N-CSR

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 100^TM 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.

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

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

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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

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%

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 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.

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 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

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%

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 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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Schwab U.S. Large-Cap ETF

Performance and Fund Facts as of August 31, 2022

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%

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 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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Schwab U.S. Large-Cap Growth ETF

Performance and Fund Facts as of August 31, 2022

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%

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 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.

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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Schwab U.S. Large-Cap Value ETF

Performance and Fund Facts as of August 31, 2022

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%

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. 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.

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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Schwab U.S. Mid-Cap ETF

Performance and Fund Facts as of August 31, 2022

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%

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. 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.

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

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%

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. 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 100^TM 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.

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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Schwab U.S. Dividend Equity ETF

Performance and Fund Facts as of August 31, 2022

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 100^TM Index	-3.66%	13.22%	13.23%
ETF Category: Morningstar Large Value³	-4.79%	8.31%	10.22%
Fund Expense Ratio⁴: 0.06%

For index definitions, please see the Glossary.

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

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

Index ownership — Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones U.S. Dividend 100^TM 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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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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Schwab U.S. Equity ETFs | Annual Report

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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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

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

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

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

Automobiles & Components 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

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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
PACCAR, Inc.	180,324	15,780,153
Parker-Hannifin Corp.	66,598	17,648,470
Parsons Corp. *	14,127	584,575
Pentair plc	84,676	3,768,082
PGT Innovations, Inc. *	31,983	669,084
Plug Power, Inc. *	268,341	7,524,282
Primoris Services Corp.	27,746	562,411
Proterra, Inc. *	102,910	621,576
Proto Labs, Inc. *	14,451	554,918
Quanex Building Products Corp.	17,792	396,762
Quanta Services, Inc.	74,410	10,514,133
Raytheon Technologies Corp.	771,016	69,198,686
RBC Bearings, Inc. *	15,093	3,632,583
Regal Rexnord Corp.	35,026	4,819,227
Resideo Technologies, Inc. *	75,977	1,581,841
REV Group, Inc.	17,972	207,037
Rocket Lab USA, Inc. *	73,285	403,068
Rockwell Automation, Inc.	60,010	14,218,769
Rush Enterprises, Inc., Class A	22,582	1,062,709
Rush Enterprises, Inc., Class B	3,395	171,923
Sarcos Technology and Robotics Corp. *(a)	29,893	98,049
Sensata Technologies Holding plc	81,564	3,285,398
SES AI Corp. *(a)	50,603	239,858
Shoals Technologies Group, Inc., Class A *	58,266	1,536,474
Simpson Manufacturing Co., Inc.	22,042	2,041,971
SiteOne Landscape Supply, Inc. *	23,206	2,904,463
Snap-on, Inc.	27,929	6,084,612
Spirit AeroSystems Holdings, Inc., Class A	54,604	1,643,580
SPX Technologies, Inc. *	23,996	1,369,212
Standex International Corp.	5,816	525,825
Stanley Black & Decker, Inc.	78,077	6,878,584
Stem, Inc. *	73,009	1,147,702
SunPower Corp. *	41,896	1,005,504
Sunrun, Inc. *	108,960	3,598,949
Tennant Co.	9,986	602,655
Terex Corp.	35,938	1,193,860
Terran Orbital Corp. *(a)	29,155	122,451
Textron, Inc.	111,105	6,930,730
The AZEK Co., Inc. *	58,708	1,071,421
The Boeing Co. *	288,015	46,154,404
The Gorman-Rupp Co.	11,321	298,988
The Greenbrier Cos., Inc.	16,473	469,645
The Manitowoc Co., Inc. *	18,618	177,802
The Middleby Corp. *	28,081	4,038,609
The Shyft Group, Inc.	16,182	387,559
The Timken Co.	35,235	2,219,453
The Toro Co.	54,367	4,508,655
Thermon Group Holdings, Inc. *	16,654	292,278
Titan International, Inc. *	27,892	391,325
Titan Machinery, Inc. *	10,482	322,636
TPI Composites, Inc. *	19,333	359,400

SECURITY	NUMBER OF SHARES	VALUE ($)
Trane Technologies plc	120,979	18,639,235
TransDigm Group, Inc.	26,830	16,108,464
Trex Co., Inc. *	58,777	2,750,176
Trinity Industries, Inc.	36,629	893,015
Triton International Ltd.	32,915	1,961,405
Triumph Group, Inc. *	32,566	423,032
Tutor Perini Corp. *	22,231	150,726
UFP Industries, Inc.	32,901	2,612,010
United Rentals, Inc. *	36,979	10,799,347
Univar Solutions, Inc. *	87,844	2,215,426
Valmont Industries, Inc.	11,044	3,057,200
Velo3D, Inc. *	30,341	130,770
Veritiv Corp. *	7,260	865,319
Vertiv Holdings Co.	161,050	1,856,907
Vicor Corp. *	11,008	783,109
View, Inc. *	32,489	57,830
Virgin Galactic Holdings, Inc. *(a)	91,331	539,766
W.W. Grainger, Inc.	22,349	12,402,354
Wabash National Corp.	26,304	432,701
Watsco, Inc.	17,138	4,662,050
Watts Water Technologies, Inc., Class A	14,245	1,973,217
WESCO International, Inc. *	23,432	3,085,526
Westinghouse Air Brake Technologies Corp.	94,327	8,267,762
WillScot Mobile Mini Holdings Corp. *	114,439	4,593,581
Woodward, Inc.	31,339	2,916,721
Xylem, Inc.	92,734	8,448,067
Zurn Water Solutions Corp.	64,904	1,790,052
		1,211,572,688

Commercial & Professional Services 1.2%
ABM Industries, Inc.	35,270	1,636,528
ACCO Brands Corp.	46,532	275,935
Alight, Inc., Class A *	133,829	1,054,573
ASGN, Inc. *	26,537	2,566,128
Aurora Innovation, Inc. *(a)	152,967	327,349
Barrett Business Services, Inc.	3,846	310,141
BlackSky Technology, Inc. *(a)	30,062	61,026
Booz Allen Hamilton Holding Corp.	69,179	6,620,430
Brady Corp., Class A	24,700	1,149,538
BrightView Holdings, Inc. *	23,992	242,799
CACI International, Inc., Class A *	12,099	3,398,246
Casella Waste Systems, Inc., Class A *	25,828	2,116,088
CBIZ, Inc. *	26,541	1,158,780
Cimpress plc *	10,031	336,841
Cintas Corp.	45,148	18,368,012
Clarivate plc *	201,507	2,351,587
Clean Harbors, Inc. *	26,469	3,107,990
Copart, Inc. *	110,347	13,203,019
CoreCivic, Inc. *	63,637	606,461
CoStar Group, Inc. *	205,067	14,280,866
Deluxe Corp.	21,315	410,101
Driven Brands Holdings, Inc. *	28,079	882,523
Dun & Bradstreet Holdings, Inc.	76,950	1,096,537
Ennis, Inc.	14,143	300,256
Equifax, Inc.	63,270	11,942,212
Exponent, Inc.	26,549	2,491,889
First Advantage Corp. *	20,996	290,585
Forrester Research, Inc. *	5,355	222,714
Franklin Covey Co. *	6,805	323,714
FTI Consulting, Inc. *	17,983	2,888,070
Harsco Corp. *	39,796	225,643
Healthcare Services Group, Inc.	38,608	543,215
Heidrick & Struggles International, Inc.	9,533	271,309
Heritage-Crystal Clean, Inc. *	9,545	310,881

₃₆

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 ($)
HireRight Holdings Corp. *	10,172	165,397
HNI Corp.	22,555	721,760
Huron Consulting Group, Inc. *	10,461	699,841
IAA, Inc. *	69,320	2,582,863
ICF International, Inc.	8,860	899,822
Insperity, Inc.	18,940	2,064,839
Interface, Inc.	28,952	323,394
Jacobs Solutions, Inc.	66,892	8,333,405
KAR Auction Services, Inc. *	63,211	922,881
KBR, Inc.	72,069	3,480,933
Kelly Services, Inc., Class A	16,574	267,007
Kforce, Inc.	10,440	571,277
Korn Ferry	28,338	1,726,351
LegalZoom.com, Inc. *	9,505	97,901
Leidos Holdings, Inc.	71,407	6,787,235
ManpowerGroup, Inc.	27,367	2,006,548
ManTech International Corp., Class A	14,229	1,364,703
Matthews International Corp., Class A	17,269	431,898
MillerKnoll, Inc.	40,245	1,113,982
MSA Safety, Inc.	18,718	2,224,821
Nielsen Holdings plc	185,229	5,156,775
Pitney Bowes, Inc.	89,600	258,944
Planet Labs PBC *	95,750	524,710
Republic Services, Inc.	108,163	15,437,023
Resources Connection, Inc.	17,072	333,587
Robert Half International, Inc.	57,130	4,397,296
Rollins, Inc.	116,920	3,947,219
Science Applications International Corp.	28,816	2,624,273
SP Plus Corp. *	11,279	373,786
Steelcase, Inc., Class A	44,768	500,506
Stericycle, Inc. *	47,183	2,363,396
Sterling Check Corp. *	6,377	135,703
Tetra Tech, Inc.	27,792	3,774,432
The Brink's Co.	24,192	1,337,334
The GEO Group, Inc. *	68,015	556,363
TransUnion	99,524	7,351,838
TriNet Group, Inc. *	19,396	1,598,230
TrueBlue, Inc. *	16,298	334,761
UniFirst Corp.	7,793	1,404,766
Upwork, Inc. *	64,661	1,125,101
Verisk Analytics, Inc.	81,561	15,264,957
Viad Corp. *	10,774	411,351
VSE Corp.	4,763	199,332
Waste Management, Inc.	198,229	33,506,648
		235,077,175

Consumer Durables & Apparel 1.1%
Acushnet Holdings Corp.	18,014	858,367
AMMO, Inc. *(a)	42,794	163,045
Beazer Homes USA, Inc. *	17,241	245,512
Brunswick Corp.	38,783	2,897,478
Callaway Golf Co. *	59,700	1,321,161
Capri Holdings Ltd. *	77,524	3,657,582
Carter's, Inc.	20,703	1,528,917
Cavco Industries, Inc. *	4,438	1,038,536
Century Communities, Inc.	14,905	695,914
Columbia Sportswear Co.	17,016	1,212,220
Crocs, Inc. *	31,724	2,338,059
D.R. Horton, Inc.	166,201	11,825,201
Deckers Outdoor Corp. *	14,095	4,532,529
Dream Finders Homes, Inc., Class A *	9,529	117,683
Ethan Allen Interiors, Inc.	12,604	299,597
Fossil Group, Inc. *	26,521	112,184
Garmin Ltd.	78,932	6,984,693
G-III Apparel Group Ltd. *	22,976	484,104
GoPro, Inc., Class A *	66,445	404,650

SECURITY	NUMBER OF SHARES	VALUE ($)
Green Brick Partners, Inc. *	25,007	609,170
Hanesbrands, Inc.	179,708	1,565,257
Hasbro, Inc.	67,711	5,336,981
Helen of Troy Ltd. *	12,431	1,536,844
Installed Building Products, Inc.	12,008	1,087,444
iRobot Corp. *	13,795	812,250
Johnson Outdoors, Inc., Class A	3,948	241,381
KB Home	44,358	1,270,857
Kontoor Brands, Inc.	24,412	908,859
Latham Group, Inc. *	17,851	101,929
La-Z-Boy, Inc.	22,455	592,587
Leggett & Platt, Inc.	69,220	2,645,588
Lennar Corp., Class A	140,205	10,858,877
Levi Strauss & Co., Class A	49,618	838,048
LGI Homes, Inc. *	11,156	1,058,816
Lululemon Athletica, Inc. *	60,336	18,098,387
M.D.C. Holdings, Inc.	30,372	943,962
M/I Homes, Inc. *	15,271	660,318
Malibu Boats, Inc., Class A *	10,551	633,376
Mattel, Inc. *	183,827	4,066,253
Meritage Homes Corp. *	18,902	1,480,972
Mohawk Industries, Inc. *	26,687	2,945,177
Movado Group, Inc.	7,439	237,230
Newell Brands, Inc.	190,741	3,404,727
NIKE, Inc., Class B	657,646	70,006,417
NVR, Inc. *	1,618	6,698,617
Oxford Industries, Inc.	7,785	830,893
Peloton Interactive, Inc., Class A *	161,923	1,649,995
Polaris, Inc.	28,584	3,237,710
PulteGroup, Inc.	123,951	5,039,848
Purple Innovation, Inc. *	43,117	123,315
PVH Corp.	34,788	1,956,825
Ralph Lauren Corp.	23,714	2,165,800
Skechers U.S.A., Inc., Class A *	69,162	2,614,324
Skyline Champion Corp. *	27,282	1,546,071
Smith & Wesson Brands, Inc.	23,796	316,487
Snap One Holdings Corp. *	6,262	70,072
Sonos, Inc. *	66,018	992,911
Steven Madden Ltd.	38,799	1,129,439
Sturm Ruger & Co., Inc.	9,251	483,365
Tapestry, Inc.	130,005	4,515,074
Taylor Morrison Home Corp. *	62,673	1,573,719
Tempur Sealy International, Inc.	91,050	2,277,160
Toll Brothers, Inc.	57,380	2,512,670
TopBuild Corp. *	16,793	3,085,882
Tri Pointe Homes, Inc. *	53,846	933,151
Tupperware Brands Corp. *	25,676	288,598
Under Armour, Inc., Class A *	95,377	803,074
Under Armour, Inc., Class C *	105,302	799,242
Universal Electronics, Inc. *	6,304	140,138
VF Corp.	167,093	6,926,005
Vista Outdoor, Inc. *	28,918	813,174
Vizio Holding Corp., Class A *	20,029	214,711
Whirlpool Corp.	29,052	4,549,543
Wolverine World Wide, Inc.	42,693	834,221
YETI Holdings, Inc. *	44,056	1,625,226
		233,406,399

Consumer Services 2.1%
2U, Inc. *	38,886	276,868
Accel Entertainment, Inc. *	27,879	262,341
ADT, Inc.	121,912	888,738
Adtalem Global Education, Inc. *	23,710	893,630
Airbnb, Inc., Class A *	198,082	22,407,036
American Public Education, Inc. *	9,506	98,197
Aramark	132,818	4,742,931
Bally's Corp. *	14,790	350,375

₃₇

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 ($)
BJ's Restaurants, Inc. *	12,289	308,208
Bloomin' Brands, Inc.	40,937	827,746
Booking Holdings, Inc. *	21,054	39,493,304
Bowlero Corp. *(a)	20,154	238,220
Boyd Gaming Corp.	40,809	2,221,234
Bright Horizons Family Solutions, Inc. *	30,789	2,099,810
Brinker International, Inc. *	21,870	536,034
Caesars Entertainment, Inc. *	111,439	4,805,250
Carnival Corp. *	503,958	4,767,443
Carriage Services, Inc.	7,528	266,566
Chegg, Inc. *	65,806	1,295,062
Chipotle Mexican Grill, Inc. *	14,500	23,153,600
Choice Hotels International, Inc.	16,959	1,945,367
Churchill Downs, Inc.	17,809	3,509,976
Chuy's Holdings, Inc. *	9,914	221,380
Coursera, Inc. *	43,902	504,873
Cracker Barrel Old Country Store, Inc.	11,854	1,279,521
Darden Restaurants, Inc.	64,641	7,996,738
Dave & Buster's Entertainment, Inc. *	20,492	847,139
Denny's Corp. *	30,878	291,797
Dine Brands Global, Inc.	9,122	607,525
Domino’s Pizza, Inc.	18,791	6,987,621
DraftKings, Inc., Class A *	186,423	2,993,953
Duolingo, Inc. *	10,529	989,937
Dutch Bros, Inc., Class A *	14,121	515,417
El Pollo Loco Holdings, Inc. *	8,022	72,599
Everi Holdings, Inc. *	46,554	861,249
Expedia Group, Inc. *	78,292	8,036,674
First Watch Restaurant Group, Inc. *	4,181	70,115
Frontdoor, Inc. *	42,250	992,030
GAN Ltd. *	24,940	64,345
Golden Entertainment, Inc. *	9,919	379,501
Graham Holdings Co., Class B	2,119	1,198,146
Grand Canyon Education, Inc. *	16,817	1,368,567
H&R Block, Inc.	82,386	3,707,370
Hilton Grand Vacations, Inc. *	46,076	1,878,979
Hilton Worldwide Holdings, Inc.	144,628	18,419,822
Hyatt Hotels Corp., Class A *	26,644	2,387,835
Jack in the Box, Inc.	10,525	840,527
Krispy Kreme, Inc.	14,699	172,713
Las Vegas Sands Corp. *	178,087	6,701,414
Laureate Education, Inc., Class A	72,852	802,829
Life Time Group Holdings, Inc. *	18,862	223,515
Lindblad Expeditions Holdings, Inc. *	15,893	122,853
Marriott International, Inc., Class A	142,616	21,925,784
Marriott Vacations Worldwide Corp.	21,457	3,055,906
McDonald’s Corp.	383,314	96,702,456
MGM Resorts International	182,990	5,972,794
Mister Car Wash, Inc. *	18,992	188,211
Monarch Casino & Resort, Inc. *	7,088	428,044
Noodles & Co. *	20,337	96,601
Norwegian Cruise Line Holdings Ltd. *	216,719	2,834,685
OneSpaWorld Holdings Ltd. *	29,310	258,221
Papa John's International, Inc.	16,595	1,341,374
Penn National Gaming, Inc. *	84,844	2,649,678
Perdoceo Education Corp. *	37,952	439,484
Planet Fitness, Inc., Class A *	44,066	2,985,471
Playa Hotels & Resorts N.V. *	73,384	481,399
Portillo's, Inc., Class A *	15,219	335,122
PowerSchool Holdings, Inc., Class A *	19,872	357,696
Red Rock Resorts, Inc., Class A	27,162	1,038,132
Rover Group, Inc. *	37,817	144,083
Royal Caribbean Cruises Ltd. *	116,571	4,761,925
Rush Street Interactive, Inc. *	27,633	133,744
Ruth's Hospitality Group, Inc.	14,996	273,227
Scientific Games Corp., Class A *	49,196	2,421,919
SeaWorld Entertainment, Inc. *	24,123	1,212,181

SECURITY	NUMBER OF SHARES	VALUE ($)
Service Corp. International	81,513	5,030,167
Shake Shack, Inc., Class A *	19,918	949,292
Six Flags Entertainment Corp. *	41,242	913,510
Sonder Holdings, Inc. *(a)	79,429	147,738
Starbucks Corp.	594,173	49,952,124
Strategic Education, Inc.	11,507	744,503
Stride, Inc. *	22,497	858,036
Sweetgreen, Inc., Class A *	6,766	114,413
Terminix Global Holdings, Inc. *	62,114	2,649,162
Texas Roadhouse, Inc.	35,351	3,137,755
The Cheesecake Factory, Inc.	24,761	758,182
The Wendy's Co.	87,283	1,674,088
Travel & Leisure Co.	43,509	1,844,782
Udemy, Inc. *	7,154	106,308
Vacasa, Inc., Class A *	48,470	193,880
Vail Resorts, Inc.	20,783	4,669,524
Vivint Smart Home, Inc. *	20,938	131,072
Wingstop, Inc.	15,307	1,742,855
WW International, Inc. *	27,847	145,361
Wyndham Hotels & Resorts, Inc.	47,236	3,086,400
Wynn Resorts Ltd. *	55,100	3,338,509
Yum! Brands, Inc.	147,936	16,456,401
		435,607,119

Diversified Financials 5.2%
Affiliated Managers Group, Inc.	19,979	2,544,525
AGNC Investment Corp.	272,189	3,252,659
Alerus Financial Corp.	7,114	169,029
Ally Financial, Inc.	166,859	5,539,719
American Express Co.	315,956	48,025,312
Ameriprise Financial, Inc.	56,721	15,201,795
Annaly Capital Management, Inc.	858,876	5,539,750
Apollo Commercial Real Estate Finance, Inc.	72,010	838,917
Apollo Global Management, Inc.	193,217	10,739,001
Arbor Realty Trust, Inc.	82,161	1,230,772
Ares Management Corp., Class A	88,740	6,579,184
ARMOUR Residential REIT, Inc.	55,905	396,926
Artisan Partners Asset Management, Inc., Class A	34,370	1,160,331
Assetmark Financial Holdings, Inc. *	9,051	175,046
B. Riley Financial, Inc.	8,877	441,808
Bakkt Holdings, Inc. *(a)	34,892	90,370
Berkshire Hathaway, Inc., Class B *	937,321	263,199,737
BGC Partners, Inc., Class A	166,966	671,203
BlackRock, Inc.	73,700	49,112,943
Blackstone Mortgage Trust, Inc., Class A	87,956	2,548,965
Blackstone, Inc.	362,632	34,065,650
Blucora, Inc. *	25,037	502,743
Blue Owl Capital, Inc.	180,091	1,999,010
Bread Financial Holdings, Inc.	25,223	969,320
Brightsphere Investment Group, Inc.	15,282	261,169
BrightSpire Capital, Inc., Class A	45,679	383,704
Broadmark Realty Capital, Inc.	72,981	470,727
Cannae Holdings, Inc. *	41,663	900,337
Capital One Financial Corp.	203,903	21,577,015
Cboe Global Markets, Inc.	54,994	6,487,642
Chimera Investment Corp.	120,274	1,022,329
CME Group, Inc.	185,944	36,372,506
Cohen & Steers, Inc.	13,729	979,976
Coinbase Global, Inc., Class A *(a)	17,009	1,136,201
Cowen, Inc., Class A	14,263	548,412
Credit Acceptance Corp. *	3,917	2,084,157
Curo Group Holdings Corp.	11,020	72,732
Diamond Hill Investment Group, Inc.	1,690	289,075
Discover Financial Services	145,162	14,587,329

₃₈

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 ($)
Donnelley Financial Solutions, Inc. *	13,538	574,688
Dynex Capital, Inc.	20,201	313,318
Ellington Financial, Inc.	30,359	445,670
Encore Capital Group, Inc. *	13,436	734,680
Enova International, Inc. *	16,367	571,863
Equitable Holdings, Inc.	183,070	5,446,333
Evercore, Inc., Class A	20,964	1,964,117
FactSet Research Systems, Inc.	19,657	8,518,164
Federated Hermes, Inc.	47,672	1,623,708
FirstCash Holdings, Inc.	20,665	1,611,043
Focus Financial Partners, Inc., Class A *	27,984	1,095,574
Forge Global Holdings, Inc. *(a)	52,064	198,884
Franklin BSP Realty Trust, Inc. (a)	42,879	553,139
Franklin Resources, Inc.	144,822	3,775,510
Granite Point Mortgage Trust, Inc.	27,559	259,606
Green Dot Corp., Class A *	27,698	561,992
Hamilton Lane, Inc., Class A	17,878	1,243,951
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	45,445	1,795,986
Houlihan Lokey, Inc.	26,033	2,043,591
Interactive Brokers Group, Inc., Class A	46,039	2,835,542
Intercontinental Exchange, Inc.	289,065	29,152,205
Invesco Ltd.	174,609	2,875,810
Invesco Mortgage Capital, Inc. (a)	20,539	326,365
Jackson Financial, Inc., Class A	44,568	1,393,196
Janus Henderson Group plc	87,174	2,039,872
Jefferies Financial Group, Inc.	99,385	3,189,265
KKR & Co., Inc.	306,512	15,497,247
KKR Real Estate Finance Trust, Inc.	25,464	490,437
Ladder Capital Corp.	56,209	621,672
Lazard Ltd., Class A	57,399	2,086,454
LendingClub Corp. *	54,670	714,537
LendingTree, Inc. *	5,868	178,915
LPL Financial Holdings, Inc.	41,426	9,168,817
MarketAxess Holdings, Inc.	19,417	4,826,872
MFA Financial, Inc.	50,786	555,091
Moelis & Co., Class A	33,647	1,401,734
Moneylion, Inc. *	49,740	71,128
Moody's Corp.	83,236	23,682,307
Morgan Stanley	724,691	61,758,167
Morningstar, Inc.	12,195	2,780,338
MSCI, Inc.	42,053	18,891,890
Nasdaq, Inc.	178,440	10,622,533
Navient Corp.	76,438	1,176,381
Nelnet, Inc., Class A	10,270	865,145
NerdWallet, Inc., Class A *	4,959	51,524
New York Mortgage Trust, Inc.	228,104	638,691
Northern Trust Corp.	107,802	10,250,892
OneMain Holdings, Inc.	55,321	1,932,363
Open Lending Corp., Class A *	52,726	511,969
Oportun Financial Corp. *	9,967	50,931
PennyMac Mortgage Investment Trust	49,992	742,381
Piper Sandler Cos.	7,263	832,122
PJT Partners, Inc., Class A	12,828	887,954
PRA Group, Inc. *	19,952	737,027
PROG Holdings, Inc. *	27,345	506,976
Raymond James Financial, Inc.	100,832	10,523,836
Ready Capital Corp.	34,015	445,597
Redwood Trust, Inc.	64,883	502,843
Rithm Capital Corp.	238,586	2,249,866
S&P Global, Inc.	179,928	63,367,043
SEI Investments Co.	55,179	3,018,291
SLM Corp.	139,197	2,126,930
SoFi Technologies, Inc. *(a)	379,910	2,249,067
Starwood Property Trust, Inc.	158,405	3,632,227
State Street Corp.	189,854	12,976,521

SECURITY	NUMBER OF SHARES	VALUE ($)
StepStone Group, Inc., Class A	24,491	668,359
Stifel Financial Corp.	55,110	3,268,574
StoneX Group, Inc. *	9,066	841,687
Synchrony Financial	259,318	8,492,665
T. Rowe Price Group, Inc.	117,844	14,141,280
The Bank of New York Mellon Corp.	384,406	15,964,381
The Carlyle Group, Inc.	72,176	2,347,885
The Charles Schwab Corp. (b)	777,266	55,147,023
The Goldman Sachs Group, Inc.	177,875	59,173,676
TPG RE Finance Trust, Inc.	28,906	267,670
TPG, Inc.	17,878	524,898
Tradeweb Markets, Inc., Class A	55,774	3,881,313
Two Harbors Investment Corp.	176,019	853,692
Upstart Holdings, Inc. *(a)	26,539	687,360
Virtu Financial, Inc., Class A	42,033	965,078
Virtus Investment Partners, Inc.	3,623	692,899
Voya Financial, Inc.	53,185	3,272,473
WisdomTree Investments, Inc.	62,060	310,921
World Acceptance Corp. *	2,091	243,058
		1,062,681,706

Energy 4.7%
Antero Midstream Corp.	166,074	1,672,365
Antero Resources Corp. *	146,202	5,859,776
APA Corp.	176,572	6,905,731
Arch Resources, Inc. (a)	8,114	1,181,236
Archaea Energy, Inc. *	28,451	562,192
Archrock, Inc.	68,594	506,910
Baker Hughes Co.	485,754	12,270,146
Brigham Minerals, Inc., Class A	27,368	814,198
Bristow Group, Inc. *	11,999	348,091
Cactus, Inc., Class A	31,250	1,248,437
California Resources Corp.	40,094	2,003,096
Callon Petroleum Co. *	23,985	1,020,802
Centennial Resource Development, Inc., Class A *	98,473	810,433
ChampionX Corp.	105,586	2,302,831
Cheniere Energy, Inc.	122,241	19,580,563
Chesapeake Energy Corp.	58,475	5,876,153
Chevron Corp.	1,018,132	160,925,944
Chord Energy Corp.	21,218	3,003,408
Civitas Resources, Inc.	37,241	2,502,223
Clean Energy Fuels Corp. *	87,243	586,273
CNX Resources Corp. *	101,903	1,800,626
Comstock Resources, Inc. *	46,285	907,186
ConocoPhillips	670,517	73,388,086
CONSOL Energy, Inc.	16,370	1,175,039
Continental Resources, Inc.	30,377	2,121,226
Core Laboratories N.V.	24,398	394,028
Coterra Energy, Inc.	416,956	12,888,110
CVR Energy, Inc.	15,061	491,892
Delek US Holdings, Inc.	36,821	1,040,193
Denbury, Inc. *	25,605	2,277,053
Devon Energy Corp.	317,920	22,451,510
Diamond Offshore Drilling, Inc. *	45,518	323,633
Diamondback Energy, Inc.	88,452	11,788,883
DMC Global, Inc. *	9,639	215,142
Dril-Quip, Inc. *	19,144	423,657
DT Midstream, Inc. *	49,864	2,752,991
Enviva, Inc.	15,052	1,046,415
EOG Resources, Inc.	303,071	36,762,512
EQT Corp.	152,846	7,306,039
Equitrans Midstream Corp.	208,582	1,933,555
Excelerate Energy, Inc., Class A	8,991	230,889
Expro Group Holdings N.V. *	17,659	238,750
Exxon Mobil Corp.	2,182,589	208,633,682
Green Plains, Inc. *	27,679	1,013,882

₃₉

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 ($)
Gulfport Energy Corp. *	6,094	595,749
Halliburton Co.	465,342	14,020,754
Helix Energy Solutions Group, Inc. *	76,215	329,249
Helmerich & Payne, Inc.	54,432	2,326,968
Hess Corp.	143,246	17,301,252
HF Sinclair Corp.	77,714	4,090,088
International Seaways, Inc.	21,468	633,950
Kinder Morgan, Inc.	1,009,070	18,486,162
Kosmos Energy Ltd. *	234,101	1,655,094
Laredo Petroleum, Inc. *	7,403	574,547
Liberty Energy, Inc., Class A *	56,643	849,645
Magnolia Oil & Gas Corp., Class A	78,492	1,873,604
Marathon Oil Corp.	365,614	9,356,062
Marathon Petroleum Corp.	280,668	28,277,301
Matador Resources Co.	57,609	3,433,496
Murphy Oil Corp.	76,171	2,968,384
Nabors Industries Ltd. *	4,595	608,883
New Fortress Energy, Inc.	21,725	1,245,929
NexTier Oilfield Solutions, Inc. *	81,781	766,288
Northern Oil and Gas, Inc.	34,002	1,075,823
NOV, Inc.	201,884	3,567,290
Occidental Petroleum Corp.	460,746	32,712,966
Oceaneering International, Inc. *	53,496	473,440
ONEOK, Inc.	231,712	14,187,726
Ovintiv, Inc.	133,706	7,105,137
Par Pacific Holdings, Inc. *	22,566	424,241
Patterson-UTI Energy, Inc.	111,191	1,656,746
PBF Energy, Inc., Class A *	49,209	1,680,979
PDC Energy, Inc.	49,244	3,344,160
Peabody Energy Corp. *	54,952	1,355,116
Phillips 66	249,684	22,336,731
Pioneer Natural Resources Co.	116,491	29,497,851
ProFrac Holding Corp., Class A *	8,040	158,308
ProPetro Holding Corp. *	43,039	394,237
Range Resources Corp. *	133,982	4,402,648
RPC, Inc.	36,901	293,363
Schlumberger N.V.	732,651	27,950,636
SM Energy Co.	62,454	2,752,348
Southwestern Energy Co. *	580,541	4,348,252
Talos Energy, Inc. *	20,838	431,972
Targa Resources Corp.	117,575	8,022,142
TechnipFMC plc *	219,420	1,794,856
Tellurian, Inc. *(a)	242,029	968,116
Texas Pacific Land Corp.	3,222	5,929,962
The Williams Cos., Inc.	629,543	21,423,348
Transocean Ltd. *	328,525	1,189,260
US Silica Holdings, Inc. *	39,628	555,981
Valaris Ltd. *	34,273	1,747,238
Valero Energy Corp.	211,734	24,798,286
World Fuel Services Corp.	32,566	840,203
		958,398,554

Food & Staples Retailing 1.4%
Albertsons Cos., Inc., Class A	54,936	1,511,289
BJ's Wholesale Club Holdings, Inc. *	69,529	5,179,215
Casey's General Stores, Inc.	19,006	4,062,913
Costco Wholesale Corp.	229,600	119,874,160
Grocery Outlet Holding Corp. *	45,909	1,841,869
Ingles Markets, Inc., Class A	7,987	699,102
Performance Food Group Co. *	80,012	3,999,000
PriceSmart, Inc.	12,600	797,202
Rite Aid Corp. *	28,222	202,634
SpartanNash Co.	18,116	551,270
Sprouts Farmers Market, Inc. *	57,733	1,668,484
Sysco Corp.	263,191	21,639,564
The Andersons, Inc.	16,897	625,696
The Chefs' Warehouse, Inc. *	16,389	546,409

SECURITY	NUMBER OF SHARES	VALUE ($)
The Kroger Co.	339,366	16,269,206
United Natural Foods, Inc. *	30,655	1,351,273
US Foods Holding Corp. *	116,526	3,568,026
Walgreens Boots Alliance, Inc.	369,987	12,971,744
Walmart, Inc.	727,156	96,384,528
Weis Markets, Inc.	8,924	693,484
		294,437,068

Food, Beverage & Tobacco 3.3%
Altria Group, Inc.	937,539	42,301,760
AppHarvest, Inc. *(a)	28,950	83,376
Archer-Daniels-Midland Co.	291,411	25,612,113
B&G Foods, Inc. (a)	37,259	807,030
Benson Hill, Inc. *	70,881	251,628
Beyond Meat, Inc. *(a)	30,907	754,131
BRC, Inc., Class A *	18,649	181,828
Brown-Forman Corp., Class A	28,299	1,997,060
Brown-Forman Corp., Class B	94,630	6,879,601
Bunge Ltd.	78,230	7,758,069
Calavo Growers, Inc.	8,772	368,775
Cal-Maine Foods, Inc.	19,124	1,025,238
Campbell Soup Co.	105,030	5,291,411
Celsius Holdings, Inc. *	20,288	2,099,605
Coca-Cola Consolidated, Inc.	2,397	1,136,969
Conagra Brands, Inc.	249,367	8,573,237
Constellation Brands, Inc., Class A	84,099	20,692,559
Darling Ingredients, Inc. *	83,267	6,333,288
Flowers Foods, Inc.	105,508	2,880,368
Fresh Del Monte Produce, Inc.	18,631	509,372
Freshpet, Inc. *	25,095	1,092,385
General Mills, Inc.	312,520	24,001,536
Hormel Foods Corp.	146,568	7,369,439
Hostess Brands, Inc. *	69,554	1,612,262
Ingredion, Inc.	33,863	2,948,451
J&J Snack Foods Corp.	7,733	1,152,449
John B Sanfilippo & Son, Inc.	4,469	360,782
Kellogg Co.	130,658	9,504,063
Keurig Dr Pepper, Inc.	382,605	14,584,903
Lamb Weston Holdings, Inc.	74,870	5,954,411
Lancaster Colony Corp.	10,364	1,746,852
McCormick & Co., Inc. Non Voting Shares	129,337	10,873,362
MGP Ingredients, Inc.	6,461	707,221
Mission Produce, Inc. *	21,394	344,443
Molson Coors Beverage Co., Class B	96,999	5,011,938
Mondelez International, Inc., Class A	715,903	44,285,760
Monster Beverage Corp. *	194,467	17,274,504
National Beverage Corp.	12,562	696,689
PepsiCo, Inc.	716,550	123,440,069
Philip Morris International, Inc.	803,236	76,701,006
Pilgrim's Pride Corp. *	24,688	702,867
Post Holdings, Inc. *	28,857	2,561,347
Seaboard Corp.	142	548,452
Sovos Brands, Inc. *	11,897	181,667
Tattooed Chef, Inc. *(a)	24,565	163,603
The Boston Beer Co., Inc., Class A *	4,891	1,648,658
The Coca-Cola Co.	2,021,857	124,768,796
The Duckhorn Portfolio, Inc. *	15,596	284,471
The Hain Celestial Group, Inc. *	45,667	925,213
The Hershey Co.	75,527	16,968,651
The J.M. Smucker Co.	56,075	7,849,939
The Kraft Heinz Co.	367,428	13,741,807
The Simply Good Foods Co. *	46,109	1,408,630
The Vita Coco Co., Inc. *(a)	7,421	111,241
Tootsie Roll Industries, Inc.	9,560	342,535
TreeHouse Foods, Inc. *	29,333	1,366,918
Turning Point Brands, Inc.	7,166	167,111

₄₀

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 ($)
Tyson Foods, Inc., Class A	151,151	11,393,762
Universal Corp.	13,230	675,259
Utz Brands, Inc.	34,538	575,403
Vector Group Ltd.	65,800	644,840
Vital Farms, Inc. *	12,805	165,825
		672,396,938

Health Care Equipment & Services 6.0%
1Life Healthcare, Inc. *	89,023	1,532,086
Abbott Laboratories	907,546	93,159,597
ABIOMED, Inc. *	23,574	6,112,267
Acadia Healthcare Co., Inc. *	46,897	3,842,271
Accolade, Inc. *	29,354	298,824
AdaptHealth Corp. *	49,629	891,833
Addus HomeCare Corp. *	8,466	755,337
Agiliti, Inc. *	14,115	226,687
agilon health, Inc. *	24,274	504,414
AirSculpt Technologies, Inc.	4,793	41,795
Align Technology, Inc. *	37,785	9,208,204
Alignment Healthcare, Inc. *	14,635	222,598
Allscripts Healthcare Solutions, Inc. *	60,596	1,030,132
Amedisys, Inc. *	17,462	2,068,374
American Well Corp., Class A *	113,886	518,181
AmerisourceBergen Corp.	78,466	11,499,977
AMN Healthcare Services, Inc. *	23,095	2,370,471
AngioDynamics, Inc. *	21,706	480,571
Apollo Medical Holdings, Inc. *	19,164	826,543
Artivion, Inc. *	22,780	504,805
AtriCure, Inc. *	23,682	1,080,373
Atrion Corp.	756	456,586
Avanos Medical, Inc. *	24,410	601,218
AxoGen, Inc. *	22,668	212,399
Axonics, Inc. *	24,670	1,782,407
Baxter International, Inc.	260,091	14,944,829
Becton Dickinson & Co.	147,825	37,313,986
BioLife Solutions, Inc. *	15,009	354,362
Bioventus, Inc., Class A *	12,575	91,923
Boston Scientific Corp. *	740,771	29,860,479
Brookdale Senior Living, Inc. *	96,540	424,776
Butterfly Network, Inc. *(a)	67,366	419,690
Cano Health, Inc. *	96,725	596,793
Cardinal Health, Inc.	140,284	9,920,884
Cardiovascular Systems, Inc. *	21,158	279,497
Castle Biosciences, Inc. *	11,881	344,549
Centene Corp. *	302,428	27,139,889
Certara, Inc. *	52,270	819,071
Cerus Corp. *	92,797	381,396
Change Healthcare, Inc. *	129,700	3,186,729
Chemed Corp.	7,815	3,721,425
Cigna Corp.	164,306	46,572,536
Clover Health Investments Corp. *	172,981	451,480
Community Health Systems, Inc. *	62,808	167,069
Computer Programs & Systems, Inc. *	6,949	212,014
CONMED Corp.	14,923	1,321,730
CorVel Corp. *	4,649	722,362
Covetrus, Inc. *	53,373	1,113,895
CryoPort, Inc. *	26,570	867,776
CVS Health Corp.	679,187	66,662,204
DaVita, Inc. *	30,990	2,643,137
Definitive Healthcare Corp. *	14,122	283,570
Dentsply Sirona, Inc.	112,257	3,678,662
DexCom, Inc. *	203,766	16,751,603
DocGo, Inc. *	38,686	394,597
Doximity, Inc., Class A *	47,685	1,582,665
Edwards Lifesciences Corp. *	322,178	29,028,238
Elevance Health, Inc.	124,875	60,578,111
Embecta Corp.	29,129	929,798

SECURITY	NUMBER OF SHARES	VALUE ($)
Encompass Health Corp.	51,176	2,485,618
Enhabit, Inc. *	25,566	424,396
Enovis Corp. *	24,365	1,234,087
Envista Holdings Corp. *	84,710	3,141,894
Evolent Health, Inc., Class A *	42,413	1,558,678
Figs, Inc., Class A *	18,085	209,063
Fulgent Genetics, Inc. *	9,852	428,266
Glaukos Corp. *	24,425	1,185,834
Globus Medical, Inc., Class A *	40,828	2,416,609
GoodRx Holdings, Inc., Class A *	37,499	228,744
Guardant Health, Inc. *	53,053	2,655,833
Haemonetics Corp. *	26,506	1,988,745
Hanger, Inc. *	18,772	349,722
HCA Healthcare, Inc.	117,755	23,300,182
Health Catalyst, Inc. *	30,076	360,912
HealthEquity, Inc. *	43,501	2,874,546
HealthStream, Inc. *	12,085	267,441
Henry Schein, Inc. *	71,473	5,246,833
Heska Corp. *	5,668	516,185
Hims & Hers Health, Inc. *	64,145	407,962
Hologic, Inc. *	129,012	8,716,051
Humana, Inc.	65,459	31,536,837
ICU Medical, Inc. *	10,476	1,665,684
IDEXX Laboratories, Inc. *	43,596	15,154,842
Inari Medical, Inc. *	17,661	1,224,790
Innovage Holding Corp. *	12,018	44,106
Inogen, Inc. *	11,731	335,859
Inspire Medical Systems, Inc. *	14,113	2,702,498
Insulet Corp. *	35,880	9,166,264
Integer Holdings Corp. *	17,406	1,097,796
Integra LifeSciences Holdings Corp. *	36,717	1,751,768
Intuitive Surgical, Inc. *	185,644	38,194,397
Invitae Corp. *	111,805	339,887
iRhythm Technologies, Inc. *	15,310	2,257,459
Laboratory Corp. of America Holdings	47,968	10,805,751
Lantheus Holdings, Inc. *	35,215	2,774,942
LeMaitre Vascular, Inc.	9,891	488,418
LHC Group, Inc. *	16,066	2,594,177
LifeStance Health Group, Inc. *(a)	23,137	145,532
LivaNova plc *	28,070	1,578,938
Masimo Corp. *	26,407	3,878,924
McKesson Corp.	75,474	27,698,958
Medtronic plc	695,443	61,143,349
Meridian Bioscience, Inc. *	23,309	759,640
Merit Medical Systems, Inc. *	26,512	1,570,306
Mesa Laboratories, Inc.	2,759	471,403
ModivCare, Inc. *	6,629	718,053
Molina Healthcare, Inc. *	30,480	10,283,038
Multiplan Corp. *	121,105	426,290
National HealthCare Corp.	7,164	497,540
National Research Corp.	7,892	269,196
Neogen Corp. *(a)	55,048	1,150,503
Nevro Corp. *	17,937	812,905
NextGen Healthcare, Inc. *	28,513	488,713
Novocure Ltd. *	46,617	3,828,654
NuVasive, Inc. *	26,421	1,123,157
Oak Street Health, Inc. *	71,598	1,875,868
Omnicell, Inc. *	22,589	2,310,629
OPKO Health, Inc. *	216,898	472,838
Option Care Health, Inc. *	77,361	2,395,097
OraSure Technologies, Inc. *	40,537	165,796
Orthofix Medical, Inc. *	9,607	191,179
OrthoPediatrics Corp. *	7,833	384,522
Outset Medical, Inc. *	20,820	380,798
Owens & Minor, Inc.	40,078	1,182,702
Paragon 28, Inc. *	4,437	77,869
Patterson Cos., Inc.	45,213	1,260,991
Pediatrix Medical Group, Inc. *	44,483	792,687

₄₁

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 ($)
Penumbra, Inc. *	18,444	3,027,951
PetIQ, Inc. *	14,586	136,233
Phreesia, Inc. *	27,920	716,427
Premier, Inc., Class A	60,012	2,114,823
Privia Health Group, Inc. *	13,430	534,380
PROCEPT BioRobotics Corp. *	4,065	164,551
Progyny, Inc. *	37,446	1,505,704
Pulmonx Corp. *	17,911	329,025
Quest Diagnostics, Inc.	60,615	7,595,666
QuidelOrtho Corp. *	25,966	2,058,065
R1 RCM, Inc. *	69,294	1,514,074
RadNet, Inc. *	23,572	473,561
ResMed, Inc.	75,658	16,638,707
Schrodinger, Inc. *	23,694	650,163
SeaSpine Holdings Corp. *	15,391	98,502
Select Medical Holdings Corp.	53,435	1,370,073
Sema4 Holdings Corp. *	141,644	144,477
Senseonics Holdings, Inc. *(a)	210,801	375,226
Sharecare, Inc. *	145,898	266,993
Shockwave Medical, Inc. *	18,515	5,496,363
SI-BONE, Inc. *	15,414	254,331
Signify Health, Inc., Class A *	12,144	338,818
Silk Road Medical, Inc. *	17,575	700,012
Simulations Plus, Inc.	7,524	451,816
SmileDirectClub, Inc. *(a)	79,992	91,191
STAAR Surgical Co. *	25,114	2,375,533
STERIS plc	51,625	10,396,242
Stryker Corp.	174,362	35,779,082
Surgery Partners, Inc. *	18,810	517,839
Surmodics, Inc. *	7,974	268,644
Tabula Rasa HealthCare, Inc. *	15,856	76,902
Tactile Systems Technology, Inc. *	11,970	98,753
Tandem Diabetes Care, Inc. *	33,409	1,528,128
Teladoc Health, Inc. *	84,525	2,625,346
Teleflex, Inc.	24,432	5,527,984
Tenet Healthcare Corp. *	55,672	3,145,468
The Cooper Cos., Inc.	25,521	7,335,756
The Ensign Group, Inc.	27,139	2,314,957
The Joint Corp. *	7,015	127,954
The Pennant Group, Inc. *	13,096	205,214
TransMedics Group, Inc. *	14,441	751,365
Treace Medical Concepts, Inc. *	5,897	118,117
UnitedHealth Group, Inc.	486,062	252,426,578
Universal Health Services, Inc., Class B	34,696	3,394,657
US Physical Therapy, Inc.	6,941	573,396
Varex Imaging Corp. *	20,407	430,384
Veeva Systems, Inc., Class A *	72,490	14,448,707
Vicarious Surgical, Inc. *	26,693	99,565
ViewRay, Inc. *	88,723	303,433
Zimmer Biomet Holdings, Inc.	108,350	11,519,772
Zimvie, Inc. *	10,657	162,200
		1,218,057,934

