(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Annual Report  |  August 31, 2022
Schwab U.S. Equity ETFs

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

         
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In This Report
Performance at a Glance 2
From the President 3
The Investment Environment 4
Fund Management 6
Performance and Fund Facts  
Schwab U.S. Broad Market ETF 7
Schwab 1000 Index ETF 10
Schwab U.S. Large-Cap ETF 13
Schwab U.S. Large-Cap Growth ETF 16
Schwab U.S. Large-Cap Value ETF 19
Schwab U.S. Mid-Cap ETF 22
Schwab U.S. Small-Cap ETF 25
Schwab U.S. Dividend Equity ETF 28
Fund Expenses 31
Financial Statements and Portfolio Holdings  
Schwab U.S. Broad Market ETF 32
Schwab 1000 Index ETF 57
Schwab U.S. Large-Cap ETF 71
Schwab U.S. Large-Cap Growth ETF 83
Schwab U.S. Large-Cap Value ETF 91
Schwab U.S. Mid-Cap ETF 101
Schwab U.S. Small-Cap ETF 111
Schwab U.S. Dividend Equity ETF 131
Financial Notes 138
Report of Independent Registered Public Accounting Firm 149
Other Federal Tax Information 150
Shareholder Vote Results 151
Investment Advisory Agreement Approval 152
Trustees and Officers 155
Glossary 159
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.
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Schwab U.S. Equity ETFs
Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended August 31, 2022
Schwab U.S. Broad Market ETF
(Ticker Symbol: SCHB)
 
Market Price Return1 -13.66%
NAV Return1 -13.64%
Dow Jones U.S. Broad Stock Market Index -13.62%
ETF Category: Morningstar Large Blend2 -12.08%
Performance Details pages 7-9
Schwab 1000 Index ETF
(Ticker Symbol: SCHK)
 
Market Price Return1 -13.30%
NAV Return1 -13.36%
Schwab 1000 Index® -13.32%
Russell 1000® Index -12.96%
ETF Category: Morningstar Large Blend2 -12.08%
Performance Details pages 10-12
Schwab U.S. Large-Cap ETF
(Ticker Symbol: SCHX)
 
Market Price Return1 -13.16%
NAV Return1 -13.22%
Dow Jones U.S. Large-Cap Total Stock Market Index -13.20%
ETF Category: Morningstar Large Blend2 -12.08%
Performance Details pages 13-15
Schwab U.S. Large-Cap Growth ETF
(Ticker Symbol: SCHG)
 
Market Price Return1 -20.34%
NAV Return1 -20.37%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index -20.34%
ETF Category: Morningstar Large Growth2 -23.75%
Performance Details pages 16-18
Total Returns for the 12 Months Ended August 31, 2022
Schwab U.S. Large-Cap Value ETF
(Ticker Symbol: SCHV)
 
Market Price Return1 -6.76%
NAV Return1 -6.78%
Dow Jones U.S. Large-Cap Value Total Stock Market Index -6.75%
ETF Category: Morningstar Large Value2 -4.79%
Performance Details pages 19-21
Schwab U.S. Mid-Cap ETF
(Ticker Symbol: SCHM)
 
Market Price Return1 -14.59%
NAV Return1 -14.62%
Dow Jones U.S. Mid-Cap Total Stock Market Index -14.64%
ETF Category: Morningstar Mid-Cap Blend2 -11.22%
Performance Details pages 22-24
Schwab U.S. Small-Cap ETF
(Ticker Symbol: SCHA)
 
Market Price Return1 -17.72%
NAV Return1 -17.78%
Dow Jones U.S. Small-Cap Total Stock Market Index -17.83%
ETF Category: Morningstar Small Blend2 -13.07%
Performance Details pages 25-27
Schwab U.S. Dividend Equity ETF
(Ticker Symbol: SCHD)
 
Market Price Return1 -3.76%
NAV Return1 -3.74%
Dow Jones U.S. Dividend 100TM Index -3.66%
ETF Category: Morningstar Large Value2 -4.79%
Performance Details pages 28-30
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Indices are products of S&P Dow Jones Indices LLC and/or its affiliates, and have been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Equity ETFs, based on their respective Dow Jones Indices, are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such products.
1 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
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Schwab U.S. Equity ETFs
From the President

Jonathan de St. Paer
President of Schwab Asset
Management and the funds
covered in this report.
Dear Shareholder,
The fiscal year ended August 31, 2022, may have felt like a roller coaster ride for investors. U.S. equities advanced during the last four months of 2021 despite escalating inflationary pressures and the lingering economic impact of the COVID-19 pandemic. However, the start of 2022 saw a negative turn in investor sentiment due to rising energy and commodity prices, global supply-chain disruptions, and the increasing likelihood that the U.S. Federal Reserve (Fed) would raise short-term interest rates. The Fed subsequently raised rates in March, May, June, and July. These concerns were heightened by Russia’s invasion of Ukraine in February, which triggered a humanitarian crisis, heightened geopolitical instability, and exacerbated energy, food, and commodity price inflation. As a result, after reaching record heights during the first few days of the new year, the S&P 500® Index, a bellwether for the overall U.S. stock market, lost nearly 20% over the first six months of 2022, touching bear market territory. Although stocks staged a partial recovery in July and early August, they fell again during the final weeks of August. In this environment, the S&P 500® Index returned -11.2% for the reporting period.
Market declines and volatility can unsettle confidence even in well-established investment plans and can cause investors to impulsively react to market movements. At such times, it is helpful to remember that, in the longer-term, this can often make investing outcomes worse. While bear markets occur periodically, they tend to be shorter than bull markets and eventually come to an end. In fact, the Schwab Center for Financial Research found that going back to the late 1960s, the average bull market lasted about six years while the average bear market lasted about 15 months.1 In addition, missing out on early gains after the market has hit bottom can lead to lower returns over time as market rebounds tend to be front-loaded. At Schwab Asset Management, we believe investors are best served by maintaining a long-term investment plan and a portfolio with exposure to a mix of asset classes based on their risk tolerance and goals. The Schwab U.S. Equity ETFs can serve as part of the core of a diversified portfolio, offering simple, low-cost access to U.S. small-, mid-, and large-cap stocks, growth, value, and dividend yielding stocks.
Thank you for investing with Schwab Asset Management. For more information about the Schwab U.S. Equity ETFs, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.
Sincerely,
In fact, the Schwab Center for Financial Research found that going back to the late 1960s, the average bull market lasted about six years while the average bear market lasted about 15 months.1
Past performance is no guarantee of future results.
Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.
Management views may have changed since the report date.
Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.
1 Schwab Center for Financial Research. (2022, September 13). Stock Market Volatility: Inflation Strikes Again.
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Schwab U.S. Equity ETFs
The Investment Environment

