(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

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In This Report
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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