N-CSR

In This Report

Performance at a Glance	2
The Investment Environment	3
Fund Management	5
Performance and Fund Facts
Schwab U.S. Broad Market ETF	6
Schwab 1000 Index ETF	9
Schwab U.S. Large-Cap ETF	12
Schwab U.S. Large-Cap Growth ETF	15
Schwab U.S. Large-Cap Value ETF	18
Schwab U.S. Mid-Cap ETF	21
Schwab U.S. Small-Cap ETF	24
Schwab U.S. Dividend Equity ETF	27
Fund Expenses	30
Financial Statements and Portfolio Holdings
Schwab U.S. Broad Market ETF	31
Schwab 1000 Index ETF	56
Schwab U.S. Large-Cap ETF	70
Schwab U.S. Large-Cap Growth ETF	82
Schwab U.S. Large-Cap Value ETF	90
Schwab U.S. Mid-Cap ETF	100
Schwab U.S. Small-Cap ETF	110
Schwab U.S. Dividend Equity ETF	129
Financial Notes	136
Report of Independent Registered Public Accounting Firm	148
Other Federal Tax Information	149
Investment Advisory Agreement Approval	150
Trustees and Officers	153
Glossary	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.

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

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

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

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, 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

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%

For index definitions, please see the Glossary.

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

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

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

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.

Excludes derivatives.

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

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

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

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

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.

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 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.

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

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%

For index definitions, please see the Glossary.

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

Inception (10/11/17) represents the date that the shares began trading in the secondary market.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

10Schwab U.S. Equity ETFs | 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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

As a result of the Schwab 1000 Index®’s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities.

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

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

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

Schwab U.S. Equity ETFs | 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 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

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%

For index definitions, please see the Glossary.

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

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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

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

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

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

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%

For index definitions, please see the Glossary.

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

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Growth Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Growth ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

16Schwab U.S. Equity ETFs | 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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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

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

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

Schwab U.S. Equity ETFs | 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

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%

For index definitions, please see the Glossary.

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

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Value Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Value ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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

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

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

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

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%

For index definitions, please see the Glossary.

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

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Mid-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Mid-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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

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

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

Schwab U.S. Equity ETFs | 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

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%

For index definitions, please see the Glossary.

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

Small-company stocks may be subject to greater volatility than many other asset classes.

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Small-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Small-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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

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

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

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

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%

For index definitions, please see the Glossary.

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

The fund may underperform other funds that do not limit their investment to dividend paying stocks. Stocks held by the fund may reduce or stop paying dividends, affecting the fund’s ability to generate income. Diversification strategies do not ensure a profit and do not protect against losses in declining markets.

Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100TM Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

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

ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

As stated in the prospectus.

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.

Source of Sector Classification: S&P and MSCI.

Excludes derivatives.

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

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

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

Schwab U.S. Equity ETFs | 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

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

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Great Southern Bancorp, Inc.	4,752	239,833
Hancock Whitney Corp.	45,670	1,883,887
Hanmi Financial Corp.	15,242	263,991
HarborOne Bancorp, Inc.	21,927	218,612
Heartland Financial USA, Inc.	19,825	607,438
Heritage Commerce Corp.	30,707	266,230
Heritage Financial Corp.	18,795	323,650
Hilltop Holdings, Inc.	24,045	730,728
Home BancShares, Inc.	100,163	2,221,615
HomeStreet, Inc.	9,687	91,542
Hope Bancorp, Inc.	64,990	628,453
Horizon Bancorp, Inc.	21,704	242,868
Huntington Bancshares, Inc.	769,555	8,534,365
Independent Bank Corp.	23,239	1,255,371
Independent Bank Group, Inc.	19,781	834,758
International Bancshares Corp.	27,696	1,240,227
JPMorgan Chase & Co.	1,560,907	228,407,521
Kearny Financial Corp.	38,374	284,351
KeyCorp	501,855	5,686,017
Lakeland Bancorp, Inc.	33,335	450,356
Lakeland Financial Corp.	14,075	733,730
LINKBANCORP, Inc.	7,005	49,035
Live Oak Bancshares, Inc.	18,311	592,178
Luther Burbank Corp.	6,823	62,021
M&T Bank Corp.	88,697	11,091,560
Mercantile Bank Corp.	7,839	261,666
Metrocity Bankshares, Inc.	8,494	165,633
Midland States Bancorp, Inc.	11,007	244,355
National Bank Holdings Corp., Class A	19,869	626,668
NBT Bancorp, Inc.	25,195	867,212
New York Community Bancorp, Inc.	385,664	4,735,954
Nicolet Bankshares, Inc.	7,252	549,774
Northfield Bancorp, Inc.	22,216	234,157
Northwest Bancshares, Inc.	67,888	746,768
OceanFirst Financial Corp.	32,092	541,392
OFG Bancorp	24,852	749,536
Old National Bancorp	155,232	2,368,840
Origin Bancorp, Inc.	15,960	489,812
Pacific Premier Bancorp, Inc.	51,466	1,184,747
PacWest Bancorp	61,973	492,685
Park National Corp.	7,876	801,462
Pathward Financial, Inc.	14,845	731,413
Peapack-Gladstone Financial Corp.	7,818	213,197
Peoples Bancorp, Inc.	17,632	454,377
Pinnacle Financial Partners, Inc.	41,018	2,730,158
Popular, Inc.	38,104	2,601,741
Preferred Bank	6,654	413,280
Premier Financial Corp.	18,114	341,268
Prosperity Bancshares, Inc.	50,597	2,874,416
Provident Financial Services, Inc.	39,524	651,356
QCR Holdings, Inc.	9,069	475,760
Regions Financial Corp.	502,378	9,213,613
Renasant Corp.	30,243	842,268
Republic Bancorp, Inc., Class A	4,756	211,357
S&T Bancorp, Inc.	20,042	567,790
Sandy Spring Bancorp, Inc.	23,506	522,773
Seacoast Banking Corp. of Florida	45,291	1,069,321
ServisFirst Bancshares, Inc.	26,199	1,468,192
Simmons First National Corp., Class A	68,472	1,220,171
Southside Bancshares, Inc.	15,950	480,095
SouthState Corp.	40,345	2,916,943
Stellar Bancorp, Inc.	24,621	523,689
Stock Yards Bancorp, Inc.	16,214	742,601
Synovus Financial Corp.	77,799	2,408,657
Texas Capital Bancshares, Inc. *	25,782	1,609,828
The Bancorp, Inc. *	29,667	1,089,076

SECURITY	NUMBER OF SHARES	VALUE ($)
The First Bancshares, Inc.	15,127	429,456
The First of Long Island Corp.	10,468	136,712
The PNC Financial Services Group, Inc.	213,373	25,760,522
Tompkins Financial Corp.	6,406	332,664
Towne Bank	36,615	864,114
TriCo Bancshares	17,862	613,381
Triumph Financial, Inc.	11,413	733,057
Truist Financial Corp.	708,839	21,655,031
TrustCo Bank Corp.	9,602	273,369
Trustmark Corp.	33,204	765,020
U.S. Bancorp	746,135	27,256,312
UMB Financial Corp.	23,719	1,499,278
United Bankshares, Inc.	71,936	2,163,835
United Community Banks, Inc.	61,764	1,667,628
Univest Financial Corp.	15,794	284,134
Valley National Bancorp	225,298	2,068,236
Veritex Holdings, Inc.	28,690	539,659
Washington Federal, Inc.	35,012	951,626
Washington Trust Bancorp, Inc.	8,591	240,548
Webster Financial Corp.	92,971	3,942,900
Wells Fargo & Co.	2,004,639	82,771,544
WesBanco, Inc.	31,343	794,858
Westamerica BanCorp	14,346	631,654
Western Alliance Bancorp	57,955	2,898,330
Wintrust Financial Corp.	32,474	2,520,307
WSFS Financial Corp.	32,964	1,295,485
Zions Bancorp NA	79,325	2,816,037
		743,036,361

Capital Goods 6.4%
374Water, Inc. *	32,024	48,036
3D Systems Corp. *	71,200	449,272
3M Co.	293,413	31,298,365
A.O. Smith Corp.	66,670	4,833,575
AAON, Inc.	34,344	2,165,733
AAR Corp. *	17,328	1,067,405
Acuity Brands, Inc.	16,833	2,714,826
Advanced Drainage Systems, Inc.	33,399	4,280,416
AECOM	74,336	6,522,984
AeroVironment, Inc. *	13,596	1,319,220
AGCO Corp.	33,073	4,283,946
Air Lease Corp.	55,231	2,251,216
Alamo Group, Inc.	5,404	927,597
Albany International Corp., Class A	16,611	1,540,172
Allegion plc	46,892	5,336,779
Allison Transmission Holdings, Inc.	48,421	2,927,049
Ameresco, Inc., Class A *	17,862	776,818
American Woodmark Corp. *	9,257	718,991
AMETEK, Inc.	123,001	19,619,890
Amprius Technologies, Inc. *(a)	6,954	34,214
API Group Corp. *	107,818	3,035,077
Apogee Enterprises, Inc.	11,459	578,221
Applied Industrial Technologies, Inc.	20,708	3,196,694
Archer Aviation, Inc., Class A *(a)	79,005	550,665
Arcosa, Inc.	25,723	2,012,053
Argan, Inc.	7,046	299,314
Armstrong World Industries, Inc.	23,850	1,826,672
Array Technologies, Inc. *	75,715	1,883,032
Astec Industries, Inc.	12,653	693,637
Astra Space, Inc. *	122,034	31,534
Atkore, Inc. *	20,649	3,179,327
Axon Enterprise, Inc. *	37,464	7,976,460
AZZ, Inc.	13,460	660,886
Babcock & Wilcox Enterprises, Inc. *	39,328	206,472
Barnes Group, Inc.	26,992	1,060,786
Beacon Roofing Supply, Inc. *	29,254	2,335,932

See financial notes

Schwab U.S. Equity ETFs | Annual Report33

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Blink Charging Co. *(a)	26,961	106,226
Bloom Energy Corp., Class A *	98,871	1,482,076
Boise Cascade Co.	21,316	2,331,331
Builders FirstSource, Inc. *	68,368	9,916,095
BWX Technologies, Inc.	49,056	3,618,371
Carlisle Cos., Inc.	27,290	7,177,816
Carrier Global Corp.	446,565	25,655,159
Caterpillar, Inc.	275,092	77,336,614
ChargePoint Holdings, Inc. *(a)	146,047	1,045,697
Chart Industries, Inc. *	22,178	4,004,903
CIRCOR International, Inc. *	10,509	585,246
Columbus McKinnon Corp.	15,193	572,320
Comfort Systems USA, Inc.	19,032	3,512,736
Construction Partners, Inc., Class A *	21,838	758,871
Core & Main, Inc., Class A *	47,004	1,543,611
Crane Co.	25,569	2,329,847
CSW Industrials, Inc.	8,307	1,492,186
Cummins, Inc.	75,367	17,337,425
Curtiss-Wright Corp.	20,360	4,234,676
Custom Truck One Source, Inc. *	34,745	233,139
Deere & Co.	144,002	59,176,182
Desktop Metal, Inc., Class A *(a)	131,949	237,508
Donaldson Co., Inc.	64,469	4,117,635
Douglas Dynamics, Inc.	11,828	358,034
Dover Corp.	74,366	11,028,478
DXP Enterprises, Inc. *	7,607	270,581
Dycom Industries, Inc. *	15,587	1,557,609
Eaton Corp. plc	212,800	49,022,736
EMCOR Group, Inc.	25,218	5,655,137
Emerson Electric Co.	305,723	30,037,285
Encore Wire Corp.	9,499	1,565,530
Energy Recovery, Inc. *	30,851	838,530
Energy Vault Holdings, Inc. *	31,733	101,228
Enerpac Tool Group Corp.	30,054	787,415
EnerSys	21,779	2,286,359
Enovix Corp. *	60,067	827,723
EnPro Industries, Inc.	11,049	1,506,973
Esab Corp.	28,007	2,021,265
ESCO Technologies, Inc.	13,961	1,493,967
ESS Tech, Inc. *	41,921	59,947
Fastenal Co.	306,196	17,630,766
Federal Signal Corp.	32,823	2,000,562
Ferguson plc	109,468	17,685,650
Flowserve Corp.	70,023	2,770,810
Fluence Energy, Inc. *	19,675	518,436
Fluor Corp. *	77,343	2,706,232
Fortive Corp.	188,272	14,845,247
Fortune Brands Innovations, Inc.	67,701	4,672,723
Franklin Electric Co., Inc.	20,738	2,005,572
FTAI Aviation Ltd.	53,648	1,982,830
FTC Solar, Inc. *	20,061	37,715
FuelCell Energy, Inc. *	221,721	310,409
Gates Industrial Corp. plc *	77,515	951,884
GATX Corp.	18,924	2,235,681
Generac Holdings, Inc. *	33,280	3,953,997
General Dynamics Corp.	119,819	27,155,778
General Electric Co.	581,482	66,556,430
Gibraltar Industries, Inc. *	15,987	1,199,505
Global Industrial Co.	9,241	312,715
GMS, Inc. *	21,730	1,506,758
Graco, Inc.	89,748	7,084,707
GrafTech International Ltd.	98,595	349,026
Granite Construction, Inc.	23,599	974,403
Great Lakes Dredge & Dock Corp. *	34,117	301,253
Griffon Corp.	25,527	1,068,815
H&E Equipment Services, Inc.	18,370	832,528
Hayward Holdings, Inc. *	85,174	1,260,575
HEICO Corp.	50,987	8,602,017

SECURITY	NUMBER OF SHARES	VALUE ($)
Helios Technologies, Inc.	17,284	1,000,398
Herc Holdings, Inc.	12,962	1,686,875
Hexcel Corp.	44,982	3,297,181
Hillenbrand, Inc.	37,164	1,800,224
Hillman Solutions Corp. *	90,065	815,088
Honeywell International, Inc.	355,488	66,810,415
Howmet Aerospace, Inc.	196,093	9,700,721
Hubbell, Inc.	28,610	9,328,290
Huntington Ingalls Industries, Inc.	21,327	4,698,765
Hyliion Holdings Corp. *	68,540	83,619
Hyster-Yale Materials Handling, Inc.	5,890	268,996
Hyzon Motors, Inc. *(a)	51,143	64,952
IDEX Corp.	40,391	9,144,522
IES Holdings, Inc. *	4,674	350,457
Illinois Tool Works, Inc.	148,291	36,679,779
Ingersoll Rand, Inc.	215,511	15,001,721
Insteel Industries, Inc.	11,055	384,161
Intuitive Machines, Inc. *(a)	5,883	28,003
ITT, Inc.	43,988	4,499,093
Janus International Group, Inc. *	41,420	474,259
JELD-WEN Holding, Inc. *	45,041	679,218
John Bean Technologies Corp.	17,098	1,879,241
Johnson Controls International plc	365,544	21,589,029
Kadant, Inc.	6,262	1,376,012
Kaman Corp.	14,826	332,547
Kennametal, Inc.	43,611	1,154,383
Kratos Defense & Security Solutions, Inc. *	68,182	1,097,048
L3Harris Technologies, Inc.	101,322	18,044,435
Lennox International, Inc.	17,204	6,482,639
Leonardo DRS, Inc. *	26,578	455,015
Lincoln Electric Holdings, Inc.	30,646	5,898,129
Lindsay Corp.	5,967	740,505
Lockheed Martin Corp.	120,356	53,961,613
Markforged Holding Corp. *	36,564	47,899
Masco Corp.	119,955	7,078,545
Masonite International Corp. *	11,718	1,203,556
MasTec, Inc. *	32,537	3,237,106
Masterbrand, Inc. *	68,346	875,512
McGrath RentCorp	13,034	1,317,737
MDU Resources Group, Inc.	107,327	2,185,178
Mercury Systems, Inc. *	30,733	1,206,270
Microvast Holdings, Inc. *	94,350	210,401
Moog, Inc., Class A	15,086	1,752,390
MRC Global, Inc. *	43,908	409,223
MSC Industrial Direct Co., Inc., Class A	25,173	2,569,156
Mueller Industries, Inc.	30,638	2,364,028
Mueller Water Products, Inc., Class A	83,443	1,178,215
MYR Group, Inc. *	8,809	1,251,495
National Presto Industries, Inc.	2,567	192,140
Nauticus Robotics, Inc. *	11,992	24,224
NEXTracker, Inc., Class A *	24,305	1,023,727
Nikola Corp. *(a)	313,881	370,380
Nordson Corp.	28,666	6,998,517
Northrop Grumman Corp.	76,290	33,040,436
NOW, Inc. *	55,114	615,623
nVent Electric plc	87,924	4,971,223
Omega Flex, Inc.	1,630	136,431
Oshkosh Corp.	35,041	3,638,307
Otis Worldwide Corp.	220,003	18,821,257
Owens Corning	48,068	6,917,466
PACCAR, Inc.	278,433	22,912,252
Parker-Hannifin Corp.	68,507	28,560,568
Parsons Corp. *	18,087	1,031,321
Pentair plc	86,894	6,105,172
PGT Innovations, Inc. *	30,863	870,028
Plug Power, Inc. *(a)	290,563	2,458,163

See financial notes

34Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Primoris Services Corp.	28,259	999,521
Proto Labs, Inc. *	14,622	431,349
Quanex Building Products Corp.	18,134	489,255
Quanta Services, Inc.	77,508	16,266,604
RBC Bearings, Inc. *	15,500	3,573,370
Regal Rexnord Corp.	34,975	5,672,595
Resideo Technologies, Inc. *	80,006	1,348,901
REV Group, Inc.	18,314	248,704
Rocket Lab USA, Inc. *	123,224	777,543
Rockwell Automation, Inc.	61,408	19,164,209
RTX Corp.	780,050	67,115,502
Rush Enterprises, Inc., Class A	34,386	1,423,924
Rush Enterprises, Inc., Class B	5,992	275,475
Sarcos Technology & Robotics Corp. *	12,367	13,851
Sensata Technologies Holding plc	81,580	3,069,040
SES AI Corp. *(a)	75,603	159,522
Shoals Technologies Group, Inc., Class A *	90,777	1,786,491
Simpson Manufacturing Co., Inc.	22,769	3,637,575
SiteOne Landscape Supply, Inc. *	24,052	4,117,462
Snap-on, Inc.	28,320	7,606,752
Southland Holdings, Inc. *(a)	5,124	34,946
Spirit AeroSystems Holdings, Inc., Class A	57,216	1,219,845
SPX Technologies, Inc. *	24,235	1,915,050
Standex International Corp.	6,246	959,573
Stanley Black & Decker, Inc.	81,445	7,686,779
Stem, Inc. *(a)	79,811	406,238
SunPower Corp. *	45,269	324,126
Sunrun, Inc. *	116,018	1,813,361
TechPrecision Corp. *	5,522	38,378
Tecnoglass, Inc.	10,475	408,211
Tennant Co.	10,157	837,242
Terex Corp.	35,963	2,179,717
Terran Orbital Corp. *	29,668	36,195
Textron, Inc.	107,656	8,365,948
The AZEK Co., Inc. *	64,390	2,189,904
The Boeing Co. *	301,624	67,572,825
The Gorman-Rupp Co.	13,022	418,527
The Greenbrier Cos., Inc.	17,029	724,754
The Manitowoc Co., Inc. *	18,960	320,803
The Middleby Corp. *	28,743	4,184,693
The Shyft Group, Inc.	17,935	281,221
The Timken Co.	35,176	2,688,150
The Toro Co.	55,489	5,677,634
Thermon Group Holdings, Inc. *	18,384	505,192
Titan International, Inc. *	28,405	357,619
Titan Machinery, Inc. *	10,653	330,456
TPI Composites, Inc. *	21,448	108,312
Trane Technologies plc	122,047	25,051,367
TransDigm Group, Inc. *	27,782	25,110,761
Trex Co., Inc. *	58,205	4,154,091
Trinity Industries, Inc.	42,849	1,074,224
Triton International Ltd.	29,201	2,450,256
Triumph Group, Inc. *	33,079	311,273
Tutor Perini Corp. *	22,573	200,674
UFP Industries, Inc.	32,909	3,434,054
United Rentals, Inc.	36,769	17,521,899
V2X, Inc. *	5,699	286,717
Valmont Industries, Inc.	11,193	2,837,426
Velo3D, Inc. *(a)	30,854	48,749
Veritiv Corp.	7,260	1,222,076
Vertiv Holdings Co.	172,257	6,785,203
Vicor Corp. *	12,172	824,896
Virgin Galactic Holdings, Inc. *(a)	132,307	333,414
W.W. Grainger, Inc.	23,958	17,109,366
Wabash National Corp.	25,269	569,816
Watsco, Inc.	17,863	6,511,957

SECURITY	NUMBER OF SHARES	VALUE ($)
Watts Water Technologies, Inc., Class A	14,657	2,766,802
WESCO International, Inc.	24,145	3,907,868
Westinghouse Air Brake Technologies Corp.	96,162	10,820,148
WillScot Mobile Mini Holdings Corp. *	108,216	4,439,020
Woodward, Inc.	32,257	4,173,088
Xometry, Inc., Class A *	15,461	294,532
Xylem, Inc.	127,167	13,166,871
Zurn Elkay Water Solutions Corp., Class C	76,712	2,272,209
		1,505,204,137

Commercial & Professional Services 1.6%
ABM Industries, Inc.	35,459	1,610,548
ACCO Brands Corp.	54,867	292,441
Alight, Inc., Class A *	180,959	1,382,527
ASGN, Inc. *	26,075	2,142,322
Automatic Data Processing, Inc.	220,561	56,157,036
Barrett Business Services, Inc.	3,337	319,284
BlackSky Technology, Inc. *	57,589	78,321
Booz Allen Hamilton Holding Corp., Class A	71,340	8,083,535
Brady Corp., Class A	24,281	1,224,734
BrightView Holdings, Inc. *	18,323	151,714
Broadridge Financial Solutions, Inc.	62,984	11,728,251
CACI International, Inc., Class A *	12,133	3,979,745
Casella Waste Systems, Inc., Class A *	29,813	2,348,370
CBIZ, Inc. *	26,197	1,469,914
Ceridian HCM Holding, Inc. *	82,835	6,007,194
Cimpress plc *	10,202	659,151
Cintas Corp.	46,179	23,282,066
Clarivate plc *	228,514	1,697,859
Clean Harbors, Inc. *	26,795	4,537,465
Concentrix Corp.	22,634	1,806,872
Conduent, Inc. *	89,444	280,854
Copart, Inc. *	458,303	20,545,723
CoreCivic, Inc. *	60,792	654,122
CSG Systems International, Inc.	16,133	876,183
Deluxe Corp.	23,977	484,815
Driven Brands Holdings, Inc. *	30,075	452,629
Dun & Bradstreet Holdings, Inc.	117,703	1,282,963
Ennis, Inc.	14,314	304,888
Enviri Corp. *	45,585	339,608
Equifax, Inc.	65,627	13,565,101
ExlService Holdings, Inc. *	89,143	2,605,650
Exponent, Inc.	27,062	2,431,791
First Advantage Corp.	30,531	425,907
FiscalNote Holdings, Inc. *(a)	37,985	83,947
Forrester Research, Inc. *	6,590	201,852
Franklin Covey Co. *	6,805	290,369
FTI Consulting, Inc. *	18,089	3,361,298
Genpact Ltd.	90,711	3,386,242
Healthcare Services Group, Inc.	39,292	453,823
Heidrick & Struggles International, Inc.	10,941	289,827
Heritage-Crystal Clean, Inc. *	8,795	396,654
HireRight Holdings Corp. *	10,343	108,291
HNI Corp.	24,972	818,083
Huron Consulting Group, Inc. *	10,093	1,008,795
ICF International, Inc.	9,031	1,219,727
Insperity, Inc.	19,073	1,932,667
Interface, Inc.	29,465	304,373
Jacobs Solutions, Inc.	68,027	9,171,400
KBR, Inc.	72,300	4,447,896
Kelly Services, Inc., Class A	19,050	352,235

See financial notes

Schwab U.S. Equity ETFs | Annual Report35

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Kforce, Inc.	10,611	664,779
Korn Ferry	27,732	1,413,777
LanzaTech Global, Inc. *(a)	47,229	312,656
LegalZoom.com, Inc. *	51,392	586,383
Leidos Holdings, Inc.	73,323	7,149,726
Liquidity Services, Inc. *	11,633	212,302
ManpowerGroup, Inc.	26,072	2,056,299
Matthews International Corp., Class A	16,345	689,432
Maximus, Inc.	32,339	2,613,638
MillerKnoll, Inc.	40,929	781,744
Montrose Environmental Group, Inc. *	14,355	551,806
MSA Safety, Inc.	19,576	3,576,144
NV5 Global, Inc. *	6,551	666,761
OPENLANE, Inc. *	59,793	933,369
Paychex, Inc.	171,521	20,965,012
Paycom Software, Inc.	25,955	7,652,572
Paycor HCM, Inc. *	24,811	582,314
Paylocity Holding Corp. *	22,138	4,438,669
Pitney Bowes, Inc.	91,310	300,410
Planet Labs PBC *	108,426	352,385
RB Global, Inc.	97,102	5,993,135
Republic Services, Inc.	110,105	15,869,434
Resources Connection, Inc.	17,243	267,439
Robert Half International, Inc.	57,256	4,234,654
Rollins, Inc.	123,424	4,883,888
Science Applications International Corp.	28,923	3,403,080
SP Plus Corp. *	10,233	400,827
SS&C Technologies Holdings, Inc.	115,659	6,641,140
Steelcase, Inc., Class A	50,876	461,445
Stericycle, Inc. *	49,532	2,189,810
Sterling Check Corp. *	12,259	170,890
Tetra Tech, Inc.	28,295	4,452,218
The Brink's Co.	24,534	1,859,923
The GEO Group, Inc. *	69,592	503,846
TransUnion	103,273	8,387,833
TriNet Group, Inc. *	18,321	2,032,349
TrueBlue, Inc. *	16,469	249,176
TTEC Holdings, Inc.	9,801	291,678
UniFirst Corp.	8,119	1,429,999
Upwork, Inc. *	65,592	971,418
Verisk Analytics, Inc.	77,763	18,835,754
Verra Mobility Corp. *	74,855	1,331,670
Viad Corp. *	10,945	310,729
VSE Corp.	6,022	341,749
Waste Management, Inc.	197,814	31,013,279
		374,064,603

Consumer Discretionary Distribution & Retail 5.2%
1-800-Flowers.com, Inc., Class A *	16,993	127,957
Abercrombie & Fitch Co., Class A *	26,920	1,446,950
Academy Sports & Outdoors, Inc.	41,510	2,265,201
Advance Auto Parts, Inc.	31,557	2,171,753
Amazon.com, Inc. *	4,767,086	657,905,539
American Eagle Outfitters, Inc.	98,480	1,670,221
America's Car-Mart, Inc. *	3,259	362,759
Arko Corp.	40,582	305,582
Asbury Automotive Group, Inc. *	11,468	2,637,640
AutoNation, Inc. *	16,733	2,628,587
AutoZone, Inc. *	9,835	24,895,631
BARK, Inc. *	51,475	82,360
Bath & Body Works, Inc.	121,985	4,497,587
Best Buy Co., Inc.	103,860	7,940,097
Big Lots, Inc.	11,668	72,342
Boot Barn Holdings, Inc. *	16,194	1,485,800
Burlington Stores, Inc. *	34,750	5,638,535
Caleres, Inc.	19,345	554,621

SECURITY	NUMBER OF SHARES	VALUE ($)
Camping World Holdings, Inc., Class A	23,448	579,869
CarMax, Inc. *	84,398	6,893,629
CarParts.com, Inc. *	30,712	148,339
Carvana Co. *(a)	54,710	2,754,649
Chewy, Inc., Class A *	51,402	1,232,620
Chico's FAS, Inc. *	64,629	331,547
ContextLogic, Inc., Class A *(a)	12,138	64,999
Designer Brands, Inc., Class A (a)	25,329	266,208
Dick's Sporting Goods, Inc.	32,765	3,811,880
Dillard's, Inc., Class A	1,761	607,756
eBay, Inc.	286,044	12,809,050
Etsy, Inc. *	66,082	4,861,653
Five Below, Inc. *	29,872	5,136,789
Floor & Decor Holdings, Inc., Class A *	56,761	5,659,072
Foot Locker, Inc.	42,334	830,593
GameStop Corp., Class A *(a)	135,543	2,514,323
Genesco, Inc. *	6,608	226,522
Genuine Parts Co.	75,156	11,553,732
Group 1 Automotive, Inc.	7,474	1,976,275
Groupon, Inc. *(a)	16,013	198,081
GrowGeneration Corp. *	35,645	115,846
Guess?, Inc.	17,086	411,089
Haverty Furniture Cos., Inc.	8,044	251,777
Hibbett, Inc.	7,082	327,967
Kohl's Corp.	59,199	1,577,061
Lands' End, Inc. *	7,423	57,157
Leslie's, Inc. *	82,165	514,353
Lithia Motors, Inc.	14,689	4,524,506
LKQ Corp.	135,156	7,099,745
LL Flooring Holdings, Inc. *	13,974	48,210
Lowe’s Cos., Inc.	318,101	73,315,918
Macy's, Inc.	144,931	1,772,506
MarineMax, Inc. *	11,984	398,708
Monro, Inc.	16,934	554,419
Murphy USA, Inc.	10,628	3,375,878
National Vision Holdings, Inc. *	41,590	761,513
Nordstrom, Inc.	62,235	1,009,452
Ollie's Bargain Outlet Holdings, Inc. *	31,208	2,405,513
O'Reilly Automotive, Inc. *	32,525	30,563,742
Overstock.com, Inc. *	24,852	648,886
Penske Automotive Group, Inc.	12,789	2,101,233
Petco Health & Wellness Co., Inc. *	42,530	216,478
PetMed Express, Inc.	12,637	142,419
Pool Corp.	20,887	7,636,287
Qurate Retail, Inc. *	183,432	142,160
Rent the Runway, Inc., Class A *	25,641	35,385
Revolve Group, Inc. *	22,455	328,966
RH *	9,559	3,490,851
Ross Stores, Inc.	182,747	22,260,412
Sally Beauty Holdings, Inc. *	57,178	580,928
Shoe Carnival, Inc.	8,165	188,856
Signet Jewelers Ltd.	24,223	1,816,725
Sleep Number Corp. *	12,184	311,667
Sonic Automotive, Inc., Class A	8,646	461,005
Sportsman's Warehouse Holdings, Inc. *	18,770	90,284
Stitch Fix, Inc., Class A *	44,109	193,639
The Aaron's Co., Inc.	18,142	218,974
The Buckle, Inc.	15,865	579,707
The Children's Place, Inc. *	6,911	183,211
The Container Store Group, Inc. *	16,929	39,614
The Gap, Inc.	112,216	1,299,461
The Home Depot, Inc.	540,738	178,605,761
The ODP Corp. *	18,104	892,889
The TJX Cos., Inc.	614,621	56,840,150
Tractor Supply Co.	58,551	12,793,393
Ulta Beauty, Inc. *	26,716	11,087,941

See financial notes

36Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Upbound Group, Inc.	26,249	803,744
Urban Outfitters, Inc. *	32,733	1,087,063
Valvoline, Inc.	74,155	2,553,898
Victoria's Secret & Co. *	41,262	791,405
Warby Parker, Inc., Class A *	32,939	395,597
Wayfair, Inc., Class A *	44,036	3,043,328
Williams-Sonoma, Inc.	35,019	4,944,683
Winmark Corp.	1,529	581,830
Zumiez, Inc. *	8,189	155,509
		1,225,776,447

Consumer Durables & Apparel 1.2%
Acushnet Holdings Corp.	16,904	989,729
AMMO, Inc. *	43,478	99,565
Beazer Homes USA, Inc. *	16,163	473,738
Brunswick Corp.	37,781	2,989,233
Capri Holdings Ltd. *	66,607	3,496,201
Carter's, Inc.	19,856	1,421,094
Cavco Industries, Inc. *	4,393	1,227,931
Century Communities, Inc.	15,076	1,119,393
Columbia Sportswear Co.	18,669	1,369,184
Crocs, Inc. *	33,250	3,236,555
D.R. Horton, Inc.	166,236	19,785,409
Deckers Outdoor Corp. *	14,002	7,408,318
Dream Finders Homes, Inc., Class A *	11,971	345,004
Ethan Allen Interiors, Inc.	12,775	400,880
Figs, Inc., Class A *	67,103	414,697
Fossil Group, Inc. *	27,034	57,312
Funko, Inc., Class A *	17,865	124,519
Garmin Ltd.	81,393	8,629,286
G-III Apparel Group Ltd. *	21,418	425,147
GoPro, Inc., Class A *	67,642	245,879
Green Brick Partners, Inc. *	14,524	718,357
Hanesbrands, Inc.	183,801	964,955
Hasbro, Inc.	69,175	4,980,600
Helen of Troy Ltd. *	12,973	1,594,641
Installed Building Products, Inc.	12,553	1,816,796
iRobot Corp. *	14,961	581,833
Johnson Outdoors, Inc., Class A	2,903	162,307
KB Home	42,774	2,172,919
Kontoor Brands, Inc.	26,399	1,208,810
Latham Group, Inc. *	24,281	89,840
La-Z-Boy, Inc.	22,797	703,287
Leggett & Platt, Inc.	70,594	1,990,751
Lennar Corp., Class A	142,159	16,929,715
Levi Strauss & Co., Class A	53,738	739,972
LGI Homes, Inc. *	10,939	1,346,591
Lululemon Athletica, Inc. *	61,953	23,620,201
M.D.C. Holdings, Inc.	30,938	1,468,008
M/I Homes, Inc. *	14,713	1,444,522
Malibu Boats, Inc., Class A *	10,722	520,660
Mattel, Inc. *	189,702	4,203,796
Meritage Homes Corp.	19,663	2,733,944
Mohawk Industries, Inc. *	28,264	2,865,687
Movado Group, Inc.	8,138	222,574
Newell Brands, Inc.	201,821	2,135,266
NIKE, Inc., Class B	658,252	66,950,811
NVR, Inc. *	1,626	10,369,539
Oxford Industries, Inc.	7,785	786,207
Peloton Interactive, Inc., Class A *	181,016	1,154,882
Polaris, Inc.	28,587	3,204,317
PulteGroup, Inc.	119,190	9,780,731
Purple Innovation, Inc.	33,186	72,014
PVH Corp.	33,671	2,814,896
Ralph Lauren Corp.	22,017	2,567,843
Skechers U.S.A., Inc., Class A *	71,769	3,610,698
Skyline Champion Corp. *	28,408	2,024,638

SECURITY	NUMBER OF SHARES	VALUE ($)
Smith & Wesson Brands, Inc.	24,138	283,380
Snap One Holdings Corp. *	10,317	94,401
Solo Brands, Inc., Class A *	14,485	80,971
Sonos, Inc. *	69,313	955,133
Steven Madden Ltd.	38,101	1,314,485
Sturm Ruger & Co., Inc.	9,422	485,987
Tapestry, Inc.	123,634	4,119,485
Taylor Morrison Home Corp. *	58,131	2,755,409
Tempur Sealy International, Inc.	92,120	4,303,846
Toll Brothers, Inc.	54,658	4,478,130
TopBuild Corp. *	16,964	4,920,917
Topgolf Callaway Brands Corp. *	74,752	1,303,675
Traeger, Inc. *	31,994	143,013
Tri Pointe Homes, Inc. *	53,102	1,651,472
Tupperware Brands Corp. *	21,840	54,382
Under Armour, Inc., Class A *	196,164	1,498,693
United Homes Group, Inc. *	4,104	34,351
Universal Electronics, Inc. *	6,304	56,106
VF Corp.	175,885	3,475,488
Vista Outdoor, Inc. *	31,101	909,704
Vizio Holding Corp., Class A *	29,722	170,604
Whirlpool Corp.	29,126	4,076,475
Wolverine World Wide, Inc.	42,701	345,024
YETI Holdings, Inc. *	46,263	2,310,837
		272,633,650

Consumer Services 2.3%
2U, Inc. *	31,102	98,593
Accel Entertainment, Inc. *	28,392	337,581
ADT, Inc.	113,111	726,173
Adtalem Global Education, Inc. *	22,983	1,007,805
Airbnb, Inc., Class A *	220,242	28,972,835
Aramark	147,495	5,483,864
Bally's Corp. *	14,961	248,353
BJ's Restaurants, Inc. *	12,460	366,449
Bloomin' Brands, Inc.	46,737	1,311,440
Booking Holdings, Inc. *	19,738	61,287,082
Bowlero Corp. *	17,870	196,570
Boyd Gaming Corp.	40,822	2,729,767
Bright Horizons Family Solutions, Inc. *	30,887	2,916,351
Brinker International, Inc. *	23,134	757,176
Caesars Entertainment, Inc. *	114,611	6,333,404
Carnival Corp. *	537,724	8,506,794
Carriage Services, Inc.	7,528	232,013
Chegg, Inc. *	62,312	636,206
Chipotle Mexican Grill, Inc. *	14,707	28,335,094
Choice Hotels International, Inc.	14,156	1,796,396
Churchill Downs, Inc.	34,542	4,327,422
Chuy's Holdings, Inc. *	10,085	384,238
Coursera, Inc. *	48,055	835,676
Cracker Barrel Old Country Store, Inc.	11,834	975,477
Darden Restaurants, Inc.	64,439	10,020,909
Dave & Buster's Entertainment, Inc. *	20,886	820,193
Denny's Corp. *	31,391	299,156
Dine Brands Global, Inc.	8,159	446,950
Domino’s Pizza, Inc.	18,884	7,315,662
DoorDash, Inc., Class A *	140,828	11,847,860
DraftKings, Inc., Class A *	246,807	7,317,828
Duolingo, Inc. *	15,033	2,212,256
Dutch Bros, Inc., Class A *	16,006	473,938
El Pollo Loco Holdings, Inc.	11,542	109,764
Everi Holdings, Inc. *	47,409	685,534
Expedia Group, Inc. *	76,216	8,261,052
First Watch Restaurant Group, Inc. *	5,598	107,034
Frontdoor, Inc. *	44,340	1,455,239
Golden Entertainment, Inc.	11,674	425,050

See financial notes

Schwab U.S. Equity ETFs | Annual Report37

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Graham Holdings Co., Class B	2,066	1,211,358
Grand Canyon Education, Inc. *	16,352	1,917,272
H&R Block, Inc.	80,841	3,232,023
Hilton Grand Vacations, Inc. *	40,828	1,785,000
Hilton Worldwide Holdings, Inc.	140,909	20,946,123
Hyatt Hotels Corp., Class A	24,915	2,800,695
Jack in the Box, Inc.	11,214	901,269
Krispy Kreme, Inc.	34,922	467,606
Las Vegas Sands Corp.	175,463	9,625,900
Laureate Education, Inc.	71,159	991,245
Life Time Group Holdings, Inc. *	29,490	507,228
Light & Wonder, Inc. *	48,682	3,732,449
Lindblad Expeditions Holdings, Inc. *	20,202	182,828
Marriott International, Inc., Class A	137,175	27,916,484
Marriott Vacations Worldwide Corp.	19,655	2,136,302
McDonald’s Corp.	390,232	109,713,727
MGM Resorts International	161,026	7,081,923
Mister Car Wash, Inc. *	41,755	302,306
Monarch Casino & Resort, Inc.	7,088	477,731
Norwegian Cruise Line Holdings Ltd. *	227,635	3,771,912
OneSpaWorld Holdings Ltd. *	33,543	383,732
Papa John's International, Inc.	15,973	1,209,156
Penn Entertainment, Inc. *	81,576	1,932,535
Perdoceo Education Corp.	35,022	580,315
Planet Fitness, Inc., Class A *	45,442	2,762,874
Playa Hotels & Resorts N.V. *	65,515	488,742
Portillo's, Inc., Class A *	20,878	382,903
Red Rock Resorts, Inc., Class A	25,885	1,137,128
Rover Group, Inc. *	55,278	374,232
Royal Caribbean Cruises Ltd. *	117,444	11,619,909
Rush Street Interactive, Inc. *	28,146	129,472
Sabre Corp. *	176,743	883,715
SeaWorld Entertainment, Inc. *	20,922	1,018,901
Service Corp. International	80,958	5,109,259
Shake Shack, Inc., Class A *	20,260	1,418,200
Six Flags Entertainment Corp. *	39,073	897,116
Sonder Holdings, Inc. *	80,968	40,484
Starbucks Corp.	611,752	59,609,115
Strategic Education, Inc.	12,270	950,925
Stride, Inc. *	22,288	947,017
Sweetgreen, Inc., Class A *	39,295	564,276
Target Hospitality Corp. *	12,718	202,216
Texas Roadhouse, Inc.	35,800	3,726,780
The Cheesecake Factory, Inc.	25,103	799,531
The Wendy's Co.	89,634	1,773,857
Travel & Leisure Co.	40,734	1,637,507
Udemy, Inc. *	38,261	396,384
Vacasa, Inc., Class A *	51,100	30,762
Vail Resorts, Inc.	21,568	4,881,270
Wingstop, Inc.	16,002	2,570,561
WW International, Inc. *	34,436	334,374
Wyndham Hotels & Resorts, Inc.	45,934	3,462,964
Wynn Resorts Ltd.	55,459	5,622,433
Yum! Brands, Inc.	150,180	19,430,288
		547,611,498

Consumer Staples Distribution & Retail 1.7%
Albertsons Cos., Inc., Class A	106,684	2,389,722
BJ's Wholesale Club Holdings, Inc. *	71,454	4,815,285
Casey's General Stores, Inc.	19,825	4,845,428
Costco Wholesale Corp.	236,782	130,059,617
Dollar General Corp.	117,216	16,234,416
Dollar Tree, Inc. *	111,150	13,600,314
Grocery Outlet Holding Corp. *	48,348	1,491,536
Ingles Markets, Inc., Class A	7,780	607,851
Performance Food Group Co. *	83,337	5,177,728
PriceSmart, Inc.	13,679	1,087,207

SECURITY	NUMBER OF SHARES	VALUE ($)
Rite Aid Corp. *(a)(b)	34,960	26,919
SpartanNash Co.	18,458	401,646
Sprouts Farmers Market, Inc. *	55,090	2,247,121
Sysco Corp.	270,480	18,838,932
Target Corp.	246,307	31,170,151
The Andersons, Inc.	17,068	876,612
The Chefs' Warehouse, Inc. *	18,551	529,446
The Kroger Co.	348,839	16,182,641
United Natural Foods, Inc. *	31,168	627,412
US Foods Holding Corp. *	120,972	4,890,898
Walgreens Boots Alliance, Inc.	383,068	9,695,451
Walmart, Inc.	749,016	121,797,492
Weis Markets, Inc.	8,555	554,963
		388,148,788

Energy 4.4%
Antero Midstream Corp.	179,998	2,181,576
Antero Resources Corp. *	146,571	4,055,620
APA Corp.	165,217	7,243,113
Archrock, Inc.	74,386	951,397
Atlas Energy Solutions, Inc., Class A (a)	9,071	193,122
Baker Hughes Co.	540,917	19,575,786
Bristow Group, Inc. *	12,170	337,109
Cactus, Inc., Class A	34,353	1,832,389
California Resources Corp.	37,532	2,095,787
Callon Petroleum Co. *	27,011	1,059,642
ChampionX Corp.	105,506	3,807,712
Cheniere Energy, Inc.	129,751	21,175,363
Chesapeake Energy Corp.	56,894	5,018,620
Chevron Corp.	951,665	153,313,231
Chord Energy Corp.	22,093	3,568,019
Civitas Resources, Inc.	26,297	2,162,139
Clean Energy Fuels Corp. *	98,549	419,819
CNX Resources Corp. *	87,928	1,965,191
Comstock Resources, Inc.	47,140	577,936
ConocoPhillips	645,742	76,862,670
CONSOL Energy, Inc.	18,289	1,573,586
Core Laboratories, Inc.	24,740	594,750
Coterra Energy, Inc.	405,232	11,423,490
CVR Energy, Inc.	15,232	498,086
Delek US Holdings, Inc.	35,472	913,404
Denbury, Inc. *	26,669	2,442,347
Devon Energy Corp.	341,304	17,437,221
Diamond Offshore Drilling, Inc. *	55,149	820,066
Diamondback Energy, Inc.	96,898	14,707,178
DMC Global, Inc. *	9,810	235,636
Dril-Quip, Inc. *	18,294	504,549
DTE Midstream LLC	51,775	2,707,315
Earthstone Energy, Inc., Class A *	19,791	403,341
Enviva, Inc.	10,201	93,849
EOG Resources, Inc.	312,384	40,178,830
EQT Corp.	193,191	8,349,715
Equitrans Midstream Corp.	230,820	2,215,872
Excelerate Energy, Inc., Class A	9,162	170,413
Expro Group Holdings N.V. *	36,192	850,874
Exxon Mobil Corp.	2,159,184	240,079,669
Granite Ridge Resources, Inc.	6,739	49,869
Green Plains, Inc. *	32,662	1,013,828
Gulfport Energy Corp. *	5,641	665,638
Halliburton Co.	481,454	18,593,753
Helix Energy Solutions Group, Inc. *	77,583	786,692
Helmerich & Payne, Inc.	55,458	2,217,765
Hess Corp.	147,497	22,788,286
HF Sinclair Corp.	68,798	3,790,082
HighPeak Energy, Inc. (a)	6,811	100,326
International Seaways, Inc.	21,368	918,183

See financial notes

38Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Kinder Morgan, Inc.	1,054,700	18,161,934
Kinetik Holdings, Inc.	13,552	475,811
Kosmos Energy Ltd. *	243,869	1,775,366
Liberty Energy, Inc.	80,570	1,285,092
Magnolia Oil & Gas Corp., Class A	91,066	2,076,305
Marathon Oil Corp.	330,562	8,710,309
Marathon Petroleum Corp.	226,516	32,339,689
Matador Resources Co.	60,804	3,861,054
Murphy Oil Corp.	78,696	3,572,798
Nabors Industries Ltd. *	4,885	540,721
New Fortress Energy, Inc.	24,711	767,029
NexTier Oilfield Solutions, Inc. *	77,876	826,264
Noble Corp. plc	55,488	2,926,437
Northern Oil and Gas, Inc.	43,009	1,799,066
NOV, Inc.	209,448	4,425,636
Occidental Petroleum Corp.	383,842	24,101,439
Oceaneering International, Inc. *	55,215	1,258,350
ONEOK, Inc.	237,645	15,494,454
Ovintiv, Inc.	130,411	6,124,101
Par Pacific Holdings, Inc. *	32,355	1,111,394
Patterson-UTI Energy, Inc.	111,687	1,579,254
PBF Energy, Inc., Class A	58,445	2,740,486
Peabody Energy Corp.	61,347	1,323,868
Permian Resources Corp.	124,127	1,760,121
Phillips 66	245,022	27,971,712
Pioneer Natural Resources Co.	124,999	29,741,012
ProFrac Holding Corp., Class A *	17,071	187,781
ProPetro Holding Corp. *	51,728	498,658
Range Resources Corp.	128,322	4,155,066
RPC, Inc.	45,518	363,689
Schlumberger N.V.	760,335	44,829,352
SM Energy Co.	65,062	2,752,773
Southwestern Energy Co. *	583,284	3,954,666
Talos Energy, Inc. *	57,930	997,555
Targa Resources Corp.	120,713	10,411,496
TechnipFMC plc	235,320	4,480,493
Tellurian, Inc. *	270,364	302,808
Texas Pacific Land Corp.	3,290	6,200,827
The Williams Cos., Inc.	648,630	22,397,194
Transocean Ltd. *	377,726	3,089,799
Uranium Energy Corp. *	195,415	844,193
US Silica Holdings, Inc. *	40,312	497,047
Valaris Ltd. *	31,751	2,391,485
Valero Energy Corp.	193,072	25,080,053
Vital Energy, Inc. *	10,061	606,578
Vitesse Energy, Inc.	13,385	311,067
Weatherford International plc *	35,108	3,107,760
World Fuel Services Corp.	33,079	724,430
		1,040,455,326

Equity Real Estate Investment Trusts (REITs) 2.7%
Acadia Realty Trust	50,890	757,752
Agree Realty Corp.	49,719	3,073,629
Alexander & Baldwin, Inc.	37,984	684,092
Alexander's, Inc.	1,052	201,721
Alexandria Real Estate Equities, Inc.	84,135	9,788,266
American Assets Trust, Inc.	27,424	587,148
American Homes 4 Rent, Class A	167,570	6,039,223
American Tower Corp.	248,343	45,029,553
Americold Realty Trust, Inc.	143,486	4,828,304
Apartment Income REIT Corp.	79,750	2,716,285
Apartment Investment & Management Co., Class A	79,176	602,529
Apple Hospitality REIT, Inc.	112,321	1,687,061
Armada Hoffler Properties, Inc.	34,318	390,882
AvalonBay Communities, Inc.	75,746	13,923,630
Boston Properties, Inc.	76,680	5,119,924

SECURITY	NUMBER OF SHARES	VALUE ($)
Brandywine Realty Trust	92,862	464,310
Brixmor Property Group, Inc.	160,015	3,517,130
Broadstone Net Lease, Inc.	100,216	1,620,493
Camden Property Trust	56,977	6,131,865
CareTrust REIT, Inc.	53,048	1,068,917
Centerspace	8,139	526,919
Chatham Lodging Trust	24,839	242,925
City Office REIT, Inc.	26,532	133,721
Community Healthcare Trust, Inc.	13,358	443,352
Corporate Office Properties Trust	59,814	1,547,986
Cousins Properties, Inc.	81,101	1,905,873
Crown Castle, Inc.	232,030	23,319,015
CubeSmart	120,117	5,010,080
DiamondRock Hospitality Co.	109,403	881,788
Digital Realty Trust, Inc.	155,895	20,534,489
Diversified Healthcare Trust	120,369	326,802
Douglas Emmett, Inc.	91,858	1,255,699
Easterly Government Properties, Inc.	52,269	698,837
EastGroup Properties, Inc.	23,621	4,243,040
Elme Communities	46,925	721,706
Empire State Realty Trust, Inc., Class A	68,377	596,931
EPR Properties	40,360	1,807,321
Equinix, Inc.	49,942	39,023,680
Equity Commonwealth	58,442	1,112,151
Equity LifeStyle Properties, Inc.	93,239	6,243,283
Equity Residential	180,965	11,731,961
Essential Properties Realty Trust, Inc.	79,187	1,902,072
Essex Property Trust, Inc.	33,922	8,086,666
Extra Space Storage, Inc.	112,768	14,510,986
Federal Realty Investment Trust	38,895	3,809,376
First Industrial Realty Trust, Inc.	68,259	3,545,372
Four Corners Property Trust, Inc.	46,024	1,157,964
Franklin Street Properties Corp.	52,789	101,355
Gaming & Leisure Properties, Inc.	139,557	6,615,002
Getty Realty Corp.	23,978	719,820
Gladstone Commercial Corp.	22,561	296,677
Global Medical REIT, Inc.	33,881	327,968
Global Net Lease, Inc.	55,396	628,745
Healthcare Realty Trust, Inc.	203,706	3,568,929
Healthpeak Properties, Inc.	288,549	5,938,338
Highwoods Properties, Inc.	56,708	1,351,352
Host Hotels & Resorts, Inc.	380,041	6,000,847
Hudson Pacific Properties, Inc.	68,739	468,113
Independence Realty Trust, Inc.	119,778	2,015,864
Industrial Logistics Properties Trust	32,204	126,562
Innovative Industrial Properties, Inc.	15,123	1,319,935
InvenTrust Properties Corp.	36,572	874,437
Invitation Homes, Inc.	308,353	10,511,754
Iron Mountain, Inc.	155,632	9,888,857
JBG SMITH Properties	53,278	835,399
Kilroy Realty Corp.	56,614	2,091,887
Kimco Realty Corp.	325,027	6,156,011
Kite Realty Group Trust	116,339	2,625,771
Lamar Advertising Co., Class A	46,858	4,274,387
LTC Properties, Inc.	22,019	723,544
LXP Industrial Trust	156,300	1,534,866
Medical Properties Trust, Inc.	319,742	2,308,537
Mid-America Apartment Communities, Inc.	62,217	9,035,775
National Health Investors, Inc.	23,454	1,199,203
National Storage Affiliates Trust	44,111	1,482,130
NexPoint Diversified Real Estate Trust	18,457	174,603
NexPoint Residential Trust, Inc.	12,235	459,424
NNN REIT, Inc.	96,363	3,795,739
Office Properties Income Trust	31,600	233,840
Omega Healthcare Investors, Inc.	125,358	3,988,892
One Liberty Properties, Inc.	9,850	193,552

See financial notes

Schwab U.S. Equity ETFs | Annual Report39

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Orion Office REIT, Inc.	35,784	208,621
Outfront Media, Inc.	79,135	898,182
Paramount Group, Inc.	94,571	486,095
Park Hotels & Resorts, Inc.	115,344	1,479,864
Peakstone Realty Trust	19,182	376,926
Pebblebrook Hotel Trust	66,676	964,802
Phillips Edison & Co., Inc.	62,688	2,122,616
Physicians Realty Trust	127,975	1,780,132
Piedmont Office Realty Trust, Inc., Class A	66,942	459,892
PotlatchDeltic Corp.	42,482	2,007,699
Prologis, Inc.	492,791	61,204,642
Public Storage	84,284	23,294,412
Rayonier, Inc.	78,497	2,347,060
Realty Income Corp.	358,725	20,102,949
Regency Centers Corp.	86,032	5,351,190
Retail Opportunity Investments Corp.	66,194	890,971
Rexford Industrial Realty, Inc.	107,453	5,745,512
RLJ Lodging Trust	86,955	868,680
RPT Realty	48,381	548,641
Ryman Hospitality Properties, Inc.	31,411	2,670,877
Sabra Health Care REIT, Inc.	126,507	1,585,133
Safehold, Inc.	21,484	457,180
Saul Centers, Inc.	7,449	279,784
SBA Communications Corp.	57,901	13,000,512
Service Properties Trust	89,442	738,791
Simon Property Group, Inc.	174,520	19,806,275
SITE Centers Corp.	96,652	1,290,304
SL Green Realty Corp. (a)	35,318	1,386,585
Spirit Realty Capital, Inc.	75,132	2,900,847
STAG Industrial, Inc.	95,583	3,491,647
Star Holdings *	7,729	105,269
Summit Hotel Properties, Inc.	57,469	333,895
Sun Communities, Inc.	66,489	8,139,583
Sunstone Hotel Investors, Inc.	110,177	989,389
Tanger Factory Outlet Centers, Inc.	55,894	1,299,535
Terreno Realty Corp.	39,676	2,415,872
The Macerich Co.	116,351	1,360,143
The Necessity Retail REIT, Inc.	73,814	553,605
UDR, Inc.	164,909	6,579,869
UMH Properties, Inc.	30,735	459,488
Uniti Group, Inc.	134,203	720,670
Universal Health Realty Income Trust	6,510	303,561
Urban Edge Properties	63,724	1,042,525
Ventas, Inc.	213,126	9,309,344
Veris Residential, Inc. *	42,598	792,749
VICI Properties, Inc.	536,304	16,539,615
Vornado Realty Trust	86,735	2,083,375
Welltower, Inc.	264,803	21,946,873
Weyerhaeuser Co.	391,150	12,810,162
WP Carey, Inc.	114,115	7,423,181
Xenia Hotels & Resorts, Inc.	59,792	705,546
		630,081,894

Financial Services 7.6%
Affiliated Managers Group, Inc.	19,081	2,557,045
Affirm Holdings, Inc. *	113,079	2,353,174
AGNC Investment Corp.	318,904	3,160,339
Alerus Financial Corp.	9,902	193,089
Ally Financial, Inc.	161,084	4,460,416
AlTi Global, Inc. *(a)	12,371	90,432
American Express Co.	317,539	50,167,987
Ameriprise Financial, Inc.	56,103	18,939,251
Annaly Capital Management, Inc.	258,945	5,248,815
Apollo Commercial Real Estate Finance, Inc.	68,124	743,914
Apollo Global Management, Inc.	230,005	20,088,637

SECURITY	NUMBER OF SHARES	VALUE ($)
Arbor Realty Trust, Inc.	96,648	1,542,502
Ares Management Corp., Class A	87,022	9,001,556
ARMOUR Residential REIT, Inc.	108,543	532,946
Artisan Partners Asset Management, Inc., Class A	36,682	1,409,322
Assetmark Financial Holdings, Inc. *	10,926	315,652
Avantax, Inc. *	21,009	439,508
AvidXchange Holdings, Inc. *	74,216	762,940
B. Riley Financial, Inc. (a)	9,037	462,740
Berkshire Hathaway, Inc., Class B *	952,388	343,050,158
BGC Group, Inc., Class A	181,515	896,684
BlackRock, Inc.	79,916	55,984,355
Blackstone Mortgage Trust, Inc., Class A	91,692	2,019,058
Blackstone, Inc.	377,040	40,105,745
Block, Inc. *	289,198	16,672,265
Blue Owl Capital, Inc.	189,934	2,269,711
Bread Financial Holdings, Inc.	27,159	1,020,635
Brightsphere Investment Group, Inc.	16,406	339,768
BrightSpire Capital, Inc.	68,485	476,656
Cannae Holdings, Inc. *	39,325	771,950
Cantaloupe, Inc. *	28,052	222,172
Capital One Financial Corp.	204,026	20,890,222
Cass Information Systems, Inc.	6,983	267,728
Cboe Global Markets, Inc.	56,321	8,431,817
Chimera Investment Corp.	129,220	781,781
Claros Mortgage Trust, Inc.	64,741	737,400
CME Group, Inc.	192,199	38,954,893
Cohen & Steers, Inc.	13,819	900,722
Coinbase Global, Inc., Class A *	88,888	7,075,485
Corebridge Financial, Inc.	79,004	1,408,641
Credit Acceptance Corp. *	3,168	1,589,607
Curo Group Holdings Corp. *	15,661	16,914
Diamond Hill Investment Group, Inc.	1,690	285,204
Discover Financial Services	135,677	12,220,427
Donnelley Financial Solutions, Inc. *	13,709	675,442
Dynex Capital, Inc.	28,674	371,615
Ellington Financial, Inc.	34,199	457,241
Enact Holdings, Inc.	19,295	552,995
Encore Capital Group, Inc. *	12,471	584,391
Enova International, Inc. *	16,538	834,342
Equitable Holdings, Inc.	176,667	5,088,010
Essent Group Ltd.	56,468	2,835,823
Euronet Worldwide, Inc. *	25,104	2,193,085
Evercore, Inc., Class A	18,978	2,657,869
EVERTEC, Inc.	34,417	1,361,881
FactSet Research Systems, Inc.	20,488	8,941,168
Federal Agricultural Mortgage Corp., Class C	5,442	915,997
Federated Hermes, Inc.	44,914	1,561,211
Fidelity National Information Services, Inc.	316,691	17,690,359
FirstCash Holdings, Inc.	19,630	1,753,352
Fiserv, Inc. *	329,438	39,990,479
FleetCor Technologies, Inc. *	39,424	10,712,683
Flywire Corp. *	39,245	1,357,092
Focus Financial Partners, Inc., Class A *(c)	31,038	1,645,014
Forge Global Holdings, Inc. *(a)	55,165	135,154
Franklin BSP Realty Trust, Inc.	43,563	615,981
Franklin Resources, Inc.	151,940	4,062,876
Global Payments, Inc.	139,939	17,728,872
Granite Point Mortgage Trust, Inc.	28,072	149,904
Green Dot Corp., Class A *	24,990	370,852
Hamilton Lane, Inc., Class A	19,747	1,832,324
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	56,213	1,257,485