For the 12-month reporting period ended August 31, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. For the reporting period, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned -11.23%. Small- and mid-cap stocks were weaker, with the Russell 2000® Index and the Dow Jones U.S. Mid-Cap Total Stock Market Index returning -17.88% and -14.64%, respectively.
The U.S. economy continued its recovery from the impact of the COVID-19 pandemic in the third and fourth quarters of 2021. Gross domestic product (GDP) rose at an annualized rate of 2.3% and 6.9% for the third and fourth quarters of 2021, respectively. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, a tight labor market, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.6% for the first quarter of 2022, followed by a decrease at an annualized rate of -0.6% for the second quarter of 2022. The unemployment rate, which has fallen steadily since skyrocketing in April 2020, ended the reporting period near pre-pandemic levels. Inflation remained stubbornly high due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs.
Monetary policies around the world varied. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, and 0.75% in late July in an effort to
Asset Class Performance Comparison % returns during the 12 months ended August 31, 2022    

 
Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not 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.
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Schwab U.S. Equity ETFs
The Investment Environment (continued)

achieve a return to price stability. The federal funds rate ended the reporting period in a range of 2.25% to 2.50%. The Fed also set expectations for further rate hikes by the end of 2022. In addition, the Fed ended its bond-buying program, which it had begun to scale back in November 2021, in early March 2022. In June, the Fed began to reduce the $9 trillion in assets it holds on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening in 2017 through 2019.
Among the sectors in the Dow Jones U.S. Broad Market Index, eight of 11 posted losses for the reporting period. The weakest sector for the reporting period was the communication services sector, driven by weakness among several large companies including Meta Platforms, Inc., the parent company of Facebook, and Alphabet, Inc., the parent company of Google. The industry is facing subdued growth as a result of rising interest rates, waning demand for products and services, and declines in ad spending. The rise in the yield of the 10-year U.S. Treasury has also negatively impacted the sector; it is seen as a headwind for high-growth and relatively expensive stocks as it reduces the present value of future earnings. The consumer discretionary sector was also weak as consumers tempered their buying in the face of inflationary pressures. The strongest performer was the energy sector, driven primarily by rising oil prices in the face of increasing demand and constrained supply. The utilities sector also posted gains for the reporting period.
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Schwab U.S. Equity ETFs
Fund Management

 Christopher Bliss, CFA, Managing Director and Head of Passive Equity Strategies for Schwab Asset Management, is responsible for overseeing the investment process and portfolio management of investment strategies for passive equity Schwab Funds and Schwab ETFs. Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays Global Investors) managing and leading institutional index teams, most recently as a managing director and the head of the Americas institutional index team. In this role, Mr. Bliss was responsible for overseeing a team of portfolio managers managing domestic, developed international and emerging markets index strategies. Prior to BlackRock, he worked as an equity analyst and portfolio manager for Harris Bretall and before that, as a research analyst for JP Morgan.
    
 Jeremy Brown, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio management and research team where he performed portfolio management, trading, and analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a number of investment research, commentary, industry trend analysis, and sales and marketing support initiatives.
    
 Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global Investors) where he spent more than three years as a portfolio manager, managing equity index funds for institutional clients, and two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California.
    
 Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital.
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Schwab U.S. Broad Market ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communication services and consumer discretionary stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -13.66% and its NAV return was -13.64% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -13.62% 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 information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 27% of the fund’s investments and returned approximately -18% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software product. The fund’s holdings of Microsoft Corp. represented an average weight of approximately 5% of the fund’s investments and returned approximately -13% for the reporting period.
The communications sector also detracted from the total return of the fund, representing an average weight of approximately 9% of the fund’s investments and returning approximately -37% for the reporting period.
The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 4% of the fund’s investments and returned approximately 74% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. The fund’s holdings of Exxon Mobil Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately 83% for the reporting period.
The utilities sector also contributed to the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately 11% for the reporting period.
    
    
Management views and portfolio holdings may have changed since the report date.
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Schwab U.S. Broad Market ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -13.66% 11.18% 12.68%
NAV Return2 -13.64% 11.19% 12.69%
Dow Jones U.S. Broad Stock Market Index -13.62% 11.20% 12.69%
ETF Category: Morningstar Large Blend3 -12.08% 10.27% 11.68%
Fund Expense Ratio4: 0.03%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Broad Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Broad Market ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 2,504
Weighted Average Market Cap (millions) $453,085
Price/Earnings Ratio (P/E) 18.8
Price/Book Ratio (P/B) 3.5
Portfolio Turnover Rate 4% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets4
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 This list is not a recommendation of any security by the investment adviser.
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Schwab 1000 Index ETF as of August 31, 2022

The Schwab 1000 Index ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of the Schwab 1000 Index® (the index). The index is a float-adjusted market capitalization weighted index that includes the 1,000 largest stocks of publicly traded companies in the United States, with size being determined by market capitalization (total market value of all shares outstanding). The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does.
Market Highlights. For the 12-month reporting period ended August 31, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communication services and consumer discretionary stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -13.30% and its NAV return was -13.36% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -13.32% during the same period.
Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately 77% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. The fund’s holdings of Exxon Mobil Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately 83% for the reporting period.
The utilities sector also contributed to the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately 12% for the reporting period.
The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 28% of the fund’s investments and returned approximately -18% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund’s holdings of Microsoft Corp. represented an average weight of approximately 5% of the fund’s investments and returned approximately -13% for the reporting period.
The communications services sector also detracted from the total return of the fund, representing an average weight of 9% 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.
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Schwab 1000 Index ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (October 11, 2017 – August 31, 2022)1

