs
Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs’ website at www.schwabassetmanagement.com/schwabetfs_prospectus, the SEC’s website at www.sec.gov, or by contacting Schwab ETFs at 1-877-824-5615.
Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus or the SEC’s website at www.sec.gov.

Schwab ETFs
U.S. ETFs
Schwab U.S. Broad Market ETF
Schwab 1000 Index® ETF
Schwab U.S. Large-Cap ETF
Schwab U.S. Large-Cap Growth ETF
Schwab U.S. Large-Cap Value ETF
Schwab U.S. Mid-Cap ETF
Schwab U.S. Small-Cap ETF
Schwab U.S. Dividend Equity ETF
Schwab U.S. REIT ETF
International ETFs
Schwab International Dividend Equity ETF
Schwab International Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Emerging Markets Equity ETF
Fixed-Income ETFs
Schwab U.S. TIPS ETF
Schwab Short-Term U.S. Treasury ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab Long-Term U.S. Treasury ETF
Schwab U.S. Aggregate Bond ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab 5-10 Year Corporate Bond ETF
Schwab Municipal Bond ETF
Schwab High Yield Bond ETF
Fundamental Index* ETFs
Schwab Fundamental U.S. Broad Market Index ETF
Schwab Fundamental U.S. Large Company Index ETF
Schwab Fundamental U.S. Small Company Index ETF
Schwab Fundamental International Large Company Index ETF
Schwab Fundamental International Small Company Index ETF
Schwab Fundamental Emerging Markets Large Company
Index ETF
Active, Semi-Transparent (Also Known As Non-Transparent) ETF
Schwab Ariel ESG ETF
Thematic ETFs
Schwab Crypto Thematic ETF
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Schwab ETFs
1-877-824-5615
© 2023 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved.
Printed on recycled paper.
*
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
The Schwab Ariel ESG ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:
You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
These additional risks may be even greater in bad or uncertain market conditions.
The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.
The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund’s performance. If other traders are able to copy or predict the fund’s investment strategy, however, this may hurt the fund’s performance.
For additional information regarding the unique attributes and risks of the fund, see Proxy Portfolio Risk, Premium/Discount Risk, Trading Halt Risk, Authorized Participant Concentration Risk, Tracking Error Risk and Shares of the Fund May Trade at Prices Other Than NAV in the Principal Risks and Proxy Portfolio and Proxy Overlap sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

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

This page is intentionally left blank.

(CHARLES SCHWAB ASSET MANAGMENT LOGO)
MFR57932-13
00289726