Household & Personal Products 1.4%
BellRing Brands, Inc. *	63,795	1,511,304
Central Garden & Pet Co. *	5,310	211,975
Central Garden & Pet Co., Class A *	19,935	752,746
Church & Dwight Co., Inc.	125,610	10,514,813
Colgate-Palmolive Co.	433,672	33,917,487
Coty, Inc., Class A *	178,964	1,344,020
Edgewell Personal Care Co.	27,031	1,053,128
elf Beauty, Inc. *	25,798	983,678
Energizer Holdings, Inc.	34,464	968,438
Herbalife Nutrition Ltd. *	48,172	1,256,808
Inter Parfums, Inc.	9,263	727,331
Kimberly-Clark Corp.	174,266	22,222,400

SECURITY	NUMBER OF SHARES	VALUE ($)
Medifast, Inc.	5,909	741,461
Nu Skin Enterprises, Inc., Class A	25,499	1,043,929
Olaplex Holdings, Inc. *	35,712	475,684
Reynolds Consumer Products, Inc.	28,085	784,414
Spectrum Brands Holdings, Inc.	21,275	1,340,112
The Beauty Health Co. *	49,329	572,216
The Clorox Co.	63,573	9,176,127
The Estee Lauder Cos., Inc., Class A	120,102	30,551,547
The Procter & Gamble Co.	1,242,727	171,421,762
USANA Health Sciences, Inc. *	6,339	408,992
WD-40 Co.	6,940	1,312,770
		293,293,142

Insurance 2.3%
Aflac, Inc.	306,328	18,202,010
Alleghany Corp. *	7,083	5,958,078
Ambac Financial Group, Inc. *	22,608	341,155
American Equity Investment Life Holding Co.	40,010	1,520,380
American Financial Group, Inc.	34,156	4,361,038
American International Group, Inc.	411,521	21,296,212
AMERISAFE, Inc.	9,965	476,526
Aon plc, Class A	110,060	30,735,356
Arch Capital Group Ltd. *	195,040	8,917,229
Argo Group International Holdings Ltd.	18,009	353,517
Arthur J. Gallagher & Co.	108,863	19,766,255
Assurant, Inc.	27,887	4,419,811
Assured Guaranty Ltd.	33,373	1,704,359
Axis Capital Holdings Ltd.	40,066	2,129,508
Brighthouse Financial, Inc. *	38,598	1,835,335
Brown & Brown, Inc.	121,223	7,641,898
BRP Group, Inc., Class A *	29,101	913,771
Chubb Ltd.	219,793	41,551,867
Cincinnati Financial Corp.	76,877	7,453,994
CNA Financial Corp.	15,017	577,554
CNO Financial Group, Inc.	62,011	1,141,622
eHealth, Inc. *	10,677	68,333
Employers Holdings, Inc.	14,030	549,415
Enstar Group Ltd. *	6,354	1,202,494
Erie Indemnity Co., Class A	12,919	2,776,681
Everest Re Group Ltd.	20,537	5,525,480
Fidelity National Financial, Inc.	146,962	5,746,214
First American Financial Corp.	55,070	2,946,245
Genworth Financial, Inc., Class A *	262,049	1,105,847
Globe Life, Inc.	46,961	4,564,140
Goosehead Insurance, Inc., Class A *	11,075	575,900
Hagerty, Inc., Class A *	14,122	158,590
Hippo Holdings, Inc. *	189,161	183,486
Horace Mann Educators Corp.	20,728	741,441
James River Group Holdings Ltd.	19,038	452,343
Kemper Corp.	31,058	1,428,668
Kinsale Capital Group, Inc.	11,112	2,817,781
Lemonade, Inc. *(a)	19,516	431,694
Lincoln National Corp.	83,845	3,861,901
Loews Corp.	101,081	5,590,790
Markel Corp. *	7,071	8,443,552
Marsh & McLennan Cos., Inc.	260,263	41,998,640
MBIA, Inc. *	23,378	275,627
Mercury General Corp.	14,675	468,132
MetLife, Inc.	357,104	22,972,500
National Western Life Group, Inc., Class A	1,192	226,850
Old Republic International Corp.	148,365	3,240,292
Oscar Health, Inc., Class A *	19,456	128,993
Palomar Holdings, Inc. *	12,268	972,730
Primerica, Inc.	19,907	2,523,212

₄₂

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 ($)
Principal Financial Group, Inc.	121,446	9,079,303
ProAssurance Corp.	29,244	625,529
Prudential Financial, Inc.	193,697	18,546,488
Reinsurance Group of America, Inc.	34,640	4,342,470
RenaissanceRe Holdings Ltd.	22,689	3,068,914
RLI Corp.	21,029	2,308,143
Root, Inc., Class A *	4,696	58,182
Ryan Specialty Group Holdings, Inc., Class A *	29,536	1,251,145
Safety Insurance Group, Inc.	7,588	683,299
Selective Insurance Group, Inc.	30,912	2,455,031
Selectquote, Inc. *	62,186	69,026
SiriusPoint Ltd. *	54,523	243,718
Stewart Information Services Corp.	14,366	727,494
The Allstate Corp.	142,304	17,147,632
The Hanover Insurance Group, Inc.	18,205	2,355,545
The Hartford Financial Services Group, Inc.	170,704	10,977,974
The Progressive Corp.	302,696	37,125,664
The Travelers Cos., Inc.	124,376	20,104,137
Trupanion, Inc. *	17,746	1,252,513
United Fire Group, Inc.	11,736	345,390
Unum Group	103,739	3,926,521
W.R. Berkley Corp.	108,228	7,013,174
White Mountains Insurance Group Ltd.	1,539	2,108,430
Willis Towers Watson plc	57,697	11,933,470
		461,024,638

Materials 2.8%
5E Advanced Materials, Inc. *	14,345	215,175
AdvanSix, Inc.	14,520	526,495
Air Products and Chemicals, Inc.	114,855	28,995,145
Albemarle Corp.	60,641	16,249,362
Alcoa Corp.	95,548	4,727,715
Amcor plc	776,357	9,324,048
Amyris, Inc. *(a)	97,160	285,650
AptarGroup, Inc.	33,852	3,480,324
Arconic Corp. *	55,393	1,396,458
Ashland, Inc.	26,060	2,651,866
ATI, Inc. *	64,960	1,944,253
Avery Dennison Corp.	42,524	7,808,257
Avient Corp.	47,480	2,081,048
Axalta Coating Systems Ltd. *	107,013	2,755,585
Balchem Corp.	17,043	2,246,608
Ball Corp.	165,401	9,231,030
Berry Global Group, Inc. *	67,338	3,658,474
Cabot Corp.	29,231	2,103,755
Carpenter Technology Corp.	24,899	845,819
Celanese Corp.	56,193	6,229,556
Century Aluminum Co. *	25,218	194,683
CF Industries Holdings, Inc.	107,793	11,152,264
Chase Corp.	4,153	366,128
Clearwater Paper Corp. *	9,160	389,666
Cleveland-Cliffs, Inc. *	248,324	4,288,555
Coeur Mining, Inc. *	152,414	420,663
Commercial Metals Co.	62,812	2,544,514
Compass Minerals International, Inc.	17,748	718,617
Corteva, Inc.	374,051	22,977,953
Crown Holdings, Inc.	63,581	5,759,803
Danimer Scientific, Inc. *(a)	44,872	199,680
Diversey Holdings Ltd. *	28,127	172,419
Dow, Inc.	377,222	19,238,322
DuPont de Nemours, Inc.	262,954	14,630,761
Eagle Materials, Inc.	20,146	2,409,865
Eastman Chemical Co.	66,707	6,070,337
Ecolab, Inc.	128,506	21,053,138

SECURITY	NUMBER OF SHARES	VALUE ($)
Ecovyst, Inc. *	30,710	283,760
Element Solutions, Inc.	112,469	2,099,796
FMC Corp.	65,052	7,030,820
Freeport-McMoRan, Inc.	750,682	22,220,187
GCP Applied Technologies, Inc. *	28,874	907,221
Ginkgo Bioworks Holdings, Inc. *(a)	500,942	1,347,534
Glatfelter Corp.	23,798	115,896
Graphic Packaging Holding Co.	146,867	3,270,728
Greif, Inc., Class A	16,804	1,126,708
H.B. Fuller Co.	27,104	1,757,965
Hawkins, Inc.	9,104	348,865
Hecla Mining Co.	274,741	1,082,480
Huntsman Corp.	102,564	2,873,843
Ingevity Corp. *	20,170	1,414,724
Innospec, Inc.	12,971	1,212,270
International Flavors & Fragrances, Inc.	131,794	14,560,601
International Paper Co.	193,147	8,038,778
Kaiser Aluminum Corp.	8,932	640,960
Koppers Holdings, Inc.	12,050	275,102
Kronos Worldwide, Inc.	12,888	165,997
Linde plc	260,777	73,763,382
Livent Corp. *	84,436	2,717,150
Louisiana-Pacific Corp.	43,126	2,338,723
LyondellBasell Industries N.V., Class A	134,329	11,149,307
Martin Marietta Materials, Inc.	32,186	11,191,394
Materion Corp.	10,670	920,928
Mativ Holdings, Inc.	29,735	702,341
McEwen Mining, Inc. *	22,154	68,013
Mercer International, Inc.	22,001	356,856
Minerals Technologies, Inc.	16,779	977,545
MP Materials Corp. *	37,909	1,326,436
Myers Industries, Inc.	20,027	386,922
NewMarket Corp.	3,451	991,162
Newmont Corp.	410,741	16,988,248
Nucor Corp.	137,442	18,271,539
O-I Glass, Inc. *	82,392	1,071,920
Olin Corp.	72,732	3,975,531
Orion Engineered Carbons S.A.	30,951	521,834
Packaging Corp. of America	48,982	6,706,615
Pactiv Evergreen, Inc.	20,742	230,236
Piedmont Lithium, Inc. *(a)	9,373	573,159
PPG Industries, Inc.	122,288	15,528,130
PureCycle Technologies, Inc. *(a)	53,763	490,856
Quaker Chemical Corp.	6,897	1,202,285
Ranpak Holdings Corp. *	20,307	107,424
Reliance Steel & Aluminum Co.	31,907	5,997,878
Resolute Forest Products, Inc. *	24,849	503,441
Royal Gold, Inc.	34,302	3,152,354
RPM International, Inc.	66,807	6,223,740
Schnitzer Steel Industries, Inc., Class A	13,565	448,188
Sealed Air Corp.	76,819	4,133,630
Sensient Technologies Corp.	21,368	1,702,389
Silgan Holdings, Inc.	42,670	1,943,618
Sonoco Products Co.	50,899	3,207,655
Steel Dynamics, Inc.	93,379	7,537,553
Stepan Co.	10,717	1,117,033
Summit Materials, Inc., Class A *	62,110	1,765,166
SunCoke Energy, Inc.	39,664	261,386
Sylvamo Corp.	18,207	809,119
The Chemours Co.	80,263	2,707,271
The Mosaic Co.	187,040	10,075,845
The Scotts Miracle-Gro Co.	20,817	1,393,698
The Sherwin-Williams Co.	124,075	28,797,807
TimkenSteel Corp. *	20,552	315,268
TriMas Corp.	23,163	637,446

₄₃

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 ($)
Trinseo plc	18,379	487,595
Tronox Holdings plc, Class A	59,184	865,862
United States Lime & Minerals, Inc.	858	88,194
United States Steel Corp.	137,575	3,146,340
Valhi, Inc.	1,217	42,522
Valvoline, Inc.	94,083	2,734,993
Vulcan Materials Co.	68,743	11,445,022
Warrior Met Coal, Inc.	26,853	874,065
Westlake Corp.	17,954	1,770,803
Westrock Co.	132,093	5,361,655
Worthington Industries, Inc.	16,055	818,644
		573,042,342

Media & Entertainment 6.6%
Activision Blizzard, Inc.	405,782	31,849,829
AdTheorent Holding Co., Inc. *	25,747	67,972
Advantage Solutions, Inc. *	54,146	197,091
Alphabet, Inc., Class A *	3,115,583	337,168,392
Alphabet, Inc., Class C *	2,857,375	311,882,481
Altice USA, Inc., Class A *	116,524	1,165,240
AMC Entertainment Holdings, Inc., Class A *(a)	268,148	2,445,510
AMC Networks, Inc., Class A *	15,114	404,904
Angi, Inc. *	40,959	166,294
Bumble, Inc., Class A *	38,114	954,756
Cable One, Inc.	2,530	2,871,550
Cardlytics, Inc. *	16,854	223,147
Cargurus, Inc. *	45,067	842,753
Cars.com, Inc. *	33,492	427,023
Charter Communications, Inc., Class A *	60,041	24,774,718
Cinemark Holdings, Inc. *	57,314	806,981
Clear Channel Outdoor Holdings, Inc. *	253,263	405,221
Comcast Corp., Class A	2,315,280	83,789,983
DISH Network Corp., Class A *	128,782	2,234,368
Electronic Arts, Inc.	145,717	18,487,116
Eventbrite, Inc., Class A *	40,444	287,557
Fox Corp., Class A	161,319	5,513,883
Fox Corp., Class B	73,905	2,336,876
fuboTV, Inc. *(a)	102,598	371,405
Gannett Co., Inc. *	83,070	192,722
Gray Television, Inc.	44,681	853,407
IAC/InterActiveCorp *	43,659	2,805,964
iHeartMedia, Inc., Class A *	55,135	487,945
Integral Ad Science Holding Corp. *	7,081	57,569
John Wiley & Sons, Inc., Class A	22,885	1,053,397
Liberty Broadband Corp., Class A *	10,862	1,095,107
Liberty Broadband Corp., Class C *	67,635	6,878,479
Liberty Media Corp. - Liberty Braves, Class A *	5,522	155,168
Liberty Media Corp. - Liberty Braves, Class C *	20,505	560,607
Liberty Media Corp. - Liberty Formula One, Class A *	11,544	671,053
Liberty Media Corp. - Liberty Formula One, Class C *	106,300	6,769,184
Liberty Media Corp. - Liberty SiriusXM, Class A	41,354	1,717,845
Liberty Media Corp. - Liberty SiriusXM, Class C *	80,665	3,336,304
Lions Gate Entertainment Corp., Class A *	28,964	285,295
Lions Gate Entertainment Corp., Class B *	64,453	601,346
Live Nation Entertainment, Inc. *	70,878	6,404,536

SECURITY	NUMBER OF SHARES	VALUE ($)
Madison Square Garden Entertainment Corp. *	13,273	737,448
Madison Square Garden Sports Corp. *	8,919	1,429,448
Magnite, Inc. *	58,556	440,927
Match Group, Inc. *	147,844	8,357,621
MediaAlpha, Inc., Class A *	9,970	83,250
Meta Platforms, Inc., Class A *	1,187,911	193,546,339
Netflix, Inc. *	230,103	51,441,827
News Corp., Class A	201,999	3,417,823
News Corp., Class B	61,901	1,067,173
Nexstar Media Group, Inc., Class A	20,818	3,982,900
Nextdoor Holdings, Inc. *	33,805	107,500
Omnicom Group, Inc.	106,393	7,117,692
Paramount Global, Class B	319,826	7,480,730
Pinterest, Inc., Class A *	297,973	6,865,298
Playtika Holding Corp. *	51,773	545,170
QuinStreet, Inc. *	24,047	288,804
Roku, Inc. *	62,038	4,218,584
Scholastic Corp.	15,166	696,271
Shutterstock, Inc.	11,971	663,313
Sinclair Broadcast Group, Inc., Class A	21,876	483,241
Sirius XM Holdings, Inc. (a)	471,646	2,872,324
Skillz, Inc. *(a)	130,690	173,818
Snap, Inc., Class A *	564,890	6,146,003
System1, Inc. *(a)	10,077	111,351
Take-Two Interactive Software, Inc. *	81,531	9,992,439
TechTarget, Inc. *	13,691	888,546
TEGNA, Inc.	117,640	2,517,496
The E.W. Scripps Co., Class A *	29,034	434,058
The Interpublic Group of Cos., Inc.	203,106	5,613,850
The New York Times Co., Class A	86,320	2,631,897
The Walt Disney Co. *	943,363	105,732,125
TripAdvisor, Inc. *	52,801	1,256,664
Twitter, Inc. *	395,627	15,330,546
Vimeo, Inc. *	80,124	474,334
Warner Bros Discovery, Inc. *	1,146,591	15,180,865
Warner Music Group Corp., Class A	58,990	1,579,162
WideOpenWest, Inc. *	28,604	509,151
World Wrestling Entertainment, Inc., Class A	21,920	1,490,779
Yelp, Inc. *	36,067	1,232,409
Ziff Davis, Inc. *	24,624	1,902,943
ZipRecruiter, Inc., Class A *	5,716	95,343
ZoomInfo Technologies, Inc. *	155,585	7,066,671
		1,339,805,111

Pharmaceuticals, Biotechnology & Life Sciences 7.9%
10X Genomics, Inc., Class A *	48,833	1,611,001
2seventy bio, Inc. *	20,333	299,505
4D Molecular Therapeutics, Inc. *	8,000	62,880
AbbVie, Inc.	915,015	123,032,917
ACADIA Pharmaceuticals, Inc. *	66,932	1,099,693
Adagio Therapeutics, Inc. *(a)	19,798	90,279
Adaptive Biotechnologies Corp. *	55,810	497,825
Aerie Pharmaceuticals, Inc. *	28,534	430,863
Agenus, Inc. *	136,816	369,403
Agilent Technologies, Inc.	155,555	19,949,929
Agios Pharmaceuticals, Inc. *	31,007	790,679
Akero Therapeutics, Inc. *	8,000	94,000
Akoya Biosciences, Inc. *	5,492	62,609
Alector, Inc. *	30,273	313,326
Alkermes plc *	84,812	2,007,500
Allakos, Inc. *	16,375	79,419
Allogene Therapeutics, Inc. *	38,476	527,506
Allovir, Inc. *	14,278	107,228

₄₄

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 ($)
Alnylam Pharmaceuticals, Inc. *	62,551	12,927,415
ALX Oncology Holdings, Inc. *	13,883	180,479
Amgen, Inc.	276,471	66,435,981
Amicus Therapeutics, Inc. *	128,915	1,447,715
Amneal Pharmaceuticals, Inc. *	56,357	122,295
Amphastar Pharmaceuticals, Inc. *	19,091	565,094
Amylyx Pharmaceuticals, Inc. *	5,114	129,077
AnaptysBio, Inc. *	11,408	264,894
Anavex Life Sciences Corp. *	38,533	369,531
Anika Therapeutics, Inc. *	7,652	172,935
Annexon, Inc. *	16,090	94,609
Apellis Pharmaceuticals, Inc. *	47,103	2,850,203
Applied Molecular Transport, Inc. *	15,078	22,315
Arcellx, Inc. *	3,661	65,788
Arcturus Therapeutics Holdings, Inc. *	10,829	152,039
Arcus Biosciences, Inc. *	24,313	585,457
Arcutis Biotherapeutics, Inc. *	20,168	543,528
Arrowhead Pharmaceuticals, Inc. *	55,847	2,217,684
Arvinas, Inc. *	23,499	994,948
Atara Biotherapeutics, Inc. *	50,131	201,025
Atea Pharmaceuticals, Inc. *	27,384	205,380
Avantor, Inc. *	316,919	7,894,452
Avid Bioservices, Inc. *	30,584	526,656
Avidity Biosciences, Inc. *	26,632	522,520
Axsome Therapeutics, Inc. *	16,406	1,046,703
Azenta, Inc.	38,708	2,040,299
Beam Therapeutics, Inc. *	24,808	1,354,517
Berkeley Lights, Inc. *	24,125	88,539
BioAtla, Inc. *	20,252	176,395
BioCryst Pharmaceuticals, Inc. *	98,852	1,374,043
Biogen, Inc. *	75,719	14,793,978
Biohaven Pharmaceutical Holding Co., Ltd. *	32,625	4,872,544
BioMarin Pharmaceutical, Inc. *	95,702	8,536,618
Bionano Genomics, Inc. *(a)	181,111	449,155
Bio-Rad Laboratories, Inc., Class A *	11,195	5,430,023
Bio-Techne Corp.	20,467	6,791,155
Bioxcel Therapeutics, Inc. *	6,322	86,485
Blueprint Medicines Corp. *	31,488	2,305,551
Bridgebio Pharma, Inc. *	54,306	570,213
Bristol-Myers Squibb Co.	1,101,920	74,280,427
Bruker Corp.	52,044	2,914,464
C4 Therapeutics, Inc. *	18,904	190,552
Cara Therapeutics, Inc. *	21,823	225,213
CareDx, Inc. *	27,265	534,121
Caribou Biosciences, Inc. *	11,652	115,005
Cassava Sciences, Inc. *(a)	19,229	494,762
Catalent, Inc. *	93,318	8,211,984
Catalyst Pharmaceuticals, Inc. *	53,270	721,276
Celldex Therapeutics, Inc. *	23,597	717,349
Cerevel Therapeutics Holdings, Inc. *	30,418	885,164
Charles River Laboratories International, Inc. *	26,191	5,375,703
ChemoCentryx, Inc. *	26,047	1,327,876
Chimerix, Inc. *	43,164	94,961
CinCor Pharma, Inc. *	9,262	312,778
Clene, Inc. *	7,177	21,244
Clovis Oncology, Inc. *(a)	66,436	74,408
Codexis, Inc. *	31,122	218,165
Coherus Biosciences, Inc. *	34,327	383,776
Collegium Pharmaceutical, Inc. *	18,063	317,548
Corcept Therapeutics, Inc. *	49,570	1,279,897
Crinetics Pharmaceuticals, Inc. *	22,106	417,361
CRISPR Therapeutics AG *	36,835	2,397,590
Cullinan Oncology, Inc. *	12,302	165,831
Cytek Biosciences, Inc. *	6,500	75,725
Cytokinetics, Inc. *	44,279	2,345,016
Danaher Corp.	334,954	90,407,434

SECURITY	NUMBER OF SHARES	VALUE ($)
Day One Biopharmaceuticals, Inc. *	10,763	252,823
Deciphera Pharmaceuticals, Inc. *	26,505	430,176
Denali Therapeutics, Inc. *	49,661	1,374,120
Design Therapeutics, Inc. *	6,772	137,201
DICE Therapeutics, Inc. *	6,774	106,352
Dynavax Technologies Corp. *	61,654	707,171
Dyne Therapeutics, Inc. *	8,000	78,400
Eagle Pharmaceuticals, Inc. *	5,378	176,237
Editas Medicine, Inc. *	35,362	519,821
Elanco Animal Health, Inc. *	244,618	3,701,070
Eli Lilly & Co.	408,294	122,990,402
Emergent BioSolutions, Inc. *	22,515	540,810
Enanta Pharmaceuticals, Inc. *	10,026	610,383
EQRx, Inc. *(a)	120,006	586,829
Erasca, Inc. *	11,370	102,557
Exact Sciences Corp. *	91,405	3,249,448
Exelixis, Inc. *	166,270	2,949,630
Fate Therapeutics, Inc. *	44,040	1,151,206
FibroGen, Inc. *	44,090	548,480
Forma Therapeutics Holdings, Inc. *	22,080	295,872
G1 Therapeutics, Inc. *	21,612	313,590
Generation Bio Co. *	22,228	113,807
Gilead Sciences, Inc.	649,143	41,201,106
Global Blood Therapeutics, Inc. *	31,601	2,145,708
Gossamer Bio, Inc. *	26,631	371,502
GreenLight Biosciences Holdings PBC *(a)	31,838	90,420
Halozyme Therapeutics, Inc. *	70,786	2,883,114
Harmony Biosciences Holdings, Inc. *	11,626	510,498
Heron Therapeutics, Inc. *	62,596	256,018
HilleVax, Inc. *	6,807	81,071
Horizon Therapeutics plc *	118,909	7,040,602
Humacyte, Inc. *(a)	33,540	122,421
Humanigen, Inc. *	31,170	6,957
IGM Biosciences, Inc. *	4,931	95,711
Illumina, Inc. *	81,382	16,409,866
ImmunityBio, Inc. *(a)	24,960	99,840
ImmunoGen, Inc. *	111,005	644,939
Immunovant, Inc. *	34,084	175,533
Incyte Corp. *	97,312	6,853,684
Inhibrx, Inc. *	10,525	186,714
Innoviva, Inc. *	33,344	438,807
Inovio Pharmaceuticals, Inc. *	145,466	333,117
Insmed, Inc. *	64,228	1,581,293
Intellia Therapeutics, Inc. *	36,832	2,212,130
Intra-Cellular Therapies, Inc. *	45,123	2,267,882
Ionis Pharmaceuticals, Inc. *	74,389	3,163,020
Iovance Biotherapeutics, Inc. *	73,412	786,977
IQVIA Holdings, Inc. *	98,058	20,853,014
Ironwood Pharmaceuticals, Inc. *	79,544	855,893
iTeos Therapeutics, Inc. *	10,423	231,182
Jazz Pharmaceuticals plc *	32,237	5,003,827
Johnson & Johnson	1,362,602	219,842,207
Karuna Therapeutics, Inc. *	13,300	3,392,298
Keros Therapeutics, Inc. *	6,249	221,027
Kinnate Biopharma, Inc. *	8,087	117,100
Kodiak Sciences, Inc. *	19,136	191,551
Kronos Bio, Inc. *	29,620	118,480
Krystal Biotech, Inc. *	10,721	751,649
Kura Oncology, Inc. *	37,687	522,342
Kymera Therapeutics, Inc. *	18,075	510,980
Lexicon Pharmaceuticals, Inc. *	29,910	82,253
Ligand Pharmaceuticals, Inc. *	8,779	811,092
Lyell Immunopharma, Inc. *(a)	14,207	95,187
MacroGenics, Inc. *	24,940	99,012
Madrigal Pharmaceuticals, Inc. *	6,219	448,514
MannKind Corp. *	135,171	493,374

₄₅

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 ($)
Maravai LifeSciences Holdings, Inc., Class A *	55,618	1,160,748
Medpace Holdings, Inc. *	13,954	2,059,750
Merck & Co., Inc.	1,309,131	111,747,422
Mersana Therapeutics, Inc. *	55,357	415,178
Mettler-Toledo International, Inc. *	11,749	14,245,193
MiMedx Group, Inc. *	38,993	137,645
Mirati Therapeutics, Inc. *	26,565	2,152,562
Moderna, Inc. *	178,872	23,659,399
Morphic Holding, Inc. *	15,680	431,514
Myovant Sciences Ltd. *	26,699	456,286
Myriad Genetics, Inc. *	42,342	945,920
NanoString Technologies, Inc. *	23,725	321,711
Natera, Inc. *	46,671	2,299,013
Nektar Therapeutics *	96,650	380,801
NeoGenomics, Inc. *	62,683	629,964
Neurocrine Biosciences, Inc. *	49,127	5,140,158
NGM Biopharmaceuticals, Inc. *	19,377	273,409
Nkarta, Inc. *	13,903	200,064
Novavax, Inc. *	40,473	1,337,228
Nurix Therapeutics, Inc. *	20,521	322,795
Nuvation Bio, Inc. *	60,372	169,042
Ocugen, Inc. *(a)	101,958	263,052
Olema Pharmaceuticals, Inc. *	18,401	72,684
Omeros Corp. *(a)	27,489	110,781
Organogenesis Holdings, Inc. *	31,467	112,967
Organon & Co.	132,750	3,787,357
ORIC Pharmaceuticals, Inc. *	18,817	65,107
Pacific Biosciences of California, Inc. *	114,163	668,995
Pacira BioSciences, Inc. *	23,237	1,219,478
Pardes Biosciences, Inc. *	18,347	64,398
Passage Bio, Inc. *	24,893	50,284
PerkinElmer, Inc.	65,001	8,779,035
Perrigo Co., plc	70,355	2,632,684
Pfizer, Inc.	2,904,914	131,389,260
Phathom Pharmaceuticals, Inc. *(a)	11,987	102,369
Phibro Animal Health Corp., Class A	10,706	158,556
Pliant Therapeutics, Inc. *	16,973	327,239
PMV Pharmaceuticals, Inc. *	13,895	193,418
Praxis Precision Medicines, Inc. *	18,377	57,336
Precigen, Inc. *	34,910	77,151
Prelude Therapeutics, Inc. *	12,557	90,410
Prestige Consumer Healthcare, Inc. *	26,725	1,351,751
Prometheus Biosciences, Inc. *	6,099	319,039
Protagonist Therapeutics, Inc. *	22,673	197,709
Prothena Corp. plc *	19,345	533,342
PTC Therapeutics, Inc. *	37,570	1,876,246
Quanterix Corp. *	17,078	159,679
Quince Therapeutics, Inc. *	19,183	33,762
RAPT Therapeutics, Inc. *	10,160	271,374
Reata Pharmaceuticals, Inc., Class A *	14,028	335,409
Recursion Pharmaceuticals, Inc., Class A *	18,644	195,948
Regeneron Pharmaceuticals, Inc. *	55,856	32,455,687
REGENXBIO, Inc. *	19,323	570,029
Relay Therapeutics, Inc. *	41,146	945,124
Repligen Corp. *	26,735	5,864,857
Replimune Group, Inc. *	15,096	287,730
Revance Therapeutics, Inc. *	36,000	716,400
REVOLUTION Medicines, Inc. *	38,077	793,144
Rhythm Pharmaceuticals, Inc. *	19,195	433,807
Rocket Pharmaceuticals, Inc. *	24,120	371,689
Roivant Sciences Ltd. *	49,281	175,440
Royalty Pharma plc, Class A	187,106	7,822,902
Rubius Therapeutics, Inc. *	52,954	37,068
Sage Therapeutics, Inc. *	27,304	1,028,269
Sana Biotechnology, Inc. *(a)	42,394	288,703
Sangamo Therapeutics, Inc. *	64,505	348,327

SECURITY	NUMBER OF SHARES	VALUE ($)
Sarepta Therapeutics, Inc. *	45,117	4,934,897
Scholar Rock Holding Corp. *	8,970	74,810
Seagen, Inc. *	69,510	10,724,698
Seer, Inc. *	18,299	184,820
Seres Therapeutics, Inc. *	31,089	159,797
Shattuck Labs, Inc. *	17,810	57,883
SomaLogic, Inc. *	75,391	277,439
Sorrento Therapeutics, Inc. *	214,949	440,645
Sotera Health Co. *	50,185	848,628
SpringWorks Therapeutics, Inc. *	14,041	389,919
Stoke Therapeutics, Inc. *	14,951	225,162
Supernus Pharmaceuticals, Inc. *	27,901	955,051
Syndax Pharmaceuticals, Inc. *	26,894	634,967
Syneos Health, Inc. *	53,196	3,197,612
Tarsus Pharmaceuticals, Inc. *	5,000	76,900
TCR2 Therapeutics, Inc. *	27,604	75,083
TG Therapeutics, Inc. *	68,246	486,594
Theravance Biopharma, Inc. *	31,053	279,788
Thermo Fisher Scientific, Inc.	202,660	110,514,551
Travere Therapeutics, Inc. *	28,205	754,766
Twist Bioscience Corp. *	29,924	1,200,551
Tyra Biosciences, Inc. *	6,026	39,832
Ultragenyx Pharmaceutical, Inc. *	36,888	1,759,189
uniQure N.V. *	19,368	378,451
United Therapeutics Corp. *	23,282	5,276,167
Vanda Pharmaceuticals, Inc. *	33,185	351,097
Vaxart, Inc. *(a)	61,738	191,388
Vaxcyte, Inc. *	19,478	509,544
VBI Vaccines, Inc. *	124,580	111,574
Ventyx Biosciences, Inc. *	5,548	113,179
Veracyte, Inc. *	36,739	749,476
Vericel Corp. *	25,849	644,933
Vertex Pharmaceuticals, Inc. *	132,369	37,296,289
Verve Therapeutics, Inc. *	11,777	451,766
Viatris, Inc.	628,241	5,999,702
Vir Biotechnology, Inc. *	37,470	889,913
Waters Corp. *	31,264	9,335,430
West Pharmaceutical Services, Inc.	38,324	11,370,348
Xencor, Inc. *	32,357	853,901
Y-mAbs Therapeutics, Inc. *	16,780	269,822
Zentalis Pharmaceuticals, Inc. *	24,172	648,051
Zoetis, Inc.	243,624	38,134,465
		1,608,867,603

Real Estate 3.5%
Acadia Realty Trust	50,035	797,058
Agree Realty Corp.	38,703	2,915,110
Alexander & Baldwin, Inc.	37,300	698,629
Alexander's, Inc.	1,052	249,219
Alexandria Real Estate Equities, Inc.	77,140	11,833,276
American Assets Trust, Inc.	26,911	747,049
American Homes 4 Rent, Class A	152,556	5,424,891
American Tower Corp.	240,837	61,184,640
Americold Realty Trust, Inc.	139,487	4,103,708
Anywhere Real Estate, Inc. *	59,938	585,594
Apartment Income REIT Corp.	82,858	3,384,749
Apple Hospitality REIT, Inc.	110,269	1,754,380
Armada Hoffler Properties, Inc.	33,805	443,860
AvalonBay Communities, Inc.	72,304	14,526,597
Boston Properties, Inc.	73,447	5,833,895
Brandywine Realty Trust	91,152	731,951
Brixmor Property Group, Inc.	154,349	3,315,416
Broadstone Net Lease, Inc.	88,420	1,692,359
Camden Property Trust	55,533	7,136,546
CareTrust REIT, Inc.	50,018	1,077,388
CBRE Group, Inc., Class A	169,867	13,412,698
Centerspace	9,349	704,728

₄₆

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 ($)
Chatham Lodging Trust *	24,497	297,884
City Office REIT, Inc.	22,297	257,530
Community Healthcare Trust, Inc.	12,962	478,168
Corporate Office Properties Trust	58,788	1,519,082
Cousins Properties, Inc.	76,581	2,056,200
Crown Castle, Inc.	224,477	38,347,406
CubeSmart	115,895	5,336,965
Cushman & Wakefield plc *	79,210	1,184,982
DiamondRock Hospitality Co. *	112,199	979,497
Digital Realty Trust, Inc.	147,365	18,218,735
DigitalBridge Group, Inc. *	77,555	1,380,479
Diversified Healthcare Trust	118,146	172,493
Doma Holdings, Inc. *(a)	89,551	54,008
Douglas Emmett, Inc.	90,921	1,774,778
Duke Realty Corp.	198,489	11,681,078
Easterly Government Properties, Inc.	48,251	866,105
EastGroup Properties, Inc.	21,447	3,539,398
Empire State Realty Trust, Inc., Class A	72,529	505,527
EPR Properties	38,642	1,680,541
Equinix, Inc.	47,164	31,004,199
Equity Commonwealth *	58,749	1,545,686
Equity LifeStyle Properties, Inc.	89,105	6,246,260
Equity Residential	177,213	12,968,447
Essential Properties Realty Trust, Inc.	71,752	1,624,465
Essex Property Trust, Inc.	33,666	8,923,510
eXp World Holdings, Inc.	33,502	433,181
Extra Space Storage, Inc.	69,793	13,869,963
Federal Realty Investment Trust	36,817	3,728,458
First Industrial Realty Trust, Inc.	67,705	3,431,289
Forestar Group, Inc. *	10,221	127,149
Four Corners Property Trust, Inc.	40,076	1,077,644
Franklin Street Properties Corp.	51,934	145,935
FRP Holdings, Inc. *	3,539	203,563
Gaming & Leisure Properties, Inc.	121,198	5,850,227
Getty Realty Corp.	20,376	612,910
Gladstone Commercial Corp.	19,120	364,618
Global Medical REIT, Inc.	33,368	361,709
Global Net Lease, Inc.	54,370	748,675
Healthcare Realty Trust, Inc., Class A	196,603	4,781,385
Healthpeak Properties, Inc.	278,756	7,317,345
Highwoods Properties, Inc.	53,943	1,640,407
Host Hotels & Resorts, Inc.	369,438	6,564,913
Hudson Pacific Properties, Inc.	75,975	1,003,630
Independence Realty Trust, Inc.	113,111	2,200,009
Industrial Logistics Properties Trust	33,167	248,421
Innovative Industrial Properties, Inc.	14,464	1,326,638
InvenTrust Properties Corp.	34,195	897,961
Invitation Homes, Inc.	315,046	11,429,869
Iron Mountain, Inc.	150,207	7,902,390
iStar, Inc.	43,249	595,539
JBG SMITH Properties	56,496	1,241,217
Jones Lang LaSalle, Inc. *	25,028	4,329,844
Kennedy-Wilson Holdings, Inc.	62,382	1,095,428
Kilroy Realty Corp.	53,724	2,620,119
Kimco Realty Corp.	318,801	6,720,325
Kite Realty Group Trust	114,116	2,209,286
Lamar Advertising Co., Class A	45,094	4,233,876
Life Storage, Inc.	43,389	5,521,250
LTC Properties, Inc.	20,314	911,895
LXP Industrial Trust	146,215	1,470,923
Marcus & Millichap, Inc.	13,168	492,220
Medical Properties Trust, Inc.	312,077	4,559,445
Mid-America Apartment Communities, Inc.	59,468	9,852,064
National Health Investors, Inc.	23,999	1,572,174
National Retail Properties, Inc.	89,767	4,030,538
National Storage Affiliates Trust	43,325	2,188,779

SECURITY	NUMBER OF SHARES	VALUE ($)
Newmark Group, Inc., Class A	78,126	800,791
NexPoint Residential Trust, Inc.	12,064	637,220
Offerpad Solutions, Inc. *(a)	37,896	57,602
Office Properties Income Trust	26,624	467,784
Omega Healthcare Investors, Inc.	121,803	3,978,086
One Liberty Properties, Inc.	7,672	185,279
Opendoor Technologies, Inc. *	207,065	896,591
Orion Office REIT, Inc.	28,225	278,581
Outfront Media, Inc.	75,314	1,333,058
Paramount Group, Inc.	83,378	577,810
Park Hotels & Resorts, Inc.	121,871	1,706,194
Pebblebrook Hotel Trust	69,210	1,219,480
Physicians Realty Trust	117,152	1,951,752
Piedmont Office Realty Trust, Inc., Class A	65,745	774,476
PotlatchDeltic Corp.	36,306	1,685,325
Prologis, Inc.	383,521	47,752,200
Public Storage	79,282	26,228,864
Rayonier, Inc.	77,476	2,751,948
RE/MAX Holdings, Inc., Class A	10,238	233,017
Realty Income Corp.	312,343	21,326,780
Redfin Corp. *	59,606	488,173
Regency Centers Corp.	79,640	4,845,298
Retail Opportunity Investments Corp.	64,997	1,088,700
Rexford Industrial Realty, Inc.	84,888	5,280,882
RLJ Lodging Trust	85,416	1,030,117
RPT Realty	43,093	414,986
Ryman Hospitality Properties, Inc. *	28,698	2,359,550
Sabra Health Care REIT, Inc.	120,404	1,802,448
Safehold, Inc.	8,545	324,966
Saul Centers, Inc.	7,236	320,482
SBA Communications Corp.	55,982	18,208,145
Seritage Growth Properties, Class A *	19,946	250,123
Service Properties Trust	87,732	600,087
Simon Property Group, Inc.	169,654	17,301,315
SITE Centers Corp.	93,508	1,211,864
SL Green Realty Corp.	33,319	1,471,700
Spirit Realty Capital, Inc.	69,372	2,833,846
STAG Industrial, Inc.	92,571	2,851,187
STORE Capital Corp.	130,175	3,512,121
Summit Hotel Properties, Inc.	56,443	443,642
Sun Communities, Inc.	62,735	9,642,997
Sunstone Hotel Investors, Inc. *	112,112	1,220,900
Tanger Factory Outlet Centers, Inc.	54,868	846,065
Tejon Ranch Co. *	13,726	216,322
Terreno Realty Corp.	38,529	2,349,884
The Howard Hughes Corp. *	19,735	1,255,738
The Macerich Co.	109,228	1,045,312
The Necessity Retail REIT, Inc.	72,446	540,447
The RMR Group, Inc., Class A	7,974	207,643
The St. Joe Co.	16,545	632,019
UDR, Inc.	155,473	6,976,073
UMH Properties, Inc.	26,951	486,196
Uniti Group, Inc.	120,416	1,130,706
Universal Health Realty Income Trust	6,510	331,294
Urban Edge Properties	58,562	921,180
Urstadt Biddle Properties, Inc., Class A	18,107	302,749
Ventas, Inc.	206,825	9,898,644
Veris Residential, Inc. *	41,914	563,324
VICI Properties, Inc.	496,717	16,386,694
Vornado Realty Trust	82,586	2,165,405
Washington Real Estate Investment Trust	46,070	903,433
Welltower, Inc.	234,644	17,985,463
WeWork, Inc., Class A *(a)	114,875	470,987
Weyerhaeuser Co.	385,828	13,179,884
WP Carey, Inc.	99,804	8,386,530

₄₇

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 ($)
Xenia Hotels & Resorts, Inc. *	58,766	932,029
Zillow Group, Inc., Class A *	18,911	631,627
Zillow Group, Inc., Class C *	84,453	2,825,797
		709,028,187

Retailing 5.7%
1-800-Flowers.com, Inc., Class A *	12,838	111,434
Abercrombie & Fitch Co., Class A *	26,407	379,997
Academy Sports & Outdoors, Inc.	44,224	1,905,170
Advance Auto Parts, Inc.	31,522	5,315,870
Amazon.com, Inc. *	4,532,347	574,565,629
American Eagle Outfitters, Inc.	80,793	909,729
America's Car-Mart, Inc. *	3,259	262,708
Arko Corp.	33,668	320,856
Asbury Automotive Group, Inc. *	11,419	1,992,387
AutoNation, Inc. *	18,353	2,286,784
AutoZone, Inc. *	10,277	21,779,121
BARK, Inc. *	50,620	117,438
Bath & Body Works, Inc.	123,433	4,607,754
Bed Bath & Beyond, Inc. *(a)	42,697	406,902
Best Buy Co., Inc.	104,736	7,403,788
Big Lots, Inc.	14,868	305,835
Boot Barn Holdings, Inc. *	15,494	1,032,210
Boxed, Inc. *	26,023	27,584
Burlington Stores, Inc. *	34,237	4,799,685
Caleres, Inc.	19,003	484,957
Camping World Holdings, Inc., Class A (a)	19,305	581,467
CarMax, Inc. *	82,959	7,336,894
CarParts.com, Inc. *	23,848	154,535
Carvana Co. *(a)	50,877	1,678,432
Chewy, Inc., Class A *	47,804	1,641,111
Chico's FAS, Inc. *	63,432	360,294
Conn's, Inc. *	10,059	96,667
ContextLogic, Inc., Class A *	200,338	260,439
Designer Brands, Inc., Class A	30,604	522,104
Dick's Sporting Goods, Inc.	29,950	3,185,782
Dillard's, Inc., Class A	1,879	556,635
Dollar General Corp.	118,739	28,191,013
Dollar Tree, Inc. *	116,776	15,844,168
DoorDash, Inc., Class A *	86,380	5,174,162
eBay, Inc.	288,429	12,728,372
Etsy, Inc. *	65,762	6,945,125
Five Below, Inc. *	28,694	3,669,389
Floor & Decor Holdings, Inc., Class A *	54,884	4,465,362
Foot Locker, Inc.	44,179	1,627,554
Franchise Group, Inc.	13,822	468,428
Funko, Inc., Class A *	13,289	295,946
GameStop Corp., Class A *(a)	126,908	3,634,645
Genesco, Inc. *	6,608	373,881
Genuine Parts Co.	73,114	11,406,515
Group 1 Automotive, Inc.	8,658	1,546,232
Groupon, Inc. *(a)	9,586	94,997
GrowGeneration Corp. *	27,211	129,252
Guess?, Inc. (a)	17,796	310,896
Haverty Furniture Cos., Inc.	8,044	215,740
Hibbett, Inc.	6,055	354,823
Kohl's Corp.	66,501	1,889,958
Lands' End, Inc. *	7,423	102,586
Leslie's, Inc. *	70,217	995,677
Liquidity Services, Inc. *	14,749	257,960
Lithia Motors, Inc.	15,083	4,003,632
LKQ Corp.	134,532	7,159,793
LL Flooring Holdings, Inc. *	13,803	112,356
Lowe’s Cos., Inc.	342,425	66,478,389
Macy's, Inc.	147,090	2,547,599
MarineMax, Inc. *	10,564	383,896