 
Average Annual Returns1
Fund and Inception Date 1 Year 3 Years Since Inception*
Fund: Schwab 1000 Index ETF (10/11/17)      
Market Price Return2 -13.30% 11.84% 10.88%
NAV Return2 -13.36% 11.80% 10.87%
Schwab 1000 Index® -13.32% 11.86% 10.93%
Russell 1000® Index -12.96% 12.14% 11.11%
ETF Category: Morningstar Large Blend3 -12.08% 10.77% N/A
Fund Expense Ratio4: 0.05%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
* Inception (10/11/17) represents the date that the shares began trading in the secondary market.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab 1000 Index ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 988 2
Weighted Average Market Cap (millions) $481,194
Price/Earnings Ratio (P/E) 19.4
Price/Book Ratio (P/B) 3.7
Portfolio Turnover Rate 4% 3
Sector Weightings % of Investments4
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 As a result of the Schwab 1000 Index®’s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities.
3 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
4 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Large-Cap ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communications services and consumer discretionary stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -13.16% and its NAV return was -13.22% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -13.20% during the same period.
Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 3% of the fund’s investments and returned approximately 75% for the reporting period. One example from this sector is Exxon Mobil Corp., which operates petroleum and petro chemicals businesses. The fund’s holding of Exxon Mobil Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately 83% for the reporting period.
The utilities sector also contributed to the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately 12% for the reporting period.
The information technology sector detracted the most from the total return of the fund. Information technology stocks represented an average weight of approximately 28% of the fund’s investments and returned approximately -18% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund’s holdings of Microsoft Corp. represented an average weight of approximately 6% of the fund’s investments and returned approximately -13% for the reporting period.
The communications services sector also detracted from the total return of the fund, representing an average weight of approximately 9% 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.
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Table of Contents
Schwab U.S. Large-Cap ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -13.16% 11.63% 12.93%
NAV Return2 -13.22% 11.62% 12.93%
Dow Jones U.S. Large-Cap Total Stock Market Index -13.20% 11.65% 12.97%
ETF Category: Morningstar Large Blend3 -12.08% 10.27% 11.68%
Fund Expense Ratio4: 0.03%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Large-Cap ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 754
Weighted Average Market Cap (millions) $496,250
Price/Earnings Ratio (P/E) 19.7
Price/Book Ratio (P/B) 3.7
Portfolio Turnover Rate 4% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets4
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Large-Cap Growth ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and consumer staples sectors were the top performers, while communications services and financials stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -20.34% and its NAV return was -20.37% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -20.34% during the same period.
Contributors and Detractors. The energy sector was the only sector that contributed to the total return of the fund. Energy stocks represented an average weight of less than 1% of the fund’s investments and returned approximately 55% for the reporting period. One example from this sector is Cheniere Energy, Inc., an energy company focused on liquified natural gas-related businesses. The fund’s holdings of Cheniere Energy, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately 85% for the reporting period.
While no additional sectors contributed to the total return of the fund over the reporting period, the consumer staples sector was the smallest detractor from the total return of the fund, representing an average weight of approximately 2% of the fund’s investments and returning less than 1% for the reporting period.
The information technology sector was the largest detractor from the return of the fund. Information technology stocks represented an average weight of approximately 48% of the fund’s investments and returned approximately -18% for the reporting period. One example from this sector is Microsoft Corp., which develops, manufactures, licenses, sells, and supports software products. The fund’s holdings of Microsoft Corp. represented an average weight of approximately 12% of the fund’s investments and returned approximately -13% for the reporting period.
The communication services sector also detracted from the total return of the fund, representing an average weight of approximately 14% of the fund’s investments and returning approximately -39% for the reporting period.
    
    
Management views and portfolio holdings may have changed since the report date.
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Table of Contents
Schwab U.S. Large-Cap Growth ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -20.34% 14.55% 14.95%
NAV Return2 -20.37% 14.55% 14.96%
Dow Jones U.S. Large-Cap Growth Total Stock Market Index -20.34% 14.59% 15.02%
ETF Category: Morningstar Large Growth3 -23.75% 11.46% 12.74%
Fund Expense Ratio4: 0.04%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Growth Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Growth ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Large-Cap Growth ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 227
Weighted Average Market Cap (millions) $950,214
Price/Earnings Ratio (P/E) 30.1
Price/Book Ratio (P/B) 7.3
Portfolio Turnover Rate 6% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets4
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Large-Cap Value ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communication services and consumer discretionary stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -6.76% and its NAV return was -6.78% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -6.75% 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 financial sector detracted the most from the total return of the fund. Financial stocks represented an average weight of approximately 18% of the fund’s investments and returned approximately -11% for the reporting period. One example from this sector is JPMorgan Chase & Co., which provides global financial services and retail banking. The fund’s holdings of JPMorgan Chase & Co. represented an average weight of approximately 2% of the fund’s investments and returned approximately -27% for the reporting period.
The information technology also detracted from the total return of the fund, representing an average weight of approximately 12% of the fund’s investments and returning approximately -16% for the reporting period.
The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 6% of the fund’s investments and returned approximately 77% for the reporting period. One example from this sector is Exxon Mobil Corp, which operates petroleum and petro chemicals businesses. The fund’s holdings of Exxon Mobil Corp. represented an average weight of approximately 2% of the fund’s investments and returned approximately 83% for the reporting period.
The utilities sector also contributed to the total return of the fund, representing an average weight of approximately 5% of the fund’s investments and returning approximately 12% for the reporting period.
    
    
Management views and portfolio holdings may have changed since the report date.
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Table of Contents
Schwab U.S. Large-Cap Value ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -6.76% 7.93% 10.47%
NAV Return2 -6.78% 7.93% 10.47%
Dow Jones U.S. Large-Cap Value Total Stock Market Index -6.75% 7.97% 10.54%
ETF Category: Morningstar Large Value3 -4.79% 8.31% 10.22%
Fund Expense Ratio4: 0.04%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Large-Cap Value Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Large-Cap Value ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Large-Cap Value ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 532
Weighted Average Market Cap (millions) $136,178
Price/Earnings Ratio (P/E) 15.5
Price/Book Ratio (P/B) 2.7
Portfolio Turnover Rate 8% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets4
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Mid-Cap ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communication services and health care stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -14.59% and its NAV return was -14.62% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -14.64% during the same period.
Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 4% of the fund’s investments and returned approximately 96% for the reporting period. One example from this sector is Devon Energy Corp., which operates as an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and natural gas liquids, and the processing of natural gas. The fund’s holdings of Devon Energy Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately 157% for the reporting period.
The utilities sector also contributed to the total return of the fund, representing an average weight of approximately 4% of the fund’s investments and returning approximately 9% for the reporting period.
The consumer discretionary sector detracted the most from the total return of the fund. Consumer discretionary stocks represented an average weight of approximately 13% of the fund’s holdings and returned approximately -30% for the reporting period. One example from this sector is Caesars Entertainment, Inc., which owns and operates as a chain of resorts. The fund’s holdings of Caesars Entertainment, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately -58% for the reporting period.
The health care sector also detracted from the total return of the fund, representing approximately 11% of the fund’s investments and returning approximately -30% for the reporting period.
    