See financial notes

40Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Houlihan Lokey, Inc.	26,931	2,836,912
Interactive Brokers Group, Inc., Class A	54,891	4,999,472
Intercontinental Exchange, Inc.	298,961	35,274,408
International Money Express, Inc. *	16,867	291,799
Invesco Ltd.	245,578	3,909,602
Invesco Mortgage Capital, Inc.	21,585	242,831
Jack Henry & Associates, Inc.	39,014	6,116,615
Jackson Financial, Inc., Class A	31,569	1,186,994
Janus Henderson Group plc	71,004	1,950,480
Jefferies Financial Group, Inc.	99,774	3,560,934
KKR & Co., Inc.	308,762	19,393,341
KKR Real Estate Finance Trust, Inc.	30,262	378,578
Ladder Capital Corp.	57,235	627,296
Lazard Ltd., Class A	61,040	2,120,530
LendingClub Corp. *	55,696	387,644
LendingTree, Inc. *	5,642	106,690
LPL Financial Holdings, Inc.	41,484	9,565,796
MarketAxess Holdings, Inc.	20,054	4,831,610
Marqeta, Inc., Class A *	235,863	1,450,557
Mastercard, Inc., Class A	447,047	184,469,474
Merchants Bancorp	13,373	390,090
MFA Financial, Inc.	47,586	521,543
MGIC Investment Corp.	159,006	2,795,325
Moelis & Co., Class A	35,732	1,694,054
Moneylion, Inc. *	2,607	58,345
Moody's Corp.	84,251	28,375,737
Morgan Stanley	695,830	59,249,924
Morningstar, Inc.	13,372	3,111,263
Mr Cooper Group, Inc. *	35,929	2,035,737
MSCI, Inc.	42,825	23,280,526
Nasdaq, Inc.	180,732	9,484,815
Navient Corp.	53,599	946,022
Nelnet, Inc., Class A	9,490	871,656
NerdWallet, Inc., Class A *	16,601	149,409
New York Mortgage Trust, Inc.	52,063	495,640
NewtekOne, Inc. (a)	13,763	246,495
NMI Holdings, Inc., Class A *	43,655	1,249,406
Northern Trust Corp.	110,451	8,402,008
OneMain Holdings, Inc.	63,982	2,655,893
Open Lending Corp., Class A *	54,075	446,119
Payoneer Global, Inc. *	105,545	653,324
PayPal Holdings, Inc. *	595,578	37,229,581
PennyMac Financial Services, Inc.	15,653	1,123,416
PennyMac Mortgage Investment Trust	46,950	629,599
Piper Sandler Cos.	7,878	1,173,664
PJT Partners, Inc., Class A	12,999	1,026,791
PRA Group, Inc. *	20,294	395,327
PROG Holdings, Inc. *	24,892	853,796
Radian Group, Inc.	83,914	2,272,391
Raymond James Financial, Inc.	101,913	10,659,081
Ready Capital Corp.	83,919	916,395
Redwood Trust, Inc.	63,600	509,436
Remitly Global, Inc. *	53,337	1,341,426
Repay Holdings Corp. *	40,577	374,120
Rithm Capital Corp.	256,596	2,645,505
Robinhood Markets, Inc., Class A *	278,795	3,036,078
Rocket Cos., Inc., Class A *(a)	68,432	730,854
S&P Global, Inc.	175,050	68,420,043
SEI Investments Co.	53,741	3,335,166
Shift4 Payments, Inc., Class A *	30,633	1,739,648
SLM Corp.	130,453	1,857,651
SoFi Technologies, Inc. *	441,874	3,826,629
Starwood Property Trust, Inc.	166,529	3,402,187
State Street Corp.	178,496	12,269,815
StepStone Group, Inc., Class A	26,944	831,761
Stifel Financial Corp.	56,904	3,699,898
StoneX Group, Inc. *	9,237	867,170

SECURITY	NUMBER OF SHARES	VALUE ($)
Synchrony Financial	228,881	7,388,279
T. Rowe Price Group, Inc.	119,261	13,384,662
TFS Financial Corp.	24,605	334,874
The Bank of New York Mellon Corp.	383,560	17,210,337
The Carlyle Group, Inc.	116,103	3,755,932
The Charles Schwab Corp. (d)	787,506	46,580,980
The Goldman Sachs Group, Inc.	177,575	58,193,103
The Western Union Co.	200,797	2,479,843
Toast, Inc., Class A *	180,452	4,000,621
TPG RE Finance Trust, Inc.	32,986	248,055
TPG, Inc.	28,598	804,176
Tradeweb Markets, Inc., Class A	61,348	5,302,308
Two Harbors Investment Corp.	53,766	740,358
Upstart Holdings, Inc. *(a)	38,477	1,237,805
UWM Holdings Corp. (a)	49,804	296,832
Victory Capital Holdings, Inc., Class A	14,123	486,114
Virtu Financial, Inc., Class A	47,699	893,879
Virtus Investment Partners, Inc.	3,623	750,323
Visa, Inc., Class A	864,129	212,299,213
Voya Financial, Inc.	52,542	3,661,127
Walker & Dunlop, Inc.	16,544	1,411,865
Waterstone Financial, Inc.	10,817	134,239
WEX, Inc. *	22,879	4,488,402
WisdomTree, Inc.	62,384	455,403
World Acceptance Corp. *	1,641	221,223
		1,790,936,035

Food, Beverage & Tobacco 3.0%
Altria Group, Inc.	954,803	42,221,389
Archer-Daniels-Midland Co.	289,816	22,982,409
B&G Foods, Inc.	37,943	485,291
Beyond Meat, Inc. *(a)	33,700	397,660
BRC, Inc., Class A *(a)	18,991	85,839
Brown-Forman Corp., Class B	128,268	8,482,363
Bunge Ltd.	80,519	9,204,932
Calavo Growers, Inc.	10,250	337,840
Cal-Maine Foods, Inc.	19,902	951,117
Campbell Soup Co.	107,543	4,484,543
Celsius Holdings, Inc. *	21,670	4,248,187
Coca-Cola Consolidated, Inc.	2,475	1,729,777
Conagra Brands, Inc.	255,008	7,619,639
Constellation Brands, Inc., Class A	85,946	22,394,090
Darling Ingredients, Inc. *	84,883	5,242,374
Flowers Foods, Inc.	103,743	2,444,185
Fresh Del Monte Produce, Inc.	16,175	413,271
Freshpet, Inc. *	25,437	1,920,748
General Mills, Inc.	313,643	21,221,085
Hormel Foods Corp.	155,018	5,982,145
Hostess Brands, Inc. *	70,751	2,014,988
Ingredion, Inc.	35,008	3,602,673
J&J Snack Foods Corp.	8,121	1,316,658
John B Sanfilippo & Son, Inc.	4,938	495,528
Kellogg Co.	137,450	8,387,199
Keurig Dr Pepper, Inc.	447,395	15,054,842
Lamb Weston Holdings, Inc.	77,686	7,567,393
Lancaster Colony Corp.	10,535	1,740,277
McCormick & Co., Inc. Non Voting Shares	134,215	11,016,367
MGP Ingredients, Inc.	8,373	1,003,923
Mission Produce, Inc. *	21,736	206,927
Molson Coors Beverage Co., Class B	100,512	6,381,507
Mondelez International, Inc., Class A	726,858	51,795,901
Monster Beverage Corp. *	407,530	23,396,297
National Beverage Corp. *	12,733	653,330
PepsiCo, Inc.	736,563	131,049,289
Philip Morris International, Inc.	828,897	79,623,846
Pilgrim's Pride Corp. *	24,390	613,652

See financial notes

Schwab U.S. Equity ETFs | Annual Report41

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Post Holdings, Inc. *	28,719	2,576,381
Seaboard Corp.	132	497,684
Sovos Brands, Inc. *	25,757	576,957
The Boston Beer Co., Inc., Class A *	4,959	1,812,167
The Coca-Cola Co.	2,080,301	124,464,409
The Duckhorn Portfolio, Inc. *	22,470	279,527
The Hain Celestial Group, Inc. *	48,878	517,618
The Hershey Co.	78,592	16,886,277
The J.M. Smucker Co.	56,978	8,258,961
The Kraft Heinz Co.	426,485	14,112,389
The Simply Good Foods Co. *	44,933	1,621,183
The Vita Coco Co., Inc. *	12,658	358,095
Tootsie Roll Industries, Inc.	10,023	322,239
TreeHouse Foods, Inc. *	27,372	1,273,345
Turning Point Brands, Inc.	8,993	221,408
Tyson Foods, Inc., Class A	152,920	8,146,048
Universal Corp.	13,401	638,156
Utz Brands, Inc.	35,051	541,187
Vector Group Ltd.	69,374	742,996
Vital Farms, Inc. *	15,646	184,310
Westrock Coffee Co. *	6,641	66,676
		692,867,494

Health Care Equipment & Services 5.3%
23andMe Holding Co., Class A *	156,855	172,540
Abbott Laboratories	928,882	95,581,958
Acadia Healthcare Co., Inc. *	49,156	3,789,928
Accolade, Inc. *	33,794	455,881
AdaptHealth Corp. *	40,664	485,122
Addus HomeCare Corp. *	8,691	762,201
Agiliti, Inc. *	18,183	175,466
agilon health, Inc. *	155,288	2,751,703
AirSculpt Technologies, Inc. *(a)	2,323	17,841
Akili, Inc., Class A *	18,240	17,879
Align Technology, Inc. *	38,009	14,068,651
Alignment Healthcare, Inc. *	43,593	254,583
Amedisys, Inc. *	17,508	1,641,375
American Well Corp., Class A *	130,164	184,833
AMN Healthcare Services, Inc. *	21,202	1,873,833
AngioDynamics, Inc. *	22,048	177,045
Apollo Medical Holdings, Inc. *	20,978	794,227
Artivion, Inc. *	23,157	391,816
AtriCure, Inc. *	25,418	1,147,623
Atrion Corp.	747	347,430
Avanos Medical, Inc. *	24,752	520,782
Aveanna Healthcare Holdings, Inc. *	32,406	46,665
AxoGen, Inc. *	23,010	144,043
Axonics, Inc. *	26,632	1,526,014
Baxter International, Inc.	271,167	11,009,380
Becton Dickinson & Co.	151,343	42,292,801
Bioventus, Inc., Class A *	19,441	69,988
Boston Scientific Corp. *	768,086	41,430,559
Brookdale Senior Living, Inc. *	98,421	418,289
Butterfly Network, Inc. *(a)	52,621	93,139
Cano Health, Inc. *	115,181	35,625
Cardinal Health, Inc.	135,842	11,863,082
Castle Biosciences, Inc. *	12,794	254,984
Cencora, Inc.	86,984	15,307,444
Centene Corp. *	292,831	18,053,031
Certara, Inc. *	57,198	924,320
Cerus Corp. *	94,507	178,618
Chemed Corp.	7,964	4,073,108
Clover Health Investments Corp. *	191,732	251,169
Community Health Systems, Inc. *	64,005	216,337
Computer Programs & Systems, Inc. *	8,348	135,822
CONMED Corp.	16,411	1,829,170
CorVel Corp. *	4,874	1,054,977

SECURITY	NUMBER OF SHARES	VALUE ($)
CVS Health Corp.	684,391	44,601,761
DaVita, Inc. *	29,459	3,017,191
Definitive Healthcare Corp., Class A *	22,679	213,183
Dentsply Sirona, Inc.	113,282	4,201,629
DexCom, Inc. *	207,172	20,920,229
DocGo, Inc. *	44,658	399,689
Doximity, Inc., Class A *	63,426	1,512,076
Edwards Lifesciences Corp. *	322,659	24,673,734
Elevance Health, Inc.	126,733	56,017,253
Embecta Corp.	30,195	553,474
Encompass Health Corp.	53,176	3,777,623
Enovis Corp. *	25,813	1,446,561
Envista Holdings Corp. *	87,643	2,806,329
Evolent Health, Inc., Class A *	51,097	1,303,484
Fulgent Genetics, Inc. *	11,287	369,762
GE Healthcare, Inc.	208,322	14,676,285
GeneDx Holdings Corp. *	9,801	43,614
Glaukos Corp. *	25,614	1,924,636
Globus Medical, Inc., Class A *	42,745	2,312,504
GoodRx Holdings, Inc., Class A *	41,211	269,108
Guardant Health, Inc. *	61,188	2,391,227
Haemonetics Corp. *	27,019	2,424,415
HCA Healthcare, Inc.	110,164	30,548,477
Health Catalyst, Inc. *	30,589	357,585
HealthEquity, Inc. *	45,902	3,100,680
HealthStream, Inc.	12,028	252,949
Henry Schein, Inc. *	69,918	5,351,524
Hims & Hers Health, Inc. *	65,342	438,445
Hologic, Inc. *	131,549	9,831,972
Humana, Inc.	66,747	30,812,418
ICU Medical, Inc. *	10,882	1,578,216
IDEXX Laboratories, Inc. *	44,324	22,667,737
Inari Medical, Inc. *	27,591	1,838,112
Innovage Holding Corp. *(a)	12,189	66,796
Inogen, Inc. *	14,634	90,877
Inspire Medical Systems, Inc. *	15,490	3,514,371
Insulet Corp. *	37,232	7,137,747
Integer Holdings Corp. *	17,577	1,499,494
Integra LifeSciences Holdings Corp. *	38,688	1,645,788
Intuitive Surgical, Inc. *	187,206	58,535,572
Invitae Corp. *(a)	138,921	128,377
iRhythm Technologies, Inc. *	16,458	1,701,263
Laboratory Corp. of America Holdings	47,455	9,875,385
Lantheus Holdings, Inc. *	36,432	2,493,406
LeMaitre Vascular, Inc.	10,742	620,995
LifeStance Health Group, Inc. *	49,815	408,981
LivaNova plc *	28,583	1,587,786
Masimo Corp. *	25,926	2,962,823
McKesson Corp.	72,396	29,850,319
Medtronic plc	710,154	57,877,551
Merit Medical Systems, Inc. *	30,461	1,988,494
ModivCare, Inc. *	7,060	226,626
Molina Healthcare, Inc. *	31,230	9,685,048
Multiplan Corp. *	129,385	221,248
National HealthCare Corp.	7,164	472,466
National Research Corp.	7,892	329,886
Neogen Corp. *	116,234	2,687,330
NeoGenomics, Inc. *	66,975	1,006,634
Nevro Corp. *	19,518	391,141
NextGen Healthcare, Inc. *	29,026	528,563
Novocure Ltd. *	48,809	1,076,727
NuVasive, Inc. *	28,690	1,140,427
OmniAb, Inc., Class A *(c)	3,072	0
OmniAb, Inc., Class B *(c)	3,072	0
Omnicell, Inc. *	24,242	1,378,400
OPKO Health, Inc. *	221,002	404,434
Option Care Health, Inc. *	88,882	3,095,760
OraSure Technologies, Inc. *	41,221	266,288

See financial notes

42Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Orchestra BioMed Holdings, Inc. *	6,953	43,387
Orthofix Medical, Inc. *	17,870	378,129
OrthoPediatrics Corp. *	8,785	335,763
Outset Medical, Inc. *	27,506	374,357
Owens & Minor, Inc. *	40,762	688,878
Paragon 28, Inc. *	15,828	226,815
Patterson Cos., Inc.	46,068	1,383,883
Pediatrix Medical Group, Inc. *	45,338	640,626
Penumbra, Inc. *	20,391	5,393,419
PetIQ, Inc. *	14,757	281,564
Phreesia, Inc. *	28,433	809,488
Premier, Inc., Class A	62,867	1,353,527
Privia Health Group, Inc. *	51,068	1,340,535
PROCEPT BioRobotics Corp. *	17,089	582,906
Progyny, Inc. *	40,906	1,527,430
Pulmonx Corp. *	18,926	197,966
Quest Diagnostics, Inc.	59,769	7,859,623
QuidelOrtho Corp. *	29,108	2,397,335
R1 RCM, Inc. *	73,595	1,268,778
RadNet, Inc. *	30,453	1,017,435
ResMed, Inc.	78,452	12,520,155
Schrodinger, Inc. *	28,265	1,042,696
Select Medical Holdings Corp.	56,014	1,636,169
Semler Scientific, Inc. *	2,627	69,248
Senseonics Holdings, Inc. *(a)	255,415	129,802
Sharecare, Inc. *	179,100	169,715
Shockwave Medical, Inc. *	19,569	4,312,812
SI-BONE, Inc. *	17,228	394,177
Sight Sciences, Inc. *	13,984	91,735
Silk Road Medical, Inc. *	20,535	396,736
Simulations Plus, Inc.	8,579	381,680
STAAR Surgical Co. *	26,238	1,137,680
STERIS plc	52,679	12,094,572
Stryker Corp.	180,346	51,137,108
Surgery Partners, Inc. *	37,443	1,357,683
Surmodics, Inc. *	7,974	293,603
Tandem Diabetes Care, Inc. *	33,922	928,106
Teladoc Health, Inc. *	87,655	1,984,509
Teleflex, Inc.	24,995	5,317,436
Tenet Healthcare Corp. *	54,450	4,223,142
The Cigna Group	157,900	43,621,454
The Cooper Cos., Inc.	26,456	9,788,455
The Ensign Group, Inc.	29,825	2,989,061
The Joint Corp. *	7,497	69,647
The Pennant Group, Inc. *	16,005	191,740
TransMedics Group, Inc. *	17,491	1,147,934
Treace Medical Concepts, Inc. *	18,651	290,023
UnitedHealth Group, Inc.	497,219	236,964,631
Universal Health Services, Inc., Class B	33,542	4,518,107
US Physical Therapy, Inc.	7,774	783,852
Varex Imaging Corp. *	20,749	408,133
Veeva Systems, Inc., Class A *	77,835	16,244,164
Veradigm, Inc. *	58,038	776,548
Vicarious Surgical, Inc. *	27,206	25,155
Zimmer Biomet Holdings, Inc.	111,281	13,255,793
Zimvie, Inc. *	10,828	127,770
		1,237,275,242

Household & Personal Products 1.4%
BellRing Brands, Inc. *	71,179	2,953,929
Central Garden & Pet Co. *	5,310	234,383
Central Garden & Pet Co., Class A *	21,949	895,519
Church & Dwight Co., Inc.	130,541	12,632,453
Colgate-Palmolive Co.	443,552	32,587,765
Coty, Inc., Class A *	194,983	2,254,003
Edgewell Personal Care Co.	27,544	1,062,097

SECURITY	NUMBER OF SHARES	VALUE ($)
elf Beauty, Inc. *	26,867	3,726,722
Energizer Holdings, Inc.	36,125	1,240,894
Herbalife Ltd. *	51,507	773,635
Inter Parfums, Inc.	9,777	1,366,140
Kenvue, Inc.	921,000	21,229,056
Kimberly-Clark Corp.	180,475	23,250,594
Medifast, Inc.	5,909	498,365
Nu Skin Enterprises, Inc., Class A	27,489	656,712
Olaplex Holdings, Inc. *	32,029	86,799
Reynolds Consumer Products, Inc.	28,598	780,439
Spectrum Brands Holdings, Inc.	22,269	1,852,113
The Beauty Health Co. *	49,946	307,667
The Clorox Co.	66,078	10,337,903
The Estee Lauder Cos., Inc., Class A	123,987	19,903,633
The Honest Co., Inc. *	30,757	45,520
The Procter & Gamble Co.	1,259,422	194,379,192
USANA Health Sciences, Inc. *	5,880	378,025
Veru, Inc. *(a)	41,771	43,442
WD-40 Co.	7,177	1,542,122
		335,019,122

Insurance 2.2%
Aflac, Inc.	294,613	21,969,291
Ambac Financial Group, Inc. *	22,481	289,555
American Equity Investment Life Holding Co.	33,440	1,795,059
American Financial Group, Inc.	37,310	4,324,975
American International Group, Inc.	386,988	22,646,538
AMERISAFE, Inc.	10,136	525,045
Aon plc, Class A	109,147	36,388,518
Arch Capital Group Ltd. *	198,658	15,268,854
Argo Group International Holdings Ltd.	18,315	544,871
Arthur J. Gallagher & Co.	114,465	26,381,893
Assurant, Inc.	28,473	3,967,143
Assured Guaranty Ltd.	31,527	1,855,049
Axis Capital Holdings Ltd.	41,585	2,281,353
Bright Health Group, Inc. *	1,708	14,450
Brighthouse Financial, Inc. *	34,884	1,732,339
Brown & Brown, Inc.	125,942	9,332,302
BRP Group, Inc., Class A *	33,359	887,016
Chubb Ltd.	221,144	44,421,195
Cincinnati Financial Corp.	84,180	8,905,402
CNA Financial Corp.	14,244	560,217
CNO Financial Group, Inc.	61,301	1,434,443
Employers Holdings, Inc.	14,201	557,105
Enstar Group Ltd. *	7,196	1,822,675
Erie Indemnity Co., Class A	13,331	3,715,750
Everest Group Ltd.	23,042	8,310,789
F&G Annuities & Life, Inc.	9,892	280,043
Fidelity National Financial, Inc.	145,533	6,025,066
First American Financial Corp.	54,937	3,388,514
Genworth Financial, Inc., Class A *	251,933	1,458,692
Globe Life, Inc.	47,282	5,275,253
Goosehead Insurance, Inc., Class A *	12,585	879,188
Hagerty, Inc., Class A *	19,015	173,797
Hippo Holdings, Inc. *	7,900	78,842
Horace Mann Educators Corp.	22,232	637,169
James River Group Holdings Ltd.	19,380	282,173
Kemper Corp.	34,285	1,610,366
Kinsale Capital Group, Inc.	11,628	4,635,270
Lemonade, Inc. *(a)	24,015	330,446
Lincoln National Corp.	83,231	2,135,707
Loews Corp.	101,004	6,271,338
Markel Group, Inc. *	7,103	10,504,769
Marsh & McLennan Cos., Inc.	264,783	51,630,037
MBIA, Inc. *	27,152	214,229

See financial notes

Schwab U.S. Equity ETFs | Annual Report43

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Mercury General Corp.	14,846	424,744
MetLife, Inc.	343,712	21,770,718
National Western Life Group, Inc., Class A	1,238	562,721
Old Republic International Corp.	144,635	3,955,767
Oscar Health, Inc., Class A *	63,451	397,838
Palomar Holdings, Inc. *	13,250	675,883
Primerica, Inc.	19,260	3,870,490
Principal Financial Group, Inc.	120,325	9,350,456
ProAssurance Corp.	29,757	526,104
Prudential Financial, Inc.	193,584	18,326,597
Reinsurance Group of America, Inc.	35,551	4,928,080
RenaissanceRe Holdings Ltd.	26,711	5,018,730
RLI Corp.	21,721	2,856,746
Ryan Specialty Holdings, Inc., Class A *	49,846	2,429,993
Safety Insurance Group, Inc.	8,127	559,706
Selective Insurance Group, Inc.	32,282	3,202,697
Selectquote, Inc. *	65,741	80,204
SiriusPoint Ltd. *	45,706	505,508
Skyward Specialty Insurance Group, Inc. *	4,859	118,171
Stewart Information Services Corp.	14,537	673,354
The Allstate Corp.	139,592	15,049,414
The Hanover Insurance Group, Inc.	18,974	2,024,905
The Hartford Financial Services Group, Inc.	164,172	11,790,833
The Progressive Corp.	312,757	41,743,677
The Travelers Cos., Inc.	123,645	19,935,283
Trupanion, Inc. *	18,548	551,432
United Fire Group, Inc.	11,907	235,401
Unum Group	99,183	4,878,812
W.R. Berkley Corp.	107,512	6,650,692
White Mountains Insurance Group Ltd.	1,369	2,174,917
Willis Towers Watson plc	56,797	11,743,348
		512,755,947

Materials 2.7%
AdvanSix, Inc.	14,691	485,978
Air Products and Chemicals, Inc.	118,724	35,081,755
Albemarle Corp.	62,690	12,457,130
Alcoa Corp.	95,948	2,886,116
Alpha Metallurgical Resources, Inc.	6,963	1,412,375
Amcor plc	786,120	7,656,809
AptarGroup, Inc.	34,727	4,603,411
Arch Resources, Inc.	9,856	1,287,194
Ashland, Inc.	26,033	2,255,239
ATI, Inc. *	68,180	3,090,599
Avery Dennison Corp.	43,038	8,107,498
Avient Corp.	46,115	1,849,673
Axalta Coating Systems Ltd. *	118,442	3,351,909
Balchem Corp.	17,203	2,417,022
Ball Corp.	168,122	9,154,243
Berry Global Group, Inc.	63,483	4,147,979
Cabot Corp.	29,744	2,155,250
Carpenter Technology Corp.	26,061	1,632,200
Celanese Corp.	53,469	6,756,343
Century Aluminum Co. *	28,875	214,830
CF Industries Holdings, Inc.	103,985	8,014,124
Chase Corp.	4,153	525,355
Clearwater Paper Corp. *	9,331	357,284
Cleveland-Cliffs, Inc. *	274,522	4,197,441
Coeur Mining, Inc. *	180,643	435,350
Commercial Metals Co.	61,917	3,485,308
Compass Minerals International, Inc.	18,090	545,414

SECURITY	NUMBER OF SHARES	VALUE ($)
Corteva, Inc.	378,239	19,104,852
Crown Holdings, Inc.	63,967	5,927,182
Danimer Scientific, Inc. *(a)	46,650	90,968
Dow, Inc.	376,777	20,556,953
DuPont de Nemours, Inc.	245,449	18,872,574
Eagle Materials, Inc.	19,095	3,615,065
Eastman Chemical Co.	63,752	5,419,558
Ecolab, Inc.	132,462	24,347,840
Ecovyst, Inc. *	36,860	377,446
Element Solutions, Inc.	119,514	2,464,379
FMC Corp.	66,807	5,760,768
Freeport-McMoRan, Inc.	765,623	30,556,014
Ginkgo Bioworks Holdings, Inc. *(a)	590,863	1,382,619
Graphic Packaging Holding Co.	163,701	3,640,710
Greif, Inc., Class A	16,977	1,232,360
H.B. Fuller Co.	29,086	2,109,608
Hawkins, Inc.	9,782	608,343
Hecla Mining Co.	312,015	1,369,746
Huntsman Corp.	91,535	2,551,080
Ingevity Corp. *	18,024	971,313
Innospec, Inc.	13,142	1,411,714
International Flavors & Fragrances, Inc.	135,772	9,565,137
International Paper Co.	185,394	6,473,958
Kaiser Aluminum Corp.	8,783	666,805
Knife River Corp. *	26,831	1,380,723
Koppers Holdings, Inc.	11,271	431,567
Kronos Worldwide, Inc.	13,059	109,696
Linde plc	261,567	101,236,892
Livent Corp. *	96,205	2,065,521
Louisiana-Pacific Corp.	38,386	2,398,357
LSB Industries, Inc. *	23,483	237,648
LyondellBasell Industries N.V., Class A	135,429	13,376,322
Martin Marietta Materials, Inc.	33,073	14,764,118
Materion Corp.	10,841	1,179,392
Mativ Holdings, Inc.	28,669	470,172
Mercer International, Inc.	22,343	203,098
Minerals Technologies, Inc.	17,628	1,077,071
MP Materials Corp. *	48,622	1,018,145
Myers Industries, Inc.	20,369	383,141
NewMarket Corp.	3,531	1,658,299
Newmont Corp.	426,382	16,807,978
Nucor Corp.	134,171	23,090,829
O-I Glass, Inc. *	83,219	1,652,729
Olin Corp.	64,167	3,722,969
Orion S.A.	29,865	675,546
Packaging Corp. of America	48,011	7,158,440
Pactiv Evergreen, Inc.	21,084	173,310
Perimeter Solutions S.A. *	80,868	477,930
Piedmont Lithium, Inc. *	8,999	402,795
PPG Industries, Inc.	125,878	17,844,465
PureCycle Technologies, Inc. *(a)	69,829	623,573
Quaker Chemical Corp.	7,355	1,305,365
Ranpak Holdings Corp. *	20,649	130,708
Reliance Steel & Aluminum Co.	31,709	9,035,797
Royal Gold, Inc.	35,185	3,943,887
RPM International, Inc.	68,612	6,843,361
Schnitzer Steel Industries, Inc., Class A	13,736	456,035
Sealed Air Corp.	76,610	2,839,167
Sensient Technologies Corp.	22,550	1,389,306
Silgan Holdings, Inc.	44,940	2,028,142
Sonoco Products Co.	52,148	2,995,903
Steel Dynamics, Inc.	85,736	9,138,600
Stepan Co.	11,505	1,004,041
Summit Materials, Inc., Class A *	62,990	2,356,456
SunCoke Energy, Inc.	43,568	405,182

See financial notes

44Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Sylvamo Corp.	16,817	702,446
The Chemours Co.	79,887	2,717,756
The Mosaic Co.	177,461	6,894,360
The Scotts Miracle-Gro Co.	21,870	1,239,154
The Sherwin-Williams Co.	125,432	34,082,383
TimkenSteel Corp. *	20,894	457,788
TriMas Corp.	22,102	579,072
Trinseo plc	18,721	197,132
Tronox Holdings plc	60,210	821,264
United States Lime & Minerals, Inc.	1,044	226,110
United States Steel Corp.	120,340	3,741,371
Valhi, Inc.	1,707	22,601
Vulcan Materials Co.	71,169	15,532,634
Warrior Met Coal, Inc.	27,366	1,082,599
Westlake Corp.	18,296	2,396,410
Westrock Co.	136,468	4,463,868
Worthington Industries, Inc.	16,226	1,221,331
		632,511,776

Media & Entertainment 7.3%
Activision Blizzard, Inc.	382,029	35,142,848
Advantage Solutions, Inc. *	48,810	136,668
Alphabet, Inc., Class A *	3,172,636	432,017,844
Alphabet, Inc., Class C *	2,728,911	374,815,926
Altice USA, Inc., Class A *	112,366	344,964
AMC Entertainment Holdings, Inc., Class A *(a)	32,055	402,290
AMC Networks, Inc., Class A *	15,285	177,917
Angi, Inc. *	46,670	114,808
Atlanta Braves Holdings, Inc., Class C *	29,530	1,087,885
Bumble, Inc., Class A *	53,466	897,160
Cable One, Inc.	2,492	1,621,220
Cardlytics, Inc. *	17,464	290,950
Cargurus, Inc. *	47,863	866,799
Cars.com, Inc. *	34,005	635,553
Charter Communications, Inc., Class A *	55,482	24,307,774
Cinemark Holdings, Inc. *	58,340	949,775
Clear Channel Outdoor Holdings, Inc. *	258,051	374,174
Comcast Corp., Class A	2,220,901	103,849,331
DISH Network Corp., Class A *	135,256	811,536
Electronic Arts, Inc.	139,202	16,701,456
Endeavor Group Holdings, Inc., Class A *	96,249	2,106,891
Eventbrite, Inc., Class A *	45,738	463,326
Fox Corp., Class A	212,036	7,009,910
fuboTV, Inc. *	159,498	373,225
Gannett Co., Inc. *	84,609	246,212
Gray Television, Inc.	45,536	367,020
Grindr, Inc. *	13,397	68,861
IAC, Inc. *	40,998	2,268,419
iHeartMedia, Inc., Class A *	56,161	202,741
Integral Ad Science Holding Corp. *	25,253	360,360
John Wiley & Sons, Inc., Class A	23,227	863,115
Liberty Broadband Corp., Class C *	71,809	6,718,450
Liberty Media Corp.-Liberty Formula One, Class C *	122,289	8,412,260
Liberty Media Corp.-Liberty Live, Class C *	35,713	1,201,743
Liberty Media Corp.-Liberty SiriusXM, Class C *	121,475	2,968,849
Lions Gate Entertainment Corp., Class A *	93,526	740,726
Live Nation Entertainment, Inc. *	76,878	6,498,497

SECURITY	NUMBER OF SHARES	VALUE ($)
Loop Media, Inc. *	19,024	16,568
Madison Square Garden Entertainment Corp. *	16,869	541,326
Madison Square Garden Sports Corp.	9,548	1,699,544
Magnite, Inc. *	64,597	532,925
Match Group, Inc. *	149,094	6,988,036
MediaAlpha, Inc., Class A *	12,804	107,426
Meta Platforms, Inc., Class A *	1,181,303	349,535,745
Netflix, Inc. *	237,543	103,017,648
News Corp., Class A	268,560	5,771,354
Nexstar Media Group, Inc., Class A	19,098	3,109,154
Nextdoor Holdings, Inc. *	68,780	149,253
Omnicom Group, Inc.	106,273	8,609,176
Paramount Global, Class B (a)	274,804	4,146,792
Pinterest, Inc., Class A *	316,824	8,709,492
Playtika Holding Corp. *	48,487	473,233
QuinStreet, Inc. *	26,268	260,053
ROBLOX Corp., Class A *	197,594	5,589,934
Roku, Inc. *	66,045	5,362,854
Rumble, Inc. *(a)	43,232	361,852
Scholastic Corp.	15,337	666,393
Shutterstock, Inc.	12,742	536,566
Sinclair, Inc.	21,859	275,861
Sirius XM Holdings, Inc. (a)	371,347	1,633,927
Skillz, Inc. *	7,498	61,409
Snap, Inc., Class A *	533,114	5,517,730
Sphere Entertainment Co. *	14,038	492,172
System1, Inc. *	10,248	18,241
Take-Two Interactive Software, Inc. *	84,121	11,962,006
TechTarget, Inc. *	13,693	393,674
TEGNA, Inc.	120,815	1,997,072
The E.W. Scripps Co., Class A *	29,547	225,739
The Interpublic Group of Cos., Inc.	205,769	6,710,127
The New York Times Co., Class A	85,873	3,801,598
The Trade Desk, Inc., Class A *	237,122	18,976,874
The Walt Disney Co. *	975,641	81,641,639
TripAdvisor, Inc. *	56,955	860,590
Vimeo, Inc. *	81,988	326,312
Vivid Seats, Inc., Class A *	10,496	76,201
Warner Bros Discovery, Inc. *	1,186,257	15,587,417
Warner Music Group Corp., Class A	62,257	2,073,158
WideOpenWest, Inc. *	29,117	235,848
World Wrestling Entertainment, Inc., Class A	23,327	2,252,222
Yelp, Inc. *	36,751	1,574,780
Ziff Davis, Inc. *	24,966	1,663,984
ZipRecruiter, Inc., Class A *	24,593	373,568
ZoomInfo Technologies, Inc. *	144,556	2,604,899
		1,703,939,855

Pharmaceuticals, Biotechnology & Life Sciences 7.7%
10X Genomics, Inc., Class A *	52,480	2,721,088
2seventy bio, Inc. *	27,695	143,737
4D Molecular Therapeutics, Inc. *	19,928	324,428
AbbVie, Inc.	942,090	138,449,546
Absci Corp. *	25,362	45,398
ACADIA Pharmaceuticals, Inc. *	63,567	1,717,580
ACELYRIN, Inc. *	16,579	419,946
Aclaris Therapeutics, Inc. *	32,036	239,629
Acrivon Therapeutics, Inc. *	4,150	48,638
Adaptive Biotechnologies Corp. *	61,535	416,592
Agenus, Inc. *	161,172	222,417
Agilent Technologies, Inc.	158,031	19,132,813
Agios Pharmaceuticals, Inc. *	29,146	799,475
Akero Therapeutics, Inc. *	19,942	989,721
Akoya Biosciences, Inc. *	10,385	54,002
Alector, Inc. *	36,201	197,295

See financial notes

Schwab U.S. Equity ETFs | Annual Report45

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Alkermes plc *	87,917	2,566,297
Allogene Therapeutics, Inc. *	48,131	187,230
Allovir, Inc. *	24,351	76,219
Alnylam Pharmaceuticals, Inc. *	66,485	13,152,063
ALX Oncology Holdings, Inc. *	14,595	62,175
Amgen, Inc.	285,451	73,172,509
Amicus Therapeutics, Inc. *	134,703	1,726,892
Amneal Pharmaceuticals, Inc. *	57,383	234,696
Amphastar Pharmaceuticals, Inc. *	20,615	1,098,986
Amylyx Pharmaceuticals, Inc. *	21,835	470,763
AnaptysBio, Inc. *	9,233	181,705
Anavex Life Sciences Corp. *	45,094	356,243
Anika Therapeutics, Inc. *	7,652	136,588
Apellis Pharmaceuticals, Inc. *	52,825	2,229,743
Arcellx, Inc. *	15,843	567,813
Arcturus Therapeutics Holdings, Inc. *	12,690	385,142
Arcus Biosciences, Inc. *	27,522	564,201
Arcutis Biotherapeutics, Inc. *	23,254	198,589
Arrowhead Pharmaceuticals, Inc. *	57,140	1,579,350
Arvinas, Inc. *	25,523	720,004
Atara Biotherapeutics, Inc. *	57,976	84,645
Atea Pharmaceuticals, Inc. *	44,007	147,864
Avantor, Inc. *	361,601	7,828,662
Avid Bioservices, Inc. *	32,474	383,193
Avidity Biosciences, Inc. *	39,164	296,080
Axsome Therapeutics, Inc. *	19,844	1,603,395
Azenta, Inc. *	35,019	1,976,122
Beam Therapeutics, Inc. *	34,443	798,389
BioCryst Pharmaceuticals, Inc. *	101,105	718,857
Biogen, Inc. *	77,157	20,628,696
Biohaven Ltd. *	34,159	624,768
BioLife Solutions, Inc. *	18,137	239,590
BioMarin Pharmaceutical, Inc. *	100,178	9,154,266
Bio-Rad Laboratories, Inc., Class A *	11,395	4,560,279
Bio-Techne Corp.	84,275	6,607,160
Bioxcel Therapeutics, Inc. *	11,031	41,697
Blueprint Medicines Corp. *	32,449	1,617,907
Bridgebio Pharma, Inc. *	64,762	1,937,031
Bristol-Myers Squibb Co.	1,122,383	69,194,912
Bruker Corp.	53,121	3,484,738
C4 Therapeutics, Inc. *	26,033	75,496
Cara Therapeutics, Inc. *	38,831	99,796
CareDx, Inc. *	27,778	258,613
Caribou Biosciences, Inc. *	28,855	169,956
Cassava Sciences, Inc. *(a)	21,181	444,166
Catalent, Inc. *	95,726	4,783,428
Catalyst Pharmaceuticals, Inc. *	53,611	752,698
Celldex Therapeutics, Inc. *	24,728	689,911
Century Therapeutics, Inc. *	11,163	27,684
Cerevel Therapeutics Holdings, Inc. *	34,966	828,694
Charles River Laboratories International, Inc. *	27,404	5,667,695
Codexis, Inc. *	33,964	59,097
Coherus Biosciences, Inc. *	34,840	185,697
Collegium Pharmaceutical, Inc. *	18,405	431,045
Corcept Therapeutics, Inc. *	48,044	1,572,480
Crinetics Pharmaceuticals, Inc. *	24,675	427,371
CRISPR Therapeutics AG *	41,958	2,098,320
CryoPort, Inc. *	24,534	345,929
Cullinan Oncology, Inc. *	13,500	139,725
Cytek Biosciences, Inc. *	42,172	320,507
Cytokinetics, Inc. *	51,752	1,808,215
Danaher Corp.	354,472	93,935,080
Day One Biopharmaceuticals, Inc. *	18,850	254,287
Deciphera Pharmaceuticals, Inc. *	29,851	419,108
Denali Therapeutics, Inc. *	59,526	1,374,455
Design Therapeutics, Inc. *	15,525	38,502
Dynavax Technologies Corp. *	62,851	902,540

SECURITY	NUMBER OF SHARES	VALUE ($)
Dyne Therapeutics, Inc. *	16,882	192,455
Eagle Pharmaceuticals, Inc. *	5,378	91,157
Edgewise Therapeutics, Inc. *	22,756	142,225
Editas Medicine, Inc. *	36,134	321,954
Elanco Animal Health, Inc. *	249,083	3,038,813
Eli Lilly & Co.	420,825	233,221,215
Emergent BioSolutions, Inc. *	22,857	107,199
Enanta Pharmaceuticals, Inc. *	11,095	164,761
Entrada Therapeutics, Inc. *	9,207	135,527
EQRx, Inc. *	122,229	279,904
Erasca, Inc. *	44,033	114,045
Exact Sciences Corp. *	96,277	8,055,497
Exelixis, Inc. *	174,672	3,910,906
Fate Therapeutics, Inc. *	44,895	112,686
FibroGen, Inc. *	49,182	47,215
Fortrea Holdings, Inc. *	46,901	1,292,123
G1 Therapeutics, Inc. *	28,630	47,812
Genelux Corp. *	740	17,893
Generation Bio Co. *	33,862	161,860
Gilead Sciences, Inc.	666,089	50,942,487
Gossamer Bio, Inc. *	46,210	48,058
Halozyme Therapeutics, Inc. *	70,404	2,996,394
Harmony Biosciences Holdings, Inc. *	15,487	561,404
Heron Therapeutics, Inc. *	76,555	125,550
HilleVax, Inc. *	6,807	90,805
Horizon Therapeutics plc *	121,092	13,651,912
Humacyte, Inc. *(a)	22,187	84,976
IGM Biosciences, Inc. *	4,931	35,257
Illumina, Inc. *	84,020	13,881,784
ImmunityBio, Inc. *(a)	75,411	121,412
ImmunoGen, Inc. *	124,284	1,968,659
Immunovant, Inc. *	29,729	675,146
Incyte Corp. *	98,869	6,380,017
Inhibrx, Inc. *	16,749	358,429
Innoviva, Inc. *	30,514	389,054
Inovio Pharmaceuticals, Inc. *	235,069	105,758
Insmed, Inc. *	73,638	1,611,936
Instil Bio, Inc. *	55,456	25,016
Intellia Therapeutics, Inc. *	47,206	1,769,281
Intra-Cellular Therapies, Inc. *	47,851	2,656,688
Invivyd, Inc. *(a)	33,524	62,355
Ionis Pharmaceuticals, Inc. *	76,935	3,098,172
Iovance Biotherapeutics, Inc. *	119,707	723,030
IQVIA Holdings, Inc. *	98,703	21,974,249
Ironwood Pharmaceuticals, Inc. *	70,670	621,896
iTeos Therapeutics, Inc. *	13,523	163,155
Jazz Pharmaceuticals plc *	34,215	4,905,062
Johnson & Johnson	1,286,079	207,933,253
Karuna Therapeutics, Inc. *	16,146	3,031,573
Keros Therapeutics, Inc. *	9,958	349,625
Kinnate Biopharma, Inc. *	8,087	18,034
Kodiak Sciences, Inc. *	19,478	42,852
Kronos Bio, Inc. *	29,509	41,018
Krystal Biotech, Inc. *	11,712	1,457,910
Kura Oncology, Inc. *	32,869	326,389
Kymera Therapeutics, Inc. *	21,043	401,500
Lexicon Pharmaceuticals, Inc. *	54,343	93,470
Ligand Pharmaceuticals, Inc. *	9,070	596,534
Lyell Immunopharma, Inc. *	76,172	182,051
MacroGenics, Inc. *	32,319	150,607
Madrigal Pharmaceuticals, Inc. *	6,892	1,240,560
MannKind Corp. *	137,736	634,963
Maravai LifeSciences Holdings, Inc., Class A *	59,233	612,469
Medpace Holdings, Inc. *	13,193	3,565,672
Merck & Co., Inc.	1,355,388	147,710,184
Mersana Therapeutics, Inc. *	55,291	61,373
Mesa Laboratories, Inc.	2,759	395,530

See financial notes

46Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Mettler-Toledo International, Inc. *	11,758	14,268,098
MiMedx Group, Inc. *	60,337	447,701
Mind Medicine MindMed, Inc. *	23,967	99,463
Mineralys Therapeutics, Inc. *	6,494	83,383
Mirati Therapeutics, Inc. *	32,945	1,225,554
Moderna, Inc. *	175,327	19,824,224
Monte Rosa Therapeutics, Inc. *	15,607	91,613
Morphic Holding, Inc. *	19,449	1,071,251
Myriad Genetics, Inc. *	43,026	768,014
NanoString Technologies, Inc. *	38,195	97,779
Natera, Inc. *	61,057	3,585,878
Nektar Therapeutics *	117,014	69,623
Neurocrine Biosciences, Inc. *	52,042	5,666,853
Nkarta, Inc. *	18,565	31,932
Novavax, Inc. *(a)	46,713	373,704
Nurix Therapeutics, Inc. *	24,789	210,707
Nuvation Bio, Inc. *	70,241	115,195
Ocean Biomedical, Inc. *(a)	7,978	35,981
Ocugen, Inc. *	150,671	64,954
Omeros Corp. *(a)	32,978	114,104
OmniAb, Inc. *	53,982	313,096
Organogenesis Holdings, Inc. *	42,992	120,378
Organon & Co.	135,438	2,974,218
Pacific Biosciences of California, Inc. *	124,166	1,400,592
Pacira BioSciences, Inc. *	24,924	879,817
Perrigo Co., plc	72,572	2,540,020
Pfizer, Inc.	3,013,488	106,617,205
Phathom Pharmaceuticals, Inc. *	12,158	174,954
Phibro Animal Health Corp., Class A	10,877	151,734
Pliant Therapeutics, Inc. *	24,351	411,045
PMV Pharmaceuticals, Inc. *	18,820	135,880
Poseida Therapeutics, Inc. *	27,215	56,879
Precigen, Inc. *	98,356	172,123
Prelude Therapeutics, Inc. *	8,957	33,410
Prestige Consumer Healthcare, Inc. *	26,583	1,550,586
Prime Medicine, Inc. *	5,170	68,451
Protagonist Therapeutics, Inc. *	28,706	568,953
Prothena Corp. plc *	21,687	1,145,507
PTC Therapeutics, Inc. *	39,676	1,567,202
Quanterix Corp. *	19,400	519,920
RAPT Therapeutics, Inc. *	13,294	253,915
Reata Pharmaceuticals, Inc., Class A *	15,517	2,622,373
Recursion Pharmaceuticals, Inc., Class A *	70,350	612,045
Regeneron Pharmaceuticals, Inc. *	57,693	47,682,688
REGENXBIO, Inc. *	21,414	379,028
Relay Therapeutics, Inc. *	46,815	478,449
Repligen Corp. *	27,589	4,798,003
Replimune Group, Inc. *	20,327	415,077
Revance Therapeutics, Inc. *	45,465	801,548
REVOLUTION Medicines, Inc. *	49,489	1,681,141
Revvity, Inc.	66,483	7,780,505
Rhythm Pharmaceuticals, Inc. *	23,744	617,581
Rocket Pharmaceuticals, Inc. *	31,362	490,815
Roivant Sciences Ltd. *	60,217	696,711
Royalty Pharma plc, Class A	201,088	5,996,444
Sage Therapeutics, Inc. *	27,817	556,340
Sana Biotechnology, Inc. *	50,451	269,913
Sarepta Therapeutics, Inc. *	49,729	6,017,706
Scholar Rock Holding Corp. *	18,890	118,063
Scilex Holding Co. *(c)	38,288	108,187
Seagen, Inc. *	74,239	15,298,431
Seer, Inc. *	21,005	55,243
Seres Therapeutics, Inc. *	48,955	168,895
SIGA Technologies, Inc.	20,794	95,444
SomaLogic, Inc. *	90,284	199,528
Sotera Health Co. *	53,431	862,376
SpringWorks Therapeutics, Inc. *	23,936	674,516

SECURITY	NUMBER OF SHARES	VALUE ($)
Stoke Therapeutics, Inc. *	15,083	84,766
Supernus Pharmaceuticals, Inc. *	29,724	946,412
Syndax Pharmaceuticals, Inc. *	35,478	656,698
Syneos Health, Inc. *	55,263	2,361,388
Tarsus Pharmaceuticals, Inc. *	9,988	174,890
TG Therapeutics, Inc. *	75,777	793,385
TherapeuticsMD, Inc. *	8,619	32,666
Theravance Biopharma, Inc. *	27,555	262,324
Thermo Fisher Scientific, Inc.	206,039	114,784,327
Third Harmonic Bio, Inc. *	6,349	38,538
Travere Therapeutics, Inc. *	34,765	496,444
Twist Bioscience Corp. *	30,437	669,310
Tyra Biosciences, Inc. *	6,026	91,776
Ultragenyx Pharmaceutical, Inc. *	37,572	1,382,274
uniQure N.V. *	22,791	198,510
United Therapeutics Corp. *	24,966	5,601,372
Vanda Pharmaceuticals, Inc. *	27,750	144,023
Vaxart, Inc. *	83,614	68,781
Vaxcyte, Inc. *	40,930	2,125,086
Ventyx Biosciences, Inc. *	14,898	499,083
Veracyte, Inc. *	39,147	1,033,481
Vericel Corp. *	25,720	844,388
Vertex Pharmaceuticals, Inc. *	137,465	47,884,558
Verve Therapeutics, Inc. *	21,504	276,756
Viatris, Inc.	638,736	6,866,412
Vir Biotechnology, Inc. *	40,870	517,414
Waters Corp. *	31,577	8,866,822
West Pharmaceutical Services, Inc.	39,661	16,138,061
Xencor, Inc. *	32,147	706,591
Y-mAbs Therapeutics, Inc. *	16,951	85,942
Zentalis Pharmaceuticals, Inc. *	31,881	846,759
Zoetis, Inc.	246,782	47,014,439
Zura Bio Ltd. *	6,798	46,770
		1,797,876,407

Real Estate Management & Development 0.2%
Anywhere Real Estate, Inc. *	60,964	399,924
CBRE Group, Inc., Class A *	165,752	14,097,208
Compass, Inc., Class A *	144,716	520,978
CoStar Group, Inc. *	218,344	17,902,024
Cushman & Wakefield plc *	88,338	811,826
DigitalBridge Group, Inc.	78,923	1,374,839
Doma Holdings, Inc. *	3,023	19,226
eXp World Holdings, Inc.	39,093	751,367
Forestar Group, Inc. *	12,268	349,761
FRP Holdings, Inc. *	3,539	201,617
Howard Hughes Holdings, Inc. *	18,571	1,460,609
Jones Lang LaSalle, Inc. *	25,435	4,395,168
Kennedy-Wilson Holdings, Inc.	63,579	1,015,357
Marcus & Millichap, Inc.	13,339	444,189
Newmark Group, Inc., Class A	68,186	483,439
Offerpad Solutions, Inc. *	11,454	149,360
Opendoor Technologies, Inc. *	284,309	1,108,805
RE/MAX Holdings, Inc., Class A	10,409	168,626
Redfin Corp. *	60,632	577,217
Seritage Growth Properties, Class A *	20,288	153,174
Tejon Ranch Co. *	13,897	231,802
The RMR Group, Inc., Class A	7,974	201,583
The St. Joe Co.	17,648	1,089,587
WeWork, Inc., Class A *	388,486	45,841
Zillow Group, Inc., Class C *	115,243	6,011,075
		53,964,602

Semiconductors & Semiconductor Equipment 7.0%
ACM Research, Inc., Class A *	22,988	403,669
Advanced Micro Devices, Inc. *	860,072	90,926,812

See financial notes

Schwab U.S. Equity ETFs | Annual Report47

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Allegro MicroSystems, Inc. *	34,924	1,335,843
Alpha & Omega Semiconductor Ltd. *	11,575	365,191
Ambarella, Inc. *	20,270	1,259,780
Amkor Technology, Inc.	54,311	1,518,536
Analog Devices, Inc.	270,051	49,089,871
Applied Materials, Inc.	451,571	68,981,986
Axcelis Technologies, Inc. *	17,438	3,350,712
Broadcom, Inc.	222,674	205,503,608
CEVA, Inc. *	12,230	283,981
Cirrus Logic, Inc. *	29,395	2,411,566
Cohu, Inc. *	25,440	951,202
Credo Technology Group Holding Ltd. *	50,469	830,720
Diodes, Inc. *	24,259	1,985,599
Enphase Energy, Inc. *	73,208	9,263,008
Entegris, Inc.	79,957	8,097,245
First Solar, Inc. *	53,033	10,029,601
FormFactor, Inc. *	41,320	1,459,422
Ichor Holdings Ltd. *	15,192	556,483
Impinj, Inc. *	11,814	786,458
Intel Corp.	2,225,254	78,195,425
KLA Corp.	73,286	36,780,045
Kulicke & Soffa Industries, Inc.	30,133	1,558,780
Lam Research Corp.	71,695	50,358,568
Lattice Semiconductor Corp. *	73,458	7,144,525
MACOM Technology Solutions Holdings, Inc. *	27,411	2,317,874
Marvell Technology, Inc.	459,326	26,755,739
MaxLinear, Inc. *	39,906	937,791
Microchip Technology, Inc.	292,463	23,935,172
Micron Technology, Inc.	582,689	40,753,269
MKS Instruments, Inc.	30,515	3,058,518
Monolithic Power Systems, Inc.	24,047	12,533,537
Navitas Semiconductor Corp. *	45,165	398,807
NVIDIA Corp.	1,320,672	651,817,666
NXP Semiconductors N.V.	139,273	28,651,242
ON Semiconductor Corp. *	230,634	22,708,224
Onto Innovation, Inc. *	26,051	3,620,568
PDF Solutions, Inc. *	15,866	576,570
Photronics, Inc. *	33,876	804,894
Power Integrations, Inc.	30,561	2,567,735
Qorvo, Inc. *	53,145	5,707,241
QUALCOMM, Inc.	595,497	68,202,271
Rambus, Inc. *	57,978	3,274,018
Rigetti Computing, Inc. *	53,437	96,187
Semtech Corp. *	33,626	879,320
Silicon Laboratories, Inc. *	16,995	2,291,946
SiTime Corp. *	8,741	1,159,843
SkyWater Technology, Inc. *	6,449	43,208
Skyworks Solutions, Inc.	84,992	9,242,030
SMART Global Holdings, Inc. *	27,282	704,694
SolarEdge Technologies, Inc. *	30,088	4,891,406
Synaptics, Inc. *	20,906	1,830,111
Teradyne, Inc.	82,529	8,902,403
Texas Instruments, Inc.	485,449	81,584,559
Ultra Clean Holdings, Inc. *	23,400	822,744
Universal Display Corp.	23,337	3,793,663
Veeco Instruments, Inc. *	26,848	783,693
Wolfspeed, Inc. *	67,013	3,204,562
		1,652,280,141

Software & Services 11.4%
8x8, Inc. *	61,483	199,820
A10 Networks, Inc.	34,698	516,653
Accenture plc, Class A	337,507	109,274,641
ACI Worldwide, Inc. *	57,213	1,389,132
Adeia, Inc.	55,313	556,449

SECURITY	NUMBER OF SHARES	VALUE ($)
Adobe, Inc. *	244,992	137,033,825
Agilysys, Inc. *	10,543	743,756
Akamai Technologies, Inc. *	81,278	8,541,505
Alarm.com Holdings, Inc. *	26,814	1,570,496
Alkami Technology, Inc. *	19,311	336,398
Altair Engineering, Inc., Class A *	28,454	1,891,622
Alteryx, Inc., Class A *	34,016	1,004,152
Amplitude, Inc., Class A *	34,957	408,298
ANSYS, Inc. *	46,287	14,759,536
Appfolio, Inc., Class A *	10,153	1,957,194
Appian Corp., Class A *	22,716	1,106,269
AppLovin Corp., Class A *	67,474	2,916,226
Asana, Inc., Class A *	42,360	910,316
Aspen Technology, Inc. *	15,541	3,014,954
Atlassian Corp., Class A *	80,714	16,470,499
Aurora Innovation, Inc. *	247,517	784,629
Autodesk, Inc. *	113,788	25,254,109
AvePoint, Inc. *	46,307	321,371
Bentley Systems, Inc., Class B	106,625	5,321,654
BigCommerce Holdings, Inc. *	34,840	369,304
Bill Holdings, Inc. *	51,104	5,892,291
Black Knight, Inc. *	83,406	6,318,839
Blackbaud, Inc. *	23,977	1,824,889
Blackline, Inc. *	29,880	1,794,593
Blend Labs, Inc., Class A *(a)	87,112	101,050
Box, Inc., Class A *	76,437	2,024,052
Braze, Inc., Class A *	20,878	965,816
C3.ai, Inc., Class A *(a)	46,911	1,455,179
Cadence Design Systems, Inc. *	145,570	35,000,851
CCC Intelligent Solutions Holdings, Inc. *	55,015	588,660
Cerence, Inc. *	21,591	563,525
Cipher Mining, Inc. *(a)	26,515	84,583
Clear Secure, Inc., Class A	43,978	956,082
Clearwater Analytics Holdings, Inc., Class A *	42,722	775,404
Cloudflare, Inc., Class A *	154,668	10,058,060
Cognizant Technology Solutions Corp., Class A	272,325	19,501,193
CommVault Systems, Inc. *	23,244	1,587,798
Confluent, Inc., Class A *	100,402	3,322,302
Consensus Cloud Solutions, Inc. *	9,250	295,352
Couchbase, Inc. *	12,975	221,872
Crowdstrike Holdings, Inc., Class A *	119,773	19,526,592
CS Disco, Inc. *	10,937	103,901
Datadog, Inc., Class A *	134,575	12,983,796
Digital Turbine, Inc. *	49,155	437,971
DigitalOcean Holdings, Inc. *	30,081	813,691
DocuSign, Inc. *	108,161	5,440,498
Dolby Laboratories, Inc., Class A	31,735	2,680,655
Domo, Inc., Class B *	16,951	180,698
DoubleVerify Holdings, Inc. *	54,132	1,830,203
Dropbox, Inc., Class A *	145,082	4,031,829
D-Wave Quantum, Inc. *(a)	29,539	34,265
DXC Technology Co. *	121,187	2,513,418
Dynatrace, Inc. *	115,396	5,562,087
E2open Parent Holdings, Inc. *	91,302	440,989
Ebix, Inc.	12,257	204,692
Elastic N.V. *	41,992	2,598,465
Enfusion, Inc., Class A *	9,368	80,003
EngageSmart, Inc. *	15,425	273,177
Envestnet, Inc. *	28,823	1,574,600
EPAM Systems, Inc. *	30,928	8,010,043
Everbridge, Inc. *	21,525	534,035
EverCommerce, Inc. *	15,350	162,249
Expensify, Inc., Class A *	23,334	100,103
Fair Isaac Corp. *	13,301	12,031,952
Fastly, Inc., Class A *	60,688	1,443,768