SECURITY	NUMBER OF SHARES	VALUE ($)
Monro, Inc.	18,099	838,165
Murphy USA, Inc.	11,650	3,380,481
National Vision Holdings, Inc. *	43,120	1,432,878
Nordstrom, Inc.	58,672	1,003,878
Ollie's Bargain Outlet Holdings, Inc. *	29,941	1,656,037
O'Reilly Automotive, Inc. *	34,022	23,717,417
Overstock.com, Inc. *	22,139	577,828
Party City Holdco, Inc. *	75,384	148,506
Penske Automotive Group, Inc.	15,565	1,835,269
Petco Health & Wellness Co., Inc. *	41,846	624,342
PetMed Express, Inc.	10,102	207,798
Pool Corp.	20,689	7,017,502
Porch Group, Inc. *	39,078	84,018
Quotient Technology, Inc. *	42,344	78,760
Qurate Retail, Inc., Class A	179,772	557,293
Rent the Runway, Inc., Class A *	8,027	35,720
Rent-A-Center, Inc.	28,276	730,652
Revolve Group, Inc. *	20,482	481,122
RH *	9,117	2,333,131
Ross Stores, Inc.	181,664	15,672,153
Sally Beauty Holdings, Inc. *	56,152	835,542
Shift Technologies, Inc. *(a)	77,600	65,960
Shoe Carnival, Inc.	9,622	228,907
Signet Jewelers Ltd.	24,537	1,603,984
Sleep Number Corp. *	12,013	497,699
Sonic Automotive, Inc., Class A	10,708	569,559
Sportsman's Warehouse Holdings, Inc. *	23,179	184,505
Stitch Fix, Inc., Class A *	43,179	216,759
Target Corp.	239,671	38,428,848
The Aaron's Co., Inc.	17,800	211,820
The Buckle, Inc.	14,542	469,416
The Children's Place, Inc. *	6,911	291,506
The Container Store Group, Inc. *	16,758	113,619
The Gap, Inc.	110,164	1,006,899
The Home Depot, Inc.	535,484	154,444,295
The ODP Corp. *	22,526	805,305
The RealReal, Inc. *	42,598	91,160
The TJX Cos., Inc.	608,526	37,941,596
Tractor Supply Co.	57,786	10,699,078
Ulta Beauty, Inc. *	27,054	11,359,163
Urban Outfitters, Inc. *	32,924	662,760
Victoria's Secret & Co. *	35,158	1,175,684
Vivid Seats, Inc., Class A (a)	10,325	83,529
Volta, Inc. *(a)	63,147	135,135
Vroom, Inc. *(a)	61,460	100,180
Warby Parker, Inc., Class A *(a)	7,657	96,248
Wayfair, Inc., Class A *	41,285	2,176,132
Williams-Sonoma, Inc.	36,237	5,390,254
Winmark Corp.	1,401	289,124
Xometry, Inc., Class A *	5,244	257,008
Zumiez, Inc. *	8,189	212,586
		1,159,855,754

Semiconductors & Semiconductor Equipment 4.8%
ACM Research, Inc., Class A *	18,750	316,688
Advanced Micro Devices, Inc. *	839,417	71,241,321
Allegro MicroSystems, Inc. *	29,087	678,309
Ambarella, Inc. *	19,810	1,344,703
Amkor Technology, Inc.	50,558	1,017,733
Analog Devices, Inc.	271,084	41,077,359
Applied Materials, Inc.	457,650	43,051,135
Axcelis Technologies, Inc. *	16,847	1,127,738
Broadcom, Inc.	211,543	105,583,227
CEVA, Inc. *	12,059	352,967
Cirrus Logic, Inc. *	29,352	2,251,005
Cohu, Inc. *	24,430	655,457

₄₈

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 ($)
Credo Technology Group Holding Ltd. *	10,046	138,534
Diodes, Inc. *	22,838	1,625,380
Enphase Energy, Inc. *	69,925	20,029,317
Entegris, Inc.	77,606	7,363,257
First Solar, Inc. *	51,243	6,536,045
FormFactor, Inc. *	40,636	1,189,822
Ichor Holdings Ltd. *	15,021	461,445
Impinj, Inc. *	10,673	952,885
Intel Corp.	2,119,322	67,648,758
KLA Corp.	77,408	26,638,415
Kulicke & Soffa Industries, Inc.	30,434	1,279,445
Lam Research Corp.	71,877	31,475,657
Lattice Semiconductor Corp. *	71,472	3,852,341
MACOM Technology Solutions Holdings, Inc. *	26,299	1,450,390
Marvell Technology, Inc.	440,928	20,644,249
MaxLinear, Inc. *	37,628	1,351,974
Microchip Technology, Inc.	288,593	18,830,693
Micron Technology, Inc.	578,762	32,717,416
MKS Instruments, Inc.	29,560	2,944,472
Monolithic Power Systems, Inc.	22,611	10,246,853
Navitas Semiconductor Corp. *(a)	37,722	222,937
NVIDIA Corp.	1,296,898	195,753,784
NXP Semiconductors N.V.	135,715	22,335,975
ON Semiconductor Corp. *	224,585	15,444,710
Onto Innovation, Inc. *	25,687	1,823,520
PDF Solutions, Inc. *	15,695	414,034
Photronics, Inc. *	30,944	519,859
Power Integrations, Inc.	29,999	2,145,828
Qorvo, Inc. *	56,475	5,070,326
QUALCOMM, Inc.	580,391	76,768,318
Rambus, Inc. *	55,899	1,441,635
Rigetti Computing, Inc., Class A *	37,663	149,899
Semtech Corp. *	33,113	1,529,489
Silicon Laboratories, Inc. *	18,984	2,379,265
SiTime Corp. *	8,013	852,663
SkyWater Technology, Inc. *(a)	7,985	103,805
Skyworks Solutions, Inc.	82,946	8,174,328
SMART Global Holdings, Inc. *	23,308	427,702
SolarEdge Technologies, Inc. *	28,612	7,896,054
Synaptics, Inc. *	20,286	2,345,264
Teradyne, Inc.	83,105	7,034,007
Texas Instruments, Inc.	478,012	78,972,363
Ultra Clean Holdings, Inc. *	24,379	713,573
Universal Display Corp.	22,283	2,489,680
Veeco Instruments, Inc. *	25,253	533,848
Wolfspeed, Inc. *	63,761	7,234,961
		968,852,817

Software & Services 13.3%
8x8, Inc. *	60,457	314,981
A10 Networks, Inc.	28,937	402,224
Accenture plc, Class A	328,297	94,700,553
ACI Worldwide, Inc. *	60,092	1,424,180
Adobe, Inc. *	244,858	91,439,772
Affirm Holdings, Inc. *	86,604	2,029,132
Agilysys, Inc. *	9,548	494,300
Akamai Technologies, Inc. *	82,721	7,468,052
Alarm.com Holdings, Inc. *	23,871	1,589,809
Altair Engineering, Inc., Class A *	26,443	1,375,300
Alteryx, Inc., Class A *	31,009	1,932,481
Amplitude, Inc., Class A *	14,732	223,190
ANSYS, Inc. *	44,985	11,169,775
Appfolio, Inc., Class A *	10,443	1,058,711
Appian Corp. *	21,374	1,002,441
AppLovin Corp., Class A *	18,228	448,956

SECURITY	NUMBER OF SHARES	VALUE ($)
Asana, Inc., Class A *	43,107	825,499
Aspen Technology, Inc. *	14,509	3,055,595
Autodesk, Inc. *	112,713	22,738,721
Automatic Data Processing, Inc.	216,520	52,919,653
Avalara, Inc. *	45,564	4,173,207
Avaya Holdings Corp. *	43,064	68,472
AvePoint, Inc. *	45,452	212,715
AvidXchange Holdings, Inc. *	12,869	100,250
Bentley Systems, Inc., Class B	97,142	3,571,911
BigCommerce Holdings, Inc. *	30,233	503,984
Bill.com Holdings, Inc. *	47,973	7,765,869
Black Knight, Inc. *	80,589	5,331,768
Blackbaud, Inc. *	23,753	1,242,282
Blackline, Inc. *	27,963	1,899,806
Block, Inc. *	261,551	18,023,479
Box, Inc., Class A *	73,257	1,886,368
Braze, Inc., Class A *(a)	5,140	211,665
Broadridge Financial Solutions, Inc.	60,448	10,346,884
BTRS Holdings, Inc., Class A *	38,060	257,286
C3.ai, Inc., Class A *	39,162	704,916
Cadence Design Systems, Inc. *	142,719	24,800,281
Cantaloupe, Inc. *	27,539	175,423
Cass Information Systems, Inc.	5,865	215,128
CCC Intelligent Solutions Holdings, Inc. *	33,965	324,705
Cerence, Inc. *	21,249	425,192
Ceridian HCM Holding, Inc. *	71,686	4,275,353
ChannelAdvisor Corp. *	14,746	222,517
Cipher Mining, Inc. *	23,413	47,060
Citrix Systems, Inc.	65,276	6,708,415
Clear Secure, Inc., Class A *	6,536	149,936
Clearwater Analytics Holdings, Inc., Class A *	20,646	317,948
Cloudflare, Inc., Class A *	145,500	9,103,935
Cognizant Technology Solutions Corp., Class A	270,530	17,089,380
CommVault Systems, Inc. *	23,523	1,277,064
Concentrix Corp.	22,336	2,809,422
Conduent, Inc. *	87,734	358,832
Confluent, Inc., Class A *	60,445	1,653,775
Consensus Cloud Solutions, Inc. *	7,790	392,227
Core Scientific, Inc., Class A *(a)	117,682	258,900
Couchbase, Inc. *	5,714	94,795
Coupa Software, Inc. *	38,601	2,254,298
Crowdstrike Holdings, Inc., Class A *	110,467	20,172,379
CS Disco, Inc. *	6,138	84,704
CSG Systems International, Inc.	16,021	926,815
Cvent Holding Corp. *(a)	34,624	175,197
Cyxtera Technologies, Inc. *(a)	20,656	130,959
Datadog, Inc., Class A *	133,595	14,020,795
Dave, Inc. *	87,034	44,823
Digital Turbine, Inc. *	44,924	829,746
DigitalOcean Holdings, Inc. *	8,892	374,264
DocuSign, Inc. *	103,418	6,020,996
Dolby Laboratories, Inc., Class A	34,363	2,516,746
Domo, Inc., Class B *	16,780	323,183
Dropbox, Inc., Class A *	141,594	3,028,696
Duck Creek Technologies, Inc. *	38,101	453,402
DXC Technology Co. *	125,905	3,119,926
Dynatrace, Inc. *	101,820	3,887,488
E2open Parent Holdings, Inc. *	89,592	615,497
Ebix, Inc.	12,086	314,478
Elastic N.V. *	37,917	3,181,615
Embark Technology, Inc. *	5,624	51,178
Enfusion, Inc., Class A *	9,197	113,951
Envestnet, Inc. *	28,064	1,469,712
EPAM Systems, Inc. *	29,519	12,589,853
Euronet Worldwide, Inc. *	26,099	2,313,937

₄₉

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 ($)
Everbridge, Inc. *	21,183	842,660
EverCommerce, Inc. *	9,046	105,295
EVERTEC, Inc.	33,904	1,139,174
Evo Payments, Inc., Class A *	25,408	846,595
ExlService Holdings, Inc. *	17,179	2,881,090
Expensify, Inc., Class A *	4,556	82,600
Fair Isaac Corp. *	13,461	6,049,373
Fastly, Inc., Class A *	59,662	557,840
Fidelity National Information Services, Inc.	316,866	28,952,046
Fiserv, Inc. *	301,700	30,529,023
Five9, Inc. *	36,020	3,533,922
FleetCor Technologies, Inc. *	39,892	8,478,247
Flywire Corp. *	5,439	135,214
Fortinet, Inc. *	345,461	16,820,496
Freshworks, Inc., Class A *	55,112	750,074
Gartner, Inc. *	41,833	11,935,792
Genpact Ltd.	88,214	4,144,294
Gitlab, Inc., Class A *	18,840	1,127,951
Global Payments, Inc.	145,596	18,087,391
GoDaddy, Inc., Class A *	83,593	6,338,021
Grid Dynamics Holdings, Inc. *	23,805	481,099
Guidewire Software, Inc. *	43,240	3,100,740
HashiCorp, Inc., Class A *(a)	16,477	582,462
HubSpot, Inc. *	23,402	7,887,410
Informatica, Inc., Class A *	17,572	387,814
Intapp, Inc. *	5,037	72,986
InterDigital, Inc.	15,319	768,401
International Business Machines Corp.	465,990	59,856,415
International Money Express, Inc. *	18,193	407,523
Intuit, Inc.	146,465	63,240,658
IronNet, Inc. *(a)	18,357	37,081
Jack Henry & Associates, Inc.	38,038	7,310,904
Jamf Holding Corp. *	27,797	665,738
Kyndryl Holdings, Inc. *	91,600	954,472
Latch, Inc. *	64,937	69,483
LivePerson, Inc. *	37,828	438,805
LiveRamp Holdings, Inc. *	35,436	703,405
Mandiant, Inc. *	124,325	2,842,069
Manhattan Associates, Inc. *	32,726	4,622,875
Marathon Digital Holdings, Inc. *(a)	53,760	637,056
Marqeta, Inc., Class A *	188,087	1,465,198
Mastercard, Inc., Class A	445,018	144,350,489
Matterport, Inc. *(a)	112,304	517,721
Maximus, Inc.	31,309	1,897,012
MeridianLink, Inc. *	6,206	107,798
Microsoft Corp.	3,874,133	1,012,969,556
MicroStrategy, Inc., Class A *(a)	4,720	1,092,963
Model N, Inc. *	18,627	556,947
Momentive Global, Inc. *	68,304	484,275
MoneyGram International, Inc. *	47,199	486,150
MongoDB, Inc. *	35,079	11,325,606
N-Able, Inc. *	33,591	334,566
nCino, Inc. *	30,165	951,404
NCR Corp. *	70,578	2,191,447
New Relic, Inc. *	31,430	1,908,115
NortonLifeLock, Inc.	301,592	6,812,963
Nutanix, Inc., Class A *	115,862	2,004,413
Okta, Inc. *	77,957	7,125,270
ON24, Inc. *	5,907	52,927
OneSpan, Inc. *	19,402	223,317
Oracle Corp.	815,930	60,501,209
Pagerduty, Inc. *	40,514	1,054,985
Palantir Technologies, Inc., Class A *	846,297	6,533,413
Palo Alto Networks, Inc. *	51,056	28,428,491
Paya Holdings, Inc. *	42,710	267,792
Paychex, Inc.	166,754	20,567,438

SECURITY	NUMBER OF SHARES	VALUE ($)
Paycom Software, Inc. *	24,846	8,725,915
Paycor HCM, Inc. *	15,815	468,598
Paylocity Holding Corp. *	20,436	4,925,076
Payoneer Global, Inc. *	98,105	649,455
PayPal Holdings, Inc. *	599,399	56,007,843
Pegasystems, Inc.	20,931	766,284
Perficient, Inc. *	17,928	1,400,177
Ping Identity Holding Corp. *	30,423	856,103
Progress Software Corp.	21,948	1,056,357
PROS Holdings, Inc. *	21,663	451,674
PTC, Inc. *	54,186	6,225,430
Q2 Holdings, Inc. *	29,444	1,169,516
Qualtrics International, Inc., Class A *	54,342	665,689
Qualys, Inc. *	17,349	2,635,313
Rackspace Technology, Inc. *	32,297	144,045
Rapid7, Inc. *	30,314	1,743,055
Repay Holdings Corp. *	39,893	370,606
RingCentral, Inc., Class A *	44,029	1,895,008
Riot Blockchain, Inc. *(a)	51,847	371,743
Roper Technologies, Inc.	54,935	22,115,732
Sabre Corp. *	173,494	1,247,422
Salesforce, Inc. *	514,286	80,290,330
Samsara, Inc., Class A *(a)	35,793	532,242
SentinelOne, Inc., Class A *	95,930	2,619,848
ServiceNow, Inc. *	103,918	45,164,841
Shift4 Payments, Inc., Class A *	28,178	1,276,182
Smartsheet, Inc., Class A *	66,867	2,224,665
Snowflake, Inc., Class A *	125,549	22,718,092
SolarWinds Corp. *	22,965	208,293
SoundHound AI, Inc., Class A *(a)	57,698	164,439
Splunk, Inc. *	83,199	7,490,406
Sprout Social, Inc., Class A *	24,163	1,450,747
SPS Commerce, Inc. *	18,675	2,280,591
Squarespace, Inc., Class A *	14,166	297,486
SS&C Technologies Holdings, Inc.	114,439	6,381,119
Sumo Logic, Inc. *	51,870	455,419
Switch, Inc., Class A	73,003	2,478,452
Synopsys, Inc. *	79,205	27,406,514
Telos Corp. *	27,106	268,349
Tenable Holdings, Inc. *	48,821	1,933,800
Teradata Corp. *	54,053	1,778,344
The Trade Desk, Inc., Class A *	228,604	14,333,471
The Western Union Co.	203,653	3,018,137
Thoughtworks Holding, Inc. *	18,025	237,209
Toast, Inc., Class A *	125,782	2,381,053
TTEC Holdings, Inc.	9,630	504,131
Tucows, Inc., Class A *	4,729	222,216
Twilio, Inc., Class A *	88,990	6,191,924
Tyler Technologies, Inc. *	21,380	7,942,884
UiPath, Inc., Class A *	143,784	2,365,247
Unisys Corp. *	33,710	313,840
Unity Software, Inc. *	85,802	3,665,461
Upland Software, Inc. *	14,976	156,799
Varonis Systems, Inc. *	57,413	1,570,246
Verint Systems, Inc. *	33,040	1,602,110
VeriSign, Inc. *	49,530	9,025,357
Verra Mobility Corp. *	67,772	1,080,286
Visa, Inc., Class A	852,705	169,441,011
VMware, Inc., Class A	104,636	12,140,915
WEX, Inc. *	23,118	3,565,951
Workday, Inc., Class A *	102,630	16,888,793
Workiva, Inc. *	24,907	1,690,936
Xperi Holding Corp.	54,287	863,706
Yext, Inc. *	58,919	262,190
Zendesk, Inc. *	63,463	4,872,055
Zoom Video Communications, Inc., Class A *	117,480	9,445,392
Zscaler, Inc. *	41,533	6,613,715

₅₀

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 ($)
Zuora, Inc., Class A *	66,308	509,245
		2,717,460,552

Technology Hardware & Equipment 8.1%
3D Systems Corp. *	70,003	709,130
908 Devices, Inc. *	10,559	212,764
ADTRAN Holdings, Inc.	39,787	924,650
Advanced Energy Industries, Inc.	19,657	1,765,002
Aeva Technologies, Inc. *	50,070	154,216
AEye, Inc. *(a)	56,515	87,033
Amphenol Corp., Class A	309,816	22,780,771
Apple Inc.	7,964,464	1,252,173,030
Arista Networks, Inc. *	116,352	13,948,278
Arrow Electronics, Inc. *	34,445	3,610,180
Avid Technology, Inc. *	18,578	508,108
Avnet, Inc.	50,856	2,232,070
Badger Meter, Inc.	15,975	1,512,673
Belden, Inc.	22,506	1,473,693
Benchmark Electronics, Inc.	18,784	515,621
Calix, Inc. *	29,359	1,727,777
Casa Systems, Inc. *	15,040	58,355
CDW Corp.	69,916	11,934,661
Cepton, Inc. *	12,932	22,760
Ciena Corp. *	77,763	3,945,695
Cisco Systems, Inc.	2,151,368	96,209,177
Cognex Corp.	90,002	3,789,984
CommScope Holding Co., Inc. *	108,704	1,228,355
Comtech Telecommunications Corp.	13,687	154,526
Corning, Inc.	393,235	13,495,825
Corsair Gaming, Inc. *(a)	16,571	255,028
CTS Corp.	16,790	710,553
Dell Technologies, Inc., Class C	142,776	5,466,893
Diebold Nixdorf, Inc. *	41,165	143,254
ePlus, Inc. *	14,042	661,659
Evolv Technologies Holdings, Inc. *	27,929	63,399
Extreme Networks, Inc. *	71,243	1,020,912
F5, Inc. *	31,190	4,898,701
Fabrinet *	19,012	1,955,194
FARO Technologies, Inc. *	9,738	326,710
Harmonic, Inc. *	57,654	649,184
Hewlett Packard Enterprise Co.	672,067	9,140,111
HP, Inc.	545,153	15,651,343
II-VI, Inc. *	66,684	3,149,485
Infinera Corp. *	119,186	653,139
Inseego Corp. *	41,880	113,076
Insight Enterprises, Inc. *	17,951	1,635,695
IonQ, Inc. *(a)	57,792	343,285
IPG Photonics Corp. *	18,391	1,666,041
Itron, Inc. *	23,447	1,115,608
Jabil, Inc.	73,406	4,426,382
Juniper Networks, Inc.	169,239	4,809,772
Keysight Technologies, Inc. *	94,023	15,409,430
Kimball Electronics, Inc. *	11,930	256,972
Knowles Corp. *	46,044	697,567
Lightwave Logic, Inc. *(a)	51,095	407,227
Littelfuse, Inc.	12,676	3,007,001
Lumentum Holdings, Inc. *	35,684	2,981,398
Methode Electronics, Inc.	19,268	779,583
MicroVision, Inc. *	84,401	408,501
Mirion Technologies, Inc. *	56,785	429,862
Motorola Solutions, Inc.	86,751	21,116,061
Napco Security Technologies, Inc. *	15,200	450,832
National Instruments Corp.	67,680	2,690,957
NetApp, Inc.	115,122	8,303,750
NETGEAR, Inc. *	15,963	376,567
NetScout Systems, Inc. *	38,569	1,224,180
nLight, Inc. *	22,912	286,171

SECURITY	NUMBER OF SHARES	VALUE ($)
Novanta, Inc. *	18,667	2,495,591
OSI Systems, Inc. *	7,872	655,895
Ouster, Inc. *(a)	51,836	77,754
PAR Technology Corp. *	13,596	478,579
PC Connection, Inc.	5,785	287,399
Plexus Corp. *	14,477	1,356,929
Pure Storage, Inc., Class A *	145,138	4,204,648
Ribbon Communications, Inc. *	57,616	202,232
Rogers Corp. *	9,692	2,428,040
Sanmina Corp. *	30,802	1,494,513
ScanSource, Inc. *	12,549	363,545
Seagate Technology Holdings plc	101,659	6,807,087
SmartRent, Inc. *(a)	46,119	148,964
Super Micro Computer, Inc. *	23,016	1,497,881
TD SYNNEX Corp.	21,413	2,061,644
TE Connectivity Ltd.	167,132	21,093,730
Teledyne Technologies, Inc. *	24,271	8,940,466
Trimble, Inc. *	128,775	8,145,019
TTM Technologies, Inc. *	51,311	807,122
Ubiquiti, Inc. (a)	3,049	946,379
Velodyne Lidar, Inc. *	68,124	85,155
ViaSat, Inc. *	38,614	1,466,560
Viavi Solutions, Inc. *	117,139	1,649,317
Vishay Intertechnology, Inc.	68,590	1,349,165
Vontier Corp.	83,217	1,824,117
Western Digital Corp. *	162,490	6,866,827
Xerox Holdings Corp.	62,072	1,031,637
Zebra Technologies Corp., Class A *	27,097	8,173,539
		1,639,795,551

Telecommunication Services 1.1%
Anterix, Inc. *	9,100	386,295
AT&T, Inc.	3,705,926	65,001,942
ATN International, Inc.	5,570	260,955
Bandwidth, Inc., Class A *	11,950	185,225
Charge Enterprises, Inc. *(a)	75,128	182,561
Cogent Communications Holdings, Inc.	22,526	1,199,510
Consolidated Communications Holdings, Inc. *	38,095	218,665
EchoStar Corp., Class A *	20,083	369,728
Frontier Communications Parent, Inc. *	107,967	2,781,230
Globalstar, Inc. *	356,311	712,622
Gogo, Inc. *	35,304	524,617
IDT Corp., Class B *	8,362	213,816
Iridium Communications, Inc. *	66,513	2,952,512
Liberty Global plc, Class A *	90,594	1,829,999
Liberty Global plc, Class C *	154,173	3,285,427
Liberty Latin America Ltd., Class A *	18,894	132,258
Liberty Latin America Ltd., Class C *	79,254	552,400
Lumen Technologies, Inc.	480,954	4,790,302
Radius Global Infrastructure, Inc., Class A *	37,975	522,916
Shenandoah Telecommunications Co.	24,827	553,394
Starry Group Holdings, Inc., Class A *(a)	52,922	119,075
Telephone and Data Systems, Inc.	52,838	859,674
T-Mobile US, Inc. *	304,942	43,899,450
United States Cellular Corp. *	7,821	223,602
Verizon Communications, Inc.	2,173,646	90,880,139
		222,638,314

₅₁

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 ($)
Transportation 1.9%
Air Transport Services Group, Inc. *	29,356	884,496
Alaska Air Group, Inc. *	64,753	2,820,641
Allegiant Travel Co. *	7,697	742,760
AMERCO	5,155	2,709,829
American Airlines Group, Inc. *	337,143	4,379,488
ArcBest Corp.	12,285	989,311
Atlas Air Worldwide Holdings, Inc. *	13,827	1,381,594
Avis Budget Group, Inc. *	17,705	2,963,463
C.H. Robinson Worldwide, Inc.	66,293	7,567,346
CSX Corp.	1,127,184	35,675,374
Daseke, Inc. *	31,387	190,205
Delta Air Lines, Inc. *	331,232	10,291,378
Expeditors International of Washington, Inc.	87,426	8,995,261
FedEx Corp.	123,442	26,022,808
Forward Air Corp.	14,025	1,360,986
Frontier Group Holdings, Inc. *(a)	15,020	193,758
GXO Logistics, Inc. *	52,199	2,316,592
Hawaiian Holdings, Inc. *	28,900	433,211
Heartland Express, Inc.	25,271	382,856
Hertz Global Holdings, Inc. *	25,201	465,210
Hub Group, Inc., Class A *	17,876	1,426,683
J.B. Hunt Transport Services, Inc.	43,213	7,519,926
JetBlue Airways Corp. *	165,900	1,292,361
Joby Aviation, Inc. *(a)	133,745	708,848
Kirby Corp. *	31,585	2,118,090
Knight-Swift Transportation Holdings, Inc.	84,833	4,284,915
Landstar System, Inc.	19,652	2,881,573
Lyft, Inc., Class A *	158,258	2,331,140
Marten Transport Ltd.	31,585	625,699
Matson, Inc.	20,742	1,527,856
Norfolk Southern Corp.	123,601	30,051,111
Old Dominion Freight Line, Inc.	47,481	12,886,818
Ryder System, Inc.	26,430	2,020,309
Saia, Inc. *	13,531	2,798,617
Schneider National, Inc., Class B	20,507	468,790
SkyWest, Inc. *	25,500	542,895
Southwest Airlines Co. *	306,759	11,258,055
Spirit Airlines, Inc. *	57,559	1,305,438
Sun Country Airlines Holdings, Inc. *	15,584	310,433
TuSimple Holdings, Inc., Class A *	16,967	121,993
Uber Technologies, Inc. *	875,313	25,174,002
Union Pacific Corp.	325,392	73,053,758
United Airlines Holdings, Inc. *	169,192	5,923,412
United Parcel Service, Inc., Class B	380,429	73,997,245
Universal Logistics Holdings, Inc.	4,468	163,127
Werner Enterprises, Inc.	30,144	1,199,430
Wheels Up Experience, Inc. *	89,670	167,683
XPO Logistics, Inc. *	50,724	2,658,952
		379,585,726

Utilities 3.0%
ALLETE, Inc.	29,808	1,764,037
Alliant Energy Corp.	129,578	7,909,441
Altus Power, Inc. *(a)	20,589	215,773
Ameren Corp.	133,701	12,383,387
American Electric Power Co., Inc.	265,711	26,624,242
American States Water Co.	18,999	1,576,347
American Water Works Co., Inc.	93,957	13,947,917
Atmos Energy Corp.	72,542	8,224,812
Avangrid, Inc.	36,348	1,795,591
Avista Corp.	38,079	1,547,150
Black Hills Corp.	33,102	2,498,539
California Water Service Group	28,400	1,662,252

SECURITY	NUMBER OF SHARES	VALUE ($)
CenterPoint Energy, Inc.	328,269	10,350,322
Chesapeake Utilities Corp.	9,295	1,173,958
Clearway Energy, Inc., Class A	17,765	612,537
Clearway Energy, Inc., Class C	42,031	1,559,350
CMS Energy Corp.	150,988	10,197,729
Consolidated Edison, Inc.	183,311	17,916,817
Constellation Energy Corp.	169,044	13,792,300
Dominion Energy, Inc.	420,337	34,383,567
DTE Energy Co.	100,033	13,038,301
Duke Energy Corp.	399,359	42,695,471
Edison International	197,081	13,356,179
Entergy Corp.	105,156	12,124,487
Essential Utilities, Inc.	118,814	5,839,708
Evergy, Inc.	119,401	8,182,551
Eversource Energy	178,384	15,999,261
Exelon Corp.	508,603	22,332,758
FirstEnergy Corp.	295,134	11,672,550
Hawaiian Electric Industries, Inc.	57,200	2,237,664
IDACORP, Inc.	26,010	2,841,332
MGE Energy, Inc.	18,634	1,435,191
Middlesex Water Co.	9,149	812,157
Montauk Renewables, Inc. *	31,689	562,480
National Fuel Gas Co.	48,226	3,437,067
New Jersey Resources Corp.	50,176	2,214,769
NextEra Energy, Inc.	1,017,001	86,506,105
NiSource, Inc.	210,565	6,213,773
Northwest Natural Holding Co.	18,032	858,503
NorthWestern Corp.	27,973	1,482,010
NRG Energy, Inc.	123,985	5,118,101
OGE Energy Corp.	103,686	4,203,430
ONE Gas, Inc.	28,075	2,197,430
Ormat Technologies, Inc.	22,930	2,143,496
Otter Tail Corp.	21,175	1,599,559
PG&E Corp. *	777,547	9,587,154
Pinnacle West Capital Corp.	58,268	4,390,494
PNM Resources, Inc.	44,363	2,104,137
Portland General Electric Co.	45,959	2,374,702
PPL Corp.	379,522	11,036,500
Public Service Enterprise Group, Inc.	258,473	16,635,322
Sempra Energy	163,064	26,900,668
SJW Group	14,865	955,819
South Jersey Industries, Inc.	65,763	2,226,078
Southwest Gas Holdings, Inc.	34,415	2,679,208
Spire, Inc.	27,059	1,891,153
Sunnova Energy International, Inc. *	50,582	1,275,678
The AES Corp.	347,413	8,841,661
The Southern Co.	549,562	42,354,743
The York Water Co.	7,252	318,870
UGI Corp.	110,336	4,358,272
Unitil Corp.	7,964	414,845
Vistra Corp.	223,009	5,519,473
WEC Energy Group, Inc.	163,883	16,902,893
Xcel Energy, Inc.	282,719	20,991,886
		620,999,957
Total Common Stocks (Cost $14,089,183,224)		20,328,597,548

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Table of Contents

Schwab U.S. Broad Market ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBEROF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 0.3% OF NET ASSETS

Money Market Funds 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)	16,056,745	16,056,745
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)(d)	46,023,510	46,023,510
		62,080,255
Total Short-Term Investments (Cost $62,080,255)		62,080,255
Total Investments in Securities (Cost $14,151,263,479)		20,390,677,803

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 09/16/22	130	25,717,250	(1,791,489)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $44,474,433.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2022:

SECURITY	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/22	BALANCE OF SHARES HELD AT 8/31/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS

Diversified Financials 0.3%
The Charles Schwab Corp.	$52,840,291	$6,446,416	($2,659,470)	$825,580	($2,305,794)	$55,147,023	777,266	$605,302

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2022 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks¹	$20,328,597,548	$—	$—	$20,328,597,548
Short-Term Investments¹	62,080,255	—	—	62,080,255
Liabilities
Futures Contracts²	(1,791,489)	—	—	(1,791,489)
Total	$20,388,886,314	$—	$—	$20,388,886,314

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

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Table of Contents

Schwab U.S. Broad Market ETF

Statement of Operations

For the period September 1, 2021 through August 31, 2022
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $71,586)		$305,352,490
Dividends received from securities - affiliated		605,302
Securities on loan, net	+	2,931,776
Total investment income		308,889,568
Expenses
Management fees		6,583,185
Proxy fees¹	+	236,537
Total expenses	–	6,819,722
Net investment income		302,069,846
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(90,216)
Net realized losses on sales of securities - unaffiliated		(79,968,837)
Net realized gains on sales of in-kind redemptions - affiliated		915,796
Net realized gains on sales of in-kind redemptions - unaffiliated		327,711,036
Net realized losses on futures contracts	+	(1,575,256)
Net realized gains		246,992,523
Net change in unrealized appreciation (depreciation) on securities - affiliated		(2,305,794)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(3,682,885,505)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(2,714,117)
Net change in unrealized appreciation (depreciation)	+	(3,687,905,416)
Net realized and unrealized losses		(3,440,912,893)
Decrease in net assets resulting from operations		($3,138,843,047)

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

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Broad Market ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/21-8/31/22		9/1/20-8/31/21
Net investment income		$302,069,846	$270,646,770
Net realized gains		246,992,523	362,142,303
Net change in unrealized appreciation (depreciation)	+	(3,687,905,416)	4,858,261,799
Increase (decrease) in net assets resulting from operations		($3,138,843,047)	$5,491,050,872
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($301,551,265)	($289,355,570)

TRANSACTIONS IN FUND SHARES1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		39,500,000	$1,995,061,518	29,100,000	$1,370,669,029
Shares redeemed	+	(11,400,000)	(562,808,987)	(16,600,000)	(752,664,118)
Net transactions in fund shares		28,100,000	$1,432,252,531	12,500,000	$618,004,911
SHARES OUTSTANDING AND NET ASSETS1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		409,900,000	$22,368,229,125	397,400,000	$16,548,528,912
Total increase (decrease)	+	28,100,000	(2,008,141,781)	12,500,000	5,819,700,213
End of period		438,000,000	$20,360,087,344	409,900,000	$22,368,229,125

For the period ended August 31, 2022, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022. The retroactive adjustment of the share split does not change the transaction in fund share values (see financial note 12 for additional information).

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Table of Contents

Schwab 1000 Index ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	10/11/17 ¹– 8/31/18
Per-Share Data
Net asset value at beginning of period	$44.81	$34.50	$28.80	$28.62	$25.00
Income (loss) from investment operations:
Net investment income (loss)²	0.57	0.56	0.61	0.57	0.44
Net realized and unrealized gains (losses)	(6.51)	10.32	5.67	0.10	3.47
Total from investment operations	(5.94)	10.88	6.28	0.67	3.91
Less distributions:
Distributions from net investment income	(0.57)	(0.57)	(0.58)	(0.49)	(0.29)
Net asset value at end of period	$38.30	$44.81	$34.50	$28.80	$28.62
Total return	(13.36%)	31.95%	22.25%	2.42%	15.72% ³
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.05% ⁴	0.05%	0.05%	0.05%	0.05% ⁵
Net investment income (loss)	1.36%	1.43%	2.03%	2.06%	1.87% ⁵
Portfolio turnover rate⁶	4%	5%	5%	5%	3% ³
Net assets, end of period (x 1,000,000)	$2,235	$2,090	$1,145	$838	$486

¹	Commencement of operations.
²	Calculated based on the average shares outstanding during the period.
³	Not annualized.
⁴	Ratio includes less than 0.005% of non-routine proxy expenses.
⁵	Annualized.
⁶	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab 1000 Index 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.

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

Automobiles & Components 2.4%
Aptiv plc *	16,392	1,531,505
Autoliv, Inc.	4,714	366,702
BorgWarner, Inc.	14,421	543,672
Ford Motor Co.	238,481	3,634,450
Fox Factory Holding Corp. *	2,546	237,313
General Motors Co.	88,068	3,365,078
Gentex Corp.	14,143	385,963
Harley-Davidson, Inc.	8,855	341,537
Lear Corp.	3,589	497,579
QuantumScape Corp. *(a)	15,339	169,189
Tesla, Inc. *	151,972	41,885,003
Thor Industries, Inc.	3,327	269,520
		53,227,511

Banks 3.6%
Bank of America Corp.	428,023	14,385,853
Bank OZK	6,778	274,712
BOK Financial Corp.	1,818	161,566
Citigroup, Inc.	117,236	5,722,289
Citizens Financial Group, Inc.	29,591	1,085,398
Comerica, Inc.	7,912	635,334
Commerce Bancshares, Inc.	6,595	453,538
Cullen/Frost Bankers, Inc.	3,438	446,802
East West Bancorp, Inc.	8,515	614,528
Essent Group Ltd.	6,463	258,455
Fifth Third Bancorp	41,456	1,415,722
First Citizens BancShares, Inc., Class A	797	647,132
First Financial Bankshares, Inc.	7,684	326,647
First Horizon Corp.	32,251	729,518
First Republic Bank	10,809	1,641,130
Huntington Bancshares, Inc.	87,091	1,167,019
JPMorgan Chase & Co.	177,281	20,162,168
KeyCorp	56,372	997,221
M&T Bank Corp.	10,843	1,971,040
MGIC Investment Corp.	18,922	270,395
New York Community Bancorp, Inc.	28,330	277,351
Pinnacle Financial Partners, Inc.	4,591	370,540
Popular, Inc.	4,637	358,069
Prosperity Bancshares, Inc.	5,556	393,809
Regions Financial Corp.	56,449	1,223,250
Signature Bank	3,779	658,906
SVB Financial Group *	3,548	1,442,333
Synovus Financial Corp.	8,805	353,609
TFS Financial Corp.	2,777	39,711
The PNC Financial Services Group, Inc.	24,959	3,943,522
Truist Financial Corp.	80,370	3,764,531
U.S. Bancorp	81,693	3,726,018
Valley National Bancorp	25,148	292,220
Wells Fargo & Co.	228,758	9,999,012
Western Alliance Bancorp	6,490	497,913

SECURITY	NUMBER OF SHARES	VALUE ($)
Zions Bancorp NA	9,188	505,616
		81,212,877

Capital Goods 5.6%
3M Co.	34,346	4,270,925
A.O. Smith Corp.	7,859	443,641
Acuity Brands, Inc.	2,078	340,647
Advanced Drainage Systems, Inc.	3,419	463,958
AECOM	8,515	622,872
AGCO Corp.	3,683	400,379
Allegion plc	5,262	500,416
AMETEK, Inc.	13,916	1,672,147
Axon Enterprise, Inc. *	4,294	501,024
Builders FirstSource, Inc. *	10,460	613,061
BWX Technologies, Inc.	5,514	287,445
Carlisle Cos., Inc.	3,119	922,163
Carrier Global Corp.	51,254	2,005,056
Caterpillar, Inc.	32,199	5,947,477
ChargePoint Holdings, Inc. *(a)	10,829	176,188
Chart Industries, Inc. *	2,157	418,156
Crane Holdings Co.	2,836	267,605
Cummins, Inc.	8,519	1,834,737
Deere & Co.	16,847	6,153,367
Donaldson Co., Inc.	7,406	380,298
Dover Corp.	8,710	1,088,402
Eaton Corp. plc	24,087	3,291,248
EMCOR Group, Inc.	3,089	367,344
Emerson Electric Co.	35,853	2,930,624
Esab Corp.	2,690	110,532
Fastenal Co.	34,675	1,745,193
Fortive Corp.	21,658	1,371,601
Fortune Brands Home & Security, Inc.	7,852	482,348
Generac Holdings, Inc. *	3,858	850,342
General Dynamics Corp.	13,887	3,179,151
General Electric Co.	66,418	4,877,738
Graco, Inc.	10,170	649,253
HEICO Corp.	2,555	389,126
HEICO Corp., Class A	4,513	553,203
Honeywell International, Inc.	41,080	7,778,498
Howmet Aerospace, Inc.	22,703	804,367
Hubbell, Inc.	3,237	667,793
Huntington Ingalls Industries, Inc.	2,411	555,157
IDEX Corp.	4,572	919,932
Illinois Tool Works, Inc.	17,114	3,334,321
Ingersoll Rand, Inc.	24,547	1,162,791
ITT, Inc.	5,014	363,665
Johnson Controls International plc	42,040	2,276,046
L3Harris Technologies, Inc.	11,632	2,654,306
Lennox International, Inc.	1,983	476,158
Lincoln Electric Holdings, Inc.	3,507	479,372
Lockheed Martin Corp.	14,298	6,006,733
Masco Corp.	14,244	724,592
MasTec, Inc. *	3,461	278,610
MDU Resources Group, Inc.	12,244	369,157
Nordson Corp.	3,242	736,485
Northrop Grumman Corp.	8,808	4,210,136

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
nVent Electric plc	10,005	329,765
Oshkosh Corp.	3,946	314,733
Otis Worldwide Corp.	25,538	1,844,354
Owens Corning	5,866	479,428
PACCAR, Inc.	21,018	1,839,285
Parker-Hannifin Corp.	7,743	2,051,895
Pentair plc	9,916	441,262
Plug Power, Inc. *	31,396	880,344
Quanta Services, Inc.	8,669	1,224,930
Raytheon Technologies Corp.	89,757	8,055,691
RBC Bearings, Inc. *	1,731	416,617
Regal Rexnord Corp.	4,053	557,652
Rockwell Automation, Inc.	7,012	1,661,423
Sensata Technologies Holding plc	9,467	381,331
SiteOne Landscape Supply, Inc. *	2,727	341,311
Snap-on, Inc.	3,223	702,163
Stanley Black & Decker, Inc.	9,129	804,265
Sunrun, Inc. *	12,621	416,872
Textron, Inc.	12,978	809,568
The AZEK Co., Inc. *	6,829	124,629
The Boeing Co. *	33,579	5,381,035
The Middleby Corp. *	3,256	468,278
The Timken Co.	4,057	255,550
The Toro Co.	6,327	524,698
Trane Technologies plc	14,095	2,171,617
TransDigm Group, Inc.	3,122	1,874,418
Trex Co., Inc. *	6,836	319,856
United Rentals, Inc. *	4,318	1,261,029
Vertiv Holdings Co.	18,124	208,970
Virgin Galactic Holdings, Inc. *(a)	10,542	62,303
W.W. Grainger, Inc.	2,593	1,438,959
Watsco, Inc.	1,990	541,340
WESCO International, Inc. *	2,674	352,112
Westinghouse Air Brake Technologies Corp.	10,990	963,273
WillScot Mobile Mini Holdings Corp. *	13,413	538,398
Woodward, Inc.	3,653	339,985
Xylem, Inc.	10,897	992,717
Zurn Water Solutions Corp.	7,500	206,850
		125,484,692

Commercial & Professional Services 1.0%
ASGN, Inc. *	3,079	297,739
Booz Allen Hamilton Holding Corp.	8,017	767,227
CACI International, Inc., Class A *	1,420	398,835
Cintas Corp.	5,238	2,131,028
Clarivate plc *	23,420	273,311
Clean Harbors, Inc. *	3,028	355,548
Copart, Inc. *	12,901	1,543,605
CoStar Group, Inc. *	23,890	1,663,700
Dun & Bradstreet Holdings, Inc.	9,336	133,038
Equifax, Inc.	7,376	1,392,220
Exponent, Inc.	3,141	294,814
IAA, Inc. *	8,003	298,192
Jacobs Solutions, Inc.	7,768	967,737
KBR, Inc.	8,434	407,362
Leidos Holdings, Inc.	8,249	784,068
ManpowerGroup, Inc.	3,204	234,917
MSA Safety, Inc.	2,184	259,590
Nielsen Holdings plc	21,801	606,940
Republic Services, Inc.	12,561	1,792,706
Robert Half International, Inc.	6,699	515,622
Rollins, Inc.	13,615	459,642
Stericycle, Inc. *	5,533	277,148
Tetra Tech, Inc.	3,245	440,704
TransUnion	11,636	859,551
TriNet Group, Inc. *	2,245	184,988

SECURITY	NUMBER OF SHARES	VALUE ($)
Upwork, Inc. *	7,449	129,613
Verisk Analytics, Inc.	9,545	1,786,442
Waste Management, Inc.	23,050	3,896,142
		23,152,429