    
Management views and portfolio holdings may have changed since the report date.
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Table of Contents
Schwab U.S. Mid-Cap ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -14.59% 8.20% 11.38%
NAV Return2 -14.62% 8.20% 11.39%
Dow Jones U.S. Mid-Cap Total Stock Market Index -14.64% 8.23% 11.42%
ETF Category: Morningstar Mid-Cap Blend3 -11.22% 8.13% 10.36%
Fund Expense Ratio4: 0.04%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Mid-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Mid-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Mid-Cap ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 499
Weighted Average Market Cap (millions) $11,253
Price/Earnings Ratio (P/E) 13.5
Price/Book Ratio (P/B) 2.4
Portfolio Turnover Rate 16% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets4
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 This list is not a recommendation of any security by the investment adviser.
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Table of Contents
Schwab U.S. Small-Cap ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communications services and health care stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -17.72% and its NAV return was -17.78% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -17.83% during the same period.
Contributors and Detractors. The energy sector contributed the most to the total return of the fund. Energy stocks represented an average weight of approximately 5% of the fund’s investments and returned approximately 66% for the reporting period. One example from this sector is EQT Corp., an integrated energy company with emphasis on Appalachian area natural-gas supply, transmission, and distribution. The fund’s holdings of EQT Corp. represented an average weight of less than 1% of the fund’s investments and returned approximately 164% for the reporting period.
The utilities sector also contributed to the total return of the fund, representing approximately 3% of the fund’s investments and returning approximately 6% 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 -33% for the reporting period. One example from this sector is Intellia Therapeutics, Inc., a biotechnology company. The fund’s holdings of Intellia Therapeutics, Inc. represented an average weight of less than 1% of the fund’s investments and returned approximately -63% for the reporting period.
The information technology sector also detracted from the total return of the fund, representing approximately 14% of the fund’s investments and returning -29% for the reporting period.
    
    
Management views and portfolio holdings may have changed since the report date.
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Schwab U.S. Small-Cap ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -17.72% 7.05% 10.27%
NAV Return2 -17.78% 7.05% 10.27%
Dow Jones U.S. Small-Cap Total Stock Market Index -17.83% 7.01% 10.24%
ETF Category: Morningstar Small Blend3 -13.07% 7.03% 9.80%
Fund Expense Ratio4: 0.04%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
Small-company stocks may be subject to greater volatility than many other asset classes.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Small-Cap Total Stock Market Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Small-Cap ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Schwab U.S. Small-Cap ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 1,791
Weighted Average Market Cap (millions) $4,352
Price/Earnings Ratio (P/E) 11.8
Price/Book Ratio (P/B) 2.0
Portfolio Turnover Rate 15% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets4
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 This list is not a recommendation of any security by the investment adviser.
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Table of Contents
Schwab U.S. Dividend Equity ETF as of August 31, 2022

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, 2022, U.S. equity markets lost ground as a result of accelerating inflation, rising interest rates, and geopolitical tensions, including the war in Ukraine. Over the first four months of the reporting period, U.S. stocks held their ground, with several key market indices repeatedly exceeding previous record highs through early January 2022. However, beginning in early 2022, equity markets declined in reaction to growing headwinds including accelerating inflation, an increasing likelihood of rising interest rates, and, in late February 2022, Russia’s invasion of Ukraine, which drove oil prices to over $100 per barrel for the first time since 2014 and roiled stock markets around the world. Albeit decelerating, COVID-19 continued to weigh on economies worldwide, with highly transmissible variants and subvariants keeping infection rates high in many areas. Economic growth slowed and recession fears rose. Within the index, stocks in the energy and utilities sectors were the top performers, while communications services and materials stocks underperformed.
Performance. During the 12-month reporting period ended August 31, 2022, the fund closely tracked the index. The fund’s market price return was -3.76% and its NAV return was -3.74% (for an explanation of the market price and NAV returns, please refer to footnote 2 on the following page). The index returned -3.66% 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 21% of the fund’s investments and returned approximately -12% for the reporting period. One example from this sector is BlackRock, Inc., which provides investment management services to institutional clients and to retail investors through various investment vehicles. The fund’s holdings of BlackRock, Inc. represented an average weight of approximately 3% 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 5% of the fund’s investments and returning approximately -22% for the reporting period.
The health care sector contributed the most to the total return of the fund. Health care stocks represented an average weight of approximately 13% of the fund’s investments and returned approximately 9% for the reporting period. One example from this sector is Merck & Co., Inc., a global health care company. The fund’s holdings of Merck & Co., Inc. represented approximately 4% of the fund’s investments and returned approximately 16% for the reporting period.
The energy sector also contributed to the total return of the fund, representing an average weight of approximately 3% of the fund’s investments and returning approximately 51% for the reporting period.
    