See financial notes

48Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Five9, Inc. *	38,269	2,769,528
Fortinet, Inc. *	348,117	20,960,125
Freshworks, Inc., Class A *	89,947	1,967,141
Gartner, Inc. *	42,158	14,741,809
Gen Digital, Inc.	304,698	6,170,134
Gitlab, Inc., Class A *	35,337	1,673,914
GoDaddy, Inc., Class A *	81,935	5,941,107
Grid Dynamics Holdings, Inc. *	29,343	341,259
Guidewire Software, Inc. *	43,341	3,745,963
HashiCorp, Inc., Class A *	51,307	1,496,112
HubSpot, Inc. *	26,470	14,466,384
Informatica, Inc., Class A *	20,680	433,246
Instructure Holdings, Inc. *	8,957	232,076
Intapp, Inc. *	11,534	422,260
InterDigital, Inc.	14,314	1,241,167
International Business Machines Corp.	484,941	71,203,887
Intuit, Inc.	149,802	81,164,222
Jamf Holding Corp. *	23,705	399,666
Kaltura, Inc. *	36,885	69,713
Kyndryl Holdings, Inc. *	110,526	1,865,679
LivePerson, Inc. *	49,293	207,031
LiveRamp Holdings, Inc. *	34,388	1,112,108
Manhattan Associates, Inc. *	32,993	6,685,042
Marathon Digital Holdings, Inc. *(a)	89,740	1,128,032
MariaDB plc *	19,768	11,507
Matterport, Inc. *	130,020	348,454
MeridianLink, Inc. *	10,556	186,947
Microsoft Corp.	3,970,952	1,301,519,227
MicroStrategy, Inc., Class A *	5,853	2,092,623
Model N, Inc. *	18,377	496,179
MongoDB, Inc. *	37,410	14,264,433
N-Able, Inc. *	37,235	497,832
nCino, Inc. *	41,727	1,371,566
NCR Corp. *	75,405	2,319,458
New Relic, Inc. *	31,252	2,659,858
NextNav, Inc. *	18,242	78,805
Nutanix, Inc., Class A *	122,442	3,807,946
Okta, Inc. *	82,878	6,921,142
ON24, Inc.	22,555	154,727
OneSpan, Inc. *	19,744	241,864
Oracle Corp.	822,449	99,014,635
PagerDuty, Inc. *	45,908	1,182,590
Palantir Technologies, Inc., Class A *	957,256	14,339,695
Palo Alto Networks, Inc. *	161,555	39,306,331
Pegasystems, Inc.	22,171	1,101,012
Perficient, Inc. *	18,864	1,203,335
Porch Group, Inc. *	38,028	32,134
PowerSchool Holdings, Inc., Class A *	21,186	468,634
Procore Technologies, Inc. *	37,573	2,538,056
Progress Software Corp.	23,040	1,401,754
PROS Holdings, Inc. *	22,005	789,099
PTC, Inc. *	57,085	8,401,199
Q2 Holdings, Inc. *	31,249	1,075,278
Qualys, Inc. *	17,938	2,792,050
Rackspace Technology, Inc. *	35,433	88,582
Rapid7, Inc. *	32,617	1,643,571
RingCentral, Inc., Class A *	41,795	1,292,719
Riot Platforms, Inc. *	95,746	1,086,717
Roper Technologies, Inc.	57,110	28,501,317
Salesforce, Inc. *	522,517	115,716,615
Samsara, Inc., Class A *	65,629	1,795,609
SentinelOne, Inc., Class A *	126,078	2,096,677
ServiceNow, Inc. *	108,679	63,993,456
Smartsheet, Inc., Class A *	70,986	2,962,246
Snowflake, Inc., Class A *	153,918	24,142,038
SolarWinds Corp. *	25,916	276,005
SoundHound AI, Inc., Class A *(a)	75,200	189,504

SECURITY	NUMBER OF SHARES	VALUE ($)
Splunk, Inc. *	81,367	9,866,562
Sprinklr, Inc., Class A *	42,235	639,016
Sprout Social, Inc., Class A *	25,529	1,366,823
SPS Commerce, Inc. *	19,457	3,621,531
Squarespace, Inc., Class A *	22,110	666,616
Synopsys, Inc. *	81,300	37,307,757
Telos Corp. *	24,860	64,885
Tenable Holdings, Inc. *	61,556	2,792,796
Teradata Corp. *	53,596	2,479,887
Thoughtworks Holding, Inc. *	34,285	170,396
Tucows, Inc., Class A *	4,729	111,841
Twilio, Inc., Class A *	93,745	5,972,494
Tyler Technologies, Inc. *	22,360	8,908,895
UiPath, Inc., Class A *	191,829	3,032,816
Unisys Corp. *	34,223	137,919
Unity Software, Inc. *	119,449	4,427,974
Upland Software, Inc. *	20,831	73,950
Varonis Systems, Inc. *	58,854	1,879,208
Verint Systems, Inc. *	33,945	1,099,479
VeriSign, Inc. *	48,795	10,139,113
VMware, Inc., Class A *	111,994	18,902,347
Workday, Inc., Class A *	109,334	26,732,163
Workiva, Inc. *	24,955	2,791,217
Xperi, Inc. *	22,067	260,391
Yext, Inc. *	55,063	482,352
Zeta Global Holdings Corp., Class A *	70,332	571,799
Zoom Video Communications, Inc., Class A *	117,991	8,380,901
Zscaler, Inc. *	45,770	7,142,408
Zuora, Inc., Class A *	67,505	614,971
		2,669,058,417

Technology Hardware & Equipment 8.3%
908 Devices, Inc. *	10,730	77,149
ADTRAN Holdings, Inc.	37,194	318,009
Advanced Energy Industries, Inc.	19,999	2,361,282
Aeva Technologies, Inc. *	63,572	59,923
AEye, Inc. *	75,509	19,632
Amphenol Corp., Class A	317,905	28,096,444
Apple Inc.	7,896,196	1,483,458,165
Arista Networks, Inc. *	133,447	26,052,858
Arrow Electronics, Inc. *	30,010	4,004,234
Avid Technology, Inc. *	18,272	487,132
Avnet, Inc.	48,348	2,453,661
Badger Meter, Inc.	15,723	2,611,276
Belden, Inc.	22,848	2,145,427
Benchmark Electronics, Inc.	19,126	492,303
Calix, Inc. *	30,709	1,428,276
Casa Systems, Inc. *	20,928	20,300
CDW Corp.	72,162	15,237,006
Ciena Corp. *	80,060	4,001,399
Cisco Systems, Inc.	2,186,845	125,415,561
Clearfield, Inc. *	6,807	239,266
Cognex Corp.	90,866	4,277,971
Coherent Corp. *	75,050	2,824,131
CommScope Holding Co., Inc. *	110,756	369,925
Comtech Telecommunications Corp.	16,496	165,785
Corning, Inc.	406,623	13,345,367
Corsair Gaming, Inc. *	21,322	335,182
Crane NXT Co.	25,569	1,517,776
CTS Corp.	16,961	757,309
Dell Technologies, Inc., Class C	136,470	7,675,073
Digi International, Inc. *	19,624	655,049
ePlus, Inc. *	14,213	943,459
Evolv Technologies Holdings, Inc. *	40,516	283,207
Extreme Networks, Inc. *	68,580	1,882,521
F5, Inc. *	32,067	5,248,085

See financial notes

Schwab U.S. Equity ETFs | Annual Report49

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Fabrinet *	19,354	3,111,543
FARO Technologies, Inc. *	9,909	157,157
Harmonic, Inc. *	60,140	642,295
Hewlett Packard Enterprise Co.	692,048	11,757,896
HP, Inc.	462,501	13,740,905
Infinera Corp. *	109,982	514,716
Inseego Corp. *	42,564	27,049
Insight Enterprises, Inc. *	15,379	2,462,024
IonQ, Inc. *	83,897	1,442,189
IPG Photonics Corp. *	16,619	1,800,835
Itron, Inc. *	24,429	1,671,188
Jabil, Inc.	70,663	8,085,260
Juniper Networks, Inc.	170,849	4,975,123
Keysight Technologies, Inc. *	94,600	12,610,180
Kimball Electronics, Inc. *	13,749	415,082
Knowles Corp. *	50,798	814,292
Lightwave Logic, Inc. *(a)	60,088	379,155
Littelfuse, Inc.	13,310	3,554,835
Lumentum Holdings, Inc. *	36,368	1,968,600
Methode Electronics, Inc.	19,297	622,328
MicroVision, Inc. *(a)	95,265	240,068
Mirion Technologies, Inc. *	66,002	563,657
Motorola Solutions, Inc.	89,885	25,488,689
Movella Holdings, Inc. *	15,916	12,660
Napco Security Technologies, Inc.	15,371	380,893
National Instruments Corp.	70,052	4,175,099
NetApp, Inc.	114,073	8,749,399
NETGEAR, Inc. *	16,134	212,646
NetScout Systems, Inc. *	35,789	1,024,639
nLight, Inc. *	23,751	270,999
Novanta, Inc. *	18,983	3,169,781
OSI Systems, Inc. *	8,239	1,123,388
Ouster, Inc. *	15,416	86,792
PAR Technology Corp. *	14,958	650,374
PC Connection, Inc.	5,785	307,299
Plexus Corp. *	14,648	1,487,504
Presto Automation, Inc. *	14,224	47,366
Pure Storage, Inc., Class A *	154,502	5,653,228
Ribbon Communications, Inc. *	48,417	143,314
Rogers Corp. *	9,842	1,422,267
Sanmina Corp. *	30,916	1,722,021
ScanSource, Inc. *	12,720	416,962
Seagate Technology Holdings plc	103,457	7,323,721
SmartRent, Inc. *	67,564	229,718
Super Micro Computer, Inc. *	24,351	6,698,473
TD SYNNEX Corp.	22,255	2,264,446
TE Connectivity Ltd.	167,521	22,178,105
Teledyne Technologies, Inc. *	25,089	10,494,729
Trimble, Inc. *	132,469	7,257,977
TTM Technologies, Inc. *	56,129	836,322
Ubiquiti, Inc.	2,172	380,165
ViaSat, Inc. *	41,091	1,139,864
Viavi Solutions, Inc. *	119,362	1,247,333
Vishay Intertechnology, Inc.	67,823	1,861,063
Vontier Corp.	83,399	2,619,563
Western Digital Corp. *	171,684	7,725,780
Xerox Holdings Corp.	61,673	979,984
Zebra Technologies Corp., Class A *	27,190	7,477,522
		1,948,076,605

Telecommunication Services 0.8%
Anterix, Inc. *	10,671	353,103
AT&T, Inc.	3,813,185	56,397,006
ATN International, Inc.	5,570	199,796
Bandwidth, Inc., Class A *	12,385	177,973
Cogent Communications Holdings, Inc.	22,868	1,614,024

SECURITY	NUMBER OF SHARES	VALUE ($)
Consolidated Communications Holdings, Inc. *	40,257	159,015
EchoStar Corp., Class A *	18,302	318,089
Frontier Communications Parent, Inc. *	119,252	1,910,417
GCI Liberty, Inc. *(c)	47,809	8,632
Globalstar, Inc. *	397,314	572,132
Gogo, Inc. *	35,988	408,464
IDT Corp., Class B *	11,152	260,734
Iridium Communications, Inc.	67,116	3,285,328
Liberty Global plc, Class C *	216,905	4,303,395
Liberty Latin America Ltd., Class A *	5,246	46,899
Liberty Latin America Ltd., Class C *	90,870	814,195
Lumen Technologies, Inc. *	502,530	799,023
Radius Global Infrastructure, Inc., Class A *	41,591	620,538
Shenandoah Telecommunications Co.	27,362	622,212
Telephone and Data Systems, Inc.	53,864	1,157,537
T-Mobile US, Inc. *	307,504	41,897,420
United States Cellular Corp. *	7,821	358,749
Verizon Communications, Inc.	2,243,702	78,484,696
		194,769,377

Transportation 1.8%
Air Transport Services Group, Inc. *	29,869	643,976
Alaska Air Group, Inc. *	67,803	2,845,692
Allegiant Travel Co.	8,571	761,448
American Airlines Group, Inc. *	349,840	5,153,143
ArcBest Corp.	12,778	1,349,229
Avis Budget Group, Inc. *	12,700	2,710,053
C.H. Robinson Worldwide, Inc.	62,172	5,622,214
CSX Corp.	1,085,915	32,794,633
Daseke, Inc. *	23,430	124,179
Delta Air Lines, Inc.	342,992	14,707,497
Expeditors International of Washington, Inc.	81,575	9,520,618
FedEx Corp.	123,477	32,229,967
Forward Air Corp.	13,748	973,633
Frontier Group Holdings, Inc. *	20,144	126,504
GXO Logistics, Inc. *	63,391	4,055,122
Hawaiian Holdings, Inc. *	29,413	252,364
Heartland Express, Inc.	25,613	386,500
Hertz Global Holdings, Inc. *	82,842	1,404,172
Hub Group, Inc., Class A *	17,313	1,351,107
J.B. Hunt Transport Services, Inc.	44,323	8,327,405
JetBlue Airways Corp. *	176,978	1,047,710
Joby Aviation, Inc. *	180,694	1,346,170
Kirby Corp. *	32,092	2,658,180
Knight-Swift Transportation Holdings, Inc.	85,657	4,695,717
Landstar System, Inc.	19,238	3,651,565
Lyft, Inc., Class A *	177,217	2,087,616
Marten Transport Ltd.	31,325	657,825
Matson, Inc.	19,149	1,682,814
Norfolk Southern Corp.	121,629	24,935,161
Old Dominion Freight Line, Inc.	48,047	20,533,846
RXO, Inc. *	62,980	1,138,678
Ryder System, Inc.	24,704	2,487,693
Saia, Inc. *	14,169	6,038,828
Schneider National, Inc., Class B	19,191	554,812
SkyWest, Inc. *	23,842	1,075,274
Southwest Airlines Co.	318,330	10,059,228
Spirit Airlines, Inc.	58,562	966,273
Sun Country Airlines Holdings, Inc. *	21,761	324,021
TuSimple Holdings, Inc., Class A *	76,523	95,654
Uber Technologies, Inc. *	1,080,197	51,017,704

See financial notes

50Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
U-Haul Holding Co.	5,151	293,452
Union Pacific Corp.	325,915	71,887,072
United Airlines Holdings, Inc. *	175,015	8,717,497
United Parcel Service, Inc., Class B	387,062	65,568,303
Universal Logistics Holdings, Inc.	3,740	101,429
Werner Enterprises, Inc.	31,560	1,313,212
XPO, Inc. *	61,663	4,601,910
		414,877,100

Utilities 2.3%
ALLETE, Inc.	30,321	1,664,623
Alliant Energy Corp.	133,980	6,721,777
Altus Power, Inc. *	20,931	135,214
Ameren Corp.	140,273	11,119,441
American Electric Power Co., Inc.	275,703	21,615,115
American States Water Co.	19,765	1,664,411
American Water Works Co., Inc.	103,421	14,348,630
Atmos Energy Corp.	78,012	9,045,491
Avangrid, Inc.	37,432	1,291,404
Avista Corp.	40,863	1,360,329
Black Hills Corp.	35,646	1,960,530
California Water Service Group	30,159	1,515,490
CenterPoint Energy, Inc.	337,105	9,401,858
Chesapeake Utilities Corp.	9,466	1,042,207
Clearway Energy, Inc., Class C	61,851	1,532,049
CMS Energy Corp.	155,016	8,710,349
Consolidated Edison, Inc.	186,058	16,551,720
Constellation Energy Corp.	173,578	18,079,884
Dominion Energy, Inc.	447,586	21,725,824
DTE Energy Co.	110,138	11,386,066
Duke Energy Corp.	411,716	36,560,381
Edison International	204,582	14,085,471
Entergy Corp.	113,067	10,769,632
Essential Utilities, Inc.	128,849	4,754,528
Evergy, Inc.	122,434	6,730,197
Eversource Energy	186,761	11,919,087
Exelon Corp.	529,425	21,240,531
FirstEnergy Corp.	291,114	10,500,482
Hawaiian Electric Industries, Inc. (a)	58,226	816,329
IDACORP, Inc.	27,007	2,588,351
MGE Energy, Inc.	19,348	1,401,376
Middlesex Water Co.	9,320	701,423
Montauk Renewables, Inc. *	32,202	307,529
National Fuel Gas Co.	48,932	2,629,606
New Jersey Resources Corp.	51,031	2,151,977
NextEra Energy, Inc.	1,079,680	72,122,624
NiSource, Inc.	217,674	5,824,956
Northwest Natural Holding Co.	19,409	762,386
NorthWestern Corp.	31,961	1,610,834
NRG Energy, Inc.	122,739	4,608,849
OGE Energy Corp.	106,691	3,632,829
ONE Gas, Inc.	29,667	2,149,967
Ormat Technologies, Inc.	27,902	2,118,878
Otter Tail Corp.	22,009	1,812,881
PG&E Corp. *	862,639	14,061,016
Pinnacle West Capital Corp.	61,117	4,722,511
PNM Resources, Inc.	45,648	2,022,663
Portland General Electric Co.	51,698	2,267,474
PPL Corp.	393,631	9,809,285

SECURITY	NUMBER OF SHARES	VALUE ($)
Public Service Enterprise Group, Inc.	266,069	16,251,495
Sempra	335,927	23,588,794
SJW Group	14,832	975,352
Southwest Gas Holdings, Inc.	35,353	2,189,411
Spire, Inc.	28,182	1,646,111
Sunnova Energy International, Inc. *(a)	53,784	748,135
The AES Corp.	358,229	6,423,046
The Southern Co.	582,577	39,457,940
The York Water Co.	7,252	295,446
UGI Corp.	111,519	2,808,048
Unitil Corp.	8,367	408,477
Vistra Corp.	187,498	5,891,187
WEC Energy Group, Inc.	168,424	14,167,827
Xcel Energy, Inc.	292,722	16,723,208
		547,130,942
Total Common Stocks (Cost $14,900,983,954)		23,403,527,928


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (e)	15,052,560	15,052,560
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (e)(f)	29,220,235	29,220,235
		44,272,795
Total Short-Term Investments (Cost $44,272,795)		44,272,795
Total Investments in Securities (Cost $14,945,256,749)		23,447,800,723

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 09/15/23	229	51,708,200	175,976

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $27,852,027.
(b)	On October 15, 2023, the issuer filed for bankruptcy.
(c)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(d)	Issuer is affiliated with the fund’s investment adviser.
(e)	The rate shown is the annualized 7-day yield.
(f)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

See financial notes

Schwab U.S. Equity ETFs | Annual Report51

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2023 (continued)

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:

SECURITY	VALUE AT 8/31/22	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/23	BALANCE OF SHARES HELD AT 8/31/23	DIVIDENDS RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS

Financial Services 0.2%
The Charles Schwab Corp.	$55,147,023	$6,256,843	($4,998,150 )	$1,294,739	($11,119,475 )	$46,580,980	787,506	$773,196

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$18,382,670,867	$—	$—	$18,382,670,867
Financial Services	1,789,291,021	—	1,645,014	1,790,936,035
Health Care Equipment & Services	1,237,275,242	—	0 *	1,237,275,242
Pharmaceuticals, Biotechnology & Life Sciences	1,797,768,220	—	108,187	1,797,876,407
Telecommunication Services	194,760,745	—	8,632	194,769,377
Short-Term Investments1	44,272,795	—	—	44,272,795
Futures Contracts2	175,976	—	—	175,976
Total	$23,446,214,866	$—	$1,761,833	$23,447,976,699

*	Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

52Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $96,964)		$346,485,700
Dividends received from securities - affiliated		773,196
Securities on loan, net	+	3,583,853
Total investment income		350,842,749

Expenses
Management fees		6,365,070
Proxy fees1	+	229,357
Total expenses	–	6,594,427
Net investment income		344,248,322

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(717,339 )
Net realized losses on sales of securities - unaffiliated		(232,739,296 )
Net realized gains on sales of in-kind redemptions - affiliated		2,012,078
Net realized gains on sales of in-kind redemptions - unaffiliated		642,351,605
Net realized gains on futures contracts	+	123,945
Net realized gains		411,030,993
Net change in unrealized appreciation (depreciation) on securities - affiliated		(11,119,475 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		2,274,249,125
Net change in unrealized appreciation (depreciation) on futures contracts	+	1,967,465
Net change in unrealized appreciation (depreciation)	+	2,265,097,115
Net realized and unrealized gains		2,676,128,108
Increase in net assets resulting from operations		$3,020,376,430

1	Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

See financial notes

54Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Broad Market ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$344,248,322	$302,069,846
Net realized gains		411,030,993	246,992,523
Net change in unrealized appreciation (depreciation)	+	2,265,097,115	(3,687,905,416 )
Increase (decrease) in net assets resulting from operations		$3,020,376,430	($3,138,843,047 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($337,594,345 )	($301,551,265 )

TRANSACTIONS IN FUND SHARES1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		35,500,000	$1,616,821,269	39,500,000	$1,995,061,518
Shares redeemed	+	(26,950,000 )	(1,204,382,336 )	(11,400,000 )	(562,808,987 )
Net transactions in fund shares		8,550,000	$412,438,933	28,100,000	$1,432,252,531

SHARES OUTSTANDING AND NET ASSETS1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		438,000,000	$20,360,087,344	409,900,000	$22,368,229,125
Total increase (decrease)	+	8,550,000	3,095,221,018	28,100,000	(2,008,141,781 )
End of period		446,550,000	$23,455,308,362	438,000,000	$20,360,087,344

For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,

2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).

See financial notes

Schwab U.S. Equity ETFs | Annual Report55

Schwab 1000 Index ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$38.30	$44.81	$34.50	$28.80	$28.62
Income (loss) from investment operations:
Net investment income (loss)1	0.63	0.57	0.56	0.61	0.57
Net realized and unrealized gains (losses)	5.15	(6.51 )	10.32	5.67	0.10
Total from investment operations	5.78	(5.94 )	10.88	6.28	0.67
Less distributions:
Distributions from net investment income	(0.61 )	(0.57 )	(0.57 )	(0.58 )	(0.49 )
Net asset value at end of period	$43.47	$38.30	$44.81	$34.50	$28.80
Total return	15.31 %	(13.36 %)	31.95 %	22.25 %	2.42 %
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.05 %	0.05 %2	0.05 %	0.05 %	0.05 %
Net investment income (loss)	1.61 %	1.36 %	1.43 %	2.03 %	2.06 %
Portfolio turnover rate3	4 %	4 %	5 %	5 %	5 %
Net assets, end of period (x 1,000,000)	$2,939	$2,235	$2,090	$1,145	$838

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

56Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS

Automobiles & Components 2.1%
Aptiv plc *	19,054	1,933,028
Autoliv, Inc.	5,454	532,310
BorgWarner, Inc.	16,453	670,460
Ford Motor Co.	277,136	3,361,660
General Motors Co.	98,194	3,290,481
Gentex Corp.	16,550	540,523
Harley-Davidson, Inc.	9,291	313,571
Lear Corp.	4,162	599,703
Lucid Group, Inc. *	57,559	361,470
Phinia, Inc. *	3,285	91,323
Rivian Automotive, Inc., Class A *	39,453	896,767
Tesla, Inc. *	189,997	49,034,426
Thor Industries, Inc.	3,730	390,979
		62,016,701

Banks 3.0%
Bank of America Corp.	488,956	14,018,368
Bank OZK	7,540	302,882
BOK Financial Corp.	1,981	164,641
Cadence Bank	12,870	294,466
Citigroup, Inc.	137,327	5,670,232
Citizens Financial Group, Inc.	34,172	961,258
Comerica, Inc.	9,179	441,602
Commerce Bancshares, Inc.	7,962	390,855
Cullen/Frost Bankers, Inc.	4,506	425,952
East West Bancorp, Inc.	9,899	547,811
F.N.B. Corp.	25,263	293,809
Fifth Third Bancorp	48,014	1,274,772
First Citizens BancShares, Inc., Class A	837	1,138,655
First Financial Bankshares, Inc.	9,157	262,989
First Horizon Corp.	37,744	473,687
First Interstate BancSystem, Inc., Class A	6,188	160,331
Glacier Bancorp, Inc.	7,726	233,402
Home BancShares, Inc.	13,314	295,304
Huntington Bancshares, Inc.	101,496	1,125,591
JPMorgan Chase & Co.	206,092	30,157,442
KeyCorp	65,532	742,478
M&T Bank Corp.	11,694	1,462,335
New York Community Bancorp, Inc.	50,615	621,552
Old National Bancorp	20,721	316,202
Pinnacle Financial Partners, Inc.	5,487	365,215
Popular, Inc.	4,993	340,922
Prosperity Bancshares, Inc.	6,658	378,241
Regions Financial Corp.	66,252	1,215,062
ServisFirst Bancshares, Inc.	3,399	190,480
SouthState Corp.	5,412	391,288
Synovus Financial Corp.	10,245	317,185
The PNC Financial Services Group, Inc.	28,182	3,402,413
Truist Financial Corp.	94,051	2,873,258
U.S. Bancorp	98,533	3,599,410
UMB Financial Corp.	3,207	202,714

SECURITY	NUMBER OF SHARES	VALUE ($)
United Bankshares, Inc.	9,483	285,249
Valley National Bancorp	29,515	270,948
Webster Financial Corp.	12,401	525,926
Wells Fargo & Co.	264,741	10,931,156
Western Alliance Bancorp	7,780	389,078
Wintrust Financial Corp.	4,274	331,705
Zions Bancorp NA	10,487	372,288
		88,159,154

Capital Goods 6.0%
3M Co.	38,966	4,156,503
A.O. Smith Corp.	8,794	637,565
Acuity Brands, Inc.	2,211	356,590
Advanced Drainage Systems, Inc.	4,379	561,213
AECOM	9,770	857,318
AGCO Corp.	4,354	563,974
Allegion plc	6,216	707,443
AMETEK, Inc.	16,297	2,599,534
Axon Enterprise, Inc. *	4,942	1,052,201
Bloom Energy Corp., Class A *	13,061	195,784
Builders FirstSource, Inc. *	9,037	1,310,726
BWX Technologies, Inc.	6,373	470,072
Carlisle Cos., Inc.	3,586	943,190
Carrier Global Corp.	58,965	3,387,539
Caterpillar, Inc.	36,349	10,218,794
ChargePoint Holdings, Inc. *(a)	18,548	132,804
Chart Industries, Inc. *	3,017	544,810
Crane Co.	3,343	304,614
Cummins, Inc.	10,005	2,301,550
Curtiss-Wright Corp.	2,722	566,149
Deere & Co.	19,015	7,814,024
Donaldson Co., Inc.	8,516	543,917
Dover Corp.	9,825	1,457,047
Eaton Corp. plc	28,114	6,476,622
EMCOR Group, Inc.	3,332	747,201
Emerson Electric Co.	40,367	3,966,058
Fastenal Co.	40,382	2,325,196
Fortive Corp.	24,853	1,959,659
Fortune Brands Innovations, Inc.	8,972	619,247
Generac Holdings, Inc. *	4,381	520,507
General Dynamics Corp.	15,889	3,601,083
General Electric Co.	76,747	8,784,462
Graco, Inc.	11,843	934,886
HEICO Corp.	6,763	1,140,986
Hexcel Corp.	5,899	432,397
Honeywell International, Inc.	46,904	8,815,138
Howmet Aerospace, Inc.	25,883	1,280,432
Hubbell, Inc.	3,761	1,226,274
Huntington Ingalls Industries, Inc.	2,804	617,777
IDEX Corp.	5,315	1,203,316
Illinois Tool Works, Inc.	19,531	4,830,993
Ingersoll Rand, Inc.	28,483	1,982,702
ITT, Inc.	5,784	591,588
Johnson Controls International plc	48,466	2,862,402
L3Harris Technologies, Inc.	13,378	2,382,488
Lennox International, Inc.	2,270	855,359

See financial notes

Schwab U.S. Equity ETFs | Annual Report57

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Lincoln Electric Holdings, Inc.	4,066	782,542
Lockheed Martin Corp.	15,887	7,122,936
Masco Corp.	15,821	933,597
MasTec, Inc. *	4,162	414,077
Masterbrand, Inc. *	8,881	113,766
MDU Resources Group, Inc.	14,358	292,329
Nordson Corp.	3,773	921,140
Northrop Grumman Corp.	10,073	4,362,516
nVent Electric plc	11,675	660,105
Oshkosh Corp.	4,578	475,334
Otis Worldwide Corp.	29,196	2,497,718
Owens Corning	6,356	914,692
PACCAR, Inc.	36,890	3,035,678
Parker-Hannifin Corp.	9,055	3,775,029
Parsons Corp. *	2,423	138,159
Pentair plc	11,762	826,398
Plug Power, Inc. *(a)	38,145	322,707
Quanta Services, Inc.	10,263	2,153,896
RBC Bearings, Inc. *	2,084	480,445
Regal Rexnord Corp.	4,644	753,210
Rockwell Automation, Inc.	8,119	2,533,778
RTX Corp.	102,992	8,861,432
Sensata Technologies Holding plc	10,747	404,302
SiteOne Landscape Supply, Inc. *	3,153	539,762
Snap-on, Inc.	3,727	1,001,072
Stanley Black & Decker, Inc.	10,790	1,018,360
Sunrun, Inc. *	15,027	234,872
Textron, Inc.	14,238	1,106,435
The Boeing Co. *	39,857	8,929,164
The Middleby Corp. *	3,755	546,690
The Timken Co.	4,620	353,060
The Toro Co.	7,343	751,336
Trane Technologies plc	16,107	3,306,123
TransDigm Group, Inc. *	3,673	3,319,841
Trex Co., Inc. *	7,708	550,120
UFP Industries, Inc.	4,335	452,357
United Rentals, Inc.	4,838	2,305,501
Valmont Industries, Inc.	1,483	375,941
Vertiv Holdings Co.	22,743	895,847
W.W. Grainger, Inc.	3,152	2,250,969
Watsco, Inc.	2,343	854,141
WESCO International, Inc.	3,179	514,521
Westinghouse Air Brake Technologies Corp.	12,673	1,425,966
WillScot Mobile Mini Holdings Corp. *	14,273	585,478
Woodward, Inc.	4,257	550,728
Xylem, Inc.	16,831	1,742,682
Zurn Elkay Water Solutions Corp., Class C	9,954	294,837
		176,521,723

Commercial & Professional Services 1.5%
ASGN, Inc. *	3,474	285,424
Automatic Data Processing, Inc.	29,130	7,416,789
Booz Allen Hamilton Holding Corp., Class A	9,369	1,061,601
Broadridge Financial Solutions, Inc.	8,320	1,549,267
CACI International, Inc., Class A *	1,606	526,784
Casella Waste Systems, Inc., Class A *	3,929	309,487
Ceridian HCM Holding, Inc. *	10,938	793,224
Cintas Corp.	6,104	3,077,454
Clarivate plc *	30,455	226,281
Clean Harbors, Inc. *	3,603	610,132
Concentrix Corp.	2,978	237,734
Copart, Inc. *	60,640	2,718,491
Driven Brands Holdings, Inc. *	3,779	56,874
Dun & Bradstreet Holdings, Inc.	15,484	168,776

SECURITY	NUMBER OF SHARES	VALUE ($)
Equifax, Inc.	8,628	1,783,408
ExlService Holdings, Inc. *	11,684	341,523
Exponent, Inc.	3,529	317,116
FTI Consulting, Inc. *	2,397	445,410
Genpact Ltd.	12,010	448,333
Insperity, Inc.	2,535	256,871
Jacobs Solutions, Inc.	8,945	1,205,965
KBR, Inc.	9,504	584,686
Leidos Holdings, Inc.	9,717	947,505
MSA Safety, Inc.	2,597	474,420
Paychex, Inc.	22,662	2,769,976
Paycom Software, Inc.	3,420	1,008,353
Paycor HCM, Inc. *	3,423	80,338
Paylocity Holding Corp. *	2,894	580,247
Republic Services, Inc.	14,522	2,093,056
Robert Half International, Inc.	7,544	557,954
Rollins, Inc.	16,301	645,030
Science Applications International Corp.	3,780	444,755
SS&C Technologies Holdings, Inc.	15,262	876,344
Stericycle, Inc. *	6,410	283,386
Tetra Tech, Inc.	3,722	585,657
TransUnion	13,644	1,108,166
TriNet Group, Inc. *	2,418	268,229
Verisk Analytics, Inc.	10,230	2,477,910
Waste Management, Inc.	26,106	4,092,899
		43,715,855

Consumer Discretionary Distribution & Retail 5.3%
Advance Auto Parts, Inc.	4,159	286,222
Amazon.com, Inc. *	629,507	86,878,261
AutoNation, Inc. *	2,214	347,797
AutoZone, Inc. *	1,294	3,275,541
Bath & Body Works, Inc.	16,071	592,538
Best Buy Co., Inc.	13,723	1,049,123
Burlington Stores, Inc. *	4,580	743,151
CarMax, Inc. *	11,128	908,935
Dick's Sporting Goods, Inc.	4,340	504,916
eBay, Inc.	37,773	1,691,475
Etsy, Inc. *	8,699	639,985
Five Below, Inc. *	3,942	677,866
Floor & Decor Holdings, Inc., Class A *	7,456	743,363
GameStop Corp., Class A *(a)	17,875	331,581
Genuine Parts Co.	9,947	1,529,152
Lithia Motors, Inc.	1,940	597,559
LKQ Corp.	17,872	938,816
Lowe’s Cos., Inc.	42,074	9,697,216
Macy's, Inc.	19,074	233,275
Murphy USA, Inc.	1,405	446,284
O'Reilly Automotive, Inc. *	4,295	4,036,012
Penske Automotive Group, Inc.	1,701	279,474
Pool Corp.	2,741	1,002,110
RH *	1,244	454,296
Ross Stores, Inc.	24,175	2,944,757
The Home Depot, Inc.	71,416	23,588,705
The TJX Cos., Inc.	81,182	7,507,711
Tractor Supply Co.	7,753	1,694,031
Ulta Beauty, Inc. *	3,524	1,462,566
Valvoline, Inc.	9,768	336,410
Williams-Sonoma, Inc.	4,600	649,520
		156,068,648

Consumer Durables & Apparel 1.0%
Brunswick Corp.	4,974	393,543
Capri Holdings Ltd. *	8,811	462,489
Columbia Sportswear Co.	2,462	180,563
Crocs, Inc. *	4,395	427,809

See financial notes

58Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
D.R. Horton, Inc.	21,941	2,611,418
Deckers Outdoor Corp. *	1,873	990,985
Garmin Ltd.	10,734	1,138,019
Hasbro, Inc.	9,176	660,672
Leggett & Platt, Inc.	9,312	262,598
Lennar Corp., Class A	17,956	2,138,380
Lululemon Athletica, Inc. *	8,177	3,117,563
Mattel, Inc. *	24,992	553,823
Mohawk Industries, Inc. *	3,681	373,217
Newell Brands, Inc.	26,244	277,661
NIKE, Inc., Class B	86,855	8,834,022
NVR, Inc. *	215	1,371,126
Polaris, Inc.	3,764	421,907
PulteGroup, Inc.	15,711	1,289,245
Skechers U.S.A., Inc., Class A *	9,371	471,455
Tapestry, Inc.	16,372	545,515
Tempur Sealy International, Inc.	12,133	566,854
Toll Brothers, Inc.	7,203	590,142
TopBuild Corp. *	2,247	651,810
VF Corp.	23,138	457,207
Whirlpool Corp.	3,853	539,266
		29,327,289

Consumer Services 2.3%
ADT, Inc.	14,921	95,793
Airbnb, Inc., Class A *	29,112	3,829,684
Aramark	19,391	720,957
Booking Holdings, Inc. *	2,603	8,082,393
Boyd Gaming Corp.	5,432	363,238
Caesars Entertainment, Inc. *	15,081	833,376
Carnival Corp. *	70,475	1,114,914
Chipotle Mexican Grill, Inc. *	1,943	3,743,461
Choice Hotels International, Inc.	1,862	236,288
Churchill Downs, Inc.	4,628	579,796
Darden Restaurants, Inc.	8,494	1,320,902
Domino’s Pizza, Inc.	2,503	969,662
DoorDash, Inc., Class A *	18,538	1,559,602
DraftKings, Inc., Class A *	32,588	966,234
Expedia Group, Inc. *	10,056	1,089,970
H&R Block, Inc.	10,669	426,547
Hilton Grand Vacations, Inc. *	5,319	232,547
Hilton Worldwide Holdings, Inc.	18,694	2,778,863
Hyatt Hotels Corp., Class A	3,289	369,716
Las Vegas Sands Corp.	23,110	1,267,815
Light & Wonder, Inc. *	6,413	491,685
Marriott International, Inc., Class A	18,213	3,706,528
Marriott Vacations Worldwide Corp.	2,588	281,290
McDonald’s Corp.	51,489	14,476,132
MGM Resorts International	21,297	936,642
Norwegian Cruise Line Holdings Ltd. *	29,803	493,836
Penn Entertainment, Inc. *	10,925	258,813
Planet Fitness, Inc., Class A *	5,988	364,070
Royal Caribbean Cruises Ltd. *	15,547	1,538,220
Service Corp. International	10,664	673,005
Starbucks Corp.	80,815	7,874,614
Texas Roadhouse, Inc.	4,700	489,270
The Wendy's Co.	11,995	237,381
Vail Resorts, Inc.	2,839	642,522
Wyndham Hotels & Resorts, Inc.	6,047	455,883
Wynn Resorts Ltd.	7,305	740,581
Yum! Brands, Inc.	19,792	2,560,689
		66,802,919

Consumer Staples Distribution & Retail 1.7%
Albertsons Cos., Inc., Class A	14,186	317,766
BJ's Wholesale Club Holdings, Inc. *	9,507	640,677

SECURITY	NUMBER OF SHARES	VALUE ($)
Casey's General Stores, Inc.	2,655	648,909
Costco Wholesale Corp.	31,265	17,173,239
Dollar General Corp.	15,483	2,144,395
Dollar Tree, Inc. *	14,644	1,791,840
Performance Food Group Co. *	10,946	680,075
Sysco Corp.	35,712	2,487,341
Target Corp.	32,585	4,123,632
The Kroger Co.	46,187	2,142,615
US Foods Holding Corp. *	15,996	646,718
Walgreens Boots Alliance, Inc.	50,352	1,274,409
Walmart, Inc.	98,919	16,085,219
		50,156,835

Energy 4.4%
Antero Resources Corp. *	19,441	537,932
APA Corp.	21,789	955,230
Baker Hughes Co.	71,413	2,584,436
ChampionX Corp.	14,016	505,837
Cheniere Energy, Inc.	17,168	2,801,818
Chesapeake Energy Corp.	7,507	662,192
Chevron Corp.	125,701	20,250,431
Chord Energy Corp.	2,910	469,965
Civitas Resources, Inc.	3,476	285,797
Comstock Resources, Inc.	6,202	76,037
ConocoPhillips	85,313	10,154,806
Coterra Energy, Inc.	53,475	1,507,460
Denbury, Inc. *	3,494	319,981
Devon Energy Corp.	45,361	2,317,494
Diamondback Energy, Inc.	12,816	1,945,212
DTE Midstream LLC	6,796	355,363
EOG Resources, Inc.	41,276	5,308,919
EQT Corp.	25,513	1,102,672
Exxon Mobil Corp.	285,128	31,703,382
Halliburton Co.	63,685	2,459,515
Helmerich & Payne, Inc.	7,137	285,409
Hess Corp.	19,522	3,016,149
HF Sinclair Corp.	9,095	501,044
Kinder Morgan, Inc.	139,398	2,400,434
Magnolia Oil & Gas Corp., Class A	11,793	268,880
Marathon Oil Corp.	43,621	1,149,413
Marathon Petroleum Corp.	29,958	4,277,104
Matador Resources Co.	8,028	509,778
Murphy Oil Corp.	10,236	464,714
New Fortress Energy, Inc.	3,398	105,474
NOV, Inc.	27,588	582,934
Occidental Petroleum Corp.	50,666	3,181,318
ONEOK, Inc.	31,553	2,057,256
Ovintiv, Inc.	17,233	809,262
PBF Energy, Inc., Class A	7,740	362,929
Phillips 66	32,408	3,699,697
Pioneer Natural Resources Co.	16,483	3,921,800
Range Resources Corp.	17,008	550,719
Schlumberger N.V.	100,574	5,929,843
SM Energy Co.	8,398	355,319
Southwestern Energy Co. *	77,356	524,474
Targa Resources Corp.	15,880	1,369,650
Texas Pacific Land Corp.	433	816,097
The Williams Cos., Inc.	85,904	2,966,265
Valero Energy Corp.	25,543	3,318,036
Vitesse Energy, Inc.	1,510	35,092
		129,763,569

Equity Real Estate Investment Trusts (REITs) 2.5%
Agree Realty Corp.	6,572	406,281
Alexandria Real Estate Equities, Inc.	11,067	1,287,535
American Homes 4 Rent, Class A	22,178	799,295

See financial notes

Schwab U.S. Equity ETFs | Annual Report59

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
American Tower Corp.	32,877	5,961,258
Americold Realty Trust, Inc.	18,947	637,567
Apartment Income REIT Corp.	10,686	363,965
AvalonBay Communities, Inc.	10,011	1,840,222
Boston Properties, Inc.	10,021	669,102
Brixmor Property Group, Inc.	21,081	463,360
Camden Property Trust	7,526	809,948
Crown Castle, Inc.	30,638	3,079,119
CubeSmart	15,703	654,972
Digital Realty Trust, Inc.	20,549	2,706,714
EastGroup Properties, Inc.	3,134	562,960
Equinix, Inc.	6,587	5,146,950
Equity LifeStyle Properties, Inc.	12,305	823,943
Equity Residential	24,049	1,559,097
Essex Property Trust, Inc.	4,531	1,080,145
Extra Space Storage, Inc.	14,862	1,912,442
Federal Realty Investment Trust	5,189	508,211
First Industrial Realty Trust, Inc.	9,275	481,744
Gaming & Leisure Properties, Inc.	18,533	878,464
Healthcare Realty Trust, Inc.	26,760	468,835
Healthpeak Properties, Inc.	38,403	790,334
Host Hotels & Resorts, Inc.	50,206	792,753
Independence Realty Trust, Inc.	15,723	264,618
Invitation Homes, Inc.	40,933	1,395,406
Iron Mountain, Inc.	20,644	1,311,720
Kilroy Realty Corp.	7,419	274,132
Kimco Realty Corp.	43,508	824,042
Kite Realty Group Trust	15,282	344,915
Lamar Advertising Co., Class A	6,129	559,087
Medical Properties Trust, Inc.	42,168	304,453
Mid-America Apartment Communities, Inc.	8,232	1,195,533
National Storage Affiliates Trust	5,804	195,014
NNN REIT, Inc.	12,758	502,538
Omega Healthcare Investors, Inc.	16,384	521,339
Prologis, Inc.	65,112	8,086,910
Public Storage	11,179	3,089,652
Rayonier, Inc.	10,369	310,033
Realty Income Corp.	47,580	2,666,383
Regency Centers Corp.	11,588	720,774
Rexford Industrial Realty, Inc.	14,176	757,991
Ryman Hospitality Properties, Inc.	4,153	353,130
SBA Communications Corp.	7,660	1,719,900
Simon Property Group, Inc.	23,111	2,622,867
Spirit Realty Capital, Inc.	9,958	384,478
STAG Industrial, Inc.	12,560	458,817
Sun Communities, Inc.	8,771	1,073,746
Terreno Realty Corp.	5,233	318,637
UDR, Inc.	21,728	866,947
Ventas, Inc.	28,367	1,239,071
VICI Properties, Inc.	70,662	2,179,216
Vornado Realty Trust	11,597	278,560
Welltower, Inc.	35,122	2,910,911
Weyerhaeuser Co.	51,550	1,688,262
WP Carey, Inc.	15,094	981,865
		75,086,163

Financial Services 7.7%
Affiliated Managers Group, Inc.	2,538	340,117
Affirm Holdings, Inc. *	15,696	326,634
AGNC Investment Corp.	41,958	415,804
Ally Financial, Inc.	21,401	592,594
American Express Co.	41,921	6,623,099
Ameriprise Financial, Inc.	7,359	2,484,251
Annaly Capital Management, Inc.	34,800	705,396
Apollo Global Management, Inc.	30,409	2,655,922
Ares Management Corp., Class A	11,329	1,171,872

SECURITY	NUMBER OF SHARES	VALUE ($)
Berkshire Hathaway, Inc., Class B *	125,765	45,300,553
BlackRock, Inc.	10,564	7,400,505
Blackstone Mortgage Trust, Inc., Class A	12,239	269,503
Blackstone, Inc.	49,824	5,299,779
Block, Inc. *	38,456	2,216,988
Blue Owl Capital, Inc.	24,996	298,702
Capital One Financial Corp.	26,968	2,761,253
Cboe Global Markets, Inc.	7,431	1,112,495
CME Group, Inc.	25,384	5,144,829
Coinbase Global, Inc., Class A *	11,722	933,071
Credit Acceptance Corp. *	421	211,245
Discover Financial Services	17,904	1,612,613
Equitable Holdings, Inc.	23,396	673,805
Essent Group Ltd.	7,566	379,964
Euronet Worldwide, Inc. *	3,285	286,978
FactSet Research Systems, Inc.	2,719	1,186,599
Fidelity National Information Services, Inc.	41,843	2,337,350
Fiserv, Inc. *	43,545	5,285,928
FleetCor Technologies, Inc. *	5,233	1,421,963
Franklin Resources, Inc.	20,045	536,003
Global Payments, Inc.	18,471	2,340,091
Interactive Brokers Group, Inc., Class A	7,202	655,958
Intercontinental Exchange, Inc.	39,538	4,665,089
Invesco Ltd.	32,472	516,954
Jack Henry & Associates, Inc.	5,105	800,362
Jefferies Financial Group, Inc.	13,201	471,144
KKR & Co., Inc.	40,797	2,562,460
LPL Financial Holdings, Inc.	5,479	1,263,403
MarketAxess Holdings, Inc.	2,642	636,537
Mastercard, Inc., Class A	59,011	24,350,299
MGIC Investment Corp.	20,056	352,584
Moody's Corp.	11,148	3,754,646
Morgan Stanley	91,844	7,820,517
Morningstar, Inc.	1,751	407,405
MSCI, Inc.	5,657	3,075,258
Nasdaq, Inc.	23,874	1,252,907
Northern Trust Corp.	14,635	1,113,284
OneMain Holdings, Inc.	8,531	354,122
PayPal Holdings, Inc. *	78,729	4,921,350
Raymond James Financial, Inc.	13,444	1,406,108
Rithm Capital Corp.	34,092	351,488
Robinhood Markets, Inc., Class A *	36,283	395,122
S&P Global, Inc.	23,122	9,037,465
SEI Investments Co.	7,137	442,922
SoFi Technologies, Inc. *	57,792	500,479
Starwood Property Trust, Inc.	21,707	443,474
State Street Corp.	23,584	1,621,164
Stifel Financial Corp.	7,497	487,455
Synchrony Financial	30,227	975,728
T. Rowe Price Group, Inc.	15,817	1,775,142
The Bank of New York Mellon Corp.	50,641	2,272,262
The Carlyle Group, Inc.	15,283	494,405
The Charles Schwab Corp. (b)	103,986	6,150,772
The Goldman Sachs Group, Inc.	23,441	7,681,850
The Western Union Co.	26,218	323,792
Toast, Inc., Class A *	23,799	527,624
Tradeweb Markets, Inc., Class A	8,082	698,527
Visa, Inc., Class A	114,123	28,037,739
Voya Financial, Inc.	6,944	483,858
WEX, Inc. *	3,060	600,311
		226,007,872

Food, Beverage & Tobacco 3.0%
Altria Group, Inc.	125,910	5,567,740
Archer-Daniels-Midland Co.	38,446	3,048,768
Brown-Forman Corp., Class B	12,860	850,432

See financial notes

60Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bunge Ltd.	10,613	1,213,278
Campbell Soup Co.	14,133	589,346
Celsius Holdings, Inc. *	2,843	557,342
Conagra Brands, Inc.	33,518	1,001,518
Constellation Brands, Inc., Class A	11,391	2,968,039
Darling Ingredients, Inc. *	11,241	694,244
Flowers Foods, Inc.	13,567	319,639
General Mills, Inc.	41,339	2,796,997
Hormel Foods Corp.	20,360	785,692
Ingredion, Inc.	4,648	478,326
Kellogg Co.	18,126	1,106,048
Keurig Dr Pepper, Inc.	59,615	2,006,045
Lamb Weston Holdings, Inc.	10,272	1,000,596
Lancaster Colony Corp.	1,398	230,936
McCormick & Co., Inc. Non Voting Shares	17,639	1,447,809
Molson Coors Beverage Co., Class B	13,206	838,449
Mondelez International, Inc., Class A	96,058	6,845,093
Monster Beverage Corp. *	53,998	3,100,025
National Beverage Corp. *	1,585	81,326
PepsiCo, Inc.	97,165	17,287,597
Philip Morris International, Inc.	109,526	10,521,068
Pilgrim's Pride Corp. *	3,195	80,386
Post Holdings, Inc. *	3,726	334,259
Seaboard Corp.	17	64,096
The Coca-Cola Co.	274,489	16,422,677
The Hershey Co.	10,411	2,236,907
The J.M. Smucker Co.	7,552	1,094,662
The Kraft Heinz Co.	56,447	1,867,831
Tyson Foods, Inc., Class A	20,050	1,068,063
		88,505,234

Health Care Equipment & Services 5.3%
Abbott Laboratories	122,652	12,620,891
Acadia Healthcare Co., Inc. *	6,452	497,449
agilon health, Inc. *	20,503	363,313
Align Technology, Inc. *	5,008	1,853,661
AMN Healthcare Services, Inc. *	2,797	247,199
Baxter International, Inc.	35,688	1,448,933
Becton Dickinson & Co.	20,027	5,596,545
Boston Scientific Corp. *	101,426	5,470,918
Cardinal Health, Inc.	17,954	1,567,923
Cencora, Inc.	11,447	2,014,443
Centene Corp. *	38,698	2,385,732
Chemed Corp.	1,063	543,661
CVS Health Corp.	90,426	5,893,062
DaVita, Inc. *	3,907	400,155
Dentsply Sirona, Inc.	14,899	552,604
DexCom, Inc. *	27,362	2,763,015
Edwards Lifesciences Corp. *	42,834	3,275,516
Elevance Health, Inc.	16,712	7,386,871
Encompass Health Corp.	7,101	504,455
Envista Holdings Corp. *	11,471	367,301
GE Healthcare, Inc.	27,510	1,938,079
Globus Medical, Inc., Class A *	8,409	454,927
Guardant Health, Inc. *	8,064	315,141
HCA Healthcare, Inc.	14,557	4,036,656
HealthEquity, Inc. *	6,053	408,880
Henry Schein, Inc. *	9,234	706,770
Hologic, Inc. *	17,297	1,292,778
Humana, Inc.	8,819	4,071,115
IDEXX Laboratories, Inc. *	5,860	2,996,863
Inspire Medical Systems, Inc. *	2,047	464,423
Insulet Corp. *	4,930	945,130
Intuitive Surgical, Inc. *	24,695	7,721,633
iRhythm Technologies, Inc. *	2,127	219,868
Laboratory Corp. of America Holdings	6,277	1,306,244

SECURITY	NUMBER OF SHARES	VALUE ($)
Lantheus Holdings, Inc. *	4,815	329,539
Masimo Corp. *	3,429	391,866
McKesson Corp.	9,578	3,949,201
Medtronic plc	93,797	7,644,455
Molina Healthcare, Inc. *	4,102	1,272,112
Novocure Ltd. *	6,513	143,677
Omnicell, Inc. *	3,165	179,962
Option Care Health, Inc. *	11,699	407,476
Penumbra, Inc. *	2,720	719,440
Premier, Inc., Class A	8,380	180,421
Privia Health Group, Inc. *	6,490	170,363
Quest Diagnostics, Inc.	7,889	1,037,404
QuidelOrtho Corp. *	3,806	313,462
R1 RCM, Inc. *	9,632	166,056
ResMed, Inc.	10,339	1,650,001
Shockwave Medical, Inc. *	2,568	565,962
STAAR Surgical Co. *	3,374	146,297
STERIS plc	6,980	1,602,538
Stryker Corp.	23,811	6,751,609
Teladoc Health, Inc. *	11,412	258,368
Teleflex, Inc.	3,331	708,637
Tenet Healthcare Corp. *	7,187	557,424
The Cigna Group	20,870	5,765,546
The Cooper Cos., Inc.	3,501	1,295,335
The Ensign Group, Inc.	3,938	394,666
UnitedHealth Group, Inc.	65,659	31,291,766
Universal Health Services, Inc., Class B	4,436	597,529
Veeva Systems, Inc., Class A *	10,304	2,150,445
Zimmer Biomet Holdings, Inc.	14,672	1,747,729
		155,021,440

Household & Personal Products 1.4%
Church & Dwight Co., Inc.	17,224	1,666,766
Colgate-Palmolive Co.	58,562	4,302,550
Coty, Inc., Class A *	25,931	299,762
Kenvue, Inc.	121,534	2,801,365
Kimberly-Clark Corp.	23,837	3,070,921
Olaplex Holdings, Inc. *	5,799	15,715
Reynolds Consumer Products, Inc.	3,845	104,930
The Clorox Co.	8,718	1,363,931
The Estee Lauder Cos., Inc., Class A	16,373	2,628,358
The Procter & Gamble Co.	166,222	25,654,704
		41,909,002

Insurance 2.2%
Aflac, Inc.	38,858	2,897,641
American Financial Group, Inc.	4,896	567,544
American International Group, Inc.	51,100	2,990,372
Aon plc, Class A	14,411	4,804,483
Arch Capital Group Ltd. *	26,336	2,024,185
Arthur J. Gallagher & Co.	15,130	3,487,162
Assurant, Inc.	3,749	522,348
Axis Capital Holdings Ltd.	5,433	298,054
Brown & Brown, Inc.	16,723	1,239,174
Chubb Ltd.	29,238	5,873,037
Cincinnati Financial Corp.	11,032	1,167,075
CNA Financial Corp.	1,869	73,508
Erie Indemnity Co., Class A	1,737	484,154
Everest Group Ltd.	3,010	1,085,647
F&G Annuities & Life, Inc.	1,197	33,887
Fidelity National Financial, Inc.	19,129	791,941
First American Financial Corp.	7,287	449,462
Globe Life, Inc.	6,260	698,428
Kinsale Capital Group, Inc.	1,542	614,687
Lincoln National Corp.	10,892	279,489
Loews Corp.	13,347	828,715

See financial notes

Schwab U.S. Equity ETFs | Annual Report61

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Markel Group, Inc. *	940	1,390,185
Marsh & McLennan Cos., Inc.	34,895	6,804,176
MetLife, Inc.	45,453	2,878,993
Old Republic International Corp.	19,011	519,951
Primerica, Inc.	2,544	511,242
Principal Financial Group, Inc.	15,852	1,231,859
Prudential Financial, Inc.	25,792	2,441,729
Reinsurance Group of America, Inc.	4,674	647,910
RenaissanceRe Holdings Ltd.	3,522	661,749
RLI Corp.	2,842	373,780
Ryan Specialty Holdings, Inc., Class A *	6,492	316,485
Selective Insurance Group, Inc.	4,246	421,246
The Allstate Corp.	18,601	2,005,374
The Hanover Insurance Group, Inc.	2,539	270,962
The Hartford Financial Services Group, Inc.	21,883	1,571,637
The Progressive Corp.	41,316	5,514,446
The Travelers Cos., Inc.	16,281	2,624,986
Unum Group	12,970	637,994
W.R. Berkley Corp.	14,131	874,144
Willis Towers Watson plc	7,481	1,546,772
		64,456,613

Materials 2.6%
Air Products and Chemicals, Inc.	15,675	4,631,806
Albemarle Corp.	8,276	1,644,524
Alcoa Corp.	12,672	381,174
Amcor plc	103,595	1,009,015
AptarGroup, Inc.	4,630	613,753
Ashland, Inc.	3,393	293,936
Avery Dennison Corp.	5,695	1,072,824
Axalta Coating Systems Ltd. *	15,530	439,499
Balchem Corp.	2,287	321,323
Ball Corp.	22,109	1,203,835
Berry Global Group, Inc.	8,394	548,464
Celanese Corp.	7,067	892,986
CF Industries Holdings, Inc.	13,804	1,063,874
Cleveland-Cliffs, Inc. *	36,278	554,691
Commercial Metals Co.	8,183	460,621
Corteva, Inc.	50,190	2,535,097
Crown Holdings, Inc.	8,529	790,297
Dow, Inc.	50,002	2,728,109
DuPont de Nemours, Inc.	32,439	2,494,235
Eagle Materials, Inc.	2,541	481,062
Eastman Chemical Co.	8,365	711,109
Ecolab, Inc.	17,501	3,216,859
Element Solutions, Inc.	15,737	324,497
FMC Corp.	8,770	756,237
Freeport-McMoRan, Inc.	101,071	4,033,744
Graphic Packaging Holding Co.	21,660	481,718
Huntsman Corp.	12,022	335,053
International Flavors & Fragrances, Inc.	17,939	1,263,802
International Paper Co.	24,455	853,969
Knife River Corp. *	3,582	184,330
Linde plc	34,531	13,364,878
Livent Corp. *	12,698	272,626
LyondellBasell Industries N.V., Class A	17,857	1,763,736
Martin Marietta Materials, Inc.	4,381	1,955,722
MP Materials Corp. *	6,372	133,430
Newmont Corp.	56,199	2,215,365
Nucor Corp.	17,751	3,054,947
Olin Corp.	8,468	491,313
Packaging Corp. of America	6,323	942,759
PPG Industries, Inc.	16,643	2,359,312
Reliance Steel & Aluminum Co.	4,156	1,184,294
Royal Gold, Inc.	4,607	516,399
RPM International, Inc.	9,038	901,450

SECURITY	NUMBER OF SHARES	VALUE ($)
Sealed Air Corp.	10,198	377,938
Silgan Holdings, Inc.	5,901	266,312
Sonoco Products Co.	6,872	394,796
Steel Dynamics, Inc.	11,320	1,206,599
The Chemours Co.	10,465	356,019
The Mosaic Co.	23,428	910,178
The Sherwin-Williams Co.	16,567	4,501,585
United States Steel Corp.	15,905	494,486
Vulcan Materials Co.	9,357	2,042,165
Westlake Corp.	2,385	312,387
Westrock Co.	17,918	586,098
		76,927,237

Media & Entertainment 7.5%
Activision Blizzard, Inc.	50,493	4,644,851
Alphabet, Inc., Class A *	418,984	57,053,051
Alphabet, Inc., Class C *	360,405	49,501,627
AMC Entertainment Holdings, Inc., Class A *	4,168	52,308
Atlanta Braves Holdings, Inc., Class C *	3,087	113,725
Cable One, Inc.	332	215,989
Charter Communications, Inc., Class A *	7,335	3,213,610
Comcast Corp., Class A	293,401	13,719,431
DISH Network Corp., Class A *	17,835	107,010
Electronic Arts, Inc.	18,410	2,208,832
Endeavor Group Holdings, Inc., Class A *	12,692	277,828
Fox Corp., Class A	28,010	926,011
Getty Images Holdings, Inc. *	2,942	12,945
IAC, Inc. *	5,305	293,526
Liberty Broadband Corp., Class C *	8,299	776,454
Liberty Media Corp.-Liberty Formula One, Class C *	14,670	1,009,149
Liberty Media Corp.-Liberty Live, Class C *	3,299	111,011
Liberty Media Corp.-Liberty SiriusXM, Class C *	10,691	261,288
Live Nation Entertainment, Inc. *	10,079	851,978
Match Group, Inc. *	19,648	920,902
Meta Platforms, Inc., Class A *	156,010	46,161,799
Netflix, Inc. *	31,351	13,596,302
News Corp., Class A	26,713	574,062
Nexstar Media Group, Inc., Class A	2,516	409,605
Omnicom Group, Inc.	14,070	1,139,811
Paramount Global, Class B	35,518	535,967
Pinterest, Inc., Class A *	41,764	1,148,092
Playtika Holding Corp. *	6,556	63,987
ROBLOX Corp., Class A *	26,082	737,860
Roku, Inc. *	8,695	706,034
Sirius XM Holdings, Inc. (a)	48,808	214,755
Snap, Inc., Class A *	70,346	728,081
Take-Two Interactive Software, Inc. *	11,140	1,584,108
TEGNA, Inc.	15,778	260,810
The Interpublic Group of Cos., Inc.	27,145	885,198
The New York Times Co., Class A	11,618	514,329
The Trade Desk, Inc., Class A *	31,363	2,509,981
The Walt Disney Co. *	128,857	10,782,754
Warner Bros Discovery, Inc. *	156,896	2,061,613
ZoomInfo Technologies, Inc. *	19,014	342,632
		221,229,306

Pharmaceuticals, Biotechnology & Life Sciences 7.7%
AbbVie, Inc.	124,458	18,290,348
Agilent Technologies, Inc.	20,908	2,531,332
Alnylam Pharmaceuticals, Inc. *	8,776	1,736,068
Amgen, Inc.	37,692	9,661,967
Apellis Pharmaceuticals, Inc. *	6,979	294,584