Consumer Durables & Apparel 1.1%
Brunswick Corp.	4,555	340,304
Callaway Golf Co. *	7,140	158,008
Capri Holdings Ltd. *	8,894	419,619
Columbia Sportswear Co.	2,039	145,258
Crocs, Inc. *	3,702	272,837
D.R. Horton, Inc.	19,290	1,372,483
Deckers Outdoor Corp. *	1,630	524,159
Garmin Ltd.	9,210	814,993
Hanesbrands, Inc.	21,233	184,939
Hasbro, Inc.	7,926	624,727
Helen of Troy Ltd. *	1,414	174,813
Leggett & Platt, Inc.	8,121	310,385
Lennar Corp., Class A	15,638	1,211,163
Lululemon Athletica, Inc. *	7,036	2,110,519
Mattel, Inc. *	21,297	471,090
Mohawk Industries, Inc. *	3,113	343,551
Newell Brands, Inc.	22,235	396,895
NIKE, Inc., Class B	76,599	8,153,963
NVR, Inc. *	184	761,771
Peloton Interactive, Inc., Class A *	18,788	191,450
Polaris, Inc.	3,380	382,853
PulteGroup, Inc.	14,327	582,536
PVH Corp.	4,032	226,800
Ralph Lauren Corp.	2,806	256,272
Skechers U.S.A., Inc., Class A *	8,216	310,565
Tapestry, Inc.	15,204	528,035
Tempur Sealy International, Inc.	10,603	265,181
Toll Brothers, Inc.	6,717	294,137
TopBuild Corp. *	1,975	362,926
VF Corp.	19,438	805,705
Whirlpool Corp.	3,376	528,682
YETI Holdings, Inc. *	5,184	191,238
		23,717,857

Consumer Services 2.1%
ADT, Inc.	13,788	100,515
Airbnb, Inc., Class A *	23,047	2,607,077
Aramark	15,633	558,254
Booking Holdings, Inc. *	2,452	4,599,486
Boyd Gaming Corp.	4,818	262,244
Bright Horizons Family Solutions, Inc. *	3,594	245,111
Caesars Entertainment, Inc. *	12,878	555,299
Carnival Corp. *	58,785	556,106
Chegg, Inc. *	7,580	149,174
Chipotle Mexican Grill, Inc. *	1,681	2,684,221
Choice Hotels International, Inc.	1,960	224,832
Churchill Downs, Inc.	2,068	407,582
Coursera, Inc. *	4,982	57,293
Darden Restaurants, Inc.	7,547	933,639
Domino’s Pizza, Inc.	2,161	803,589
DraftKings, Inc., Class A *	21,615	347,137
Expedia Group, Inc. *	9,158	940,069
Hilton Grand Vacations, Inc. *	5,430	221,435
Hilton Worldwide Holdings, Inc.	16,789	2,138,247
Las Vegas Sands Corp. *	20,714	779,468
Marriott International, Inc., Class A	16,574	2,548,087
Marriott Vacations Worldwide Corp.	2,525	359,611
McDonald’s Corp.	44,629	11,259,004
MGM Resorts International	21,332	696,276
Norwegian Cruise Line Holdings Ltd. *	25,462	333,043

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Penn National Gaming, Inc. *	9,835	307,147
Planet Fitness, Inc., Class A *	5,094	345,119
Royal Caribbean Cruises Ltd. *	13,524	552,455
Scientific Games Corp., Class A *	5,762	283,663
Service Corp. International	9,566	590,318
Starbucks Corp.	69,224	5,819,662
Terminix Global Holdings, Inc. *	7,356	313,733
Texas Roadhouse, Inc.	4,114	365,159
The Wendy's Co.	10,283	197,228
Vail Resorts, Inc.	2,441	548,444
Wingstop, Inc.	1,790	203,809
Wyndham Hotels & Resorts, Inc.	5,583	364,793
Wynn Resorts Ltd. *	6,373	386,140
Yum! Brands, Inc.	17,196	1,912,883
		46,557,352

Diversified Financials 5.3%
Affiliated Managers Group, Inc.	2,335	297,386
AGNC Investment Corp.	31,852	380,631
Ally Financial, Inc.	19,450	645,740
American Express Co.	36,794	5,592,688
Ameriprise Financial, Inc.	6,630	1,776,906
Annaly Capital Management, Inc.	100,093	645,600
Apollo Global Management, Inc.	22,528	1,252,106
Ares Management Corp., Class A	10,391	770,389
Berkshire Hathaway, Inc., Class B *	109,212	30,666,730
BlackRock, Inc.	8,596	5,728,288
Blackstone, Inc.	42,266	3,970,468
Capital One Financial Corp.	23,742	2,512,378
Cboe Global Markets, Inc.	6,401	755,126
CME Group, Inc.	21,686	4,241,998
Coinbase Global, Inc., Class A *(a)	2,026	135,337
Credit Acceptance Corp. *	448	238,372
Discover Financial Services	16,957	1,704,009
Equitable Holdings, Inc.	21,380	636,055
Evercore, Inc., Class A	2,446	229,166
FactSet Research Systems, Inc.	2,270	983,682
Franklin Resources, Inc.	16,896	440,479
Interactive Brokers Group, Inc., Class A	5,317	327,474
Intercontinental Exchange, Inc.	33,665	3,395,115
Invesco Ltd.	20,296	334,275
Janus Henderson Group plc	10,105	236,457
Jefferies Financial Group, Inc.	11,460	367,751
KKR & Co., Inc.	35,823	1,811,211
Lazard Ltd., Class A	6,762	245,799
LPL Financial Holdings, Inc.	4,816	1,065,925
MarketAxess Holdings, Inc.	2,269	564,051
Moody's Corp.	9,680	2,754,154
Morgan Stanley	84,443	7,196,232
Morningstar, Inc.	1,413	322,150
MSCI, Inc.	4,889	2,196,334
Nasdaq, Inc.	20,885	1,243,284
Northern Trust Corp.	12,587	1,196,898
OneMain Holdings, Inc.	6,427	224,495
Raymond James Financial, Inc.	11,727	1,223,947
Rithm Capital Corp.	28,204	265,964
S&P Global, Inc.	20,935	7,372,888
SEI Investments Co.	6,304	344,829
SLM Corp.	16,182	247,261
Starwood Property Trust, Inc.	18,468	423,471
State Street Corp.	22,200	1,517,370
Stifel Financial Corp.	6,388	378,872
Synchrony Financial	30,218	989,640
T. Rowe Price Group, Inc.	13,723	1,646,760
The Bank of New York Mellon Corp.	44,810	1,860,959
The Carlyle Group, Inc.	8,533	277,579
The Charles Schwab Corp. (b)	90,621	6,429,560

SECURITY	NUMBER OF SHARES	VALUE ($)
The Goldman Sachs Group, Inc.	20,721	6,893,255
Tradeweb Markets, Inc., Class A	6,448	448,716
Upstart Holdings, Inc. *(a)	3,080	79,772
Voya Financial, Inc.	6,150	378,410
		117,864,392

Energy 4.5%
APA Corp.	20,387	797,335
Baker Hughes Co.	56,409	1,424,891
Cheniere Energy, Inc.	14,282	2,287,691
Chesapeake Energy Corp.	6,841	687,452
Chevron Corp.	118,597	18,745,442
ConocoPhillips	78,096	8,547,607
Continental Resources, Inc.	3,514	245,383
Coterra Energy, Inc.	48,582	1,501,670
Devon Energy Corp.	36,997	2,612,728
Diamondback Energy, Inc.	10,305	1,373,450
EOG Resources, Inc.	35,350	4,287,955
EQT Corp.	17,830	852,274
Exxon Mobil Corp.	254,268	24,305,478
Halliburton Co.	54,546	1,643,471
Hess Corp.	16,741	2,021,978
Kinder Morgan, Inc.	117,606	2,154,542
Marathon Oil Corp.	42,693	1,092,514
Marathon Petroleum Corp.	32,676	3,292,107
New Fortress Energy, Inc.	2,563	146,988
Occidental Petroleum Corp.	53,786	3,818,806
ONEOK, Inc.	27,009	1,653,761
Ovintiv, Inc.	15,591	828,506
Phillips 66	29,027	2,596,755
Pioneer Natural Resources Co.	13,581	3,438,981
Schlumberger N.V.	85,237	3,251,791
Targa Resources Corp.	13,768	939,391
Texas Pacific Land Corp.	369	679,130
The Williams Cos., Inc.	73,421	2,498,517
Valero Energy Corp.	24,611	2,882,440
		100,609,034

Food & Staples Retailing 1.5%
Albertsons Cos., Inc., Class A	6,388	175,734
BJ's Wholesale Club Holdings, Inc. *	8,173	608,807
Casey's General Stores, Inc.	2,239	478,631
Costco Wholesale Corp.	26,738	13,959,910
Performance Food Group Co. *	9,355	467,563
Sysco Corp.	30,791	2,531,636
The Kroger Co.	39,654	1,901,013
US Foods Holding Corp. *	13,452	411,900
Walgreens Boots Alliance, Inc.	43,236	1,515,854
Walmart, Inc.	84,757	11,234,540
		33,285,588

Food, Beverage & Tobacco 3.4%
Altria Group, Inc.	109,343	4,933,556
Archer-Daniels-Midland Co.	33,947	2,983,602
Beyond Meat, Inc. *(a)	3,558	86,815
Brown-Forman Corp., Class B	11,011	800,500
Bunge Ltd.	9,164	908,794
Campbell Soup Co.	12,145	611,865
Celsius Holdings, Inc. *	2,340	242,167
Conagra Brands, Inc.	29,044	998,533
Constellation Brands, Inc., Class A	9,808	2,413,258
Darling Ingredients, Inc. *	9,791	744,703
Freshpet, Inc. *	2,834	123,364
General Mills, Inc.	36,330	2,790,144
Hormel Foods Corp.	17,070	858,280

₆₀

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Ingredion, Inc.	3,962	344,971
Kellogg Co.	15,308	1,113,504
Keurig Dr Pepper, Inc.	44,472	1,695,273
Lamb Weston Holdings, Inc.	8,739	695,013
McCormick & Co., Inc. Non Voting Shares	15,111	1,270,382
Molson Coors Beverage Co., Class B	11,401	589,090
Mondelez International, Inc., Class A	83,514	5,166,176
Monster Beverage Corp. *	22,700	2,016,441
PepsiCo, Inc.	83,466	14,378,688
Philip Morris International, Inc.	93,571	8,935,095
Pilgrim's Pride Corp. *	2,825	80,428
Post Holdings, Inc. *	3,379	299,920
The Boston Beer Co., Inc., Class A *	568	191,461
The Coca-Cola Co.	235,473	14,531,039
The Hershey Co.	8,791	1,975,074
The J.M. Smucker Co.	6,551	917,074
The Kraft Heinz Co.	42,781	1,600,009
Tyson Foods, Inc., Class A	17,588	1,325,783
		75,621,002

Health Care Equipment & Services 6.0%
Abbott Laboratories	105,688	10,848,873
ABIOMED, Inc. *	2,753	713,798
Acadia Healthcare Co., Inc. *	5,416	443,733
agilon health, Inc. *	2,999	62,319
Align Technology, Inc. *	4,424	1,078,129
Amedisys, Inc. *	1,949	230,859
AmerisourceBergen Corp.	9,071	1,329,446
AMN Healthcare Services, Inc. *	2,675	274,562
Baxter International, Inc.	30,410	1,747,359
Becton Dickinson & Co.	17,206	4,343,138
Boston Scientific Corp. *	86,224	3,475,689
Cardinal Health, Inc.	16,454	1,163,627
Centene Corp. *	35,296	3,167,463
Certara, Inc. *	6,312	98,909
Change Healthcare, Inc. *	15,246	374,594
Chemed Corp.	894	425,714
Cigna Corp.	19,155	5,429,485
CVS Health Corp.	79,167	7,770,241
DaVita, Inc. *	3,675	313,441
Dentsply Sirona, Inc.	12,949	424,339
DexCom, Inc. *	23,700	1,948,377
Edwards Lifesciences Corp. *	37,500	3,378,750
Elevance Health, Inc.	14,548	7,057,380
Embecta Corp.	3,587	114,497
Encompass Health Corp.	6,042	293,460
Enhabit, Inc. *	2,981	49,485
Enovis Corp. *	2,811	142,377
Envista Holdings Corp. *	9,791	363,148
Globus Medical, Inc., Class A *	4,770	282,336
Guardant Health, Inc. *	6,214	311,073
HCA Healthcare, Inc.	13,733	2,717,349
HealthEquity, Inc. *	5,038	332,911
Henry Schein, Inc. *	8,306	609,743
Hologic, Inc. *	15,056	1,017,183
Humana, Inc.	7,628	3,675,018
IDEXX Laboratories, Inc. *	5,075	1,764,171
Inspire Medical Systems, Inc. *	1,670	319,788
Insulet Corp. *	4,188	1,069,908
Integra LifeSciences Holdings Corp. *	4,284	204,390
Intuitive Surgical, Inc. *	21,644	4,453,037
Invitae Corp. *	12,348	37,538
Laboratory Corp. of America Holdings	5,591	1,259,485
LHC Group, Inc. *	1,849	298,558
Masimo Corp. *	3,086	453,303
McKesson Corp.	8,766	3,217,122

SECURITY	NUMBER OF SHARES	VALUE ($)
Medtronic plc	81,012	7,122,575
Molina Healthcare, Inc. *	3,543	1,195,302
Novocure Ltd. *	5,377	441,613
Oak Street Health, Inc. *	8,590	225,058
Omnicell, Inc. *	2,652	271,273
Penumbra, Inc. *	2,107	345,906
Quest Diagnostics, Inc.	7,077	886,819
QuidelOrtho Corp. *	3,007	238,335
R1 RCM, Inc. *	8,026	175,368
ResMed, Inc.	8,810	1,937,495
Shockwave Medical, Inc. *	2,150	638,249
STAAR Surgical Co. *	2,897	274,027
STERIS plc	6,034	1,215,127
Stryker Corp.	20,302	4,165,970
Tandem Diabetes Care, Inc. *	3,866	176,831
Teladoc Health, Inc. *	9,625	298,952
Teleflex, Inc.	2,830	640,316
Tenet Healthcare Corp. *	6,476	365,894
The Cooper Cos., Inc.	2,975	855,134
UnitedHealth Group, Inc.	56,623	29,406,023
Universal Health Services, Inc., Class B	4,014	392,730
Veeva Systems, Inc., Class A *	8,431	1,680,467
Zimmer Biomet Holdings, Inc.	12,652	1,345,161
Zimvie, Inc. *	1,238	18,842
		133,399,572

Household & Personal Products 1.5%
Church & Dwight Co., Inc.	14,671	1,228,109
Colgate-Palmolive Co.	50,585	3,956,253
Coty, Inc., Class A *	20,720	155,607
Herbalife Nutrition Ltd. *	5,628	146,835
Kimberly-Clark Corp.	20,334	2,592,992
Reynolds Consumer Products, Inc.	3,406	95,130
The Clorox Co.	7,405	1,068,838
The Estee Lauder Cos., Inc., Class A	14,004	3,562,337
The Procter & Gamble Co.	144,812	19,975,367
		32,781,468

Insurance 2.2%
Aflac, Inc.	35,816	2,128,187
Alleghany Corp. *	800	672,944
American Financial Group, Inc.	4,023	513,657
American International Group, Inc.	47,852	2,476,341
Aon plc, Class A	12,801	3,574,807
Arch Capital Group Ltd. *	22,750	1,040,130
Arthur J. Gallagher & Co.	12,671	2,300,673
Assurant, Inc.	3,237	513,032
Brown & Brown, Inc.	14,097	888,675
Chubb Ltd.	25,571	4,834,198
Cincinnati Financial Corp.	9,016	874,191
CNA Financial Corp.	1,684	64,767
Erie Indemnity Co., Class A	1,487	319,601
Everest Re Group Ltd.	2,369	637,379
Fidelity National Financial, Inc.	16,884	660,164
First American Financial Corp.	6,520	348,820
Globe Life, Inc.	5,487	533,282
Lincoln National Corp.	9,734	448,348
Loews Corp.	11,726	648,565
Markel Corp. *	808	964,841
Marsh & McLennan Cos., Inc.	30,303	4,889,995
MetLife, Inc.	41,683	2,681,467
Old Republic International Corp.	17,211	375,888
Primerica, Inc.	2,345	297,229
Principal Financial Group, Inc.	14,179	1,060,022
Prudential Financial, Inc.	22,651	2,168,833
Reinsurance Group of America, Inc.	4,056	508,460

₆₁

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
RenaissanceRe Holdings Ltd.	2,646	357,898
The Allstate Corp.	16,578	1,997,649
The Hartford Financial Services Group, Inc.	19,876	1,278,226
The Progressive Corp.	35,309	4,330,649
The Travelers Cos., Inc.	14,489	2,342,002
Unum Group	12,123	458,856
W.R. Berkley Corp.	12,593	816,026
Willis Towers Watson plc	6,731	1,392,173
		49,397,975

Materials 2.7%
Air Products and Chemicals, Inc.	13,370	3,375,257
Albemarle Corp.	7,064	1,892,870
Alcoa Corp.	11,110	549,723
Amcor plc	90,645	1,088,647
AptarGroup, Inc.	3,973	408,464
Ashland, Inc.	3,074	312,810
Avery Dennison Corp.	4,916	902,676
Axalta Coating Systems Ltd. *	12,519	322,364
Ball Corp.	19,352	1,080,035
Berry Global Group, Inc. *	7,810	424,317
Celanese Corp.	6,505	721,144
CF Industries Holdings, Inc.	12,587	1,302,251
Cleveland-Cliffs, Inc. *	28,942	499,828
Corteva, Inc.	43,738	2,686,825
Crown Holdings, Inc.	7,396	670,004
Diversey Holdings Ltd. *	2,577	15,797
Dow, Inc.	43,906	2,239,206
DuPont de Nemours, Inc.	30,666	1,706,256
Eagle Materials, Inc.	2,414	288,763
Eastman Chemical Co.	7,799	709,709
Ecolab, Inc.	14,974	2,453,191
Element Solutions, Inc.	13,105	244,670
FMC Corp.	7,616	823,137
Freeport-McMoRan, Inc.	87,359	2,585,826
Graphic Packaging Holding Co.	17,197	382,977
Huntsman Corp.	12,014	336,632
International Flavors & Fragrances, Inc.	15,361	1,697,083
International Paper Co.	22,379	931,414
Linde plc	30,385	8,594,701
Louisiana-Pacific Corp.	4,937	267,734
LyondellBasell Industries N.V., Class A	15,587	1,293,721
Martin Marietta Materials, Inc.	3,767	1,309,824
MP Materials Corp. *	4,584	160,394
Newmont Corp.	47,895	1,980,937
Nucor Corp.	16,062	2,135,282
Olin Corp.	8,366	457,286
Packaging Corp. of America	5,624	770,038
PPG Industries, Inc.	14,280	1,813,274
Reliance Steel & Aluminum Co.	3,748	704,549
Royal Gold, Inc.	3,938	361,902
RPM International, Inc.	7,781	724,878
Sealed Air Corp.	8,774	472,129
Sonoco Products Co.	5,861	369,360
Steel Dynamics, Inc.	10,805	872,180
Sylvamo Corp.	2,083	92,569
The Chemours Co.	9,387	316,624
The Mosaic Co.	21,784	1,173,504
The Scotts Miracle-Gro Co.	2,412	161,483
The Sherwin-Williams Co.	14,432	3,349,667
United States Steel Corp.	15,608	356,955
Valvoline, Inc.	10,821	314,567
Vulcan Materials Co.	7,998	1,331,587
Westlake Corp.	2,026	199,824

SECURITY	NUMBER OF SHARES	VALUE ($)
Westrock Co.	15,389	624,640
		60,861,485

Media & Entertainment 6.8%
Activision Blizzard, Inc.	47,214	3,705,827
Alphabet, Inc., Class A *	363,119	39,296,738
Alphabet, Inc., Class C *	332,942	36,340,619
Altice USA, Inc., Class A *	13,426	134,260
AMC Entertainment Holdings, Inc., Class A *(a)	31,343	285,848
Bumble, Inc., Class A *	4,280	107,214
Cable One, Inc.	295	334,825
Charter Communications, Inc., Class A *	6,982	2,880,983
Comcast Corp., Class A	269,836	9,765,365
DISH Network Corp., Class A *	15,247	264,535
Electronic Arts, Inc.	16,982	2,154,506
Endeavor Group Holdings, Inc., Class A *	2,389	54,039
Fox Corp., Class A	18,783	642,003
Fox Corp., Class B	8,723	275,821
IAC/InterActiveCorp *	5,071	325,913
Liberty Broadband Corp., Class C *	7,911	804,549
Liberty Media Corp. - Liberty Formula One, Class C *	12,340	785,811
Liberty Media Corp. - Liberty SiriusXM, Class C *	9,504	393,085
Live Nation Entertainment, Inc. *	8,257	746,103
Match Group, Inc. *	17,186	971,525
Meta Platforms, Inc., Class A *	138,448	22,557,333
Netflix, Inc. *	26,808	5,993,196
News Corp., Class A	23,476	397,214
Nexstar Media Group, Inc., Class A	2,431	465,099
Omnicom Group, Inc.	12,369	827,486
Paramount Global, Class B	36,781	860,308
Pinterest, Inc., Class A *	34,663	798,636
Playtika Holding Corp. *	6,000	63,180
ROBLOX Corp., Class A *	2,690	105,206
Roku, Inc. *	7,223	491,164
Sirius XM Holdings, Inc. (a)	54,350	330,991
Snap, Inc., Class A *	65,904	717,036
Take-Two Interactive Software, Inc. *	9,526	1,167,507
The Interpublic Group of Cos., Inc.	23,672	654,294
The New York Times Co., Class A	9,998	304,839
The Walt Disney Co. *	109,948	12,322,972
Twitter, Inc. *	46,005	1,782,694
Vimeo, Inc. *	9,063	53,653
Warner Bros Discovery, Inc. *	133,585	1,768,665
Ziff Davis, Inc. *	2,869	221,716
ZoomInfo Technologies, Inc. *	18,308	831,549
		152,984,307

Pharmaceuticals, Biotechnology & Life Sciences 7.9%
10X Genomics, Inc., Class A *	5,618	185,338
AbbVie, Inc.	106,682	14,344,462
Adaptive Biotechnologies Corp. *	6,332	56,481
Agilent Technologies, Inc.	18,132	2,325,429
Alnylam Pharmaceuticals, Inc. *	7,276	1,503,731
Amgen, Inc.	32,242	7,747,753
Apellis Pharmaceuticals, Inc. *	5,418	327,843
Arrowhead Pharmaceuticals, Inc. *	6,330	251,364
Avantor, Inc. *	36,829	917,410
Azenta, Inc.	4,475	235,877
Beam Therapeutics, Inc. *	2,836	154,846
Biogen, Inc. *	8,820	1,723,252
Biohaven Pharmaceutical Holding Co., Ltd. *	3,795	566,783
BioMarin Pharmaceutical, Inc. *	11,124	992,261

₆₂

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bio-Rad Laboratories, Inc., Class A *	1,309	634,917
Bio-Techne Corp.	2,360	783,072
Blueprint Medicines Corp. *	3,636	266,228
Bridgebio Pharma, Inc. *	6,364	66,822
Bristol-Myers Squibb Co.	128,566	8,666,634
Bruker Corp.	6,004	336,224
Catalent, Inc. *	10,844	954,272
Charles River Laboratories International, Inc. *	3,047	625,397
Danaher Corp.	39,058	10,542,145
Denali Therapeutics, Inc. *	5,547	153,486
Elanco Animal Health, Inc. *	28,593	432,612
Eli Lilly & Co.	47,595	14,337,042
Exact Sciences Corp. *	10,616	377,399
Exelixis, Inc. *	19,401	344,174
Fate Therapeutics, Inc. *	5,013	131,040
Gilead Sciences, Inc.	75,674	4,803,029
Halozyme Therapeutics, Inc. *	8,285	337,448
Horizon Therapeutics plc *	13,921	824,262
Illumina, Inc. *	9,465	1,908,523
Incyte Corp. *	11,396	802,620
Intellia Therapeutics, Inc. *	4,204	252,492
Ionis Pharmaceuticals, Inc. *	8,529	362,653
IQVIA Holdings, Inc. *	11,421	2,428,790
Jazz Pharmaceuticals plc *	3,746	581,454
Johnson & Johnson	158,841	25,627,407
Maravai LifeSciences Holdings, Inc., Class A *	6,543	136,552
Medpace Holdings, Inc. *	1,635	241,342
Merck & Co., Inc.	152,650	13,030,204
Mettler-Toledo International, Inc. *	1,367	1,657,433
Mirati Therapeutics, Inc. *	3,006	243,576
Moderna, Inc. *	20,886	2,762,591
Natera, Inc. *	5,362	264,132
NeoGenomics, Inc. *	7,266	73,023
Neurocrine Biosciences, Inc. *	5,781	604,866
Novavax, Inc. *	4,712	155,684
Organon & Co.	15,390	439,077
Pacific Biosciences of California, Inc. *	13,123	76,901
PerkinElmer, Inc.	7,607	1,027,401
Perrigo Co., plc	8,189	306,432
Pfizer, Inc.	338,658	15,317,501
Regeneron Pharmaceuticals, Inc. *	6,516	3,786,187
Repligen Corp. *	3,088	677,415
Royalty Pharma plc, Class A	21,768	910,120
Sarepta Therapeutics, Inc. *	5,250	574,245
Seagen, Inc. *	8,112	1,251,600
Sotera Health Co. *	6,059	102,458
Syneos Health, Inc. *	6,210	373,283
Thermo Fisher Scientific, Inc.	23,626	12,883,730
Twist Bioscience Corp. *	3,356	134,643
Ultragenyx Pharmaceutical, Inc. *	4,170	198,867
United Therapeutics Corp. *	2,741	621,165
Vertex Pharmaceuticals, Inc. *	15,434	4,348,684
Viatris, Inc.	73,279	699,814
Vir Biotechnology, Inc. *	4,530	107,588
Waters Corp. *	3,646	1,088,696
West Pharmaceutical Services, Inc.	4,466	1,325,018
Zoetis, Inc.	28,398	4,445,139
		177,778,339

Real Estate 3.3%
Alexandria Real Estate Equities, Inc.	8,961	1,374,617
American Homes 4 Rent, Class A	17,830	634,035
American Tower Corp.	28,047	7,125,340
Americold Realty Trust, Inc.	16,393	482,282
Apartment Income REIT Corp.	9,565	390,730

SECURITY	NUMBER OF SHARES	VALUE ($)
AvalonBay Communities, Inc.	8,436	1,694,877
Boston Properties, Inc.	8,604	683,416
Brixmor Property Group, Inc.	17,974	386,082
Camden Property Trust	6,439	827,476
CBRE Group, Inc., Class A	19,746	1,559,144
Compass, Inc., Class A *	1,539	4,402
Cousins Properties, Inc.	8,950	240,308
Crown Castle, Inc.	26,118	4,461,738
CubeSmart	13,506	621,951
Digital Realty Trust, Inc.	17,194	2,125,694
Douglas Emmett, Inc.	10,602	206,951
Duke Realty Corp.	23,145	1,362,083
EastGroup Properties, Inc.	2,504	413,235
Equinix, Inc.	5,487	3,606,989
Equity LifeStyle Properties, Inc.	10,455	732,895
Equity Residential	20,613	1,508,459
Essex Property Trust, Inc.	3,950	1,046,987
eXp World Holdings, Inc.	3,849	49,768
Extra Space Storage, Inc.	8,097	1,609,117
Federal Realty Investment Trust	4,284	433,841
First Industrial Realty Trust, Inc.	7,924	401,588
Gaming & Leisure Properties, Inc.	14,155	683,262
Healthcare Realty Trust, Inc., Class A	22,889	556,660
Healthpeak Properties, Inc.	32,438	851,497
Host Hotels & Resorts, Inc.	43,299	769,423
Innovative Industrial Properties, Inc.	1,651	151,430
Invitation Homes, Inc.	36,909	1,339,059
Iron Mountain, Inc.	17,536	922,569
Jones Lang LaSalle, Inc. *	2,948	510,004
Kilroy Realty Corp.	6,273	305,934
Kimco Realty Corp.	37,231	784,829
Lamar Advertising Co., Class A	5,223	490,387
Life Storage, Inc.	5,063	644,267
Medical Properties Trust, Inc.	36,247	529,569
Mid-America Apartment Communities, Inc.	6,968	1,154,389
National Retail Properties, Inc.	10,577	474,907
Omega Healthcare Investors, Inc.	14,207	464,001
Opendoor Technologies, Inc. *	24,240	104,959
Orion Office REIT, Inc.	3,145	31,041
Prologis, Inc.	44,689	5,564,227
Public Storage	9,200	3,043,636
Rayonier, Inc.	8,842	314,068
Realty Income Corp.	36,284	2,477,472
Redfin Corp. *	6,180	50,614
Regency Centers Corp.	9,359	569,402
Rexford Industrial Realty, Inc.	9,915	616,812
SBA Communications Corp.	6,501	2,114,450
Simon Property Group, Inc.	19,851	2,024,405
Spirit Realty Capital, Inc.	8,041	328,475
STAG Industrial, Inc.	10,810	332,948
STORE Capital Corp.	15,252	411,499
Sun Communities, Inc.	7,354	1,130,383
UDR, Inc.	18,126	813,314
Ventas, Inc.	24,090	1,152,947
VICI Properties, Inc.	58,178	1,919,292
Vornado Realty Trust	9,667	253,469
Welltower, Inc.	27,437	2,103,046
Weyerhaeuser Co.	44,846	1,531,939
WP Carey, Inc.	11,691	982,395
Zillow Group, Inc., Class A *	2,114	70,608
Zillow Group, Inc., Class C *	9,925	332,091
		72,889,684

Retailing 5.9%
Advance Auto Parts, Inc.	3,678	620,258
Amazon.com, Inc. *	528,196	66,959,407

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
AutoNation, Inc. *	2,138	266,395
AutoZone, Inc. *	1,198	2,538,814
Bath & Body Works, Inc.	14,387	537,067
Best Buy Co., Inc.	12,203	862,630
Burlington Stores, Inc. *	3,971	556,694
CarMax, Inc. *	9,651	853,534
Carvana Co. *	5,946	196,158
Chewy, Inc., Class A *	5,421	186,103
Dick's Sporting Goods, Inc.	3,508	373,146
Dollar General Corp.	13,806	3,277,820
Dollar Tree, Inc. *	13,578	1,842,263
DoorDash, Inc., Class A *	10,027	600,617
eBay, Inc.	33,706	1,487,446
Etsy, Inc. *	7,695	812,669
Five Below, Inc. *	3,362	429,933
Floor & Decor Holdings, Inc., Class A *	6,417	522,087
Foot Locker, Inc.	5,038	185,600
GameStop Corp., Class A *(a)	14,948	428,111
Genuine Parts Co.	8,564	1,336,070
Kohl's Corp.	7,720	219,402
Lithia Motors, Inc.	1,728	458,680
LKQ Corp.	15,675	834,223
Lowe’s Cos., Inc.	39,921	7,750,263
Macy's, Inc.	17,149	297,021
O'Reilly Automotive, Inc. *	3,959	2,759,898
Penske Automotive Group, Inc.	1,787	210,705
Pool Corp.	2,425	822,536
RH *	1,057	270,497
Ross Stores, Inc.	21,236	1,832,030
Target Corp.	27,915	4,475,891
The Gap, Inc.	12,548	114,689
The Home Depot, Inc.	62,364	17,987,025
The TJX Cos., Inc.	70,913	4,421,426
Tractor Supply Co.	6,752	1,250,133
Ulta Beauty, Inc. *	3,143	1,319,651
Victoria's Secret & Co. *	4,060	135,766
Wayfair, Inc., Class A *	4,805	253,272
Williams-Sonoma, Inc.	4,230	629,212
		130,915,142

Semiconductors & Semiconductor Equipment 4.9%
Advanced Micro Devices, Inc. *	97,789	8,299,352
Allegro MicroSystems, Inc. *	3,319	77,399
Amkor Technology, Inc.	6,211	125,027
Analog Devices, Inc.	31,593	4,787,287
Applied Materials, Inc.	53,298	5,013,743
Broadcom, Inc.	24,646	12,301,065
Enphase Energy, Inc. *	8,138	2,331,049
Entegris, Inc.	8,991	853,066
First Solar, Inc. *	5,983	763,132
Intel Corp.	246,778	7,877,154
KLA Corp.	9,001	3,097,514
Lam Research Corp.	8,376	3,667,934
Lattice Semiconductor Corp. *	8,309	447,855
Marvell Technology, Inc.	51,406	2,406,829
Microchip Technology, Inc.	33,589	2,191,682
Micron Technology, Inc.	67,374	3,808,652
MKS Instruments, Inc.	3,456	344,252
Monolithic Power Systems, Inc.	2,638	1,195,489
NVIDIA Corp.	151,170	22,817,600
NXP Semiconductors N.V.	15,830	2,605,301
ON Semiconductor Corp. *	26,203	1,801,980
Power Integrations, Inc.	3,544	253,502
Qorvo, Inc. *	6,566	589,496
QUALCOMM, Inc.	67,600	8,941,452
Silicon Laboratories, Inc. *	2,184	273,721
Skyworks Solutions, Inc.	9,739	959,779

SECURITY	NUMBER OF SHARES	VALUE ($)
SolarEdge Technologies, Inc. *	3,332	919,532
Synaptics, Inc. *	2,368	273,765
Teradyne, Inc.	9,630	815,083
Texas Instruments, Inc.	55,642	9,192,615
Universal Display Corp.	2,601	290,610
Wolfspeed, Inc. *	7,460	846,486
		110,169,403

Software & Services 13.8%
Accenture plc, Class A	38,216	11,023,787
Adobe, Inc. *	28,522	10,651,256
Affirm Holdings, Inc. *	10,023	234,839
Akamai Technologies, Inc. *	9,643	870,570
Amdocs Ltd.	7,482	639,486
ANSYS, Inc. *	5,233	1,299,354
AppLovin Corp., Class A *	2,197	54,112
Asana, Inc., Class A *	4,957	94,927
Aspen Technology, Inc. *	1,676	352,966
Autodesk, Inc. *	13,122	2,647,232
Automatic Data Processing, Inc.	25,213	6,162,309
Avalara, Inc. *	5,275	483,137
Bentley Systems, Inc., Class B	11,269	414,361
Bill.com Holdings, Inc. *	5,605	907,337
Black Knight, Inc. *	9,379	620,515
Blackline, Inc. *	3,214	218,359
Block, Inc. *	30,415	2,095,898
Broadridge Financial Solutions, Inc.	7,075	1,211,028
C3.ai, Inc., Class A *	4,284	77,112
Cadence Design Systems, Inc. *	16,643	2,892,054
Ceridian HCM Holding, Inc. *	8,325	496,503
Citrix Systems, Inc.	7,549	775,811
Cloudflare, Inc., Class A *	16,941	1,059,998
Cognizant Technology Solutions Corp., Class A	31,486	1,988,971
Concentrix Corp.	2,592	326,022
Consensus Cloud Solutions, Inc. *	896	45,114
Coupa Software, Inc. *	4,525	264,260
Crowdstrike Holdings, Inc., Class A *	12,884	2,352,747
Datadog, Inc., Class A *	15,569	1,633,967
Digital Turbine, Inc. *	5,243	96,838
DigitalOcean Holdings, Inc. *	1,011	42,553
DocuSign, Inc. *	12,046	701,318
Dolby Laboratories, Inc., Class A	3,895	285,270
DoubleVerify Holdings, Inc. *	1,296	33,502
Dropbox, Inc., Class A *	16,115	344,700
Duck Creek Technologies, Inc. *	4,680	55,692
DXC Technology Co. *	14,802	366,794
Dynatrace, Inc. *	11,904	454,495
Elastic N.V. *	4,354	365,344
EPAM Systems, Inc. *	3,437	1,465,880
Euronet Worldwide, Inc. *	3,071	272,275
Everbridge, Inc. *	2,411	95,910
Fair Isaac Corp. *	1,564	702,862
Fastly, Inc., Class A *	6,397	59,812
Fidelity National Information Services, Inc.	36,848	3,366,802
Fiserv, Inc. *	35,140	3,555,817
Five9, Inc. *	4,215	413,534
FleetCor Technologies, Inc. *	4,671	992,728
Fortinet, Inc. *	40,266	1,960,551
Gartner, Inc. *	4,851	1,384,087
Genpact Ltd.	10,229	480,558
Global Payments, Inc.	16,996	2,111,413
GoDaddy, Inc., Class A *	9,739	738,411
Guidewire Software, Inc. *	5,007	359,052
HubSpot, Inc. *	2,728	919,445
International Business Machines Corp.	54,304	6,975,349

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Intuit, Inc.	17,060	7,366,167
Jack Henry & Associates, Inc.	4,385	842,797
Kyndryl Holdings, Inc. *	10,651	110,983
Manhattan Associates, Inc. *	3,826	540,461
Mastercard, Inc., Class A	51,828	16,811,448
Maximus, Inc.	3,670	222,365
Microsoft Corp.	451,473	118,046,645
MicroStrategy, Inc., Class A *(a)	564	130,600
MongoDB, Inc. *	4,077	1,316,300
nCino, Inc. *	3,366	106,164
NCR Corp. *	8,239	255,821
NortonLifeLock, Inc.	35,153	794,106
Nutanix, Inc., Class A *	13,312	230,298
Okta, Inc. *	9,120	833,568
Oracle Corp.	94,988	7,043,360
Palantir Technologies, Inc., Class A *	98,707	762,018
Palo Alto Networks, Inc. *	5,941	3,308,008
Paychex, Inc.	19,389	2,391,439
Paycom Software, Inc. *	2,906	1,020,587
Paylocity Holding Corp. *	2,387	575,267
PayPal Holdings, Inc. *	69,875	6,529,120
Pegasystems, Inc.	2,450	89,694
PTC, Inc. *	6,326	726,794
Rapid7, Inc. *	3,510	201,825
RingCentral, Inc., Class A *	5,096	219,332
Roper Technologies, Inc.	6,386	2,570,876
Salesforce, Inc. *	59,953	9,359,862
ServiceNow, Inc. *	12,102	5,259,771
Smartsheet, Inc., Class A *	7,803	259,606
Snowflake, Inc., Class A *	14,605	2,642,775
Splunk, Inc. *	9,692	872,571
Sprout Social, Inc., Class A *	2,782	167,031
SS&C Technologies Holdings, Inc.	13,435	749,136
Synopsys, Inc. *	9,233	3,194,803
Teradata Corp. *	6,283	206,711
The Trade Desk, Inc., Class A *	26,626	1,669,450
The Western Union Co.	23,182	343,557
Twilio, Inc., Class A *	10,410	724,328
Tyler Technologies, Inc. *	2,510	932,490
UiPath, Inc., Class A *	16,724	275,110
Unity Software, Inc. *	9,962	425,577
Varonis Systems, Inc. *	6,601	180,537
VeriSign, Inc. *	5,744	1,046,672
Visa, Inc., Class A	99,348	19,741,441
VMware, Inc., Class A	12,211	1,416,842
WEX, Inc. *	2,729	420,948
Workday, Inc., Class A *	11,990	1,973,074
Workiva, Inc. *	2,866	194,573
Zendesk, Inc. *	7,372	565,948
Zoom Video Communications, Inc., Class A *	13,703	1,101,721
Zscaler, Inc. *	4,843	771,199
		308,036,800

Technology Hardware & Equipment 8.3%
Amphenol Corp., Class A	36,048	2,650,609
Apple Inc.	928,195	145,930,818
Arista Networks, Inc. *	13,602	1,630,608
Arrow Electronics, Inc. *	4,012	420,498
CDW Corp.	8,169	1,394,448
Ciena Corp. *	9,117	462,597
Cisco Systems, Inc.	250,730	11,212,646
Cognex Corp.	10,414	438,533
Corning, Inc.	45,830	1,572,886
Dell Technologies, Inc., Class C	16,515	632,359
F5, Inc. *	3,634	570,756
Hewlett Packard Enterprise Co.	78,434	1,066,702

SECURITY	NUMBER OF SHARES	VALUE ($)
HP, Inc.	63,523	1,823,745
II-VI, Inc. *	7,774	367,166
IPG Photonics Corp. *	2,110	191,145
Jabil, Inc.	8,499	512,490
Juniper Networks, Inc.	19,445	552,627
Keysight Technologies, Inc. *	10,992	1,801,479
Littelfuse, Inc.	1,501	356,067
Lumentum Holdings, Inc. *	4,192	350,242
Motorola Solutions, Inc.	10,099	2,458,198
National Instruments Corp.	7,866	312,752
NetApp, Inc.	13,465	971,230
Novanta, Inc. *	2,149	287,300
Pure Storage, Inc., Class A *	16,910	489,883
Seagate Technology Holdings plc	11,926	798,565
TD SYNNEX Corp.	2,489	239,641
TE Connectivity Ltd.	19,438	2,453,270
Teledyne Technologies, Inc. *	2,825	1,040,617
Trimble, Inc. *	15,116	956,087
Ubiquiti, Inc.	369	114,534
Vontier Corp.	9,700	212,624
Western Digital Corp. *	18,858	796,939
Zebra Technologies Corp., Class A *	3,166	954,992
		186,025,053

Telecommunication Services 1.1%
AT&T, Inc.	432,197	7,580,736
Frontier Communications Parent, Inc. *	12,524	322,618
Iridium Communications, Inc. *	7,680	340,915
Liberty Global plc, Class C *	17,936	382,216
Lumen Technologies, Inc.	56,174	559,493
T-Mobile US, Inc. *	35,540	5,116,339
Verizon Communications, Inc.	253,467	10,597,455
		24,899,772

Transportation 1.9%
Alaska Air Group, Inc. *	7,670	334,105
AMERCO	582	305,940
American Airlines Group, Inc. *	39,014	506,792
Avis Budget Group, Inc. *	2,045	342,292
C.H. Robinson Worldwide, Inc.	7,695	878,384
CSX Corp.	131,195	4,152,322
Delta Air Lines, Inc. *	38,739	1,203,621
Expeditors International of Washington, Inc.	10,086	1,037,749
FedEx Corp.	14,402	3,036,086
GXO Logistics, Inc. *	6,085	270,052
J.B. Hunt Transport Services, Inc.	5,069	882,107
Knight-Swift Transportation Holdings, Inc.	9,827	496,362
Landstar System, Inc.	2,244	329,038
Lyft, Inc., Class A *	18,330	270,001
Norfolk Southern Corp.	14,390	3,498,641
Old Dominion Freight Line, Inc.	5,535	1,502,254
Saia, Inc. *	1,574	325,550
Southwest Airlines Co. *	35,789	1,313,456
TuSimple Holdings, Inc., Class A *	1,815	13,050
Uber Technologies, Inc. *	101,958	2,932,312
Union Pacific Corp.	37,899	8,508,704
United Airlines Holdings, Inc. *	19,670	688,647
United Parcel Service, Inc., Class B	44,309	8,618,544
XPO Logistics, Inc. *	6,003	314,677
		41,760,686

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab 1000 Index ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Utilities 3.0%
Alliant Energy Corp.	15,183	926,770
Ameren Corp.	15,548	1,440,056
American Electric Power Co., Inc.	31,009	3,107,102
American Water Works Co., Inc.	10,984	1,630,575
Atmos Energy Corp.	8,366	948,537
Avangrid, Inc.	4,162	205,603
CenterPoint Energy, Inc.	37,980	1,197,509
CMS Energy Corp.	17,523	1,183,503
Consolidated Edison, Inc.	21,350	2,086,749
Constellation Energy Corp.	19,719	1,608,873
Dominion Energy, Inc.	49,014	4,009,345
DTE Energy Co.	11,681	1,522,502
Duke Energy Corp.	46,442	4,965,114
Edison International	23,032	1,560,879
Entergy Corp.	12,281	1,415,999
Essential Utilities, Inc.	13,957	685,987
Evergy, Inc.	13,847	948,935
Eversource Energy	20,815	1,866,897
Exelon Corp.	59,105	2,595,301
FirstEnergy Corp.	34,447	1,362,379
IDACORP, Inc.	3,046	332,745
NextEra Energy, Inc.	118,610	10,088,967
NiSource, Inc.	24,408	720,280
NRG Energy, Inc.	14,310	590,717
OGE Energy Corp.	12,031	487,737
PG&E Corp. *	91,195	1,124,434
Pinnacle West Capital Corp.	6,833	514,867
PPL Corp.	44,391	1,290,890
Public Service Enterprise Group, Inc.	30,173	1,941,934
Sempra Energy	18,987	3,132,285
The AES Corp.	40,367	1,027,340
The Southern Co.	64,150	4,944,040
UGI Corp.	12,604	497,858
Vistra Corp.	26,062	645,035
WEC Energy Group, Inc.	19,010	1,960,691
Xcel Energy, Inc.	32,859	2,439,781
		67,008,216
Total Common Stocks (Cost $1,931,949,085)		2,229,640,636

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

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)	1,529,397	1,529,397
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)(d)	1,519,540	1,519,540
		3,048,937
Total Short-Term Investments (Cost $3,048,937)		3,048,937
Total Investments in Securities (Cost $1,934,998,022)		2,232,689,573

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 09/16/22	23	4,549,975	(253,995)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $1,479,329.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2022:

SECURITY	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/22	BALANCE OF SHARES HELD AT 8/31/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS

Diversified Financials 0.3%
The Charles Schwab Corp.	$5,252,412	$1,621,298	($220,009)	$37,471	($261,612)	$6,429,560	90,621	$65,090

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab 1000 Index ETF

Statement of Operations

For the period September 1, 2021 through August 31, 2022
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $6,810)		$30,865,075
Dividends received from securities - affiliated		65,090
Securities on loan, net	+	57,292
Total investment income		30,987,457
Expenses
Management fees		1,094,910
Proxy fees¹	+	98,228
Total expenses	–	1,193,138
Net investment income		29,794,319
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(16,180)
Net realized losses on sales of securities - unaffiliated		(12,331,630)
Net realized gains on sales of in-kind redemptions - affiliated		53,651
Net realized gains on sales of in-kind redemptions - unaffiliated		17,335,257
Net realized losses on futures contracts	+	(509,539)
Net realized gains		4,531,559
Net change in unrealized appreciation (depreciation) on securities - affiliated		(261,612)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(351,870,770)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(314,341)
Net change in unrealized appreciation (depreciation)	+	(352,446,723)
Net realized and unrealized losses		(347,915,164)
Decrease in net assets resulting from operations		($318,120,845)

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

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap 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	$54.73	$42.14	$35.00	$34.77	$29.55
Income (loss) from investment operations:
Net investment income (loss)²	0.72	0.69	0.76	0.74	0.60
Net realized and unrealized gains (losses)	(7.90)	12.63	7.10	0.16	5.20
Total from investment operations	(7.18)	13.32	7.86	0.90	5.80
Less distributions:
Distributions from net investment income	(0.72)	(0.73)	(0.72)	(0.67)	(0.58)
Net asset value at end of period	$46.83	$54.73	$42.14	$35.00	$34.77
Total return	(13.22%)	32.05%	22.92%	2.70%	19.79%
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)	1.39%	1.45%	2.06%	2.19%	1.86%
Portfolio turnover rate⁴	4%	4%	5%	4%	3%
Net assets, end of period (x 1,000,000)	$28,911	$33,035	$23,253	$17,786	$14,990

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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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap 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.