    
Management views and portfolio holdings may have changed since the report date.
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Table of Contents
Schwab U.S. Dividend Equity ETF
Performance and Fund Facts as of August 31, 2022

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

 
Performance of Hypothetical $10,000 Investment (August 31, 2012 – August 31, 2022)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 -3.76% 13.12% 13.11%
NAV Return2 -3.74% 13.12% 13.12%
Dow Jones U.S. Dividend 100TM Index -3.66% 13.22% 13.23%
ETF Category: Morningstar Large Value3 -4.79% 8.31% 10.22%
Fund Expense Ratio4: 0.06%
    
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
The fund may underperform other funds that do not limit their investment to dividend paying stocks. Stocks held by the fund may reduce or stop paying dividends, affecting the fund’s ability to generate income. Diversification strategies do not ensure a profit and do not protect against losses in declining markets.
Index ownership — Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100TM Index is a product of S&P Dow Jones Indices LLC and/or its affiliates, and has been licensed for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management. The Schwab U.S. Dividend Equity ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S& P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.
1 Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
2 ETF performance must be shown based on both a market price and NAV basis. The fund’s per share NAV is the value of one share of the fund. NAV is calculated by taking the fund’s total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price on the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
3 Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
4 As stated in the prospectus.
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Table of Contents
Schwab U.S. Dividend Equity ETF
Performance and Fund Facts as of August 31, 2022 (continued)

Statistics1
Number of Holdings 101
Weighted Average Market Cap (millions) $117,524
Price/Earnings Ratio (P/E) 14.7
Price/Book Ratio (P/B) 3.5
Portfolio Turnover Rate 14% 2
Sector Weightings % of Investments3
 
    
Top Equity Holdings % of Net Assets5
    
    
    
    
Portfolio holdings may have changed since the report date.
An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of trading and management costs incurred by the fund.
Source of Sector Classification: S& P and MSCI.
1 Excludes derivatives.
2 Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
3 The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4 Amount is less than 0.05%.
5 This list is not a recommendation of any security by the investment adviser.
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Schwab U.S. Equity ETFs
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning March 1, 2022 and held through August 31, 2022.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, including any brokerage commissions you may pay when purchasing or selling shares of a fund. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
    
    
  EXPENSE RATIO
(ANNUALIZED) 1
BEGINNING
ACCOUNT VALUE
AT 3/1/22
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/22
EXPENSES PAID
DURING PERIOD
3/1/22-8/31/22 2
Schwab U.S. Broad Market ETF        
Actual Return 0.03% $1,000.00 $ 903.70 $0.14
Hypothetical 5% Return 0.03% $1,000.00 $1,025.05 $0.15
Schwab 1000 Index ETF        
Actual Return 0.05% $1,000.00 $ 903.90 $0.24
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 $ 904.20 $0.14
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 $ 869.90 $0.19
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 $ 932.80 $0.19
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 $ 902.90 $0.19
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 $ 899.00 $0.19
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 $ 954.50 $0.30
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 of the period, and divided by 365 days of the fiscal year.
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Table of Contents
Schwab U.S. Broad Market ETF
Financial Statements
FINANCIAL HIGHLIGHTS
  9/1/21–
8/31/221
9/1/20–
8/31/211
9/1/19–
8/31/201
9/1/18–
8/31/191
9/1/17–
8/31/181
 
Per-Share Data
Net asset value at beginning of period $54.57 $41.64 $35.07 $35.28 $29.86  
Income (loss) from investment operations:            
Net investment income (loss)2 0.71 0.67 0.74 0.72 0.59  
Net realized and unrealized gains (losses) (8.09) 12.99 6.55 (0.28) 5.39  
Total from investment operations (7.38) 13.66 7.29 0.44 5.98  
Less distributions:            
Distributions from net investment income (0.71) (0.73) (0.72) (0.65) (0.56)  
Net asset value at end of period $46.48 $54.57 $41.64 $35.07 $35.28  
Total return (13.64%) 33.23% 21.24% 1.35% 20.20%  
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.03% 3 0.03% 0.03% 0.03% 0.03%  
Net investment income (loss) 1.38% 1.42% 2.02% 2.12% 1.81%  
Portfolio turnover rate4 4% 4% 4% 4% 4%  
Net assets, end of period (x 1,000,000) $20,360 $22,368 $16,549 $14,877 $13,326  
    
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.
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See financial notes

Table of Contents
Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2022

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

 
SECURITY NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 2.4%
Adient plc * 49,415 1,640,578
American Axle & Manufacturing Holdings, Inc. * 57,874 598,996
Aptiv plc * 140,005 13,080,667
Autoliv, Inc. 40,499 3,150,417
BorgWarner, Inc. 123,853 4,669,258
Canoo, Inc. *(a) 74,548 237,808
Dana, Inc. 73,085 1,130,625
Dorman Products, Inc. * 14,442 1,309,167
Faraday Future Intelligent Electric, Inc. *(a) 93,304 104,500
Fisker, Inc. *(a) 77,692 701,559
Ford Motor Co. 2,046,515 31,188,889
Fox Factory Holding Corp. * 22,095 2,059,475
General Motors Co. 755,511 28,868,075
Gentex Corp. 122,865 3,352,986
Gentherm, Inc. * 17,155 1,027,584
Harley-Davidson, Inc. 76,012 2,931,783
Holley, Inc. * 18,177 103,064
LCI Industries 13,190 1,528,325
Lear Corp. 30,565 4,237,532
Lordstown Motors Corp., Class A *(a) 71,525 153,064
Lucid Group, Inc. *(a) 293,306 4,499,314
Luminar Technologies, Inc. *(a) 117,363 1,011,669
Modine Manufacturing Co. * 27,946 418,631
Patrick Industries, Inc. 11,304 598,773
QuantumScape Corp. *(a) 132,930 1,466,218
Rivian Automotive, Inc., Class A * 82,788 2,707,995
Solid Power, Inc. * 58,103 382,318
Standard Motor Products, Inc. 9,529 349,714
Stoneridge, Inc. * 13,531 257,089
Tenneco, Inc., Class A * 40,115 756,569
Tesla, Inc. * 1,304,028 359,403,157
The Goodyear Tire & Rubber Co. * 146,539 2,055,942
Thor Industries, Inc. 28,375 2,298,659
Visteon Corp. * 14,228 1,704,941
Winnebago Industries, Inc. 16,588 955,137
Workhorse Group, Inc. *(a) 92,612 289,876
XL Fleet Corp. * 43,109 48,282
XPEL, Inc. * 8,050 551,667
    481,830,303
 