See financial notes

62Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Arrowhead Pharmaceuticals, Inc. *	7,416	204,978
Avantor, Inc. *	47,468	1,027,682
Biogen, Inc. *	10,228	2,734,558
Biohaven Ltd. *	4,442	81,244
BioMarin Pharmaceutical, Inc. *	13,230	1,208,957
Bio-Rad Laboratories, Inc., Class A *	1,508	603,502
Bio-Techne Corp.	11,062	867,261
Blueprint Medicines Corp. *	4,245	211,656
Bristol-Myers Squibb Co.	148,065	9,128,207
Bruker Corp.	7,044	462,086
Catalent, Inc. *	12,691	634,169
Cerevel Therapeutics Holdings, Inc. *	4,585	108,665
Charles River Laboratories International, Inc. *	3,600	744,552
CRISPR Therapeutics AG *	5,530	276,555
Cytokinetics, Inc. *	6,843	239,094
Danaher Corp.	46,847	12,414,455
Elanco Animal Health, Inc. *	32,703	398,977
Eli Lilly & Co.	55,566	30,794,677
Exact Sciences Corp. *	12,721	1,064,366
Exelixis, Inc. *	23,136	518,015
Fortrea Holdings, Inc. *	6,210	171,086
Gilead Sciences, Inc.	87,952	6,726,569
Halozyme Therapeutics, Inc. *	9,243	393,382
Horizon Therapeutics plc *	15,926	1,795,497
Illumina, Inc. *	11,168	1,845,177
Incyte Corp. *	13,083	844,246
Intellia Therapeutics, Inc. *	6,209	232,713
Intra-Cellular Therapies, Inc. *	6,286	348,999
Ionis Pharmaceuticals, Inc. *	10,009	403,062
IQVIA Holdings, Inc. *	13,098	2,916,008
Jazz Pharmaceuticals plc *	4,514	647,127
Johnson & Johnson	169,648	27,428,689
Karuna Therapeutics, Inc. *	2,139	401,619
Medpace Holdings, Inc. *	1,730	467,567
Merck & Co., Inc.	178,992	19,506,548
Mettler-Toledo International, Inc. *	1,558	1,890,602
Mirati Therapeutics, Inc. *	4,351	161,857
Moderna, Inc. *	23,061	2,607,507
Natera, Inc. *	8,048	472,659
Neurocrine Biosciences, Inc. *	6,884	749,599
Organon & Co.	17,887	392,799
Perrigo Co., plc	9,492	332,220
Pfizer, Inc.	398,233	14,089,484
Regeneron Pharmaceuticals, Inc. *	7,602	6,282,977
Repligen Corp. *	3,631	631,467
Revvity, Inc.	8,850	1,035,716
Royalty Pharma plc, Class A	26,576	792,496
Sarepta Therapeutics, Inc. *	6,556	793,342
Seagen, Inc. *	9,819	2,023,401
Sotera Health Co. *	6,984	112,722
Syneos Health, Inc. *	7,278	310,989
Thermo Fisher Scientific, Inc.	27,202	15,154,234
United Therapeutics Corp. *	3,297	739,715
Vertex Pharmaceuticals, Inc. *	18,157	6,324,809
Viatris, Inc.	84,529	908,687
Waters Corp. *	4,143	1,163,354
West Pharmaceutical Services, Inc.	5,222	2,124,832
Zoetis, Inc.	32,593	6,209,292
		225,671,004

Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *	22,004	1,871,440
CoStar Group, Inc. *	28,898	2,369,347
Jones Lang LaSalle, Inc. *	3,359	580,435

SECURITY	NUMBER OF SHARES	VALUE ($)
Zillow Group, Inc., Class C *	11,223	585,392
		5,406,614

Semiconductors & Semiconductor Equipment 7.3%
Advanced Micro Devices, Inc. *	113,614	12,011,272
Allegro MicroSystems, Inc. *	4,520	172,890
Amkor Technology, Inc.	7,146	199,802
Analog Devices, Inc.	35,673	6,484,638
Applied Materials, Inc.	59,570	9,099,913
Broadcom, Inc.	29,402	27,134,812
Cirrus Logic, Inc. *	3,919	321,515
Enphase Energy, Inc. *	9,665	1,222,912
Entegris, Inc.	10,521	1,065,462
First Solar, Inc. *	7,007	1,325,164
GLOBALFOUNDRIES, Inc. *(a)	4,957	273,874
Intel Corp.	294,007	10,331,406
KLA Corp.	9,686	4,861,113
Lam Research Corp.	9,473	6,653,835
Lattice Semiconductor Corp. *	9,725	945,854
Marvell Technology, Inc.	60,677	3,534,435
Microchip Technology, Inc.	38,708	3,167,863
Micron Technology, Inc.	77,235	5,401,816
MKS Instruments, Inc.	4,100	410,943
Monolithic Power Systems, Inc.	3,172	1,653,278
NVIDIA Corp.	174,400	86,075,120
NXP Semiconductors N.V.	18,335	3,771,876
ON Semiconductor Corp. *	30,524	3,005,393
Qorvo, Inc. *	7,014	753,233
QUALCOMM, Inc.	78,526	8,993,583
Skyworks Solutions, Inc.	11,174	1,215,061
SolarEdge Technologies, Inc. *	3,965	644,590
Synaptics, Inc. *	2,762	241,785
Teradyne, Inc.	10,889	1,174,596
Texas Instruments, Inc.	64,028	10,760,546
Universal Display Corp.	3,039	494,020
Wolfspeed, Inc. *	8,685	415,317
		213,817,917

Software & Services 11.6%
Accenture plc, Class A	44,520	14,414,240
Adobe, Inc. *	32,353	18,096,327
Akamai Technologies, Inc. *	10,727	1,127,300
Amdocs Ltd.	8,503	758,468
ANSYS, Inc. *	6,102	1,945,745
AppLovin Corp., Class A *	8,807	380,639
Aspen Technology, Inc. *	2,027	393,238
Autodesk, Inc. *	15,130	3,357,952
Bentley Systems, Inc., Class B	14,110	704,230
Bill Holdings, Inc. *	6,815	785,770
Black Knight, Inc. *	10,975	831,466
Cadence Design Systems, Inc. *	19,245	4,627,268
CCC Intelligent Solutions Holdings, Inc. *	7,218	77,233
Cloudflare, Inc., Class A *	20,423	1,328,108
Cognizant Technology Solutions Corp., Class A	35,875	2,569,009
Crowdstrike Holdings, Inc., Class A *	15,838	2,582,069
Datadog, Inc., Class A *	17,761	1,713,581
DocuSign, Inc. *	14,294	718,988
Dolby Laboratories, Inc., Class A	4,217	356,210
DoubleVerify Holdings, Inc. *	7,147	241,640
Dropbox, Inc., Class A *	19,017	528,482
DXC Technology Co. *	15,945	330,699
Dynatrace, Inc. *	15,268	735,918
Elastic N.V. *	5,533	342,382
EPAM Systems, Inc. *	4,084	1,057,715
Fair Isaac Corp. *	1,756	1,588,460

See financial notes

Schwab U.S. Equity ETFs | Annual Report63

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Five9, Inc. *	4,951	358,304
Fortinet, Inc. *	46,028	2,771,346
Gartner, Inc. *	5,584	1,952,613
Gen Digital, Inc.	39,974	809,473
GoDaddy, Inc., Class A *	10,828	785,138
Guidewire Software, Inc. *	5,769	498,615
HubSpot, Inc. *	3,491	1,907,901
Informatica, Inc., Class A *	2,836	59,414
International Business Machines Corp.	64,003	9,397,560
Intuit, Inc.	19,792	10,723,504
Manhattan Associates, Inc. *	4,399	891,325
Microsoft Corp.	524,353	171,861,939
MongoDB, Inc. *	4,929	1,879,428
NCR Corp. *	9,748	299,848
Nutanix, Inc., Class A *	16,236	504,940
Okta, Inc. *	10,937	913,349
Oracle Corp.	108,544	13,067,612
Palantir Technologies, Inc., Class A *	126,806	1,899,554
Palo Alto Networks, Inc. *	21,341	5,192,265
Procore Technologies, Inc. *	4,946	334,102
PTC, Inc. *	7,536	1,109,073
Qualys, Inc. *	2,356	366,711
Roper Technologies, Inc.	7,518	3,751,933
Salesforce, Inc. *	69,029	15,287,162
SentinelOne, Inc., Class A *	16,574	275,626
ServiceNow, Inc. *	14,373	8,463,254
Smartsheet, Inc., Class A *	9,414	392,846
Snowflake, Inc., Class A *	20,422	3,203,191
Splunk, Inc. *	10,726	1,300,635
SPS Commerce, Inc. *	2,563	477,051
Synopsys, Inc. *	10,732	4,924,807
Tenable Holdings, Inc. *	8,142	369,403
Twilio, Inc., Class A *	12,323	785,098
Tyler Technologies, Inc. *	2,957	1,178,158
UiPath, Inc., Class A *	25,286	399,772
Unity Software, Inc. *	15,751	583,890
VeriSign, Inc. *	6,378	1,325,285
VMware, Inc., Class A *	14,788	2,495,919
Workday, Inc., Class A *	14,525	3,551,362
Zoom Video Communications, Inc., Class A *	15,555	1,104,872
Zscaler, Inc. *	6,031	941,138
		339,988,553

Technology Hardware & Equipment 8.5%
Amphenol Corp., Class A	42,014	3,713,197
Apple Inc.	1,042,649	195,882,468
Arista Networks, Inc. *	17,636	3,443,076
Arrow Electronics, Inc. *	3,970	529,717
CDW Corp.	9,494	2,004,658
Ciena Corp. *	10,405	520,042
Cisco Systems, Inc.	288,854	16,565,777
Cognex Corp.	12,075	568,491
Coherent Corp. *	9,804	368,925
Corning, Inc.	53,943	1,770,409
Crane NXT Co.	3,343	198,440
Dell Technologies, Inc., Class C	18,046	1,014,907
F5, Inc. *	4,276	699,810
Hewlett Packard Enterprise Co.	91,392	1,552,750
HP, Inc.	61,122	1,815,935
IPG Photonics Corp. *	2,193	237,633
Jabil, Inc.	9,331	1,067,653
Juniper Networks, Inc.	22,706	661,199
Keysight Technologies, Inc. *	12,580	1,676,914
Littelfuse, Inc.	1,749	467,123
Lumentum Holdings, Inc. *	4,792	259,391
Motorola Solutions, Inc.	11,833	3,355,484

SECURITY	NUMBER OF SHARES	VALUE ($)
National Instruments Corp.	9,298	554,161
NetApp, Inc.	15,130	1,160,471
Novanta, Inc. *	2,524	421,458
Pure Storage, Inc., Class A *	20,370	745,338
Rogers Corp. *	1,281	185,117
Seagate Technology Holdings plc	13,578	961,187
TD SYNNEX Corp.	2,934	298,534
TE Connectivity Ltd.	22,257	2,946,604
Teledyne Technologies, Inc. *	3,309	1,384,155
Trimble, Inc. *	17,488	958,168
Ubiquiti, Inc.	295	51,634
Western Digital Corp. *	22,518	1,013,310
Zebra Technologies Corp., Class A *	3,619	995,261
		250,049,397

Telecommunication Services 0.8%
AT&T, Inc.	504,194	7,457,029
Frontier Communications Parent, Inc. *	15,687	251,306
GCI Liberty, Inc. *(c)	3,916	707
Iridium Communications, Inc.	8,924	436,830
Liberty Global plc, Class C *	17,170	340,653
Lumen Technologies, Inc. *	64,373	102,353
T-Mobile US, Inc. *	40,587	5,529,979
Verizon Communications, Inc.	296,314	10,365,063
		24,483,920

Transportation 1.8%
Alaska Air Group, Inc. *	8,931	374,834
American Airlines Group, Inc. *	46,272	681,587
Avis Budget Group, Inc. *	1,679	358,282
C.H. Robinson Worldwide, Inc.	8,186	740,260
CSX Corp.	143,504	4,333,821
Delta Air Lines, Inc.	45,328	1,943,665
Expeditors International of Washington, Inc.	10,773	1,257,317
FedEx Corp.	16,326	4,261,412
GXO Logistics, Inc. *	8,369	535,365
Hertz Global Holdings, Inc. *	11,317	191,823
J.B. Hunt Transport Services, Inc.	5,824	1,094,213
Knight-Swift Transportation Holdings, Inc.	11,276	618,150
Landstar System, Inc.	2,518	477,942
Lyft, Inc., Class A *	23,357	275,145
Norfolk Southern Corp.	16,068	3,294,101
Old Dominion Freight Line, Inc.	6,344	2,711,235
RXO, Inc. *	8,179	147,876
Saia, Inc. *	1,864	794,437
Southwest Airlines Co.	41,795	1,320,722
Uber Technologies, Inc. *	142,728	6,741,043
U-Haul Holding Co.	620	35,321
U-Haul Holding Co.,Non Voting	6,194	329,769
Union Pacific Corp.	43,021	9,489,142
United Airlines Holdings, Inc. *	23,144	1,152,803
United Parcel Service, Inc., Class B	51,080	8,652,952
XPO, Inc. *	8,152	608,384
		52,421,601

Utilities 2.4%
Alliant Energy Corp.	17,669	886,454
Ameren Corp.	18,517	1,467,843
American Electric Power Co., Inc.	36,360	2,850,624
American Water Works Co., Inc.	13,777	1,911,421
Atmos Energy Corp.	10,198	1,182,458
Avangrid, Inc.	4,881	168,394
Black Hills Corp.	4,710	259,050

See financial notes

64Schwab U.S. Equity ETFs | Annual Report

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
CenterPoint Energy, Inc.	44,520	1,241,663
CMS Energy Corp.	20,511	1,152,513
Consolidated Edison, Inc.	24,505	2,179,965
Constellation Energy Corp.	22,935	2,388,910
Dominion Energy, Inc.	59,091	2,868,277
DTE Energy Co.	14,521	1,501,181
Duke Energy Corp.	54,412	4,831,786
Edison International	27,010	1,859,638
Entergy Corp.	14,917	1,420,844
Essential Utilities, Inc.	17,000	627,300
Evergy, Inc.	16,235	892,438
Eversource Energy	24,610	1,570,610
Exelon Corp.	70,272	2,819,313
FirstEnergy Corp.	38,269	1,380,363
Hawaiian Electric Industries, Inc.	7,659	107,379
IDACORP, Inc.	3,532	338,507
National Fuel Gas Co.	6,423	345,172
New Jersey Resources Corp.	6,764	285,238
NextEra Energy, Inc.	142,604	9,525,947
NiSource, Inc.	29,141	779,813
NRG Energy, Inc.	16,255	610,375
OGE Energy Corp.	14,090	479,764
ONE Gas, Inc.	3,913	283,575
Ormat Technologies, Inc.	3,653	277,409
PG&E Corp. *	114,380	1,864,394
Pinnacle West Capital Corp.	7,913	611,438
PNM Resources, Inc.	6,026	267,012
Portland General Electric Co.	6,840	300,002
PPL Corp.	52,131	1,299,105
Public Service Enterprise Group, Inc.	35,089	2,143,236
Sempra	44,466	3,122,403
Southwest Gas Holdings, Inc.	4,676	289,585
The AES Corp.	47,338	848,770
The Southern Co.	76,961	5,212,569
UGI Corp.	14,635	368,509
Vistra Corp.	24,763	778,053
WEC Energy Group, Inc.	22,299	1,875,792
Xcel Energy, Inc.	38,894	2,222,014
		69,697,106
Total Common Stocks (Cost $2,262,521,186)		2,933,211,672

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

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)	1,181,461	1,181,461
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)(e)	1,109,275	1,109,275
		2,290,736
Total Short-Term Investments (Cost $2,290,736)		2,290,736
Total Investments in Securities (Cost $2,264,811,922)		2,935,502,408

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 09/15/23	25	5,645,000	24,227

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $1,074,020.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(d)	The rate shown is the annualized 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:

SECURITY	VALUE AT 8/31/22	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/23	BALANCE OF SHARES HELD AT 8/31/23	DIVIDENDS RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS

Financial Services 0.2%
The Charles Schwab Corp.	$6,429,560	$1,335,813	($344,826 )	($46,278 )	($1,223,497 )	$6,150,772	103,986	$98,760

See financial notes

Schwab U.S. Equity ETFs | Annual Report65

Schwab 1000 Index ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $10,619)		$41,637,349
Dividends received from securities - affiliated		98,760
Securities on loan, net	+	231,744
Total investment income		41,967,853

Expenses
Management fees		1,266,822
Total expenses	–	1,266,822
Net investment income		40,701,031

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(107,408 )
Net realized losses on sales of securities - unaffiliated		(45,971,140 )
Net realized gains on sales of in-kind redemptions - affiliated		61,130
Net realized gains on sales of in-kind redemptions - unaffiliated		21,468,023
Net realized gains on futures contracts	+	156,602
Net realized losses		(24,392,793 )
Net change in unrealized appreciation (depreciation) on securities - affiliated		(1,223,497 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		374,222,432
Net change in unrealized appreciation (depreciation) on futures contracts	+	278,222
Net change in unrealized appreciation (depreciation)	+	373,277,157
Net realized and unrealized gains		348,884,364
Increase in net assets resulting from operations		$389,585,395

See financial notes

68Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/221	9/1/20– 8/31/211	9/1/19– 8/31/201	9/1/18– 8/31/191
Per-Share Data
Net asset value at beginning of period	$46.83	$54.73	$42.14	$35.00	$34.77
Income (loss) from investment operations:
Net investment income (loss)2	0.78	0.72	0.69	0.76	0.74
Net realized and unrealized gains (losses)	6.42	(7.90 )	12.63	7.10	0.16
Total from investment operations	7.20	(7.18 )	13.32	7.86	0.90
Less distributions:
Distributions from net investment income	(0.77 )	(0.72 )	(0.73 )	(0.72 )	(0.67 )
Net asset value at end of period	$53.26	$46.83	$54.73	$42.14	$35.00
Total return	15.61 %	(13.22 %)	32.05 %	22.92 %	2.70 %
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.03 %3	0.03 %3	0.03 %	0.03 %	0.03 %
Net investment income (loss)	1.63 %	1.39 %	1.45 %	2.06 %	2.19 %
Portfolio turnover rate4	4 %	4 %	4 %	5 %	4 %
Net assets, end of period (x 1,000,000)	$34,018	$28,911	$33,035	$23,253	$17,786

1	Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional information).
2	Calculated based on the average shares outstanding during the period.
3	Ratio includes less than 0.005% of non-routine proxy expenses.
4	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

70Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS

Automobiles & Components 2.2%
Aptiv plc *	226,386	22,966,860
Autoliv, Inc.	64,851	6,329,457
BorgWarner, Inc.	196,980	8,026,935
Ford Motor Co.	3,305,351	40,093,908
General Motors Co.	1,164,890	39,035,464
Gentex Corp.	199,385	6,511,914
Harley-Davidson, Inc.	109,285	3,688,369
Lear Corp.	49,175	7,085,626
Lucid Group, Inc. *(a)	685,227	4,303,225
Phinia, Inc. *	39,351	1,093,958
Rivian Automotive, Inc., Class A *	470,167	10,686,896
Tesla, Inc. *	2,260,802	583,467,780
		733,290,392

Banks 2.9%
Bank of America Corp.	5,820,679	166,878,867
BOK Financial Corp.	24,263	2,016,498
Citigroup, Inc.	1,634,687	67,496,226
Citizens Financial Group, Inc.	407,513	11,463,341
Comerica, Inc.	110,030	5,293,543
Commerce Bancshares, Inc.	95,171	4,671,944
Cullen/Frost Bankers, Inc.	53,872	5,092,520
East West Bancorp, Inc.	118,245	6,543,678
Fifth Third Bancorp	570,418	15,144,598
First Citizens BancShares, Inc., Class A	10,039	13,657,056
First Horizon Corp.	448,560	5,629,428
Huntington Bancshares, Inc.	1,213,536	13,458,114
JPMorgan Chase & Co.	2,452,308	358,846,230
KeyCorp	787,404	8,921,287
M&T Bank Corp.	138,669	17,340,558
Regions Financial Corp.	788,942	14,469,196
The PNC Financial Services Group, Inc.	335,588	40,515,539
Truist Financial Corp.	1,115,707	34,084,849
U.S. Bancorp	1,172,968	42,848,521
Webster Financial Corp.	145,750	6,181,258
Wells Fargo & Co.	3,147,926	129,977,865
Western Alliance Bancorp	91,380	4,569,914
Zions Bancorp NA	122,902	4,363,021
		979,464,051

Capital Goods 5.9%
3M Co.	462,379	49,321,968
A.O. Smith Corp.	104,793	7,597,493
Acuity Brands, Inc.	26,645	4,297,306
Advanced Drainage Systems, Inc.	52,120	6,679,699
AECOM	115,838	10,164,785
AGCO Corp.	51,825	6,712,892
Allegion plc	73,609	8,377,440
AMETEK, Inc.	193,935	30,934,572

SECURITY	NUMBER OF SHARES	VALUE ($)
Axon Enterprise, Inc. *	58,886	12,537,418
Builders FirstSource, Inc. *	107,662	15,615,296
Carlisle Cos., Inc.	42,825	11,263,832
Carrier Global Corp.	701,105	40,278,482
Caterpillar, Inc.	432,558	121,605,031
Cummins, Inc.	118,499	27,259,510
Deere & Co.	226,370	93,024,488
Donaldson Co., Inc.	101,713	6,496,409
Dover Corp.	117,261	17,389,806
Eaton Corp. plc	334,077	76,961,318
Emerson Electric Co.	478,831	47,045,146
Fastenal Co.	478,518	27,553,066
Ferguson plc	171,835	27,761,663
Fortive Corp.	297,856	23,485,946
Fortune Brands Innovations, Inc.	105,842	7,305,215
Generac Holdings, Inc. *	52,287	6,212,218
General Dynamics Corp.	189,022	42,839,946
General Electric Co.	914,061	104,623,422
Graco, Inc.	140,808	11,115,384
HEICO Corp.	80,257	13,540,158
Honeywell International, Inc.	558,633	104,989,486
Howmet Aerospace, Inc.	308,930	15,282,767
Hubbell, Inc.	44,730	14,584,217
Huntington Ingalls Industries, Inc.	33,402	7,359,129
IDEX Corp.	63,178	14,303,499
Illinois Tool Works, Inc.	231,943	57,371,101
Ingersoll Rand, Inc.	338,314	23,550,038
Johnson Controls International plc	575,704	34,001,078
L3Harris Technologies, Inc.	158,683	28,259,855
Lennox International, Inc.	27,112	10,216,073
Lincoln Electric Holdings, Inc.	48,230	9,282,346
Lockheed Martin Corp.	189,255	84,852,479
Masco Corp.	189,461	11,180,094
Masterbrand, Inc. *	107,245	1,373,808
Nordson Corp.	45,569	11,125,216
Northrop Grumman Corp.	119,618	51,805,360
Otis Worldwide Corp.	346,368	29,631,782
Owens Corning	75,682	10,891,397
PACCAR, Inc.	439,613	36,175,754
Parker-Hannifin Corp.	107,897	44,982,259
Pentair plc	138,077	9,701,290
Plug Power, Inc. *(a)	454,319	3,843,539
Quanta Services, Inc.	121,820	25,566,363
Regal Rexnord Corp.	55,741	9,040,633
Rockwell Automation, Inc.	96,629	30,155,978
RTX Corp.	1,226,217	105,503,711
Sensata Technologies Holding plc	128,386	4,829,881
Snap-on, Inc.	44,319	11,904,083
Stanley Black & Decker, Inc.	128,681	12,144,913
Textron, Inc.	169,519	13,173,321
The Boeing Co. *	474,611	106,327,102
The Middleby Corp. *	45,006	6,552,424
The Toro Co.	87,397	8,942,461
Trane Technologies plc	191,067	39,218,412
TransDigm Group, Inc. *	43,842	39,626,592
Trex Co., Inc. *	91,537	6,532,996
United Rentals, Inc.	57,836	27,561,167

See financial notes

Schwab U.S. Equity ETFs | Annual Report71

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
W.W. Grainger, Inc.	37,410	26,715,977
Watsco, Inc.	28,347	10,333,899
Westinghouse Air Brake Technologies Corp.	150,298	16,911,531
WillScot Mobile Mini Holdings Corp. *	170,025	6,974,426
Woodward, Inc.	49,745	6,435,511
Xylem, Inc.	201,575	20,871,075
		2,008,084,932

Commercial & Professional Services 1.4%
Automatic Data Processing, Inc.	347,064	88,365,965
Booz Allen Hamilton Holding Corp., Class A	110,548	12,526,194
Broadridge Financial Solutions, Inc.	99,126	18,458,252
Ceridian HCM Holding, Inc. *	131,666	9,548,418
Cintas Corp.	72,674	36,640,051
Clarivate plc *	358,032	2,660,178
Concentrix Corp.	35,623	2,843,784
Copart, Inc. *	718,170	32,195,561
Dun & Bradstreet Holdings, Inc.	180,104	1,963,134
Equifax, Inc.	102,724	21,233,051
Genpact Ltd.	141,597	5,285,816
Jacobs Solutions, Inc.	107,268	14,461,872
Leidos Holdings, Inc.	115,275	11,240,465
Paychex, Inc.	269,126	32,895,271
Paycom Software, Inc.	40,816	12,034,189
Paylocity Holding Corp. *	34,525	6,922,263
RB Global, Inc.	152,443	9,408,782
Republic Services, Inc.	172,532	24,867,037
Robert Half International, Inc.	89,764	6,638,945
Rollins, Inc.	194,809	7,708,592
SS&C Technologies Holdings, Inc.	181,308	10,410,705
TransUnion	161,723	13,135,142
Verisk Analytics, Inc.	121,912	29,529,525
Waste Management, Inc.	310,268	48,643,817
		459,617,009

Consumer Discretionary Distribution & Retail 5.4%
Advance Auto Parts, Inc.	49,757	3,424,277
Amazon.com, Inc. *	7,490,816	1,033,807,516
AutoZone, Inc. *	15,474	39,169,800
Bath & Body Works, Inc.	191,283	7,052,604
Best Buy Co., Inc.	163,041	12,464,485
Burlington Stores, Inc. *	54,513	8,845,279
CarMax, Inc. *	132,019	10,783,312
Carvana Co. *(a)	82,247	4,141,137
eBay, Inc.	447,462	20,037,348
Etsy, Inc. *	103,723	7,630,901
Five Below, Inc. *	46,566	8,007,489
Floor & Decor Holdings, Inc., Class A *	89,168	8,890,050
GameStop Corp., Class A *(a)	213,604	3,962,354
Genuine Parts Co.	117,870	18,120,155
LKQ Corp.	212,109	11,142,086
Lowe’s Cos., Inc.	500,488	115,352,474
O'Reilly Automotive, Inc. *	51,151	48,066,595
Penske Automotive Group, Inc.	20,030	3,290,929
Pool Corp.	33,064	12,088,198
RH *	15,042	5,493,188
Ross Stores, Inc.	286,915	34,949,116
The Home Depot, Inc.	849,811	280,692,573
The TJX Cos., Inc.	966,945	89,423,074
Tractor Supply Co.	92,021	20,106,589
Ulta Beauty, Inc. *	42,225	17,524,642
Wayfair, Inc., Class A *	69,150	4,778,957

SECURITY	NUMBER OF SHARES	VALUE ($)
Williams-Sonoma, Inc.	54,861	7,746,373
		1,836,991,501

Consumer Durables & Apparel 0.9%
D.R. Horton, Inc.	260,058	30,952,103
Deckers Outdoor Corp. *	22,077	11,680,720
Garmin Ltd.	128,112	13,582,434
Hasbro, Inc.	109,353	7,873,416
Leggett & Platt, Inc.	110,196	3,107,527
Lennar Corp., Class A	223,595	26,627,929
Lululemon Athletica, Inc. *	97,049	37,000,902
Mohawk Industries, Inc. *	44,432	4,504,961
Newell Brands, Inc.	312,728	3,308,662
NIKE, Inc., Class B	1,034,401	105,208,926
NVR, Inc. *	2,579	16,447,134
Polaris, Inc.	44,595	4,998,654
PulteGroup, Inc.	187,649	15,398,477
Tapestry, Inc.	194,898	6,494,001
Toll Brothers, Inc.	86,623	7,097,022
VF Corp.	277,895	5,491,205
Whirlpool Corp.	45,715	6,398,271
		306,172,344

Consumer Services 2.2%
ADT, Inc.	178,052	1,143,094
Airbnb, Inc., Class A *	346,692	45,607,333
Aramark	230,924	8,585,754
Booking Holdings, Inc. *	30,981	96,196,934
Caesars Entertainment, Inc. *	180,851	9,993,826
Carnival Corp. *	840,356	13,294,432
Chipotle Mexican Grill, Inc. *	23,140	44,582,450
Darden Restaurants, Inc.	101,463	15,778,511
Domino’s Pizza, Inc.	29,725	11,515,465
DoorDash, Inc., Class A *	220,272	18,531,483
DraftKings, Inc., Class A *	387,868	11,500,286
Expedia Group, Inc. *	119,747	12,979,377
Hilton Worldwide Holdings, Inc.	221,661	32,949,908
Las Vegas Sands Corp.	274,549	15,061,758
Marriott International, Inc., Class A	216,790	44,118,933
McDonald’s Corp.	612,940	172,328,081
MGM Resorts International	253,401	11,144,576
Norwegian Cruise Line Holdings Ltd. *	357,978	5,931,696
Royal Caribbean Cruises Ltd. *	185,354	18,338,925
Service Corp. International	126,963	8,012,635
Starbucks Corp.	962,346	93,770,994
Vail Resorts, Inc.	34,203	7,740,823
Wyndham Hotels & Resorts, Inc.	71,993	5,427,552
Wynn Resorts Ltd.	86,586	8,778,089
Yum! Brands, Inc.	234,927	30,394,855
		743,707,770

Consumer Staples Distribution & Retail 1.7%
Albertsons Cos., Inc., Class A	168,179	3,767,209
BJ's Wholesale Club Holdings, Inc. *	111,889	7,540,200
Costco Wholesale Corp.	372,266	204,478,268
Dollar General Corp.	183,526	25,418,351
Dollar Tree, Inc. *	175,034	21,417,160
Sysco Corp.	426,195	29,684,482
Target Corp.	386,798	48,949,287
The Kroger Co.	549,879	25,508,887
US Foods Holding Corp. *	190,228	7,690,918
Walgreens Boots Alliance, Inc.	599,597	15,175,800
Walmart, Inc.	1,176,606	191,327,902
		580,958,464

See financial notes

72Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Energy 4.3%
Antero Resources Corp. *	229,973	6,363,353
APA Corp.	259,430	11,373,411
Baker Hughes Co.	847,408	30,667,696
Cheniere Energy, Inc.	204,427	33,362,486
Chesapeake Energy Corp.	89,684	7,911,026
Chevron Corp.	1,493,740	240,641,514
ConocoPhillips	1,015,553	120,881,274
Coterra Energy, Inc.	636,806	17,951,561
Devon Energy Corp.	537,369	27,454,182
Diamondback Energy, Inc.	152,690	23,175,288
EOG Resources, Inc.	491,326	63,194,350
EQT Corp.	303,817	13,130,971
Exxon Mobil Corp.	3,392,758	377,240,762
Halliburton Co.	756,506	29,216,262
Hess Corp.	231,878	35,825,151
HF Sinclair Corp.	108,238	5,962,831
Kinder Morgan, Inc.	1,651,934	28,446,304
Marathon Oil Corp.	519,105	13,678,417
Marathon Petroleum Corp.	356,760	50,934,625
New Fortress Energy, Inc.	39,575	1,228,408
Occidental Petroleum Corp.	601,933	37,795,373
ONEOK, Inc.	375,719	24,496,879
Ovintiv, Inc.	203,864	9,573,453
Phillips 66	384,433	43,886,871
Pioneer Natural Resources Co.	196,570	46,769,900
Schlumberger N.V.	1,197,488	70,603,893
Targa Resources Corp.	189,112	16,310,910
Texas Pacific Land Corp.	5,136	9,680,076
The Williams Cos., Inc.	1,024,907	35,390,039
Valero Energy Corp.	302,806	39,334,499
Vitesse Energy, Inc.	17,971	417,646
		1,472,899,411

Equity Real Estate Investment Trusts (REITs) 2.5%
Alexandria Real Estate Equities, Inc.	132,010	15,358,043
American Homes 4 Rent, Class A	263,877	9,510,127
American Tower Corp.	391,410	70,970,461
Americold Realty Trust, Inc.	227,451	7,653,726
Apartment Income REIT Corp.	125,874	4,287,268
AvalonBay Communities, Inc.	118,777	21,833,588
Boston Properties, Inc.	119,189	7,958,249
Camden Property Trust	89,084	9,587,220
Crown Castle, Inc.	363,429	36,524,614
CubeSmart	187,097	7,803,816
Digital Realty Trust, Inc.	243,847	32,119,527
Equinix, Inc.	78,484	61,325,828
Equity LifeStyle Properties, Inc.	146,311	9,796,985
Equity Residential	286,093	18,547,409
Essex Property Trust, Inc.	54,261	12,935,280
Extra Space Storage, Inc.	177,933	22,896,418
Federal Realty Investment Trust	61,320	6,005,681
Gaming & Leisure Properties, Inc.	220,514	10,452,364
Healthcare Realty Trust, Inc.	321,246	5,628,230
Healthpeak Properties, Inc.	458,332	9,432,473
Host Hotels & Resorts, Inc.	593,598	9,372,912
Invitation Homes, Inc.	487,247	16,610,250
Iron Mountain, Inc.	244,985	15,566,347
Kilroy Realty Corp.	88,345	3,264,348
Kimco Realty Corp.	518,884	9,827,663
Lamar Advertising Co., Class A	73,677	6,720,816
Medical Properties Trust, Inc.	506,482	3,656,800
Mid-America Apartment Communities, Inc.	98,000	14,232,540
NNN REIT, Inc.	154,903	6,101,629
Omega Healthcare Investors, Inc.	195,789	6,230,006

SECURITY	NUMBER OF SHARES	VALUE ($)
Prologis, Inc.	775,289	96,290,894
Public Storage	132,542	36,631,958
Realty Income Corp.	563,828	31,596,921
Regency Centers Corp.	137,894	8,577,007
Rexford Industrial Realty, Inc.	168,849	9,028,356
SBA Communications Corp.	91,287	20,496,670
Simon Property Group, Inc.	273,834	31,077,421
Sun Communities, Inc.	104,529	12,796,440
UDR, Inc.	259,101	10,338,130
Ventas, Inc.	335,236	14,643,108
VICI Properties, Inc.	840,477	25,920,311
Vornado Realty Trust	133,436	3,205,133
Welltower, Inc.	416,242	34,498,137
Weyerhaeuser Co.	617,217	20,213,857
WP Carey, Inc.	179,693	11,689,030
		839,213,991

Financial Services 7.7%
Affirm Holdings, Inc. *	176,084	3,664,308
AGNC Investment Corp.	500,599	4,960,936
Ally Financial, Inc.	253,470	7,018,584
American Express Co.	499,093	78,851,703
Ameriprise Financial, Inc.	87,675	29,597,327
Annaly Capital Management, Inc.	414,949	8,411,016
Apollo Global Management, Inc.	361,106	31,538,998
Ares Management Corp., Class A	134,874	13,951,367
Berkshire Hathaway, Inc., Class B *	1,496,477	539,031,015
BlackRock, Inc.	125,692	88,052,274
Blackstone, Inc.	593,320	63,111,448
Block, Inc. *	457,994	26,403,354
Capital One Financial Corp.	321,122	32,879,682
Cboe Global Markets, Inc.	88,490	13,247,838
CME Group, Inc.	301,874	61,183,822
Coinbase Global, Inc., Class A *	139,679	11,118,448
Corebridge Financial, Inc.	124,825	2,225,630
Credit Acceptance Corp. *	5,086	2,552,002
Discover Financial Services	212,446	19,135,011
Equitable Holdings, Inc.	278,551	8,022,269
FactSet Research Systems, Inc.	32,195	14,050,220
Fidelity National Information Services, Inc.	495,929	27,702,594
Fiserv, Inc. *	518,470	62,937,073
FleetCor Technologies, Inc. *	62,255	16,916,551
Franklin Resources, Inc.	240,724	6,436,960
Global Payments, Inc.	219,698	27,833,540
Intercontinental Exchange, Inc.	469,186	55,359,256
Invesco Ltd.	383,233	6,101,069
Jack Henry & Associates, Inc.	61,261	9,604,500
Jefferies Financial Group, Inc.	156,696	5,592,480
KKR & Co., Inc.	484,089	30,405,630
LPL Financial Holdings, Inc.	65,270	15,050,609
MarketAxess Holdings, Inc.	31,475	7,583,272
Mastercard, Inc., Class A	702,207	289,758,696
Moody's Corp.	132,217	44,530,686
Morgan Stanley	1,093,584	93,118,678
Morningstar, Inc.	20,990	4,883,743
MSCI, Inc.	67,335	36,604,653
Nasdaq, Inc.	284,771	14,944,782
Northern Trust Corp.	174,871	13,302,437
PayPal Holdings, Inc. *	937,205	58,584,685
Raymond James Financial, Inc.	160,295	16,765,254
S&P Global, Inc.	275,252	107,584,997
SEI Investments Co.	85,538	5,308,488
SoFi Technologies, Inc. *	696,527	6,031,924
Starwood Property Trust, Inc.	262,605	5,365,020
State Street Corp.	279,584	19,218,604
Synchrony Financial	359,944	11,618,992

See financial notes

Schwab U.S. Equity ETFs | Annual Report73

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
T. Rowe Price Group, Inc.	188,253	21,127,634
The Bank of New York Mellon Corp.	601,464	26,987,690
The Carlyle Group, Inc.	183,393	5,932,764
The Charles Schwab Corp. (b)	1,238,854	73,278,214
The Goldman Sachs Group, Inc.	279,083	91,458,290
The Western Union Co.	312,058	3,853,916
Visa, Inc., Class A	1,357,964	333,624,596
Voya Financial, Inc.	82,635	5,758,007
WEX, Inc. *	35,856	7,034,230
		2,627,207,766

Food, Beverage & Tobacco 3.0%
Altria Group, Inc.	1,499,361	66,301,743
Archer-Daniels-Midland Co.	458,015	36,320,590
Brown-Forman Corp., Class B	202,182	13,370,296
Bunge Ltd.	126,443	14,454,964
Campbell Soup Co.	169,017	7,048,009
Conagra Brands, Inc.	399,163	11,926,990
Constellation Brands, Inc., Class A	135,582	35,327,246
Darling Ingredients, Inc. *	134,498	8,306,597
General Mills, Inc.	492,103	33,295,689
Hormel Foods Corp.	241,948	9,336,773
Kellogg Co.	216,072	13,184,713
Keurig Dr Pepper, Inc.	705,259	23,731,965
Lamb Weston Holdings, Inc.	122,356	11,918,698
McCormick & Co., Inc. Non Voting Shares	210,237	17,256,253
Molson Coors Beverage Co., Class B	156,594	9,942,153
Mondelez International, Inc., Class A	1,143,307	81,472,057
Monster Beverage Corp. *	640,059	36,745,787
PepsiCo, Inc.	1,156,522	205,768,394
Philip Morris International, Inc.	1,302,276	125,096,633
Post Holdings, Inc. *	45,003	4,037,219
The Coca-Cola Co.	3,264,868	195,337,052
The Hershey Co.	123,296	26,491,379
The J.M. Smucker Co.	89,438	12,964,038
The Kraft Heinz Co.	667,845	22,098,991
Tyson Foods, Inc., Class A	239,792	12,773,720
		1,034,507,949

Health Care Equipment & Services 5.2%
Abbott Laboratories	1,458,680	150,098,172
agilon health, Inc. *	244,217	4,327,525
Align Technology, Inc. *	59,744	22,113,644
Baxter International, Inc.	423,768	17,204,981
Becton Dickinson & Co.	238,554	66,663,915
Boston Scientific Corp. *	1,207,871	65,152,562
Cardinal Health, Inc.	212,895	18,592,120
Cencora, Inc.	136,312	23,988,186
Centene Corp. *	459,739	28,342,909
Chemed Corp.	12,564	6,425,732
CVS Health Corp.	1,076,575	70,160,393
DaVita, Inc. *	46,054	4,716,851
Dentsply Sirona, Inc.	177,437	6,581,138
DexCom, Inc. *	324,772	32,795,477
Edwards Lifesciences Corp. *	509,926	38,994,041
Elevance Health, Inc.	198,988	87,954,686
Encompass Health Corp.	83,682	5,944,769
GE Healthcare, Inc.	327,575	23,077,659
Guardant Health, Inc. *	96,164	3,758,089
HCA Healthcare, Inc.	173,465	48,101,845
Henry Schein, Inc. *	110,101	8,427,131
Hologic, Inc. *	206,633	15,443,750
Humana, Inc.	104,684	48,325,275
IDEXX Laboratories, Inc. *	69,801	35,696,929
Insulet Corp. *	58,500	11,215,035

SECURITY	NUMBER OF SHARES	VALUE ($)
Intuitive Surgical, Inc. *	294,064	91,947,932
Laboratory Corp. of America Holdings	74,393	15,481,183
Masimo Corp. *	40,663	4,646,968
McKesson Corp.	113,966	46,990,461
Medtronic plc	1,116,753	91,015,370
Molina Healthcare, Inc. *	48,851	15,149,672
Novocure Ltd. *	75,930	1,675,016
Penumbra, Inc. *	32,127	8,497,592
Quest Diagnostics, Inc.	94,030	12,364,945
R1 RCM, Inc. *	113,581	1,958,136
ResMed, Inc.	123,685	19,738,889
Shockwave Medical, Inc. *	30,814	6,791,097
STERIS plc	83,324	19,130,357
Stryker Corp.	283,637	80,425,271
Teladoc Health, Inc. *	138,183	3,128,463
Teleflex, Inc.	39,298	8,360,257
The Cigna Group	248,489	68,647,571
The Cooper Cos., Inc.	41,406	15,319,806
UnitedHealth Group, Inc.	781,293	372,348,618
Universal Health Services, Inc., Class B	52,882	7,123,205
Veeva Systems, Inc., Class A *	121,854	25,430,930
Zimmer Biomet Holdings, Inc.	174,615	20,800,139
		1,781,074,692

Household & Personal Products 1.5%
Church & Dwight Co., Inc.	204,194	19,759,853
Colgate-Palmolive Co.	697,195	51,222,917
Kenvue, Inc.	1,446,453	33,340,740
Kimberly-Clark Corp.	283,077	36,468,810
Olaplex Holdings, Inc. *	69,894	189,413
Reynolds Consumer Products, Inc.	45,575	1,243,742
The Clorox Co.	103,934	16,260,474
The Estee Lauder Cos., Inc., Class A	194,270	31,186,163
The Procter & Gamble Co.	1,977,908	305,270,321
		494,942,433

Insurance 2.1%
Aflac, Inc.	460,490	34,338,739
American Financial Group, Inc.	58,518	6,783,407
American International Group, Inc.	606,200	35,474,824
Aon plc, Class A	171,559	57,196,055
Arch Capital Group Ltd. *	312,587	24,025,437
Arthur J. Gallagher & Co.	180,127	41,515,671
Assurant, Inc.	44,807	6,242,959
Brown & Brown, Inc.	197,731	14,651,867
Chubb Ltd.	347,799	69,862,385
Cincinnati Financial Corp.	132,165	13,981,735
CNA Financial Corp.	23,453	922,407
Erie Indemnity Co., Class A	21,002	5,853,888
Everest Group Ltd.	35,807	12,914,869
F&G Annuities & Life, Inc.	15,606	441,806
Fidelity National Financial, Inc.	226,756	9,387,699
Globe Life, Inc.	74,665	8,330,374
Lincoln National Corp.	128,626	3,300,543
Loews Corp.	158,981	9,871,130
Markel Group, Inc. *	11,260	16,652,639
Marsh & McLennan Cos., Inc.	415,275	80,974,472
MetLife, Inc.	538,851	34,130,822
Old Republic International Corp.	227,698	6,227,540
Principal Financial Group, Inc.	189,160	14,699,624
Prudential Financial, Inc.	305,598	28,930,963
Reinsurance Group of America, Inc.	55,849	7,741,788
RenaissanceRe Holdings Ltd.	42,015	7,894,198
The Allstate Corp.	220,626	23,785,689

See financial notes

74Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The Hartford Financial Services Group, Inc.	259,512	18,638,152
The Progressive Corp.	491,805	65,641,213
The Travelers Cos., Inc.	194,331	31,331,987
W.R. Berkley Corp.	168,878	10,446,793
Willis Towers Watson plc	89,019	18,405,569
		720,597,244

Materials 2.5%
Air Products and Chemicals, Inc.	186,669	55,158,823
Albemarle Corp.	98,506	19,574,127
Alcoa Corp.	149,278	4,490,282
Amcor plc	1,237,057	12,048,935
AptarGroup, Inc.	54,737	7,255,937
Avery Dennison Corp.	67,891	12,789,307
Axalta Coating Systems Ltd. *	186,087	5,266,262
Ball Corp.	265,692	14,466,929
Berry Global Group, Inc.	100,116	6,541,579
Celanese Corp.	83,456	10,545,500
CF Industries Holdings, Inc.	163,048	12,566,109
Cleveland-Cliffs, Inc. *	435,095	6,652,603
Corteva, Inc.	595,626	30,085,069
Crown Holdings, Inc.	100,349	9,298,338
Dow, Inc.	595,216	32,474,985
DuPont de Nemours, Inc.	386,438	29,713,218
Eastman Chemical Co.	99,349	8,445,659
Ecolab, Inc.	207,563	38,152,155
FMC Corp.	104,292	8,993,099
Freeport-McMoRan, Inc.	1,201,076	47,934,943
International Flavors & Fragrances, Inc.	214,324	15,099,126
International Paper Co.	291,806	10,189,866
Linde plc	410,736	158,971,261
LyondellBasell Industries N.V., Class A	213,110	21,048,875
Martin Marietta Materials, Inc.	52,050	23,235,641
Newmont Corp.	665,948	26,251,670
Nucor Corp.	211,297	36,364,214
Packaging Corp. of America	75,564	11,266,592
PPG Industries, Inc.	198,134	28,087,476
Reliance Steel & Aluminum Co.	49,623	14,140,570
Royal Gold, Inc.	55,105	6,176,719
RPM International, Inc.	107,912	10,763,143
Sealed Air Corp.	120,403	4,462,135
Sonoco Products Co.	81,133	4,661,091
Steel Dynamics, Inc.	134,795	14,367,799
The Mosaic Co.	279,052	10,841,170
The Sherwin-Williams Co.	197,255	53,598,129
Vulcan Materials Co.	112,050	24,454,913
Westlake Corp.	28,790	3,770,914
Westrock Co.	215,534	7,050,117
		857,255,280

Media & Entertainment 7.7%
Activision Blizzard, Inc.	601,175	55,302,088
Alphabet, Inc., Class A *	4,985,481	678,872,948
Alphabet, Inc., Class C *	4,288,469	589,021,217
AMC Entertainment Holdings, Inc., Class A *(a)	48,800	612,441
Cable One, Inc.	3,943	2,565,198
Charter Communications, Inc., Class A *	87,367	38,277,230
Comcast Corp., Class A	3,489,454	163,166,869
DISH Network Corp., Class A *	208,007	1,248,042
Electronic Arts, Inc.	218,103	26,167,998

SECURITY	NUMBER OF SHARES	VALUE ($)
Fox Corp., Class A	334,140	11,046,668
IAC, Inc. *	63,380	3,506,815
Liberty Broadband Corp., Class C *	112,661	10,540,563
Liberty Media Corp.-Liberty Formula One, Class C *	192,683	13,254,664
Liberty Media Corp.-Liberty Live, Class C *	55,715	1,874,810
Liberty Media Corp.-Liberty SiriusXM, Class C *	188,997	4,619,087
Live Nation Entertainment, Inc. *	120,845	10,215,028
Match Group, Inc. *	232,614	10,902,618
Meta Platforms, Inc., Class A *	1,856,369	549,281,024
Netflix, Inc. *	373,285	161,886,239
News Corp., Class A	421,131	9,050,105
Omnicom Group, Inc.	168,737	13,669,384
Paramount Global, Class B	442,376	6,675,454
Pinterest, Inc., Class A *	498,432	13,701,896
ROBLOX Corp., Class A *	310,684	8,789,250
Roku, Inc. *	103,871	8,434,325
Sirius XM Holdings, Inc. (a)	583,298	2,566,511
Snap, Inc., Class A *	837,803	8,671,261
Take-Two Interactive Software, Inc. *	132,961	18,907,054
The Interpublic Group of Cos., Inc.	322,330	10,511,181
The Trade Desk, Inc., Class A *	371,907	29,763,717
The Walt Disney Co. *	1,533,071	128,287,381
Warner Bros Discovery, Inc. *	1,854,507	24,368,222
ZoomInfo Technologies, Inc. *	227,755	4,104,145
		2,619,861,433

Pharmaceuticals, Biotechnology & Life Sciences 7.7%
AbbVie, Inc.	1,480,748	217,610,726
Agilent Technologies, Inc.	248,801	30,122,337
Alnylam Pharmaceuticals, Inc. *	104,573	20,686,631
Amgen, Inc.	448,486	114,964,901
Avantor, Inc. *	563,869	12,207,764
Biogen, Inc. *	121,813	32,567,924
Biohaven Ltd. *	53,437	977,363
BioMarin Pharmaceutical, Inc. *	157,602	14,401,671
Bio-Rad Laboratories, Inc., Class A *	17,831	7,135,966
Bio-Techne Corp.	131,754	10,329,513
Bristol-Myers Squibb Co.	1,762,864	108,680,565
Bruker Corp.	83,453	5,474,517
Catalent, Inc. *	151,165	7,553,715
Charles River Laboratories International, Inc. *	43,017	8,896,776
Danaher Corp.	557,203	147,658,795
Elanco Animal Health, Inc. *	389,178	4,747,971
Eli Lilly & Co.	661,196	366,434,823
Exact Sciences Corp. *	151,433	12,670,399
Fortrea Holdings, Inc. *	74,348	2,048,287
Gilead Sciences, Inc.	1,047,443	80,108,441
Horizon Therapeutics plc *	189,522	21,366,710
Illumina, Inc. *	132,304	21,859,267
Incyte Corp. *	155,663	10,044,933
IQVIA Holdings, Inc. *	156,126	34,758,331
Jazz Pharmaceuticals plc *	53,714	7,700,439
Johnson & Johnson	2,021,207	326,788,748
Karuna Therapeutics, Inc. *	25,188	4,729,299
Merck & Co., Inc.	2,129,411	232,063,211
Mettler-Toledo International, Inc. *	18,516	22,468,796
Moderna, Inc. *	274,581	31,046,874
Neurocrine Biosciences, Inc. *	82,152	8,945,531
Organon & Co.	213,181	4,681,455
Pfizer, Inc.	4,735,107	167,528,086
Regeneron Pharmaceuticals, Inc. *	90,632	74,906,442
Repligen Corp. *	43,057	7,488,043
Revvity, Inc.	105,421	12,337,420

See financial notes

Schwab U.S. Equity ETFs | Annual Report75

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Royalty Pharma plc, Class A	316,140	9,427,295
Sarepta Therapeutics, Inc. *	78,218	9,465,160
Seagen, Inc. *	116,040	23,912,363
Syneos Health, Inc. *	87,581	3,742,336
Thermo Fisher Scientific, Inc.	323,847	180,415,164
United Therapeutics Corp. *	39,300	8,817,348
Vertex Pharmaceuticals, Inc. *	216,224	75,319,468
Viatris, Inc.	1,002,873	10,780,885
Waters Corp. *	49,552	13,914,201
West Pharmaceutical Services, Inc.	62,273	25,338,884
Zoetis, Inc.	388,049	73,927,215
		2,629,052,989

Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *	261,248	22,219,142
CoStar Group, Inc. *	343,741	28,183,325
Jones Lang LaSalle, Inc. *	39,745	6,867,936
Zillow Group, Inc., Class C *	180,861	9,433,710
		66,704,113

Semiconductors & Semiconductor Equipment 7.4%
Advanced Micro Devices, Inc. *	1,350,776	142,804,039
Analog Devices, Inc.	424,689	77,199,966
Applied Materials, Inc.	709,234	108,342,586
Broadcom, Inc.	349,879	322,899,830
Enphase Energy, Inc. *	115,110	14,564,868
Entegris, Inc.	125,637	12,723,259
First Solar, Inc. *	83,401	15,772,797
Intel Corp.	3,500,227	122,997,977
KLA Corp.	115,222	57,826,465
Lam Research Corp.	112,767	79,207,541
Marvell Technology, Inc.	719,813	41,929,107
Microchip Technology, Inc.	460,674	37,701,560
Micron Technology, Inc.	919,392	64,302,277
Monolithic Power Systems, Inc.	37,752	19,676,720
NVIDIA Corp.	2,075,375	1,024,301,331
NXP Semiconductors N.V.	218,345	44,917,933
ON Semiconductor Corp. *	361,780	35,620,859
Qorvo, Inc. *	83,667	8,984,999
QUALCOMM, Inc.	934,865	107,070,088
Skyworks Solutions, Inc.	133,135	14,477,100
SolarEdge Technologies, Inc. *	47,264	7,683,709
Teradyne, Inc.	130,194	14,044,027
Texas Instruments, Inc.	761,446	127,968,615
Universal Display Corp.	36,690	5,964,326
Wolfspeed, Inc. *	103,518	4,950,231
		2,513,932,210

Software & Services 11.8%
Accenture plc, Class A	530,169	171,652,817
Adobe, Inc. *	385,034	215,364,918
Akamai Technologies, Inc. *	127,838	13,434,495
ANSYS, Inc. *	72,973	23,268,901
AppLovin Corp., Class A *	105,890	4,576,566
Aspen Technology, Inc. *	24,495	4,752,030
Atlassian Corp., Class A *	127,922	26,103,763
Autodesk, Inc. *	179,388	39,813,373
Bentley Systems, Inc., Class B	167,898	8,379,789
Bill Holdings, Inc. *	80,468	9,277,960
Black Knight, Inc. *	131,832	9,987,592
Cadence Design Systems, Inc. *	229,131	55,092,258
Cloudflare, Inc., Class A *	243,209	15,815,881
Cognizant Technology Solutions Corp., Class A	424,863	30,424,439
Crowdstrike Holdings, Inc., Class A *	187,581	30,581,330

SECURITY	NUMBER OF SHARES	VALUE ($)
Datadog, Inc., Class A *	211,530	20,408,414
DocuSign, Inc. *	169,955	8,548,737
DXC Technology Co. *	190,286	3,946,532
Dynatrace, Inc. *	181,002	8,724,296
Elastic N.V. *	65,025	4,023,747
EPAM Systems, Inc. *	48,660	12,602,453
Fair Isaac Corp. *	20,935	18,937,592
Five9, Inc. *	59,052	4,273,593
Fortinet, Inc. *	545,926	32,870,204
Gartner, Inc. *	66,339	23,197,422
Gen Digital, Inc.	477,014	9,659,534
GoDaddy, Inc., Class A *	128,538	9,320,290
Guidewire Software, Inc. *	68,165	5,891,501
HubSpot, Inc. *	41,674	22,775,674
International Business Machines Corp.	761,991	111,883,139
Intuit, Inc.	235,408	127,546,409
Manhattan Associates, Inc. *	52,030	10,542,319
Microsoft Corp.	6,239,610	2,045,094,574
MongoDB, Inc. *	58,780	22,412,814
Okta, Inc. *	130,197	10,872,751
Oracle Corp.	1,290,915	155,413,257
Palantir Technologies, Inc., Class A *	1,499,018	22,455,290
Palo Alto Networks, Inc. *	254,185	61,843,211
PTC, Inc. *	89,454	13,164,945
Roper Technologies, Inc.	89,574	44,702,800
Salesforce, Inc. *	821,894	182,016,645
ServiceNow, Inc. *	170,981	100,678,742
Snowflake, Inc., Class A *	243,296	38,160,978
Splunk, Inc. *	127,918	15,511,337
Synopsys, Inc. *	127,910	58,696,620
Twilio, Inc., Class A *	146,216	9,315,421
Tyler Technologies, Inc. *	35,133	13,998,041
UiPath, Inc., Class A *	301,249	4,762,747
Unity Software, Inc. *	187,707	6,958,299
VeriSign, Inc. *	75,979	15,787,676
VMware, Inc., Class A *	176,667	29,817,856
Workday, Inc., Class A *	172,347	42,138,842
Zoom Video Communications, Inc., Class A *	185,338	13,164,558
Zscaler, Inc. *	71,502	11,157,887
		4,011,803,259

Technology Hardware & Equipment 8.7%
Amphenol Corp., Class A	500,690	44,250,982
Apple Inc.	12,407,034	2,330,909,478
Arista Networks, Inc. *	210,169	41,031,294
Arrow Electronics, Inc. *	47,441	6,330,053
CDW Corp.	112,847	23,827,644
Ciena Corp. *	123,998	6,197,420
Cisco Systems, Inc.	3,435,944	197,051,388
Cognex Corp.	144,086	6,783,569
Corning, Inc.	640,024	21,005,588
Dell Technologies, Inc., Class C	214,956	12,089,126
F5, Inc. *	50,364	8,242,572
Hewlett Packard Enterprise Co.	1,088,450	18,492,766
HP, Inc.	725,128	21,543,553
Jabil, Inc.	112,238	12,842,272
Juniper Networks, Inc.	268,719	7,825,097
Keysight Technologies, Inc. *	149,249	19,894,892
Motorola Solutions, Inc.	141,000	39,983,370
NetApp, Inc.	179,671	13,780,766
Pure Storage, Inc., Class A *	242,577	8,875,892
Seagate Technology Holdings plc	161,799	11,453,751
TD SYNNEX Corp.	34,731	3,533,879
TE Connectivity Ltd.	264,951	35,076,863
Teledyne Technologies, Inc. *	39,337	16,454,667

See financial notes

76Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Trimble, Inc. *	208,105	11,402,073
Ubiquiti, Inc.	3,680	644,110
Western Digital Corp. *	268,602	12,087,090
Zebra Technologies Corp., Class A *	43,217	11,885,107
		2,943,495,262

Telecommunication Services 0.8%
AT&T, Inc.	6,002,315	88,774,239
GCI Liberty, Inc. *(c)	75,055	13,552
Liberty Global plc, Class C *	342,102	6,787,303
Lumen Technologies, Inc. *	756,625	1,203,034
T-Mobile US, Inc. *	483,920	65,934,100
Verizon Communications, Inc.	3,527,292	123,384,674
		286,096,902

Transportation 1.8%
Alaska Air Group, Inc. *	107,798	4,524,282
American Airlines Group, Inc. *	548,535	8,079,920
Avis Budget Group, Inc. *	19,997	4,267,160
C.H. Robinson Worldwide, Inc.	97,102	8,780,934
CSX Corp.	1,703,606	51,448,901
Delta Air Lines, Inc.	541,264	23,209,400
Expeditors International of Washington, Inc.	128,464	14,993,033
FedEx Corp.	194,304	50,717,230
Hertz Global Holdings, Inc. *	133,701	2,266,232
J.B. Hunt Transport Services, Inc.	69,351	13,029,666
Knight-Swift Transportation Holdings, Inc.	134,824	7,391,052
Lyft, Inc., Class A *	272,582	3,211,016
Norfolk Southern Corp.	191,379	39,234,609
Old Dominion Freight Line, Inc.	75,627	32,320,711
RXO, Inc. *	99,910	1,806,373
Southwest Airlines Co.	499,832	15,794,691
Uber Technologies, Inc. *	1,699,464	80,265,685
U-Haul Holding Co.	8,245	469,718
Union Pacific Corp.	511,687	112,862,802
United Airlines Holdings, Inc. *	273,726	13,634,292
United Parcel Service, Inc., Class B	608,247	103,037,042
XPO, Inc. *	97,283	7,260,230
		598,604,979

Utilities 2.3%
Alliant Energy Corp.	209,696	10,520,448
Ameren Corp.	220,459	17,475,785
American Electric Power Co., Inc.	433,079	33,953,394
American Water Works Co., Inc.	163,753	22,719,091
Atmos Energy Corp.	121,248	14,058,706
Avangrid, Inc.	58,150	2,006,175
CenterPoint Energy, Inc.	529,894	14,778,744
CMS Energy Corp.	243,768	13,697,324
Consolidated Edison, Inc.	291,882	25,965,823
Constellation Energy Corp.	271,530	28,282,565
Dominion Energy, Inc.	700,265	33,990,863
DTE Energy Co.	173,014	17,886,187
Duke Energy Corp.	646,063	57,370,394
Edison International	321,688	22,148,219
Entergy Corp.	177,561	16,912,685
Essential Utilities, Inc.	202,588	7,475,497
Evergy, Inc.	191,641	10,534,506

SECURITY	NUMBER OF SHARES	VALUE ($)
Eversource Energy	292,912	18,693,644
Exelon Corp.	836,987	33,579,918
FirstEnergy Corp.	455,541	16,431,364
NextEra Energy, Inc.	1,697,812	113,413,842
NiSource, Inc.	346,667	9,276,809
NRG Energy, Inc.	192,502	7,228,450
OGE Energy Corp.	169,050	5,756,152
PG&E Corp. *	1,361,068	22,185,408
Pinnacle West Capital Corp.	94,237	7,281,693
PPL Corp.	617,657	15,392,012
Public Service Enterprise Group, Inc.	418,327	25,551,413
Sempra	529,287	37,166,533
The AES Corp.	562,349	10,082,918
The Southern Co.	916,330	62,063,031
UGI Corp.	175,873	4,428,482
Vistra Corp.	294,768	9,261,611
WEC Energy Group, Inc.	264,727	22,268,835
Xcel Energy, Inc.	463,135	26,458,903
		796,297,424
Total Common Stocks (Cost $22,830,879,086)		33,941,833,800


SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)	21,369,226	21,369,226
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)(e)	16,796,061	16,796,061
		38,165,287
Total Short-Term Investments (Cost $38,165,287)		38,165,287
Total Investments in Securities (Cost $22,869,044,373)		33,979,999,087

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 09/15/23	323	72,933,400	280,374

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $16,307,417.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(d)	The rate shown is the annualized 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

See financial notes

Schwab U.S. Equity ETFs | Annual Report77

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:

SECURITY	VALUE AT 8/31/22	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/23	BALANCE OF SHARES HELD AT 8/31/23	DIVIDENDS RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS

Financial Services 0.2%
The Charles Schwab Corp.	$85,808,704	$10,103,490	($6,877,661 )	$875,484	($16,631,803 )	$73,278,214	1,238,854	$1,225,576

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$33,655,736,898	$—	$—	$33,655,736,898
Telecommunication Services	286,083,350	—	13,552	286,096,902
Short-Term Investments1	38,165,287	—	—	38,165,287
Futures Contracts2	280,374	—	—	280,374
Total	$33,980,265,909	$—	$13,552	$33,980,279,461

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

78Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $127,261)		$507,533,198
Dividends received from securities - affiliated		1,225,576
Securities on loan, net	+	2,863,225
Total investment income		511,621,999

Expenses
Management fees		9,245,009
Proxy fees1	+	120,435
Total expenses	–	9,365,444
Net investment income		502,256,555

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(1,234,068 )
Net realized losses on sales of securities - unaffiliated		(391,211,304 )
Net realized gains on sales of in-kind redemptions - affiliated		2,109,552
Net realized gains on sales of in-kind redemptions - unaffiliated		931,055,077
Net realized gains on futures contracts	+	1,413,040
Net realized gains		542,132,297
Net change in unrealized appreciation (depreciation) on securities - affiliated		(16,631,803 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		3,652,458,513
Net change in unrealized appreciation (depreciation) on futures contracts	+	3,582,966
Net change in unrealized appreciation (depreciation)	+	3,639,409,676
Net realized and unrealized gains		4,181,541,973
Increase in net assets resulting from operations		$4,683,798,528

1	Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

See financial notes

80Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$502,256,555	$442,102,487
Net realized gains		542,132,297	1,524,137,554
Net change in unrealized appreciation (depreciation)	+	3,639,409,676	(6,397,356,416 )
Increase (decrease) in net assets resulting from operations		$4,683,798,528	($4,431,116,375 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($491,587,390 )	($444,552,685 )

TRANSACTIONS IN FUND SHARES1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		60,200,000	$2,775,351,355	76,150,000	$3,881,895,998
Shares redeemed	+	(38,800,000 )	(1,860,648,362 )	(62,450,000 )	(3,130,544,574 )
Net transactions in fund shares		21,400,000	$914,702,993	13,700,000	$751,351,424

SHARES OUTSTANDING AND NET ASSETS1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		617,300,000	$28,910,886,072	603,600,000	$33,035,203,708
Total increase (decrease)	+	21,400,000	5,106,914,131	13,700,000	(4,124,317,636 )
End of period		638,700,000	$34,017,800,203	617,300,000	$28,910,886,072

For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,

2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).