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

Automobiles & Components 2.5%
Aptiv plc *	218,300	20,395,769
Autoliv, Inc.	62,759	4,882,023
BorgWarner, Inc.	194,779	7,343,168
Ford Motor Co.	3,179,270	48,452,075
General Motors Co.	1,173,841	44,852,464
Gentex Corp.	187,793	5,124,871
Harley-Davidson, Inc.	118,667	4,576,986
Lear Corp.	47,797	6,626,576
Lucid Group, Inc. *(a)	457,323	7,015,335
QuantumScape Corp. *(a)	205,911	2,271,198
Rivian Automotive, Inc., Class A *	128,879	4,215,632
Tesla, Inc. *	2,028,388	559,044,017
		714,800,114

Banks 3.5%
Bank of America Corp.	5,713,220	192,021,324
BOK Financial Corp.	23,817	2,116,617
Citigroup, Inc.	1,564,041	76,340,841
Citizens Financial Group, Inc.	393,472	14,432,553
Comerica, Inc.	106,536	8,554,841
Commerce Bancshares, Inc.	89,347	6,144,393
Cullen/Frost Bankers, Inc.	45,794	5,951,388
East West Bancorp, Inc.	114,309	8,249,681
Fifth Third Bancorp	552,800	18,878,120
First Republic Bank	144,444	21,930,932
Huntington Bancshares, Inc.	1,159,982	15,543,759
JPMorgan Chase & Co.	2,366,369	269,127,146
KeyCorp	747,272	13,219,242
M&T Bank Corp.	144,450	26,258,121
Regions Financial Corp.	750,716	16,268,016
Signature Bank	50,761	8,850,688
SVB Financial Group *	47,525	19,319,863
The PNC Financial Services Group, Inc.	333,591	52,707,378
Truist Financial Corp.	1,071,996	50,212,293
U.S. Bancorp	1,088,871	49,663,406
Wells Fargo & Co.	3,054,682	133,520,150
Zions Bancorp NA	121,992	6,713,220
		1,016,023,972

Capital Goods 5.4%
3M Co.	458,913	57,065,832
A.O. Smith Corp.	104,589	5,904,049
Acuity Brands, Inc.	27,696	4,540,205
AGCO Corp.	49,442	5,374,840
Allegion plc	70,620	6,715,962
AMETEK, Inc.	186,292	22,384,847
Axon Enterprise, Inc. *	57,072	6,659,161
Carlisle Cos., Inc.	41,578	12,292,951
Carrier Global Corp.	683,625	26,743,410
Caterpillar, Inc.	429,396	79,313,735

SECURITY	NUMBER OF SHARES	VALUE ($)
Cummins, Inc.	113,711	24,489,938
Deere & Co.	224,992	82,178,328
Donaldson Co., Inc.	99,596	5,114,255
Dover Corp.	116,385	14,543,470
Eaton Corp. plc	321,177	43,885,625
Emerson Electric Co.	478,237	39,091,092
Fastenal Co.	464,759	23,391,320
Fortive Corp.	288,092	18,244,866
Fortune Brands Home & Security, Inc.	105,400	6,474,722
Generac Holdings, Inc. *	51,444	11,338,772
General Dynamics Corp.	185,591	42,487,348
General Electric Co.	885,922	65,062,112
Graco, Inc.	136,547	8,717,160
HEICO Corp.	34,082	5,190,689
HEICO Corp., Class A	59,781	7,327,955
Honeywell International, Inc.	548,757	103,907,138
Howmet Aerospace, Inc.	301,696	10,689,089
Hubbell, Inc.	43,076	8,886,579
Huntington Ingalls Industries, Inc.	32,203	7,415,063
IDEX Corp.	61,200	12,314,052
Illinois Tool Works, Inc.	228,437	44,506,381
Ingersoll Rand, Inc.	325,641	15,425,614
Johnson Controls International plc	561,258	30,386,508
L3Harris Technologies, Inc.	155,632	35,513,666
Lennox International, Inc.	26,469	6,355,736
Lincoln Electric Holdings, Inc.	46,940	6,416,229
Lockheed Martin Corp.	190,894	80,196,478
Masco Corp.	190,232	9,677,102
Nordson Corp.	43,229	9,820,332
Northrop Grumman Corp.	117,662	56,241,259
Otis Worldwide Corp.	340,812	24,613,443
Owens Corning	78,245	6,394,964
PACCAR, Inc.	280,249	24,524,590
Parker-Hannifin Corp.	103,396	27,399,940
Pentair plc	132,527	5,897,452
Plug Power, Inc. *	417,726	11,713,037
Quanta Services, Inc.	115,747	16,355,051
Raytheon Technologies Corp.	1,197,876	107,509,371
Rockwell Automation, Inc.	93,564	22,169,054
Sensata Technologies Holding plc	126,226	5,084,383
Snap-on, Inc.	43,058	9,380,616
Stanley Black & Decker, Inc.	121,699	10,721,682
Textron, Inc.	173,422	10,818,064
The Boeing Co. *	447,751	71,752,098
The Middleby Corp. *	43,671	6,280,763
The Toro Co.	84,035	6,969,023
Trane Technologies plc	188,690	29,071,468
TransDigm Group, Inc.	41,691	25,030,860
Trex Co., Inc. *	91,646	4,288,116
United Rentals, Inc. *	57,556	16,808,654
W.W. Grainger, Inc.	34,467	19,127,117
Watsco, Inc.	26,685	7,259,121
Westinghouse Air Brake Technologies Corp.	147,345	12,914,789
Woodward, Inc.	48,548	4,518,362

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Xylem, Inc.	145,365	13,242,752
		1,562,128,640

Commercial & Professional Services 0.9%
Booz Allen Hamilton Holding Corp.	107,505	10,288,229
Cintas Corp.	70,199	28,559,761
Clarivate plc *	313,789	3,661,918
Copart, Inc. *	172,111	20,593,081
CoStar Group, Inc. *	319,252	22,232,709
Dun & Bradstreet Holdings, Inc.	120,846	1,722,056
Equifax, Inc.	98,346	18,562,808
IAA, Inc. *	107,832	4,017,820
Jacobs Solutions, Inc.	103,768	12,927,417
Leidos Holdings, Inc.	109,903	10,446,280
ManpowerGroup, Inc.	41,973	3,077,460
Nielsen Holdings plc	290,402	8,084,792
Republic Services, Inc.	167,696	23,933,573
Robert Half International, Inc.	89,044	6,853,717
Rollins, Inc.	181,061	6,112,619
Stericycle, Inc. *	75,430	3,778,289
TransUnion	154,979	11,448,299
Verisk Analytics, Inc.	127,227	23,811,805
Waste Management, Inc.	307,482	51,973,682
		272,086,315

Consumer Durables & Apparel 0.9%
D.R. Horton, Inc.	257,495	18,320,769
Deckers Outdoor Corp. *	21,973	7,065,858
Garmin Ltd.	123,082	10,891,526
Hanesbrands, Inc.	284,276	2,476,044
Hasbro, Inc.	105,438	8,310,623
Leggett & Platt, Inc.	106,772	4,080,826
Lennar Corp., Class A	218,119	16,893,317
Lululemon Athletica, Inc. *	93,687	28,102,353
Mohawk Industries, Inc. *	41,515	4,581,595
Newell Brands, Inc.	297,331	5,307,358
NIKE, Inc., Class B	1,022,641	108,860,134
NVR, Inc. *	2,491	10,312,890
Peloton Interactive, Inc., Class A *	243,007	2,476,241
Polaris, Inc.	44,862	5,081,519
PulteGroup, Inc.	192,499	7,827,009
Tapestry, Inc.	202,794	7,043,036
Toll Brothers, Inc.	88,447	3,873,094
Under Armour, Inc., Class A *	149,113	1,255,531
Under Armour, Inc., Class C *	165,314	1,254,733
VF Corp.	260,162	10,783,715
Whirlpool Corp.	45,263	7,088,186
		271,886,357

Consumer Services 2.0%
ADT, Inc.	185,822	1,354,642
Airbnb, Inc., Class A *	307,651	34,801,481
Aramark	207,446	7,407,897
Booking Holdings, Inc. *	32,717	61,370,876
Bright Horizons Family Solutions, Inc. *	47,590	3,245,638
Caesars Entertainment, Inc. *	172,857	7,453,594
Carnival Corp. *	785,178	7,427,784
Chegg, Inc. *	101,432	1,996,182
Chipotle Mexican Grill, Inc. *	22,505	35,935,984
Darden Restaurants, Inc.	100,862	12,477,638
Domino’s Pizza, Inc.	28,949	10,764,975
DraftKings, Inc., Class A *	288,863	4,639,140
Expedia Group, Inc. *	121,931	12,516,217
Hilton Worldwide Holdings, Inc.	224,695	28,617,155

SECURITY	NUMBER OF SHARES	VALUE ($)
Las Vegas Sands Corp. *	277,180	10,430,283
Marriott International, Inc., Class A	221,224	34,010,978
McDonald’s Corp.	595,921	150,338,950
MGM Resorts International	284,979	9,301,715
Norwegian Cruise Line Holdings Ltd. *	333,968	4,368,301
Royal Caribbean Cruises Ltd. *	181,620	7,419,177
Service Corp. International	127,902	7,892,832
Starbucks Corp.	924,209	77,698,251
Vail Resorts, Inc.	32,626	7,330,410
Wyndham Hotels & Resorts, Inc.	73,440	4,798,570
Wynn Resorts Ltd. *	85,292	5,167,842
Yum! Brands, Inc.	229,648	25,546,043
		574,312,555

Diversified Financials 5.3%
AGNC Investment Corp.	419,205	5,009,500
Ally Financial, Inc.	260,393	8,645,048
American Express Co.	491,616	74,725,632
Ameriprise Financial, Inc.	88,640	23,756,406
Annaly Capital Management, Inc.	1,337,199	8,624,934
Apollo Global Management, Inc.	302,099	16,790,662
Ares Management Corp., Class A	138,447	10,264,461
Berkshire Hathaway, Inc., Class B *	1,457,394	409,236,235
BlackRock, Inc.	114,697	76,432,934
Blackstone, Inc.	564,915	53,068,115
Capital One Financial Corp.	316,239	33,464,411
Cboe Global Markets, Inc.	85,179	10,048,567
CME Group, Inc.	289,885	56,704,405
Coinbase Global, Inc., Class A *(a)	26,588	1,776,078
Credit Acceptance Corp. *	6,039	3,213,231
Discover Financial Services	226,406	22,751,539
Equitable Holdings, Inc.	285,839	8,503,710
FactSet Research Systems, Inc.	30,481	13,208,637
Franklin Resources, Inc.	225,621	5,881,939
Intercontinental Exchange, Inc.	449,453	45,327,335
Invesco Ltd.	268,151	4,416,447
Jefferies Financial Group, Inc.	154,264	4,950,332
KKR & Co., Inc.	478,452	24,190,533
MarketAxess Holdings, Inc.	30,231	7,515,124
Moody's Corp.	129,564	36,863,549
Morgan Stanley	1,127,836	96,114,184
Morningstar, Inc.	18,715	4,266,833
MSCI, Inc.	65,308	29,338,966
Nasdaq, Inc.	279,205	16,621,074
Northern Trust Corp.	168,238	15,997,751
Raymond James Financial, Inc.	156,710	16,355,823
S&P Global, Inc.	279,526	98,443,467
SEI Investments Co.	83,635	4,574,834
SoFi Technologies, Inc. *(a)	590,353	3,494,890
Starwood Property Trust, Inc.	248,955	5,708,538
State Street Corp.	295,885	20,223,740
Synchrony Financial	404,110	13,234,602
T. Rowe Price Group, Inc.	183,107	21,972,840
The Bank of New York Mellon Corp.	600,232	24,927,635
The Carlyle Group, Inc.	113,917	3,705,720
The Charles Schwab Corp. (b)	1,209,425	85,808,704
The Goldman Sachs Group, Inc.	276,879	92,109,337
Upstart Holdings, Inc. *(a)	41,518	1,075,316
Voya Financial, Inc.	82,178	5,056,412
		1,524,400,430

Energy 4.5%
APA Corp.	272,665	10,663,928
Baker Hughes Co.	755,050	19,072,563
Cheniere Energy, Inc.	190,411	30,500,034
Chevron Corp.	1,582,916	250,195,703

₇₃

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ConocoPhillips	1,041,817	114,026,871
Continental Resources, Inc.	47,568	3,321,673
Coterra Energy, Inc.	649,793	20,085,102
Devon Energy Corp.	495,085	34,962,903
Diamondback Energy, Inc.	137,671	18,348,791
EOG Resources, Inc.	471,489	57,191,616
Exxon Mobil Corp.	3,393,599	324,394,128
Halliburton Co.	724,754	21,836,838
Hess Corp.	223,739	27,023,196
Kinder Morgan, Inc.	1,573,348	28,823,735
Marathon Oil Corp.	572,572	14,652,117
Marathon Petroleum Corp.	435,711	43,897,883
Occidental Petroleum Corp.	716,661	50,882,931
ONEOK, Inc.	360,517	22,074,456
Phillips 66	387,482	34,664,140
Pioneer Natural Resources Co.	181,108	45,860,168
Schlumberger N.V.	1,138,404	43,430,112
Targa Resources Corp.	182,869	12,477,152
Texas Pacific Land Corp.	4,954	9,117,639
The Williams Cos., Inc.	981,394	33,396,838
Valero Energy Corp.	328,731	38,500,975
		1,309,401,492

Food & Staples Retailing 1.5%
Albertsons Cos., Inc., Class A	85,682	2,357,112
Costco Wholesale Corp.	357,137	186,461,228
Sysco Corp.	410,323	33,736,757
The Kroger Co.	529,441	25,381,401
US Foods Holding Corp. *	179,448	5,494,698
Walgreens Boots Alliance, Inc.	577,889	20,260,788
Walmart, Inc.	1,130,647	149,867,260
		423,559,244

Food, Beverage & Tobacco 3.5%
Altria Group, Inc.	1,457,185	65,748,187
Archer-Daniels-Midland Co.	453,075	39,820,762
Beyond Meat, Inc. *(a)	48,093	1,173,469
Brown-Forman Corp., Class A	44,806	3,161,959
Brown-Forman Corp., Class B	146,078	10,619,871
Bunge Ltd.	122,222	12,120,756
Campbell Soup Co.	162,960	8,209,925
Conagra Brands, Inc.	385,965	13,269,477
Constellation Brands, Inc., Class A	130,963	32,223,446
Darling Ingredients, Inc. *	130,506	9,926,286
General Mills, Inc.	484,886	37,239,245
Hormel Foods Corp.	228,554	11,491,695
Kellogg Co.	204,634	14,885,077
Keurig Dr Pepper, Inc.	594,546	22,664,094
Lamb Weston Holdings, Inc.	116,516	9,266,518
McCormick & Co., Inc. Non Voting Shares	202,160	16,995,591
Molson Coors Beverage Co., Class B	151,166	7,810,747
Mondelez International, Inc., Class A	1,115,846	69,026,234
Monster Beverage Corp. *	302,940	26,910,160
PepsiCo, Inc.	1,114,207	191,944,440
Philip Morris International, Inc.	1,248,333	119,203,318
Post Holdings, Inc. *	44,965	3,991,093
The Boston Beer Co., Inc., Class A *	7,429	2,504,167
The Coca-Cola Co.	3,143,915	194,010,995
The Hershey Co.	117,578	26,416,249
The J.M. Smucker Co.	87,401	12,235,266
The Kraft Heinz Co.	570,172	21,324,433
Tyson Foods, Inc., Class A	235,545	17,755,382
		1,001,948,842

SECURITY	NUMBER OF SHARES	VALUE ($)
Health Care Equipment & Services 5.9%
Abbott Laboratories	1,410,905	144,829,398
ABIOMED, Inc. *	36,581	9,484,722
agilon health, Inc. *	37,782	785,110
Align Technology, Inc. *	59,005	14,379,519
AmerisourceBergen Corp.	121,458	17,800,885
Baxter International, Inc.	405,493	23,299,628
Becton Dickinson & Co.	229,788	58,003,087
Boston Scientific Corp. *	1,150,720	46,385,523
Cardinal Health, Inc.	219,413	15,516,887
Centene Corp. *	471,106	42,277,052
Chemed Corp.	11,995	5,711,899
Cigna Corp.	255,800	72,506,510
CVS Health Corp.	1,056,034	103,649,737
DaVita, Inc. *	48,385	4,126,757
Dentsply Sirona, Inc.	174,625	5,722,461
DexCom, Inc. *	316,121	25,988,307
Edwards Lifesciences Corp. *	501,511	45,186,141
Elevance Health, Inc.	194,336	94,274,337
Encompass Health Corp.	79,537	3,863,112
Enhabit, Inc. *	39,723	659,402
Guardant Health, Inc. *	81,081	4,058,915
HCA Healthcare, Inc.	183,042	36,218,521
Henry Schein, Inc. *	111,290	8,169,799
Hologic, Inc. *	200,190	13,524,836
Humana, Inc.	101,998	49,140,596
IDEXX Laboratories, Inc. *	67,544	23,479,645
Insulet Corp. *	55,749	14,242,197
Intuitive Surgical, Inc. *	289,047	59,468,530
Laboratory Corp. of America Holdings	74,769	16,843,213
Masimo Corp. *	41,152	6,044,817
McKesson Corp.	116,971	42,928,357
Medtronic plc	1,081,140	95,053,829
Molina Healthcare, Inc. *	47,180	15,917,117
Novocure Ltd. *	72,549	5,958,449
Oak Street Health, Inc. *	111,541	2,922,374
Penumbra, Inc. *	28,674	4,707,411
Quest Diagnostics, Inc.	94,636	11,858,837
ResMed, Inc.	117,734	25,892,061
STERIS plc	80,680	16,247,338
Stryker Corp.	271,405	55,692,306
Teladoc Health, Inc. *	129,968	4,036,806
Teleflex, Inc.	37,641	8,516,653
The Cooper Cos., Inc.	39,784	11,435,513
UnitedHealth Group, Inc.	755,937	392,580,762
Universal Health Services, Inc., Class B	54,009	5,284,241
Veeva Systems, Inc., Class A *	112,626	22,448,614
Zimmer Biomet Holdings, Inc.	168,984	17,966,379
		1,705,088,590

Household & Personal Products 1.5%
Church & Dwight Co., Inc.	195,774	16,388,242
Colgate-Palmolive Co.	674,402	52,744,980
Kimberly-Clark Corp.	271,353	34,602,935
Olaplex Holdings, Inc. *	56,795	756,509
Reynolds Consumer Products, Inc.	44,291	1,237,048
The Clorox Co.	99,083	14,301,640
The Estee Lauder Cos., Inc., Class A	186,607	47,469,089
The Procter & Gamble Co.	1,933,314	266,681,333
		434,181,776

Insurance 2.2%
Aflac, Inc.	477,807	28,391,292
Alleghany Corp. *	10,787	9,073,809

₇₄

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
American Financial Group, Inc.	53,544	6,836,498
American International Group, Inc.	637,870	33,009,772
Aon plc, Class A	171,215	47,813,501
Arch Capital Group Ltd. *	302,769	13,842,599
Arthur J. Gallagher & Co.	169,153	30,713,110
Assurant, Inc.	43,397	6,877,990
Brown & Brown, Inc.	188,627	11,891,046
Chubb Ltd.	341,570	64,573,808
Cincinnati Financial Corp.	119,881	11,623,662
CNA Financial Corp.	23,254	894,349
Erie Indemnity Co., Class A	19,815	4,258,838
Everest Re Group Ltd.	31,551	8,488,797
Fidelity National Financial, Inc.	225,615	8,821,546
Globe Life, Inc.	72,799	7,075,335
Lincoln National Corp.	130,181	5,996,137
Loews Corp.	156,335	8,646,889
Markel Corp. *	10,940	13,063,563
Marsh & McLennan Cos., Inc.	404,398	65,257,705
MetLife, Inc.	557,894	35,889,321
Old Republic International Corp.	231,482	5,055,567
Principal Financial Group, Inc.	189,471	14,164,852
Prudential Financial, Inc.	302,034	28,919,755
Reinsurance Group of America, Inc.	53,509	6,707,888
RenaissanceRe Holdings Ltd.	35,246	4,767,374
The Allstate Corp.	221,237	26,659,058
The Hartford Financial Services Group, Inc.	265,989	17,105,753
The Progressive Corp.	470,884	57,753,923
The Travelers Cos., Inc.	193,287	31,242,911
W.R. Berkley Corp.	169,202	10,964,290
Willis Towers Watson plc	89,830	18,579,539
		644,960,477

Materials 2.6%
Air Products and Chemicals, Inc.	178,530	45,069,899
Albemarle Corp.	94,292	25,266,484
Amcor plc	1,205,910	14,482,979
AptarGroup, Inc.	53,032	5,452,220
Avery Dennison Corp.	65,658	12,056,122
Axalta Coating Systems Ltd. *	167,488	4,312,816
Ball Corp.	257,596	14,376,433
Berry Global Group, Inc. *	104,890	5,698,674
Celanese Corp.	86,867	9,630,076
CF Industries Holdings, Inc.	168,117	17,393,385
Cleveland-Cliffs, Inc. *	383,484	6,622,769
Corteva, Inc.	583,559	35,848,029
Crown Holdings, Inc.	99,066	8,974,389
Dow, Inc.	586,615	29,917,365
DuPont de Nemours, Inc.	411,023	22,869,320
Eastman Chemical Co.	103,503	9,418,773
Ecolab, Inc.	200,161	32,792,377
FMC Corp.	102,088	11,033,671
Freeport-McMoRan, Inc.	1,167,433	34,556,017
Ginkgo Bioworks Holdings, Inc. *(a)	774,857	2,084,365
International Flavors & Fragrances, Inc.	205,305	22,682,096
International Paper Co.	299,316	12,457,532
Linde plc	405,611	114,731,127
LyondellBasell Industries N.V., Class A	208,599	17,313,717
Martin Marietta Materials, Inc.	50,505	17,561,094
Newmont Corp.	639,220	26,438,139
Nucor Corp.	214,344	28,494,891
Packaging Corp. of America	75,485	10,335,406
PPG Industries, Inc.	190,352	24,170,897
Reliance Steel & Aluminum Co.	49,957	9,390,917
Royal Gold, Inc.	52,620	4,835,778

SECURITY	NUMBER OF SHARES	VALUE ($)
RPM International, Inc.	103,713	9,661,903
Sealed Air Corp.	116,883	6,289,474
Sonoco Products Co.	78,591	4,952,805
Steel Dynamics, Inc.	144,884	11,695,036
The Mosaic Co.	292,017	15,730,956
The Scotts Miracle-Gro Co.	32,572	2,180,695
The Sherwin-Williams Co.	192,592	44,700,603
Vulcan Materials Co.	106,745	17,771,975
Westlake Corp.	26,986	2,661,629
Westrock Co.	205,247	8,330,976
		760,243,809

Media & Entertainment 7.0%
Activision Blizzard, Inc.	629,376	49,399,722
Alphabet, Inc., Class A *	4,846,251	524,461,283
Alphabet, Inc., Class C *	4,443,517	485,009,881
Altice USA, Inc., Class A *	180,070	1,800,700
AMC Entertainment Holdings, Inc., Class A *(a)	416,536	3,798,808
Cable One, Inc.	3,988	4,526,380
Charter Communications, Inc., Class A *	93,367	38,526,025
Comcast Corp., Class A	3,599,590	130,269,162
DISH Network Corp., Class A *	201,159	3,490,109
Electronic Arts, Inc.	226,512	28,737,577
Fox Corp., Class A	251,387	8,592,408
Fox Corp., Class B	114,617	3,624,190
IAC/InterActiveCorp *	67,530	4,340,153
Liberty Broadband Corp., Class A *	16,803	1,694,078
Liberty Broadband Corp., Class C *	105,533	10,732,706
Liberty Media Corp. - Liberty Formula One, Class A *	17,460	1,014,950
Liberty Media Corp. - Liberty Formula One, Class C *	165,428	10,534,455
Liberty Media Corp. - Liberty SiriusXM, Class A	63,026	2,618,100
Liberty Media Corp. - Liberty SiriusXM, Class C *	127,681	5,280,886
Live Nation Entertainment, Inc. *	110,168	9,954,781
Match Group, Inc. *	230,159	13,010,888
Meta Platforms, Inc., Class A *	1,847,917	301,081,117
Netflix, Inc. *	358,051	80,045,882
News Corp., Class A	310,319	5,250,597
News Corp., Class B	100,448	1,731,724
Omnicom Group, Inc.	166,260	11,122,794
Paramount Global, Class B	498,249	11,654,044
Pinterest, Inc., Class A *	463,279	10,673,948
Playtika Holding Corp. *	81,916	862,575
Roku, Inc. *	96,398	6,555,064
Sirius XM Holdings, Inc. (a)	725,707	4,419,556
Snap, Inc., Class A *	879,983	9,574,215
Take-Two Interactive Software, Inc. *	127,569	15,634,857
The Interpublic Group of Cos., Inc.	317,346	8,771,443
The Walt Disney Co. *	1,467,458	164,472,693
Twitter, Inc. *	614,673	23,818,579
Warner Bros Discovery, Inc. *	1,779,412	23,559,415
		2,020,645,745

Pharmaceuticals, Biotechnology & Life Sciences 7.9%
10X Genomics, Inc., Class A *	75,731	2,498,366
AbbVie, Inc.	1,423,786	191,442,266
Agilent Technologies, Inc.	241,638	30,990,073
Alnylam Pharmaceuticals, Inc. *	97,140	20,075,924
Amgen, Inc.	430,179	103,372,014
Avantor, Inc. *	489,704	12,198,527

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Biogen, Inc. *	117,815	23,018,695
BioMarin Pharmaceutical, Inc. *	149,668	13,350,386
Bio-Rad Laboratories, Inc., Class A *	17,460	8,468,798
Bio-Techne Corp.	31,796	10,550,231
Bristol-Myers Squibb Co.	1,714,522	115,575,928
Bruker Corp.	80,885	4,529,560
Catalent, Inc. *	144,570	12,722,160
Charles River Laboratories International, Inc. *	40,860	8,386,515
Danaher Corp.	521,506	140,759,684
Elanco Animal Health, Inc. *	381,151	5,766,815
Eli Lilly & Co.	635,421	191,407,868
Exact Sciences Corp. *	141,712	5,037,862
Gilead Sciences, Inc.	1,011,077	64,173,057
Horizon Therapeutics plc *	185,331	10,973,448
Illumina, Inc. *	126,580	25,523,591
Incyte Corp. *	151,721	10,685,710
IQVIA Holdings, Inc. *	152,373	32,403,642
Jazz Pharmaceuticals plc *	50,212	7,793,907
Johnson & Johnson	2,119,896	342,024,021
Merck & Co., Inc.	2,037,312	173,904,952
Mettler-Toledo International, Inc. *	18,299	22,186,806
Moderna, Inc. *	279,036	36,908,092
Neurocrine Biosciences, Inc. *	76,524	8,006,706
Novavax, Inc. *	62,971	2,080,562
Organon & Co.	203,215	5,797,724
PerkinElmer, Inc.	101,342	13,687,250
Pfizer, Inc.	4,520,841	204,477,638
Regeneron Pharmaceuticals, Inc. *	86,936	50,515,032
Repligen Corp. *	41,330	9,066,562
Royalty Pharma plc, Class A	291,737	12,197,524
Sarepta Therapeutics, Inc. *	70,234	7,682,195
Seagen, Inc. *	108,118	16,681,526
Syneos Health, Inc. *	82,662	4,968,813
Thermo Fisher Scientific, Inc.	315,406	171,997,200
Vertex Pharmaceuticals, Inc. *	206,139	58,081,725
Viatris, Inc.	980,370	9,362,533
Waters Corp. *	48,360	14,440,296
West Pharmaceutical Services, Inc.	59,534	17,663,142
Zoetis, Inc.	379,491	59,401,726
		2,292,837,052

Real Estate 3.2%
Alexandria Real Estate Equities, Inc.	119,531	18,336,055
American Homes 4 Rent, Class A	236,937	8,425,480
American Tower Corp.	374,541	95,152,141
Americold Realty Trust, Inc.	216,886	6,380,786
Apartment Income REIT Corp.	126,156	5,153,473
AvalonBay Communities, Inc.	112,884	22,679,524
Boston Properties, Inc.	115,193	9,149,780
Camden Property Trust	85,515	10,989,533
CBRE Group, Inc., Class A	263,289	20,789,299
Crown Castle, Inc.	348,926	59,607,029
CubeSmart	180,712	8,321,788
Digital Realty Trust, Inc.	229,323	28,351,202
Duke Realty Corp.	309,820	18,232,907
Equinix, Inc.	73,354	48,220,719
Equity LifeStyle Properties, Inc.	138,903	9,737,100
Equity Residential	275,981	20,196,290
Essex Property Trust, Inc.	52,609	13,944,542
Extra Space Storage, Inc.	108,066	21,475,956
Federal Realty Investment Trust	58,341	5,908,193
Gaming & Leisure Properties, Inc.	188,834	9,115,017
Healthcare Realty Trust, Inc., Class A	305,840	7,438,029
Healthpeak Properties, Inc.	432,995	11,366,119
Host Hotels & Resorts, Inc.	574,341	10,206,040
Invitation Homes, Inc.	493,344	17,898,520

SECURITY	NUMBER OF SHARES	VALUE ($)
Iron Mountain, Inc.	234,885	12,357,300
Jones Lang LaSalle, Inc. *	39,370	6,811,010
Kilroy Realty Corp.	83,718	4,082,927
Kimco Realty Corp.	496,748	10,471,448
Lamar Advertising Co., Class A	69,568	6,531,739
Medical Properties Trust, Inc.	480,201	7,015,737
Mid-America Apartment Communities, Inc.	92,684	15,354,958
National Retail Properties, Inc.	142,004	6,375,980
Omega Healthcare Investors, Inc.	189,266	6,181,428
Opendoor Technologies, Inc. *	317,048	1,372,818
Prologis, Inc.	596,686	74,293,374
Public Storage	123,026	40,700,692
Realty Income Corp.	485,475	33,148,233
Regency Centers Corp.	125,124	7,612,544
SBA Communications Corp.	86,917	28,269,754
Simon Property Group, Inc.	264,547	26,978,503
STORE Capital Corp.	203,054	5,478,397
Sun Communities, Inc.	98,113	15,080,949
UDR, Inc.	240,091	10,772,883
Ventas, Inc.	322,404	15,430,255
VICI Properties, Inc.	777,093	25,636,298
Vornado Realty Trust	129,156	3,386,470
Welltower, Inc.	365,930	28,048,534
Weyerhaeuser Co.	600,362	20,508,366
WP Carey, Inc.	155,607	13,075,656
Zillow Group, Inc., Class A *	29,212	975,681
Zillow Group, Inc., Class C *	131,862	4,412,102
		917,439,558

Retailing 5.9%
Advance Auto Parts, Inc.	48,916	8,249,194
Amazon.com, Inc. *	7,049,752	893,697,061
AutoZone, Inc. *	16,004	33,915,837
Bath & Body Works, Inc.	192,109	7,171,429
Best Buy Co., Inc.	163,185	11,535,548
Burlington Stores, Inc. *	53,178	7,455,024
CarMax, Inc. *	129,081	11,415,924
Carvana Co. *(a)	79,679	2,628,610
Dollar General Corp.	184,296	43,755,556
Dollar Tree, Inc. *	181,157	24,579,382
DoorDash, Inc., Class A *	134,335	8,046,667
eBay, Inc.	451,065	19,905,498
Etsy, Inc. *	102,233	10,796,827
Five Below, Inc. *	44,871	5,738,103
Floor & Decor Holdings, Inc., Class A *	85,338	6,943,100
GameStop Corp., Class A *(a)	198,580	5,687,331
Genuine Parts Co.	114,423	17,851,132
LKQ Corp.	209,435	11,146,131
Lowe’s Cos., Inc.	532,823	103,442,257
O'Reilly Automotive, Inc. *	52,849	36,842,095
Pool Corp.	32,454	11,008,072
RH *	14,179	3,628,548
Ross Stores, Inc.	282,968	24,411,649
Target Corp.	372,858	59,784,052
The Gap, Inc.	172,275	1,574,594
The Home Depot, Inc.	832,573	240,130,705
The TJX Cos., Inc.	945,210	58,933,843
Tractor Supply Co.	90,167	16,694,420
Ulta Beauty, Inc. *	42,003	17,635,800
Wayfair, Inc., Class A *	64,126	3,380,081
Williams-Sonoma, Inc.	56,279	8,371,501
		1,716,355,971

₇₆

Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Semiconductors & Semiconductor Equipment 5.0%
Advanced Micro Devices, Inc. *	1,305,999	110,840,135
Analog Devices, Inc.	421,331	63,844,286
Applied Materials, Inc.	712,038	66,981,415
Broadcom, Inc.	328,870	164,142,306
Enphase Energy, Inc. *	108,656	31,123,425
Entegris, Inc.	119,461	11,334,460
First Solar, Inc. *	80,216	10,231,551
Intel Corp.	3,294,171	105,149,938
KLA Corp.	120,302	41,399,527
Lam Research Corp.	111,648	48,891,776
Marvell Technology, Inc.	685,103	32,076,522
Microchip Technology, Inc.	448,105	29,238,851
Micron Technology, Inc.	898,870	50,813,121
Monolithic Power Systems, Inc.	35,412	16,048,010
NVIDIA Corp.	2,017,664	304,546,204
NXP Semiconductors N.V.	211,443	34,799,289
ON Semiconductor Corp. *	350,305	24,090,475
Qorvo, Inc. *	87,918	7,893,278
QUALCOMM, Inc.	902,750	119,406,743
Skyworks Solutions, Inc.	129,562	12,768,335
SolarEdge Technologies, Inc. *	44,559	12,296,947
Teradyne, Inc.	129,007	10,919,152
Texas Instruments, Inc.	742,702	122,701,797
Universal Display Corp.	35,113	3,923,176
		1,435,460,719

Software & Services 14.0%
Accenture plc, Class A	510,304	147,202,292
Adobe, Inc. *	380,687	142,163,753
Affirm Holdings, Inc. *	134,178	3,143,791
Akamai Technologies, Inc. *	128,989	11,645,127
ANSYS, Inc. *	69,843	17,342,017
AppLovin Corp., Class A *	28,463	701,044
Aspen Technology, Inc. *	22,610	4,761,666
Autodesk, Inc. *	175,159	35,336,577
Automatic Data Processing, Inc.	336,643	82,278,916
Avalara, Inc. *	70,644	6,470,284
Bentley Systems, Inc., Class B	151,339	5,564,735
Bill.com Holdings, Inc. *	74,967	12,135,658
Black Knight, Inc. *	125,723	8,317,834
Block, Inc. *	405,202	27,922,470
Broadridge Financial Solutions, Inc.	94,272	16,136,538
Cadence Design Systems, Inc. *	221,825	38,546,530
Ceridian HCM Holding, Inc. *	110,515	6,591,115
Citrix Systems, Inc.	100,881	10,367,540
Cloudflare, Inc., Class A *	226,726	14,186,246
Cognizant Technology Solutions Corp., Class A	420,013	26,532,221
Concentrix Corp.	34,774	4,373,874
Coupa Software, Inc. *	60,884	3,555,626
Crowdstrike Holdings, Inc., Class A *	171,580	31,332,224
Datadog, Inc., Class A *	207,424	21,769,149
DocuSign, Inc. *	161,223	9,386,403
DXC Technology Co. *	196,297	4,864,240
Dynatrace, Inc. *	158,980	6,069,856
Elastic N.V. *	58,933	4,945,068
EPAM Systems, Inc. *	45,937	19,592,130
Euronet Worldwide, Inc. *	40,656	3,604,561
Fair Isaac Corp. *	20,813	9,353,362
Fidelity National Information Services, Inc.	491,644	44,921,512
Fiserv, Inc. *	468,159	47,373,009
Five9, Inc. *	55,927	5,486,998
FleetCor Technologies, Inc. *	62,488	13,280,575
Fortinet, Inc. *	537,093	26,151,058

SECURITY	NUMBER OF SHARES	VALUE ($)
Gartner, Inc. *	64,861	18,506,140
Genpact Ltd.	138,547	6,508,938
Global Payments, Inc.	226,803	28,175,737
GoDaddy, Inc., Class A *	130,240	9,874,797
Guidewire Software, Inc. *	67,443	4,836,337
HubSpot, Inc. *	36,496	12,300,612
International Business Machines Corp.	724,797	93,100,175
Intuit, Inc.	227,920	98,411,298
Jack Henry & Associates, Inc.	58,591	11,261,190
Mastercard, Inc., Class A	691,848	224,414,736
Microsoft Corp.	6,025,543	1,575,498,728
MongoDB, Inc. *	54,345	17,545,827
NortonLifeLock, Inc.	467,406	10,558,701
Okta, Inc. *	121,295	11,086,363
Oracle Corp.	1,268,968	94,093,977
Palantir Technologies, Inc., Class A *	1,318,091	10,175,662
Palo Alto Networks, Inc. *	79,394	44,207,373
Paychex, Inc.	258,687	31,906,455
Paycom Software, Inc. *	38,700	13,591,440
Paylocity Holding Corp. *	32,119	7,740,679
PayPal Holdings, Inc. *	933,502	87,226,427
Pegasystems, Inc.	33,109	1,212,120
PTC, Inc. *	84,904	9,754,621
RingCentral, Inc., Class A *	68,327	2,940,794
Roper Technologies, Inc.	85,234	34,313,504
Salesforce, Inc. *	800,590	124,988,111
ServiceNow, Inc. *	161,392	70,144,191
Snowflake, Inc., Class A *	194,916	35,270,050
Splunk, Inc. *	129,681	11,675,180
SS&C Technologies Holdings, Inc.	178,612	9,959,405
Synopsys, Inc. *	123,367	42,687,449
The Trade Desk, Inc., Class A *	356,413	22,347,095
The Western Union Co.	309,828	4,591,651
Thoughtworks Holding, Inc. *	29,099	382,943
Twilio, Inc., Class A *	138,523	9,638,430
Tyler Technologies, Inc. *	33,526	12,455,244
UiPath, Inc., Class A *	223,721	3,680,210
Unity Software, Inc. *	133,774	5,714,825
VeriSign, Inc. *	76,781	13,991,034
Visa, Inc., Class A	1,325,838	263,457,269
VMware, Inc., Class A	163,043	18,917,879
WEX, Inc. *	36,175	5,579,994
Workday, Inc., Class A *	159,835	26,302,448
Zendesk, Inc. *	98,817	7,586,181
Zoom Video Communications, Inc., Class A *	183,007	14,713,763
Zscaler, Inc. *	64,787	10,316,682
		4,047,048,664

Technology Hardware & Equipment 8.5%
Amphenol Corp., Class A	481,870	35,431,901
Apple Inc.	12,387,941	1,947,632,084
Arista Networks, Inc. *	181,201	21,722,376
Arrow Electronics, Inc. *	53,150	5,570,652
CDW Corp.	108,475	18,516,683
Ciena Corp. *	122,270	6,203,980
Cisco Systems, Inc.	3,348,174	149,730,341
Cognex Corp.	139,339	5,867,565
Corning, Inc.	613,707	21,062,424
Dell Technologies, Inc., Class C	221,006	8,462,320
F5, Inc. *	48,720	7,651,963
Hewlett Packard Enterprise Co.	1,042,642	14,179,931
HP, Inc.	848,475	24,359,717
IPG Photonics Corp. *	27,567	2,497,295
Jabil, Inc.	113,838	6,864,431
Juniper Networks, Inc.	260,191	7,394,628

₇₇

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Keysight Technologies, Inc. *	146,490	24,008,246
Motorola Solutions, Inc.	134,623	32,768,585
NetApp, Inc.	178,882	12,902,759
Seagate Technology Holdings plc	159,142	10,656,148
TE Connectivity Ltd.	259,512	32,753,010
Teledyne Technologies, Inc. *	37,833	13,936,164
Trimble, Inc. *	201,697	12,757,335
Ubiquiti, Inc. (a)	4,934	1,531,464
Western Digital Corp. *	253,728	10,722,545
Zebra Technologies Corp., Class A *	42,392	12,787,123
		2,447,971,670

Telecommunication Services 1.1%
AT&T, Inc.	5,768,910	101,186,682
Liberty Global plc, Class A *	140,942	2,847,028
Liberty Global plc, Class C *	239,928	5,112,866
Lumen Technologies, Inc.	750,271	7,472,699
T-Mobile US, Inc. *	475,044	68,387,334
Verizon Communications, Inc.	3,384,204	141,493,569
		326,500,178

Transportation 1.8%
Alaska Air Group, Inc. *	102,005	4,443,338
AMERCO	7,770	4,084,456
American Airlines Group, Inc. *	522,767	6,790,743
C.H. Robinson Worldwide, Inc.	102,508	11,701,288
CSX Corp.	1,750,310	55,397,312
Delta Air Lines, Inc. *	515,670	16,021,867
Expeditors International of Washington, Inc.	134,760	13,865,456
FedEx Corp.	192,259	40,530,120
Hertz Global Holdings, Inc. *	39,755	733,877
J.B. Hunt Transport Services, Inc.	67,546	11,754,355
Lyft, Inc., Class A *	246,364	3,628,942
Norfolk Southern Corp.	191,794	46,630,875
Old Dominion Freight Line, Inc.	74,125	20,118,266
Southwest Airlines Co. *	477,738	17,532,985
Uber Technologies, Inc. *	1,360,426	39,125,852
Union Pacific Corp.	505,874	113,573,772
United Airlines Holdings, Inc. *	263,137	9,212,426
United Parcel Service, Inc., Class B	591,993	115,148,558
XPO Logistics, Inc. *	80,230	4,205,657
		534,500,145

Utilities 3.1%
Alliant Energy Corp.	202,689	12,372,137
Ameren Corp.	208,294	19,292,190
American Electric Power Co., Inc.	413,616	41,444,323
American Water Works Co., Inc.	146,378	21,729,814
Atmos Energy Corp.	111,880	12,684,954
Avangrid, Inc.	56,438	2,788,037
CenterPoint Energy, Inc.	507,403	15,998,417
CMS Energy Corp.	232,779	15,721,894
Consolidated Edison, Inc.	284,794	27,835,766
Constellation Energy Corp.	263,944	21,535,191
Dominion Energy, Inc.	653,379	53,446,402
DTE Energy Co.	156,264	20,367,450
Duke Energy Corp.	619,805	66,263,353
Edison International	307,142	20,815,013
Entergy Corp.	163,929	18,901,014

SECURITY	NUMBER OF SHARES	VALUE ($)
Essential Utilities, Inc.	184,682	9,077,120
Evergy, Inc.	183,544	12,578,270
Eversource Energy	278,332	24,963,597
Exelon Corp.	789,561	34,669,623
FirstEnergy Corp.	458,471	18,132,528
NextEra Energy, Inc.	1,583,184	134,665,631
NiSource, Inc.	326,560	9,636,786
NRG Energy, Inc.	191,247	7,894,676
OGE Energy Corp.	163,045	6,609,844
PG&E Corp. *	1,214,244	14,971,629
Pinnacle West Capital Corp.	91,183	6,870,639
PPL Corp.	594,046	17,274,858
Public Service Enterprise Group, Inc.	402,332	25,894,088
Sempra Energy	253,052	41,745,988
The AES Corp.	536,639	13,657,463
The Southern Co.	856,857	66,037,969
UGI Corp.	167,895	6,631,852
Vistra Corp.	348,608	8,628,048
WEC Energy Group, Inc.	254,543	26,253,565
Xcel Energy, Inc.	439,024	32,597,532
		889,987,661
Total Common Stocks (Cost $21,368,641,972)		28,843,769,976


SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)	18,141,699	18,141,699
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)(d)	31,429,931	31,429,931
		49,571,630
Total Short-Term Investments (Cost $49,571,630)		49,571,630
Total Investments in Securities (Cost $21,418,213,602)		28,893,341,606

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires 09/16/22	300	59,347,500	(3,302,592)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $30,470,619.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

₇₈

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2022:

SECURITY	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/22	BALANCE OF SHARES HELD AT 8/31/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS

Diversified Financials 0.3%
The Charles Schwab Corp.	$85,857,950	$12,557,185	($9,646,468)	$4,430,043	($7,390,006)	$85,808,704	1,209,425	$953,204

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2022 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks¹	$28,843,769,976	$—	$—	$28,843,769,976
Short-Term Investments¹	49,571,630	—	—	49,571,630
Liabilities
Futures Contracts²	(3,302,592)	—	—	(3,302,592)
Total	$28,890,039,014	$—	$—	$28,890,039,014

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

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap ETF

Statement of Operations

For the period September 1, 2021 through August 31, 2022
Investment Income
Dividends received from securities - unaffiliated (net of foreign withholding tax of $90,180)		$449,373,504
Dividends received from securities - affiliated		953,204
Securities on loan, net	+	1,650,089
Total investment income		451,976,797
Expenses
Management fees		9,559,742
Proxy fees¹	+	314,568
Total expenses	–	9,874,310
Net investment income		442,102,487
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(228,050)
Net realized losses on sales of securities - unaffiliated		(139,996,425)
Net realized gains on sales of in-kind redemptions - affiliated		4,658,093
Net realized gains on sales of in-kind redemptions - unaffiliated		1,664,733,921
Net realized losses on futures contracts	+	(5,029,985)
Net realized gains		1,524,137,554
Net change in unrealized appreciation (depreciation) on securities - affiliated		(7,390,006)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(6,385,806,233)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(4,160,177)
Net change in unrealized appreciation (depreciation)	+	(6,397,356,416)
Net realized and unrealized losses		(4,873,218,862)
Decrease in net assets resulting from operations		($4,431,116,375)

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

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Table of Contents

Schwab U.S. Large-Cap ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/21-8/31/22		9/1/20-8/31/21
Net investment income		$442,102,487	$395,379,552
Net realized gains		1,524,137,554	85,290,878
Net change in unrealized appreciation (depreciation)	+	(6,397,356,416)	7,218,828,336
Increase (decrease) in net assets resulting from operations		($4,431,116,375)	$7,699,498,766
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($444,552,685)	($415,722,485)

TRANSACTIONS IN FUND SHARES1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		76,150,000	$3,881,895,998	64,100,000	$3,066,699,139
Shares redeemed	+	(62,450,000)	(3,130,544,574)	(12,300,000)	(568,767,235)
Net transactions in fund shares		13,700,000	$751,351,424	51,800,000	$2,497,931,904
SHARES OUTSTANDING AND NET ASSETS1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		603,600,000	$33,035,203,708	551,800,000	$23,253,495,523
Total increase (decrease)	+	13,700,000	(4,124,317,636)	51,800,000	9,781,708,185
End of period		617,300,000	$28,910,886,072	603,600,000	$33,035,203,708

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap Growth 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	$78.35	$60.08	$42.01	$40.85	$32.78
Income (loss) from investment operations:
Net investment income (loss)²	0.29	0.37	0.35	0.48	0.34
Net realized and unrealized gains (losses)	(16.20)	18.21	18.09	1.14	8.09
Total from investment operations	(15.91)	18.58	18.44	1.62	8.43
Less distributions:
Distributions from net investment income	(0.35)	(0.31)	(0.37)	(0.46)	(0.36)
Net asset value at end of period	$62.09	$78.35	$60.08	$42.01	$40.85
Total return	(20.37%)	31.06%	44.22%	4.09%	25.88%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ³	0.04%	0.04%	0.04%	0.04%
Net investment income (loss)	0.41%	0.55%	0.74%	1.21%	0.93%
Portfolio turnover rate⁴	6%	12%	7%	14%	5%
Net assets, end of period (x 1,000,000)	$14,493	$16,563	$12,785	$8,108	$6,887

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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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap Growth 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.