Banks 4.1%
1st Source Corp. 9,060 427,541
Allegiance Bancshares, Inc. 10,170 430,801
Ameris Bancorp 34,393 1,605,465
Arrow Financial Corp. 8,763 281,380
Associated Banc-Corp. 75,967 1,522,379
Atlantic Union Bankshares Corp. 39,817 1,292,062
Axos Financial, Inc. * 28,272 1,181,204
Banc of California, Inc. 27,349 461,651
BancFirst Corp. 9,575 1,032,760
SECURITY NUMBER
OF SHARES
VALUE ($)
Bank of America Corp. 3,673,870 123,478,771
Bank of Hawaii Corp. 20,957 1,635,065
Bank of Marin Bancorp 7,905 244,265
Bank OZK 58,005 2,350,943
BankUnited, Inc. 42,350 1,569,068
Banner Corp. 17,913 1,088,394
Berkshire Hills Bancorp, Inc. 24,775 698,903
BOK Financial Corp. 15,303 1,359,978
Brookline Bancorp, Inc. 39,408 491,418
Byline Bancorp, Inc. 12,025 262,265
Cadence Bank 94,856 2,416,931
Camden National Corp. 7,417 335,471
Capitol Federal Financial, Inc. 66,663 603,967
Cathay General Bancorp 39,788 1,668,709
CBTX, Inc. 9,889 294,692
Central Pacific Financial Corp. 12,939 281,941
Citigroup, Inc. 1,006,143 49,109,840
Citizens Financial Group, Inc. 253,861 9,311,621
City Holding Co. 7,346 624,483
Columbia Banking System, Inc. 40,574 1,215,191
Columbia Financial, Inc. * 21,220 452,623
Comerica, Inc. 68,330 5,486,899
Commerce Bancshares, Inc. 56,448 3,881,929
Community Bank System, Inc. 27,621 1,805,861
Community Trust Bancorp, Inc. 8,161 344,802
ConnectOne Bancorp, Inc. 19,211 480,851
CrossFirst Bankshares, Inc. * 23,945 315,595
Cullen/Frost Bankers, Inc. 29,237 3,799,641
Customers Bancorp, Inc. * 14,861 515,528
CVB Financial Corp. 68,655 1,801,507
Dime Community Bancshares, Inc. 16,004 500,285
Eagle Bancorp, Inc. 16,563 803,802
East West Bancorp, Inc. 73,137 5,278,297
Eastern Bankshares, Inc. 86,967 1,687,160
Enterprise Financial Services Corp. 19,307 882,716
Essent Group Ltd. 55,130 2,204,649
F.N.B. Corp. 173,268 2,065,355
FB Financial Corp. 17,835 706,623
Federal Agricultural Mortgage Corp., Class C 5,092 556,250
Fifth Third Bancorp 354,273 12,098,423
Financial Institutions, Inc. 7,751 201,759
First BanCorp 101,972 1,458,200
First Bancorp/Southern Pines NC 17,632 641,981
First Busey Corp. 26,321 605,383
First Citizens BancShares, Inc., Class A 6,970 5,659,361
First Commonwealth Financial Corp. 47,624 641,972
First Community Bankshares, Inc. 9,269 292,252
First Financial Bancorp 49,306 1,064,023
First Financial Bankshares, Inc. 66,222 2,815,097
First Financial Corp. 6,126 284,859
First Foundation, Inc. 26,775 507,654
First Hawaiian, Inc. 65,286 1,678,503
First Horizon Corp. 277,510 6,277,276
First Interstate BancSystem, Inc., Class A 42,255 1,701,186
 
33
Schwab U.S. Equity ETFs  |  Annual Report
See financial notes

Table of Contents
Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2022 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
First Merchants Corp. 29,765 1,185,242
First Mid Bancshares, Inc. 10,064 355,762
First Republic Bank 92,750 14,082,233
Flagstar Bancorp, Inc. 27,479 1,058,766
Flushing Financial Corp. 14,230 293,850
Fulton Financial Corp. 84,793 1,376,190
German American Bancorp, Inc. 13,701 514,610
Glacier Bancorp, Inc. 55,591 2,817,352
Great Southern Bancorp, Inc. 5,110 300,366
Hancock Whitney Corp. 44,815 2,161,427
Hanmi Financial Corp. 15,071 372,555
HarborOne Bancorp, Inc. 25,702 350,575
Heartland Financial USA, Inc. 20,867 932,129
Heritage Commerce Corp. 30,194 340,890
Heritage Financial Corp. 18,453 479,593
Hilltop Holdings, Inc. 25,281 667,418
Home BancShares, Inc. 98,282 2,312,575
HomeStreet, Inc. 10,343 360,040
Hope Bancorp, Inc. 63,858 924,025
Horizon Bancorp, Inc. 21,362 404,169
Huntington Bancshares, Inc. 744,196 9,972,226
Independent Bank Corp. 24,618 1,925,866
Independent Bank Group, Inc. 18,899 1,273,037