See financial notes

Schwab U.S. Equity ETFs | Annual Report81

Schwab U.S. Large-Cap Growth ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/221	9/1/20– 8/31/211	9/1/19– 8/31/201	9/1/18– 8/31/191
Per-Share Data
Net asset value at beginning of period	$62.09	$78.35	$60.08	$42.01	$40.85
Income (loss) from investment operations:
Net investment income (loss)2	0.35	0.29	0.37	0.35	0.48
Net realized and unrealized gains (losses)	14.73	(16.20 )	18.21	18.09	1.14
Total from investment operations	15.08	(15.91 )	18.58	18.44	1.62
Less distributions:
Distributions from net investment income	(0.34 )	(0.35 )	(0.31 )	(0.37 )	(0.46 )
Net asset value at end of period	$76.83	$62.09	$78.35	$60.08	$42.01
Total return	24.41 %	(20.37 %)	31.06 %	44.22 %	4.09 %
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04 %3	0.04 %3	0.04 %	0.04 %	0.04 %
Net investment income (loss)	0.54 %	0.41 %	0.55 %	0.74 %	1.21 %
Portfolio turnover rate4	9 %	6 %	12 %	7 %	14 %
Net assets, end of period (x 1,000,000)	$19,818	$14,493	$16,563	$12,785	$8,108

1	Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional information).
2	Calculated based on the average shares outstanding during the period.
3	Ratio includes less than 0.005% of non-routine proxy expenses.
4	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

82Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of August 31, 2023

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS

Automobiles & Components 3.4%
Tesla, Inc. *	2,590,230	668,486,558

Banks 0.1%
First Citizens BancShares, Inc., Class A	11,355	15,447,342

Capital Goods 2.3%
Axon Enterprise, Inc. *	67,693	14,412,517
Builders FirstSource, Inc. *	123,521	17,915,486
Carlisle Cos., Inc.	48,507	12,758,311
Deere & Co.	259,614	106,685,777
Generac Holdings, Inc. *	59,781	7,102,581
General Electric Co.	1,048,329	119,991,737
Huntington Ingalls Industries, Inc.	37,219	8,200,090
L3Harris Technologies, Inc.	182,219	32,451,382
Nordson Corp.	50,825	12,408,415
Plug Power, Inc. *(a)	519,003	4,390,765
TransDigm Group, Inc. *	50,303	45,466,367
Trex Co., Inc. *	104,568	7,463,018
United Rentals, Inc.	65,900	31,403,986
W.W. Grainger, Inc.	42,944	30,668,028
WillScot Mobile Mini Holdings Corp. *	192,238	7,885,603
		459,204,063

Commercial & Professional Services 0.8%
Ceridian HCM Holding, Inc. *	149,154	10,816,648
Cintas Corp.	83,157	41,925,265
Concentrix Corp.	39,953	3,189,448
Copart, Inc. *	826,466	37,050,471
Paycom Software, Inc.	46,907	13,830,060
Paylocity Holding Corp. *	39,719	7,963,659
Verisk Analytics, Inc.	139,368	33,757,717
		148,533,268

Consumer Discretionary Distribution & Retail 6.9%
Amazon.com, Inc. *	8,565,277	1,182,093,879
AutoZone, Inc. *	17,782	45,012,110
Carvana Co. *(a)	96,234	4,845,382
Etsy, Inc. *	121,848	8,964,357
Five Below, Inc. *	54,044	9,293,406
Floor & Decor Holdings, Inc., Class A *	103,141	10,283,158
O'Reilly Automotive, Inc. *	59,025	55,465,792
Pool Corp.	38,203	13,967,017
RH *	17,316	6,323,630
Ulta Beauty, Inc. *	48,523	20,138,501
Wayfair, Inc., Class A *	79,425	5,489,062
		1,361,876,294

SECURITY	NUMBER OF SHARES	VALUE ($)
Consumer Durables & Apparel 0.6%
D.R. Horton, Inc.	299,308	35,623,638
Deckers Outdoor Corp. *	25,298	13,384,919
Lululemon Athletica, Inc. *	111,646	42,566,154
NVR, Inc. *	2,901	18,500,634
		110,075,345

Consumer Services 1.6%
Airbnb, Inc., Class A *	397,088	52,236,926
Booking Holdings, Inc. *	35,573	110,455,232
Caesars Entertainment, Inc. *	205,833	11,374,332
Chipotle Mexican Grill, Inc. *	26,543	51,138,806
Domino’s Pizza, Inc.	33,561	13,001,531
DoorDash, Inc., Class A *	253,753	21,348,240
DraftKings, Inc., Class A *	444,381	13,175,897
Expedia Group, Inc. *	137,221	14,873,384
Hilton Worldwide Holdings, Inc.	254,093	37,770,924
		325,375,272

Consumer Staples Distribution & Retail 1.3%
Costco Wholesale Corp.	427,061	234,576,066
Dollar General Corp.	209,441	29,007,579
		263,583,645

Energy 1.5%
Baker Hughes Co.	972,253	35,185,836
Cheniere Energy, Inc.	233,899	38,172,317
Diamondback Energy, Inc.	173,568	26,344,151
EOG Resources, Inc.	564,843	72,650,106
EQT Corp.	347,849	15,034,034
Halliburton Co.	865,370	33,420,589
Hess Corp.	266,844	41,227,398
New Fortress Energy, Inc.	42,826	1,329,319
Targa Resources Corp.	215,059	18,548,839
Texas Pacific Land Corp.	5,889	11,099,293
		293,011,882

Equity Real Estate Investment Trusts (REITs) 0.9%
American Tower Corp.	448,672	81,353,207
Equinix, Inc.	90,038	70,353,892
Rexford Industrial Realty, Inc.	189,210	10,117,059
SBA Communications Corp.	103,361	23,207,645
		185,031,803

Financial Services 6.7%
Affirm Holdings, Inc. *	202,909	4,222,536
BlackRock, Inc.	144,265	101,063,403
Block, Inc. *	523,087	30,155,966
Coinbase Global, Inc., Class A *	160,194	12,751,442
Corebridge Financial, Inc.	143,293	2,554,914
Credit Acceptance Corp. *	5,619	2,819,446

See financial notes

Schwab U.S. Equity ETFs | Annual Report83

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
FactSet Research Systems, Inc.	36,341	15,859,576
Fiserv, Inc. *	592,235	71,891,407
FleetCor Technologies, Inc. *	69,905	18,995,286
KKR & Co., Inc.	556,732	34,968,337
LPL Financial Holdings, Inc.	74,474	17,172,960
MarketAxess Holdings, Inc.	36,051	8,685,767
Mastercard, Inc., Class A	805,572	332,411,230
Moody's Corp.	151,873	51,150,826
MSCI, Inc.	76,838	41,770,674
PayPal Holdings, Inc. *	1,072,097	67,016,783
S&P Global, Inc.	316,255	123,611,429
Visa, Inc., Class A	1,557,620	382,676,082
WEX, Inc. *	39,697	7,787,757
		1,327,565,821

Food, Beverage & Tobacco 0.2%
Monster Beverage Corp. *	738,289	42,385,171
Post Holdings, Inc. *	47,652	4,274,861
		46,660,032

Health Care Equipment & Services 6.0%
agilon health, Inc. *	279,661	4,955,593
Align Technology, Inc. *	68,424	25,326,459
Centene Corp. *	527,347	32,510,942
Chemed Corp.	13,810	7,062,986
DexCom, Inc. *	372,963	37,661,804
Edwards Lifesciences Corp. *	583,737	44,638,368
Elevance Health, Inc.	228,118	100,830,437
GE Healthcare, Inc.	375,875	26,480,394
Guardant Health, Inc. *	109,853	4,293,055
Humana, Inc.	120,064	55,425,144
IDEXX Laboratories, Inc. *	79,917	40,870,353
Insulet Corp. *	66,744	12,795,492
Intuitive Surgical, Inc. *	337,566	105,550,137
Masimo Corp. *	46,156	5,274,708
McKesson Corp.	130,306	53,727,770
Molina Healthcare, Inc. *	55,605	17,244,223
Novocure Ltd. *	87,399	1,928,022
Penumbra, Inc. *	36,688	9,703,976
R1 RCM, Inc. *	128,420	2,213,961
ResMed, Inc.	141,002	22,502,509
Shockwave Medical, Inc. *	35,124	7,740,978
Teladoc Health, Inc. *	156,783	3,549,567
Teleflex, Inc.	44,744	9,518,839
The Cigna Group	284,495	78,594,589
The Cooper Cos., Inc.	47,233	17,475,738
UnitedHealth Group, Inc.	895,909	426,972,311
Veeva Systems, Inc., Class A *	140,564	29,335,707
		1,184,184,062

Household & Personal Products 0.2%
Olaplex Holdings, Inc. *	69,385	188,033
The Estee Lauder Cos., Inc., Class A	223,343	35,853,252
		36,041,285

Insurance 0.1%
Markel Group, Inc. *	12,797	18,925,739
RenaissanceRe Holdings Ltd.	48,161	9,048,971
		27,974,710

Materials 1.7%
Albemarle Corp.	112,771	22,408,725
Cleveland-Cliffs, Inc. *	494,186	7,556,104

SECURITY	NUMBER OF SHARES	VALUE ($)
Corteva, Inc.	683,186	34,507,725
Linde plc	471,511	182,493,618
Martin Marietta Materials, Inc.	59,210	26,431,936
The Sherwin-Williams Co.	225,582	61,295,141
Westlake Corp.	32,694	4,282,260
		338,975,509

Media & Entertainment 12.3%
Alphabet, Inc., Class A *	5,694,773	775,457,239
Alphabet, Inc., Class C *	4,896,588	672,546,362
Cable One, Inc.	4,570	2,973,105
Charter Communications, Inc., Class A *	101,014	44,256,254
Liberty Broadband Corp., Class C *	129,086	12,077,286
Live Nation Entertainment, Inc. *	140,830	11,904,360
Meta Platforms, Inc., Class A *	2,129,637	630,138,292
Netflix, Inc. *	428,026	185,626,316
Pinterest, Inc., Class A *	586,137	16,112,906
ROBLOX Corp., Class A *	359,102	10,158,996
Roku, Inc. *	119,739	9,722,807
Snap, Inc., Class A *	971,827	10,058,409
Take-Two Interactive Software, Inc. *	155,827	22,158,599
The Trade Desk, Inc., Class A *	430,114	34,422,023
ZoomInfo Technologies, Inc. *	272,900	4,917,658
		2,442,530,612

Pharmaceuticals, Biotechnology & Life Sciences 7.4%
Alnylam Pharmaceuticals, Inc. *	119,596	23,658,481
Avantor, Inc. *	646,540	13,997,591
Biohaven Ltd. *	60,834	1,112,654
BioMarin Pharmaceutical, Inc. *	179,743	16,424,915
Bio-Rad Laboratories, Inc., Class A *	20,373	8,153,274
Bio-Techne Corp.	150,677	11,813,077
Catalent, Inc. *	172,513	8,620,475
Charles River Laboratories International, Inc. *	48,810	10,094,884
Danaher Corp.	640,067	169,617,755
Eli Lilly & Co.	758,140	420,161,188
Exact Sciences Corp. *	173,685	14,532,224
Horizon Therapeutics plc *	217,119	24,477,996
Illumina, Inc. *	152,136	25,135,910
Incyte Corp. *	176,113	11,364,572
IQVIA Holdings, Inc. *	178,215	39,676,005
Jazz Pharmaceuticals plc *	59,325	8,504,832
Karuna Therapeutics, Inc. *	28,985	5,442,224
Mettler-Toledo International, Inc. *	21,152	25,667,529
Moderna, Inc. *	315,261	35,646,561
Neurocrine Biosciences, Inc. *	92,455	10,067,425
Regeneron Pharmaceuticals, Inc. *	103,839	85,821,895
Repligen Corp. *	49,681	8,640,023
Revvity, Inc.	119,416	13,975,254
Sarepta Therapeutics, Inc. *	89,386	10,816,600
Seagen, Inc. *	133,352	27,479,847
Syneos Health, Inc. *	97,201	4,153,399
Thermo Fisher Scientific, Inc.	371,680	207,062,928
United Therapeutics Corp. *	44,476	9,978,635
Vertex Pharmaceuticals, Inc. *	248,005	86,390,062
Waters Corp. *	56,285	15,804,828
West Pharmaceutical Services, Inc.	71,301	29,012,377
Zoetis, Inc.	444,640	84,708,366
		1,468,013,786

See financial notes

84Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Real Estate Management & Development 0.2%
CoStar Group, Inc. *	393,964	32,301,108
Zillow Group, Inc., Class C *	207,836	10,840,726
		43,141,834

Semiconductors & Semiconductor Equipment 9.9%
Advanced Micro Devices, Inc. *	1,549,828	163,847,816
Broadcom, Inc.	401,390	370,438,817
Enphase Energy, Inc. *	131,970	16,698,164
KLA Corp.	132,623	66,559,505
Lam Research Corp.	129,713	91,110,411
Monolithic Power Systems, Inc.	43,640	22,745,605
NVIDIA Corp.	2,372,725	1,171,058,424
ON Semiconductor Corp. *	417,514	41,108,429
Qorvo, Inc. *	96,725	10,387,298
SolarEdge Technologies, Inc. *	54,346	8,835,029
Universal Display Corp.	42,115	6,846,214
		1,969,635,712

Software & Services 20.9%
Accenture plc, Class A	608,426	196,990,086
Adobe, Inc. *	441,405	246,895,473
ANSYS, Inc. *	83,534	26,636,487
AppLovin Corp., Class A *	121,058	5,232,127
Atlassian Corp., Class A *	146,370	29,868,262
Autodesk, Inc. *	206,479	45,825,949
Bill Holdings, Inc. *	92,227	10,633,773
Cadence Design Systems, Inc. *	262,881	63,207,108
Cloudflare, Inc., Class A *	278,639	18,119,894
Crowdstrike Holdings, Inc., Class A *	215,890	35,196,547
Datadog, Inc., Class A *	242,323	23,379,323
DocuSign, Inc. *	194,751	9,795,975
Dynatrace, Inc. *	208,880	10,068,016
Elastic N.V. *	74,631	4,618,166
EPAM Systems, Inc. *	55,617	14,404,247
Fair Isaac Corp. *	23,959	21,673,072
Five9, Inc. *	68,014	4,922,173
Fortinet, Inc. *	628,605	37,848,307
Gartner, Inc. *	75,506	26,402,938
GoDaddy, Inc., Class A *	145,885	10,578,121
HubSpot, Inc. *	47,833	26,141,691
Intuit, Inc.	270,177	146,384,600
Microsoft Corp.	7,141,769	2,340,786,207
MongoDB, Inc. *	67,409	25,703,052
Okta, Inc. *	148,966	12,440,151
Palo Alto Networks, Inc. *	291,005	70,801,517
PTC, Inc. *	101,845	14,988,529
Roper Technologies, Inc.	102,501	51,154,149
Salesforce, Inc. *	942,312	208,684,416
ServiceNow, Inc. *	196,254	115,560,243
Snowflake, Inc., Class A *	278,138	43,625,945
Splunk, Inc. *	146,292	17,739,368
Synopsys, Inc. *	146,848	67,387,079
Twilio, Inc., Class A *	168,464	10,732,841
Tyler Technologies, Inc. *	40,252	16,037,604
UiPath, Inc., Class A *	345,383	5,460,505
Unity Software, Inc. *	215,691	7,995,665
VMware, Inc., Class A *	201,859	34,069,762
Workday, Inc., Class A *	198,433	48,516,869
Zoom Video Communications, Inc., Class A *	212,266	15,077,254
Zscaler, Inc. *	82,418	12,861,329
		4,134,444,820

SECURITY	NUMBER OF SHARES	VALUE ($)
Technology Hardware & Equipment 14.0%
Apple Inc.	14,201,908	2,668,112,456
Arista Networks, Inc. *	241,317	47,112,318
Ciena Corp. *	144,885	7,241,352
Dell Technologies, Inc., Class C	254,731	14,326,072
Pure Storage, Inc., Class A *	284,421	10,406,964
Teledyne Technologies, Inc. *	46,260	19,350,558
Ubiquiti, Inc.	4,639	811,964
Zebra Technologies Corp., Class A *	50,249	13,818,978
		2,781,180,662

Telecommunication Services 0.4%
T-Mobile US, Inc. *	554,123	75,499,259

Transportation 0.3%
Hertz Global Holdings, Inc. *	145,993	2,474,582
Knight-Swift Transportation Holdings, Inc.	152,115	8,338,944
Lyft, Inc., Class A *	313,863	3,697,306
Old Dominion Freight Line, Inc.	86,764	37,080,331
U-Haul Holding Co.	9,292	529,365
		52,120,528

Utilities 0.2%
Constellation Energy Corp.	311,310	32,426,050
Total Common Stocks (Cost $12,210,045,805)		19,791,020,154


SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (b)	15,652,296	15,652,296
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (b)(c)	7,993,825	7,993,825
		23,646,121
Total Short-Term Investments (Cost $23,646,121)		23,646,121
Total Investments in Securities (Cost $12,233,691,926)		19,814,666,275

See financial notes

Schwab U.S. Equity ETFs | Annual Report85

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of August 31, 2023 (continued)

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 1000 Growth Index, e-mini, expires 09/15/23	141	20,030,460	548,324
S&P 500 Index, e-mini, expires 09/15/23	23	5,193,400	94,462
			642,786

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $7,833,498.
(b)	The rate shown is the annualized 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$19,791,020,154	$—	$—	$19,791,020,154
Short-Term Investments1	23,646,121	—	—	23,646,121
Futures Contracts2	642,786	—	—	642,786
Total	$19,815,309,061	$—	$—	$19,815,309,061

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

86Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Growth ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$86,324,761	$64,704,339
Net realized gains		50,808,515	495,842,465
Net change in unrealized appreciation (depreciation)	+	3,739,789,205	(4,088,195,586 )
Increase (decrease) in net assets resulting from operations		$3,876,922,481	($3,527,648,782 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($83,274,425 )	($75,895,760 )

TRANSACTIONS IN FUND SHARES1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		37,550,000	$2,378,593,012	39,450,000	$2,822,393,022
Shares redeemed	+	(13,000,000 )	(846,955,037 )	(17,450,000 )	(1,289,334,614 )
Net transactions in fund shares		24,550,000	$1,531,637,975	22,000,000	$1,533,058,408

SHARES OUTSTANDING AND NET ASSETS1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		233,400,000	$14,492,873,900	211,400,000	$16,563,360,034
Total increase (decrease)	+	24,550,000	5,325,286,031	22,000,000	(2,070,486,134 )
End of period		257,950,000	$19,818,159,931	233,400,000	$14,492,873,900

For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,

2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).

See financial notes

Schwab U.S. Equity ETFs | Annual Report89

Schwab U.S. Large-Cap Value ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$64.47	$70.68	$53.91	$55.14	$56.37
Income (loss) from investment operations:
Net investment income (loss)1	1.69	1.51	1.39	1.93	1.84
Net realized and unrealized gains (losses)	3.11	(6.24 )	17.05	(1.36 )	(1.48 )
Total from investment operations	4.80	(4.73 )	18.44	0.57	0.36
Less distributions:
Distributions from net investment income	(1.66 )	(1.48 )	(1.67 )	(1.80 )	(1.59 )
Net asset value at end of period	$67.61	$64.47	$70.68	$53.91	$55.14
Total return	7.60 %	(6.78 %)	34.95 %	1.21 %	0.70 %
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04 %2	0.04 %2	0.04 %	0.04 %	0.04 %
Net investment income (loss)	2.57 %	2.19 %	2.22 %	3.59 %	3.38 %
Portfolio turnover rate3	7 %	8 %	23 %	19 %	7 %
Net assets, end of period (x 1,000,000)	$9,824	$9,497	$9,927	$6,847	$5,977

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

90Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2023

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.7% OF NET ASSETS

Automobiles & Components 0.9%
Aptiv plc *	133,580	13,551,691
Autoliv, Inc.	37,977	3,706,555
BorgWarner, Inc.	116,299	4,739,184
Ford Motor Co.	1,937,865	23,506,303
General Motors Co.	685,392	22,967,486
Gentex Corp.	114,947	3,754,169
Harley-Davidson, Inc.	64,717	2,184,199
Lear Corp.	29,060	4,187,255
Lucid Group, Inc. *(a)	402,801	2,529,590
Phinia, Inc. *	23,049	640,762
Rivian Automotive, Inc., Class A *	276,439	6,283,459
		88,050,653

Banks 5.8%
Bank of America Corp.	3,419,486	98,036,664
BOK Financial Corp.	14,039	1,166,781
Citigroup, Inc.	960,625	39,664,206
Citizens Financial Group, Inc.	237,996	6,694,827
Comerica, Inc.	65,096	3,131,769
Commerce Bancshares, Inc.	55,783	2,738,387
Cullen/Frost Bankers, Inc.	31,726	2,999,059
East West Bancorp, Inc.	69,899	3,868,211
Fifth Third Bancorp	336,604	8,936,836
First Horizon Corp.	264,365	3,317,781
Huntington Bancshares, Inc.	714,311	7,921,709
JPMorgan Chase & Co.	1,441,378	210,916,843
KeyCorp	459,682	5,208,197
M&T Bank Corp.	81,907	10,242,470
Regions Financial Corp.	463,868	8,507,339
The PNC Financial Services Group, Inc.	196,829	23,763,165
Truist Financial Corp.	657,385	20,083,112
U.S. Bancorp	688,052	25,134,539
Webster Financial Corp.	86,053	3,649,508
Wells Fargo & Co.	1,850,385	76,402,397
Western Alliance Bancorp	54,175	2,709,292
Zions Bancorp NA	72,689	2,580,459
		567,673,551

Capital Goods 9.6%
3M Co.	272,005	29,014,773
A.O. Smith Corp.	61,137	4,432,433
Acuity Brands, Inc.	15,587	2,513,871
Advanced Drainage Systems, Inc.	30,885	3,958,222
AECOM	68,333	5,996,221
AGCO Corp.	30,515	3,952,608
Allegion plc	43,250	4,922,283
AMETEK, Inc.	113,795	18,151,440
Carrier Global Corp.	411,993	23,668,998
Caterpillar, Inc.	254,130	71,443,567
Cummins, Inc.	69,726	16,039,769
Donaldson Co., Inc.	59,946	3,828,751

SECURITY	NUMBER OF SHARES	VALUE ($)
Dover Corp.	69,093	10,246,492
Eaton Corp. plc	196,535	45,275,768
Emerson Electric Co.	281,852	27,691,959
Fastenal Co.	281,262	16,195,066
Ferguson plc	101,137	16,339,694
Fortive Corp.	174,479	13,757,669
Fortune Brands Innovations, Inc.	62,570	4,318,581
General Dynamics Corp.	110,968	25,149,788
Graco, Inc.	82,710	6,529,127
HEICO Corp.	47,352	7,988,756
Honeywell International, Inc.	328,368	61,713,482
Howmet Aerospace, Inc.	181,830	8,995,130
Hubbell, Inc.	26,508	8,642,933
IDEX Corp.	37,383	8,463,511
Illinois Tool Works, Inc.	136,474	33,756,844
Ingersoll Rand, Inc.	199,652	13,897,776
Johnson Controls International plc	338,512	19,992,519
Lennox International, Inc.	15,998	6,028,206
Lincoln Electric Holdings, Inc.	28,303	5,447,195
Lockheed Martin Corp.	111,131	49,825,584
Masco Corp.	110,734	6,534,413
Masterbrand, Inc. *	63,122	808,593
Northrop Grumman Corp.	70,442	30,507,726
Otis Worldwide Corp.	204,115	17,462,038
Owens Corning	44,626	6,422,128
PACCAR, Inc.	257,878	21,220,781
Parker-Hannifin Corp.	63,288	26,384,767
Pentair plc	81,439	5,721,904
Quanta Services, Inc.	71,645	15,036,136
Regal Rexnord Corp.	32,644	5,294,530
Rockwell Automation, Inc.	56,626	17,671,842
RTX Corp.	720,626	62,002,661
Sensata Technologies Holding plc	75,338	2,834,216
Snap-on, Inc.	26,183	7,032,754
Stanley Black & Decker, Inc.	75,324	7,109,079
Textron, Inc.	99,799	7,755,380
The Boeing Co. *	278,844	62,469,421
The Middleby Corp. *	26,324	3,832,511
The Toro Co.	51,275	5,246,458
Trane Technologies plc	112,542	23,100,371
Watsco, Inc.	16,559	6,036,583
Westinghouse Air Brake Technologies Corp.	88,850	9,997,402
Woodward, Inc.	29,526	3,819,779
Xylem, Inc.	118,096	12,227,660
		944,708,149

Commercial & Professional Services 2.0%
Automatic Data Processing, Inc.	203,707	51,865,839
Booz Allen Hamilton Holding Corp., Class A	65,459	7,417,159
Broadridge Financial Solutions, Inc.	58,285	10,853,250
Clarivate plc *	213,877	1,589,106
Dun & Bradstreet Holdings, Inc.	108,615	1,183,903
Equifax, Inc.	60,421	12,489,021
Genpact Ltd.	83,628	3,121,833

See financial notes

Schwab U.S. Equity ETFs | Annual Report91

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Jacobs Solutions, Inc.	62,747	8,459,551
Leidos Holdings, Inc.	67,403	6,572,466
Paychex, Inc.	158,395	19,360,621
RB Global, Inc.	90,055	5,558,195
Republic Services, Inc.	101,251	14,593,307
Robert Half International, Inc.	52,971	3,917,735
Rollins, Inc.	113,823	4,503,976
SS&C Technologies Holdings, Inc.	106,537	6,117,355
TransUnion	95,343	7,743,758
Waste Management, Inc.	182,691	28,642,295
		193,989,370

Consumer Discretionary Distribution & Retail 3.9%
Advance Auto Parts, Inc.	29,229	2,011,540
Bath & Body Works, Inc.	112,364	4,142,861
Best Buy Co., Inc.	96,283	7,360,835
Burlington Stores, Inc. *	31,929	5,180,800
CarMax, Inc. *	77,796	6,354,377
eBay, Inc.	264,034	11,823,443
GameStop Corp., Class A *(a)	124,933	2,317,507
Genuine Parts Co.	69,420	10,671,937
LKQ Corp.	125,468	6,590,834
Lowe’s Cos., Inc.	294,061	67,775,179
Penske Automotive Group, Inc.	11,927	1,959,606
Ross Stores, Inc.	168,866	20,569,567
The Home Depot, Inc.	499,490	164,981,547
The TJX Cos., Inc.	568,289	52,555,367
Tractor Supply Co.	53,999	11,798,781
Williams-Sonoma, Inc.	32,438	4,580,246
		380,674,427

Consumer Durables & Apparel 1.3%
Garmin Ltd.	75,680	8,023,594
Hasbro, Inc.	64,187	4,621,464
Leggett & Platt, Inc.	65,414	1,844,675
Lennar Corp., Class A	131,405	15,649,021
Mohawk Industries, Inc. *	26,078	2,644,048
Newell Brands, Inc.	187,153	1,980,079
NIKE, Inc., Class B	607,980	61,837,646
Polaris, Inc.	26,460	2,965,901
PulteGroup, Inc.	109,789	9,009,285
Tapestry, Inc.	113,870	3,794,148
Toll Brothers, Inc.	50,658	4,150,410
VF Corp.	162,952	3,219,932
Whirlpool Corp.	27,055	3,786,618
		123,526,821

Consumer Services 2.7%
ADT, Inc.	104,730	672,367
Aramark	128,543	4,779,229
Carnival Corp. *	495,636	7,840,962
Darden Restaurants, Inc.	59,750	9,291,723
Las Vegas Sands Corp.	162,170	8,896,646
Marriott International, Inc., Class A	127,197	25,885,861
McDonald’s Corp.	360,103	101,242,958
MGM Resorts International	148,498	6,530,942
Norwegian Cruise Line Holdings Ltd. *	210,271	3,484,190
Royal Caribbean Cruises Ltd. *	108,605	10,745,379
Service Corp. International	74,281	4,687,874
Starbucks Corp.	565,216	55,074,647
Vail Resorts, Inc.	19,895	4,502,636
Wyndham Hotels & Resorts, Inc.	42,439	3,199,476
Wynn Resorts Ltd.	50,876	5,157,809

SECURITY	NUMBER OF SHARES	VALUE ($)
Yum! Brands, Inc.	138,279	17,890,537
		269,883,236

Consumer Staples Distribution & Retail 2.1%
Albertsons Cos., Inc., Class A	99,078	2,219,347
BJ's Wholesale Club Holdings, Inc. *	66,365	4,472,337
Dollar Tree, Inc. *	102,441	12,534,681
Sysco Corp.	249,805	17,398,918
Target Corp.	227,765	28,823,661
The Kroger Co.	321,722	14,924,684
US Foods Holding Corp. *	111,891	4,523,753
Walgreens Boots Alliance, Inc.	353,772	8,953,969
Walmart, Inc.	691,819	112,496,688
		206,348,038

Energy 7.3%
Antero Resources Corp. *	136,003	3,763,203
APA Corp.	152,723	6,695,376
Chesapeake Energy Corp.	52,640	4,643,375
Chevron Corp.	877,953	141,438,228
ConocoPhillips	596,691	71,024,130
Coterra Energy, Inc.	374,144	10,547,119
Devon Energy Corp.	316,502	16,170,087
Exxon Mobil Corp.	1,994,141	221,728,538
HF Sinclair Corp.	63,625	3,505,101
Kinder Morgan, Inc.	973,917	16,770,851
Marathon Oil Corp.	303,808	8,005,341
Marathon Petroleum Corp.	209,235	29,872,481
Occidental Petroleum Corp.	354,561	22,262,885
ONEOK, Inc.	220,739	14,392,183
Ovintiv, Inc.	120,218	5,645,437
Phillips 66	226,363	25,841,600
Pioneer Natural Resources Co.	115,292	27,431,426
Schlumberger N.V.	702,769	41,435,260
The Williams Cos., Inc.	601,180	20,758,746
Valero Energy Corp.	178,391	23,172,991
Vitesse Energy, Inc.	11,789	273,976
		715,378,334

Equity Real Estate Investment Trusts (REITs) 4.0%
Alexandria Real Estate Equities, Inc.	77,815	9,052,997
American Homes 4 Rent, Class A	155,666	5,610,203
Americold Realty Trust, Inc.	132,738	4,466,634
Apartment Income REIT Corp.	73,207	2,493,430
AvalonBay Communities, Inc.	69,982	12,864,091
Boston Properties, Inc.	70,146	4,683,648
Camden Property Trust	52,507	5,650,803
Crown Castle, Inc.	214,046	21,511,623
CubeSmart	110,416	4,605,451
Digital Realty Trust, Inc.	143,684	18,926,057
Equity LifeStyle Properties, Inc.	86,072	5,763,381
Equity Residential	168,426	10,919,058
Essex Property Trust, Inc.	31,564	7,524,542
Extra Space Storage, Inc.	104,271	13,417,592
Federal Realty Investment Trust	36,005	3,526,330
Gaming & Leisure Properties, Inc.	129,670	6,146,358
Healthcare Realty Trust, Inc.	187,724	3,288,925
Healthpeak Properties, Inc.	269,114	5,538,366
Host Hotels & Resorts, Inc.	350,803	5,539,179
Invitation Homes, Inc.	287,282	9,793,443
Iron Mountain, Inc.	144,225	9,164,057
Kilroy Realty Corp.	51,431	1,900,375
Kimco Realty Corp.	304,880	5,774,427
Lamar Advertising Co., Class A	42,942	3,917,169
Medical Properties Trust, Inc.	293,305	2,117,662

See financial notes

92Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Mid-America Apartment Communities, Inc.	57,673	8,375,850
NNN REIT, Inc.	89,411	3,521,899
Omega Healthcare Investors, Inc.	115,680	3,680,938
Prologis, Inc.	455,316	56,550,247
Public Storage	78,070	21,576,987
Realty Income Corp.	332,392	18,627,248
Regency Centers Corp.	81,030	5,040,066
Simon Property Group, Inc.	161,453	18,323,301
Sun Communities, Inc.	61,543	7,534,094
UDR, Inc.	152,207	6,073,059
Ventas, Inc.	197,676	8,634,488
VICI Properties, Inc.	494,715	15,257,011
Vornado Realty Trust	78,716	1,890,758
Welltower, Inc.	245,352	20,334,774
Weyerhaeuser Co.	361,500	11,839,125
WP Carey, Inc.	105,630	6,871,232
		398,326,878

Financial Services 8.8%
AGNC Investment Corp.	294,258	2,916,097
Ally Financial, Inc.	147,837	4,093,606
American Express Co.	293,192	46,321,404
Ameriprise Financial, Inc.	51,471	17,375,580
Annaly Capital Management, Inc.	242,616	4,917,826
Apollo Global Management, Inc.	213,029	18,605,953
Ares Management Corp., Class A	79,040	8,175,898
Berkshire Hathaway, Inc., Class B *	879,583	316,825,797
Blackstone, Inc.	348,140	37,031,652
Capital One Financial Corp.	188,455	19,295,907
Cboe Global Markets, Inc.	52,100	7,799,891
CME Group, Inc.	177,545	35,984,821
Discover Financial Services	125,293	11,285,140
Equitable Holdings, Inc.	163,643	4,712,918
Fidelity National Information Services, Inc.	292,159	16,320,002
Franklin Resources, Inc.	141,047	3,771,597
Global Payments, Inc.	129,266	16,376,709
Intercontinental Exchange, Inc.	276,268	32,596,861
Invesco Ltd.	226,389	3,604,113
Jack Henry & Associates, Inc.	35,818	5,615,546
Jefferies Financial Group, Inc.	92,269	3,293,081
Morgan Stanley	642,860	54,739,529
Morningstar, Inc.	12,415	2,888,598
Nasdaq, Inc.	167,508	8,790,820
Northern Trust Corp.	102,495	7,796,795
Raymond James Financial, Inc.	94,266	9,859,281
SEI Investments Co.	49,775	3,089,036
SoFi Technologies, Inc. *	409,078	3,542,615
Starwood Property Trust, Inc.	154,202	3,150,347
State Street Corp.	165,114	11,349,936
Synchrony Financial	210,821	6,805,302
T. Rowe Price Group, Inc.	110,881	12,444,175
The Bank of New York Mellon Corp.	354,302	15,897,531
The Carlyle Group, Inc.	107,073	3,463,811
The Charles Schwab Corp. (b)	730,302	43,197,363
The Goldman Sachs Group, Inc.	163,915	53,716,585
The Western Union Co.	184,231	2,275,253
Voya Financial, Inc.	48,542	3,382,407
		863,309,783

Food, Beverage & Tobacco 5.9%
Altria Group, Inc.	880,548	38,937,833
Archer-Daniels-Midland Co.	268,780	21,314,254
Brown-Forman Corp., Class B	118,167	7,814,384
Bunge Ltd.	74,058	8,466,311

SECURITY	NUMBER OF SHARES	VALUE ($)
Campbell Soup Co.	99,010	4,128,717
Conagra Brands, Inc.	235,349	7,032,228
Constellation Brands, Inc., Class A	79,585	20,736,668
Darling Ingredients, Inc. *	78,370	4,840,131
General Mills, Inc.	289,805	19,608,206
Hormel Foods Corp.	142,379	5,494,406
Kellogg Co.	126,854	7,740,631
Keurig Dr Pepper, Inc.	415,602	13,985,007
Lamb Weston Holdings, Inc.	72,096	7,022,871
McCormick & Co., Inc. Non Voting Shares	123,924	10,171,682
Molson Coors Beverage Co., Class B	92,593	5,878,730
Mondelez International, Inc., Class A	671,455	47,847,883
PepsiCo, Inc.	679,531	120,902,155
Philip Morris International, Inc.	765,424	73,526,629
The Coca-Cola Co.	1,919,726	114,857,207
The Hershey Co.	72,726	15,625,908
The J.M. Smucker Co.	52,420	7,598,279
The Kraft Heinz Co.	393,609	13,024,522
Tyson Foods, Inc., Class A	140,935	7,507,607
		584,062,249

Health Care Equipment & Services 4.5%
Abbott Laboratories	857,627	88,249,818
Baxter International, Inc.	249,826	10,142,936
Becton Dickinson & Co.	140,150	39,164,918
Boston Scientific Corp. *	709,442	38,267,301
Cardinal Health, Inc.	125,498	10,959,740
Cencora, Inc.	80,059	14,088,783
CVS Health Corp.	632,082	41,192,784
DaVita, Inc. *	27,174	2,783,161
Dentsply Sirona, Inc.	104,288	3,868,042
Encompass Health Corp.	49,293	3,501,775
HCA Healthcare, Inc.	101,875	28,249,938
Henry Schein, Inc. *	64,364	4,926,421
Hologic, Inc. *	121,632	9,090,776
Laboratory Corp. of America Holdings	43,786	9,111,867
Medtronic plc	655,955	53,460,332
Quest Diagnostics, Inc.	55,444	7,290,886
STERIS plc	49,033	11,257,486
Stryker Corp.	166,608	47,241,698
Universal Health Services, Inc., Class B	30,892	4,161,152
Zimmer Biomet Holdings, Inc.	102,748	12,239,342
		439,249,156

Household & Personal Products 2.8%
Church & Dwight Co., Inc.	120,600	11,670,462
Colgate-Palmolive Co.	409,367	30,076,193
Kenvue, Inc.	850,471	19,603,362
Kimberly-Clark Corp.	166,432	21,441,435
Reynolds Consumer Products, Inc.	27,038	737,867
The Clorox Co.	60,790	9,510,595
The Procter & Gamble Co.	1,162,534	179,425,498
		272,465,412

Insurance 4.2%
Aflac, Inc.	271,427	20,240,311
American Financial Group, Inc.	34,410	3,988,807
American International Group, Inc.	357,237	20,905,509
Aon plc, Class A	100,791	33,602,712
Arch Capital Group Ltd. *	183,775	14,124,947
Arthur J. Gallagher & Co.	105,695	24,360,584
Assurant, Inc.	26,101	3,636,652
Brown & Brown, Inc.	115,782	8,579,446
Chubb Ltd.	204,300	41,037,741

See financial notes

Schwab U.S. Equity ETFs | Annual Report93

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cincinnati Financial Corp.	77,310	8,178,625
CNA Financial Corp.	13,469	529,736
Erie Indemnity Co., Class A	12,344	3,440,643
Everest Group Ltd.	21,160	7,631,989
F&G Annuities & Life, Inc.	9,183	259,971
Fidelity National Financial, Inc.	134,320	5,560,848
Globe Life, Inc.	43,657	4,870,812
Lincoln National Corp.	75,796	1,944,925
Loews Corp.	92,990	5,773,749
Marsh & McLennan Cos., Inc.	243,928	47,563,521
MetLife, Inc.	317,160	20,088,914
Old Republic International Corp.	134,557	3,680,134
Principal Financial Group, Inc.	111,662	8,677,254
Prudential Financial, Inc.	180,041	17,044,482
Reinsurance Group of America, Inc.	32,833	4,551,310
The Allstate Corp.	129,708	13,983,820
The Hartford Financial Services Group, Inc.	153,238	11,005,553
The Progressive Corp.	288,854	38,553,343
The Travelers Cos., Inc.	114,054	18,388,926
W.R. Berkley Corp.	98,797	6,111,582
Willis Towers Watson plc	52,560	10,867,306
		409,184,152

Materials 3.3%
Air Products and Chemicals, Inc.	109,522	32,362,656
Alcoa Corp.	88,191	2,652,785
Amcor plc	726,116	7,072,370
AptarGroup, Inc.	32,195	4,267,769
Avery Dennison Corp.	39,843	7,505,625
Axalta Coating Systems Ltd. *	108,803	3,079,125
Ball Corp.	155,522	8,468,173
Berry Global Group, Inc.	58,895	3,848,199
Celanese Corp.	49,223	6,219,818
CF Industries Holdings, Inc.	96,124	7,408,277
Crown Holdings, Inc.	59,169	5,482,600
Dow, Inc.	349,244	19,054,753
DuPont de Nemours, Inc.	226,119	17,386,290
Eastman Chemical Co.	58,577	4,979,631
Ecolab, Inc.	122,213	22,463,972
FMC Corp.	61,471	5,300,644
Freeport-McMoRan, Inc.	706,708	28,204,716
International Flavors & Fragrances, Inc.	126,038	8,879,377
International Paper Co.	170,742	5,962,311
LyondellBasell Industries N.V., Class A	125,282	12,374,103
Newmont Corp.	391,950	15,450,669
Nucor Corp.	123,991	21,338,851
Packaging Corp. of America	44,222	6,593,500
PPG Industries, Inc.	116,300	16,486,688
Reliance Steel & Aluminum Co.	29,078	8,286,067
Royal Gold, Inc.	32,324	3,623,197
RPM International, Inc.	63,838	6,367,202
Sealed Air Corp.	71,179	2,637,894
Sonoco Products Co.	48,158	2,766,677
Steel Dynamics, Inc.	78,953	8,415,600
The Mosaic Co.	163,378	6,347,235
Vulcan Materials Co.	65,649	14,327,894
Westrock Co.	126,648	4,142,656
		329,757,324

Media & Entertainment 2.9%
Activision Blizzard, Inc.	352,724	32,447,081
AMC Entertainment Holdings, Inc., Class A *(a)	28,618	359,147
Comcast Corp., Class A	2,051,399	95,923,417
DISH Network Corp., Class A *	123,029	738,174

SECURITY	NUMBER OF SHARES	VALUE ($)
Electronic Arts, Inc.	128,320	15,395,833
Fox Corp., Class A	195,389	6,459,560
IAC, Inc. *	37,720	2,087,048
Liberty Media Corp.-Liberty Formula One, Class C *	113,484	7,806,564
Liberty Media Corp.-Liberty Live, Class C *	32,935	1,108,263
Liberty Media Corp.-Liberty SiriusXM, Class C *	111,708	2,730,143
Match Group, Inc. *	136,916	6,417,253
News Corp., Class A	246,366	5,294,405
Omnicom Group, Inc.	98,725	7,997,712
Paramount Global, Class B	254,086	3,834,158
Sirius XM Holdings, Inc. (a)	342,624	1,507,546
The Interpublic Group of Cos., Inc.	190,398	6,208,879
The Walt Disney Co. *	901,123	75,405,973
Warner Bros Discovery, Inc. *	1,094,156	14,377,210
		286,098,366

Pharmaceuticals, Biotechnology & Life Sciences 8.1%
AbbVie, Inc.	870,210	127,886,062
Agilent Technologies, Inc.	145,829	17,655,517
Amgen, Inc.	263,483	67,541,232
Biogen, Inc. *	71,452	19,103,407
Bristol-Myers Squibb Co.	1,035,884	63,862,249
Bruker Corp.	49,296	3,233,818
Elanco Animal Health, Inc. *	228,810	2,791,482
Fortrea Holdings, Inc. *	43,535	1,199,389
Gilead Sciences, Inc.	615,002	47,035,353
Johnson & Johnson	1,188,315	192,126,769
Merck & Co., Inc.	1,251,553	136,394,246
Organon & Co.	125,550	2,757,078
Pfizer, Inc.	2,784,367	98,510,904
Royalty Pharma plc, Class A	185,104	5,519,801
Viatris, Inc.	593,822	6,383,586
		792,000,893

Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *	153,404	13,047,010
Jones Lang LaSalle, Inc. *	23,591	4,076,525
		17,123,535

Semiconductors & Semiconductor Equipment 4.7%
Analog Devices, Inc.	249,413	45,338,295
Applied Materials, Inc.	416,701	63,655,245
Entegris, Inc.	73,868	7,480,612
First Solar, Inc. *	49,097	9,285,225
Intel Corp.	2,056,769	72,274,863
Marvell Technology, Inc.	423,720	24,681,690
Microchip Technology, Inc.	270,243	22,116,687
Micron Technology, Inc.	540,096	37,774,314
NXP Semiconductors N.V.	128,085	26,349,646
QUALCOMM, Inc.	549,269	62,907,779
Skyworks Solutions, Inc.	78,695	8,557,294
Teradyne, Inc.	76,707	8,274,384
Texas Instruments, Inc.	447,598	75,223,320
Wolfspeed, Inc. *	61,508	2,941,313
		466,860,667

Software & Services 2.4%
Akamai Technologies, Inc. *	75,111	7,893,415
Aspen Technology, Inc. *	14,432	2,799,808
Bentley Systems, Inc., Class B	98,261	4,904,207
Black Knight, Inc. *	77,425	5,865,718

See financial notes

94Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cognizant Technology Solutions Corp., Class A	250,653	17,949,261
DXC Technology Co. *	112,263	2,328,335
Gen Digital, Inc.	280,574	5,681,623
Guidewire Software, Inc. *	40,109	3,466,621
International Business Machines Corp.	447,739	65,741,517
Manhattan Associates, Inc. *	30,614	6,203,009
Oracle Corp.	758,957	91,370,833
Palantir Technologies, Inc., Class A *	884,058	13,243,189
VeriSign, Inc. *	44,757	9,300,057
		236,747,593

Technology Hardware & Equipment 3.1%
Amphenol Corp., Class A	293,650	25,952,787
Arrow Electronics, Inc. *	27,895	3,722,030
CDW Corp.	66,545	14,050,977
Cisco Systems, Inc.	2,020,195	115,858,183
Cognex Corp.	84,854	3,994,926
Corning, Inc.	377,609	12,393,127
F5, Inc. *	29,988	4,907,836
Hewlett Packard Enterprise Co.	640,043	10,874,331
HP, Inc.	427,192	12,691,874
Jabil, Inc.	65,252	7,466,134
Juniper Networks, Inc.	158,563	4,617,355
Keysight Technologies, Inc. *	87,895	11,716,403
Motorola Solutions, Inc.	82,718	23,456,343
NetApp, Inc.	105,806	8,115,320
Seagate Technology Holdings plc	94,703	6,704,025
TD SYNNEX Corp.	20,605	2,096,559
TE Connectivity Ltd.	155,525	20,589,955
Trimble, Inc. *	122,402	6,706,406
Western Digital Corp. *	157,333	7,079,985
		302,994,556

Telecommunication Services 1.3%
AT&T, Inc.	3,525,207	52,137,811
GCI Liberty, Inc. *(c)	32	6
Liberty Global plc, Class C *	199,707	3,962,187
Lumen Technologies, Inc. *	453,362	720,846
Verizon Communications, Inc.	2,073,010	72,513,890
		129,334,740

Transportation 3.3%
Alaska Air Group, Inc. *	63,186	2,651,916
American Airlines Group, Inc. *	321,229	4,731,703
Avis Budget Group, Inc. *	11,785	2,514,801
C.H. Robinson Worldwide, Inc.	57,216	5,174,043
CSX Corp.	1,003,228	30,297,486
Delta Air Lines, Inc.	317,109	13,597,634
Expeditors International of Washington, Inc.	75,507	8,812,422
FedEx Corp.	114,113	29,785,775
J.B. Hunt Transport Services, Inc.	40,875	7,679,595
Norfolk Southern Corp.	112,336	23,030,003
RXO, Inc. *	57,722	1,043,614
Southwest Airlines Co.	294,139	9,294,792
Uber Technologies, Inc. *	997,842	47,128,078
Union Pacific Corp.	300,861	66,360,911
United Airlines Holdings, Inc. *	161,329	8,035,798
United Parcel Service, Inc., Class B	357,367	60,537,970
XPO, Inc. *	56,842	4,242,118
		324,918,659

SECURITY	NUMBER OF SHARES	VALUE ($)
Utilities 4.6%
Alliant Energy Corp.	123,637	6,202,868
Ameren Corp.	129,691	10,280,606
American Electric Power Co., Inc.	254,039	19,916,658
American Water Works Co., Inc.	96,061	13,327,503
Atmos Energy Corp.	71,422	8,281,381
Avangrid, Inc.	34,550	1,191,975
CenterPoint Energy, Inc.	311,976	8,701,011
CMS Energy Corp.	143,923	8,087,033
Consolidated Edison, Inc.	170,680	15,183,693
Dominion Energy, Inc.	412,544	20,024,886
DTE Energy Co.	101,774	10,521,396
Duke Energy Corp.	380,282	33,769,042
Edison International	189,018	13,013,889
Entergy Corp.	104,447	9,948,577
Essential Utilities, Inc.	118,064	4,356,562
Evergy, Inc.	112,918	6,207,102
Eversource Energy	172,216	10,990,825
Exelon Corp.	490,905	19,695,109
FirstEnergy Corp.	268,933	9,700,413
NextEra Energy, Inc.	997,751	66,649,767
NiSource, Inc.	202,951	5,430,969
NRG Energy, Inc.	113,449	4,260,010
OGE Energy Corp.	98,838	3,365,434
PG&E Corp. *	796,567	12,984,042
Pinnacle West Capital Corp.	55,660	4,300,848
PPL Corp.	364,085	9,072,998
Public Service Enterprise Group, Inc.	246,219	15,039,056
Sempra	310,494	21,802,889
The AES Corp.	329,238	5,903,237
The Southern Co.	538,063	36,443,007
UGI Corp.	103,157	2,597,493
Vistra Corp.	174,003	5,467,174
WEC Energy Group, Inc.	155,638	13,092,268
Xcel Energy, Inc.	271,051	15,485,144
		451,294,865
Total Common Stocks (Cost $8,232,635,064)		9,793,961,407


SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)	4,109,335	4,109,335
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)(e)	4,589,348	4,589,348
		8,698,683
Total Short-Term Investments (Cost $8,698,683)		8,698,683
Total Investments in Securities (Cost $8,241,333,747)		9,802,660,090

See financial notes

Schwab U.S. Equity ETFs | Annual Report95

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2023 (continued)

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION (DEPRECIATION) ($)
FUTURES CONTRACTS
Long
Russell 1000 Value Index, e-mini, expires 09/15/23	299	23,357,880	(121,022 )
S&P 500 Index, e-mini, expires 09/15/23	27	6,096,600	166,129
			45,107

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $4,424,844.