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

Automobiles & Components 4.4%
Tesla, Inc. *	2,305,434	635,400,665

Banks 0.2%
SVB Financial Group *	53,885	21,905,330

Capital Goods 1.0%
Axon Enterprise, Inc. *	65,156	7,602,402
Generac Holdings, Inc. *	58,485	12,890,679
Huntington Ingalls Industries, Inc.	36,461	8,395,510
L3Harris Technologies, Inc.	176,693	40,319,576
Nordson Corp.	49,270	11,192,666
Plug Power, Inc. *	472,478	13,248,283
TransDigm Group, Inc.	47,456	28,492,108
Trex Co., Inc. *	102,240	4,783,809
United Rentals, Inc. *	65,543	19,141,178
		146,066,211

Commercial & Professional Services 0.7%
Cintas Corp.	79,646	32,403,179
Copart, Inc. *	195,840	23,432,256
CoStar Group, Inc. *	362,726	25,260,239
Verisk Analytics, Inc.	144,522	27,048,737
		108,144,411

Consumer Durables & Apparel 0.4%
Deckers Outdoor Corp. *	24,976	8,031,532
Lululemon Athletica, Inc. *	106,585	31,971,237
NVR, Inc. *	2,782	11,517,647
Peloton Interactive, Inc., Class A *	281,546	2,868,954
		54,389,370

Consumer Services 1.6%
Airbnb, Inc., Class A *	349,857	39,575,824
Booking Holdings, Inc. *	37,133	69,654,453
Caesars Entertainment, Inc. *	194,667	8,394,041
Chegg, Inc. *	112,384	2,211,717
Chipotle Mexican Grill, Inc. *	25,568	40,826,982
Domino’s Pizza, Inc.	32,997	12,270,264
DraftKings, Inc., Class A *	328,104	5,269,350
Expedia Group, Inc. *	138,668	14,234,270
Hilton Worldwide Holdings, Inc.	254,832	32,455,404
		224,892,305

Diversified Financials 2.3%
BlackRock, Inc.	130,348	86,862,604
Coinbase Global, Inc., Class A *(a)	29,329	1,959,177
Credit Acceptance Corp. *	6,757	3,595,264
FactSet Research Systems, Inc.	34,653	15,016,531

SECURITY	NUMBER OF SHARES	VALUE ($)
KKR & Co., Inc.	542,712	27,439,519
MarketAxess Holdings, Inc.	34,577	8,595,496
Moody's Corp.	147,022	41,830,699
MSCI, Inc.	74,207	33,336,753
S&P Global, Inc.	318,917	112,316,189
SoFi Technologies, Inc. *(a)	652,305	3,861,646
Upstart Holdings, Inc. *(a)	43,791	1,134,187
		335,948,065

Energy 0.8%
Baker Hughes Co.	854,252	21,578,406
Cheniere Energy, Inc.	216,395	34,662,151
Diamondback Energy, Inc.	156,480	20,855,654
Halliburton Co.	822,911	24,794,309
Texas Pacific Land Corp.	5,666	10,428,046
		112,318,566

Food & Staples Retailing 1.5%
Costco Wholesale Corp.	406,024	211,985,130

Food, Beverage & Tobacco 0.3%
Beyond Meat, Inc. *(a)	52,217	1,274,095
Monster Beverage Corp. *	344,433	30,595,983
Post Holdings, Inc. *	51,443	4,566,081
The Boston Beer Co., Inc., Class A *	8,436	2,843,607
		39,279,766

Health Care Equipment & Services 7.5%
ABIOMED, Inc. *	41,680	10,806,790
agilon health, Inc. *	44,508	924,876
Align Technology, Inc. *	67,098	16,351,783
Boston Scientific Corp. *	1,309,079	52,768,974
Centene Corp. *	535,825	48,084,936
Chemed Corp.	13,665	6,507,136
Cigna Corp.	290,532	82,351,295
DexCom, Inc. *	359,212	29,530,819
Edwards Lifesciences Corp. *	569,257	51,290,056
Guardant Health, Inc. *	91,397	4,575,334
Humana, Inc.	115,764	55,772,780
IDEXX Laboratories, Inc. *	76,950	26,749,359
Insulet Corp. *	63,530	16,230,009
Intuitive Surgical, Inc. *	328,667	67,619,949
Masimo Corp. *	46,779	6,871,367
McKesson Corp.	133,052	48,830,084
Molina Healthcare, Inc. *	53,776	18,142,409
Novocure Ltd. *	82,223	6,752,975
Oak Street Health, Inc. *	124,605	3,264,651
Penumbra, Inc. *	31,886	5,234,725
ResMed, Inc.	134,000	29,469,280
Teladoc Health, Inc. *	147,742	4,588,867
Teleflex, Inc.	42,899	9,706,328
The Cooper Cos., Inc.	45,151	12,978,203
UnitedHealth Group, Inc.	859,713	446,474,752

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Veeva Systems, Inc., Class A *	128,023	25,517,544
		1,087,395,281

Household & Personal Products 0.4%
The Estee Lauder Cos., Inc., Class A	212,700	54,106,626

Insurance 0.2%
Alleghany Corp. *	12,264	10,316,231
Markel Corp. *	12,362	14,761,588
RenaissanceRe Holdings Ltd.	40,334	5,455,577
		30,533,396

Materials 1.5%
Ginkgo Bioworks Holdings, Inc. *(a)	879,967	2,367,111
Linde plc	460,944	130,382,620
Newmont Corp.	726,503	30,048,164
The Sherwin-Williams Co.	219,164	50,867,965
		213,665,860

Media & Entertainment 12.0%
Alphabet, Inc., Class A *	5,483,093	593,380,324
Alphabet, Inc., Class C *	5,025,431	548,525,794
Altice USA, Inc., Class A *	209,227	2,092,270
Cable One, Inc.	4,481	5,085,935
Charter Communications, Inc., Class A *	106,853	44,090,753
Fox Corp., Class A	285,402	9,755,040
Fox Corp., Class B	142,737	4,513,344
Liberty Broadband Corp., Class A *	23,459	2,365,136
Liberty Broadband Corp., Class C *	119,676	12,171,049
Live Nation Entertainment, Inc. *	128,521	11,613,158
Meta Platforms, Inc., Class A *	2,111,027	343,949,629
Netflix, Inc. *	407,767	91,160,391
Pinterest, Inc., Class A *	548,346	12,633,892
Roku, Inc. *	109,662	7,457,016
Snap, Inc., Class A *	1,029,034	11,195,890
Take-Two Interactive Software, Inc. *	149,927	18,375,053
Twitter, Inc. *	708,042	27,436,628
		1,745,801,302

Pharmaceuticals, Biotechnology & Life Sciences 5.8%
10X Genomics, Inc., Class A *	83,777	2,763,803
Alnylam Pharmaceuticals, Inc. *	110,735	22,885,602
Avantor, Inc. *	558,658	13,916,171
BioMarin Pharmaceutical, Inc. *	169,274	15,099,241
Bio-Rad Laboratories, Inc., Class A *	19,837	9,621,738
Bio-Techne Corp.	35,864	11,900,034
Charles River Laboratories International, Inc. *	46,503	9,544,741
Danaher Corp.	592,739	159,986,184
Exact Sciences Corp. *	157,324	5,592,868
Horizon Therapeutics plc *	210,446	12,460,508
Illumina, Inc. *	143,905	29,017,004
Incyte Corp. *	172,210	12,128,750
IQVIA Holdings, Inc. *	173,406	36,876,520
Mettler-Toledo International, Inc. *	20,751	25,159,757
Neurocrine Biosciences, Inc. *	87,335	9,137,861
PerkinElmer, Inc.	115,499	15,599,295
Regeneron Pharmaceuticals, Inc. *	98,914	57,474,969
Repligen Corp. *	47,266	10,368,742
Sarepta Therapeutics, Inc. *	79,758	8,723,930
Seagen, Inc. *	122,968	18,972,733
Syneos Health, Inc. *	94,098	5,656,231

SECURITY	NUMBER OF SHARES	VALUE ($)
Thermo Fisher Scientific, Inc.	358,883	195,706,078
Vertex Pharmaceuticals, Inc. *	234,228	65,996,081
West Pharmaceutical Services, Inc.	67,859	20,133,087
Zoetis, Inc.	430,943	67,455,508
		842,177,436

Real Estate 1.5%
American Tower Corp.	425,671	108,141,718
CBRE Group, Inc., Class A	299,455	23,644,967
Equinix, Inc.	83,297	54,756,949
SBA Communications Corp.	98,720	32,108,680
Zillow Group, Inc., Class A *	33,631	1,123,275
Zillow Group, Inc., Class C *	148,644	4,973,628
		224,749,217

Retailing 8.5%
Amazon.com, Inc. *	7,989,688	1,012,852,748
AutoZone, Inc. *	18,314	38,811,212
Carvana Co. *(a)	90,605	2,989,059
Dollar General Corp.	210,580	49,995,903
DoorDash, Inc., Class A *	158,566	9,498,103
Etsy, Inc. *	119,903	12,662,956
Five Below, Inc. *	50,867	6,504,872
Floor & Decor Holdings, Inc., Class A *	96,948	7,887,689
O'Reilly Automotive, Inc. *	60,799	42,384,199
Pool Corp.	37,867	12,844,108
RH *	16,145	4,131,667
Ulta Beauty, Inc. *	48,085	20,189,449
Wayfair, Inc., Class A *	76,475	4,030,997
		1,224,782,962

Semiconductors & Semiconductor Equipment 5.9%
Advanced Micro Devices, Inc. *	1,483,960	125,943,685
Broadcom, Inc.	373,927	186,630,705
Enphase Energy, Inc. *	123,571	35,395,677
Lam Research Corp.	127,036	55,630,335
Monolithic Power Systems, Inc.	40,141	18,191,098
NVIDIA Corp.	2,293,767	346,221,191
NXP Semiconductors N.V.	240,421	39,568,488
ON Semiconductor Corp. *	397,902	27,363,721
Qorvo, Inc. *	99,449	8,928,531
SolarEdge Technologies, Inc. *	50,707	13,993,611
Universal Display Corp.	39,451	4,407,860
		862,274,902

Software & Services 26.6%
Adobe, Inc. *	433,594	161,921,343
Affirm Holdings, Inc. *	149,237	3,496,623
ANSYS, Inc. *	79,803	19,815,085
AppLovin Corp., Class A *	33,200	817,716
Autodesk, Inc. *	199,205	40,187,617
Avalara, Inc. *	80,393	7,363,195
Bill.com Holdings, Inc. *	84,938	13,749,763
Block, Inc. *	460,697	31,746,630
Cadence Design Systems, Inc. *	254,062	44,148,354
Cloudflare, Inc., Class A *	257,499	16,111,712
Concentrix Corp.	39,471	4,964,662
Coupa Software, Inc. *	68,573	4,004,663
Crowdstrike Holdings, Inc., Class A *	195,271	35,658,437
Datadog, Inc., Class A *	235,784	24,745,531
DocuSign, Inc. *	183,035	10,656,298
Dynatrace, Inc. *	181,146	6,916,154
Elastic N.V. *	66,955	5,618,194
EPAM Systems, Inc. *	52,298	22,305,097

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Fair Isaac Corp. *	23,738	10,667,857
Fiserv, Inc. *	532,929	53,927,086
Five9, Inc. *	63,569	6,236,755
FleetCor Technologies, Inc. *	70,806	15,048,399
Fortinet, Inc. *	612,691	29,831,925
Gartner, Inc. *	73,787	21,052,907
Global Payments, Inc.	257,813	32,028,109
GoDaddy, Inc., Class A *	148,014	11,222,421
HubSpot, Inc. *	41,539	14,000,305
Intuit, Inc.	259,488	112,041,729
Mastercard, Inc., Class A	787,359	255,395,639
Microsoft Corp.	6,838,472	1,788,055,274
MongoDB, Inc. *	61,826	19,961,142
Okta, Inc. *	137,930	12,606,802
Palo Alto Networks, Inc. *	90,340	50,302,215
Paycom Software, Inc. *	44,061	15,474,223
Paylocity Holding Corp. *	36,392	8,770,472
PayPal Holdings, Inc. *	1,060,503	99,093,400
PTC, Inc. *	96,401	11,075,511
RingCentral, Inc., Class A *	76,485	3,291,914
Roper Technologies, Inc.	97,003	39,051,468
Salesforce, Inc. *	911,610	142,320,553
ServiceNow, Inc. *	184,384	80,136,974
Snowflake, Inc., Class A *	221,742	40,124,215
Splunk, Inc. *	147,269	13,258,628
SS&C Technologies Holdings, Inc.	203,149	11,327,588
Synopsys, Inc. *	140,944	48,769,443
The Trade Desk, Inc., Class A *	404,723	25,376,132
Twilio, Inc., Class A *	156,694	10,902,769
Tyler Technologies, Inc. *	37,978	14,109,207
UiPath, Inc., Class A *	253,931	4,177,165
Unity Software, Inc. *	151,682	6,479,855
Visa, Inc., Class A	1,509,205	299,894,126
VMware, Inc., Class A	185,591	21,534,124
WEX, Inc. *	41,257	6,363,892
Workday, Inc., Class A *	182,078	29,962,756
Zendesk, Inc. *	112,216	8,614,822
Zoom Video Communications, Inc., Class A *	208,007	16,723,763
Zscaler, Inc. *	73,511	11,705,892
		3,855,144,531

Technology Hardware & Equipment 15.8%
Apple Inc.	14,063,312	2,211,033,913
Arista Networks, Inc. *	214,845	25,755,618
Ciena Corp. *	139,728	7,089,799
Dell Technologies, Inc., Class C	255,185	9,771,034
IPG Photonics Corp. *	32,031	2,901,688
Teledyne Technologies, Inc. *	44,939	16,553,730
Ubiquiti, Inc. (a)	6,330	1,964,769
Zebra Technologies Corp., Class A *	49,127	14,818,668
		2,289,889,219

SECURITY	NUMBER OF SHARES	VALUE ($)
Telecommunication Services 0.5%
T-Mobile US, Inc. *	539,901	77,724,148

Transportation 0.5%
AMERCO	8,882	4,669,001
Lyft, Inc., Class A *	269,871	3,975,200
Old Dominion Freight Line, Inc.	84,082	22,820,696
Uber Technologies, Inc. *	1,546,548	44,478,720
		75,943,617
Total Common Stocks (Cost $10,631,872,378)		14,474,518,316


SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS

Money Market Funds 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (b)	10,980,206	10,980,206
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (b)(c)	13,284,395	13,284,395
		24,264,601
Total Short-Term Investments (Cost $24,264,601)		24,264,601
Total Investments in Securities (Cost $10,656,136,979)		14,498,782,917

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 1000 Growth Index, e-mini, expires 09/16/22	151	17,744,010	(818,008)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $12,838,547.
(b)	The rate shown is the 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

₈₆

Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap Growth ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/21-8/31/22		9/1/20-8/31/21
Net investment income		$64,704,339	$76,553,884
Net realized gains		495,842,465	1,284,052,294
Net change in unrealized appreciation (depreciation)	+	(4,088,195,586)	2,466,871,562
Increase (decrease) in net assets resulting from operations		($3,527,648,782)	$3,827,477,740
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($75,895,760)	($64,681,390)

TRANSACTIONS IN FUND SHARES1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		39,450,000	$2,822,393,022	45,400,000	$2,780,390,040
Shares redeemed	+	(17,450,000)	(1,289,334,614)	(46,800,000)	(2,765,211,293)
Net transactions in fund shares		22,000,000	$1,533,058,408	(1,400,000)	$15,178,747
SHARES OUTSTANDING AND NET ASSETS1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		211,400,000	$16,563,360,034	212,800,000	$12,785,384,937
Total increase (decrease)	+	22,000,000	(2,070,486,134)	(1,400,000)	3,777,975,097
End of period		233,400,000	$14,492,873,900	211,400,000	$16,563,360,034

₉₀

Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18
Per-Share Data
Net asset value at beginning of period	$70.68	$53.91	$55.14	$56.37	$50.65
Income (loss) from investment operations:
Net investment income (loss)¹	1.51	1.39	1.93	1.84	1.47
Net realized and unrealized gains (losses)	(6.24)	17.05	(1.36)	(1.48)	5.63
Total from investment operations	(4.73)	18.44	0.57	0.36	7.10
Less distributions:
Distributions from net investment income	(1.48)	(1.67)	(1.80)	(1.59)	(1.38)
Net asset value at end of period	$64.47	$70.68	$53.91	$55.14	$56.37
Total return	(6.78%)	34.95%	1.21%	0.70%	14.20%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ²	0.04%	0.04%	0.04%	0.04%
Net investment income (loss)	2.19%	2.22%	3.59%	3.38%	2.72%
Portfolio turnover rate³	8%	23%	19%	7%	8%
Net assets, end of period (x 1,000,000)	$9,497	$9,927	$6,847	$5,977	$4,692

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

₉₁

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value 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.

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

Automobiles & Components 1.0%
Aptiv plc *	128,266	11,983,892
Autoliv, Inc.	37,220	2,895,344
BorgWarner, Inc.	113,060	4,262,362
Ford Motor Co.	1,871,894	28,527,665
General Motors Co.	691,240	26,412,280
Gentex Corp.	111,527	3,043,572
Harley-Davidson, Inc.	69,841	2,693,767
Lear Corp.	28,439	3,942,783
Lucid Group, Inc. *(a)	269,121	4,128,316
QuantumScape Corp. *(a)	123,140	1,358,234
Rivian Automotive, Inc., Class A *	75,798	2,479,353
		91,727,568

Banks 6.2%
Bank of America Corp.	3,359,806	112,923,080
BOK Financial Corp.	14,133	1,256,000
Citigroup, Inc.	920,183	44,914,132
Citizens Financial Group, Inc.	232,085	8,512,878
Comerica, Inc.	61,757	4,959,087
Commerce Bancshares, Inc.	52,312	3,597,496
Cullen/Frost Bankers, Inc.	26,913	3,497,614
East West Bancorp, Inc.	67,364	4,861,660
Fifth Third Bancorp	325,085	11,101,653
First Republic Bank	85,098	12,920,429
Huntington Bancshares, Inc.	680,842	9,123,283
JPMorgan Chase & Co.	1,391,811	158,290,665
KeyCorp	441,244	7,805,606
M&T Bank Corp.	85,030	15,456,753
Regions Financial Corp.	443,445	9,609,453
Signature Bank	29,892	5,211,969
The PNC Financial Services Group, Inc.	196,021	30,971,318
Truist Financial Corp.	631,017	29,556,836
U.S. Bancorp	640,841	29,228,758
Wells Fargo & Co.	1,796,127	78,508,711
Zions Bancorp NA	71,420	3,930,243
		586,237,624

Capital Goods 8.9%
3M Co.	269,601	33,524,884
A.O. Smith Corp.	61,587	3,476,586
Acuity Brands, Inc.	16,321	2,675,502
AGCO Corp.	28,899	3,141,610
Allegion plc	41,679	3,963,673
AMETEK, Inc.	109,482	13,155,357
Carlisle Cos., Inc.	24,462	7,232,435
Carrier Global Corp.	401,938	15,723,815
Caterpillar, Inc.	252,743	46,684,160
Cummins, Inc.	66,848	14,397,054
Deere & Co.	132,292	48,319,653
Donaldson Co., Inc.	58,448	3,001,305
Dover Corp.	68,212	8,523,772

SECURITY	NUMBER OF SHARES	VALUE ($)
Eaton Corp. plc	189,143	25,844,500
Emerson Electric Co.	281,345	22,997,140
Fastenal Co.	272,759	13,727,960
Fortive Corp.	169,990	10,765,467
Fortune Brands Home & Security, Inc.	62,072	3,813,083
General Dynamics Corp.	109,196	24,998,240
General Electric Co.	521,592	38,305,716
Graco, Inc.	80,234	5,122,139
HEICO Corp.	20,156	3,069,759
HEICO Corp., Class A	35,503	4,351,958
Honeywell International, Inc.	322,541	61,073,138
Howmet Aerospace, Inc.	178,447	6,322,377
Hubbell, Inc.	25,480	5,256,524
IDEX Corp.	36,042	7,252,011
Illinois Tool Works, Inc.	134,356	26,176,579
Ingersoll Rand, Inc.	192,107	9,100,109
Johnson Controls International plc	329,634	17,846,385
Lennox International, Inc.	15,630	3,753,076
Lincoln Electric Holdings, Inc.	27,623	3,775,788
Lockheed Martin Corp.	112,216	47,143,064
Masco Corp.	111,913	5,693,014
Northrop Grumman Corp.	69,233	33,092,682
Otis Worldwide Corp.	200,422	14,474,477
Owens Corning	46,037	3,762,604
PACCAR, Inc.	164,735	14,415,960
Parker-Hannifin Corp.	60,823	16,118,095
Pentair plc	78,195	3,479,677
Quanta Services, Inc.	68,174	9,632,986
Raytheon Technologies Corp.	704,696	63,246,466
Rockwell Automation, Inc.	55,100	13,055,394
Sensata Technologies Holding plc	74,058	2,983,056
Snap-on, Inc.	25,302	5,512,294
Stanley Black & Decker, Inc.	71,450	6,294,745
Textron, Inc.	102,079	6,367,688
The Boeing Co. *	263,553	42,234,368
The Middleby Corp. *	25,782	3,707,967
The Toro Co.	49,551	4,109,264
Trane Technologies plc	110,811	17,072,651
W.W. Grainger, Inc.	20,344	11,289,699
Watsco, Inc.	15,726	4,277,944
Westinghouse Air Brake Technologies Corp.	86,477	7,579,709
Woodward, Inc.	28,849	2,684,976
Xylem, Inc.	85,304	7,771,194
		843,371,729

Commercial & Professional Services 1.1%
Booz Allen Hamilton Holding Corp.	63,243	6,052,355
Clarivate plc *	184,708	2,155,542
Dun & Bradstreet Holdings, Inc.	72,325	1,030,631
Equifax, Inc.	57,889	10,926,549
IAA, Inc. *	63,361	2,360,831
Jacobs Solutions, Inc.	60,871	7,583,309
Leidos Holdings, Inc.	64,702	6,149,925
ManpowerGroup, Inc.	24,933	1,828,088
Nielsen Holdings plc	170,678	4,751,675

₉₂

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Republic Services, Inc.	98,849	14,107,729
Robert Half International, Inc.	52,546	4,044,466
Rollins, Inc.	107,109	3,616,000
Stericycle, Inc. *	43,312	2,169,498
TransUnion	91,225	6,738,791
Waste Management, Inc.	181,020	30,597,811
		104,113,200

Consumer Durables & Apparel 1.4%
D.R. Horton, Inc.	151,726	10,795,305
Garmin Ltd.	72,368	6,403,844
Hanesbrands, Inc.	164,027	1,428,675
Hasbro, Inc.	61,866	4,876,278
Leggett & Platt, Inc.	63,495	2,426,779
Lennar Corp., Class A	122,275	9,470,199
Lennar Corp., Class B	7,275	448,722
Mohawk Industries, Inc. *	24,468	2,700,288
Newell Brands, Inc.	174,977	3,123,339
NIKE, Inc., Class B	601,272	64,005,404
Polaris, Inc.	26,618	3,015,021
PulteGroup, Inc.	112,032	4,555,221
Tapestry, Inc.	119,493	4,149,992
Toll Brothers, Inc.	52,311	2,290,699
Under Armour, Inc., Class A *	89,297	751,881
Under Armour, Inc., Class C *	95,562	725,316
VF Corp.	152,897	6,337,581
Whirlpool Corp.	26,711	4,182,943
		131,687,487

Consumer Services 2.3%
ADT, Inc.	109,153	795,725
Aramark	121,565	4,341,086
Bright Horizons Family Solutions, Inc. *	28,145	1,919,489
Carnival Corp. *	461,114	4,362,139
Darden Restaurants, Inc.	59,083	7,309,158
Las Vegas Sands Corp. *	162,909	6,130,266
Marriott International, Inc., Class A	130,338	20,038,164
McDonald’s Corp.	350,477	88,418,338
MGM Resorts International	167,880	5,479,603
Norwegian Cruise Line Holdings Ltd. *	199,424	2,608,466
Royal Caribbean Cruises Ltd. *	106,113	4,334,716
Service Corp. International	75,191	4,640,037
Starbucks Corp.	543,577	45,698,518
Vail Resorts, Inc.	19,265	4,328,460
Wyndham Hotels & Resorts, Inc.	43,415	2,836,736
Wynn Resorts Ltd. *	49,800	3,017,382
Yum! Brands, Inc.	135,100	15,028,524
		221,286,807

Diversified Financials 7.6%
AGNC Investment Corp.	248,296	2,967,137
Ally Financial, Inc.	153,271	5,088,597
American Express Co.	289,063	43,937,576
Ameriprise Financial, Inc.	52,104	13,964,393
Annaly Capital Management, Inc.	785,383	5,065,720
Apollo Global Management, Inc.	176,697	9,820,819
Ares Management Corp., Class A	81,444	6,038,258
Berkshire Hathaway, Inc., Class B *	857,304	240,730,963
Blackstone, Inc.	332,095	31,197,004
Capital One Financial Corp.	186,209	19,704,636
Cboe Global Markets, Inc.	50,335	5,938,020
CME Group, Inc.	170,340	33,320,207
Discover Financial Services	133,258	13,391,097
Equitable Holdings, Inc.	168,018	4,998,536
Franklin Resources, Inc.	133,190	3,472,263

SECURITY	NUMBER OF SHARES	VALUE ($)
Intercontinental Exchange, Inc.	264,639	26,688,843
Invesco Ltd.	159,391	2,625,170
Jefferies Financial Group, Inc.	90,446	2,902,412
Morgan Stanley	663,173	56,515,603
Morningstar, Inc.	11,179	2,548,700
Nasdaq, Inc.	164,171	9,773,100
Northern Trust Corp.	98,908	9,405,162
Raymond James Financial, Inc.	92,039	9,606,111
SEI Investments Co.	49,804	2,724,279
Starwood Property Trust, Inc.	145,843	3,344,180
State Street Corp.	174,191	11,905,955
Synchrony Financial	237,440	7,776,160
T. Rowe Price Group, Inc.	107,744	12,929,280
The Bank of New York Mellon Corp.	352,378	14,634,258
The Carlyle Group, Inc.	67,016	2,180,031
The Charles Schwab Corp. (b)	712,721	50,567,555
The Goldman Sachs Group, Inc.	162,752	54,142,708
Voya Financial, Inc.	48,769	3,000,757
		722,905,490

Energy 7.5%
APA Corp.	160,252	6,267,456
Chevron Corp.	931,052	147,162,079
ConocoPhillips	612,884	67,080,154
Continental Resources, Inc.	27,681	1,932,964
Coterra Energy, Inc.	381,438	11,790,249
Devon Energy Corp.	290,835	20,538,768
EOG Resources, Inc.	277,522	33,663,419
Exxon Mobil Corp.	1,996,135	190,810,545
Hess Corp.	131,275	15,855,394
Kinder Morgan, Inc.	923,930	16,926,398
Marathon Oil Corp.	335,558	8,586,929
Marathon Petroleum Corp.	256,275	25,819,706
Occidental Petroleum Corp.	422,003	29,962,213
ONEOK, Inc.	211,742	12,964,963
Phillips 66	228,087	20,404,663
Pioneer Natural Resources Co.	106,592	26,991,226
Schlumberger N.V.	669,563	25,543,828
Targa Resources Corp.	108,134	7,377,983
The Williams Cos., Inc.	577,605	19,655,898
Valero Energy Corp.	193,354	22,645,620
		711,980,455

Food & Staples Retailing 1.5%
Albertsons Cos., Inc., Class A	50,497	1,389,172
Sysco Corp.	241,353	19,844,044
The Kroger Co.	310,996	14,909,148
US Foods Holding Corp. *	105,623	3,234,176
Walgreens Boots Alliance, Inc.	339,845	11,914,966
Walmart, Inc.	665,276	88,182,334
		139,473,840

Food, Beverage & Tobacco 6.0%
Altria Group, Inc.	857,894	38,708,177
Archer-Daniels-Midland Co.	266,727	23,442,636
Brown-Forman Corp., Class A	26,539	1,872,857
Brown-Forman Corp., Class B	86,366	6,278,808
Bunge Ltd.	71,884	7,128,736
Campbell Soup Co.	95,928	4,832,853
Conagra Brands, Inc.	227,244	7,812,649
Constellation Brands, Inc., Class A	77,072	18,963,566
Darling Ingredients, Inc. *	76,474	5,816,612
General Mills, Inc.	285,277	21,909,274
Hormel Foods Corp.	134,237	6,749,436
Kellogg Co.	120,259	8,747,640

₉₃

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Keurig Dr Pepper, Inc.	349,647	13,328,544
Lamb Weston Holdings, Inc.	68,505	5,448,203
McCormick & Co., Inc. Non Voting Shares	118,457	9,958,680
Molson Coors Beverage Co., Class B	89,542	4,626,635
Mondelez International, Inc., Class A	655,832	40,569,767
PepsiCo, Inc.	655,204	112,871,993
Philip Morris International, Inc.	734,528	70,140,079
The Coca-Cola Co.	1,848,829	114,091,238
The Hershey Co.	69,179	15,542,446
The J.M. Smucker Co.	51,449	7,202,345
The Kraft Heinz Co.	336,473	12,584,090
Tyson Foods, Inc., Class A	138,301	10,425,129
		569,052,393

Health Care Equipment & Services 4.6%
Abbott Laboratories	829,722	85,170,963
AmerisourceBergen Corp.	71,370	10,459,987
Baxter International, Inc.	238,595	13,709,669
Becton Dickinson & Co.	135,081	34,097,146
Cardinal Health, Inc.	128,994	9,122,456
CVS Health Corp.	621,391	60,989,527
DaVita, Inc. *	28,555	2,435,456
Dentsply Sirona, Inc.	102,344	3,353,813
Elevance Health, Inc.	114,246	55,421,877
Encompass Health Corp.	47,055	2,285,461
Enhabit, Inc. *	23,486	389,868
HCA Healthcare, Inc.	107,867	21,343,643
Henry Schein, Inc. *	65,597	4,815,476
Hologic, Inc. *	118,045	7,975,120
Laboratory Corp. of America Holdings	43,954	9,901,517
Medtronic plc	635,700	55,890,744
Quest Diagnostics, Inc.	55,564	6,962,725
STERIS plc	47,508	9,567,161
Stryker Corp.	159,489	32,727,143
Universal Health Services, Inc., Class B	31,931	3,124,129
Zimmer Biomet Holdings, Inc.	99,370	10,565,018
		440,308,899

Household & Personal Products 2.4%
Church & Dwight Co., Inc.	115,132	9,637,700
Colgate-Palmolive Co.	397,083	31,055,861
Kimberly-Clark Corp.	159,627	20,355,635
Olaplex Holdings, Inc. *	33,081	440,639
Reynolds Consumer Products, Inc.	25,746	719,086
The Clorox Co.	58,255	8,408,527
The Procter & Gamble Co.	1,137,009	156,839,021
		227,456,469

Insurance 3.8%
Aflac, Inc.	280,766	16,683,116
American Financial Group, Inc.	31,308	3,997,405
American International Group, Inc.	375,168	19,414,944
Aon plc, Class A	100,656	28,109,195
Arch Capital Group Ltd. *	177,853	8,131,439
Arthur J. Gallagher & Co.	99,555	18,076,201
Assurant, Inc.	25,671	4,068,597
Brown & Brown, Inc.	110,774	6,983,193
Chubb Ltd.	200,776	37,956,703
Cincinnati Financial Corp.	70,581	6,843,534
CNA Financial Corp.	13,253	509,710
Erie Indemnity Co., Class A	11,824	2,541,332
Everest Re Group Ltd.	18,709	5,033,657
Fidelity National Financial, Inc.	133,146	5,206,009
Globe Life, Inc.	43,008	4,179,948

SECURITY	NUMBER OF SHARES	VALUE ($)
Lincoln National Corp.	76,906	3,542,290
Loews Corp.	92,156	5,097,148
Marsh & McLennan Cos., Inc.	237,874	38,385,727
MetLife, Inc.	327,535	21,070,327
Old Republic International Corp.	135,292	2,954,777
Principal Financial Group, Inc.	111,379	8,326,694
Prudential Financial, Inc.	177,619	17,007,019
Reinsurance Group of America, Inc.	31,708	3,974,915
The Allstate Corp.	130,298	15,700,909
The Hartford Financial Services Group, Inc.	155,985	10,031,395
The Progressive Corp.	277,151	33,992,570
The Travelers Cos., Inc.	113,788	18,392,692
W.R. Berkley Corp.	99,262	6,432,178
Willis Towers Watson plc	52,860	10,933,034
		363,576,658

Materials 3.5%
Air Products and Chemicals, Inc.	105,124	26,538,554
Albemarle Corp.	55,509	14,874,192
Amcor plc	711,702	8,547,541
AptarGroup, Inc.	30,924	3,179,296
Avery Dennison Corp.	38,756	7,116,377
Axalta Coating Systems Ltd. *	98,772	2,543,379
Ball Corp.	151,733	8,468,219
Berry Global Group, Inc. *	61,966	3,366,613
Celanese Corp.	51,430	5,701,530
CF Industries Holdings, Inc.	98,938	10,236,125
Cleveland-Cliffs, Inc. *	226,963	3,919,651
Corteva, Inc.	343,132	21,078,599
Crown Holdings, Inc.	58,304	5,281,759
Dow, Inc.	344,799	17,584,749
DuPont de Nemours, Inc.	240,971	13,407,626
Eastman Chemical Co.	61,033	5,554,003
Ecolab, Inc.	117,842	19,306,055
FMC Corp.	59,655	6,447,512
Freeport-McMoRan, Inc.	687,070	20,337,272
International Flavors & Fragrances, Inc.	120,752	13,340,681
International Paper Co.	175,668	7,311,302
LyondellBasell Industries N.V., Class A	122,470	10,165,010
Martin Marietta Materials, Inc.	29,568	10,281,089
Nucor Corp.	126,018	16,752,833
Packaging Corp. of America	44,475	6,089,517
PPG Industries, Inc.	111,892	14,208,046
Reliance Steel & Aluminum Co.	29,355	5,518,153
Royal Gold, Inc.	31,019	2,850,646
RPM International, Inc.	61,503	5,729,619
Sealed Air Corp.	69,389	3,733,822
Sonoco Products Co.	46,126	2,906,861
Steel Dynamics, Inc.	85,022	6,862,976
The Mosaic Co.	171,310	9,228,470
The Scotts Miracle-Gro Co.	19,069	1,276,670
Vulcan Materials Co.	62,881	10,469,058
Westlake Corp.	15,781	1,556,480
Westrock Co.	121,089	4,915,002
		336,685,287

Media & Entertainment 3.0%
Activision Blizzard, Inc.	370,560	29,085,254
AMC Entertainment Holdings, Inc., Class A *(a)	245,463	2,238,623
Comcast Corp., Class A	2,118,418	76,665,547
DISH Network Corp., Class A *	119,475	2,072,891
Electronic Arts, Inc.	133,250	16,905,428
IAC/InterActiveCorp *	40,061	2,574,721

₉₄

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Liberty Media Corp. - Liberty Formula One, Class A *	10,339	601,006
Liberty Media Corp. - Liberty Formula One, Class C *	97,333	6,198,165
Liberty Media Corp. - Liberty SiriusXM, Class A	37,726	1,567,138
Liberty Media Corp. - Liberty SiriusXM, Class C *	74,925	3,098,898
Match Group, Inc. *	135,116	7,638,108
News Corp., Class A	184,142	3,115,683
News Corp., Class B	56,430	972,853
Omnicom Group, Inc.	97,583	6,528,303
Paramount Global, Class A	4,251	112,311
Paramount Global, Class B	288,078	6,738,144
Playtika Holding Corp. *	48,082	506,303
Sirius XM Holdings, Inc. (a)	431,026	2,624,948
The Interpublic Group of Cos., Inc.	186,732	5,161,273
The Walt Disney Co. *	863,166	96,743,645
Warner Bros Discovery, Inc. *	1,046,737	13,858,798
		285,008,040

Pharmaceuticals, Biotechnology & Life Sciences 9.6%
AbbVie, Inc.	837,393	112,595,863
Agilent Technologies, Inc.	142,126	18,227,659
Amgen, Inc.	253,147	60,831,224
Biogen, Inc. *	69,414	13,562,107
Bristol-Myers Squibb Co.	1,008,948	68,013,185
Bruker Corp.	47,455	2,657,480
Catalent, Inc. *	84,793	7,461,784
Elanco Animal Health, Inc. *	224,820	3,401,527
Eli Lilly & Co.	373,722	112,576,278
Gilead Sciences, Inc.	594,419	37,727,774
Jazz Pharmaceuticals plc *	29,554	4,587,372
Johnson & Johnson	1,246,985	201,188,560
Merck & Co., Inc.	1,198,347	102,290,900
Moderna, Inc. *	163,912	21,680,640
Novavax, Inc. *	37,041	1,223,835
Organon & Co.	119,615	3,412,616
Pfizer, Inc.	2,658,896	120,261,866
Royalty Pharma plc, Class A	171,087	7,153,147
Viatris, Inc.	574,694	5,488,328
Waters Corp. *	28,590	8,536,974
		912,879,119

Real Estate 4.5%
Alexandria Real Estate Equities, Inc.	70,425	10,803,195
American Homes 4 Rent, Class A	140,211	4,985,903
Americold Realty Trust, Inc.	127,896	3,762,700
Apartment Income REIT Corp.	74,105	3,027,189
AvalonBay Communities, Inc.	66,269	13,314,105
Boston Properties, Inc.	67,711	5,378,285
Camden Property Trust	50,468	6,485,643
Crown Castle, Inc.	205,221	35,057,903
CubeSmart	106,572	4,907,641
Digital Realty Trust, Inc.	134,829	16,668,909
Duke Realty Corp.	182,275	10,726,884
Equity LifeStyle Properties, Inc.	82,084	5,754,088
Equity Residential	162,280	11,875,650
Essex Property Trust, Inc.	30,914	8,194,065
Extra Space Storage, Inc.	63,680	12,655,126
Federal Realty Investment Trust	33,905	3,433,559
Gaming & Leisure Properties, Inc.	111,508	5,382,491
Healthcare Realty Trust, Inc., Class A	179,861	4,374,220
Healthpeak Properties, Inc.	255,568	6,708,660
Host Hotels & Resorts, Inc.	339,294	6,029,254
Invitation Homes, Inc.	288,959	10,483,433

SECURITY	NUMBER OF SHARES	VALUE ($)
Iron Mountain, Inc.	137,784	7,248,816
Jones Lang LaSalle, Inc. *	23,041	3,986,093
Kilroy Realty Corp.	49,546	2,416,358
Kimco Realty Corp.	293,011	6,176,672
Lamar Advertising Co., Class A	41,081	3,857,095
Medical Properties Trust, Inc.	284,444	4,155,727
Mid-America Apartment Communities, Inc.	54,651	9,054,031
National Retail Properties, Inc.	83,145	3,733,211
Omega Healthcare Investors, Inc.	111,744	3,649,559
Opendoor Technologies, Inc. *	184,401	798,456
Prologis, Inc.	350,827	43,681,470
Public Storage	72,336	23,930,919
Realty Income Corp.	285,298	19,480,148
Regency Centers Corp.	73,581	4,476,668
Simon Property Group, Inc.	155,580	15,866,048
STORE Capital Corp.	119,836	3,233,175
Sun Communities, Inc.	57,542	8,844,781
UDR, Inc.	142,008	6,371,899
Ventas, Inc.	189,651	9,076,697
VICI Properties, Inc.	456,462	15,058,681
Vornado Realty Trust	75,389	1,976,700
Welltower, Inc.	215,004	16,480,057
Weyerhaeuser Co.	353,035	12,059,676
WP Carey, Inc.	91,290	7,671,099
		423,292,939

Retailing 3.9%
Advance Auto Parts, Inc.	29,005	4,891,403
Bath & Body Works, Inc.	113,050	4,220,157
Best Buy Co., Inc.	96,010	6,786,947
Burlington Stores, Inc. *	31,319	4,390,611
CarMax, Inc. *	76,032	6,724,270
Dollar Tree, Inc. *	106,643	14,469,322
eBay, Inc.	265,360	11,710,337
GameStop Corp., Class A *(a)	117,610	3,368,350
Genuine Parts Co.	66,981	10,449,706
LKQ Corp.	123,519	6,573,681
Lowe’s Cos., Inc.	313,270	60,818,238
Ross Stores, Inc.	166,567	14,369,735
Target Corp.	219,136	35,136,266
The Gap, Inc.	99,603	910,371
The Home Depot, Inc.	489,675	141,232,064
The TJX Cos., Inc.	556,510	34,698,399
Tractor Supply Co.	52,949	9,803,507
Williams-Sonoma, Inc.	33,263	4,947,871
		375,501,235