International Bancshares Corp. 28,051 1,170,568
JPMorgan Chase & Co. 1,521,843 173,079,204
Kearny Financial Corp. 37,690 428,158
KeyCorp 483,601 8,554,902
Lakeland Bancorp, Inc. 31,638 515,383
Lakeland Financial Corp. 13,055 983,564
Live Oak Bancshares, Inc. 16,896 612,311
Luther Burbank Corp. 6,823 89,450
M&T Bank Corp. 92,949 16,896,269
Mercantile Bank Corp. 6,583 217,766
Merchants Bancorp 13,202 356,058
Metrocity Bankshares, Inc. 10,443 208,756
MGIC Investment Corp. 158,577 2,266,065
Midland States Bancorp, Inc. 10,836 271,875
Mr Cooper Group, Inc. * 37,604 1,590,649
National Bank Holdings Corp., Class A 16,201 650,146
NBT Bancorp, Inc. 21,344 827,720
New York Community Bancorp, Inc. 239,922 2,348,836
Nicolet Bankshares, Inc. * 5,683 435,204
NMI Holdings, Inc., Class A * 42,971 882,195
Northfield Bancorp, Inc. 21,874 322,423
Northwest Bancshares, Inc. 63,985 900,269
OceanFirst Financial Corp. 31,660 615,470
OFG Bancorp 24,510 666,672
Old National Bancorp 152,325 2,542,304
Origin Bancorp, Inc. 10,554 431,131
Pacific Premier Bancorp, Inc. 49,286 1,614,609
PacWest Bancorp 60,947 1,604,735
Park National Corp. 7,542 994,262
Pathward Financial, Inc. 14,674 483,655
Peapack-Gladstone Financial Corp. 8,780 295,623
PennyMac Financial Services, Inc. 14,881 790,479
Peoples Bancorp, Inc. 12,293 367,438
Pinnacle Financial Partners, Inc. 39,785 3,211,047
Popular, Inc. 39,920 3,082,622
Preferred Bank 7,264 492,790
Premier Financial Corp. 17,772 480,199
Prosperity Bancshares, Inc. 48,209 3,417,054
Provident Financial Services, Inc. 38,840 902,253
QCR Holdings, Inc. 8,898 496,953
Radian Group, Inc. 90,032 1,900,576
Regions Financial Corp. 483,213 10,471,226
Renasant Corp. 29,730 991,198
Republic Bancorp, Inc., Class A 5,125 217,813
SECURITY NUMBER
OF SHARES
VALUE ($)
Rocket Cos., Inc., Class A (a) 61,918 489,152
S&T Bancorp, Inc. 20,751 615,060
Sandy Spring Bancorp, Inc. 23,164 892,277
Seacoast Banking Corp. of Florida 31,194 1,008,190
ServisFirst Bancshares, Inc. 25,039 2,112,290
Signature Bank 32,452 5,658,331
Silvergate Capital Corp., Class A * 16,429 1,497,010
Simmons First National Corp., Class A 64,775 1,528,042
Southside Bancshares, Inc. 16,699 629,218
SouthState Corp. 38,697 3,019,914
Stock Yards Bancorp, Inc. 14,063 931,814
SVB Financial Group * 30,622 12,448,455
Synovus Financial Corp. 75,397 3,027,944
Texas Capital Bancshares, Inc. * 26,505 1,564,590
TFS Financial Corp. 24,263 346,961
The Bancorp, Inc. * 29,154 691,533
The First Bancshares, Inc. 11,365 339,814
The First of Long Island Corp. 10,297 189,568
The PNC Financial Services Group, Inc. 214,475 33,887,050
Tompkins Financial Corp. 6,215 445,243
Towne Bank 34,491 982,649
TriCo Bancshares 16,308 769,575
Triumph Bancorp, Inc. * 12,060 746,635
Truist Financial Corp. 690,893 32,361,428
TrustCo Bank Corp. 10,580 352,737
Trustmark Corp. 31,210 984,363
U.S. Bancorp 700,998 31,972,519
UMB Financial Corp. 22,666 2,027,927
Umpqua Holdings Corp. 110,378 1,958,106
United Bankshares, Inc. 69,665 2,584,572
United Community Banks, Inc. 53,566 1,796,068
Univest Financial Corp. 15,623 387,450
UWM Holdings Corp. (a) 48,949 177,195
Valley National Bancorp 216,110 2,511,198
Veritex Holdings, Inc. 28,177 848,409
Walker & Dunlop, Inc. 15,661 1,573,304
Washington Federal, Inc. 33,251 1,064,365
Washington Trust Bancorp, Inc. 8,450 427,824
Waterstone Financial, Inc. 10,646 184,069
Webster Financial Corp. 92,597 4,356,689
Wells Fargo & Co. 1,963,575 85,827,863
WesBanco, Inc. 32,597 1,115,143
Westamerica BanCorp 14,175 793,091
Western Alliance Bancorp 55,961 4,293,328
Wintrust Financial Corp. 31,062 2,619,769
WSFS Financial Corp. 34,161 1,651,684
Zions Bancorp NA 77,727 4,277,317
    830,881,970
 