(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(d)	The rate shown is the annualized 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2023:

SECURITY	VALUE AT 8/31/22	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/23	BALANCE OF SHARES HELD AT 8/31/23	DIVIDENDS RECEIVED
COMMON STOCKS 0.4% OF NET ASSETS

Financial Services 0.4%
The Charles Schwab Corp.	$50,567,555	$7,697,746	($5,685,789 )	$345,140	($9,727,289 )	$43,197,363	730,302	$730,845

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$9,664,626,667	$—	$—	$9,664,626,667
Telecommunication Services	129,334,734	—	6	129,334,740
Short-Term Investments1	8,698,683	—	—	8,698,683
Futures Contracts2	166,129	—	—	166,129
Liabilities
Futures Contracts2	(121,022 )	—	—	(121,022 )
Total	$9,802,705,191	$—	$6	$9,802,705,197

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

96Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Large-Cap Value ETF

Statement of Operations

For the period September 1, 2022 through August 31, 2023
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $59,677)		$251,914,528
Dividends received from securities - affiliated		730,845
Securities on loan, net	+	1,599,818
Total investment income		254,245,191

Expenses
Management fees		3,895,864
Proxy fees1	+	100,581
Total expenses	–	3,996,445
Net investment income		250,248,746

REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(877,930 )
Net realized losses on sales of securities - unaffiliated		(94,958,595 )
Net realized gains on sales of in-kind redemptions - affiliated		1,223,070
Net realized gains on sales of in-kind redemptions - unaffiliated		404,538,168
Net realized losses on futures contracts	+	(131,561 )
Net realized gains		309,793,152
Net change in unrealized appreciation (depreciation) on securities - affiliated		(9,727,289 )
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		153,304,573
Net change in unrealized appreciation (depreciation) on futures contracts	+	875,758
Net change in unrealized appreciation (depreciation)	+	144,453,042
Net realized and unrealized gains		454,246,194
Increase in net assets resulting from operations		$704,494,940

1	Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

See financial notes

98Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$67.29	$80.01	$57.45	$55.72	$58.44
Income (loss) from investment operations:
Net investment income (loss)1	1.16	1.05	0.93	0.87	0.84
Net realized and unrealized gains (losses)	4.43	(12.66 )	22.43	1.76	(2.76 )
Total from investment operations	5.59	(11.61 )	23.36	2.63	(1.92 )
Less distributions:
Distributions from net investment income	(1.16 )	(1.11 )	(0.80 )	(0.90 )	(0.80 )
Net asset value at end of period	$71.72	$67.29	$80.01	$57.45	$55.72
Total return	8.45 %	(14.62 %)	40.98 %	4.90 %	(3.24 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04 %2	0.04 %2	0.04 %	0.04 %	0.04 %3
Net investment income (loss)	1.71 %	1.43 %	1.31 %	1.61 %	1.52 %
Portfolio turnover rate4	18 %	16 %	23 %	19 %	19 %
Net assets, end of period (x 1,000,000)	$9,976	$9,195	$9,986	$6,678	$6,255

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019 is a blended ratio.
4	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

100Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2023

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS

Automobiles & Components 1.2%
Autoliv, Inc.	204,142	19,924,259
BorgWarner, Inc.	619,384	25,239,898
Gentex Corp.	618,362	20,195,703
Harley-Davidson, Inc.	346,461	11,693,059
Lear Corp.	155,982	22,475,446
Phinia, Inc. *	124,967	3,474,083
QuantumScape Corp. *	869,034	6,204,903
Thor Industries, Inc.	141,470	14,828,885
		124,036,236

Banks 3.2%
Bank OZK	285,499	11,468,495
BOK Financial Corp.	75,655	6,287,687
Comerica, Inc.	347,862	16,735,641
Commerce Bancshares, Inc.	300,227	14,738,143
Cullen/Frost Bankers, Inc.	170,293	16,097,797
East West Bancorp, Inc.	373,883	20,690,685
First Citizens BancShares, Inc., Class A	31,438	42,768,255
First Financial Bankshares, Inc.	343,332	9,860,495
First Horizon Corp.	1,421,289	17,837,177
Glacier Bancorp, Inc.	294,066	8,883,734
New York Community Bancorp, Inc.	1,908,385	23,434,968
Pinnacle Financial Partners, Inc.	203,029	13,513,610
Popular, Inc.	190,065	12,977,638
Prosperity Bancshares, Inc.	249,433	14,170,289
SouthState Corp.	200,840	14,520,732
Synovus Financial Corp.	386,911	11,978,765
Valley National Bancorp	1,117,155	10,255,483
Webster Financial Corp.	461,912	19,589,688
Western Alliance Bancorp	289,709	14,488,347
Zions Bancorp NA	391,886	13,911,953
		314,209,582

Capital Goods 14.3%
A.O. Smith Corp.	329,120	23,861,200
Acuity Brands, Inc.	84,156	13,572,680
Advanced Drainage Systems, Inc.	165,323	21,187,796
AECOM	367,903	32,283,488
AGCO Corp.	164,231	21,272,841
Air Lease Corp.	273,456	11,146,067
Allegion plc	232,419	26,451,606
Armstrong World Industries, Inc.	119,023	9,115,972
Axon Enterprise, Inc. *	185,736	39,545,052
Builders FirstSource, Inc. *	339,070	49,178,713
BWX Technologies, Inc.	241,813	17,836,127
Carlisle Cos., Inc.	134,881	35,476,401
ChargePoint Holdings, Inc. *(a)	713,480	5,108,517
Chart Industries, Inc. *	111,020	20,047,992
Crane Co.	127,699	11,635,933
Curtiss-Wright Corp.	101,351	21,079,994
Donaldson Co., Inc.	320,609	20,477,297

SECURITY	NUMBER OF SHARES	VALUE ($)
EMCOR Group, Inc.	125,651	28,177,237
Flowserve Corp.	347,142	13,736,409
Fortune Brands Innovations, Inc.	334,863	23,112,244
Graco, Inc.	445,505	35,168,165
Hexcel Corp.	223,435	16,377,785
Howmet Aerospace, Inc.	973,080	48,138,268
Hubbell, Inc.	141,772	46,224,761
Huntington Ingalls Industries, Inc.	105,419	23,225,914
IDEX Corp.	199,943	45,267,095
ITT, Inc.	217,929	22,289,778
Lennox International, Inc.	85,510	32,221,023
Leonardo DRS, Inc. *	130,483	2,233,869
Lincoln Electric Holdings, Inc.	152,148	29,282,404
Masco Corp.	595,699	35,152,198
MasTec, Inc. *	157,847	15,704,198
Masterbrand, Inc. *	340,930	4,367,313
MDU Resources Group, Inc.	539,496	10,984,139
Nordson Corp.	142,449	34,777,499
nVent Electric plc	437,813	24,753,947
Oshkosh Corp.	172,697	17,931,129
Owens Corning	238,483	34,320,088
Pentair plc	436,638	30,678,186
Plug Power, Inc. *(a)	1,428,353	12,083,866
RBC Bearings, Inc. *	76,696	17,681,496
Regal Rexnord Corp.	175,155	28,408,389
Sensata Technologies Holding plc	403,640	15,184,937
SiteOne Landscape Supply, Inc. *	118,919	20,357,744
Snap-on, Inc.	140,070	37,622,802
Sunrun, Inc. *	568,600	8,887,218
Textron, Inc.	533,630	41,468,387
The Middleby Corp. *	141,453	20,594,142
The Timken Co.	173,978	13,295,399
The Toro Co.	275,597	28,199,085
Trex Co., Inc. *	287,609	20,526,654
Valmont Industries, Inc.	55,645	14,106,007
Vertiv Holdings Co.	854,132	33,644,259
Watsco, Inc.	88,461	32,248,458
WESCO International, Inc.	119,293	19,307,572
Westinghouse Air Brake Technologies Corp.	475,787	53,535,553
WillScot Mobile Mini Holdings Corp. *	534,690	21,932,984
Woodward, Inc.	158,696	20,530,501
Zurn Elkay Water Solutions Corp., Class C	379,101	11,228,972
		1,424,245,750

Commercial & Professional Services 4.6%
ASGN, Inc. *	130,613	10,731,164
Booz Allen Hamilton Holding Corp., Class A	350,002	39,658,727
CACI International, Inc., Class A *	60,234	19,757,354
Ceridian HCM Holding, Inc. *	409,705	29,711,806
Clarivate plc *	1,140,531	8,474,145
Clean Harbors, Inc. *	132,973	22,517,648
Concentrix Corp.	112,894	9,012,328
Driven Brands Holdings, Inc. *	145,472	2,189,354

See financial notes

Schwab U.S. Equity ETFs | Annual Report101

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Dun & Bradstreet Holdings, Inc.	582,779	6,352,291
ExlService Holdings, Inc. *	440,142	12,865,351
Genpact Ltd.	448,628	16,747,283
Jacobs Solutions, Inc.	335,596	45,245,053
KBR, Inc.	358,725	22,068,762
Leidos Holdings, Inc.	363,008	35,396,910
ManpowerGroup, Inc.	133,590	10,536,243
Maximus, Inc.	160,895	13,003,534
MSA Safety, Inc.	97,753	17,857,518
Paylocity Holding Corp. *	109,163	21,887,181
RB Global, Inc.	481,236	29,701,886
Robert Half International, Inc.	284,857	21,068,024
Science Applications International Corp.	142,686	16,788,435
Stericycle, Inc. *	244,946	10,829,063
Tetra Tech, Inc.	140,668	22,134,110
TriNet Group, Inc. *	90,672	10,058,245
		454,592,415

Consumer Discretionary Distribution & Retail 3.7%
Advance Auto Parts, Inc.	157,471	10,837,154
AutoNation, Inc. *	83,183	13,067,217
Bath & Body Works, Inc.	605,076	22,309,152
Burlington Stores, Inc. *	171,596	27,843,167
Chewy, Inc., Class A *	253,598	6,081,280
Dick's Sporting Goods, Inc.	162,503	18,905,599
Five Below, Inc. *	147,372	25,342,089
Floor & Decor Holdings, Inc., Class A *	281,341	28,049,698
GameStop Corp., Class A *(a)	668,394	12,398,709
Kohl's Corp.	293,128	7,808,930
Lithia Motors, Inc.	72,763	22,412,459
LKQ Corp.	671,057	35,250,624
Murphy USA, Inc.	53,028	16,843,814
Ollie's Bargain Outlet Holdings, Inc. *	152,456	11,751,309
Penske Automotive Group, Inc.	63,962	10,508,957
Pool Corp.	103,310	37,770,136
RH *	47,263	17,259,975
The Gap, Inc.	566,192	6,556,503
Valvoline, Inc.	367,562	12,658,835
Williams-Sonoma, Inc.	173,529	24,502,295
		368,157,902

Consumer Durables & Apparel 4.1%
Brunswick Corp.	186,956	14,791,959
Capri Holdings Ltd. *	332,497	17,452,768
Columbia Sportswear Co.	93,704	6,872,251
Crocs, Inc. *	164,062	15,969,795
Deckers Outdoor Corp. *	69,660	36,856,409
Hasbro, Inc.	344,373	24,794,856
Leggett & Platt, Inc.	352,826	9,949,693
Mattel, Inc. *	935,819	20,737,749
Mohawk Industries, Inc. *	139,931	14,187,604
Newell Brands, Inc.	998,890	10,568,256
Polaris, Inc.	141,441	15,854,122
PulteGroup, Inc.	590,543	48,459,959
PVH Corp.	166,182	13,892,815
Ralph Lauren Corp.	108,741	12,682,463
Skechers U.S.A., Inc., Class A *	355,022	17,861,157
Tapestry, Inc.	612,580	20,411,166
Tempur Sealy International, Inc.	454,895	21,252,694
Toll Brothers, Inc.	272,194	22,300,854
TopBuild Corp. *	83,904	24,338,872
Under Armour, Inc., Class A *	954,014	7,288,667
Whirlpool Corp.	144,736	20,257,251

SECURITY	NUMBER OF SHARES	VALUE ($)
YETI Holdings, Inc. *	229,684	11,472,716
		408,254,076

Consumer Services 4.9%
ADT, Inc.	564,182	3,622,048
Aramark	692,452	25,745,365
Boyd Gaming Corp.	203,217	13,589,121
Bright Horizons Family Solutions, Inc. *	152,823	14,429,548
Caesars Entertainment, Inc. *	568,726	31,427,799
Carnival Corp. *	2,654,396	41,992,545
Choice Hotels International, Inc.	69,978	8,880,208
Churchill Downs, Inc.	174,151	21,817,637
DraftKings, Inc., Class A *	1,222,305	36,241,343
H&R Block, Inc.	403,059	16,114,299
Marriott Vacations Worldwide Corp.	97,497	10,596,949
MGM Resorts International	799,119	35,145,254
Norwegian Cruise Line Holdings Ltd. *	1,121,345	18,580,687
Penn Entertainment, Inc. *	406,429	9,628,303
Planet Fitness, Inc., Class A *	224,285	13,636,528
Royal Caribbean Cruises Ltd. *	581,718	57,555,179
Service Corp. International	400,281	25,261,734
Texas Roadhouse, Inc.	177,138	18,440,066
The Wendy's Co.	444,758	8,801,761
Vail Resorts, Inc.	106,581	24,121,412
Wingstop, Inc.	79,204	12,723,330
Wyndham Hotels & Resorts, Inc.	227,199	17,128,533
Wynn Resorts Ltd.	273,670	27,744,664
		493,224,313

Consumer Staples Distribution & Retail 1.1%
Albertsons Cos., Inc., Class A	529,757	11,866,557
BJ's Wholesale Club Holdings, Inc. *	355,150	23,933,558
Casey's General Stores, Inc.	98,472	24,067,542
Performance Food Group Co. *	413,449	25,687,586
US Foods Holding Corp. *	598,920	24,214,336
		109,769,579

Energy 4.1%
Antero Midstream Corp.	885,456	10,731,727
Antero Resources Corp. *	730,810	20,221,513
APA Corp.	816,684	35,803,427
Chesapeake Energy Corp.	283,022	24,965,371
Chord Energy Corp.	109,805	17,733,507
EQT Corp.	956,886	41,356,613
HF Sinclair Corp.	340,504	18,758,365
Marathon Oil Corp.	1,634,060	43,057,481
Matador Resources Co.	299,222	19,000,597
New Fortress Energy, Inc.	124,220	3,855,789
NOV, Inc.	1,041,263	22,001,887
Ovintiv, Inc.	647,261	30,395,377
Range Resources Corp.	637,816	20,652,482
Southwestern Energy Co. *	2,910,359	19,732,234
Targa Resources Corp.	597,885	51,567,581
Texas Pacific Land Corp.	16,286	30,695,038
Vitesse Energy, Inc.	60,577	1,407,809
		411,936,798

Equity Real Estate Investment Trusts (REITs) 6.8%
Agree Realty Corp.	246,109	15,214,458
American Homes 4 Rent, Class A	830,338	29,925,382
Americold Realty Trust, Inc.	714,036	24,027,311
Apartment Income REIT Corp.	394,902	13,450,362
Brixmor Property Group, Inc.	795,759	17,490,783
Camden Property Trust	282,142	30,364,122

See financial notes

102Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cousins Properties, Inc.	400,311	9,407,309
CubeSmart	593,761	24,765,771
Douglas Emmett, Inc.	448,872	6,136,080
EastGroup Properties, Inc.	117,404	21,089,281
Equity LifeStyle Properties, Inc.	463,317	31,023,706
Federal Realty Investment Trust	194,195	19,019,458
First Industrial Realty Trust, Inc.	349,937	18,175,728
Gaming & Leisure Properties, Inc.	695,200	32,952,480
Healthcare Realty Trust, Inc.	1,006,827	17,639,609
Host Hotels & Resorts, Inc.	1,879,620	29,679,200
Iron Mountain, Inc.	771,475	49,019,521
Kilroy Realty Corp.	278,817	10,302,288
Kimco Realty Corp.	1,638,208	31,027,660
Lamar Advertising Co., Class A	231,256	21,095,172
Medical Properties Trust, Inc.	1,582,843	11,428,126
NNN REIT, Inc.	481,435	18,963,725
Omega Healthcare Investors, Inc.	619,613	19,716,086
Rayonier, Inc.	392,527	11,736,557
Regency Centers Corp.	434,965	27,054,823
Rexford Industrial Realty, Inc.	531,980	28,444,971
Spirit Realty Capital, Inc.	373,871	14,435,159
STAG Industrial, Inc.	474,045	17,316,864
UDR, Inc.	818,967	32,676,783
Vornado Realty Trust	427,282	10,263,314
WP Carey, Inc.	566,035	36,820,577
		680,662,666

Financial Services 7.3%
Affiliated Managers Group, Inc.	95,560	12,805,996
Affirm Holdings, Inc. *	564,175	11,740,482
AGNC Investment Corp.	1,576,254	15,620,677
Ally Financial, Inc.	795,047	22,014,851
Annaly Capital Management, Inc.	1,305,196	26,456,323
Ares Management Corp., Class A	424,995	43,961,483
Blackstone Mortgage Trust, Inc., Class A	456,670	10,055,873
Cboe Global Markets, Inc.	279,335	41,819,243
Credit Acceptance Corp. *	15,954	8,005,239
Equitable Holdings, Inc.	875,159	25,204,579
Essent Group Ltd.	283,797	14,252,285
Euronet Worldwide, Inc. *	124,872	10,908,818
FactSet Research Systems, Inc.	101,382	44,244,119
Interactive Brokers Group, Inc., Class A	272,181	24,790,245
Invesco Ltd.	1,211,255	19,283,180
Jack Henry & Associates, Inc.	192,589	30,194,103
Janus Henderson Group plc	351,297	9,650,129
Jefferies Financial Group, Inc.	493,461	17,611,623
Lazard Ltd., Class A	298,179	10,358,738
LPL Financial Holdings, Inc.	205,467	47,378,636
MarketAxess Holdings, Inc.	99,547	23,983,859
MGIC Investment Corp.	758,648	13,337,032
Morningstar, Inc.	66,411	15,451,847
OneMain Holdings, Inc.	319,204	13,250,158
Rithm Capital Corp.	1,278,709	13,183,490
Robinhood Markets, Inc., Class A *	1,373,142	14,953,516
SEI Investments Co.	267,660	16,610,980
SoFi Technologies, Inc. *	2,188,938	18,956,203
Starwood Property Trust, Inc.	824,505	16,844,637
Stifel Financial Corp.	281,066	18,274,911
TFS Financial Corp.	124,872	1,699,508
The Carlyle Group, Inc.	574,492	18,584,816
The Western Union Co.	991,575	12,245,951
Toast, Inc., Class A *	892,584	19,788,587
Tradeweb Markets, Inc., Class A	303,180	26,203,847
Voya Financial, Inc.	259,839	18,105,582

SECURITY	NUMBER OF SHARES	VALUE ($)
WEX, Inc. *	113,221	22,211,696
		730,043,242

Food, Beverage & Tobacco 2.9%
Bunge Ltd.	398,421	45,547,489
Campbell Soup Co.	530,286	22,112,926
Celsius Holdings, Inc. *	107,553	21,084,690
Darling Ingredients, Inc. *	421,684	26,043,204
Flowers Foods, Inc.	510,437	12,025,896
Ingredion, Inc.	174,541	17,962,014
Lamb Weston Holdings, Inc.	385,570	37,558,374
Lancaster Colony Corp.	52,249	8,631,012
Molson Coors Beverage Co., Class B	496,170	31,501,833
Pilgrim's Pride Corp. *	118,922	2,992,078
Post Holdings, Inc. *	141,747	12,716,123
Seaboard Corp.	677	2,552,513
The Boston Beer Co., Inc., Class A *	24,782	9,056,086
The J.M. Smucker Co.	282,150	40,897,643
		290,681,881

Health Care Equipment & Services 4.0%
Acadia Healthcare Co., Inc. *	243,363	18,763,287
agilon health, Inc. *	771,918	13,678,387
Amedisys, Inc. *	86,221	8,083,219
Chemed Corp.	39,702	20,305,191
DaVita, Inc. *	146,213	14,975,136
Dentsply Sirona, Inc.	561,615	20,830,300
Encompass Health Corp.	265,286	18,845,918
Envista Holdings Corp. *	433,156	13,869,655
Guardant Health, Inc. *	305,241	11,928,818
HealthEquity, Inc. *	226,143	15,275,960
Henry Schein, Inc. *	346,205	26,498,531
Inspire Medical Systems, Inc. *	77,103	17,493,129
Integra LifeSciences Holdings Corp. *	188,118	8,002,540
Lantheus Holdings, Inc. *	180,513	12,354,310
Masimo Corp. *	128,487	14,683,494
Novocure Ltd. *	241,019	5,316,879
Option Care Health, Inc. *	437,629	15,242,618
Penumbra, Inc. *	101,284	26,789,618
QuidelOrtho Corp. *	142,936	11,772,209
R1 RCM, Inc. *	365,963	6,309,202
Shockwave Medical, Inc. *	96,790	21,331,548
Teladoc Health, Inc. *	431,735	9,774,480
Teleflex, Inc.	124,361	26,456,559
Tenet Healthcare Corp. *	269,472	20,900,248
Universal Health Services, Inc., Class B	166,306	22,401,418
		401,882,654

Household & Personal Products 0.2%
Coty, Inc., Class A *	971,200	11,227,072
Olaplex Holdings, Inc. *	221,327	599,796
Reynolds Consumer Products, Inc.	143,817	3,924,766
		15,751,634

Insurance 4.3%
American Financial Group, Inc.	184,640	21,403,469
Assurant, Inc.	140,465	19,570,989
Axis Capital Holdings Ltd.	205,350	11,265,501
CNA Financial Corp.	72,139	2,837,227
Erie Indemnity Co., Class A	65,941	18,379,735
Everest Group Ltd.	113,443	40,916,621
F&G Annuities & Life, Inc.	50,225	1,421,870
Fidelity National Financial, Inc.	720,541	29,830,397
First American Financial Corp.	272,896	16,832,225

See financial notes

Schwab U.S. Equity ETFs | Annual Report103

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Globe Life, Inc.	234,848	26,201,991
Kinsale Capital Group, Inc.	57,519	22,928,799
Lincoln National Corp.	408,818	10,490,270
Loews Corp.	500,682	31,087,345
Old Republic International Corp.	719,857	19,688,089
Primerica, Inc.	95,784	19,248,753
Reinsurance Group of America, Inc.	175,852	24,376,604
RenaissanceRe Holdings Ltd.	132,748	24,942,022
Selective Insurance Group, Inc.	159,783	15,852,071
The Hanover Insurance Group, Inc.	94,659	10,102,009
Unum Group	489,550	24,080,965
W.R. Berkley Corp.	531,454	32,875,744
		424,332,696

Materials 6.1%
Alcoa Corp.	472,301	14,206,814
AptarGroup, Inc.	173,205	22,960,055
Ashland, Inc.	128,678	11,147,375
Avery Dennison Corp.	213,606	40,239,098
Axalta Coating Systems Ltd. *	585,452	16,568,292
Berry Global Group, Inc.	315,124	20,590,202
Celanese Corp.	264,498	33,421,967
Cleveland-Cliffs, Inc. *	1,361,471	20,816,892
Crown Holdings, Inc.	317,392	29,409,543
Eagle Materials, Inc.	95,421	18,065,104
Eastman Chemical Co.	314,887	26,768,544
FMC Corp.	330,443	28,494,100
Graphic Packaging Holding Co.	812,161	18,062,461
Huntsman Corp.	450,914	12,566,973
Knife River Corp. *	134,681	6,930,684
MP Materials Corp. *	244,341	5,116,500
Olin Corp.	318,246	18,464,633
Packaging Corp. of America	237,998	35,485,502
Reliance Steel & Aluminum Co.	155,546	44,324,388
Royal Gold, Inc.	173,645	19,463,868
RPM International, Inc.	341,173	34,028,595
Sealed Air Corp.	382,028	14,157,958
Sonoco Products Co.	258,957	14,877,080
Steel Dynamics, Inc.	424,841	45,283,802
The Scotts Miracle-Gro Co.	108,620	6,154,409
United States Steel Corp.	599,268	18,631,242
Westlake Corp.	91,243	11,951,008
Westrock Co.	677,816	22,171,361
		610,358,450

Media & Entertainment 2.5%
AMC Entertainment Holdings, Inc., Class A *(a)	155,834	1,955,717
Bumble, Inc., Class A *	260,884	4,377,634
Cable One, Inc.	12,510	8,138,631
DISH Network Corp., Class A *	667,418	4,004,508
Endeavor Group Holdings, Inc., Class A *	474,268	10,381,727
IAC, Inc. *	202,149	11,184,904
Liberty Media Corp.-Liberty Formula One, Class C *	605,572	41,657,298
News Corp., Class A	1,324,517	28,463,870
Nexstar Media Group, Inc., Class A	94,810	15,435,068
Pinterest, Inc., Class A *	1,572,453	43,226,733
Playtika Holding Corp. *	240,673	2,348,968
Roku, Inc. *	326,007	26,471,768
The Interpublic Group of Cos., Inc.	1,021,693	33,317,409
The New York Times Co., Class A	433,342	19,184,050
		250,148,285

SECURITY	NUMBER OF SHARES	VALUE ($)
Pharmaceuticals, Biotechnology & Life Sciences 5.7%
10X Genomics, Inc., Class A *	259,390	13,449,372
Alkermes plc *	439,884	12,840,214
Apellis Pharmaceuticals, Inc. *	261,616	11,042,811
Arrowhead Pharmaceuticals, Inc. *	282,024	7,795,143
Biohaven Ltd. *	170,818	3,124,261
BioMarin Pharmaceutical, Inc. *	496,569	45,376,475
Bio-Rad Laboratories, Inc., Class A *	56,413	22,576,483
Bio-Techne Corp.	416,681	32,667,790
Bruker Corp.	264,183	17,330,405
Charles River Laboratories International, Inc. *	135,261	27,974,680
CRISPR Therapeutics AG *	209,124	10,458,291
Elanco Animal Health, Inc. *	1,225,166	14,947,025
Exact Sciences Corp. *	477,314	39,936,862
Exelixis, Inc. *	861,249	19,283,365
Halozyme Therapeutics, Inc. *	348,448	14,829,947
Intellia Therapeutics, Inc. *	232,499	8,714,063
Ionis Pharmaceuticals, Inc. *	378,181	15,229,349
Jazz Pharmaceuticals plc *	169,158	24,250,491
Karuna Therapeutics, Inc. *	80,151	15,049,152
Mirati Therapeutics, Inc. *	163,167	6,069,812
Natera, Inc. *	302,068	17,740,454
Neurocrine Biosciences, Inc. *	257,863	28,078,702
Organon & Co.	674,948	14,821,858
Perrigo Co., plc	358,238	12,538,330
Repligen Corp. *	137,006	23,826,714
Sarepta Therapeutics, Inc. *	246,581	29,838,767
Sotera Health Co. *	261,689	4,223,661
Syneos Health, Inc. *	274,552	11,731,607
United Therapeutics Corp. *	124,020	27,825,127
Viatris, Inc.	3,168,719	34,063,729
		567,634,940

Real Estate Management & Development 0.6%
Jones Lang LaSalle, Inc. *	126,236	21,813,581
Opendoor Technologies, Inc. *	1,380,067	5,382,261
WeWork, Inc., Class A *	1,834,617	216,485
Zillow Group, Inc., Class C *	571,483	29,808,553
		57,220,880

Semiconductors & Semiconductor Equipment 2.7%
Allegro MicroSystems, Inc. *	172,751	6,607,726
Entegris, Inc.	396,072	40,110,212
First Solar, Inc. *	262,824	49,705,275
Lattice Semiconductor Corp. *	364,294	35,431,234
MKS Instruments, Inc.	151,956	15,230,550
Power Integrations, Inc.	151,818	12,755,748
Qorvo, Inc. *	263,978	28,348,597
Silicon Laboratories, Inc. *	84,372	11,378,408
SolarEdge Technologies, Inc. *	148,903	24,207,161
Synaptics, Inc. *	104,266	9,127,446
Universal Display Corp.	115,024	18,698,301
Wolfspeed, Inc. *	329,093	15,737,227
		267,337,885

Software & Services 5.4%
AppLovin Corp., Class A *	333,690	14,422,082
Aspen Technology, Inc. *	77,229	14,982,426
Bentley Systems, Inc., Class B	528,697	26,387,267
Bill Holdings, Inc. *	253,032	29,174,590
Black Knight, Inc. *	414,301	31,387,444
CCC Intelligent Solutions Holdings, Inc. *	281,019	3,006,903

See financial notes

104Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Dolby Laboratories, Inc., Class A	157,143	13,273,869
Dropbox, Inc., Class A *	719,209	19,986,818
DXC Technology Co. *	602,485	12,495,539
Dynatrace, Inc. *	572,913	27,614,407
Elastic N.V. *	206,948	12,805,942
Fair Isaac Corp. *	66,105	59,797,923
Five9, Inc. *	187,974	13,603,678
GoDaddy, Inc., Class A *	408,136	29,593,941
Guidewire Software, Inc. *	215,559	18,630,764
Informatica, Inc., Class A *	103,785	2,174,296
Manhattan Associates, Inc. *	164,166	33,263,315
New Relic, Inc. *	154,979	13,190,263
Nutanix, Inc., Class A *	609,093	18,942,792
Procore Technologies, Inc. *	185,991	12,563,692
PTC, Inc. *	281,837	41,477,951
Qualys, Inc. *	88,869	13,832,460
Smartsheet, Inc., Class A *	351,625	14,673,311
Thoughtworks Holding, Inc. *	174,001	864,785
Tyler Technologies, Inc. *	110,921	44,194,254
UiPath, Inc., Class A *	948,540	14,996,418
		537,337,130

Technology Hardware & Equipment 3.9%
Arrow Electronics, Inc. *	149,353	19,928,171
Ciena Corp. *	394,188	19,701,516
Cognex Corp.	456,177	21,476,813
Coherent Corp. *	368,562	13,868,988
Crane NXT Co.	127,718	7,581,340
Dell Technologies, Inc., Class C	677,519	38,103,669
F5, Inc. *	159,800	26,152,868
IPG Photonics Corp. *	82,783	8,970,366
Jabil, Inc.	351,079	40,170,459
Juniper Networks, Inc.	849,881	24,748,535
Littelfuse, Inc.	65,698	17,546,622
Lumentum Holdings, Inc. *	182,160	9,860,321
National Instruments Corp.	347,619	20,718,092
NetApp, Inc.	565,944	43,407,905
Pure Storage, Inc., Class A *	763,238	27,926,878
TD SYNNEX Corp.	109,976	11,190,058
Western Digital Corp. *	845,506	38,047,770
		389,400,371

Telecommunication Services 0.5%
Frontier Communications Parent, Inc. *	592,073	9,485,010
GCI Liberty, Inc. *(b)	1,240	224
Iridium Communications, Inc.	333,090	16,304,756
Liberty Global plc, Class C *	1,066,217	21,153,745
Lumen Technologies, Inc. *	2,456,438	3,905,736
		50,849,471

Transportation 2.6%
Alaska Air Group, Inc. *	338,033	14,187,245
American Airlines Group, Inc. *	1,725,344	25,414,317
Avis Budget Group, Inc. *	63,046	13,453,386
C.H. Robinson Worldwide, Inc.	308,242	27,874,324
GXO Logistics, Inc. *	314,398	20,112,040
Hertz Global Holdings, Inc. *	416,177	7,054,200
Knight-Swift Transportation Holdings, Inc.	425,557	23,329,035
Landstar System, Inc.	95,067	18,044,667
Lyft, Inc., Class A *	872,162	10,274,069
RXO, Inc. *	309,261	5,591,439
Saia, Inc. *	70,238	29,935,436

SECURITY	NUMBER OF SHARES	VALUE ($)
U-Haul Holding Co.	25,858	1,473,130
United Airlines Holdings, Inc. *	867,721	43,221,183
XPO, Inc. *	306,343	22,862,378
		262,826,849

Utilities 3.2%
Alliant Energy Corp.	665,326	33,379,405
Atmos Energy Corp.	381,840	44,274,348
Black Hills Corp.	176,680	9,717,400
Essential Utilities, Inc.	635,803	23,461,131
Hawaiian Electric Industries, Inc. (a)	288,936	4,050,883
IDACORP, Inc.	133,947	12,837,481
National Fuel Gas Co.	243,039	13,060,916
NiSource, Inc.	1,091,615	29,211,617
NRG Energy, Inc.	608,509	22,849,513
OGE Energy Corp.	529,633	18,034,004
Pinnacle West Capital Corp.	299,327	23,128,997
Portland General Electric Co.	255,914	11,224,388
The AES Corp.	1,771,600	31,764,788
UGI Corp.	554,107	13,952,414
Vistra Corp.	926,663	29,115,751
		320,063,036
Total Common Stocks (Cost $8,623,164,140)		9,964,958,721


SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS

Money Market Funds 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)	7,800,161	7,800,161
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (c)(d)	28,594,683	28,594,683
		36,394,844
Total Short-Term Investments (Cost $36,394,844)		36,394,844
Total Investments in Securities (Cost $8,659,558,984)		10,001,353,565

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 400 Mid-Cap Index, e-mini, expires 09/15/23	39	10,329,930	11,500

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $27,895,253.
(b)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(c)	The rate shown is the annualized 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

See financial notes

Schwab U.S. Equity ETFs | Annual Report105

Schwab U.S. Small-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/221	9/1/20– 8/31/211	9/1/19– 8/31/201	9/1/18– 8/31/191
Per-Share Data
Net asset value at beginning of period	$42.08	$51.85	$35.62	$34.60	$39.12
Income (loss) from investment operations:
Net investment income (loss)2	0.65	0.56	0.55	0.51	0.52
Net realized and unrealized gains (losses)	2.11	(9.72 )	16.19	1.01	(4.53 )
Total from investment operations	2.76	(9.16 )	16.74	1.52	(4.01 )
Less distributions:
Distributions from net investment income	(0.62 )	(0.61 )	(0.51 )	(0.50 )	(0.51 )
Net asset value at end of period	$44.22	$42.08	$51.85	$35.62	$34.60
Total return	6.69 %	(17.78 %)	47.33 %	4.53 %	(10.26 %)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04 %3	0.04 %3	0.04 %	0.04 %	0.04 %4
Net investment income (loss)	1.55 %	1.20 %	1.18 %	1.50 %	1.49 %
Portfolio turnover rate5	9 %	15 %	15 %	12 %	11 %
Net assets, end of period (x 1,000,000)	$14,481	$13,539	$16,622	$10,044	$8,100

1	Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional information).
2	Calculated based on the average shares outstanding during the period.
3	Ratio includes less than 0.005% of non-routine proxy expenses.
4	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019 is a blended ratio.
5	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

110Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS

Automobiles & Components 1.5%
Adient plc *	405,190	15,871,292
American Axle & Manufacturing Holdings, Inc. *	500,559	3,779,220
Canoo, Inc. *(a)	1,425,820	844,798
Dana, Inc.	551,719	8,888,193
Dorman Products, Inc. *	121,569	10,030,658
Faraday Future Intelligent Electric, Inc. *(a)	48,771	367,002
Fisker, Inc. *(a)	745,541	4,376,326
Fox Factory Holding Corp. *	180,720	20,025,583
Gentherm, Inc. *	141,740	8,534,165
Holley, Inc. *	218,743	1,246,835
LCI Industries	108,325	13,570,956
Luminar Technologies, Inc. *(a)	1,051,972	6,059,359
Mobileye Global, Inc., Class A *	326,137	11,581,125
Modine Manufacturing Co. *	222,678	10,597,246
Patrick Industries, Inc.	90,302	7,552,859
QuantumScape Corp. *(a)	1,404,392	10,027,359
Solid Power, Inc. *	458,017	970,996
Standard Motor Products, Inc.	81,465	3,016,649
Stoneridge, Inc. *	116,905	2,402,398
The Goodyear Tire & Rubber Co. *	1,211,657	15,642,492
Thor Industries, Inc.	228,724	23,974,850
Visteon Corp. *	121,366	16,902,643
Winnebago Industries, Inc.	130,824	8,483,936
Workhorse Group, Inc. *(a)	770,026	606,935
XPEL, Inc. *	84,202	7,014,027
		212,367,902

Banks 6.6%
1st Source Corp.	73,488	3,284,179
Ameris Bancorp	278,207	11,336,935
Arrow Financial Corp.	69,040	1,215,794
Associated Banc-Corp.	645,487	11,186,290
Atlantic Union Bankshares Corp.	320,024	9,501,513
Axos Financial, Inc. *	225,060	9,697,835
Banc of California, Inc.	228,964	2,868,919
BancFirst Corp.	74,597	7,129,981
Bank of Hawaii Corp. (a)	169,784	9,124,192
Bank of Marin Bancorp	60,758	1,143,466
Bank OZK	461,696	18,546,328
BankUnited, Inc.	318,337	8,356,346
Banner Corp.	147,387	6,418,704
Berkshire Hills Bancorp, Inc.	188,358	3,936,682
Brookline Bancorp, Inc.	377,538	3,613,039
Byline Bancorp, Inc.	95,490	2,022,478
Cadence Bank	783,144	17,918,335
Camden National Corp.	63,046	2,067,278
Capitol Federal Financial, Inc.	544,491	3,087,264
Cathay General Bancorp	311,211	11,088,448
Central Pacific Financial Corp.	115,352	1,957,523
Citizens Financial Services, Inc. (a)	18,647	1,020,737

SECURITY	NUMBER OF SHARES	VALUE ($)
City Holding Co.	64,292	5,873,717
Columbia Banking System, Inc.	890,034	18,227,896
Columbia Financial, Inc. *	135,744	2,329,367
Community Bank System, Inc.	230,523	10,961,369
Community Trust Bancorp, Inc.	64,508	2,290,034
ConnectOne Bancorp, Inc.	151,464	2,895,992
CrossFirst Bankshares, Inc. *	179,242	1,926,852
Customers Bancorp, Inc. *	125,368	4,405,432
CVB Financial Corp.	559,285	9,765,116
Dime Community Bancshares, Inc.	140,275	2,989,260
Eagle Bancorp, Inc.	132,031	3,176,666
Eastern Bankshares, Inc.	685,218	9,223,034
Enterprise Financial Services Corp.	159,861	6,188,219
F.N.B. Corp.	1,544,641	17,964,175
FB Financial Corp.	151,118	4,590,965
Financial Institutions, Inc.	67,255	1,176,963
First BanCorp	768,384	10,649,802
First Bancorp/Southern Pines NC	175,415	5,199,301
First Busey Corp.	219,919	4,442,364
First Commonwealth Financial Corp.	442,779	5,787,122
First Community Bankshares, Inc.	73,095	2,260,828
First Financial Bancorp	405,653	8,429,469
First Financial Bankshares, Inc.	554,749	15,932,391
First Financial Corp.	47,623	1,748,717
First Foundation, Inc.	214,814	1,688,438
First Hawaiian, Inc.	545,301	10,311,642
First Interstate BancSystem, Inc., Class A	379,032	9,820,719
First Merchants Corp.	254,429	7,592,161
First Mid Bancshares, Inc.	75,513	2,112,099
Flushing Financial Corp.	118,042	1,666,753
Fulton Financial Corp.	710,690	9,473,498
German American Bancorp, Inc.	117,761	3,406,826
Glacier Bancorp, Inc.	474,768	14,342,741
Great Southern Bancorp, Inc.	39,036	1,970,147
Hancock Whitney Corp.	367,717	15,168,326
Hanmi Financial Corp.	129,167	2,237,172
HarborOne Bancorp, Inc.	176,461	1,759,316
Heartland Financial USA, Inc.	161,997	4,963,588
Heritage Commerce Corp.	258,394	2,240,276
Heritage Financial Corp.	148,415	2,555,706
Hilltop Holdings, Inc.	197,414	5,999,411
Home BancShares, Inc.	806,006	17,877,213
HomeStreet, Inc.	75,119	709,875
Hope Bancorp, Inc.	511,746	4,948,584
Horizon Bancorp, Inc.	165,814	1,855,459
Independent Bank Corp.	188,252	10,169,373
Independent Bank Group, Inc.	152,050	6,416,510
International Bancshares Corp.	225,097	10,079,844
Kearny Financial Corp.	286,098	2,119,986
Lakeland Bancorp, Inc.	276,063	3,729,611
Lakeland Financial Corp.	109,440	5,705,107
LINKBANCORP, Inc. (a)	50,690	354,830
Live Oak Bancshares, Inc.	142,836	4,619,316
Luther Burbank Corp.	42,507	386,389
Mercantile Bank Corp.	64,071	2,138,690
Metrocity Bankshares, Inc.	76,183	1,485,569

See financial notes

Schwab U.S. Equity ETFs | Annual Report111

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Midland States Bancorp, Inc.	95,464	2,119,301
National Bank Holdings Corp., Class A	161,858	5,105,001
NBT Bancorp, Inc.	201,612	6,939,485
New York Community Bancorp, Inc.	3,088,873	37,931,360
Nicolet Bankshares, Inc.	57,026	4,323,141
Northfield Bancorp, Inc.	177,602	1,871,925
Northwest Bancshares, Inc.	542,129	5,963,419
OceanFirst Financial Corp.	255,279	4,306,557
OFG Bancorp	203,897	6,149,534
Old National Bancorp	1,251,078	19,091,450
Origin Bancorp, Inc.	123,988	3,805,192
Pacific Premier Bancorp, Inc.	410,978	9,460,714
PacWest Bancorp	501,573	3,987,505
Park National Corp.	61,906	6,299,555
Pathward Financial, Inc.	115,315	5,681,570
Peapack-Gladstone Financial Corp.	67,698	1,846,124
Peoples Bancorp, Inc.	139,472	3,594,193
Pinnacle Financial Partners, Inc.	328,174	21,843,261
Popular, Inc.	307,699	21,009,688
Preferred Bank	56,983	3,539,214
Premier Financial Corp.	153,139	2,885,139
Prosperity Bancshares, Inc.	403,752	22,937,151
Provident Financial Services, Inc.	322,330	5,311,998
QCR Holdings, Inc.	71,992	3,776,700
Renasant Corp.	239,500	6,670,075
Republic Bancorp, Inc., Class A	38,932	1,730,138
S&T Bancorp, Inc.	166,901	4,728,305
Sandy Spring Bancorp, Inc.	193,060	4,293,654
Seacoast Banking Corp. of Florida	357,908	8,450,208
ServisFirst Bancshares, Inc.	208,619	11,691,009
Simmons First National Corp., Class A	543,964	9,693,439
Southside Bancshares, Inc.	125,594	3,780,379
SouthState Corp.	324,458	23,458,313
Stellar Bancorp, Inc.	194,792	4,143,226
Stock Yards Bancorp, Inc.	125,694	5,756,785
Synovus Financial Corp.	625,799	19,374,737
Texas Capital Bancshares, Inc. *	204,434	12,764,859
The Bancorp, Inc. *	233,557	8,573,878
The First Bancshares, Inc.	119,020	3,378,978
The First of Long Island Corp.	90,260	1,178,796
Tompkins Financial Corp.	54,605	2,835,638
Towne Bank	289,444	6,830,878
TriCo Bancshares	142,974	4,909,727
Triumph Financial, Inc.	93,486	6,004,606
TrustCo Bank Corp.	82,145	2,338,668
Trustmark Corp.	260,702	6,006,574
UMB Financial Corp.	187,143	11,829,309
United Bankshares, Inc.	575,768	17,319,101
United Community Banks, Inc.	492,928	13,309,056
Univest Financial Corp.	127,224	2,288,760
Valley National Bancorp	1,803,967	16,560,417
Veritex Holdings, Inc.	230,394	4,333,711
Washington Federal, Inc.	280,940	7,635,949
Washington Trust Bancorp, Inc.	73,499	2,057,972
WesBanco, Inc.	252,560	6,404,922
Westamerica BanCorp	114,715	5,050,901
Wintrust Financial Corp.	261,616	20,304,018
WSFS Financial Corp.	262,646	10,321,988
		960,650,643

Capital Goods 12.6%
374Water, Inc. *(a)	244,226	366,339
3D Systems Corp. *	557,372	3,517,017
AAON, Inc.	275,096	17,347,554
AAR Corp. *	140,604	8,661,206

SECURITY	NUMBER OF SHARES	VALUE ($)
AeroVironment, Inc. *	107,755	10,455,468
Air Lease Corp.	441,730	18,004,915
Alamo Group, Inc.	44,042	7,559,809
Albany International Corp., Class A	133,210	12,351,231
Allison Transmission Holdings, Inc.	389,253	23,530,344
Ameresco, Inc., Class A *	145,747	6,338,537
American Woodmark Corp. *	71,240	5,533,211
Amprius Technologies, Inc. *(a)	52,641	258,994
API Group Corp. *	866,139	24,381,813
Apogee Enterprises, Inc.	95,166	4,802,076
Applied Industrial Technologies, Inc.	165,236	25,507,481
Archer Aviation, Inc., Class A *(a)	636,250	4,434,663
Arcosa, Inc.	207,240	16,210,313
Argan, Inc.	57,140	2,427,307
Armstrong World Industries, Inc.	193,516	14,821,390
Array Technologies, Inc. *	599,348	14,905,785
Astec Industries, Inc.	96,709	5,301,587
Astra Space, Inc. *	602,133	155,591
Atkore, Inc. *	166,419	25,623,533
AZZ, Inc.	107,162	5,261,654
Babcock & Wilcox Enterprises, Inc. *	314,250	1,649,813
Barnes Group, Inc.	217,150	8,533,995
Beacon Roofing Supply, Inc. *	234,851	18,752,852
Blink Charging Co. *(a)	204,980	807,621
Bloom Energy Corp., Class A *	782,033	11,722,675
Boise Cascade Co.	169,402	18,527,497
BWX Technologies, Inc.	391,617	28,885,670
ChargePoint Holdings, Inc. *(a)	1,157,943	8,290,872
Chart Industries, Inc. *	179,706	32,451,310
CIRCOR International, Inc. *	86,848	4,836,565
Columbus McKinnon Corp.	122,872	4,628,588
Comfort Systems USA, Inc.	152,905	28,221,676
Construction Partners, Inc., Class A *	177,473	6,167,187
Core & Main, Inc., Class A *	378,717	12,437,066
Crane Co.	206,283	18,796,507
CSW Industrials, Inc.	66,028	11,860,610
Curtiss-Wright Corp.	164,086	34,128,247
Custom Truck One Source, Inc. *	262,004	1,758,047
Desktop Metal, Inc., Class A *(a)	1,004,739	1,808,530
Douglas Dynamics, Inc.	98,838	2,991,826
Dragonfly Energy Holdings Corp. *	41,866	72,010
DXP Enterprises, Inc. *	61,997	2,205,233
Dycom Industries, Inc. *	125,681	12,559,302
EMCOR Group, Inc.	203,377	45,607,292
Encore Wire Corp.	76,883	12,671,087
Energy Recovery, Inc. *	241,214	6,556,197
Energy Vault Holdings, Inc. *(a)	289,301	922,870
Enerpac Tool Group Corp.	244,673	6,410,433
EnerSys	174,774	18,347,775
Enovix Corp. *	476,177	6,561,719
EnPro Industries, Inc.	89,451	12,200,222
Esab Corp.	221,347	15,974,613
ESCO Technologies, Inc.	109,948	11,765,536
ESS Tech, Inc. *	230,990	330,316
Federal Signal Corp.	260,258	15,862,725
Flowserve Corp.	561,485	22,217,961
Fluence Energy, Inc. *	160,658	4,233,338
Fluor Corp. *	612,528	21,432,355
Franklin Electric Co., Inc.	165,634	16,018,464
FTAI Aviation Ltd.	427,180	15,788,573
FTC Solar, Inc. *	195,127	366,839
FuelCell Energy, Inc. *(a)	1,725,360	2,415,504
Gates Industrial Corp. plc *	606,462	7,447,353
GATX Corp.	151,017	17,841,148
Gibraltar Industries, Inc. *	129,987	9,752,925
Global Industrial Co.	69,036	2,336,178
GMS, Inc. *	177,033	12,275,468
GrafTech International Ltd.	820,703	2,905,289

See financial notes

112Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Granite Construction, Inc.	188,031	7,763,800
Great Lakes Dredge & Dock Corp. *	280,339	2,475,393
Griffon Corp.	202,984	8,498,940
H&E Equipment Services, Inc.	144,780	6,561,430
Hayward Holdings, Inc. *	681,347	10,083,936
Heliogen, Inc. *	421,508	76,883
Helios Technologies, Inc.	139,481	8,073,160
Herc Holdings, Inc.	103,723	13,498,511
Hexcel Corp.	360,597	26,431,760
Hillenbrand, Inc.	298,003	14,435,265
Hillman Solutions Corp. *	727,208	6,581,232
Hyliion Holdings Corp. *	535,950	653,859
Hyster-Yale Materials Handling, Inc.	45,429	2,074,742
Hyzon Motors, Inc. *(a)	363,032	461,051
IES Holdings, Inc. *	36,264	2,719,075
Insteel Industries, Inc.	82,381	2,862,740
Intuitive Machines, Inc. *(a)	18,962	90,259
ITT, Inc.	352,575	36,061,371
Janus International Group, Inc. *	336,464	3,852,513
JELD-WEN Holding, Inc. *	362,893	5,472,426
John Bean Technologies Corp.	135,981	14,945,672
Kadant, Inc.	50,226	11,036,661
Kaman Corp.	121,912	2,734,486
Kennametal, Inc.	343,293	9,086,966
Kratos Defense & Security Solutions, Inc. *	543,892	8,751,222
Leonardo DRS, Inc. *	212,183	3,632,573
Lindsay Corp.	47,375	5,879,238
Markforged Holding Corp. *	399,158	522,897
Masonite International Corp. *	94,294	9,684,937
MasTec, Inc. *	254,992	25,369,154
McGrath RentCorp	104,868	10,602,155
MDU Resources Group, Inc.	871,229	17,738,222
Mercury Systems, Inc. *	248,509	9,753,978
Microvast Holdings, Inc. *	821,670	1,832,324
Moog, Inc., Class A	123,118	14,301,387
MRC Global, Inc. *	362,816	3,381,445
MSC Industrial Direct Co., Inc., Class A	202,102	20,626,530
Mueller Industries, Inc.	243,802	18,811,762
Mueller Water Products, Inc., Class A	668,056	9,432,951
MYR Group, Inc. *	71,556	10,165,961
National Presto Industries, Inc.	21,566	1,614,215
Nauticus Robotics, Inc. *	47,601	96,154
NEXTracker, Inc., Class A *	195,034	8,214,832
Nikola Corp. *(a)	2,339,351	2,760,434
NOW, Inc. *	455,743	5,090,649
Nuburu, Inc. *	25,114	9,774
nVent Electric plc	708,636	40,066,279
Nxu, Inc. *	105,137	21,027
Omega Flex, Inc.	12,888	1,078,726
Oshkosh Corp.	279,301	28,999,823
Parsons Corp. *	144,232	8,224,109
PGT Innovations, Inc. *	251,905	7,101,202
Primoris Services Corp.	227,828	8,058,276
Proto Labs, Inc. *	113,337	3,343,442
Quanex Building Products Corp.	143,291	3,865,991
RBC Bearings, Inc. *	123,991	28,584,885
Resideo Technologies, Inc. *	630,498	10,630,196
REV Group, Inc.	133,753	1,816,366
Rocket Lab USA, Inc. *	940,807	5,936,492
Rush Enterprises, Inc., Class A	270,473	11,200,266
Rush Enterprises, Inc., Class B	47,604	2,188,356
Sarcos Technology & Robotics Corp. *	54,723	61,290
SES AI Corp. *(a)	611,221	1,289,676
Shoals Technologies Group, Inc., Class A *	727,122	14,309,761
Simpson Manufacturing Co., Inc.	182,750	29,196,140

SECURITY	NUMBER OF SHARES	VALUE ($)
SiteOne Landscape Supply, Inc. *	192,595	32,970,338
Southland Holdings, Inc. *(a)	33,308	227,161
Spirit AeroSystems Holdings, Inc., Class A	449,635	9,586,218
SPX Technologies, Inc. *	194,339	15,356,668
Standex International Corp.	50,907	7,820,842
Stem, Inc. *(a)	632,641	3,220,143
SunPower Corp. *	363,577	2,603,211
Sunrun, Inc. *	925,060	14,458,688
TechPrecision Corp. *	30,147	209,522
Tecnoglass, Inc.	84,847	3,306,488
Tennant Co.	79,292	6,536,040
Terex Corp.	290,137	17,585,204
Terran Orbital Corp. *	252,516	308,070
The AZEK Co., Inc. *	518,095	17,620,411
The Gorman-Rupp Co.	98,158	3,154,798
The Greenbrier Cos., Inc.	137,125	5,836,040
The Manitowoc Co., Inc. *	150,083	2,539,404
The Shyft Group, Inc.	136,259	2,136,541
The Timken Co.	281,647	21,523,464
Thermon Group Holdings, Inc. *	142,743	3,922,578
Titan International, Inc. *	217,147	2,733,881
Titan Machinery, Inc. *	85,615	2,655,777
TPI Composites, Inc. *	185,014	934,321
Trinity Industries, Inc.	348,624	8,740,004
Triton International Ltd.	235,419	19,754,008
Triumph Group, Inc. *	277,170	2,608,170
Tutor Perini Corp. *	181,681	1,615,144
UFP Industries, Inc.	265,626	27,718,073
V2X, Inc. *	48,467	2,438,375
Valmont Industries, Inc.	90,010	22,817,535
Velo3D, Inc. *(a)	262,721	415,099
Veritiv Corp.	57,831	9,734,692
Vertiv Holdings Co.	1,379,810	54,350,716
Vicor Corp. *	95,998	6,505,784
View, Inc. *	6,647	89,867
Virgin Galactic Holdings, Inc. *(a)	1,056,802	2,663,141
Wabash National Corp.	204,555	4,612,715
Watts Water Technologies, Inc., Class A	117,172	22,118,558
WESCO International, Inc.	192,740	31,194,969
Xometry, Inc., Class A *	126,197	2,404,053
Zurn Elkay Water Solutions Corp., Class C	611,048	18,099,242
		1,823,996,878

Commercial & Professional Services 4.5%
ABM Industries, Inc.	283,239	12,864,715
ACCO Brands Corp.	413,552	2,204,232
Alight, Inc., Class A *	1,445,055	11,040,220
ASGN, Inc. *	210,382	17,284,985
Barrett Business Services, Inc.	29,105	2,784,766
BlackSky Technology, Inc. *(a)	397,613	540,754
Brady Corp., Class A	196,663	9,919,682
BrightView Holdings, Inc. *	162,974	1,349,425
CACI International, Inc., Class A *	97,543	31,995,079
Casella Waste Systems, Inc., Class A *	240,297	18,928,195
CBIZ, Inc. *	214,902	12,058,151
Cimpress plc *	84,671	5,470,593
Clean Harbors, Inc. *	215,255	36,451,282
Conduent, Inc. *	724,395	2,274,600
CoreCivic, Inc. *	488,415	5,255,345
CSG Systems International, Inc.	129,715	7,044,822
Deluxe Corp.	187,315	3,787,509
Driven Brands Holdings, Inc. *	234,410	3,527,871
Ennis, Inc.	111,762	2,380,531
Enviri Corp. *	339,102	2,526,310

See financial notes

Schwab U.S. Equity ETFs | Annual Report113

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ExlService Holdings, Inc. *	711,389	20,793,900
Exponent, Inc.	217,700	19,562,522
First Advantage Corp.	235,396	3,283,774
FiscalNote Holdings, Inc. *(a)	310,444	686,081
Forrester Research, Inc. *	49,630	1,520,167
Franklin Covey Co. *	51,627	2,202,924
FTI Consulting, Inc. *	145,195	26,980,135
Healthcare Services Group, Inc.	315,037	3,638,677
Heidrick & Struggles International, Inc.	86,942	2,303,094
Heritage-Crystal Clean, Inc. *	69,179	3,119,973
HireRight Holdings Corp. *	75,076	786,046
HNI Corp.	198,430	6,500,567
Huron Consulting Group, Inc. *	82,250	8,220,888
ICF International, Inc.	72,179	9,748,496
Insperity, Inc.	153,955	15,600,260
Interface, Inc.	246,974	2,551,241
KBR, Inc.	580,689	35,723,987
Kelly Services, Inc., Class A	139,879	2,586,363
Kforce, Inc.	81,237	5,089,498
Korn Ferry	224,702	11,455,308
LanzaTech Global, Inc. *(a)	341,924	2,263,537
LegalZoom.com, Inc. *	398,819	4,550,525
Liquidity Services, Inc. *	100,443	1,833,085
ManpowerGroup, Inc.	216,079	17,042,151
Matthews International Corp., Class A	130,650	5,510,817
Maximus, Inc.	260,025	21,015,220
MillerKnoll, Inc.	321,870	6,147,717
Montrose Environmental Group, Inc. *	118,937	4,571,938
MSA Safety, Inc.	157,705	28,809,549
NV5 Global, Inc. *	53,827	5,478,512
OPENLANE, Inc. *	468,128	7,307,478
Paycor HCM, Inc. *	204,887	4,808,698
Pitney Bowes, Inc.	692,025	2,276,762
Planet Labs PBC *	847,359	2,753,917
Resources Connection, Inc.	136,219	2,112,757
Science Applications International Corp.	230,821	27,158,399
SP Plus Corp. *	83,480	3,269,912
Steelcase, Inc., Class A	402,004	3,646,176
Stericycle, Inc. *	396,186	17,515,383
Sterling Check Corp. *	98,845	1,377,899
Tetra Tech, Inc.	227,699	35,828,438
The Brink's Co.	198,391	15,040,022
The GEO Group, Inc. *	540,855	3,915,790
TriNet Group, Inc. *	146,765	16,280,641
TrueBlue, Inc. *	132,713	2,007,948
TTEC Holdings, Inc.	80,501	2,395,710
UniFirst Corp.	64,429	11,347,880
Upwork, Inc. *	518,038	7,672,143
Verra Mobility Corp. *	596,768	10,616,503
Viad Corp. *	87,965	2,497,326
VSE Corp.	45,811	2,599,774
		651,695,575

Consumer Discretionary Distribution & Retail 3.1%
1-800-Flowers.com, Inc., Class A *	119,577	900,415
Abercrombie & Fitch Co., Class A *	214,803	11,545,661
Academy Sports & Outdoors, Inc.	329,546	17,983,325
American Eagle Outfitters, Inc.	785,454	13,321,300
America's Car-Mart, Inc. *	24,616	2,740,007
Arko Corp.	317,524	2,390,956
Asbury Automotive Group, Inc. *	92,088	21,180,240
AutoNation, Inc. *	134,567	21,139,130
BARK, Inc. *	454,726	727,562
Big Lots, Inc. (a)	122,522	759,636
Boot Barn Holdings, Inc. *	127,886	11,733,540

SECURITY	NUMBER OF SHARES	VALUE ($)
Caleres, Inc.	155,653	4,462,571
Camping World Holdings, Inc., Class A	180,315	4,459,190
CarParts.com, Inc. *	230,213	1,111,929
Chewy, Inc., Class A *	410,268	9,838,227
Chico's FAS, Inc. *	526,394	2,700,401
ContextLogic, Inc., Class A *(a)	82,474	441,648
Designer Brands, Inc., Class A (a)	219,217	2,303,971
Dick's Sporting Goods, Inc.	263,161	30,616,151
Dillard's, Inc., Class A	14,537	5,017,009
Foot Locker, Inc.	339,276	6,656,595
Genesco, Inc. *	50,526	1,732,031
Group 1 Automotive, Inc.	60,624	16,030,198
Groupon, Inc. *(a)	92,674	1,146,377
GrowGeneration Corp. *	262,000	851,500
Guess?, Inc.	126,714	3,048,739
Haverty Furniture Cos., Inc.	59,598	1,865,417
Hibbett, Inc.	54,054	2,503,241
Kohl's Corp.	475,065	12,655,732
Lands' End, Inc. *	56,037	431,485
Leslie's, Inc. *	632,026	3,956,483
Lithia Motors, Inc.	117,779	36,278,288
LL Flooring Holdings, Inc. *	128,071	441,845
Macy's, Inc.	1,167,612	14,279,895
MarineMax, Inc. *	92,626	3,081,667
Monro, Inc.	135,359	4,431,654
Murphy USA, Inc.	85,678	27,214,760
National Vision Holdings, Inc. *	334,042	6,116,309
Nordstrom, Inc.	481,380	7,807,984
Ollie's Bargain Outlet Holdings, Inc. *	246,309	18,985,498
Overstock.com, Inc. *	192,670	5,030,614
Petco Health & Wellness Co., Inc. *	340,629	1,733,802
PetMed Express, Inc.	89,548	1,009,206
Qurate Retail, Inc. *	1,487,109	1,152,509
Rent the Runway, Inc., Class A *(a)	188,606	260,276
Revolve Group, Inc. *	173,807	2,546,273
Sally Beauty Holdings, Inc. *	456,710	4,640,174
Shoe Carnival, Inc.	73,966	1,710,834
Signet Jewelers Ltd.	193,467	14,510,025
Sleep Number Corp. *	95,477	2,442,302
Sonic Automotive, Inc., Class A	67,694	3,609,444
Sportsman's Warehouse Holdings, Inc. *	158,922	764,415
Stitch Fix, Inc., Class A *	321,395	1,410,924
The Aaron's Co., Inc.	130,890	1,579,842
The Buckle, Inc.	127,665	4,664,879
The Children's Place, Inc. *	54,434	1,443,045
The Container Store Group, Inc. *	140,562	328,915
The Gap, Inc.	915,217	10,598,213
The ODP Corp. *	145,247	7,163,582
Torrid Holdings, Inc. *(a)	41,602	94,020
Upbound Group, Inc.	215,548	6,600,080
Urban Outfitters, Inc. *	256,674	8,524,143
Valvoline, Inc.	593,802	20,450,541
Victoria's Secret & Co. *	333,241	6,391,562
Warby Parker, Inc., Class A *	270,125	3,244,201
Winmark Corp.	12,008	4,569,404
Zumiez, Inc. *	66,254	1,258,163
		452,619,955

Consumer Durables & Apparel 4.3%
Acushnet Holdings Corp.	132,896	7,781,061
AMMO, Inc. *	378,672	867,159
Beazer Homes USA, Inc. *	125,489	3,678,083
Brunswick Corp.	302,296	23,917,660
Capri Holdings Ltd. *	537,721	28,224,975
Carter's, Inc.	161,303	11,544,456

See financial notes

114Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Cavco Industries, Inc. *	34,525	9,650,428
Century Communities, Inc.	121,454	9,017,959
Columbia Sportswear Co.	151,253	11,092,895
Crocs, Inc. *	265,718	25,864,990
Dream Finders Homes, Inc., Class A *	92,921	2,677,983
Ethan Allen Interiors, Inc.	98,137	3,079,539
Figs, Inc., Class A *	541,658	3,347,446
Fossil Group, Inc. *	201,973	428,183
Funko, Inc., Class A *	144,511	1,007,242
G-III Apparel Group Ltd. *	175,116	3,476,053
GoPro, Inc., Class A *	546,648	1,987,065
Green Brick Partners, Inc. *	115,013	5,688,543
Hanesbrands, Inc.	1,496,483	7,856,536
Helen of Troy Ltd. *	102,549	12,605,323
Installed Building Products, Inc.	99,739	14,435,225
iRobot Corp. *	115,726	4,500,584
Johnson Outdoors, Inc., Class A	23,396	1,308,070
KB Home	344,084	17,479,467
Kontoor Brands, Inc.	214,169	9,806,798
Latham Group, Inc. *	182,797	676,349
La-Z-Boy, Inc.	185,529	5,723,570
Levi Strauss & Co., Class A	421,454	5,803,422
LGI Homes, Inc. *	88,569	10,902,844
M.D.C. Holdings, Inc.	250,694	11,895,430
M/I Homes, Inc. *	119,053	11,688,624
Malibu Boats, Inc., Class A *	88,367	4,291,102
Mattel, Inc. *	1,515,046	33,573,419
Meritage Homes Corp.	157,153	21,850,553
Movado Group, Inc.	68,130	1,863,355
Oxford Industries, Inc.	63,499	6,412,764
Peloton Interactive, Inc., Class A *	1,436,807	9,166,829
Purple Innovation, Inc. (a)	268,705	583,090
PVH Corp.	268,410	22,439,076
Ralph Lauren Corp.	175,795	20,502,971
Skechers U.S.A., Inc., Class A *	574,913	28,923,873
Skyline Champion Corp. *	227,321	16,201,168
Smith & Wesson Brands, Inc.	194,463	2,282,996
Snap One Holdings Corp. *	75,439	690,267
Solo Brands, Inc., Class A *	122,552	685,066
Sonos, Inc. *	546,799	7,534,890
Steven Madden Ltd.	305,002	10,522,569
Sturm Ruger & Co., Inc.	75,800	3,909,764
Taylor Morrison Home Corp. *	466,467	22,110,536
Tempur Sealy International, Inc.	736,493	34,408,953
TopBuild Corp. *	135,805	39,394,314
Topgolf Callaway Brands Corp. *	593,673	10,353,657
Traeger, Inc. *	248,759	1,111,953
Tri Pointe Homes, Inc. *	428,380	13,322,618
Tupperware Brands Corp. *	160,850	400,516
Under Armour, Inc., Class A *	1,542,384	11,783,814
United Homes Group, Inc. *(a)	25,813	216,055
Universal Electronics, Inc. *	52,687	468,914
Vista Outdoor, Inc. *	243,667	7,127,260
Vizio Holding Corp., Class A *	239,852	1,376,750
Wolverine World Wide, Inc.	336,281	2,717,150
YETI Holdings, Inc. *	370,424	18,502,679
		622,742,883