Semiconductors & Semiconductor Equipment 4.2%
Analog Devices, Inc.	247,940	37,570,348
Applied Materials, Inc.	418,596	39,377,326
Entegris, Inc.	70,569	6,695,587
First Solar, Inc. *	47,086	6,005,819
Intel Corp.	1,937,523	61,845,734
KLA Corp.	70,732	24,341,003
Marvell Technology, Inc.	403,132	18,874,640
Microchip Technology, Inc.	263,472	17,191,548
Micron Technology, Inc.	529,099	29,909,967
QUALCOMM, Inc.	530,721	70,198,467
Skyworks Solutions, Inc.	76,156	7,505,174
Teradyne, Inc.	75,967	6,429,847
Texas Instruments, Inc.	436,920	72,183,553
		398,129,013

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Software & Services 4.1%
Accenture plc, Class A	300,188	86,592,231
Akamai Technologies, Inc. *	76,021	6,863,176
Aspen Technology, Inc. *	13,208	2,781,605
Automatic Data Processing, Inc.	197,986	48,389,758
Bentley Systems, Inc., Class B	89,184	3,279,296
Black Knight, Inc. *	74,108	4,902,985
Broadridge Financial Solutions, Inc.	55,473	9,495,313
Ceridian HCM Holding, Inc. *	65,125	3,884,055
Citrix Systems, Inc.	58,946	6,057,880
Cognizant Technology Solutions Corp., Class A	246,978	15,601,600
DXC Technology Co. *	115,260	2,856,143
Euronet Worldwide, Inc. *	23,967	2,124,914
Fidelity National Information Services, Inc.	289,482	26,449,970
Genpact Ltd.	80,984	3,804,628
Guidewire Software, Inc. *	39,420	2,826,808
International Business Machines Corp.	426,235	54,749,886
Jack Henry & Associates, Inc.	34,496	6,630,131
NortonLifeLock, Inc.	275,655	6,227,047
Oracle Corp.	746,074	55,321,387
Palantir Technologies, Inc., Class A *	775,748	5,988,775
Paychex, Inc.	152,253	18,778,885
Pegasystems, Inc.	19,194	702,692
The Western Union Co.	182,891	2,710,445
Thoughtworks Holding, Inc. *	16,951	223,075
VeriSign, Inc. *	45,104	8,218,851
		385,461,536

Technology Hardware & Equipment 2.7%
Amphenol Corp., Class A	282,852	20,798,108
Arrow Electronics, Inc. *	31,408	3,291,873
CDW Corp.	64,049	10,933,164
Cisco Systems, Inc.	1,968,489	88,030,828
Cognex Corp.	82,260	3,463,969
Corning, Inc.	360,528	12,373,321
F5, Inc. *	28,709	4,509,036
Hewlett Packard Enterprise Co.	617,243	8,394,505
HP, Inc.	499,044	14,327,553
Jabil, Inc.	67,144	4,048,783
Juniper Networks, Inc.	153,322	4,357,411
Keysight Technologies, Inc. *	86,208	14,128,629
Motorola Solutions, Inc.	79,249	19,289,999
NetApp, Inc.	105,365	7,599,977
Seagate Technology Holdings plc	93,578	6,265,983
TE Connectivity Ltd.	152,659	19,267,092
Trimble, Inc. *	118,625	7,503,031
Western Digital Corp. *	148,308	6,267,496
		254,850,758

Telecommunication Services 1.6%
AT&T, Inc.	3,392,357	59,501,942
Liberty Global plc, Class A *	83,079	1,678,196
Liberty Global plc, Class C *	141,109	3,007,033
Lumen Technologies, Inc.	441,920	4,401,523
Verizon Communications, Inc.	1,990,165	83,208,798
		151,797,492

Transportation 2.9%
Alaska Air Group, Inc. *	59,417	2,588,205
American Airlines Group, Inc. *	308,028	4,001,284
C.H. Robinson Worldwide, Inc.	60,359	6,889,980
CSX Corp.	1,030,370	32,611,210

SECURITY	NUMBER OF SHARES	VALUE ($)
Delta Air Lines, Inc. *	303,289	9,423,189
Expeditors International of Washington, Inc.	79,395	8,168,952
FedEx Corp.	113,037	23,829,330
Hertz Global Holdings, Inc. *	23,460	433,072
J.B. Hunt Transport Services, Inc.	39,717	6,911,552
Norfolk Southern Corp.	112,950	27,461,533
Southwest Airlines Co. *	281,373	10,326,389
Union Pacific Corp.	297,611	66,816,646
United Airlines Holdings, Inc. *	155,196	5,433,412
United Parcel Service, Inc., Class B	348,035	67,696,288
XPO Logistics, Inc. *	46,682	2,447,070
		275,038,112

Utilities 5.5%
Alliant Energy Corp.	118,988	7,263,028
Ameren Corp.	122,475	11,343,635
American Electric Power Co., Inc.	243,240	24,372,648
American Water Works Co., Inc.	86,158	12,790,155
Atmos Energy Corp.	65,807	7,461,198
Avangrid, Inc.	33,229	1,641,513
CenterPoint Energy, Inc.	298,683	9,417,475
CMS Energy Corp.	137,654	9,297,151
Consolidated Edison, Inc.	167,848	16,405,464
Constellation Energy Corp.	154,965	12,643,594
Dominion Energy, Inc.	384,503	31,452,345
DTE Energy Co.	91,855	11,972,381
Duke Energy Corp.	364,790	38,999,699
Edison International	180,791	12,252,206
Entergy Corp.	96,401	11,115,035
Essential Utilities, Inc.	109,239	5,369,097
Evergy, Inc.	108,816	7,457,160
Eversource Energy	163,509	14,665,122
Exelon Corp.	464,393	20,391,497
FirstEnergy Corp.	270,201	10,686,450
NextEra Energy, Inc.	930,900	79,182,354
NiSource, Inc.	191,491	5,650,899
NRG Energy, Inc.	112,797	4,656,260
OGE Energy Corp.	94,686	3,838,570
PG&E Corp. *	715,206	8,818,490
Pinnacle West Capital Corp.	53,302	4,016,306
PPL Corp.	348,985	10,148,484
Public Service Enterprise Group, Inc.	236,650	15,230,794
Sempra Energy	148,912	24,566,013
The AES Corp.	316,723	8,060,600
The Southern Co.	503,386	38,795,959
UGI Corp.	99,062	3,912,949
Vistra Corp.	204,836	5,069,691
WEC Energy Group, Inc.	149,494	15,418,811
Xcel Energy, Inc.	257,886	19,148,035
		523,511,068
Total Common Stocks (Cost $8,057,584,159)		9,475,333,218

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBEROF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS

Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)	6,821,259	6,821,259
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (c)(d)	11,829,601	11,829,601
		18,650,860
Total Short-Term Investments (Cost $18,650,860)		18,650,860
Total Investments in Securities (Cost $8,076,235,019)		9,493,984,078

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 1000 Value Index, e-mini, expires 09/16/22	237	17,439,645	(830,651)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $11,480,612.
(b)	Issuer is affiliated with the fund’s investment adviser.
(c)	The rate shown is the 7-day yield.
(d)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

Below is a summary of the fund’s transactions with affiliated issuers during the period ended August 31, 2022:

SECURITY	VALUE AT 8/31/21	PURCHASES	SALES	REALIZED GAINS (LOSSES)	NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)	VALUE AT 8/31/22	BALANCE OF SHARES HELD AT 8/31/22	DIVIDENDS RECEIVED
COMMON STOCKS 0.5% OF NET ASSETS

Diversified Financials 0.5%
The Charles Schwab Corp.	$49,406,943	$8,159,270	($5,164,458)	$950,423	($2,784,623)	$50,567,555	712,721	$553,249

The following is a summary of the inputs used to value the fund’s investments as of August 31, 2022 (see financial note 2(a) for additional information):

DESCRIPTION	QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)	OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)	SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	TOTAL
Assets
Common Stocks¹	$9,475,333,218	$—	$—	$9,475,333,218
Short-Term Investments¹	18,650,860	—	—	18,650,860
Liabilities
Futures Contracts²	(830,651)	—	—	(830,651)
Total	$9,493,153,427	$—	$—	$9,493,153,427

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

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Table of Contents

Schwab U.S. Large-Cap Value ETF

Statement of Operations

For the period September 1, 2021 through August 31, 2022
Investment Income
Dividends received from securities - unaffiliated		$221,405,388
Dividends received from securities - affiliated		553,249
Securities on loan, net	+	674,491
Total investment income		222,633,128
Expenses
Management fees		3,986,492
Proxy fees¹	+	44,888
Total expenses	–	4,031,380
Net investment income		218,601,748
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated		(169,350)
Net realized losses on sales of securities - unaffiliated		(26,564,369)
Net realized gains on sales of in-kind redemptions - affiliated		1,119,773
Net realized gains on sales of in-kind redemptions - unaffiliated		245,641,097
Net realized losses on futures contracts	+	(1,727,249)
Net realized gains		218,299,902
Net change in unrealized appreciation (depreciation) on securities - affiliated		(2,784,623)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated		(1,140,155,971)
Net change in unrealized appreciation (depreciation) on futures contracts	+	(974,711)
Net change in unrealized appreciation (depreciation)	+	(1,143,915,305)
Net realized and unrealized losses		(925,615,403)
Decrease in net assets resulting from operations		($707,013,655)

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

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Table of Contents

Schwab U.S. Mid-Cap ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18
Per-Share Data
Net asset value at beginning of period	$80.01	$57.45	$55.72	$58.44	$48.77
Income (loss) from investment operations:
Net investment income (loss)¹	1.05	0.93	0.87	0.84	0.76
Net realized and unrealized gains (losses)	(12.66)	22.43	1.76	(2.76)	9.59
Total from investment operations	(11.61)	23.36	2.63	(1.92)	10.35
Less distributions:
Distributions from net investment income	(1.11)	(0.80)	(0.90)	(0.80)	(0.68)
Net asset value at end of period	$67.29	$80.01	$57.45	$55.72	$58.44
Total return	(14.62%)	40.98%	4.90%	(3.24%)	21.36%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ²	0.04%	0.04%	0.04% ³	0.05%
Net investment income (loss)	1.43%	1.31%	1.61%	1.52%	1.42%
Portfolio turnover rate⁴	16%	23%	19%	19%	13%
Net assets, end of period (x 1,000,000)	$9,195	$9,986	$6,678	$6,255	$5,359

¹	Calculated based on the average shares outstanding during the period.
²	Ratio includes less than 0.005% of non-routine proxy expenses.
³	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/19 is a blended ratio.
⁴	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Mid-Cap 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.

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

Automobiles & Components 1.2%
Autoliv, Inc.	199,583	15,525,561
BorgWarner, Inc.	607,937	22,919,225
Gentex Corp.	594,337	16,219,457
Harley-Davidson, Inc.	373,542	14,407,515
Lear Corp.	151,698	21,031,410
QuantumScape Corp. *(a)	651,991	7,191,461
Thor Industries, Inc.	139,473	11,298,708
		108,593,337

Banks 3.9%
Bank OZK	286,107	11,595,917
BOK Financial Corp.	76,142	6,766,740
Comerica, Inc.	331,770	26,641,131
Commerce Bancshares, Inc.	278,908	19,180,503
Cullen/Frost Bankers, Inc.	144,785	18,816,259
East West Bancorp, Inc.	360,085	25,987,334
Essent Group Ltd.	272,807	10,909,552
First Citizens BancShares, Inc., Class A	33,862	27,494,589
First Financial Bankshares, Inc.	325,562	13,839,641
First Horizon Corp.	1,357,043	30,696,313
MGIC Investment Corp.	784,739	11,213,920
New York Community Bancorp, Inc.	1,183,951	11,590,880
Pinnacle Financial Partners, Inc.	193,710	15,634,334
Popular, Inc.	194,377	15,009,792
Prosperity Bancshares, Inc.	233,934	16,581,242
Radian Group, Inc.	438,521	9,257,178
Signature Bank	159,688	27,843,200
Synovus Financial Corp.	368,679	14,806,149
TFS Financial Corp.	121,898	1,743,141
Western Alliance Bancorp	274,796	21,082,349
Zions Bancorp NA	384,099	21,136,968
		357,827,132

Capital Goods 11.7%
A.O. Smith Corp.	330,044	18,630,984
Acuity Brands, Inc.	87,653	14,368,956
Advanced Drainage Systems, Inc.	144,201	19,568,076
AECOM	358,562	26,228,810
AGCO Corp.	155,188	16,870,487
Air Lease Corp.	264,530	9,618,311
Allegion plc	222,815	21,189,706
Armstrong World Industries, Inc.	119,135	10,006,149
Axon Enterprise, Inc. *	180,204	21,026,203
Builders FirstSource, Inc. *	438,351	25,691,752
BWX Technologies, Inc.	231,102	12,047,347
Carlisle Cos., Inc.	131,124	38,768,122
ChargePoint Holdings, Inc. *(a)	451,508	7,346,035
Crane Holdings Co.	120,756	11,394,536
Curtiss-Wright Corp.	97,554	14,358,973
Donaldson Co., Inc.	313,671	16,107,006
EMCOR Group, Inc.	129,733	15,427,848

SECURITY	NUMBER OF SHARES	VALUE ($)
Esab Corp.	115,849	4,760,235
Flowserve Corp.	331,339	10,095,899
Fortune Brands Home & Security, Inc.	331,932	20,390,583
Graco, Inc.	429,353	27,409,896
Hayward Holdings, Inc. *	148,114	1,556,678
Hexcel Corp.	213,455	12,523,405
Howmet Aerospace, Inc.	954,042	33,801,708
Hubbell, Inc.	136,149	28,087,539
Huntington Ingalls Industries, Inc.	101,610	23,396,719
IDEX Corp.	192,798	38,792,886
ITT, Inc.	211,647	15,350,757
Lennox International, Inc.	83,833	20,129,980
Lincoln Electric Holdings, Inc.	147,450	20,154,940
MasTec, Inc. *	144,899	11,664,370
MDU Resources Group, Inc.	515,782	15,550,827
Nordson Corp.	136,695	31,053,003
nVent Electric plc	421,972	13,908,197
Oshkosh Corp.	166,874	13,309,870
Owens Corning	246,366	20,135,493
Pentair plc	419,769	18,679,721
Plug Power, Inc. *	1,320,117	37,016,081
Quanta Services, Inc.	364,609	51,519,252
Regal Rexnord Corp.	170,008	23,391,401
Rocket Lab USA, Inc. *	378,802	2,083,411
Sensata Technologies Holding plc	398,444	16,049,324
SiteOne Landscape Supply, Inc. *	113,886	14,253,972
Snap-on, Inc.	135,395	29,497,155
Sunrun, Inc. *	532,794	17,598,186
Textron, Inc.	545,622	34,035,900
The AZEK Co., Inc. *	284,064	5,184,168
The Middleby Corp. *	138,027	19,851,043
The Timken Co.	171,113	10,778,408
The Toro Co.	265,272	21,999,007
Trex Co., Inc. *	286,938	13,425,829
Vertiv Holdings Co.	774,690	8,932,176
Watsco, Inc.	84,146	22,890,236
Westinghouse Air Brake Technologies Corp.	463,337	40,611,488
Woodward, Inc.	153,761	14,310,536
Zurn Water Solutions Corp.	319,738	8,818,374
		1,071,647,954

Commercial & Professional Services 3.3%
ASGN, Inc. *	129,498	12,522,457
Aurora Innovation, Inc. *	722,012	1,545,106
Booz Allen Hamilton Holding Corp.	338,036	32,350,045
CACI International, Inc., Class A *	59,434	16,693,227
Clarivate plc *	989,874	11,551,830
Clean Harbors, Inc. *	127,153	14,930,305
Driven Brands Holdings, Inc. *	140,405	4,412,929
Dun & Bradstreet Holdings, Inc.	385,850	5,498,362
IAA, Inc. *	339,633	12,654,726
Jacobs Solutions, Inc.	326,022	40,615,821
Leidos Holdings, Inc.	346,666	32,950,603
ManpowerGroup, Inc.	133,703	9,803,104
MSA Safety, Inc.	92,722	11,020,937

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Nielsen Holdings plc	912,664	25,408,566
Robert Half International, Inc.	280,450	21,586,236
Science Applications International Corp.	141,652	12,900,248
Stericycle, Inc. *	233,378	11,689,904
Tetra Tech, Inc.	136,267	18,506,421
TriNet Group, Inc. *	96,362	7,940,229
		304,581,056

Consumer Durables & Apparel 3.9%
Brunswick Corp.	192,057	14,348,578
Capri Holdings Ltd. *	374,232	17,656,266
Carter's, Inc.	102,314	7,555,889
Columbia Sportswear Co.	84,371	6,010,590
Crocs, Inc. *	156,148	11,508,108
Deckers Outdoor Corp. *	69,136	22,232,064
Hanesbrands, Inc.	884,865	7,707,174
Hasbro, Inc.	332,582	26,214,113
Helen of Troy Ltd. *	60,560	7,487,033
Leggett & Platt, Inc.	339,112	12,960,861
Mattel, Inc. *	894,615	19,788,884
Mohawk Industries, Inc. *	130,511	14,403,194
Newell Brands, Inc.	934,134	16,674,292
Polaris, Inc.	141,750	16,056,022
PulteGroup, Inc.	602,845	24,511,678
PVH Corp.	171,262	9,633,487
Ralph Lauren Corp.	117,366	10,719,037
Skechers U.S.A., Inc., Class A *	342,175	12,934,215
Tapestry, Inc.	639,115	22,196,464
Tempur Sealy International, Inc.	444,962	11,128,500
Toll Brothers, Inc.	279,727	12,249,245
TopBuild Corp. *	83,078	15,266,413
Under Armour, Inc., Class A *	477,365	4,019,413
Under Armour, Inc., Class C *	513,065	3,894,163
Whirlpool Corp.	142,608	22,332,413
YETI Holdings, Inc. *	218,547	8,062,199
		357,550,295

Consumer Services 3.3%
ADT, Inc.	582,040	4,243,072
Aramark	652,965	23,317,380
Bright Horizons Family Solutions, Inc. *	150,749	10,281,082
Caesars Entertainment, Inc. *	543,906	23,453,227
Chegg, Inc. *	319,367	6,285,143
Choice Hotels International, Inc.	83,506	9,578,973
Churchill Downs, Inc.	86,877	17,122,588
Coursera, Inc. *	215,490	2,478,135
Marriott Vacations Worldwide Corp.	105,089	14,966,775
MGM Resorts International	897,059	29,280,006
Norwegian Cruise Line Holdings Ltd. *	1,064,099	13,918,415
Penn National Gaming, Inc. *	414,685	12,950,613
Planet Fitness, Inc., Class A *	215,255	14,583,526
Service Corp. International	402,824	24,858,269
Terminix Global Holdings, Inc. *	307,999	13,136,157
Texas Roadhouse, Inc.	172,840	15,341,279
The Wendy's Co.	434,845	8,340,327
Vail Resorts, Inc.	102,896	23,118,673
Wingstop, Inc.	75,840	8,635,142
Wyndham Hotels & Resorts, Inc.	233,509	15,257,478
Wynn Resorts Ltd. *	267,902	16,232,182
		307,378,442

Diversified Financials 6.3%
Affiliated Managers Group, Inc.	98,192	12,505,733
AGNC Investment Corp.	1,326,552	15,852,296

SECURITY	NUMBER OF SHARES	VALUE ($)
Ally Financial, Inc.	819,701	27,214,073
Annaly Capital Management, Inc.	4,216,837	27,198,599
Apollo Global Management, Inc.	947,511	52,662,661
Ares Management Corp., Class A	435,367	32,278,109
Blackstone Mortgage Trust, Inc., Class A	431,632	12,508,695
Cboe Global Markets, Inc.	269,405	31,781,708
Credit Acceptance Corp. *	19,022	10,121,226
Equitable Holdings, Inc.	898,989	26,744,923
FactSet Research Systems, Inc.	96,137	41,660,008
Forge Global Holdings, Inc. *(a)	255,151	974,677
Invesco Ltd.	854,084	14,066,763
Janus Henderson Group plc	425,381	9,953,915
Jefferies Financial Group, Inc.	485,840	15,590,606
Lazard Ltd., Class A	285,879	10,391,702
LPL Financial Holdings, Inc.	202,864	44,899,889
Morningstar, Inc.	59,580	13,583,644
OneMain Holdings, Inc.	269,989	9,430,716
Raymond James Financial, Inc.	493,189	51,474,136
Rithm Capital Corp.	1,183,316	11,158,670
SEI Investments Co.	264,937	14,492,054
SoFi Technologies, Inc. *(a)	1,856,770	10,992,078
Starwood Property Trust, Inc.	779,231	17,867,767
Stifel Financial Corp.	270,159	16,023,130
The Carlyle Group, Inc.	357,467	11,628,402
Tradeweb Markets, Inc., Class A	273,021	18,999,531
Upstart Holdings, Inc. *(a)	129,396	3,351,356
Voya Financial, Inc.	259,035	15,938,424
		581,345,491

Energy 5.1%
Antero Midstream Corp.	826,212	8,319,955
APA Corp.	858,028	33,557,475
Continental Resources, Inc.	147,343	10,288,962
Coterra Energy, Inc.	2,044,337	63,190,457
Devon Energy Corp.	1,557,148	109,965,792
Diamondback Energy, Inc.	433,569	57,786,076
EQT Corp.	749,982	35,849,140
HF Sinclair Corp.	379,575	19,977,032
Marathon Oil Corp.	1,795,144	45,937,735
NOV, Inc.	996,937	17,615,877
Targa Resources Corp.	578,336	39,459,865
Texas Pacific Land Corp.	15,714	28,920,988
		470,869,354

Food & Staples Retailing 1.0%
Albertsons Cos., Inc., Class A	270,720	7,447,507
BJ's Wholesale Club Holdings, Inc. *	342,322	25,499,566
Casey's General Stores, Inc.	94,197	20,136,493
Performance Food Group Co. *	393,423	19,663,281
US Foods Holding Corp. *	567,493	17,376,636
		90,123,483

Food, Beverage & Tobacco 2.8%
Beyond Meat, Inc. *(a)	152,648	3,724,611
Bunge Ltd.	384,957	38,176,186
Campbell Soup Co.	512,946	25,842,219
Darling Ingredients, Inc. *	409,803	31,169,616
Flowers Foods, Inc.	505,631	13,803,726
Ingredion, Inc.	167,858	14,615,396
Lamb Weston Holdings, Inc.	366,468	29,145,200
Lancaster Colony Corp.	50,332	8,483,459
Molson Coors Beverage Co., Class B	477,850	24,690,510
Pilgrim's Pride Corp. *	121,711	3,465,112
Post Holdings, Inc. *	141,646	12,572,499

₁₀₃

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Seaboard Corp.	652	2,518,246
The Boston Beer Co., Inc., Class A *	23,858	8,042,055
The J.M. Smucker Co.	275,166	38,520,488
		254,769,323

Health Care Equipment & Services 4.5%
ABIOMED, Inc. *	115,608	29,974,842
agilon health, Inc. *	123,677	2,570,008
Amedisys, Inc. *	82,581	9,781,719
Certara, Inc. *	262,806	4,118,170
Chemed Corp.	37,990	18,090,458
DaVita, Inc. *	153,726	13,111,290
Dentsply Sirona, Inc.	546,828	17,919,554
Encompass Health Corp.	252,914	12,284,033
Enhabit, Inc. *	126,450	2,099,070
Enovis Corp. *	119,062	6,030,490
Envista Holdings Corp. *	412,864	15,313,126
Guardant Health, Inc. *	258,312	12,931,099
HealthEquity, Inc. *	213,801	14,127,970
Henry Schein, Inc. *	350,291	25,714,862
Insulet Corp. *	175,924	44,943,304
Integra LifeSciences Holdings Corp. *	181,352	8,652,304
LHC Group, Inc. *	78,640	12,698,001
Masimo Corp. *	129,584	19,034,594
Molina Healthcare, Inc. *	148,919	50,240,803
Novocure Ltd. *	228,351	18,754,468
Oak Street Health, Inc. *	354,883	9,297,935
Penumbra, Inc. *	89,847	14,750,182
QuidelOrtho Corp. *	126,768	10,047,632
Tandem Diabetes Care, Inc. *	162,284	7,422,870
Tenet Healthcare Corp. *	273,474	15,451,281
Universal Health Services, Inc., Class B	170,408	16,672,719
		412,032,784

Household & Personal Products 0.2%
Coty, Inc., Class A *	871,460	6,544,664
Herbalife Nutrition Ltd. *	242,067	6,315,528
Reynolds Consumer Products, Inc.	138,804	3,876,796
		16,736,988

Insurance 4.5%
Alleghany Corp. *	34,137	28,715,362
American Financial Group, Inc.	168,481	21,511,654
Assurant, Inc.	137,256	21,753,704
Axis Capital Holdings Ltd.	196,860	10,463,109
Brown & Brown, Inc.	594,383	37,469,904
CNA Financial Corp.	68,526	2,635,510
Erie Indemnity Co., Class A	63,296	13,604,209
Everest Re Group Ltd.	100,053	26,919,260
Fidelity National Financial, Inc.	712,302	27,851,008
First American Financial Corp.	272,306	14,568,371
Globe Life, Inc.	230,207	22,373,818
Lincoln National Corp.	410,231	18,895,240
Loews Corp.	493,339	27,286,580
Old Republic International Corp.	726,729	15,871,761
Primerica, Inc.	97,530	12,361,928
Reinsurance Group of America, Inc.	170,001	21,311,325
RenaissanceRe Holdings Ltd.	112,021	15,151,961
Selective Insurance Group, Inc.	153,121	12,160,870
The Hanover Insurance Group, Inc.	90,290	11,682,623
Unum Group	510,347	19,316,634
W.R. Berkley Corp.	531,518	34,442,366
		416,347,197

SECURITY	NUMBER OF SHARES	VALUE ($)
Materials 7.2%
Alcoa Corp.	467,993	23,156,294
AptarGroup, Inc.	166,452	17,112,930
Ashland, Inc.	128,685	13,094,986
Avery Dennison Corp.	207,307	38,065,711
Axalta Coating Systems Ltd. *	528,616	13,611,862
Berry Global Group, Inc. *	330,713	17,967,637
CF Industries Holdings, Inc.	529,204	54,751,446
Cleveland-Cliffs, Inc. *	1,211,761	20,927,112
Crown Holdings, Inc.	311,879	28,253,119
Diversey Holdings Ltd. *	122,300	749,699
Eagle Materials, Inc.	100,325	12,000,876
Eastman Chemical Co.	326,924	29,750,084
FMC Corp.	319,462	34,527,453
Graphic Packaging Holding Co.	719,071	16,013,711
Huntsman Corp.	505,451	14,162,737
MP Materials Corp. *	188,866	6,608,421
Olin Corp.	352,235	19,253,165
Packaging Corp. of America	237,684	32,543,693
Reliance Steel & Aluminum Co.	157,173	29,545,381
Royal Gold, Inc.	166,362	15,288,668
RPM International, Inc.	328,509	30,603,898
Sealed Air Corp.	370,747	19,949,896
Sonoco Products Co.	247,214	15,579,426
Steel Dynamics, Inc.	454,749	36,707,339
The Mosaic Co.	918,361	49,472,107
The Scotts Miracle-Gro Co.	102,642	6,871,882
United States Steel Corp.	661,626	15,131,387
Valvoline, Inc.	452,208	13,145,687
Westlake Corp.	84,650	8,349,030
Westrock Co.	646,542	26,243,140
		659,438,777

Media & Entertainment 2.9%
Altice USA, Inc., Class A *	576,460	5,764,600
Bumble, Inc., Class A *	183,701	4,601,710
Cable One, Inc.	12,475	14,159,125
DISH Network Corp., Class A *	635,579	11,027,296
IAC/InterActiveCorp *	213,484	13,720,617
Liberty Media Corp. - Liberty Formula One, Class A *	55,283	3,213,601
Liberty Media Corp. - Liberty Formula One, Class C *	520,761	33,162,060
News Corp., Class A	984,858	16,663,797
News Corp., Class B	304,522	5,249,959
Playtika Holding Corp. *	262,728	2,766,526
The Interpublic Group of Cos., Inc.	998,781	27,606,307
The New York Times Co., Class A	423,339	12,907,606
Vimeo, Inc. *	399,950	2,367,704
Warner Bros Discovery, Inc. *	5,603,065	74,184,581
ZoomInfo Technologies, Inc. *	767,689	34,868,434
		262,263,923

Pharmaceuticals, Biotechnology & Life Sciences 5.8%
10X Genomics, Inc., Class A *	238,112	7,855,315
Adaptive Biotechnologies Corp. *	277,218	2,472,785
Alkermes plc *	414,309	9,806,694
Arrowhead Pharmaceuticals, Inc. *	268,002	10,642,359
Biohaven Pharmaceutical Holding Co., Ltd. *	160,442	23,962,013
BioMarin Pharmaceutical, Inc. *	469,405	41,870,926
Bio-Rad Laboratories, Inc., Class A *	54,920	26,638,397
Bio-Techne Corp.	99,557	33,034,008
Bridgebio Pharma, Inc. *	272,435	2,860,567
Bruker Corp.	253,467	14,194,152

₁₀₄

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Elanco Animal Health, Inc. *	1,203,367	18,206,943
Exelixis, Inc. *	812,988	14,422,407
Fate Therapeutics, Inc. *	208,872	5,459,914
Intellia Therapeutics, Inc. *	178,839	10,741,070
Ionis Pharmaceuticals, Inc. *	360,072	15,310,261
Jazz Pharmaceuticals plc *	158,130	24,544,939
Mirati Therapeutics, Inc. *	126,763	10,271,606
Natera, Inc. *	227,015	11,182,759
Neurocrine Biosciences, Inc. *	242,524	25,375,286
Novavax, Inc. *	198,266	6,550,709
Organon & Co.	643,805	18,367,757
PerkinElmer, Inc.	320,051	43,226,088
Perrigo Co., plc	341,350	12,773,317
Repligen Corp. *	130,804	28,694,473
Roivant Sciences Ltd. *(a)	244,699	871,128
Sarepta Therapeutics, Inc. *	222,040	24,286,735
Sotera Health Co. *	251,548	4,253,677
Syneos Health, Inc. *	260,422	15,653,966
Ultragenyx Pharmaceutical, Inc. *	177,392	8,459,824
United Therapeutics Corp. *	114,948	26,049,516
Viatris, Inc.	3,075,961	29,375,428
Vir Biotechnology, Inc. *	187,633	4,456,284
		531,871,303

Real Estate 9.2%
American Homes 4 Rent, Class A	749,690	26,658,976
Americold Realty Trust, Inc.	683,408	20,105,863
Apartment Income REIT Corp.	398,279	16,269,697
Brixmor Property Group, Inc.	760,323	16,331,738
Camden Property Trust	270,185	34,721,474
Cousins Properties, Inc.	377,172	10,127,068
CubeSmart	569,435	26,222,482
Douglas Emmett, Inc.	445,835	8,702,699
EastGroup Properties, Inc.	105,793	17,459,019
Equity LifeStyle Properties, Inc.	438,844	30,762,965
eXp World Holdings, Inc.	169,890	2,196,678
Federal Realty Investment Trust	181,412	18,371,593
First Industrial Realty Trust, Inc.	335,077	16,981,702
Gaming & Leisure Properties, Inc.	596,657	28,800,633
Healthcare Realty Trust, Inc., Class A	965,839	23,489,205
Highwoods Properties, Inc.	266,907	8,116,642
Host Hotels & Resorts, Inc.	1,813,380	32,223,763
Iron Mountain, Inc.	737,090	38,778,305
Jones Lang LaSalle, Inc. *	123,989	21,450,097
Kilroy Realty Corp.	266,465	12,995,498
Kimco Realty Corp.	1,567,857	33,050,426
Lamar Advertising Co., Class A	220,936	20,743,681
Life Storage, Inc.	214,036	27,236,081
Medical Properties Trust, Inc.	1,522,835	22,248,619
National Retail Properties, Inc.	446,427	20,044,572
Omega Healthcare Investors, Inc.	596,976	19,497,236
Opendoor Technologies, Inc. *	999,524	4,327,939
Rayonier, Inc.	371,185	13,184,491
Regency Centers Corp.	393,629	23,948,388
Rexford Industrial Realty, Inc.	418,684	26,046,332
SL Green Realty Corp.	162,387	7,172,634
Spirit Realty Capital, Inc.	340,635	13,914,940
STAG Industrial, Inc.	454,543	13,999,924
STORE Capital Corp.	640,908	17,291,698
The Howard Hughes Corp. *	97,881	6,228,168
UDR, Inc.	759,261	34,068,041
VICI Properties, Inc.	2,443,078	80,597,143
Vornado Realty Trust	403,311	10,574,815
WeWork, Inc., Class A *(a)	539,895	2,213,570
WP Carey, Inc.	489,232	41,110,165
		848,264,960

SECURITY	NUMBER OF SHARES	VALUE ($)
Retailing 3.5%
Advance Auto Parts, Inc.	155,023	26,143,079
AutoNation, Inc. *	90,219	11,241,287
Bath & Body Works, Inc.	605,224	22,593,012
Chewy, Inc., Class A *	230,077	7,898,544
Dick's Sporting Goods, Inc.	147,136	15,650,856
Five Below, Inc. *	140,706	17,993,483
Floor & Decor Holdings, Inc., Class A *	268,655	21,857,771
Foot Locker, Inc.	212,172	7,816,417
GameStop Corp., Class A *(a)	627,794	17,980,020
Kohl's Corp.	326,288	9,273,105
Leslie's, Inc. *	348,672	4,944,169
Lithia Motors, Inc.	73,436	19,492,852
LKQ Corp.	660,072	35,129,032
Ollie's Bargain Outlet Holdings, Inc. *	148,040	8,188,092
Penske Automotive Group, Inc.	75,103	8,855,395
Petco Health & Wellness Co., Inc. *	208,390	3,109,179
Pool Corp.	101,686	34,490,874
Qurate Retail, Inc., Class A	873,953	2,709,254
Qurate Retail, Inc., Class B	2,420	26,814
RH *	44,563	11,404,117
The Gap, Inc.	533,634	4,877,415
Victoria's Secret & Co. *	172,487	5,767,965
Williams-Sonoma, Inc.	177,688	26,431,090
		323,873,822

Semiconductors & Semiconductor Equipment 3.1%
Allegro MicroSystems, Inc. *	139,423	3,251,344
Entegris, Inc.	377,398	35,807,522
First Solar, Inc. *	251,462	32,073,978
Lattice Semiconductor Corp. *	349,255	18,824,845
MKS Instruments, Inc.	145,018	14,445,243
ON Semiconductor Corp. *	1,102,273	75,803,314
Power Integrations, Inc.	147,807	10,572,635
Silicon Laboratories, Inc. *	92,918	11,645,413
SolarEdge Technologies, Inc. *	140,514	38,777,649
Universal Display Corp.	110,329	12,327,059
Wolfspeed, Inc. *	313,671	35,592,248
		289,121,250

Software & Services 7.1%
Affirm Holdings, Inc. *	418,638	9,808,688
AppLovin Corp., Class A *	91,147	2,244,951
Asana, Inc., Class A *	211,975	4,059,321
Aspen Technology, Inc. *	71,006	14,953,864
Avalara, Inc. *	222,981	20,422,830
Bill.com Holdings, Inc. *	235,474	38,118,531
Black Knight, Inc. *	395,696	26,179,247
C3.ai, Inc., Class A *	182,455	3,284,190
Ceridian HCM Holding, Inc. *	348,711	20,797,124
Citrix Systems, Inc.	316,390	32,515,400
Concentrix Corp.	109,110	13,723,856
Dolby Laboratories, Inc., Class A	164,214	12,027,033
Dropbox, Inc., Class A *	678,924	14,522,184
Duck Creek Technologies, Inc. *	192,737	2,293,570
DXC Technology Co. *	620,768	15,382,631
Dynatrace, Inc. *	500,420	19,106,036
Elastic N.V. *	184,872	15,512,610
Euronet Worldwide, Inc. *	128,287	11,373,925
Fair Isaac Corp. *	65,783	29,562,880
Fastly, Inc., Class A *	279,167	2,610,211
Five9, Inc. *	176,551	17,321,419
Genpact Ltd.	432,245	20,306,870
GoDaddy, Inc., Class A *	410,344	31,112,282
Guidewire Software, Inc. *	211,737	15,183,660

₁₀₅

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Mid-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Informatica, Inc., Class A *	77,376	1,707,688
Jack Henry & Associates, Inc.	184,807	35,519,905
Manhattan Associates, Inc. *	160,165	22,624,908
Maximus, Inc.	155,797	9,439,740
New Relic, Inc. *	151,200	9,179,352
Nutanix, Inc., Class A *	559,922	9,686,651
Paylocity Holding Corp. *	100,724	24,274,484
Pegasystems, Inc.	103,557	3,791,222
PTC, Inc. *	267,101	30,687,234
Q2 Holdings, Inc. *	144,855	5,753,641
Smartsheet, Inc., Class A *	326,558	10,864,585
The Western Union Co.	978,444	14,500,540
Thoughtworks Holding, Inc. *	94,057	1,237,790
Tyler Technologies, Inc. *	105,235	39,095,855
WEX, Inc. *	114,183	17,612,728
Zendesk, Inc. *	310,936	23,870,557
		652,270,193

Technology Hardware & Equipment 3.0%
Arrow Electronics, Inc. *	167,605	17,566,680
Ciena Corp. *	386,082	19,589,801
Cognex Corp.	440,949	18,568,362
F5, Inc. *	153,432	24,098,030
IPG Photonics Corp. *	88,206	7,990,582
Jabil, Inc.	358,323	21,606,877
Juniper Networks, Inc.	819,808	23,298,943
Littelfuse, Inc.	62,706	14,875,117
Lumentum Holdings, Inc. *	174,963	14,618,159
National Instruments Corp.	332,472	13,219,087
NetApp, Inc.	564,560	40,721,713
TD SYNNEX Corp.	104,828	10,092,840
Ubiquiti, Inc. (a)	15,371	4,771,005
Vontier Corp.	408,644	8,957,476
Western Digital Corp. *	794,517	33,576,288
		273,550,960

Telecommunication Services 0.4%
Frontier Communications Parent, Inc. *	528,362	13,610,605
Lumen Technologies, Inc.	2,359,401	23,499,634
		37,110,239

Transportation 2.1%
Alaska Air Group, Inc. *	320,073	13,942,380
AMERCO	24,875	13,076,041
American Airlines Group, Inc. *	1,647,944	21,406,793
C.H. Robinson Worldwide, Inc.	322,877	36,856,410
GXO Logistics, Inc. *	257,914	11,446,223
Hertz Global Holdings, Inc. *	126,159	2,328,895
JetBlue Airways Corp. *	815,069	6,349,388
Knight-Swift Transportation Holdings, Inc.	415,045	20,963,923
Landstar System, Inc.	94,077	13,794,510
Lyft, Inc., Class A *	765,611	11,277,450
TuSimple Holdings, Inc., Class A *	90,294	649,214
United Airlines Holdings, Inc. *	828,741	29,014,222
XPO Logistics, Inc. *	251,164	13,166,017
		194,271,466

SECURITY	NUMBER OF SHARES	VALUE ($)
Utilities 3.9%
Alliant Energy Corp.	636,214	38,834,503
Atmos Energy Corp.	352,601	39,977,901
Black Hills Corp.	164,659	12,428,461
Essential Utilities, Inc.	584,211	28,713,971
Hawaiian Electric Industries, Inc.	277,396	10,851,732
IDACORP, Inc.	128,260	14,011,122
National Fuel Gas Co.	231,855	16,524,306
NiSource, Inc.	1,029,496	30,380,427
NRG Energy, Inc.	602,029	24,851,757
OGE Energy Corp.	508,188	20,601,941
Pinnacle West Capital Corp.	286,708	21,603,448
Portland General Electric Co.	226,179	11,686,669
The AES Corp.	1,694,550	43,126,297
UGI Corp.	532,896	21,049,392
Vistra Corp.	1,095,616	27,116,496
		361,758,423
Total Common Stocks (Cost $8,379,863,257)		9,183,598,152


SHORT-TERM INVESTMENTS 0.6% OF NET ASSETS

Money Market Funds 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (b)	9,050,113	9,050,113
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (b)(c)	50,462,157	50,462,157
		59,512,270
Total Short-Term Investments (Cost $59,512,270)		59,512,270
Total Investments in Securities (Cost $8,439,375,527)		9,243,110,422

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
S&P Mid-Cap 400 Index, e-mini, expires 09/16/22	36	8,749,080	(540,283)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $49,003,730.
(b)	The rate shown is the 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

₁₀₆

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap 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	$51.85	$35.62	$34.60	$39.12	$32.02
Income (loss) from investment operations:
Net investment income (loss)²	0.56	0.55	0.51	0.52	0.49
Net realized and unrealized gains (losses)	(9.72)	16.19	1.01	(4.53)	7.05
Total from investment operations	(9.16)	16.74	1.52	(4.01)	7.54
Less distributions:
Distributions from net investment income	(0.61)	(0.51)	(0.50)	(0.51)	(0.44)
Net asset value at end of period	$42.08	$51.85	$35.62	$34.60	$39.12
Total return	(17.78%)	47.33%	4.53%	(10.26%)	23.71%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.04% ³	0.04%	0.04%	0.04% ⁴	0.05%
Net investment income (loss)	1.20%	1.18%	1.50%	1.49%	1.38%
Portfolio turnover rate⁵	15%	15%	12%	11%	9%
Net assets, end of period (x 1,000,000)	$13,539	$16,622	$10,044	$8,100	$8,853

¹	Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after market close on March 10, 2022 (see financial note 12 for additional information).
²	Calculated based on the average shares outstanding during the period.
³	Ratio includes less than 0.005% of non-routine proxy expenses.
⁴	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/19 is a blended ratio.
⁵	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

₁₁₁

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap 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.