Capital Goods 6.0%
3M Co. 294,336 36,600,682
A.O. Smith Corp. 67,038 3,784,295
AAON, Inc. 22,016 1,265,480
AAR Corp. * 17,748 761,034
Acuity Brands, Inc. 18,005 2,951,560
Advanced Drainage Systems, Inc. 29,192 3,961,354
AECOM 72,642 5,313,762
Aerojet Rocketdyne Holdings, Inc. * 38,076 1,639,933
AeroVironment, Inc. * 11,884 1,053,517
AGCO Corp. 31,676 3,443,498
Air Lease Corp. 53,495 1,945,078
Alamo Group, Inc. 5,404 706,627
Albany International Corp., Class A 16,440 1,449,844
Allegion plc 45,343 4,312,119
Allison Transmission Holdings, Inc. 50,239 1,821,666
 
34
Schwab U.S. Equity ETFs  |  Annual Report
See financial notes

Table of Contents
Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2022 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Altra Industrial Motion Corp. 34,369 1,304,304
Ameresco, Inc., Class A * 16,188 1,114,544
American Woodmark Corp. * 9,233 478,546
AMETEK, Inc. 119,584 14,369,213
API Group Corp. * 105,766 1,644,661
Apogee Enterprises, Inc. 10,867 443,808
Applied Industrial Technologies, Inc. 19,815 2,100,786
Archer Aviation, Inc., Class A * 60,353 213,650
Arcosa, Inc. 25,381 1,483,519
Argan, Inc. 7,046 243,721
Armstrong World Industries, Inc. 24,184 2,031,214
Array Technologies, Inc. * 69,335 1,449,102
Astec Industries, Inc. 11,616 443,499
Astra Space, Inc. *(a) 64,506 55,017
Atkore, Inc. * 22,169 1,871,285
Axon Enterprise, Inc. * 36,817 4,295,808
AZZ, Inc. 13,289 566,244
Babcock & Wilcox Enterprises, Inc. * 30,941 246,909
Barnes Group, Inc. 24,547 762,184
Beacon Roofing Supply, Inc. * 28,355 1,556,973
Berkshire Grey, Inc. * 18,664 37,701
Blink Charging Co. *(a) 18,643 398,401
Bloom Energy Corp., Class A * 91,039 2,313,301
Boise Cascade Co. 20,381 1,270,348
Builders FirstSource, Inc. * 90,515 5,305,084
BWX Technologies, Inc. 47,517 2,477,061
Carlisle Cos., Inc. 26,653 7,880,226
Carrier Global Corp. 438,396 17,150,052
Caterpillar, Inc. 276,388 51,051,628
ChargePoint Holdings, Inc. *(a) 92,310 1,501,884
Chart Industries, Inc. * 18,579 3,601,725
CIRCOR International, Inc. * 10,338 168,509
Columbus McKinnon Corp. 14,177 434,242
Comfort Systems USA, Inc. 18,795 1,885,890
Construction Partners, Inc., Class A * 21,496 628,973
Core & Main, Inc., Class A * 29,072 685,227
Crane Holdings Co. 24,881 2,347,771
CSW Industrials, Inc. 7,965 1,008,369
Cummins, Inc. 72,917 15,704,134
Curtiss-Wright Corp. 19,599 2,884,777
Custom Truck One Source, Inc. * 24,908 163,895
Deere & Co. 144,668 52,839,987
Desktop Metal, Inc., Class A *(a) 94,564 300,714
Donaldson Co., Inc. 65,166 3,346,274
Douglas Dynamics, Inc. 11,168 324,989
Dover Corp. 74,311 9,285,903
DXP Enterprises, Inc. * 9,796 260,378
Dycom Industries, Inc. * 14,963 1,677,652
Eaton Corp. plc 206,416 28,204,682
EMCOR Group, Inc. 26,425 3,142,461
Emerson Electric Co. 308,083 25,182,704
Encore Wire Corp. 10,142 1,319,474
Energy Recovery, Inc. * 20,628 473,206
Energy Vault Holdings, Inc. *(a) 29,463 162,341
Enerpac Tool Group Corp. 32,752 635,389
EnerSys 20,974 1,308,148
Enovix Corp. * 55,136 1,219,608
EnPro Industries, Inc. 10,878 985,112
Eos Energy Enterprises, Inc. * 29,507 60,784
Esab Corp. 23,371 960,314
ESCO Technologies, Inc. 13,790 1,122,920
ESS Tech, Inc. *(a) 39,406 174,963
Evoqua Water Technologies Corp. * 63,146 2,215,162
Fastenal Co. 297,783 14,987,418
Federal Signal Corp. 31,007 1,236,249
Flowserve Corp. 66,765 2,034,330
Fluence Energy, Inc. * 16,021 319,619
Fluor Corp. * 74,468 1,968,934
SECURITY NUMBER
OF SHARES
VALUE ($)
Fortive Corp. 186,438 11,807,119
Fortune Brands Home & Security, Inc. 67,628 4,154,388
Franklin Electric Co., Inc. 19,687 1,709,816
FuelCell Energy, Inc. * 189,895 795,660
Gates Industrial Corp. plc * 48,405 518,902
GATX Corp. 18,186 1,756,949
Generac Holdings, Inc. * 32,922 7,256,338
General Dynamics Corp. 119,421 27,339,050
General Electric Co. 569,791 41,845,451
Gibraltar Industries, Inc. * 16,602 694,794
Global Industrial Co. 9,070 272,826
GMS, Inc. * 22,072 1,063,870
Graco, Inc. 88,131 5,626,283
GrafTech International Ltd. 104,367 613,678
Granite Construction, Inc. 24,384 731,032
Great Lakes Dredge & Dock Corp. * 33,604 321,590
Griffon Corp. 25,185 789,550
H&E Equipment Services, Inc. 16,720 529,355
Hayward Holdings, Inc. * 29,876 313,997
HEICO Corp. 21,930 3,339,939
HEICO Corp., Class A 38,691 4,742,743
Heliogen, Inc. *(a) 48,159 115,582
Helios Technologies, Inc. 16,335 892,218
Herc Holdings, Inc. 12,920 1,453,888
Hexcel Corp. 43,717 2,564,876
Hillenbrand, Inc. 36,480 1,520,122
Hillman Solutions Corp. * 55,133 462,566
Honeywell International, Inc. 352,431 66,732,810
Howmet Aerospace, Inc. 194,563 6,893,367
Hubbell, Inc. 27,803 5,735,759
Huntington Ingalls Industries, Inc. 20,600 4,743,356
Hydrofarm Holdings Group, Inc. * 18,353 62,400
Hyliion Holdings Corp. *(a) 61,751 216,746
Hyster-Yale Materials Handling, Inc. 4,997 145,563
Hyzon Motors, Inc. *(a) 45,838 97,635
IDEX Corp. 39,378 7,923,247
IES Holdings, Inc. * 4,674 142,043
Illinois Tool Works, Inc. 146,813 28,603,577
Ingersoll Rand, Inc. 208,895 9,895,356
Insteel Industries, Inc. 9,456 273,278
ITT, Inc. 43,215 3,134,384
Janus International Group, Inc. * 26,984 278,745
JELD-WEN Holding, Inc. * 44,186 492,674
John Bean Technologies Corp. 17,070 1,762,648
Johnson Controls International plc 359,514 19,464,088
Kadant, Inc. 5,852 1,050,024
Kaman Corp. 14,655 464,857
Kennametal, Inc. 44,060 1,032,766
Kratos Defense & Security Solutions, Inc. * 63,636 797,995
L3Harris Technologies, Inc. 99,970 22,812,154
Lennox International, Inc. 17,477 4,196,577
Lincoln Electric Holdings, Inc. 30,298 4,141,434
Lindsay Corp. 5,697 913,571
Lockheed Martin Corp. 122,722 51,556,739
Markforged Holding Corp. * 35,880 87,188
Masco Corp. 121,793 6,195,610
Masonite International Corp. * 11,945 977,340
MasTec, Inc. * 29,590 2,381,995
Maxar Technologies, Inc. 38,877 926,439
McGrath RentCorp 12,851 1,086,167
MDU Resources Group, Inc. 107,301 3,235,125
Mercury Systems, Inc. * 30,220 1,454,489
Microvast Holdings, Inc. *(a) 121,314 298,432
Moog, Inc., Class A 14,915 1,118,327
MRC Global, Inc. * 33,783 328,709
MSC Industrial Direct Co., Inc., Class A 24,011 1,901,911
 
35
Schwab U.S. Equity ETFs  |  Annual Report
See financial notes

Table of Contents
Schwab U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2022 (continued)

SECURITY NUMBER
OF SHARES
VALUE ($)
Mueller Industries, Inc. 30,320 1,915,314
Mueller Water Products, Inc., Class A 81,904 923,877
MYR Group, Inc. * 8,499 789,897
National Presto Industries, Inc. 2,248 153,359
Nikola Corp. * 114,789 615,269
Nordson Corp. 28,228 6,412,555
Northrop Grumman Corp. 75,751 36,208,221
NOW, Inc. * 58,767 712,256
NV5 Global, Inc. * 6,279 883,832
nVent Electric plc 85,764 2,826,781
Omega Flex, Inc. 1,630 164,663
Oshkosh Corp. 34,066 2,717,104
Otis Worldwide Corp. 218,746 15,797,836
Owens Corning 50,057 4,091,159