Consumer Services 4.1%
2U, Inc. *	339,311	1,075,616
Accel Entertainment, Inc. *	227,492	2,704,880
Adtalem Global Education, Inc. *	186,965	8,198,415
Bally's Corp. *	115,083	1,910,378
BJ's Restaurants, Inc. *	99,843	2,936,383
Bloomin' Brands, Inc.	373,261	10,473,704
Bowlero Corp. *	154,354	1,697,894
Boyd Gaming Corp.	328,563	21,971,008

SECURITY	NUMBER OF SHARES	VALUE ($)
Bright Horizons Family Solutions, Inc. *	247,140	23,334,959
Brinker International, Inc. *	189,734	6,209,994
Carriage Services, Inc.	55,770	1,718,831
Chegg, Inc. *	509,629	5,203,312
Choice Hotels International, Inc.	113,213	14,366,730
Churchill Downs, Inc.	281,912	35,317,935
Chuy's Holdings, Inc. *	78,014	2,972,333
Coursera, Inc. *	373,420	6,493,774
Cracker Barrel Old Country Store, Inc.	94,850	7,818,486
Dave & Buster's Entertainment, Inc. *	171,254	6,725,145
Denny's Corp. *	236,702	2,255,770
Dine Brands Global, Inc.	66,584	3,647,472
Duolingo, Inc. *	120,511	17,734,399
Dutch Bros, Inc., Class A *(a)	125,853	3,726,507
El Pollo Loco Holdings, Inc.	83,511	794,190
Everi Holdings, Inc. *	378,794	5,477,361
First Watch Restaurant Group, Inc. *	48,277	923,056
Frontdoor, Inc. *	348,643	11,442,463
Golden Entertainment, Inc.	95,292	3,469,582
Graham Holdings Co., Class B	16,125	9,454,571
Grand Canyon Education, Inc. *	131,439	15,411,223
H&R Block, Inc.	651,052	26,029,059
Hilton Grand Vacations, Inc. *	328,661	14,369,059
Hyatt Hotels Corp., Class A	200,028	22,485,148
Jack in the Box, Inc.	88,264	7,093,778
Krispy Kreme, Inc.	285,365	3,821,037
Laureate Education, Inc.	578,139	8,053,476
Life Time Group Holdings, Inc. *	240,261	4,132,489
Light & Wonder, Inc. *	390,235	29,919,317
Lindblad Expeditions Holdings, Inc. *	142,807	1,292,403
Marriott Vacations Worldwide Corp.	157,509	17,119,653
Mister Car Wash, Inc. *	347,788	2,517,985
Monarch Casino & Resort, Inc.	57,488	3,874,691
OneSpaWorld Holdings Ltd. *	269,551	3,083,663
Papa John's International, Inc.	126,982	9,612,537
Penn Entertainment, Inc. *	657,782	15,582,856
Perdoceo Education Corp.	290,812	4,818,755
Planet Fitness, Inc., Class A *	363,874	22,123,539
Playa Hotels & Resorts N.V. *	531,437	3,964,520
Portillo's, Inc., Class A *	175,830	3,224,722
Red Rock Resorts, Inc., Class A	210,305	9,238,699
Rover Group, Inc. *	414,833	2,808,419
Rush Street Interactive, Inc. *	245,853	1,130,924
Sabre Corp. *	1,423,553	7,117,765
SeaWorld Entertainment, Inc. *	169,473	8,253,335
Shake Shack, Inc., Class A *	159,725	11,180,750
Six Flags Entertainment Corp. *	317,101	7,280,639
Sonder Holdings, Inc. *	587,874	293,937
Strategic Education, Inc.	95,788	7,423,570
Stride, Inc. *	174,783	7,426,530
Sweetgreen, Inc., Class A *	322,212	4,626,964
Target Hospitality Corp. *	110,209	1,752,323
Texas Roadhouse, Inc.	286,842	29,860,252
The Cheesecake Factory, Inc.	204,215	6,504,248
The Wendy's Co.	722,814	14,304,489
Travel & Leisure Co.	326,447	13,123,169
Udemy, Inc. *	289,743	3,001,737
Vacasa, Inc., Class A *	363,945	219,095
Wingstop, Inc.	128,128	20,582,482
WW International, Inc. *	258,735	2,512,317
		597,226,702

Consumer Staples Distribution & Retail 1.0%
Casey's General Stores, Inc.	159,387	38,955,777
Grocery Outlet Holding Corp. *	382,234	11,791,919
Ingles Markets, Inc., Class A	61,554	4,809,214

See financial notes

Schwab U.S. Equity ETFs | Annual Report115

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Performance Food Group Co. *	667,910	41,497,248
PriceSmart, Inc.	107,273	8,526,058
Rite Aid Corp. *(a)(b)	240,393	185,103
SpartanNash Co.	151,228	3,290,721
Sprouts Farmers Market, Inc. *	440,998	17,988,308
The Andersons, Inc.	134,437	6,904,684
The Chefs' Warehouse, Inc. *	150,031	4,281,885
United Natural Foods, Inc. *	252,783	5,088,522
Weis Markets, Inc.	70,666	4,584,103
		147,903,542

Energy 5.7%
Antero Midstream Corp.	1,434,776	17,389,485
Archrock, Inc.	576,450	7,372,795
Atlas Energy Solutions, Inc., Class A (a)	77,241	1,644,461
Bristow Group, Inc. *	99,971	2,769,197
Cactus, Inc., Class A	275,629	14,702,051
California Resources Corp.	301,900	16,858,096
Callon Petroleum Co. *	219,679	8,618,007
ChampionX Corp.	845,671	30,520,266
Chord Energy Corp.	177,959	28,740,378
Civitas Resources, Inc.	210,037	17,269,242
Clean Energy Fuels Corp. *	748,230	3,187,460
Clean Energy Technologies, Inc. *	40,136	61,809
CNX Resources Corp. *	707,632	15,815,575
Comstock Resources, Inc.	389,820	4,779,193
CONSOL Energy, Inc.	136,154	11,714,690
Core Laboratories, Inc.	200,656	4,823,770
CVR Energy, Inc.	124,300	4,064,610
Delek US Holdings, Inc.	281,018	7,236,213
Denbury, Inc. *	215,055	19,694,737
Diamond Offshore Drilling, Inc. *	434,215	6,456,777
DMC Global, Inc. *	79,265	1,903,945
Dril-Quip, Inc. *	146,856	4,050,288
DTE Midstream LLC	414,232	21,660,191
Earthstone Energy, Inc., Class A *	164,979	3,362,272
Enviva, Inc.	130,543	1,200,996
Equitrans Midstream Corp.	1,849,946	17,759,482
Excelerate Energy, Inc., Class A	73,438	1,365,947
Expro Group Holdings N.V. *	293,359	6,896,870
Granite Ridge Resources, Inc. (a)	61,132	452,377
Green Plains, Inc. *	254,551	7,901,263
Gulfport Energy Corp. *	46,742	5,515,556
Helix Energy Solutions Group, Inc. *	612,129	6,206,988
Helmerich & Payne, Inc.	438,839	17,549,172
HighPeak Energy, Inc. (a)	58,019	854,620
International Seaways, Inc.	173,016	7,434,498
Kinetik Holdings, Inc.	100,869	3,541,511
Kosmos Energy Ltd. *	1,965,489	14,308,760
Liberty Energy, Inc.	635,163	10,130,850
Magnolia Oil & Gas Corp., Class A	725,156	16,533,557
Matador Resources Co.	484,122	30,741,747
Murphy Oil Corp.	628,513	28,534,490
Nabors Industries Ltd. *	38,688	4,282,375
NexTier Oilfield Solutions, Inc. *	642,162	6,813,339
Noble Corp. plc	444,056	23,419,513
Northern Oil and Gas, Inc.	346,001	14,473,222
NOV, Inc.	1,684,842	35,600,711
Oceaneering International, Inc. *	430,925	9,820,781
Par Pacific Holdings, Inc. *	240,193	8,250,630
Patterson-UTI Energy, Inc.	889,108	12,571,987
PBF Energy, Inc., Class A	468,989	21,990,894
Peabody Energy Corp.	502,356	10,840,842
Permian Resources Corp.	1,008,529	14,300,941
ProFrac Holding Corp., Class A *(a)	135,928	1,495,208
ProPetro Holding Corp. *	415,495	4,005,372

SECURITY	NUMBER OF SHARES	VALUE ($)
Range Resources Corp.	1,032,591	33,435,297
RPC, Inc.	354,378	2,831,480
SM Energy Co.	515,285	21,801,708
Southwestern Energy Co. *	4,715,520	31,971,226
Talos Energy, Inc. *	460,193	7,924,523
TechnipFMC plc	1,889,503	35,976,137
Tellurian, Inc. *(a)	2,167,089	2,427,140
Transocean Ltd. *	3,013,787	24,652,778
Uranium Energy Corp. *	1,609,796	6,954,319
US Silica Holdings, Inc. *	329,811	4,066,570
Valaris Ltd. *	257,629	19,404,616
Verde Clean Fuels, Inc. *(a)	25,100	106,173
Vital Energy, Inc. *	79,588	4,798,361
Weatherford International plc *	280,326	24,814,458
World Fuel Services Corp.	266,232	5,830,481
		826,485,274

Equity Real Estate Investment Trusts (REITs) 5.3%
Acadia Realty Trust	407,937	6,074,182
Agree Realty Corp.	398,270	24,621,051
Alexander & Baldwin, Inc.	311,459	5,609,377
Alexander's, Inc.	9,094	1,743,775
American Assets Trust, Inc.	224,408	4,804,575
Apartment Investment & Management Co., Class A	632,613	4,814,185
Apple Hospitality REIT, Inc.	912,582	13,706,982
Armada Hoffler Properties, Inc.	288,770	3,289,090
Brandywine Realty Trust	733,685	3,668,425
Brixmor Property Group, Inc.	1,283,933	28,220,847
Broadstone Net Lease, Inc.	799,866	12,933,833
CareTrust REIT, Inc.	424,372	8,551,096
Centerspace	63,681	4,122,708
Chatham Lodging Trust	206,544	2,020,000
City Office REIT, Inc.	170,645	860,051
Community Healthcare Trust, Inc.	104,800	3,478,312
Corporate Office Properties Trust	482,651	12,491,008
Cousins Properties, Inc.	649,585	15,265,248
DiamondRock Hospitality Co.	897,340	7,232,560
Diversified Healthcare Trust	1,024,197	2,780,695
Douglas Emmett, Inc.	729,648	9,974,288
Easterly Government Properties, Inc.	398,475	5,327,611
EastGroup Properties, Inc.	190,056	34,139,759
Elme Communities	377,701	5,809,041
Empire State Realty Trust, Inc., Class A	555,969	4,853,609
EPR Properties	322,467	14,440,072
Equity Commonwealth	470,441	8,952,492
Essential Properties Realty Trust, Inc.	638,101	15,327,186
First Industrial Realty Trust, Inc.	566,327	29,415,024
Four Corners Property Trust, Inc.	373,016	9,385,083
Franklin Street Properties Corp.	382,202	733,828
Getty Realty Corp.	192,103	5,766,932
Gladstone Commercial Corp.	169,124	2,223,981
Global Medical REIT, Inc.	268,448	2,598,577
Global Net Lease, Inc.	444,085	5,040,365
Highwoods Properties, Inc.	450,688	10,739,895
Hudson Pacific Properties, Inc.	548,038	3,732,139
Independence Realty Trust, Inc.	958,324	16,128,593
Industrial Logistics Properties Trust	274,819	1,080,039
Innovative Industrial Properties, Inc.	119,772	10,453,700
InvenTrust Properties Corp.	289,247	6,915,896
JBG SMITH Properties	414,919	6,505,930
Kite Realty Group Trust	937,771	21,165,491
LTC Properties, Inc.	176,586	5,802,616
LXP Industrial Trust	1,250,689	12,281,766
National Health Investors, Inc.	185,428	9,480,934
National Storage Affiliates Trust	349,932	11,757,715

See financial notes

116Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
NexPoint Diversified Real Estate Trust	138,974	1,314,694
NexPoint Residential Trust, Inc.	98,607	3,702,693
Office Properties Income Trust	204,940	1,516,556
One Liberty Properties, Inc.	72,438	1,423,407
Orion Office REIT, Inc.	240,716	1,403,374
Outfront Media, Inc.	626,473	7,110,469
Paramount Group, Inc.	692,661	3,560,278
Park Hotels & Resorts, Inc.	920,675	11,812,260
Peakstone Realty Trust (a)	154,939	3,044,551
Pebblebrook Hotel Trust	526,057	7,612,045
Phillips Edison & Co., Inc.	501,546	16,982,348
Physicians Realty Trust	1,017,610	14,154,955
Piedmont Office Realty Trust, Inc., Class A	527,068	3,620,957
PotlatchDeltic Corp.	341,263	16,128,089
Rayonier, Inc.	634,159	18,961,354
Retail Opportunity Investments Corp.	537,603	7,236,136
RLJ Lodging Trust	683,836	6,831,522
RPT Realty	372,636	4,225,692
Ryman Hospitality Properties, Inc.	252,677	21,485,125
Sabra Health Care REIT, Inc.	992,121	12,431,276
Safehold, Inc.	172,361	3,667,842
Saul Centers, Inc.	54,751	2,056,448
Service Properties Trust	711,573	5,877,593
SITE Centers Corp.	781,289	10,430,208
SL Green Realty Corp. (a)	275,241	10,805,962
Spirit Realty Capital, Inc.	603,946	23,318,355
STAG Industrial, Inc.	766,382	27,995,934
Star Holdings *	56,489	769,380
Strawberry Fields REIT, Inc. (a)	10,158	69,867
Summit Hotel Properties, Inc.	454,063	2,638,106
Sunstone Hotel Investors, Inc.	887,354	7,968,439
Tanger Factory Outlet Centers, Inc.	451,432	10,495,794
Terreno Realty Corp.	316,936	19,298,233
The Macerich Co.	922,363	10,782,423
The Necessity Retail REIT, Inc.	578,463	4,338,473
UMH Properties, Inc.	241,874	3,616,016
Uniti Group, Inc.	1,025,329	5,506,017
Universal Health Realty Income Trust	54,262	2,530,237
Urban Edge Properties	503,894	8,243,706
Veris Residential, Inc. *	341,911	6,362,964
Xenia Hotels & Resorts, Inc.	465,823	5,496,711
		773,147,051

Financial Services 6.6%
Affiliated Managers Group, Inc.	154,359	20,685,650
Alerus Financial Corp.	73,804	1,439,178
AlTi Global, Inc. *(a)	97,088	709,713
Apollo Commercial Real Estate Finance, Inc.	559,189	6,106,344
Arbor Realty Trust, Inc. (a)	774,406	12,359,520
ARMOUR Residential REIT, Inc.	836,667	4,108,035
Artisan Partners Asset Management, Inc., Class A	292,821	11,250,183
Assetmark Financial Holdings, Inc. *	90,880	2,625,523
Avantax, Inc. *	164,649	3,444,457
AvidXchange Holdings, Inc. *	575,776	5,918,977
B. Riley Financial, Inc. (a)	67,060	3,433,807
BGC Group, Inc., Class A	1,446,082	7,143,645
Blackstone Mortgage Trust, Inc., Class A	736,113	16,209,208
Blue Owl Capital, Inc.	1,525,969	18,235,330
Bread Financial Holdings, Inc.	213,568	8,025,885
Brightsphere Investment Group, Inc.	137,925	2,856,427
BrightSpire Capital, Inc.	560,255	3,899,375
Cannae Holdings, Inc. *	302,635	5,940,725
Cantaloupe, Inc. *	238,367	1,887,867

SECURITY	NUMBER OF SHARES	VALUE ($)
Cass Information Systems, Inc.	51,800	1,986,012
Chimera Investment Corp.	996,216	6,027,107
Claros Mortgage Trust, Inc.	523,904	5,967,267
Cohen & Steers, Inc.	107,139	6,983,320
Curo Group Holdings Corp. *	91,433	98,748
Diamond Hill Investment Group, Inc.	12,649	2,134,645
Donnelley Financial Solutions, Inc. *	108,493	5,345,450
Dynex Capital, Inc.	229,842	2,978,752
Ellington Financial, Inc.	270,069	3,610,823
Enact Holdings, Inc.	126,018	3,611,676
Encore Capital Group, Inc. *	100,655	4,716,693
Enova International, Inc. *	133,733	6,746,830
Essent Group Ltd.	458,439	23,022,807
Euronet Worldwide, Inc. *	201,773	17,626,889
Evercore, Inc., Class A	150,860	21,127,943
EVERTEC, Inc.	278,202	11,008,453
Federal Agricultural Mortgage Corp., Class C	42,142	7,093,341
Federated Hermes, Inc.	364,426	12,667,448
FirstCash Holdings, Inc.	157,705	14,086,211
Flywire Corp. *	313,965	10,856,910
Focus Financial Partners, Inc., Class A *(c)	248,826	13,187,778
Forge Global Holdings, Inc. *(a)	444,498	1,089,020
Franklin BSP Realty Trust, Inc.	350,222	4,952,139
Granite Point Mortgage Trust, Inc.	220,331	1,176,568
Green Dot Corp., Class A *	200,510	2,975,568
Hamilton Lane, Inc., Class A	154,941	14,376,975
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	449,436	10,053,883
Houlihan Lokey, Inc.	215,712	22,723,102
Interactive Brokers Group, Inc., Class A	440,550	40,125,294
International Money Express, Inc. *	138,392	2,394,182
Invesco Mortgage Capital, Inc.	180,026	2,025,292
Jackson Financial, Inc., Class A	250,394	9,414,814
Janus Henderson Group plc	567,536	15,590,214
KKR Real Estate Finance Trust, Inc.	246,923	3,089,007
Ladder Capital Corp.	485,851	5,324,927
Lazard Ltd., Class A	481,390	16,723,489
LendingClub Corp. *	456,290	3,175,778
LendingTree, Inc. *	46,453	878,426
Marqeta, Inc., Class A *	1,864,296	11,465,420
Merchants Bancorp	110,243	3,215,788
MFA Financial, Inc.	385,612	4,226,307
MGIC Investment Corp.	1,227,442	21,578,430
Moelis & Co., Class A	284,306	13,478,947
Moneylion, Inc. *	17,815	398,700
Mr Cooper Group, Inc. *	290,846	16,479,334
Navient Corp.	424,040	7,484,306
Nelnet, Inc., Class A	76,626	7,038,098
NerdWallet, Inc., Class A *	148,000	1,332,000
New York Mortgage Trust, Inc.	388,913	3,702,452
NewtekOne, Inc. (a)	106,500	1,907,415
NMI Holdings, Inc., Class A *	356,232	10,195,360
OneMain Holdings, Inc.	515,480	21,397,575
Open Lending Corp., Class A *	426,711	3,520,366
Payoneer Global, Inc. *	876,263	5,424,068
PennyMac Financial Services, Inc.	128,214	9,201,919
PennyMac Mortgage Investment Trust	372,926	5,000,938
Piper Sandler Cos.	63,303	9,430,881
PJT Partners, Inc., Class A	106,547	8,416,148
PRA Group, Inc. *	166,328	3,240,069
PROG Holdings, Inc. *	200,147	6,865,042
Radian Group, Inc.	667,565	18,077,660
Ready Capital Corp.	691,248	7,548,428
Redwood Trust, Inc.	485,273	3,887,037
Remitly Global, Inc. *	434,754	10,934,063

See financial notes

Schwab U.S. Equity ETFs | Annual Report117

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Repay Holdings Corp. *	319,093	2,942,037
Rithm Capital Corp.	2,065,409	21,294,367
Robinhood Markets, Inc., Class A *	2,222,828	24,206,597
Rocket Cos., Inc., Class A *(a)	539,813	5,765,203
SHF Holdings, Inc. *	113,993	47,307
Shift4 Payments, Inc., Class A *	245,573	13,946,091
SLM Corp.	1,039,374	14,800,686
StepStone Group, Inc., Class A	210,687	6,503,908
Stifel Financial Corp.	454,537	29,553,996
StoneX Group, Inc. *	75,220	7,061,654
TFS Financial Corp.	202,550	2,756,705
Toast, Inc., Class A *	1,444,260	32,019,244
TPG RE Finance Trust, Inc.	258,282	1,942,281
TPG, Inc.	221,676	6,233,529
Tradeweb Markets, Inc., Class A	490,724	42,413,275
Two Harbors Investment Corp.	415,278	5,718,378
Upstart Holdings, Inc. *(a)	303,248	9,755,488
UWM Holdings Corp. (a)	402,601	2,399,502
Victory Capital Holdings, Inc., Class A	113,724	3,914,380
Virtu Financial, Inc., Class A	380,780	7,135,817
Virtus Investment Partners, Inc.	29,395	6,087,704
Walker & Dunlop, Inc.	132,689	11,323,679
Waterstone Financial, Inc.	84,856	1,053,063
WisdomTree, Inc.	489,862	3,575,993
World Acceptance Corp. *	14,255	1,921,717
		953,072,982

Food, Beverage & Tobacco 1.9%
B&G Foods, Inc.	310,333	3,969,159
Benson Hill, Inc. *	547,682	349,914
Beyond Meat, Inc. *(a)	258,198	3,046,736
BRC, Inc., Class A *(a)	178,152	805,247
Calavo Growers, Inc.	75,199	2,478,559
Cal-Maine Foods, Inc.	162,331	7,757,798
Celsius Holdings, Inc. *	173,936	34,098,413
Coca-Cola Consolidated, Inc.	19,705	13,771,824
Flowers Foods, Inc.	824,346	19,421,592
Fresh Del Monte Produce, Inc.	132,613	3,388,262
Freshpet, Inc. *	205,905	15,547,887
Hostess Brands, Inc. *	569,257	16,212,439
Ingredion, Inc.	282,678	29,090,393
J&J Snack Foods Corp.	64,051	10,384,589
John B Sanfilippo & Son, Inc.	38,576	3,871,102
Lancaster Colony Corp.	84,819	14,011,251
MGP Ingredients, Inc.	65,962	7,908,844
Mission Produce, Inc. *	172,231	1,639,639
National Beverage Corp. *	100,278	5,145,264
Pilgrim's Pride Corp. *	191,219	4,811,070
Seaboard Corp.	1,085	4,090,808
Sovos Brands, Inc. *	208,881	4,678,934
The Boston Beer Co., Inc., Class A *	40,197	14,689,190
The Duckhorn Portfolio, Inc. *	180,508	2,245,520
The Hain Celestial Group, Inc. *	380,368	4,028,097
The Simply Good Foods Co. *	362,501	13,079,036
The Vita Coco Co., Inc. *	102,180	2,890,672
Tootsie Roll Industries, Inc.	76,836	2,470,277
TreeHouse Foods, Inc. *	216,178	10,056,601
Turning Point Brands, Inc.	64,459	1,586,981
Universal Corp.	105,632	5,030,196
Utz Brands, Inc.	285,923	4,414,651
Vector Group Ltd.	566,284	6,064,902
Vital Farms, Inc. *	114,145	1,344,628
Westrock Coffee Co. *(a)	51,523	517,291
		274,897,766

SECURITY	NUMBER OF SHARES	VALUE ($)
Health Care Equipment & Services 5.7%
23andMe Holding Co., Class A *	1,223,888	1,346,277
Acadia Healthcare Co., Inc. *	394,070	30,382,797
Accolade, Inc. *	274,642	3,704,921
AdaptHealth Corp. *	326,239	3,892,031
Addus HomeCare Corp. *	69,426	6,088,660
Agiliti, Inc. *	142,435	1,374,498
AirSculpt Technologies, Inc. *(a)	36,948	283,761
Akili, Inc., Class A *	140,341	137,562
Alignment Healthcare, Inc. *	349,154	2,039,059
Amedisys, Inc. *	139,610	13,088,438
American Well Corp., Class A *	1,048,718	1,489,180
AMN Healthcare Services, Inc. *	169,729	15,000,649
AngioDynamics, Inc. *	167,373	1,344,005
Apollo Medical Holdings, Inc. *	171,958	6,510,330
Artivion, Inc. *	177,134	2,997,107
AtriCure, Inc. *	202,220	9,130,233
Atrion Corp.	5,661	2,632,931
Avanos Medical, Inc. *	200,661	4,221,907
Aveanna Healthcare Holdings, Inc. *	200,935	289,346
AxoGen, Inc. *	179,197	1,121,773
Axonics, Inc. *	215,448	12,345,170
Bioventus, Inc., Class A *(a)	130,694	470,498
Brookdale Senior Living, Inc. *	811,550	3,449,088
Bullfrog AI Holdings, Inc. *(a)	7,048	23,117
Butterfly Network, Inc. *(a)	628,606	1,112,633
Cano Health, Inc. *(a)	882,889	273,078
Castle Biosciences, Inc. *	105,496	2,102,535
Certara, Inc. *	452,514	7,312,626
Cerus Corp. *	760,377	1,437,113
Clover Health Investments Corp. *	1,408,047	1,844,542
Community Health Systems, Inc. *	547,535	1,850,668
Computer Programs & Systems, Inc. *	60,601	985,978
CONMED Corp.	130,924	14,592,789
CorVel Corp. *	38,918	8,423,801
Definitive Healthcare Corp., Class A *	171,616	1,613,190
DocGo, Inc. *	356,868	3,193,969
Doximity, Inc., Class A *	508,822	12,130,316
Embecta Corp.	243,263	4,459,011
Enovis Corp. *	204,909	11,483,100
Envista Holdings Corp. *	699,674	22,403,561
Evolent Health, Inc., Class A *	409,558	10,447,825
Fulgent Genetics, Inc. *	86,202	2,823,978
GeneDx Holdings Corp. *	78,111	347,594
Glaukos Corp. *	206,660	15,528,432
Globus Medical, Inc., Class A *	341,524	18,476,448
GoodRx Holdings, Inc., Class A *	326,120	2,129,564
Haemonetics Corp. *	215,607	19,346,416
Health Catalyst, Inc. *	241,749	2,826,046
HealthEquity, Inc. *	365,286	24,675,069
HealthStream, Inc.	102,283	2,151,012
Hims & Hers Health, Inc. *	524,790	3,521,341
ICU Medical, Inc. *	86,496	12,544,515
Inari Medical, Inc. *	219,811	14,643,809
Innovage Holding Corp. *	79,851	437,583
Inogen, Inc. *	97,005	602,401
Inspire Medical Systems, Inc. *	124,912	28,340,035
Integer Holdings Corp. *	142,646	12,169,130
Integra LifeSciences Holdings Corp. *	304,098	12,936,329
Invitae Corp. *(a)	1,047,337	967,844
iRhythm Technologies, Inc. *	130,142	13,452,779
Lantheus Holdings, Inc. *	292,199	19,998,100
LeMaitre Vascular, Inc.	83,632	4,834,766
LifeStance Health Group, Inc. *	399,314	3,278,368
LivaNova plc *	230,251	12,790,443
Merit Medical Systems, Inc. *	245,905	16,052,678
ModivCare, Inc. *	54,036	1,734,556

See financial notes

118Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Multiplan Corp. *	997,115	1,705,067
National HealthCare Corp.	58,078	3,830,244
National Research Corp.	59,543	2,488,897
Neogen Corp. *	924,741	21,380,012
NeoGenomics, Inc. *	544,025	8,176,696
Nevro Corp. *	153,783	3,081,811
NextGen Healthcare, Inc. *	227,136	4,136,147
NuVasive, Inc. *	225,279	8,954,840
OmniAb, Inc., Class A *(c)	25,234	0
OmniAb, Inc., Class B *(c)	25,234	0
Omnicell, Inc. *	192,651	10,954,136
OPKO Health, Inc. *	1,740,893	3,185,834
Option Care Health, Inc. *	706,917	24,621,919
OraSure Technologies, Inc. *	308,746	1,994,499
Orchestra BioMed Holdings, Inc. *(a)	61,887	386,175
Orthofix Medical, Inc. *	150,230	3,178,867
OrthoPediatrics Corp. *	70,831	2,707,161
Outset Medical, Inc. *	211,336	2,876,283
Owens & Minor, Inc. *	326,842	5,523,630
Paragon 28, Inc. *	117,572	1,684,807
Patterson Cos., Inc.	371,832	11,169,833
Pediatrix Medical Group, Inc. *	353,508	4,995,068
PetIQ, Inc. *	108,034	2,061,289
Phreesia, Inc. *	227,569	6,478,889
Premier, Inc., Class A	510,856	10,998,730
Privia Health Group, Inc. *	401,398	10,536,698
PROCEPT BioRobotics Corp. *	140,671	4,798,288
Progyny, Inc. *	326,797	12,202,600
ProSomnus, Inc. *	33,056	35,039
Pulmonx Corp. *	159,785	1,671,351
QuidelOrtho Corp. *	230,944	19,020,548
RadNet, Inc. *	244,846	8,180,305
Schrodinger, Inc. *	229,067	8,450,282
Select Medical Holdings Corp.	447,191	13,062,449
Semler Scientific, Inc. *	21,179	558,278
Senseonics Holdings, Inc. *(a)	2,031,213	1,032,262
Sharecare, Inc. *	1,355,518	1,284,489
SI-BONE, Inc. *	132,866	3,039,974
Sight Sciences, Inc. *	110,542	725,156
Silk Road Medical, Inc. *	166,475	3,216,297
Simulations Plus, Inc.	67,483	3,002,319
STAAR Surgical Co. *	206,548	8,955,921
Surgery Partners, Inc. *	297,481	10,786,661
Surmodics, Inc. *	61,416	2,261,337
Tandem Diabetes Care, Inc. *	275,847	7,547,174
Tenet Healthcare Corp. *	436,304	33,839,738
The Ensign Group, Inc.	239,552	24,007,901
The Joint Corp. *	62,192	577,764
The Pennant Group, Inc. *	120,112	1,438,942
TransMedics Group, Inc. *	139,170	9,133,727
Treace Medical Concepts, Inc. *	150,933	2,347,008
US Physical Therapy, Inc.	62,969	6,349,164
Varex Imaging Corp. *	173,794	3,418,528
Veradigm, Inc. *	468,735	6,271,674
Vicarious Surgical, Inc. *	167,415	154,792
Zimvie, Inc. *	90,085	1,063,003
		831,179,812

Household & Personal Products 1.1%
BellRing Brands, Inc. *	567,756	23,561,874
Central Garden & Pet Co. *	41,272	1,821,746
Central Garden & Pet Co., Class A *	177,024	7,222,579
Coty, Inc., Class A *	1,567,272	18,117,664
Edgewell Personal Care Co.	218,617	8,429,872
elf Beauty, Inc. *	216,309	30,004,221
Energizer Holdings, Inc.	283,892	9,751,690
Herbalife Ltd. *	422,576	6,347,092

SECURITY	NUMBER OF SHARES	VALUE ($)
Inter Parfums, Inc.	76,924	10,748,590
Medifast, Inc.	46,661	3,935,389
Nu Skin Enterprises, Inc., Class A	213,764	5,106,822
Spectrum Brands Holdings, Inc.	174,963	14,551,673
The Beauty Health Co. *	392,494	2,417,763
The Honest Co., Inc. *	251,474	372,182
USANA Health Sciences, Inc. *	48,487	3,117,229
Veru, Inc. *(a)	241,523	251,184
WD-40 Co.	58,153	12,495,335
		158,252,905

Insurance 3.0%
Ambac Financial Group, Inc. *	191,608	2,467,911
American Equity Investment Life Holding Co.	269,884	14,487,373
AMERISAFE, Inc.	82,851	4,291,682
Argo Group International Holdings Ltd.	149,201	4,438,730
Assured Guaranty Ltd.	254,073	14,949,655
Axis Capital Holdings Ltd.	332,187	18,223,779
Bright Health Group, Inc. *	13,412	113,466
Brighthouse Financial, Inc. *	285,411	14,173,510
BRP Group, Inc., Class A *	271,730	7,225,301
CNO Financial Group, Inc.	491,220	11,494,548
Employers Holdings, Inc.	115,927	4,547,816
Enstar Group Ltd. *	58,195	14,740,212
First American Financial Corp.	440,987	27,200,078
Genworth Financial, Inc., Class A *	2,049,585	11,867,097
Goosehead Insurance, Inc., Class A *	100,114	6,993,964
Hagerty, Inc., Class A *(a)	134,744	1,231,560
Hippo Holdings, Inc. *	64,679	645,496
Horace Mann Educators Corp.	173,697	4,978,156
James River Group Holdings Ltd.	160,101	2,331,071
Kemper Corp.	274,162	12,877,389
Kinsale Capital Group, Inc.	93,133	37,125,608
Lemonade, Inc. *(a)	191,625	2,636,760
MBIA, Inc. *	201,920	1,593,149
Mercury General Corp.	112,927	3,230,841
National Western Life Group, Inc., Class A	10,349	4,704,034
Oscar Health, Inc., Class A *	487,518	3,056,738
Palomar Holdings, Inc. *	106,520	5,433,585
Primerica, Inc.	155,086	31,166,083
ProAssurance Corp.	229,465	4,056,941
RLI Corp.	173,304	22,792,942
Ryan Specialty Holdings, Inc., Class A *	398,407	19,422,341
Safety Insurance Group, Inc.	63,753	4,390,669
Selective Insurance Group, Inc.	258,477	25,643,503
Selectquote, Inc. *	526,867	642,778
SiriusPoint Ltd. *	369,013	4,081,284
Skyward Specialty Insurance Group, Inc. *	38,611	939,020
Stewart Information Services Corp.	116,910	5,415,271
The Hanover Insurance Group, Inc.	152,891	16,316,528
Trupanion, Inc. *	152,294	4,527,701
United Fire Group, Inc.	92,259	1,823,960
Unum Group	792,379	38,977,123
White Mountains Insurance Group Ltd.	10,963	17,416,808
		434,672,461

Materials 4.8%
5E Advanced Materials, Inc. *(a)	127,312	325,919
AdvanSix, Inc.	117,204	3,877,108

See financial notes

Schwab U.S. Equity ETFs | Annual Report119

SECURITY	NUMBER OF SHARES	VALUE ($)
Alpha Metallurgical Resources, Inc.	56,431	11,446,464
Arch Resources, Inc.	79,996	10,447,478
Ashland, Inc.	207,405	17,967,495
ATI, Inc. *	549,422	24,905,299
Avient Corp.	366,677	14,707,414
Balchem Corp.	138,026	19,392,653
Cabot Corp.	239,810	17,376,633
Carpenter Technology Corp.	208,051	13,030,234
Century Aluminum Co. *	224,712	1,671,857
Chase Corp.	32,374	4,095,311
Clearwater Paper Corp. *	73,567	2,816,880
Coeur Mining, Inc. *	1,425,226	3,434,795
Commercial Metals Co.	500,637	28,180,857
Compass Minerals International, Inc.	145,294	4,380,614
Danimer Scientific, Inc. *(a)	381,452	743,831
Eagle Materials, Inc.	154,404	29,231,765
Ecovyst, Inc. *	306,887	3,142,523
Element Solutions, Inc.	960,296	19,801,304
Ginkgo Bioworks Holdings, Inc. *(a)	4,684,132	10,960,869
Graphic Packaging Holding Co.	1,311,956	29,177,901
Greif, Inc., Class A	134,917	9,793,625
H.B. Fuller Co.	230,077	16,687,485
Hawkins, Inc.	81,750	5,084,033
Hecla Mining Co.	2,461,544	10,806,178
Huntsman Corp.	728,852	20,313,105
Ingevity Corp. *	146,179	7,877,586
Innospec, Inc.	106,704	11,462,144
Kaiser Aluminum Corp.	68,698	5,215,552
Knife River Corp. *	217,387	11,186,735
Koppers Holdings, Inc.	88,370	3,383,687
Kronos Worldwide, Inc.	93,641	786,584
Livent Corp. *	767,675	16,481,982
Louisiana-Pacific Corp.	308,517	19,276,142
LSB Industries, Inc. *	201,337	2,037,530
Materion Corp.	87,947	9,567,754
Mativ Holdings, Inc.	236,126	3,872,466
Mercer International, Inc.	171,064	1,554,972
Minerals Technologies, Inc.	139,062	8,496,688
MP Materials Corp. *	394,814	8,267,405
Myers Industries, Inc.	155,263	2,920,497
NewMarket Corp.	28,369	13,323,217
O-I Glass, Inc. *	664,546	13,197,884
Olin Corp.	514,807	29,869,102
Orion S.A.	235,400	5,324,748
Pactiv Evergreen, Inc.	167,538	1,377,162
Perimeter Solutions S.A. *	627,815	3,710,387
Piedmont Lithium, Inc. *	69,814	3,124,875
PureCycle Technologies, Inc. *(a)	563,858	5,035,252
Quaker Chemical Corp.	58,300	10,347,084
Ranpak Holdings Corp. *	169,133	1,070,612
Schnitzer Steel Industries, Inc., Class A	110,529	3,669,563
Sensient Technologies Corp.	181,201	11,163,794
Silgan Holdings, Inc.	359,014	16,202,302
Stepan Co.	90,633	7,909,542
Summit Materials, Inc., Class A *	507,360	18,980,338
SunCoke Energy, Inc.	358,337	3,332,534
Sylvamo Corp.	136,179	5,688,197
The Chemours Co.	637,578	21,690,404
The Scotts Miracle-Gro Co.	175,769	9,959,072
TimkenSteel Corp. *	168,658	3,695,297
TriMas Corp.	177,553	4,651,889
Trinseo plc	149,806	1,577,457
Tronox Holdings plc	495,792	6,762,603
U.S. Goldmining, Inc. *	6,096	60,838
United States Lime & Minerals, Inc.	8,721	1,888,794
United States Steel Corp.	968,000	30,095,120
Valhi, Inc.	7,599	100,611

SECURITY	NUMBER OF SHARES	VALUE ($)
Warrior Met Coal, Inc.	223,102	8,825,915
Worthington Industries, Inc.	129,831	9,772,379
		698,594,326

Media & Entertainment 2.1%
Advantage Solutions, Inc. *	395,998	1,108,794
Altice USA, Inc., Class A *	923,992	2,836,655
AMC Networks, Inc., Class A *	124,329	1,447,190
Angi, Inc. *	322,470	793,276
Atlanta Braves Holdings, Inc., Class C *	242,232	8,923,827
Bumble, Inc., Class A *	422,043	7,081,882
Cardlytics, Inc. *	147,169	2,451,836
Cargurus, Inc. *	381,699	6,912,569
Cars.com, Inc. *	267,187	4,993,725
Cinemark Holdings, Inc. *	462,122	7,523,346
Clear Channel Outdoor Holdings, Inc. *	2,071,681	3,003,937
Endeavor Group Holdings, Inc., Class A *	769,275	16,839,430
Eventbrite, Inc., Class A *	354,915	3,595,289
fuboTV, Inc. *(a)	1,236,682	2,893,836
Gannett Co., Inc. *	648,569	1,887,336
Gray Television, Inc.	369,327	2,976,776
Grindr, Inc. *(a)	102,219	525,406
iHeartMedia, Inc., Class A *	449,723	1,623,500
Integral Ad Science Holding Corp. *	205,353	2,930,387
John Wiley & Sons, Inc., Class A	185,534	6,894,443
Lions Gate Entertainment Corp., Class A *	765,448	6,062,348
Loop Media, Inc. *(a)	139,702	121,666
Madison Square Garden Entertainment Corp. *	136,458	4,378,937
Madison Square Garden Sports Corp.	76,060	13,538,680
Magnite, Inc. *	508,390	4,194,218
MediaAlpha, Inc., Class A *	77,484	650,091
Nexstar Media Group, Inc., Class A	153,193	24,939,820
Nextdoor Holdings, Inc. *	578,454	1,255,245
Playtika Holding Corp. *	392,710	3,832,850
QuinStreet, Inc. *	214,807	2,126,589
Rumble, Inc. *(a)	341,930	2,861,954
Scholastic Corp.	124,212	5,397,011
Shutterstock, Inc.	103,915	4,375,861
Sinclair, Inc.	162,648	2,052,618
Skillz, Inc. *	63,785	522,399
Sphere Entertainment Co. *	111,746	3,917,815
System1, Inc. *	86,642	154,223
TechTarget, Inc. *	110,108	3,165,605
TEGNA, Inc.	964,181	15,937,912
The E.W. Scripps Co., Class A *	252,191	1,926,739
The New York Times Co., Class A	701,668	31,062,842
TripAdvisor, Inc. *	452,142	6,831,866
Vimeo, Inc. *	667,554	2,656,865
Vivid Seats, Inc., Class A *	98,283	713,535
Warner Music Group Corp., Class A	500,882	16,679,371
WideOpenWest, Inc. *	215,441	1,745,072
World Wrestling Entertainment, Inc., Class A	185,184	17,879,515
Yelp, Inc. *	295,106	12,645,292
Ziff Davis, Inc. *	202,456	13,493,692
ZipRecruiter, Inc., Class A *	206,715	3,140,001
		295,504,072

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Pharmaceuticals, Biotechnology & Life Sciences 6.9%
10X Genomics, Inc., Class A *	419,455	21,748,742
2seventy bio, Inc. *	213,186	1,106,435
4D Molecular Therapeutics, Inc. *	157,805	2,569,065
Absci Corp. *	209,675	375,318
ACADIA Pharmaceuticals, Inc. *	515,065	13,917,056
ACELYRIN, Inc. *	133,387	3,378,693
Aclaris Therapeutics, Inc. *	234,177	1,751,644
Acrivon Therapeutics, Inc. *	33,922	397,566
Adaptive Biotechnologies Corp. *	476,937	3,228,863
Agenus, Inc. *	1,338,109	1,846,590
Agios Pharmaceuticals, Inc. *	237,256	6,507,932
Akero Therapeutics, Inc. *	157,800	7,831,614
Akoya Biosciences, Inc. *	70,838	368,358
Alector, Inc. *	261,390	1,424,576
Alkermes plc *	710,503	20,739,583
Allogene Therapeutics, Inc. *	389,998	1,517,092
Allovir, Inc. *(a)	193,682	606,225
ALX Oncology Holdings, Inc. *	91,754	390,872
Amicus Therapeutics, Inc. *	1,081,496	13,864,779
Amneal Pharmaceuticals, Inc. *	428,238	1,751,493
Amphastar Pharmaceuticals, Inc. *	161,150	8,590,906
Amylyx Pharmaceuticals, Inc. *	170,447	3,674,837
AnaptysBio, Inc. *	80,045	1,575,286
Anavex Life Sciences Corp. *(a)	347,980	2,749,042
Anika Therapeutics, Inc. *	61,956	1,105,915
Apellis Pharmaceuticals, Inc. *	423,604	17,880,325
Arcellx, Inc. *	127,778	4,579,564
Arcturus Therapeutics Holdings, Inc. *	104,710	3,177,948
Arcus Biosciences, Inc. *	225,589	4,624,574
Arcutis Biotherapeutics, Inc. *	172,956	1,477,044
Arrowhead Pharmaceuticals, Inc. *	457,933	12,657,268
Arvinas, Inc. *	208,678	5,886,806
Atara Biotherapeutics, Inc. *	425,914	621,834
Atea Pharmaceuticals, Inc. *	322,984	1,085,226
Avid Bioservices, Inc. *	265,634	3,134,481
Avidity Biosciences, Inc. *	299,842	2,266,806
Axsome Therapeutics, Inc. *	159,687	12,902,710
Azenta, Inc. *	278,190	15,698,262
Beam Therapeutics, Inc. *	273,747	6,345,455
BioCryst Pharmaceuticals, Inc. *	806,897	5,737,038
BioLife Solutions, Inc. *	147,116	1,943,402
Bionano Genomics, Inc. *(a)	130,601	504,120
Bioxcel Therapeutics, Inc. *(a)	85,405	322,831
Blueprint Medicines Corp. *	258,179	12,872,805
Bridgebio Pharma, Inc. *	507,538	15,180,462
C4 Therapeutics, Inc. *	184,399	534,757
Cara Therapeutics, Inc. *	200,456	515,172
CareDx, Inc. *	227,120	2,114,487
Caribou Biosciences, Inc. *	231,463	1,363,317
Cassava Sciences, Inc. *(a)	166,201	3,485,235
Catalyst Pharmaceuticals, Inc. *	416,313	5,845,035
Celldex Therapeutics, Inc. *	202,293	5,643,975
Century Therapeutics, Inc. *	85,729	212,608
Cerevel Therapeutics Holdings, Inc. *	275,085	6,519,514
Codexis, Inc. *	280,267	487,665
Coherus Biosciences, Inc. *	284,855	1,518,277
Collegium Pharmaceutical, Inc. *	148,552	3,479,088
Corcept Therapeutics, Inc. *	386,237	12,641,537
Crinetics Pharmaceuticals, Inc. *	189,579	3,283,508
CRISPR Therapeutics AG *	338,096	16,908,181
CryoPort, Inc. *	194,260	2,739,066
Cullinan Oncology, Inc. *	108,198	1,119,849
Cytek Biosciences, Inc. *	347,061	2,637,664
Cytokinetics, Inc. *	408,680	14,279,279
Day One Biopharmaceuticals, Inc. *	172,766	2,330,613
Deciphera Pharmaceuticals, Inc. *	246,479	3,460,565

SECURITY	NUMBER OF SHARES	VALUE ($)
Denali Therapeutics, Inc. *	475,505	10,979,410
Design Therapeutics, Inc. *	126,533	313,802
Dynavax Technologies Corp. *	510,150	7,325,754
Dyne Therapeutics, Inc. *	132,959	1,515,733
Eagle Pharmaceuticals, Inc. *	44,149	748,326
Edgewise Therapeutics, Inc. *	172,436	1,077,725
Editas Medicine, Inc. *	292,583	2,606,915
Emergent BioSolutions, Inc. *	188,603	884,548
Enanta Pharmaceuticals, Inc. *	82,933	1,231,555
Entrada Therapeutics, Inc. *	77,024	1,133,793
EQRx, Inc. *	978,281	2,240,263
Erasca, Inc. *	316,516	819,776
Exelixis, Inc. *	1,394,516	31,223,213
Fate Therapeutics, Inc. *	356,620	895,116
FibroGen, Inc. *	383,210	367,882
G1 Therapeutics, Inc. *	190,461	318,070
Genelux Corp. *	10,938	264,481
Generation Bio Co. *	223,275	1,067,255
Gossamer Bio, Inc. *(a)	345,828	359,661
Halozyme Therapeutics, Inc. *	563,801	23,995,371
Harmony Biosciences Holdings, Inc. *	129,003	4,676,359
Heron Therapeutics, Inc. *	457,804	750,799
HilleVax, Inc. *(a)	51,466	686,556
Humacyte, Inc. *(a)	215,854	826,721
IGM Biosciences, Inc. *	37,642	269,140
ImmunityBio, Inc. *(a)	593,574	955,654
ImmunoGen, Inc. *	997,030	15,792,955
Immunovant, Inc. *	241,403	5,482,262
Inhibrx, Inc. *	127,895	2,736,953
Innoviva, Inc. *	251,702	3,209,200
Inovio Pharmaceuticals, Inc. *	1,133,416	509,924
Insmed, Inc. *	584,537	12,795,515
Instil Bio, Inc. *	258,936	116,806
Intellia Therapeutics, Inc. *	376,577	14,114,106
Intra-Cellular Therapies, Inc. *	381,399	21,175,272
Invivyd, Inc. *(a)	223,673	416,032
Ionis Pharmaceuticals, Inc. *	611,629	24,630,300
Iovance Biotherapeutics, Inc. *	921,937	5,568,499
Ironwood Pharmaceuticals, Inc. *	578,399	5,089,911
iTeos Therapeutics, Inc. *	103,953	1,254,193
Keros Therapeutics, Inc. *	80,144	2,813,856
Kinnate Biopharma, Inc. *	75,441	168,233
Kodiak Sciences, Inc. *	136,431	300,148
Kronos Bio, Inc. *	198,736	276,243
Krystal Biotech, Inc. *	92,958	11,571,412
Kura Oncology, Inc. *	267,562	2,656,891
Kymera Therapeutics, Inc. *	168,978	3,224,100
Lexicon Pharmaceuticals, Inc. *	401,675	690,881
Ligand Pharmaceuticals, Inc. *	70,194	4,616,659
Lyell Immunopharma, Inc. *	616,314	1,472,990
MacroGenics, Inc. *	226,385	1,054,954
Madrigal Pharmaceuticals, Inc. *	55,630	10,013,400
MannKind Corp. *	1,133,972	5,227,611
Maravai LifeSciences Holdings, Inc., Class A *	469,405	4,853,648
Medpace Holdings, Inc. *	105,553	28,527,809
Mersana Therapeutics, Inc. *	436,550	484,571
Mesa Laboratories, Inc.	21,415	3,070,054
MiMedx Group, Inc. *	497,300	3,689,966
Mind Medicine MindMed, Inc. *(a)	155,729	646,275
Mineralys Therapeutics, Inc. *	52,492	673,997
Mirati Therapeutics, Inc. *	263,563	9,804,544
Monte Rosa Therapeutics, Inc. *(a)	132,055	775,163
Morphic Holding, Inc. *	154,491	8,509,364
Myriad Genetics, Inc. *	348,600	6,222,510
NanoString Technologies, Inc. *	186,880	478,413
Natera, Inc. *	488,508	28,690,075
Nektar Therapeutics *	787,756	468,715

See financial notes

Schwab U.S. Equity ETFs | Annual Report121

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
NGM Biopharmaceuticals, Inc. *	161,517	305,267
Nkarta, Inc. *	141,207	242,876
Novavax, Inc. *(a)	368,752	2,950,016
Nurix Therapeutics, Inc. *	188,640	1,603,440
Nuvation Bio, Inc. *	587,195	963,000
Ocean Biomedical, Inc. *(a)	33,401	150,639
Ocugen, Inc. *	988,527	426,154
Omeros Corp. *(a)	268,423	928,744
OmniAb, Inc. *	451,351	2,617,836
Organogenesis Holdings, Inc. *	301,357	843,800
Pacific Biosciences of California, Inc. *	997,128	11,247,604
Pacira BioSciences, Inc. *	197,239	6,962,537
Perrigo Co., plc	578,736	20,255,760
Phathom Pharmaceuticals, Inc. *(a)	99,686	1,434,482
PhenomeX, Inc. *	285,801	271,511
Phibro Animal Health Corp., Class A	86,738	1,209,995
Pliant Therapeutics, Inc. *	188,105	3,175,212
PMV Pharmaceuticals, Inc. *	138,687	1,001,320
Poseida Therapeutics, Inc. *	228,259	477,061
Precigen, Inc. *(a)	626,050	1,095,588
Prelude Therapeutics, Inc. *	46,915	174,993
Prestige Consumer Healthcare, Inc. *	212,935	12,420,499
Prime Medicine, Inc. *(a)	40,365	534,433
Protagonist Therapeutics, Inc. *	231,556	4,589,440
Prothena Corp. plc *	173,800	9,180,116
PTC Therapeutics, Inc. *	316,980	12,520,710
Quanterix Corp. *	149,115	3,996,282
RAPT Therapeutics, Inc. *	109,275	2,087,152
Reata Pharmaceuticals, Inc., Class A *	124,404	21,024,276
Recursion Pharmaceuticals, Inc., Class A *	569,024	4,950,509
REGENXBIO, Inc. *	161,416	2,857,063
Relay Therapeutics, Inc. *	388,132	3,966,709
Replimune Group, Inc. *	156,129	3,188,154
Revance Therapeutics, Inc. *	358,124	6,313,726
REVOLUTION Medicines, Inc. *	395,663	13,440,672
Rhythm Pharmaceuticals, Inc. *	193,520	5,033,455
Rocket Pharmaceuticals, Inc. *	255,110	3,992,471
Roivant Sciences Ltd. *	486,092	5,624,084
Sage Therapeutics, Inc. *	222,322	4,446,440
Sana Biotechnology, Inc. *	372,453	1,992,624
Sangamo Therapeutics, Inc. *	603,380	584,856
Scholar Rock Holding Corp. *	157,206	982,538
Scilex Holding Co. *(a)(c)	280,273	791,939
Seer, Inc. *	159,978	420,742
Seres Therapeutics, Inc. *	401,450	1,385,003
SIGA Technologies, Inc.	163,382	749,923
SomaLogic, Inc. *	655,881	1,449,497
Sotera Health Co. *	423,224	6,830,835
SpringWorks Therapeutics, Inc. *	190,803	5,376,829
Stoke Therapeutics, Inc. *	116,600	655,292
Supernus Pharmaceuticals, Inc. *	232,483	7,402,259
Syndax Pharmaceuticals, Inc. *	280,842	5,198,385
Tarsus Pharmaceuticals, Inc. *	79,499	1,392,027
TG Therapeutics, Inc. *	604,714	6,331,356
TherapeuticsMD, Inc. *	37,202	140,996
Theravance Biopharma, Inc. *	213,040	2,028,141
Third Harmonic Bio, Inc. *	47,382	287,609
Travere Therapeutics, Inc. *	281,333	4,017,435
Twist Bioscience Corp. *	245,346	5,395,159
Tyra Biosciences, Inc. *(a)	59,426	905,058
Ultragenyx Pharmaceutical, Inc. *	302,573	11,131,661
uniQure N.V. *	183,854	1,601,368
Vanda Pharmaceuticals, Inc. *	241,332	1,252,513
Vaxart, Inc. *	596,812	490,938
Vaxcyte, Inc. *	329,173	17,090,662
VBI Vaccines, Inc. *	26,501	32,331
Ventyx Biosciences, Inc. *	122,550	4,105,425

SECURITY	NUMBER OF SHARES	VALUE ($)
Veracyte, Inc. *	309,264	8,164,570
Vericel Corp. *	202,907	6,661,437
Verve Therapeutics, Inc. *	179,113	2,305,184
Vir Biotechnology, Inc. *	328,595	4,160,013
Xencor, Inc. *	258,818	5,688,820
Y-mAbs Therapeutics, Inc. *	142,165	720,777
Zentalis Pharmaceuticals, Inc. *	244,608	6,496,788
Zura Bio Ltd. *(a)	43,465	299,039
		997,469,178

Real Estate Management & Development 0.6%
Anywhere Real Estate, Inc. *	469,850	3,082,216
Appreciate Holdings, Inc. *	64,715	18,754
Compass, Inc., Class A *	1,150,673	4,142,423
Cushman & Wakefield plc *	701,574	6,447,465
DigitalBridge Group, Inc.	625,132	10,889,799
Doma Holdings, Inc. *	18,984	120,738
eXp World Holdings, Inc.	314,812	6,050,687
Forestar Group, Inc. *	76,320	2,175,883
FRP Holdings, Inc. *	27,431	1,562,744
Howard Hughes Holdings, Inc. *	147,851	11,628,481
Kennedy-Wilson Holdings, Inc.	509,484	8,136,460
Marcus & Millichap, Inc.	103,482	3,445,951
Newmark Group, Inc., Class A	535,257	3,794,972
Offerpad Solutions, Inc. *	64,776	844,679
Opendoor Technologies, Inc. *(a)	2,212,260	8,627,814
RE/MAX Holdings, Inc., Class A	77,646	1,257,865
Redfin Corp. *	471,866	4,492,164
Seritage Growth Properties, Class A *	155,158	1,171,443
Tejon Ranch Co. *	108,738	1,813,750
The RMR Group, Inc., Class A	60,668	1,533,687
The St. Joe Co.	144,921	8,947,423
WeWork, Inc., Class A *	2,951,889	348,323
		90,533,721

Semiconductors & Semiconductor Equipment 2.9%
ACM Research, Inc., Class A *	180,594	3,171,231
Allegro MicroSystems, Inc. *	277,912	10,630,134
Alpha & Omega Semiconductor Ltd. *	94,711	2,988,132
Ambarella, Inc. *	160,733	9,989,556
Amkor Technology, Inc.	429,599	12,011,588
Ascent Solar Technologies, Inc. *	28,499	1,625
Axcelis Technologies, Inc. *	139,795	26,861,609
CEVA, Inc. *	101,008	2,345,406
Cirrus Logic, Inc. *	236,635	19,413,535
Cohu, Inc. *	203,939	7,625,279
Credo Technology Group Holding Ltd. *	393,277	6,473,339
Diodes, Inc. *	195,362	15,990,380
FormFactor, Inc. *	328,791	11,612,898
Ichor Holdings Ltd. *	124,972	4,577,724
Impinj, Inc. *	93,123	6,199,198
Kulicke & Soffa Industries, Inc.	242,589	12,549,129
Lattice Semiconductor Corp. *	588,790	57,265,715
MACOM Technology Solutions Holdings, Inc. *	221,339	18,716,426
MaxLinear, Inc. *	316,037	7,426,870
MKS Instruments, Inc.	245,408	24,597,244
Navitas Semiconductor Corp. *	351,846	3,106,800
Onto Innovation, Inc. *	209,165	29,069,752
PDF Solutions, Inc. *	127,864	4,646,578
Photronics, Inc. *	267,050	6,345,108
Power Integrations, Inc.	245,257	20,606,493
Rambus, Inc. *	465,485	26,285,938
Rigetti Computing, Inc. *(a)	336,799	606,238
Semtech Corp. *	274,399	7,175,534

See financial notes

122Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Silicon Laboratories, Inc. *	136,607	18,422,820
SiTime Corp. *	70,583	9,365,658
SkyWater Technology, Inc. *(a)	45,422	304,327
SMART Global Holdings, Inc. *	210,654	5,441,193
Synaptics, Inc. *	169,226	14,814,044
Ultra Clean Holdings, Inc. *	192,160	6,756,346
Veeco Instruments, Inc. *	221,428	6,463,483
		419,857,330

Software & Services 6.4%
8x8, Inc. *	480,047	1,560,153
A10 Networks, Inc.	272,983	4,064,717
ACI Worldwide, Inc. *	462,980	11,241,154
Adeia, Inc.	456,384	4,591,223
Agilysys, Inc. *	85,456	6,028,494
Alarm.com Holdings, Inc. *	212,968	12,473,536
Alkami Technology, Inc. *	160,876	2,802,460
Altair Engineering, Inc., Class A *	228,907	15,217,737
Alteryx, Inc., Class A *	267,787	7,905,072
Amplitude, Inc., Class A *	264,914	3,094,196
Appfolio, Inc., Class A *	81,601	15,730,225
Appian Corp., Class A *	178,801	8,707,609
Asana, Inc., Class A *	336,779	7,237,381
Aurora Innovation, Inc. *	1,959,438	6,211,418
AvePoint, Inc. *	391,061	2,713,963
BigCommerce Holdings, Inc. *	261,549	2,772,419
Blackbaud, Inc. *	193,173	14,702,397
Blackline, Inc. *	235,195	14,125,812
Blend Labs, Inc., Class A *(a)	743,499	862,459
Box, Inc., Class A *	617,277	16,345,495
Braze, Inc., Class A *	164,842	7,625,591
C3.ai, Inc., Class A *(a)	372,631	11,559,014
CCC Intelligent Solutions Holdings, Inc. *	457,803	4,898,492
Cerence, Inc. *	171,420	4,474,062
Cipher Mining, Inc. *(a)	187,033	596,635
Clear Secure, Inc., Class A	352,675	7,667,154
Clearwater Analytics Holdings, Inc., Class A *	344,675	6,255,851
CommVault Systems, Inc. *	188,185	12,854,917
Confluent, Inc., Class A *	802,327	26,549,000
Consensus Cloud Solutions, Inc. *	74,843	2,389,737
Couchbase, Inc. *	106,554	1,822,073
CS Disco, Inc. *	74,345	706,278
CXApp, Inc. *	7,821	31,049
Digital Turbine, Inc. *	384,061	3,421,984
DigitalOcean Holdings, Inc. *	238,475	6,450,749
Dolby Laboratories, Inc., Class A	254,529	21,500,065
Domo, Inc., Class B *	133,606	1,424,240
DoubleVerify Holdings, Inc. *	432,898	14,636,281
Dropbox, Inc., Class A *	1,164,088	32,350,006
D-Wave Quantum, Inc. *(a)	230,211	267,045
E2open Parent Holdings, Inc. *	734,570	3,547,973
Ebix, Inc.	100,424	1,677,081
Enfusion, Inc., Class A *	85,716	732,015
EngageSmart, Inc. *	127,730	2,262,098
Envestnet, Inc. *	232,117	12,680,552
Everbridge, Inc. *	173,333	4,300,392
EverCommerce, Inc. *	121,258	1,281,697
Expensify, Inc., Class A *	186,661	800,776
Fastly, Inc., Class A *	495,604	11,790,419
Freshworks, Inc., Class A *	717,459	15,690,828
Gitlab, Inc., Class A *	282,116	13,363,835
Grid Dynamics Holdings, Inc. *	225,947	2,627,764
HashiCorp, Inc., Class A *	410,161	11,960,295
Informatica, Inc., Class A *	166,437	3,486,855
Instructure Holdings, Inc. *	72,371	1,875,133

SECURITY	NUMBER OF SHARES	VALUE ($)
Intapp, Inc. *	95,329	3,489,995
InterDigital, Inc.	113,995	9,884,506
Jamf Holding Corp. *	196,223	3,308,320
Kaltura, Inc. *(a)	298,901	564,923
Kyndryl Holdings, Inc. *	874,867	14,767,755
LivePerson, Inc. *	304,239	1,277,804
LiveRamp Holdings, Inc. *	277,299	8,967,850
Marathon Digital Holdings, Inc. *(a)	714,765	8,984,596
MariaDB plc *	107,363	62,496
Matterport, Inc. *	965,830	2,588,424
MeridianLink, Inc. *	86,561	1,532,995
MicroStrategy, Inc., Class A *	47,113	16,844,311
Model N, Inc. *	146,755	3,962,385
N-Able, Inc. *	288,565	3,858,114
nCino, Inc. *	331,597	10,899,593
NCR Corp. *	601,483	18,501,617
Near Intelligence, Inc. *(a)	55,983	21,335
New Relic, Inc. *	250,652	21,332,992
NextNav, Inc. *(a)	98,800	426,816
Nutanix, Inc., Class A *	985,218	30,640,280
ON24, Inc.	178,418	1,223,947
OneSpan, Inc. *	150,918	1,848,745
PagerDuty, Inc. *	359,460	9,259,690
Pegasystems, Inc.	176,831	8,781,427
Perficient, Inc. *	149,301	9,523,911
Porch Group, Inc. *(a)	352,706	298,037
PowerSchool Holdings, Inc., Class A *	174,515	3,860,272
Procore Technologies, Inc. *	300,466	20,296,478
Progress Software Corp.	185,075	11,259,963
PROS Holdings, Inc. *	176,855	6,342,020
Q2 Holdings, Inc. *	248,057	8,535,641
Qualys, Inc. *	143,558	22,344,803
Rackspace Technology, Inc. *	253,929	634,823
Rapid7, Inc. *	258,346	13,018,055
RingCentral, Inc., Class A *	334,816	10,355,859
Riot Platforms, Inc. *	747,024	8,478,722
Rubicon Technologies, Inc. *	196,944	98,255
Samsara, Inc., Class A *	525,171	14,368,679
SentinelOne, Inc., Class A *	1,003,552	16,689,070
Smartsheet, Inc., Class A *	569,111	23,749,002
SolarWinds Corp. *	205,058	2,183,868
SoundHound AI, Inc., Class A *(a)	550,799	1,388,013
Sprinklr, Inc., Class A *	335,722	5,079,474
Sprout Social, Inc., Class A *	206,302	11,045,409
SPS Commerce, Inc. *	156,106	29,056,010
Squarespace, Inc., Class A *	170,989	5,155,318
Telos Corp. *	225,907	589,617
Tenable Holdings, Inc. *	490,898	22,272,042
Teradata Corp. *	432,920	20,031,208
Thoughtworks Holding, Inc. *	282,003	1,401,555
Tucows, Inc., Class A *(a)	41,991	993,087
Unisys Corp. *	300,188	1,209,758
Upland Software, Inc. *	124,312	441,308
Varonis Systems, Inc. *	468,568	14,961,376
Verint Systems, Inc. *	274,987	8,906,829
Workiva, Inc. *	199,130	22,272,690
Xperi, Inc. *	180,521	2,130,148
Yext, Inc. *	453,261	3,970,566
Zeta Global Holdings Corp., Class A *	555,685	4,517,719
Zuora, Inc., Class A *	539,481	4,914,672
		929,351,029

Technology Hardware & Equipment 4.2%
908 Devices, Inc. *	93,053	669,051
ADTRAN Holdings, Inc.	308,342	2,636,324
Advanced Energy Industries, Inc.	160,291	18,925,558
Aeva Technologies, Inc. *	434,829	409,870

See financial notes

Schwab U.S. Equity ETFs | Annual Report123

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
AEye, Inc. *	612,253	159,186
Avid Technology, Inc. *	143,583	3,827,923
Avnet, Inc.	390,908	19,838,581
Badger Meter, Inc.	125,517	20,845,863
Belden, Inc.	182,135	17,102,476
Benchmark Electronics, Inc.	152,831	3,933,870
Calix, Inc. *	246,730	11,475,412
Casa Systems, Inc. *(a)	145,332	140,972
Clearfield, Inc. *	53,783	1,890,472
Coherent Corp. *	595,369	22,403,735
CommScope Holding Co., Inc. *	901,958	3,012,540
Comtech Telecommunications Corp.	117,883	1,184,724
Corsair Gaming, Inc. *	176,701	2,777,740
Crane NXT Co.	206,666	12,267,694
CTS Corp.	135,072	6,030,965
Digi International, Inc. *	151,996	5,073,626
ePlus, Inc. *	115,264	7,651,224
Evolv Technologies Holdings, Inc. *	307,904	2,152,249
Extreme Networks, Inc. *	552,169	15,157,039
Fabrinet *	155,248	24,959,221
FARO Technologies, Inc. *	79,923	1,267,579
Harmonic, Inc. *	476,448	5,088,465
Infinera Corp. *	842,214	3,941,562
Inseego Corp. *	335,777	213,386
Insight Enterprises, Inc. *	123,913	19,837,232
IonQ, Inc. *	652,520	11,216,819
IPG Photonics Corp. *	133,433	14,458,800
Itron, Inc. *	194,609	13,313,202
Kimball Electronics, Inc. *	107,347	3,240,806
Knowles Corp. *	391,260	6,271,898
Lightwave Logic, Inc. *(a)	491,346	3,100,393
Littelfuse, Inc.	106,101	28,337,455
Lumentum Holdings, Inc. *	294,193	15,924,667
Methode Electronics, Inc.	154,942	4,996,879
MicroVision, Inc. *(a)	745,349	1,878,279
Mirion Technologies, Inc. *	515,318	4,400,816
Movella Holdings, Inc. *	115,201	91,631
Napco Security Technologies, Inc.	124,937	3,095,939
National Instruments Corp.	562,771	33,541,152
NETGEAR, Inc. *	123,622	1,629,338
NetScout Systems, Inc. *	288,587	8,262,246
nLight, Inc. *	193,750	2,210,688
Novanta, Inc. *	153,003	25,548,441
OSI Systems, Inc. *	66,487	9,065,502
Ouster, Inc. *(a)	111,132	625,673
PAR Technology Corp. *	118,023	5,131,640
PC Connection, Inc.	48,030	2,551,354
Plexus Corp. *	118,514	12,035,097
Presto Automation, Inc. *	55,278	184,076
Ribbon Communications, Inc. *	398,645	1,179,989
Rogers Corp. *	79,436	11,479,296
Sanmina Corp. *	249,988	13,924,332
ScanSource, Inc. *	107,378	3,519,851
SmartRent, Inc. *	524,097	1,781,930
Super Micro Computer, Inc. *	195,329	53,731,101
TTM Technologies, Inc. *	439,609	6,550,174
ViaSat, Inc. *	325,805	9,037,831
Viavi Solutions, Inc. *	951,624	9,944,471
Vishay Intertechnology, Inc.	546,348	14,991,789
Vontier Corp.	665,581	20,905,899
Xerox Holdings Corp.	482,747	7,670,850
		600,704,843

Telecommunication Services 0.7%
Anterix, Inc. *	80,150	2,652,163
ATN International, Inc.	45,431	1,629,610
Bandwidth, Inc., Class A *	92,107	1,323,578

SECURITY	NUMBER OF SHARES	VALUE ($)
Charge Enterprises, Inc. *	428,682	232,946
Cogent Communications Holdings, Inc.	184,152	12,997,448
Consolidated Communications Holdings, Inc. *	316,024	1,248,295
EchoStar Corp., Class A *	155,111	2,695,829
Frontier Communications Parent, Inc. *	953,647	15,277,425
Globalstar, Inc. *	3,055,510	4,399,934
Gogo, Inc. *	280,719	3,186,161
IDT Corp., Class B *	86,157	2,014,351
Iridium Communications, Inc.	539,530	26,409,993
Liberty Latin America Ltd., Class A *	42,445	379,458
Liberty Latin America Ltd., Class C *	726,874	6,512,791
Radius Global Infrastructure, Inc., Class A *	340,823	5,085,079
Shenandoah Telecommunications Co.	213,409	4,852,921
Telephone and Data Systems, Inc.	424,025	9,112,297
United States Cellular Corp. *	60,526	2,776,328
		102,786,607

Transportation 1.9%
Air Transport Services Group, Inc. *	239,456	5,162,671
Allegiant Travel Co.	67,111	5,962,141
ArcBest Corp.	102,363	10,808,509
Daseke, Inc. *	186,147	986,579
Forward Air Corp.	110,674	7,837,933
Frontier Group Holdings, Inc. *	156,956	985,684
Getaround, Inc. *	223,255	89,302
GXO Logistics, Inc. *	509,055	32,564,248
Hawaiian Holdings, Inc. *	224,784	1,928,647
Heartland Express, Inc.	201,104	3,034,659
Hub Group, Inc., Class A *	140,552	10,968,678
JetBlue Airways Corp. *	1,404,210	8,312,923
Joby Aviation, Inc. *(a)	1,469,637	10,948,796
Kirby Corp. *	256,175	21,218,975
Landstar System, Inc.	153,865	29,205,116
Marten Transport Ltd.	248,173	5,211,633
Matson, Inc.	153,548	13,493,798
Ryder System, Inc.	198,877	20,026,914
Saia, Inc. *	113,494	48,371,143
Schneider National, Inc., Class B	158,858	4,592,585
SkyWest, Inc. *	189,671	8,554,162
Spirit Airlines, Inc.	466,639	7,699,544
Sun Country Airlines Holdings, Inc. *	156,583	2,331,521
TuSimple Holdings, Inc., Class A *	585,029	731,286
Universal Logistics Holdings, Inc.	29,328	795,375
Werner Enterprises, Inc.	251,221	10,453,306
Wheels Up Experience, Inc. *(a)	72,091	138,415
		272,414,543

Utilities 2.3%
ALLETE, Inc.	245,485	13,477,126
Altus Power, Inc. *	157,556	1,017,812
American States Water Co.	158,524	13,349,306
Avista Corp.	324,008	10,786,226
Black Hills Corp.	285,513	15,703,215
California Water Service Group	239,950	12,057,487
Chesapeake Utilities Corp.	76,094	8,377,949
Clearway Energy, Inc., Class C	494,725	12,254,338
Hawaiian Electric Industries, Inc. (a)	468,653	6,570,515
IDACORP, Inc.	216,080	20,709,107
MGE Energy, Inc.	154,388	11,182,323
Middlesex Water Co.	76,059	5,724,200
Montauk Renewables, Inc. *	268,296	2,562,227
National Fuel Gas Co.	392,636	21,100,259

See financial notes

124Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
New Jersey Resources Corp.	413,951	17,456,314
Northwest Natural Holding Co.	153,346	6,023,431
NorthWestern Corp.	255,243	12,864,247
ONE Gas, Inc.	236,977	17,173,723
Ormat Technologies, Inc.	224,824	17,073,135
Otter Tail Corp.	178,570	14,708,811
PNM Resources, Inc.	367,627	16,289,552
Portland General Electric Co.	413,138	18,120,233
SJW Group	117,738	7,742,451
Southwest Gas Holdings, Inc.	280,816	17,390,935
Spire, Inc.	225,314	13,160,591
Sunnova Energy International, Inc. *(a)	425,301	5,915,937
The York Water Co.	60,547	2,466,685
Unitil Corp.	69,395	3,387,864
		324,645,999
Total Common Stocks (Cost $14,008,379,495)		14,452,773,979


SHORT-TERM INVESTMENTS 1.2% OF NET ASSETS

Money Market Funds 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)	10,351,368	10,351,368
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (d)(e)	169,165,788	169,165,788
		179,517,156
Total Short-Term Investments (Cost $179,517,156)		179,517,156
Total Investments in Securities (Cost $14,187,896,651)		14,632,291,135

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED APPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini, expires 09/15/23	423	40,218,840	229,759

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $159,482,809.
(b)	On October 15, 2023, the issuer filed for bankruptcy.
(c)	Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).
(d)	The rate shown is the annualized 7-day yield.
(e)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2023 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks1	$11,671,052,007	$—	$—	$11,671,052,007
Financial Services	939,885,204	—	13,187,778	953,072,982
Health Care Equipment & Services	831,179,812	—	0 *	831,179,812
Pharmaceuticals, Biotechnology & Life Sciences	996,677,239	—	791,939	997,469,178
Short-Term Investments1	179,517,156	—	—	179,517,156
Futures Contracts2	229,759	—	—	229,759
Total	$14,618,541,177	$—	$13,979,717	$14,632,520,894

*	Level 3 amount shown includes securities determined to have no value at August 31, 2023.
1	As categorized in the Portfolio Holdings.
2	Futures contracts are reported at cumulative unrealized appreciation or depreciation.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

See financial notes

Schwab U.S. Equity ETFs | Annual Report125

Schwab U.S. Small-Cap ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/22-8/31/23		9/1/21-8/31/22
Net investment income		$213,947,990	$186,233,583
Net realized gains		428,404,944	1,257,485,653
Net change in unrealized appreciation (depreciation)	+	218,241,988	(4,548,673,429 )
Increase (decrease) in net assets resulting from operations		$860,594,922	($3,104,954,193 )

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($203,432,945 )	($200,176,110 )

TRANSACTIONS IN FUND SHARES1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		53,700,000	$2,230,857,833	69,550,000	$3,368,413,273
Shares redeemed	+	(47,950,000 )	(1,945,638,825 )	(68,450,000 )	(3,146,749,074 )
Net transactions in fund shares		5,750,000	$285,219,008	1,100,000	$221,664,199

SHARES OUTSTANDING AND NET ASSETS1
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		321,700,000	$13,538,592,147	320,600,000	$16,622,058,251
Total increase (decrease)	+	5,750,000	942,380,985	1,100,000	(3,083,466,104 )
End of period		327,450,000	$14,480,973,132	321,700,000	$13,538,592,147

For the period ended August 31, 2022, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10,

2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).

See financial notes

128Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/22– 8/31/23	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19
Per-Share Data
Net asset value at beginning of period	$72.38	$77.66	$57.31	$53.30	$52.71
Income (loss) from investment operations:
Net investment income (loss)1	2.74	2.53	2.27	1.87	1.66
Net realized and unrealized gains (losses)	2.02	(5.38 )	20.27	3.98	0.48
Total from investment operations	4.76	(2.85 )	22.54	5.85	2.14
Less distributions:
Distributions from net investment income	(2.60 )	(2.43 )	(2.19 )	(1.84 )	(1.55 )
Net asset value at end of period	$74.54	$72.38	$77.66	$57.31	$53.30
Total return	6.75 %	(3.74 %)	40.15 %	11.46 %	4.18 %
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.06 %2	0.06 %2	0.06 %	0.06 %	0.06 %3
Net investment income (loss)	3.74 %	3.31 %	3.27 %	3.48 %	3.23 %
Portfolio turnover rate4	28 %	14 %	46 %	43 %	24 %
Net assets, end of period (x 1,000,000)	$49,611	$37,095	$27,955	$12,694	$9,821

1	Calculated based on the average shares outstanding during the period.
2	Ratio includes less than 0.005% of non-routine proxy expenses.
3	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended August 31, 2019 is a blended ratio.
4	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

See financial notes

Schwab U.S. Equity ETFs | Annual Report129

Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of August 31, 2023

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

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 99.7% OF NET ASSETS

Automobiles & Components 1.5%
Ford Motor Co.	61,615,608	747,397,325

Banks 5.6%
1st Source Corp.	269,955	12,064,289
Bank of Hawaii Corp. (a)	627,070	33,698,742
Bank OZK	1,730,817	69,526,919
Banner Corp.	537,290	23,398,979
Cathay General Bancorp	1,144,446	40,776,611
Central Pacific Financial Corp.	418,413	7,100,469
City Holding Co.	234,924	21,462,657
Comerica, Inc.	2,062,661	99,234,621
CVB Financial Corp.	2,068,425	36,114,700
Fifth Third Bancorp	10,754,454	285,530,754
First Commonwealth Financial Corp.	1,626,794	21,262,197
Hanmi Financial Corp.	480,084	8,315,055
Heritage Financial Corp.	552,841	9,519,922
Huntington Bancshares, Inc.	22,709,583	251,849,275
International Bancshares Corp.	830,569	37,192,880
KeyCorp	14,687,748	166,412,185
M&T Bank Corp.	2,664,038	333,137,952
Northwest Bancshares, Inc.	2,008,654	22,095,194
OFG Bancorp	752,001	22,680,350
Premier Financial Corp.	560,552	10,560,800
Regions Financial Corp.	14,698,371	269,568,124
S&T Bancorp, Inc.	609,203	17,258,721
Synovus Financial Corp.	2,286,127	70,778,492
U.S. Bancorp	21,924,967	800,919,044
Zions Bancorp NA	2,351,042	83,461,991
		2,753,920,923

Capital Goods 9.3%
3M Co.	8,663,224	924,106,104
Fastenal Co.	8,983,221	517,253,865
Illinois Tool Works, Inc.	4,368,780	1,080,617,733
Lockheed Martin Corp.	3,575,675	1,603,153,886
MSC Industrial Direct Co., Inc., Class A	743,472	75,878,752
Snap-on, Inc.	835,853	224,510,116
Watsco, Inc.	523,518	190,848,487
		4,616,368,943

Commercial & Professional Services 4.9%
Automatic Data Processing, Inc.	6,520,664	1,660,226,261
Ennis, Inc.	406,922	8,667,439
Kforce, Inc.	308,677	19,338,614
Paychex, Inc.	5,048,678	617,099,912
Robert Half International, Inc.	1,693,012	125,215,167
		2,430,547,393

SECURITY	NUMBER OF SHARES	VALUE ($)
Consumer Discretionary Distribution & Retail 5.2%
Advance Auto Parts, Inc.	933,237	64,225,370
Best Buy Co., Inc.	3,099,009	236,919,238
Guess?, Inc.	485,448	11,679,879
The Buckle, Inc.	461,301	16,855,939
The Home Depot, Inc.	6,316,300	2,086,273,890
Williams-Sonoma, Inc.	1,047,912	147,965,174
		2,563,919,490

Consumer Durables & Apparel 0.6%
Carter's, Inc.	599,101	42,877,659
Ethan Allen Interiors, Inc.	362,756	11,383,283
Leggett & Platt, Inc.	2,081,186	58,689,445
M.D.C. Holdings, Inc.	911,019	43,227,852
Sturm Ruger & Co., Inc.	280,135	14,449,363
Whirlpool Corp.	858,333	120,132,287
		290,759,889

Consumer Services 1.0%
Cracker Barrel Old Country Store, Inc.	349,638	28,820,660
Darden Restaurants, Inc.	1,915,271	297,843,793
H&R Block, Inc.	2,398,931	95,909,262
The Wendy's Co.	2,674,934	52,936,944
		475,510,659

Energy 9.5%
Chevron Corp.	11,922,846	1,920,770,491
Coterra Energy, Inc.	12,408,115	349,784,762
EOG Resources, Inc.	9,243,749	1,188,930,996
ONEOK, Inc.	7,033,720	458,598,544
Valero Energy Corp.	6,066,981	788,100,832
		4,706,185,625

Financial Services 7.7%
Artisan Partners Asset Management, Inc., Class A	1,067,429	41,010,622
BlackRock, Inc.	2,356,710	1,650,969,623
Blackstone, Inc.	11,177,639	1,188,965,460
Cohen & Steers, Inc.	390,278	25,438,320
Federal Agricultural Mortgage Corp., Class C	146,246	24,616,127
Janus Henderson Group plc	2,080,505	57,151,472
Lazard Ltd., Class A	1,777,200	61,739,928
Northern Trust Corp.	3,280,035	249,512,263
Radian Group, Inc.	2,473,893	66,993,023
T. Rowe Price Group, Inc.	3,529,810	396,150,576
The Western Union Co.	5,879,276	72,609,059
		3,835,156,473

See financial notes

130Schwab U.S. Equity ETFs | Annual Report

Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of August 31, 2023 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Food, Beverage & Tobacco 11.1%
Altria Group, Inc.	28,098,975	1,242,536,675
Kellogg Co.	4,028,058	245,792,099
PepsiCo, Inc.	10,580,358	1,882,457,295
The Coca-Cola Co.	31,644,447	1,893,287,264
Tyson Foods, Inc., Class A	4,494,743	239,434,960
		5,503,508,293

Household & Personal Products 1.4%
Kimberly-Clark Corp.	5,311,351	684,261,349

Insurance 1.8%
Fidelity National Financial, Inc.	4,282,545	177,297,363
First American Financial Corp.	1,630,636	100,577,628
Stewart Information Services Corp.	423,896	19,634,863
The Allstate Corp.	4,138,834	446,207,694
Unum Group	2,943,644	144,797,848
		888,515,396

Materials 3.2%
Amcor plc	23,381,741	227,738,157
Huntsman Corp.	2,837,701	79,086,727
International Paper Co.	5,597,435	195,462,430
LyondellBasell Industries N.V., Class A	3,996,990	394,782,702
Newmont Corp.	12,491,080	492,398,374
Packaging Corp. of America	1,456,208	217,120,613
		1,606,589,003

Media & Entertainment 0.6%
Paramount Global, Class B	7,952,849	120,008,491
The Interpublic Group of Cos., Inc.	6,114,222	199,384,780
		319,393,271

Pharmaceuticals, Biotechnology & Life Sciences 15.8%
AbbVie, Inc.	13,960,649	2,051,656,977
Amgen, Inc.	8,403,188	2,154,073,212
Merck & Co., Inc.	17,545,609	1,912,120,469
Pfizer, Inc.	49,000,481	1,733,637,018
		7,851,487,676

Semiconductors & Semiconductor Equipment 8.2%
Broadcom, Inc.	2,404,183	2,218,796,449
Texas Instruments, Inc.	11,079,236	1,861,976,402
		4,080,772,851

Technology Hardware & Equipment 4.4%
Cisco Systems, Inc.	38,281,007	2,195,415,751

SECURITY	NUMBER OF SHARES	VALUE ($)
Telecommunication Services 3.8%
Verizon Communications, Inc.	54,045,056	1,890,496,059

Transportation 3.8%
United Parcel Service, Inc., Class B	11,111,536	1,882,294,198

Utilities 0.3%
Clearway Energy, Inc., Class A	540,006	12,657,741
NRG Energy, Inc.	3,627,540	136,214,127
		148,871,868
Total Common Stocks (Cost $46,883,235,136)		49,471,372,435


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (b)	49,618,520	49,618,520
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.28% (b)(c)	29,140,140	29,140,140
		78,758,660
Total Short-Term Investments (Cost $78,758,660)		78,758,660
Total Investments in Securities (Cost $46,961,993,796)		49,550,131,095

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
DJIA CBOT, e-mini, expires 09/15/23	629	109,417,695	(799,049 )
S&P 400 Mid-Cap Index, e-mini, expires 09/15/23	103	27,281,610	(45,310 )
			(844,359 )

(a)	All or a portion of this security is on loan. Securities on loan were valued at $28,611,176.
(b)	The rate shown is the annualized 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

CBOT —

Chicago Board of Trade

See financial notes

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Schwab U.S. Equity ETFs

Financial Notes

1. Business Structure of the Funds:

Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)
Schwab U.S. Broad Market ETF	Schwab Short-Term U.S. Treasury ETF
Schwab 1000 Index ETF	Schwab Intermediate-Term U.S. Treasury ETF
Schwab U.S. Large-Cap ETF	Schwab Long-Term U.S. Treasury ETF
Schwab U.S. Large-Cap Growth ETF	Schwab U.S. Aggregate Bond ETF
Schwab U.S. Large-Cap Value ETF	Schwab 1-5 Year Corporate Bond ETF
Schwab U.S. Mid-Cap ETF	Schwab 5-10 Year Corporate Bond ETF
Schwab U.S. Small-Cap ETF	Schwab Fundamental U.S. Broad Market Index ETF
Schwab U.S. Dividend Equity ETF	Schwab Fundamental U.S. Large Company Index ETF
Schwab U.S. REIT ETF	Schwab Fundamental U.S. Small Company Index ETF
Schwab International Dividend Equity ETF	Schwab Fundamental International Large Company Index ETF
Schwab International Equity ETF	Schwab Fundamental International Small Company Index ETF
Schwab International Small-Cap Equity ETF	Schwab Fundamental Emerging Markets Large Company Index ETF
Schwab Emerging Markets Equity ETF	Schwab Ariel ESG ETF
Schwab U.S. TIPS ETF	Schwab Crypto Thematic ETF
Schwab Municipal Bond ETF	Schwab High Yield Bond ETF

The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.

Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

The funds may invest in certain mutual funds and exchange-traded funds (ETFs) which are referred to as “underlying funds”. For more information about the underlying funds’ operations and policies, please refer to those funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.

(a) Security Valuation:

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.

• Mutual funds: Mutual funds are valued at their respective NAVs.

• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.

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

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

The levels associated with valuing the funds’ investments as of August 31, 2023, are disclosed in each fund’s Portfolio Holdings.

(b) Accounting Policies for certain Portfolio Investments (if held):

Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of August 31, 2023, Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF and Schwab U.S. Dividend Equity ETF had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of August 31, 2023 are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

(d) Investment Income:

Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional securities, and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

(e) Expenses:

Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.

(f) Distributions to Shareholders:

The funds make distributions from net investment income, if any, quarterly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

(g) Accounting Estimates:

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It’s possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

(h) Federal Income Taxes:

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

(i) Indemnification:

Under the funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

(j) Regulatory Update:

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

3. Risk Factors:

Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.

Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

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Financial Notes (continued)

3. Risk Factors (continued):

Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its respective index during upturns as well as downturns. Because of their indexing strategies, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the funds’ expenses, the funds’ performance may be below that of their respective index. Errors relating to an index may occur from time to time and may not be identified by the index provided for a period of time. In addition, market disruptions could cause delays in an index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.

Schwab U.S. Dividend Equity ETF primarily invests in dividend paying stocks. As a result, fund performance will correlate with the performance of the dividend paying stock segment of the stock market, and the fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be affected.

Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.

Large-Cap Company Risk. Certain funds invest in large-cap company stocks. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.

Mid-Cap Company Risk. Certain funds invest in mid-cap company stocks. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and the value of securities issued by these companies may move sharply.

Small-Cap Company Risk. Certain funds invest in small-cap company stocks. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move sharply, especially during market upturns and downturns.

Growth Investing Risk. Certain funds invest in growth stocks. Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks

Value Investing Risk. Certain funds emphasize a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general.

Sampling Index Tracking Risk. Certain funds may not fully replicate the index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because certain funds utilize a sampling approach they may not track the return of their respective index as well as they would if the funds purchased all of the securities in their respective index.

Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index, although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.

Derivatives Risk. Each fund may invest in derivative instruments. The principal types of derivatives a fund may use are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, market risk, liquidity risk and leverage risk are discussed elsewhere in this section. A fund’s use of derivatives is also subject to leverage risk, credit risk, lack of availability risk, valuation risk, correlation risk and tax risk. Leverage risk is the risk that use of derivatives may magnify the effect of any decrease or increase in the value of the fund’s portfolio securities. Credit risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued

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Financial Notes (continued)

3. Risk Factors (continued):

incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase its volatility and cause the fund to lose more than the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the fund may have to sell them at a loss.

Leverage Risk. Certain fund transactions, such as derivatives transactions, may give rise to a form of leverage and may expose a fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of a fund’s portfolio securities which means even a small amount of leverage can have a disproportionately large impact on a fund. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.

Concentration Risk. To the extent that a fund’s or an index’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

Market Trading Risk. Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.

Shares of the Fund May Trade at Prices Other Than NAV. Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund’s NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption.

Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.

4. Affiliates and Affiliated Transactions:

Investment Adviser

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser pursuant to the Advisory Agreement between the investment adviser and the trust.

For its advisory services to the funds, the investment adviser is entitled to receive an annual management fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows:

SCHWAB U.S. BROAD MARKET ETF	SCHWAB 1000 INDEX ETF	SCHWAB U.S. LARGE-CAP ETF	SCHWAB U.S. LARGE-CAP GROWTH ETF	SCHWAB U.S. LARGE-CAP VALUE ETF	SCHWAB U.S. MID-CAP ETF	SCHWAB U.S. SMALL-CAP ETF	SCHWAB U.S. DIVIDEND EQUITY ETF
0.03 %	0.05 %	0.03 %	0.04 %	0.04 %	0.04 %	0.04 %	0.06 %

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

Investment from Affiliates

Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of August 31, 2023, as applicable:

	UNDERLYING FUNDS
	SCHWAB U.S. LARGE-CAP ETF	SCHWAB U.S. SMALL-CAP ETF	SCHWAB U.S. DIVIDEND EQUITY ETF
Schwab Monthly Income Fund - Flexible Payout	— %	— %	0.0 %*
Schwab Monthly Income Fund - Income Payout	— %	— %	0.0 %*
Schwab Monthly Income Fund - Target Payout	— %	— %	0.0 %*
Schwab Target 2010 Index Fund	0.0 %*	0.0 %*	— %
Schwab Target 2015 Index Fund	0.0 %*	0.0 %*	— %
Schwab Target 2020 Index Fund	0.2 %	0.0 %*	— %
Schwab Target 2025 Index Fund	0.5 %	0.1 %	— %
Schwab Target 2030 Index Fund	1.0 %	0.2 %	— %
Schwab Target 2035 Index Fund	0.8 %	0.2 %	— %
Schwab Target 2040 Index Fund	1.0 %	0.2 %	— %
Schwab Target 2045 Index Fund	0.7 %	0.2 %	— %
Schwab Target 2050 Index Fund	0.9 %	0.2 %	— %
Schwab Target 2055 Index Fund	0.6 %	0.2 %	— %
Schwab Target 2060 Index Fund	0.7 %	0.2 %	— %
Schwab Target 2065 Index Fund	0.1 %	0.0 %*	— %
Schwab VIT Balanced Portfolio	0.1 %	0.0 %*	— %
Schwab VIT Balanced with Growth Portfolio	0.2 %	0.0 %*	— %
Schwab VIT Growth Portfolio	0.2 %	0.1 %	— %

*	Less than 0.05%

Interfund Transactions

The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended August 31, 2023, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

	PURCHASE COST	SALE PROCEEDS	REALIZED GAINS (LOSSES)
Schwab U.S. Broad Market ETF	$84,640,575	$169,617,147	($76,385,634 )
Schwab 1000 Index ETF	22,134,451	26,636,355	(17,956,206 )
Schwab U.S. Large-Cap ETF	263,193,468	319,954,229	(210,135,240 )
Schwab U.S. Large-Cap Growth ETF	416,810,845	447,414,241	(223,847,666 )
Schwab U.S. Large-Cap Value ETF	286,778,067	382,755,627	(40,095,911 )
Schwab U.S. Mid-Cap ETF	139,408,980	280,096,543	(151,998,665 )
Schwab U.S. Small-Cap ETF	191,509,436	504,751,392	(82,401,644 )
Schwab U.S. Dividend Equity ETF	226,863,387	286,798,054	(50,741,113 )

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

Interfund Borrowing and Lending

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

5. Other Service Providers:

SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the funds.

State Street Bank and Trust Company (State Street) serves as the funds’ transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the funds’ shares. The transfer agent is also responsible for the order-taking function for the funds’ shares.

State Street also serves as custodian and accountant for the funds. The custodian is responsible for the daily safekeeping of securities and cash held by the funds. The funds’ accountant maintains all books and records related to the funds’ transactions.

6. Board of Trustees:

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested trustees or non-interested trustees (independent trustees). The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

7. Borrowing from Banks:

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 29, 2022. On September 29, 2022, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

8. Derivatives:

Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at August 31, 2023 are presented in each fund’s Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in each fund’s Statement of Operations, if any. Refer to financial

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Financial Notes (continued)

8. Derivatives (continued):

note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended August 31, 2023, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

	NOTIONAL AMOUNTS	NUMBER OF CONTRACTS
Schwab U.S. Broad Market ETF	$29,617,452	144
Schwab 1000 Index ETF	4,002,425	19
Schwab U.S. Large-Cap ETF	50,153,106	244
Schwab U.S. Large-Cap Growth ETF	16,933,584	136
Schwab U.S. Large-Cap Value ETF	19,427,348	246
Schwab U.S. Mid-Cap ETF	15,969,075	65
Schwab U.S. Small-Cap ETF	21,967,068	238
Schwab U.S. Dividend Equity ETF	101,773,838	570

9. Purchases and Sales of Investment Securities:

For the period ended August 31, 2023, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

	PURCHASES OF SECURITIES	SALES OF SECURITIES
Schwab U.S. Broad Market ETF	$901,702,700	$763,127,047
Schwab 1000 Index ETF	127,289,816	102,782,594
Schwab U.S. Large-Cap ETF	1,304,232,705	1,162,812,605
Schwab U.S. Large-Cap Growth ETF	1,470,382,892	1,377,878,065
Schwab U.S. Large-Cap Value ETF	708,123,326	685,500,453
Schwab U.S. Mid-Cap ETF	1,940,816,696	1,675,266,784
Schwab U.S. Small-Cap ETF	1,805,627,997	1,286,800,190
Schwab U.S. Dividend Equity ETF	12,564,743,909	12,407,610,454

10. In-Kind Transactions:

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

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Financial Notes (continued)

10. In-Kind Transactions (continued):

The in-kind transactions for the period ended August 31, 2023, were as follows:

	IN-KIND PURCHASES OF SECURITIES	IN-KIND SALES OF SECURITIES
Schwab U.S. Broad Market ETF	$1,549,838,837	$1,151,594,838
Schwab 1000 Index ETF	388,243,930	46,662,882
Schwab U.S. Large-Cap ETF	2,532,328,509	1,640,626,358
Schwab U.S. Large-Cap Growth ETF	2,235,561,344	720,793,079
Schwab U.S. Large-Cap Value ETF	891,929,118	1,027,410,332
Schwab U.S. Mid-Cap ETF	1,065,634,630	901,448,693
Schwab U.S. Small-Cap ETF	2,160,266,325	1,880,880,516
Schwab U.S. Dividend Equity ETF	13,132,808,080	1,854,870,922

For the period ended August 31, 2023, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2023 are disclosed in the funds’ Statements of Operations, if any.

11. Federal Income Taxes:

As of August 31, 2023, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:

	TAX COST	GROSS UNREALIZED APPRECIATION	GROSS UNREALIZED DEPRECIATION	NET UNREALIZED APPRECIATION (DEPRECIATION)
Schwab U.S. Broad Market ETF	$15,124,093,182	$9,585,312,790	($1,261,429,273 )	$8,323,883,517
Schwab 1000 Index ETF	2,286,621,683	788,717,566	(139,812,614 )	648,904,952
Schwab U.S. Large-Cap ETF	23,128,655,868	12,414,763,282	(1,563,139,689 )	10,851,623,593
Schwab U.S. Large-Cap Growth ETF	12,275,164,375	8,115,133,531	(574,988,845 )	7,540,144,686
Schwab U.S. Large-Cap Value ETF	8,324,353,648	2,109,438,151	(631,086,602 )	1,478,351,549
Schwab U.S. Mid-Cap ETF	8,767,232,590	2,218,806,297	(984,673,822 )	1,234,132,475
Schwab U.S. Small-Cap ETF	14,443,376,747	3,244,287,971	(3,055,143,824 )	189,144,147
Schwab U.S. Dividend Equity ETF	47,254,980,698	5,255,804,962	(2,961,498,924 )	2,294,306,038

As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:

	UNDISTRIBUTED ORDINARY INCOME	NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS	CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES	TOTAL
Schwab U.S. Broad Market ETF	$68,948,164	$8,323,883,517	($380,594,527 )	$8,012,237,154
Schwab 1000 Index ETF	8,359,991	648,904,952	(57,703,361 )	599,561,582
Schwab U.S. Large-Cap ETF	98,799,035	10,851,623,593	(726,296,280 )	10,224,126,348
Schwab U.S. Large-Cap Growth ETF	15,223,450	7,540,144,686	(761,797,929 )	6,793,570,207
Schwab U.S. Large-Cap Value ETF	50,072,776	1,478,351,549	(510,288,346 )	1,018,135,979
Schwab U.S. Mid-Cap ETF	28,633,308	1,234,132,475	(931,787,074 )	330,978,709
Schwab U.S. Small-Cap ETF	49,098,037	189,144,147	(1,019,801,165 )	(781,558,981 )
Schwab U.S. Dividend Equity ETF	319,365,046	2,294,306,038	(2,107,512,084 )	506,159,000

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Financial Notes (continued)

11. Federal Income Taxes (continued):

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts and partnership investments. The tax cost of the funds’ investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2023, the funds had capital loss carryforwards available as follows:


Schwab U.S. Broad Market ETF	$380,594,527
Schwab 1000 Index ETF	57,703,361
Schwab U.S. Large-Cap ETF	726,296,280
Schwab U.S. Large-Cap Growth ETF	761,797,929
Schwab U.S. Large-Cap Value ETF	510,288,346
Schwab U.S. Mid-Cap ETF	931,787,074
Schwab U.S. Small-Cap ETF	1,019,801,165
Schwab U.S. Dividend Equity ETF	2,107,512,084

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

	CURRENT FISCAL YEAR END DISTRIBUTIONS	PRIOR FISCAL YEAR END DISTRIBUTIONS
	ORDINARY INCOME	ORDINARY INCOME
Schwab U.S. Broad Market ETF	$337,594,345	$301,551,265
Schwab 1000 Index ETF	38,671,065	29,128,865
Schwab U.S. Large-Cap ETF	491,587,390	444,552,685
Schwab U.S. Large-Cap Growth ETF	83,274,425	75,895,760
Schwab U.S. Large-Cap Value ETF	245,578,070	212,274,805
Schwab U.S. Mid-Cap ETF	160,033,135	141,961,375
Schwab U.S. Small-Cap ETF	203,432,945	200,176,110
Schwab U.S. Dividend Equity ETF	1,545,094,465	1,019,575,010

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments have no impact on net assets or the results of operations.

As of August 31, 2023, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund’s Statement of Operations. During the fiscal year ended August 31, 2023, the funds did not incur any interest or penalties.

12. Share Splits:

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, and Schwab U.S. Dividend Equity ETF:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, and Schwab U.S. Dividend Equity ETF, (the “Funds”) eight of the funds constituting Schwab Strategic Trust, as of August 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year in the period ended August 31, 2019 were audited by other auditors, whose report, dated October 17, 2019, expressed an unqualified opinion on such financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP
Denver, Colorado
October 17, 2023

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

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Other Federal Tax Information (unaudited)

For corporate shareholders, the following percentage of the funds’ dividend distributions paid during the fiscal year ended August 31, 2023, qualify for the corporate dividends received deduction:


Schwab U.S. Broad Market ETF	91.02 %
Schwab 1000 Index ETF	93.62 %
Schwab U.S. Large-Cap ETF	92.70 %
Schwab U.S. Large-Cap Growth ETF	95.90 %
Schwab U.S. Large-Cap Value ETF	92.78 %
Schwab U.S. Mid-Cap ETF	73.42 %
Schwab U.S. Small-Cap ETF	71.34 %
Schwab U.S. Dividend Equity ETF	99.49 %

For the fiscal year ended August 31, 2023, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2024 via IRS Form 1099 of the amount for use in preparing their 2023 income tax return.

Schwab U.S. Broad Market ETF	$316,246,722
Schwab 1000 Index ETF	37,238,342
Schwab U.S. Large-Cap ETF	471,474,539
Schwab U.S. Large-Cap Growth ETF	83,274,425
Schwab U.S. Large-Cap Value ETF	234,668,933
Schwab U.S. Mid-Cap ETF	119,944,356
Schwab U.S. Small-Cap ETF	148,683,304
Schwab U.S. Dividend Equity ETF	1,545,094,465

For the fiscal year ended August 31, 2023, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2024 via IRS Form 1099 of the amounts for use in preparing their 2023 income tax return.

Schwab U.S. Broad Market ETF	$18,672,905
Schwab 1000 Index ETF	1,432,723
Schwab U.S. Large-Cap ETF	20,112,851
Schwab U.S. Large-Cap Growth ETF	—
Schwab U.S. Large-Cap Value ETF	10,909,137
Schwab U.S. Mid-Cap ETF	28,700,780
Schwab U.S. Small-Cap ETF	30,410,643
Schwab U.S. Dividend Equity ETF	—

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Investment Advisory Agreement Approval

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab U.S. Broad Market ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, Schwab U.S. Dividend Equity ETF and Schwab 1000 Index ETF (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser’s affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. As part of the renewal process, the Independent Trustees’ legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds’ operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees’ legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer

sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on April 27, 2023 and June 6, 2023, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 6, 2023 called for the purpose of voting on such approval.

The Board’s approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;

each Fund’s expenses and how those expenses compared to those of certain other similar exchange-traded funds;

the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser’s experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds’ portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser’s

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technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Funds and their shareholders. The Trustees considered Schwab’s overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

Fund Performance. The Board considered each Fund’s performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund’s performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund’s investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund’s demonstrated performance in tracking its benchmark index. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser’s profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although the Schwab U.S. Small-Cap ETF and Schwab U.S. Mid-Cap ETF had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board concluded that other factors relevant to performance supported renewal of the Agreement with respect to the Funds, the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with the Fund’s investment objective and policies and that it had taken steps designed to help improve performance. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund, supported renewal of the Agreement with respect to such Fund.

Fund Expenses. With respect to each Fund’s expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund’s operating expense ratio, in each case in comparison to those of other similar exchange-traded funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to

the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to mutual funds and other exchange-traded funds that it manages. The Board evaluated the Funds’ unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds tracking U.S. equity indices. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.

Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to

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scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the investment adviser has invested in its infrastructure, as discussed above, over time and that the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not

identify any particular information or factor that was all important or controlling. Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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Trustees and Officers

The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-877-824-5615.

Independent Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Michael J. Beer 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)	Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management).	106	Director (2016 – 2019), Principal Funds, Inc.
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016)	Retired/Private Investor.	106	None
Nancy F. Heller 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Retired.	106	None
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)	Private Investor.	106	Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation
Jane P. Moncreiff 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019)	Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare).	106	None

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Interested Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Walter W. Bettinger II2 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)	Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.	106	Director (2008 – present), The Charles Schwab Corporation
Richard A. Wurster2 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)	President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.	106	None

Officers of the Trust
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3)	Principal Occupations During the Past Five Years
Omar Aguilar 1970 Chief Executive Officer and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Sept. 2023 – present), Chief Investment Officer (June 2011 – present) and Vice President (June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab ETFs.
Jonathan de St. Paer 1973 President (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; President (Nov. 2018 – present), Chief Executive Officer (Apr. 2019 – Sept. 2023) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc.
Mark Fischer 1970 Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)	Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – Mar. 2023), Charles Schwab Investment Management, Inc.

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Officers of the Trust (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served3)	Principal Occupations During the Past Five Years
Dana Smith 1965 Treasurer and Chief Financial Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2023)	Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.
Brett Wander 1961 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Managing Director (Mar. 2023 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Mar. 2023) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)	Managing Director (Mar. 2023 – present), Chief Investment Officer (Jan. 2020 – present) and Senior Vice President (Jan. 2020 – Mar. 2023) Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc.
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)	Managing Director (Mar. 2023 – present), Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

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Glossary

ask See “offer.”

asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.

asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.

authorized participant (AP) A large institutional investor that places orders for creation units with the funds’ distributor.

beta A historical measure of an investment’s volatility relative to a market index (usually the S&P 500®). The index is defined as having a beta of 1.00. Investments with a beta higher than 1.00 have been more volatile than the index; those with a beta of less than 1.00 have been less volatile.

bid The highest price at which someone is willing to buy a security.

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

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

cap, capitalization See “market cap.”

capital gain, capital loss The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still “on paper” and is considered unrealized.

commencement of operations The date that the first NAV was calculated.

creation unit (C.U.) A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.

dividend yield A stock’s indicated annual dividend divided by current price. At the portfolio level, it is the value-weighted average of the dividend yield of the securities in the portfolio.

Dow Jones U.S. Broad Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, which includes the largest 2,500 publicly traded U.S. companies and is designed to measure the performance of large- and small-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.

Dow Jones U.S. Dividend 100 Index An index that is designed to measure the performance of high dividend yielding stocks issued by U.S. companies that have a record of consistently paying dividends, selected for fundamental strength relative to their peers, based on financial ratios. The 100-component index is a subset of the Dow Jones U.S. Broad Market Index, which includes the 2,500 largest U.S. stocks based on full market capitalization and excludes real estate investment trusts (REITs). It is modified market capitalization weighted.

Dow Jones U.S. Large-Cap Growth Total Stock Market Index An index, which is a subset of the Dow Jones U.S. Total Stock Market Index, that is designed to measure the performance of large-cap U.S. equity securities that are classified as “growth” based on a multi-factor analysis. The index is a float-adjusted market capitalization weighted index.

Dow Jones U.S. Large-Cap Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of large-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index.

Dow Jones U.S. Large-Cap Value Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of large-cap U.S. equity securities that are classified as “value” based on a multi-factor analysis. The index is a float-adjusted market capitalization weighted index.

Dow Jones U.S. Mid-Cap Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of mid-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index.

Dow Jones U.S. Small-Cap Total Stock Market Index An index that is a subset of the Dow Jones U.S. Total Stock Market Index, and is designed to measure the performance of small-cap U.S. equity securities. The index is a float-adjusted market capitalization weighted index.

Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in the marketplace.

exchange A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.

expense ratio The amount that is taken from the fund’s assets each year to cover the operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets a year.

gross domestic product (GDP) The output of goods and services produced by labor and property located in the United States.

inception date The date that the shares began trading in the secondary market.

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indicative optimized portfolio value (IOPV) A calculation disseminated by the stock exchange that approximates the fund’s NAV every 15 seconds throughout the trading day.

liquidity The ability to convert a security or asset quickly into cash.

market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding. Free-float market capitalization is a variation of market capitalization that only includes shares generally available to the public, and excludes shares of a company held by entities such as the government. Modified market capitalization weighting represents a mix between conventional market capitalization weighting and equal weighting.

market price return The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.

median market cap The midpoint of the range of market caps of the stocks held by a fund. There are different ways of calculating median market cap. With a simple median, half of the stocks in the fund’s portfolio would be larger than the median, and half would be smaller. With a weighted median (the type that is calculated for these funds), half of the fund’s assets are invested in stocks that are larger than the median market cap, and half in stocks that are smaller.

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

net asset value (NAV) The value of one share of a fund. NAV is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of shares outstanding.

NAV return The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.

offer (ask) The lowest price at which an individual is willing to sell a security.

open The price at which a security opened for trading on a given day.

outstanding shares, shares outstanding When speaking of the fund, indicates all shares currently held by investors.

price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the fund’s portfolio.

price-to-earnings ratio (P/E) The market price of a company’s stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of all stocks in the fund’s portfolio.

primary market The market that deals with the issuance of new securities.

rights and warrants Rights and warrants are types of securities that entitle the holder to purchase a proportionate amount of common stock at a specified price for a specific period of time. Rights allow a shareholder to buy more shares directly from the company, usually at a

price somewhat lower than the current market price of the outstanding shares. Warrants are usually issued with bonds and preferred stock. Rights and warrants can trade on the market separately from the company’s stock. The prices of rights and warrants do not necessarily move parallel to the prices of the underlying common stock. Rights usually expire within a few weeks of issuance, while warrants may not expire for several years. If a right or warrant is not exercised within the specified time period, it will become worthless and a fund will lose the purchase price it paid for the right or warrant and the right to purchase the underlying security.

Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.

Schwab 1000 Index A float-adjusted market capitalization weighted index developed by Charles Schwab & Co., Inc. that represents the performance of the largest 1,000 publicly traded companies in the United States. As a result of corporate actions, the index may be comprised of more or less than 1,000 securities.

SEC yield A standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund’s filings with the SEC. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund’s expenses. This is also referred to as the “standardized yield.”

sampling If a fund uses a sampling method, the fund will not fully replicate the benchmark index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index.

secondary market The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.

spread The gap between bid and ask prices of a security.

stock A share of ownership, or equity, in the issuing company.

total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

tracking error The difference between the performance of the fund and its benchmark index, positive or negative.

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Schwab ETFs

Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.

Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs’ website at www.schwabassetmanagement.com/schwabetfs_prospectus, the SEC’s website at www.sec.gov, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus or the SEC’s website at www.sec.gov.

Schwab ETFs

U.S. ETFs

Schwab U.S. Broad Market ETF

Schwab 1000 Index® ETF

Schwab U.S. Large-Cap ETF

Schwab U.S. Large-Cap Growth ETF

Schwab U.S. Large-Cap Value ETF

Schwab U.S. Mid-Cap ETF

Schwab U.S. Small-Cap ETF

Schwab U.S. Dividend Equity ETF

Schwab U.S. REIT ETF

International ETFs

Schwab International Dividend Equity ETF

Schwab International Equity ETF

Schwab International Small-Cap Equity ETF

Schwab Emerging Markets Equity ETF

Fixed-Income ETFs

Schwab U.S. TIPS ETF

Schwab Short-Term U.S. Treasury ETF

Schwab Intermediate-Term U.S. Treasury ETF

Schwab Long-Term U.S. Treasury ETF

Schwab U.S. Aggregate Bond ETF

Schwab 1-5 Year Corporate Bond ETF

Schwab 5-10 Year Corporate Bond ETF

Schwab Municipal Bond ETF

Schwab High Yield Bond ETF

Fundamental Index* ETFs

Schwab Fundamental U.S. Broad Market Index ETF

Schwab Fundamental U.S. Large Company Index ETF

Schwab Fundamental U.S. Small Company Index ETF

Schwab Fundamental International Large Company Index ETF

Schwab Fundamental International Small Company Index ETF

Schwab Fundamental Emerging Markets Large Company
Index ETF

Active, Semi-Transparent (Also Known As Non-Transparent) ETF

Schwab Ariel ESG ETF

Thematic ETFs

Schwab Crypto Thematic ETF

Investment Adviser

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

Schwab ETFs

1-877-824-5615

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

The Schwab Ariel ESG ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:

•

You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.

•

The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.

•

These additional risks may be even greater in bad or uncertain market conditions.

•

The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.

The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund’s performance. If other traders are able to copy or predict the fund’s investment strategy, however, this may hurt the fund’s performance.

For additional information regarding the unique attributes and risks of the fund, see Proxy Portfolio Risk, Premium/Discount Risk, Trading Halt Risk, Authorized Participant Concentration Risk, Tracking Error Risk and Shares of the Fund May Trade at Prices Other Than NAV in the Principal Risks and Proxy Portfolio and Proxy Overlap sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

Schwab U.S. Equity ETFs

Active semi-transparent (also referred to as non-transparent) ETFs operate differently from other exchange-traded funds (ETFs). Unlike other ETFs, an active semi-transparent ETF does not publicly disclose its entire portfolio composition each business day, which may affect the price at which shares of the ETF trade in the secondary market. Active semi-transparent ETFs have limited public trading history. There can be no assurance that an active trading market will develop, be maintained or operate as intended. There is a risk that the market price of an active semi-transparent ETF may vary significantly from the ETF’s net asset value and that its shares may trade at a wider bid/ask spread and, therefore, cost investors more to trade than shares of other ETFs. These risks are heightened during periods of market disruption or volatility.

Proxy Portfolio Risk: Unlike traditional ETFs, this fund does not disclose its portfolio holdings (Actual Portfolio) daily. The fund instead posts a Proxy Portfolio on its website each day. The Proxy Portfolio is designed to reflect the economic exposures and risk characteristics of the fund’s actual holdings on each trading day, but it is not the same as the fund’s Actual Portfolio. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. ETF trading on the basis of a published Proxy Portfolio may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore may cost investors more to trade. Also, while the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund’s trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.

Proxy Portfolio Construction: The Proxy Portfolio is designed to recreate the daily performance of the Actual Portfolio. This is achieved by performing a “Factor Model” analysis of the Actual Portfolio. The Factor Model is comprised of three sets of factors or analytical metrics: market-based factors, fundamental factors, and industry/sector factors. The fund uses a “Model Universe” to generate its Proxy Portfolio. The Model Universe is comprised of securities that the fund can purchase and will be a financial index or stated portfolio of securities from which fund investments will be selected. The results of the Factor Model analysis are then applied to the Model Universe. The Proxy Portfolio is then generated as a result of this Model Universe analysis with the Proxy Portfolio being a small sub-set of the Model Universe. The Factor Model is applied to both the Actual Portfolio and the Model Universe to construct the fund’s Proxy Portfolio that performs in a manner substantially identical to the performance of its Actual Portfolio. The Proxy Portfolio will only include investments the fund is permitted to hold. The fund’s SAI contains more information on the Proxy Portfolio and its construction.

Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and the fund’s Actual Portfolio holdings that formed the basis for its calculation of NAV at the end of the prior Business Day (the Portfolio Overlap), is available by visiting the fund’s website www.schwabassetmanagement.com.

Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole.

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

Assets
Investments in securities, at value - affiliated (cost $35,699,975)		$46,580,980
Investments in securities, at value - unaffiliated (cost $14,909,556,774) including securities on loan of $27,852,027		23,401,219,743
Cash		154,211
Deposit with broker for futures contracts		2,915,000
Receivables:
Dividends		33,915,018
Investments sold		1,098,951
Income from securities on loan	+	429,601
Total assets		23,486,313,504

Liabilities
Collateral held for securities on loan		29,220,235
Payables:
Investments bought		1,088,478
Management fees		589,373
Variation margin on futures contracts	+	107,056
Total liabilities		31,005,142
Net assets		$23,455,308,362

Net Assets by Source
Capital received from investors		$15,443,071,208
Total distributable earnings	+	8,012,237,154
Net assets		$23,455,308,362

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$23,455,308,362		446,550,000		$52.53

TRANSACTIONS IN FUND SHARES
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	VALUE	SHARES	VALUE
Shares sold		10,750,000	$411,186,678	12,600,000	$529,373,421
Shares redeemed	+	(1,500,000 )	(58,078,437 )	(900,000 )	(37,665,232 )
Net transactions in fund shares		9,250,000	$353,108,241	11,700,000	$491,708,189

SHARES OUTSTANDING AND NET ASSETS
	9/1/22-8/31/23			9/1/21-8/31/22
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		58,350,000	$2,234,886,623	46,650,000	$2,090,428,144
Total increase	+	9,250,000	704,022,571	11,700,000	144,458,479
End of period		67,600,000	$2,938,909,194	58,350,000	$2,234,886,623

Assets
Investments in securities, at value - unaffiliated (cost $12,233,691,926) including securities on loan of $7,833,498		$19,814,666,275
Deposit with broker for futures contracts		2,613,600
Receivables:
Fund shares sold		38,379,120
Investments sold		15,178,170
Dividends		9,259,591
Variation margin on future contracts		16,170
Income from securities on loan	+	6,906
Total assets		19,880,119,832

Liabilities
Collateral held for securities on loan		7,993,825
Payables:
Investments bought		37,969,113
Fund shares redeemed		15,342,152
Management fees	+	654,811
Total liabilities		61,959,901
Net assets		$19,818,159,931

Net Assets by Source
Capital received from investors		$13,024,589,724
Total distributable earnings	+	6,793,570,207
Net assets		$19,818,159,931

Assets
Investments in securities, at value - unaffiliated (cost $8,659,558,984) including securities on loan of $27,895,253		$10,001,353,565
Cash		763,438
Deposit with broker for futures contracts		748,800
Receivables:
Dividends		9,036,204
Investments sold		4,525,501
Fund shares sold		3,584,713
Income from securities on loan	+	628,880
Total assets		10,020,641,101

Liabilities
Collateral held for securities on loan		28,594,683
Payables:
Investments bought		12,163,759
Fund shares redeemed		3,584,713
Management fees		336,399
Variation margin on futures contracts	+	6,474
Total liabilities		44,686,028
Net assets		$9,975,955,073

Net Assets by Source
Capital received from investors		$9,644,976,364
Total distributable earnings	+	330,978,709
Net assets		$9,975,955,073

Assets
Investments in securities, at value - unaffiliated (cost $14,187,896,651) including securities on loan of $159,482,809		$14,632,291,135
Cash		1,236,329
Deposit with broker for futures contracts		2,331,200
Receivables:
Dividends		13,511,962
Investments sold		3,792,547
Income from securities on loan	+	1,063,101
Total assets		14,654,226,274

Liabilities
Collateral held for securities on loan		169,165,788
Payables:
Investments bought		3,509,896
Management fees		490,707
Variation margin on futures contracts	+	86,751
Total liabilities		173,253,142
Net assets		$14,480,973,132

Net Assets by Source
Capital received from investors		$15,262,532,113
Total distributable loss	+	(781,558,981 )
Net assets		$14,480,973,132

Assets
Investments in securities, at value - unaffiliated (cost $46,961,993,796) including securities on loan of $28,611,176		$49,550,131,095
Deposit with broker for futures contracts		9,712,000
Receivables:
Dividends		155,112,197
Fund shares sold		33,546,767
Income from securities on loan	+	12,306
Total assets		49,748,514,365

Liabilities
Collateral held for securities on loan		29,140,140
Payables:
Investments bought		105,459,342
Management fees		2,497,859
Variation margin on futures contracts	+	912,614
Total liabilities		138,009,955
Net assets		$49,610,504,410

Net Assets by Source
Capital received from investors		$49,104,345,410
Total distributable earnings	+	506,159,000
Net assets		$49,610,504,410

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