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

Automobiles & Components 1.2%
Adient plc *	372,250	12,358,700
American Axle & Manufacturing Holdings, Inc. *	448,386	4,640,795
Canoo, Inc. *(a)	562,954	1,795,823
Dana, Inc.	564,475	8,732,428
Dorman Products, Inc. *	111,101	10,071,306
Faraday Future Intelligent Electric, Inc. *(a)	609,244	682,353
Fisker, Inc. *(a)	561,758	5,072,675
Fox Factory Holding Corp. *	165,844	15,458,319
Gentherm, Inc. *	130,227	7,800,597
Holley, Inc. *	146,529	830,820
LCI Industries	99,992	11,586,073
Lordstown Motors Corp., Class A *(a)	508,080	1,087,291
Luminar Technologies, Inc. *(a)	862,044	7,430,819
Modine Manufacturing Co. *	204,431	3,062,376
Patrick Industries, Inc.	86,267	4,569,563
Solid Power, Inc. *	436,305	2,870,887
Standard Motor Products, Inc.	74,600	2,737,820
Stoneridge, Inc. *	106,439	2,022,341
Tenneco, Inc., Class A *	297,503	5,610,907
The Goodyear Tire & Rubber Co. *	1,110,364	15,578,407
Thor Industries, Inc.	216,037	17,501,157
Visteon Corp. *	110,308	13,218,208
Winnebago Industries, Inc.	128,583	7,403,809
Workhorse Group, Inc. *(a)	600,371	1,879,161
XL Fleet Corp. *	378,824	424,283
XPEL, Inc. *	65,084	4,460,207
		168,887,125

Banks 10.0%
1st Source Corp.	66,639	3,144,694
Allegiance Bancshares, Inc.	74,332	3,148,703
Ameris Bancorp	259,904	12,132,319
Arrow Financial Corp.	62,271	1,999,522
Associated Banc-Corp.	588,826	11,800,073
Atlantic Union Bankshares Corp.	294,519	9,557,142
Axos Financial, Inc. *	210,976	8,814,577
Banc of California, Inc.	207,751	3,506,837
BancFirst Corp.	74,609	8,047,327
Bank of Hawaii Corp.	158,295	12,350,176
Bank of Marin Bancorp	63,098	1,949,728
Bank OZK	443,822	17,988,106
BankUnited, Inc.	321,029	11,894,124
Banner Corp.	134,934	8,198,590
Berkshire Hills Bancorp, Inc.	186,375	5,257,639
Brookline Bancorp, Inc.	304,794	3,800,781
Byline Bancorp, Inc.	92,284	2,012,714
Cadence Bank	721,581	18,385,884
Camden National Corp.	57,798	2,614,203
Capitol Federal Financial, Inc.	506,160	4,585,810
Cathay General Bancorp	295,125	12,377,542

SECURITY	NUMBER OF SHARES	VALUE ($)
CBTX, Inc.	72,237	2,152,663
Central Pacific Financial Corp.	107,786	2,348,657
City Holding Co.	58,917	5,008,534
Columbia Banking System, Inc.	306,522	9,180,334
Columbia Financial, Inc. *	158,303	3,376,603
Community Bank System, Inc.	211,986	13,859,645
Community Trust Bancorp, Inc.	59,732	2,523,677
ConnectOne Bancorp, Inc.	140,369	3,513,436
CrossFirst Bankshares, Inc. *	171,350	2,258,393
Customers Bancorp, Inc. *	118,924	4,125,474
CVB Financial Corp.	521,079	13,673,113
Dime Community Bancshares, Inc.	126,018	3,939,323
Eagle Bancorp, Inc.	126,409	6,134,629
Eastern Bankshares, Inc.	653,707	12,681,916
Enterprise Financial Services Corp.	146,461	6,696,197
Essent Group Ltd.	423,309	16,928,127
F.N.B. Corp.	1,326,998	15,817,816
FB Financial Corp.	139,240	5,516,689
Federal Agricultural Mortgage Corp., Class C	38,828	4,241,571
Financial Institutions, Inc.	59,340	1,544,620
First BanCorp	776,040	11,097,372
First Bancorp/Southern Pines NC	135,625	4,938,106
First Busey Corp.	197,900	4,551,700
First Citizens BancShares, Inc., Class A	52,427	42,568,627
First Commonwealth Financial Corp.	371,793	5,011,770
First Community Bankshares, Inc.	58,123	1,832,618
First Financial Bancorp	371,109	8,008,532
First Financial Bankshares, Inc.	505,114	21,472,396
First Financial Corp.	43,309	2,013,868
First Foundation, Inc.	194,907	3,695,437
First Hawaiian, Inc.	503,109	12,934,932
First Horizon Corp.	2,101,722	47,540,952
First Interstate BancSystem, Inc., Class A	322,351	12,977,851
First Merchants Corp.	224,689	8,947,116
First Mid Bancshares, Inc.	73,222	2,588,398
Flagstar Bancorp, Inc.	209,710	8,080,126
Flushing Financial Corp.	119,362	2,464,825
Fulton Financial Corp.	654,935	10,629,595
German American Bancorp, Inc.	108,603	4,079,129
Glacier Bancorp, Inc.	426,645	21,622,369
Great Southern Bancorp, Inc.	38,530	2,264,793
Hancock Whitney Corp.	339,520	16,375,050
Hanmi Financial Corp.	120,380	2,975,794
HarborOne Bancorp, Inc.	181,734	2,478,852
Heartland Financial USA, Inc.	158,379	7,074,790
Heritage Commerce Corp.	236,313	2,667,974
Heritage Financial Corp.	138,433	3,597,874
Hilltop Holdings, Inc.	194,782	5,142,245
Home BancShares, Inc.	744,396	17,515,638
HomeStreet, Inc.	73,523	2,559,336
Hope Bancorp, Inc.	474,584	6,867,230
Horizon Bancorp, Inc.	151,357	2,863,674
Independent Bank Corp.	184,044	14,397,762
Independent Bank Group, Inc.	142,759	9,616,246

₁₁₂

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
International Bancshares Corp.	208,397	8,696,407
Kearny Financial Corp.	276,878	3,145,334
Lakeland Bancorp, Inc.	244,525	3,983,312
Lakeland Financial Corp.	99,754	7,515,466
Live Oak Bancshares, Inc.	127,977	4,637,886
Luther Burbank Corp.	44,560	584,182
Mercantile Bank Corp.	57,119	1,889,496
Merchants Bancorp	97,974	2,642,359
Metrocity Bankshares, Inc.	74,740	1,494,053
MGIC Investment Corp.	1,218,007	17,405,320
Midland States Bancorp, Inc.	81,202	2,037,358
Mr Cooper Group, Inc. *	290,114	12,271,822
National Bank Holdings Corp., Class A	118,557	4,757,692
NBT Bancorp, Inc.	168,230	6,523,959
New York Community Bancorp, Inc.	1,837,320	17,987,363
Nicolet Bankshares, Inc. *	45,257	3,465,781
NMI Holdings, Inc., Class A *	339,180	6,963,365
Northfield Bancorp, Inc.	167,585	2,470,203
Northwest Bancshares, Inc.	499,578	7,029,062
OceanFirst Financial Corp.	232,489	4,519,586
OFG Bancorp	191,324	5,204,013
Old National Bancorp	1,151,456	19,217,801
Origin Bancorp, Inc.	87,093	3,557,749
Pacific Premier Bancorp, Inc.	373,252	12,227,735
PacWest Bancorp	460,584	12,127,177
Park National Corp.	56,839	7,493,085
Pathward Financial, Inc.	114,821	3,784,500
Peapack-Gladstone Financial Corp.	65,547	2,206,967
PennyMac Financial Services, Inc.	115,601	6,140,725
Peoples Bancorp, Inc.	96,392	2,881,157
Pinnacle Financial Partners, Inc.	300,104	24,221,394
Popular, Inc.	301,036	23,246,000
Preferred Bank	53,235	3,611,462
Premier Financial Corp.	139,297	3,763,805
Prosperity Bancshares, Inc.	362,611	25,701,868
Provident Financial Services, Inc.	295,677	6,868,577
QCR Holdings, Inc.	62,837	3,509,446
Radian Group, Inc.	678,722	14,327,821
Renasant Corp.	220,096	7,338,001
Republic Bancorp, Inc., Class A	36,128	1,535,440
Rocket Cos., Inc., Class A (a)	463,824	3,664,210
S&T Bancorp, Inc.	154,395	4,576,268
Sandy Spring Bancorp, Inc.	177,938	6,854,172
Seacoast Banking Corp. of Florida	240,754	7,781,169
ServisFirst Bancshares, Inc.	191,971	16,194,674
Silvergate Capital Corp., Class A *	124,533	11,347,447
Simmons First National Corp., Class A	498,388	11,756,973
Southside Bancshares, Inc.	126,550	4,768,404
SouthState Corp.	296,527	23,140,967
Stock Yards Bancorp, Inc.	105,434	6,986,057
Synovus Financial Corp.	571,135	22,936,782
Texas Capital Bancshares, Inc. *	199,067	11,750,925
TFS Financial Corp.	187,092	2,675,416
The Bancorp, Inc. *	222,545	5,278,767
The First Bancshares, Inc.	80,872	2,418,073
The First of Long Island Corp.	84,300	1,551,963
Tompkins Financial Corp.	46,080	3,301,171
Towne Bank	259,528	7,393,953
TriCo Bancshares	121,167	5,717,871
Triumph Bancorp, Inc. *	92,954	5,754,782
TrustCo Bank Corp.	75,181	2,506,535
Trustmark Corp.	241,480	7,616,279
UMB Financial Corp.	169,527	15,167,581
Umpqua Holdings Corp.	852,303	15,119,855
United Bankshares, Inc.	533,598	19,796,486
United Community Banks, Inc.	412,983	13,847,320

SECURITY	NUMBER OF SHARES	VALUE ($)
Univest Financial Corp.	115,489	2,864,127
UWM Holdings Corp. (a)	312,387	1,130,841
Valley National Bancorp	1,651,628	19,191,917
Veritex Holdings, Inc.	212,256	6,391,028
Walker & Dunlop, Inc.	119,589	12,013,911
Washington Federal, Inc.	256,605	8,213,926
Washington Trust Bancorp, Inc.	68,452	3,465,725
Waterstone Financial, Inc.	86,251	1,491,280
Webster Financial Corp.	699,609	32,916,603
WesBanco, Inc.	237,394	8,121,249
Westamerica BanCorp	105,745	5,916,433
Western Alliance Bancorp	425,466	32,641,751
Wintrust Financial Corp.	236,781	19,970,109
WSFS Financial Corp.	254,295	12,295,163
		1,348,053,777

Capital Goods 11.6%
AAON, Inc.	164,740	9,469,255
AAR Corp. *	129,977	5,573,414
Advanced Drainage Systems, Inc.	223,242	30,293,939
AECOM	555,307	40,620,707
Aerojet Rocketdyne Holdings, Inc. *	293,874	12,657,153
AeroVironment, Inc. *	91,334	8,096,759
Air Lease Corp.	409,823	14,901,164
Alamo Group, Inc.	38,936	5,091,271
Albany International Corp., Class A	123,837	10,921,185
Allison Transmission Holdings, Inc.	381,923	13,848,528
Altra Industrial Motion Corp.	256,095	9,718,805
Ameresco, Inc., Class A *	122,181	8,412,162
American Woodmark Corp. *	65,198	3,379,212
API Group Corp. *	805,829	12,530,641
Apogee Enterprises, Inc.	87,018	3,553,815
Applied Industrial Technologies, Inc.	151,206	16,030,860
Archer Aviation, Inc., Class A *	495,533	1,754,187
Arcosa, Inc.	189,884	11,098,720
Argan, Inc.	58,819	2,034,549
Armstrong World Industries, Inc.	184,667	15,510,181
Array Technologies, Inc. *	524,510	10,962,259
Astec Industries, Inc.	89,680	3,423,982
Astra Space, Inc. *(a)	506,130	431,678
Atkore, Inc. *	169,194	14,281,666
AZZ, Inc.	97,335	4,147,444
Babcock & Wilcox Enterprises, Inc. *	216,624	1,728,660
Barnes Group, Inc.	182,720	5,673,456
Beacon Roofing Supply, Inc. *	213,219	11,707,855
Berkshire Grey, Inc. *(a)	155,266	313,637
Blink Charging Co. *(a)	143,572	3,068,134
Bloom Energy Corp., Class A *	689,897	17,530,283
Boise Cascade Co.	155,273	9,678,166
Builders FirstSource, Inc. *	678,977	39,794,842
BWX Technologies, Inc.	358,690	18,698,510
Byrna Technologies, Inc. *	61,486	549,070
ChargePoint Holdings, Inc. *(a)	701,692	11,416,529
Chart Industries, Inc. *	140,991	27,332,515
CIRCOR International, Inc. *	78,838	1,285,059
Columbus McKinnon Corp.	111,986	3,430,131
Comfort Systems USA, Inc.	141,234	14,171,420
Construction Partners, Inc., Class A *	162,381	4,751,268
Core & Main, Inc., Class A *	224,743	5,297,193
Crane Holdings Co.	187,334	17,676,836
CSW Industrials, Inc.	62,151	7,868,317
Curtiss-Wright Corp.	151,068	22,235,699
Custom Truck One Source, Inc. *	198,502	1,306,143
Desktop Metal, Inc., Class A *(a)	737,899	2,346,519
Douglas Dynamics, Inc.	89,975	2,618,273
DXP Enterprises, Inc. *	67,423	1,792,103
Dycom Industries, Inc. *	116,444	13,055,701

₁₁₃

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
EMCOR Group, Inc.	200,905	23,891,623
Encore Wire Corp.	77,643	10,101,354
Energy Recovery, Inc. *	148,539	3,407,485
Energy Vault Holdings, Inc. *(a)	217,974	1,201,037
Enerpac Tool Group Corp.	237,850	4,614,290
EnerSys	162,038	10,106,310
Enovix Corp. *	411,558	9,103,663
EnPro Industries, Inc.	81,609	7,390,511
Eos Energy Enterprises, Inc. *(a)	152,348	313,837
Esab Corp.	179,228	7,364,479
ESCO Technologies, Inc.	101,491	8,264,412
ESS Tech, Inc. *(a)	229,367	1,018,390
Evoqua Water Technologies Corp. *	476,839	16,727,512
Federal Signal Corp.	238,187	9,496,516
Flowserve Corp.	513,928	15,659,386
Fluence Energy, Inc. *(a)	137,552	2,744,162
Fluor Corp. *	557,483	14,739,851
Franklin Electric Co., Inc.	153,129	13,299,254
FTC Solar, Inc. *	85,652	354,599
FuelCell Energy, Inc. *	1,441,916	6,041,628
Gates Industrial Corp. plc *	373,667	4,005,710
GATX Corp.	139,930	13,518,637
Gibraltar Industries, Inc. *	129,027	5,399,780
Global Industrial Co.	62,634	1,884,031
GMS, Inc. *	169,140	8,152,548
GrafTech International Ltd.	778,138	4,575,451
Granite Construction, Inc.	178,894	5,363,242
Great Lakes Dredge & Dock Corp. *	258,925	2,477,912
Griffon Corp.	188,460	5,908,221
H&E Equipment Services, Inc.	124,882	3,953,764
Hayward Holdings, Inc. *	231,206	2,429,975
Heliogen, Inc. *(a)	371,560	891,744
Helios Technologies, Inc.	127,551	6,966,836
Herc Holdings, Inc.	98,560	11,090,957
Hexcel Corp.	330,287	19,377,938
Hillenbrand, Inc.	281,434	11,727,355
Hillman Solutions Corp. *	402,978	3,380,985
Hydrofarm Holdings Group, Inc. *	140,451	477,533
Hyliion Holdings Corp. *(a)	441,885	1,551,016
Hyster-Yale Materials Handling, Inc.	38,069	1,108,950
Hyzon Motors, Inc. *(a)	352,369	750,546
IES Holdings, Inc. *	33,755	1,025,814
Insteel Industries, Inc.	75,839	2,191,747
ITT, Inc.	327,955	23,786,576
Janus International Group, Inc. *	217,844	2,250,329
JELD-WEN Holding, Inc. *	342,962	3,824,026
John Bean Technologies Corp.	125,023	12,909,875
Kadant, Inc.	45,755	8,209,820
Kaman Corp.	109,826	3,483,681
Kennametal, Inc.	324,151	7,598,099
Kratos Defense & Security Solutions, Inc. *	489,665	6,140,399
Lindsay Corp.	43,133	6,916,808
Markforged Holding Corp. *(a)	271,324	659,317
Masonite International Corp. *	88,433	7,235,588
MasTec, Inc. *	224,813	18,097,447
Maxar Technologies, Inc.	288,964	6,886,012
McGrath RentCorp	95,522	8,073,519
MDU Resources Group, Inc.	799,061	24,091,689
Mercury Systems, Inc. *	226,691	10,910,638
Microvast Holdings, Inc. *(a)	937,911	2,307,261
Moog, Inc., Class A	113,785	8,531,599
MRC Global, Inc. *	241,668	2,351,430
MSC Industrial Direct Co., Inc., Class A	185,737	14,712,228
Mueller Industries, Inc.	223,538	14,120,896
Mueller Water Products, Inc., Class A	617,586	6,966,370
MYR Group, Inc. *	66,790	6,207,463

SECURITY	NUMBER OF SHARES	VALUE ($)
National Presto Industries, Inc.	19,702	1,344,070
Nikola Corp. *(a)	849,366	4,552,602
NOW, Inc. *	433,426	5,253,123
NV5 Global, Inc. *	46,982	6,613,186
nVent Electric plc	653,864	21,551,357
Omega Flex, Inc.	12,044	1,216,685
Oshkosh Corp.	258,619	20,627,451
Parsons Corp. *	106,381	4,402,046
PGT Innovations, Inc. *	236,007	4,937,266
Primoris Services Corp.	210,547	4,267,788
Proterra, Inc. *	733,690	4,431,488
Proto Labs, Inc. *	108,292	4,158,413
Quanex Building Products Corp.	130,535	2,910,931
RBC Bearings, Inc. *	113,431	27,300,573
Regal Rexnord Corp.	263,214	36,215,614
Resideo Technologies, Inc. *	570,418	11,876,103
REV Group, Inc.	127,444	1,468,155
Rocket Lab USA, Inc. *	584,642	3,215,531
Romeo Power, Inc. *	425,308	261,564
Rush Enterprises, Inc., Class A	168,541	7,931,540
Rush Enterprises, Inc., Class B	28,248	1,430,479
Sarcos Technology and Robotics Corp. *(a)	244,505	801,976
SES AI Corp. *(a)	379,485	1,798,759
Shoals Technologies Group, Inc., Class A *	441,952	11,654,274
Simpson Manufacturing Co., Inc.	169,514	15,703,777
SiteOne Landscape Supply, Inc. *	176,589	22,101,879
Spirit AeroSystems Holdings, Inc., Class A	413,493	12,446,139
SPX Technologies, Inc. *	179,589	10,247,348
Standex International Corp.	47,257	4,272,505
Stem, Inc. *	526,195	8,271,785
SunPower Corp. *	327,131	7,851,144
Sunrun, Inc. *	826,368	27,294,935
Tennant Co.	72,665	4,385,333
Terex Corp.	272,831	9,063,446
Terran Orbital Corp. *(a)	213,082	894,944
The AZEK Co., Inc. *	439,975	8,029,544
The Gorman-Rupp Co.	89,075	2,352,471
The Greenbrier Cos., Inc.	127,859	3,645,260
The Manitowoc Co., Inc. *	138,781	1,325,359
The Shyft Group, Inc.	125,468	3,004,959
The Timken Co.	265,321	16,712,570
Thermon Group Holdings, Inc. *	130,871	2,296,786
Titan International, Inc. *	201,459	2,826,470
Titan Machinery, Inc. *	79,314	2,441,285
TPI Composites, Inc. *	146,582	2,724,959
Trinity Industries, Inc.	274,643	6,695,796
Triton International Ltd.	252,047	15,019,481
Triumph Group, Inc. *	253,653	3,294,953
Tutor Perini Corp. *	163,116	1,105,927
UFP Industries, Inc.	246,585	19,576,383
Univar Solutions, Inc. *	665,671	16,788,223
Valmont Industries, Inc.	83,736	23,179,800
Velo3D, Inc. *(a)	239,884	1,033,900
Veritiv Corp. *	54,813	6,533,162
Vertiv Holdings Co.	1,197,651	13,808,916
Vicor Corp. *	85,216	6,062,266
View, Inc. *	236,491	420,954
Virgin Galactic Holdings, Inc. *(a)	702,232	4,150,191
Wabash National Corp.	193,451	3,182,269
Watts Water Technologies, Inc., Class A	107,832	14,936,889
WESCO International, Inc. *	175,413	23,098,384
WillScot Mobile Mini Holdings Corp. *	874,917	35,119,168

₁₁₄

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Zurn Water Solutions Corp.	494,612	13,641,399
		1,570,153,849

Commercial & Professional Services 3.4%
ABM Industries, Inc.	262,651	12,187,006
ACCO Brands Corp.	378,911	2,246,942
Alight, Inc., Class A *	1,004,190	7,913,017
ASGN, Inc. *	200,836	19,420,841
Aurora Innovation, Inc. *(a)	1,110,814	2,377,142
Barrett Business Services, Inc.	28,929	2,332,835
BlackSky Technology, Inc. *(a)	231,326	469,592
Brady Corp., Class A	188,891	8,790,987
BrightView Holdings, Inc. *	177,419	1,795,480
CACI International, Inc., Class A *	91,962	25,829,367
Casella Waste Systems, Inc., Class A *	199,238	16,323,569
CBIZ, Inc. *	204,545	8,930,435
Cimpress plc *	77,102	2,589,085
Clean Harbors, Inc. *	196,693	23,095,692
CoreCivic, Inc. *	478,998	4,564,851
Deluxe Corp.	169,430	3,259,833
Driven Brands Holdings, Inc. *	216,764	6,812,893
Ennis, Inc.	100,815	2,140,303
Exponent, Inc.	203,783	19,127,072
First Advantage Corp. *	161,550	2,235,852
Forrester Research, Inc. *	42,526	1,768,656
Franklin Covey Co. *	49,414	2,350,624
FTI Consulting, Inc. *	135,492	21,760,015
Harsco Corp. *	311,643	1,767,016
Healthcare Services Group, Inc.	289,667	4,075,615
Heidrick & Struggles International, Inc.	77,331	2,200,840
Heritage-Crystal Clean, Inc. *	63,453	2,066,664
HireRight Holdings Corp. *	88,143	1,433,205
HNI Corp.	166,771	5,336,672
Huron Consulting Group, Inc. *	83,672	5,597,657
ICF International, Inc.	66,314	6,734,850
Insperity, Inc.	139,857	15,247,210
Interface, Inc.	232,819	2,600,588
KAR Auction Services, Inc. *	478,914	6,992,144
KBR, Inc.	548,205	26,478,302
Kelly Services, Inc., Class A	135,986	2,190,735
Kforce, Inc.	78,712	4,307,121
Korn Ferry	212,038	12,917,355
LegalZoom.com, Inc. *	78,840	812,052
ManTech International Corp., Class A	108,492	10,405,468
Matthews International Corp., Class A	122,922	3,074,279
MillerKnoll, Inc.	297,396	8,231,921
MSA Safety, Inc.	143,645	17,073,645
Pitney Bowes, Inc.	644,726	1,863,258
Planet Labs PBC *	724,685	3,971,274
Resources Connection, Inc.	121,698	2,377,979
Science Applications International Corp.	219,358	19,976,933
SP Plus Corp. *	91,514	3,032,774
Steelcase, Inc., Class A	345,281	3,860,242
Sterling Check Corp. *	57,320	1,219,770
Tetra Tech, Inc.	211,084	28,667,318
The Brink's Co.	185,010	10,227,353
The GEO Group, Inc. *	488,646	3,997,124
TriNet Group, Inc. *	149,316	12,303,638
TrueBlue, Inc. *	130,982	2,690,370
UniFirst Corp.	59,689	10,759,539
Upwork, Inc. *	478,437	8,324,804
Viad Corp. *	80,369	3,068,488
VSE Corp.	41,514	1,737,361
		455,943,653

SECURITY	NUMBER OF SHARES	VALUE ($)
Consumer Durables & Apparel 3.3%
Acushnet Holdings Corp.	133,258	6,349,744
AMMO, Inc. *(a)	344,863	1,313,928
Beazer Homes USA, Inc. *	115,603	1,646,187
Brunswick Corp.	297,804	22,248,937
Callaway Golf Co. *	456,348	10,098,981
Capri Holdings Ltd. *	580,052	27,366,853
Carter's, Inc.	158,213	11,684,030
Cavco Industries, Inc. *	33,406	7,817,338
Century Communities, Inc.	113,888	5,317,431
Columbia Sportswear Co.	131,186	9,345,691
Crocs, Inc. *	242,175	17,848,298
Dream Finders Homes, Inc., Class A *	70,434	869,860
Ethan Allen Interiors, Inc.	87,011	2,068,251
Fossil Group, Inc. *	184,673	781,167
G-III Apparel Group Ltd. *	168,956	3,559,903
GoPro, Inc., Class A *	514,003	3,130,278
Green Brick Partners, Inc. *	179,941	4,383,363
Helen of Troy Ltd. *	93,691	11,583,018
Installed Building Products, Inc.	91,141	8,253,729
iRobot Corp. *(a)	106,513	6,271,485
Johnson Outdoors, Inc., Class A	28,133	1,720,052
KB Home	340,950	9,768,218
Kontoor Brands, Inc.	182,422	6,791,571
Latham Group, Inc. *	124,774	712,460
La-Z-Boy, Inc.	168,959	4,458,828
Levi Strauss & Co., Class A	382,021	6,452,335
LGI Homes, Inc. *	82,066	7,788,884
M.D.C. Holdings, Inc.	224,953	6,991,539
M/I Homes, Inc. *	111,402	4,817,022
Malibu Boats, Inc., Class A *	80,850	4,853,426
Mattel, Inc. *	1,385,828	30,654,515
Meritage Homes Corp. *	144,354	11,310,136
Movado Group, Inc.	63,586	2,027,758
Oxford Industries, Inc.	60,370	6,443,290
Purple Innovation, Inc. *	278,712	797,116
PVH Corp.	265,508	14,934,825
Ralph Lauren Corp.	182,131	16,634,024
Skechers U.S.A., Inc., Class A *	530,221	20,042,354
Skyline Champion Corp. *	207,343	11,750,128
Smith & Wesson Brands, Inc.	179,294	2,384,610
Snap One Holdings Corp. *(a)	52,306	585,304
Solo Brands, Inc., Class A *(a)	49,849	206,873
Sonos, Inc. *	502,596	7,559,044
Steven Madden Ltd.	294,516	8,573,361
Sturm Ruger & Co., Inc.	69,368	3,624,478
Taylor Morrison Home Corp. *	470,417	11,812,171
Tempur Sealy International, Inc.	690,348	17,265,604
TopBuild Corp. *	128,794	23,667,185
Traeger, Inc. *(a)	91,105	240,517
Tri Pointe Homes, Inc. *	407,018	7,053,622
Tupperware Brands Corp. *	181,158	2,036,216
Universal Electronics, Inc. *	49,076	1,090,959
Vista Outdoor, Inc. *	220,287	6,194,470
Vizio Holding Corp., Class A *	151,537	1,624,477
Wolverine World Wide, Inc.	316,486	6,184,136
YETI Holdings, Inc. *	337,997	12,468,709
		443,458,689

Consumer Services 3.7%
2U, Inc. *	300,670	2,140,770
Accel Entertainment, Inc. *	213,938	2,013,157
Adtalem Global Education, Inc. *	176,934	6,668,642
American Public Education, Inc. *	72,690	750,888
Bally's Corp. *	100,460	2,379,897
BJ's Restaurants, Inc. *	92,394	2,317,242

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Bloomin' Brands, Inc.	316,895	6,407,617
Bowlero Corp. *(a)	163,895	1,937,239
Boyd Gaming Corp.	314,052	17,093,850
Brinker International, Inc. *	173,077	4,242,117
Carriage Services, Inc.	53,548	1,896,135
Choice Hotels International, Inc.	129,211	14,821,794
Churchill Downs, Inc.	134,483	26,505,254
Chuy's Holdings, Inc. *	75,635	1,688,930
Coursera, Inc. *	337,378	3,879,847
Cracker Barrel Old Country Store, Inc.	91,270	9,851,684
Dave & Buster's Entertainment, Inc. *	153,033	6,326,384
Denny's Corp. *	243,387	2,300,007
Dine Brands Global, Inc.	66,089	4,401,527
Duolingo, Inc. *	79,977	7,519,438
Dutch Bros, Inc., Class A *	106,906	3,902,069
El Pollo Loco Holdings, Inc. *	77,526	701,610
Everi Holdings, Inc. *	361,583	6,689,286
F45 Training Holdings, Inc. *(a)	90,922	227,305
First Watch Restaurant Group, Inc. *	36,527	612,558
Frontdoor, Inc. *	323,248	7,589,863
GAN Ltd. *	154,807	399,402
Golden Entertainment, Inc. *	79,333	3,035,281
Graham Holdings Co., Class B	15,370	8,690,659
Grand Canyon Education, Inc. *	126,987	10,334,202
H&R Block, Inc.	626,832	28,207,440
Hilton Grand Vacations, Inc. *	349,493	14,252,325
Hyatt Hotels Corp., Class A *	201,655	18,072,321
Jack in the Box, Inc.	82,586	6,595,318
Krispy Kreme, Inc.	117,313	1,378,428
Laureate Education, Inc., Class A	548,066	6,039,687
Life Time Group Holdings, Inc. *	153,245	1,815,953
Lindblad Expeditions Holdings, Inc. *	121,326	937,850
Marriott Vacations Worldwide Corp.	162,779	23,182,985
Mister Car Wash, Inc. *	156,732	1,553,214
Monarch Casino & Resort, Inc. *	51,889	3,133,577
Noodles & Co. *	141,815	673,621
OneSpaWorld Holdings Ltd. *	242,538	2,136,760
Papa John's International, Inc.	125,389	10,135,193
Penn National Gaming, Inc. *	643,060	20,082,764
Perdoceo Education Corp. *	269,494	3,120,741
Planet Fitness, Inc., Class A *	333,766	22,612,647
Playa Hotels & Resorts N.V. *	528,270	3,465,451
Portillo's, Inc., Class A *	114,951	2,531,221
PowerSchool Holdings, Inc., Class A *	161,893	2,914,074
Red Rock Resorts, Inc., Class A	207,870	7,944,791
Rover Group, Inc. *(a)	308,489	1,175,343
Rush Street Interactive, Inc. *	218,172	1,055,952
Ruth's Hospitality Group, Inc.	122,317	2,228,616
Scientific Games Corp., Class A *	376,039	18,512,400
SeaWorld Entertainment, Inc. *	185,500	9,321,375
Shake Shack, Inc., Class A *	153,748	7,327,630
Six Flags Entertainment Corp. *	305,485	6,766,493
Sonder Holdings, Inc. *(a)	454,565	845,491
Strategic Education, Inc.	90,235	5,838,205
Stride, Inc. *	167,695	6,395,887
Sweetgreen, Inc., Class A *	53,262	900,660
Terminix Global Holdings, Inc. *	477,392	20,360,769
Texas Roadhouse, Inc.	267,865	23,775,697
The Cheesecake Factory, Inc.	193,615	5,928,491
The Wendy's Co.	673,036	12,908,830
Travel & Leisure Co.	335,401	14,221,002
Udemy, Inc. *	60,753	902,790
Vacasa, Inc., Class A *	370,816	1,483,264
Vivint Smart Home, Inc. *	162,335	1,016,217
Wingstop, Inc.	117,260	13,351,224
WW International, Inc. *	206,687	1,078,906
		503,506,257

SECURITY	NUMBER OF SHARES	VALUE ($)
Diversified Financials 4.6%
Affiliated Managers Group, Inc.	152,036	19,363,305
Alerus Financial Corp.	60,032	1,426,360
Apollo Commercial Real Estate Finance, Inc.	520,096	6,059,118
Arbor Realty Trust, Inc.	630,875	9,450,507
ARMOUR Residential REIT, Inc.	405,137	2,876,473
Artisan Partners Asset Management, Inc., Class A	264,495	8,929,351
Assetmark Financial Holdings, Inc. *	75,646	1,462,994
B. Riley Financial, Inc.	63,481	3,159,449
Bakkt Holdings, Inc. *(a)	204,670	530,095
BGC Partners, Inc., Class A	1,295,825	5,209,216
Blackstone Mortgage Trust, Inc., Class A	669,198	19,393,358
Blucora, Inc. *	185,202	3,718,856
Blue Owl Capital, Inc.	1,360,478	15,101,306
Bread Financial Holdings, Inc.	195,598	7,516,831
Brightsphere Investment Group, Inc.	127,366	2,176,685
BrightSpire Capital, Inc., Class A	369,519	3,103,960
Broadmark Realty Capital, Inc.	521,423	3,363,178
Cannae Holdings, Inc. *	315,587	6,819,835
Chimera Investment Corp.	935,018	7,947,653
Cohen & Steers, Inc.	99,307	7,088,534
Cowen, Inc., Class A	107,802	4,144,987
Curo Group Holdings Corp.	84,296	556,354
Diamond Hill Investment Group, Inc.	12,440	2,127,862
Donnelley Financial Solutions, Inc. *	109,798	4,660,925
Dynex Capital, Inc.	146,698	2,275,286
Ellington Financial, Inc.	221,922	3,257,815
Encore Capital Group, Inc. *	95,438	5,218,550
Enova International, Inc. *	127,413	4,451,810
Evercore, Inc., Class A	159,607	14,953,580
Federated Hermes, Inc.	359,775	12,253,936
FirstCash Holdings, Inc.	154,728	12,062,595
Focus Financial Partners, Inc., Class A *	218,792	8,565,707
Forge Global Holdings, Inc. *(a)	394,659	1,507,597
Franklin BSP Realty Trust, Inc. (a)	326,974	4,217,965
Granite Point Mortgage Trust, Inc.	210,661	1,984,427
Green Dot Corp., Class A *	214,191	4,345,935
Hamilton Lane, Inc., Class A	137,163	9,543,802
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	341,175	13,483,236
Houlihan Lokey, Inc.	195,826	15,372,341
Interactive Brokers Group, Inc., Class A	343,798	21,174,519
Invesco Mortgage Capital, Inc. (a)	128,215	2,037,336
Jackson Financial, Inc., Class A	338,670	10,586,824
Janus Henderson Group plc	658,794	15,415,780
KKR Real Estate Finance Trust, Inc.	194,208	3,740,446
Ladder Capital Corp.	446,162	4,934,552
Lazard Ltd., Class A	442,577	16,087,674
LendingClub Corp. *	401,775	5,251,199
LendingTree, Inc. *	42,647	1,300,307
LPL Financial Holdings, Inc.	314,173	69,535,910
MFA Financial, Inc.	362,809	3,965,502
Moelis & Co., Class A	254,897	10,619,009
Moneylion, Inc. *(a)	382,792	547,393
Navient Corp.	580,411	8,932,525
Nelnet, Inc., Class A	79,774	6,720,162
NerdWallet, Inc., Class A *(a)	28,933	300,614
New York Mortgage Trust, Inc.	1,501,380	4,203,864
OneMain Holdings, Inc.	418,431	14,615,795
Open Lending Corp., Class A *	400,392	3,887,806
Oportun Financial Corp. *	86,705	443,063
PennyMac Mortgage Investment Trust	361,576	5,369,404

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Piper Sandler Cos.	55,507	6,359,437
PJT Partners, Inc., Class A	96,778	6,698,973
PRA Group, Inc. *	156,296	5,773,574
PROG Holdings, Inc. *	211,582	3,922,730
Ready Capital Corp.	263,802	3,455,806
Redwood Trust, Inc.	470,738	3,648,219
Rithm Capital Corp.	1,835,249	17,306,398
SLM Corp.	1,059,034	16,182,039
StepStone Group, Inc., Class A	191,875	5,236,269
Stifel Financial Corp.	418,697	24,832,919
StoneX Group, Inc. *	67,727	6,287,775
TPG RE Finance Trust, Inc.	236,110	2,186,379
TPG, Inc.	136,496	4,007,523
Tradeweb Markets, Inc., Class A	422,686	29,414,719
Two Harbors Investment Corp.	1,354,958	6,571,546
Virtu Financial, Inc., Class A	313,734	7,203,333
Virtus Investment Partners, Inc.	27,713	5,300,111
WisdomTree Investments, Inc.	431,473	2,161,680
World Acceptance Corp. *	14,537	1,689,781
		627,590,669

Energy 6.5%
Antero Midstream Corp.	1,278,442	12,873,911
Antero Resources Corp. *	1,112,388	44,584,511
Arch Resources, Inc. (a)	60,881	8,863,056
Archaea Energy, Inc. *	214,579	4,240,081
Archrock, Inc.	529,553	3,913,397
Brigham Minerals, Inc., Class A	206,056	6,130,166
Bristow Group, Inc. *	90,678	2,630,569
Cactus, Inc., Class A	238,276	9,519,126
California Resources Corp.	305,360	15,255,786
Callon Petroleum Co. *	186,484	7,936,759
Centennial Resource Development, Inc., Class A *	729,094	6,000,444
ChampionX Corp.	799,255	17,431,752
Chesapeake Energy Corp.	445,115	44,729,606
Chord Energy Corp.	161,200	22,817,860
Civitas Resources, Inc.	283,998	19,081,826
Clean Energy Fuels Corp. *	665,932	4,475,063
CNX Resources Corp. *	765,495	13,526,297
Comstock Resources, Inc. *	355,964	6,976,894
CONSOL Energy, Inc.	125,990	9,043,562
Core Laboratories N.V.	181,769	2,935,569
CVR Energy, Inc.	114,524	3,740,354
Delek US Holdings, Inc.	277,722	7,845,647
Denbury, Inc. *	198,012	17,609,207
Diamond Offshore Drilling, Inc. *	348,329	2,476,619
DMC Global, Inc. *	77,261	1,724,466
Dril-Quip, Inc. *	135,870	3,006,803
DT Midstream, Inc. *	380,243	20,993,216
Enviva, Inc.	112,757	7,838,867
EQT Corp.	1,161,676	55,528,113
Equitrans Midstream Corp.	1,597,182	14,805,877
Excelerate Energy, Inc., Class A	68,927	1,770,045
Expro Group Holdings N.V. *	117,212	1,584,706
Green Plains, Inc. *	211,466	7,746,000
Gulfport Energy Corp. *	45,892	4,486,402
Helix Energy Solutions Group, Inc. *	562,005	2,427,862
Helmerich & Payne, Inc.	414,007	17,698,799
HF Sinclair Corp.	587,516	30,920,967
International Seaways, Inc.	161,709	4,775,267
Kosmos Energy Ltd. *	1,792,256	12,671,250
Laredo Petroleum, Inc. *	57,038	4,426,719
Liberty Energy, Inc., Class A *	434,217	6,513,255
Magnolia Oil & Gas Corp., Class A	597,333	14,258,339
Matador Resources Co.	436,167	25,995,553
Murphy Oil Corp.	573,954	22,366,987

SECURITY	NUMBER OF SHARES	VALUE ($)
Nabors Industries Ltd. *	34,672	4,594,387
New Fortress Energy, Inc.	162,798	9,336,465
NexTier Oilfield Solutions, Inc. *	631,109	5,913,491
Northern Oil and Gas, Inc.	258,837	8,189,603
NOV, Inc.	1,543,233	27,268,927
Oceaneering International, Inc. *	395,634	3,501,361
Ovintiv, Inc.	1,016,442	54,013,728
Par Pacific Holdings, Inc. *	179,072	3,366,554
Patterson-UTI Energy, Inc.	849,336	12,655,106
PBF Energy, Inc., Class A *	375,053	12,811,810
PDC Energy, Inc.	375,028	25,468,151
Peabody Energy Corp. *	418,155	10,311,702
ProFrac Holding Corp., Class A *	62,239	1,225,486
ProPetro Holding Corp. *	335,710	3,075,104
Range Resources Corp. *	1,019,198	33,490,846
RPC, Inc.	276,699	2,199,757
SM Energy Co.	479,022	21,110,500
Southwestern Energy Co. *	4,385,210	32,845,223
Talos Energy, Inc. *	161,256	3,342,837
TechnipFMC plc *	1,672,261	13,679,095
Tellurian, Inc. *(a)	1,829,751	7,319,004
Transocean Ltd. *	2,461,244	8,909,703
US Silica Holdings, Inc. *	295,908	4,151,589
Valaris Ltd. *	256,440	13,073,311
World Fuel Services Corp.	248,404	6,408,823
		884,440,118

Food & Staples Retailing 1.2%
BJ's Wholesale Club Holdings, Inc. *	530,330	39,504,282
Casey's General Stores, Inc.	145,879	31,184,554
Grocery Outlet Holding Corp. *	344,150	13,807,298
Ingles Markets, Inc., Class A	56,233	4,922,074
Performance Food Group Co. *	609,044	30,440,019
PriceSmart, Inc.	94,459	5,976,421
Rite Aid Corp. *	220,604	1,583,937
SpartanNash Co.	142,327	4,331,011
Sprouts Farmers Market, Inc. *	430,778	12,449,484
The Andersons, Inc.	123,338	4,567,206
The Chefs' Warehouse, Inc. *	128,686	4,290,391
United Natural Foods, Inc. *	228,617	10,077,437
Weis Markets, Inc.	64,580	5,018,512
		168,152,626

Food, Beverage & Tobacco 1.6%
AppHarvest, Inc. *(a)	238,019	685,495
B&G Foods, Inc. (a)	271,228	5,874,799
Benson Hill, Inc. *(a)	532,827	1,891,536
BRC, Inc., Class A *(a)	120,614	1,175,987
Calavo Growers, Inc.	69,189	2,908,706
Cal-Maine Foods, Inc.	147,386	7,901,363
Celsius Holdings, Inc. *	151,203	15,647,999
Coca-Cola Consolidated, Inc.	18,115	8,592,488
Flowers Foods, Inc.	783,276	21,383,435
Fresh Del Monte Produce, Inc.	131,044	3,582,743
Freshpet, Inc. *	188,313	8,197,265
Hostess Brands, Inc. *	543,127	12,589,684
Ingredion, Inc.	260,249	22,659,880
J&J Snack Foods Corp.	58,796	8,762,368
John B Sanfilippo & Son, Inc.	35,220	2,843,311
Lancaster Colony Corp.	77,725	13,100,549
MGP Ingredients, Inc.	49,192	5,384,556
Mission Produce, Inc. *	143,882	2,316,500
National Beverage Corp.	91,293	5,063,110
Pilgrim's Pride Corp. *	189,103	5,383,762
Seaboard Corp.	1,017	3,928,000
Sovos Brands, Inc. *	95,971	1,465,477

₁₁₇

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Tattooed Chef, Inc. *(a)	179,684	1,196,695
The Duckhorn Portfolio, Inc. *	121,680	2,219,443
The Hain Celestial Group, Inc. *	351,758	7,126,617
The Simply Good Foods Co. *	347,615	10,619,638
The Vita Coco Co., Inc. *(a)	45,053	675,344
Tootsie Roll Industries, Inc.	69,855	2,502,905
TreeHouse Foods, Inc. *	220,004	10,252,186
Turning Point Brands, Inc.	53,473	1,246,990
Universal Corp.	96,409	4,920,715
Utz Brands, Inc.	256,171	4,267,809
Vector Group Ltd.	518,639	5,082,662
Vital Farms, Inc. *	95,074	1,231,208
		212,681,225

Health Care Equipment & Services 6.8%
1Life Healthcare, Inc. *	678,449	11,676,107
Acadia Healthcare Co., Inc. *	355,640	29,137,585
Accolade, Inc. *	228,704	2,328,207
AdaptHealth Corp. *	386,194	6,939,906
Addus HomeCare Corp. *	62,924	5,614,079
Agiliti, Inc. *	108,533	1,743,040
AirSculpt Technologies, Inc.	27,890	243,201
Alignment Healthcare, Inc. *	109,380	1,663,670
Allscripts Healthcare Solutions, Inc. *	456,033	7,752,561
Amedisys, Inc. *	128,094	15,172,734
American Well Corp., Class A *	787,589	3,583,530
AMN Healthcare Services, Inc. *	175,867	18,050,989
AngioDynamics, Inc. *	152,897	3,385,140
Apollo Medical Holdings, Inc. *	149,365	6,442,112
Artivion, Inc. *	157,779	3,496,383
AtriCure, Inc. *	181,527	8,281,262
Atrion Corp.	5,561	3,358,566
Avanos Medical, Inc. *	186,586	4,595,613
Aveanna Healthcare Holdings, Inc. *	150,323	273,588
AxoGen, Inc. *	164,619	1,542,480
Axonics, Inc. *	184,885	13,357,941
BioLife Solutions, Inc. *	119,237	2,815,186
Bioventus, Inc., Class A *	86,825	634,691
Brookdale Senior Living, Inc. *	730,213	3,212,937
Butterfly Network, Inc. *(a)	530,141	3,302,778
Cano Health, Inc. *	752,997	4,645,991
Cardiovascular Systems, Inc. *	158,844	2,098,329
Castle Biosciences, Inc. *	96,238	2,790,902
Certara, Inc. *	409,565	6,417,884
Cerus Corp. *	704,433	2,895,220
Change Healthcare, Inc. *	991,663	24,365,160
Clover Health Investments Corp. *	1,221,223	3,187,392
Community Health Systems, Inc. *	494,679	1,315,846
Computer Programs & Systems, Inc. *	58,533	1,785,842
CONMED Corp.	116,208	10,292,543
CorVel Corp. *	36,779	5,714,721
Covetrus, Inc. *	410,986	8,577,278
CryoPort, Inc. *	193,464	6,318,534
Definitive Healthcare Corp. *	104,110	2,090,529
DocGo, Inc. *	302,702	3,087,560
Doximity, Inc., Class A *	364,821	12,108,409
Eargo, Inc. *	88,903	161,803
Embecta Corp.	227,749	7,269,748
Enovis Corp. *	184,980	9,369,237
Envista Holdings Corp. *	638,840	23,694,576
Evolent Health, Inc., Class A *	327,991	12,053,669
Figs, Inc., Class A *	151,179	1,747,629
Fulgent Genetics, Inc. *	77,213	3,356,449
Glaukos Corp. *	185,865	9,023,746
Globus Medical, Inc., Class A *	311,723	18,450,884
GoodRx Holdings, Inc., Class A *	275,399	1,679,934
Haemonetics Corp. *	201,071	15,086,357

SECURITY	NUMBER OF SHARES	VALUE ($)
Hanger, Inc. *	146,368	2,726,836
Health Catalyst, Inc. *	212,695	2,552,340
HealthEquity, Inc. *	331,748	21,921,908
HealthStream, Inc. *	96,222	2,129,393
Heska Corp. *	42,302	3,852,443
Hims & Hers Health, Inc. *	487,971	3,103,496
ICU Medical, Inc. *	78,971	12,556,389
Inari Medical, Inc. *	133,382	9,250,042
Innovage Holding Corp. *(a)	68,680	252,056
Inogen, Inc. *	80,584	2,307,120
Inspire Medical Systems, Inc. *	108,483	20,773,410
Integer Holdings Corp. *	129,955	8,196,262
Integra LifeSciences Holdings Corp. *	280,478	13,381,605
Invitae Corp. *	831,839	2,528,791
iRhythm Technologies, Inc. *	117,179	17,278,044
Lantheus Holdings, Inc. *	269,745	21,255,906
LeMaitre Vascular, Inc.	75,762	3,741,128
LHC Group, Inc. *	121,946	19,690,621
LifeStance Health Group, Inc. *	164,080	1,032,063
LivaNova plc *	209,844	11,803,725
Meridian Bioscience, Inc. *	170,737	5,564,319
Merit Medical Systems, Inc. *	200,738	11,889,712
Mesa Laboratories, Inc.	20,567	3,514,078
ModivCare, Inc. *	48,389	5,241,496
Multiplan Corp. *	953,078	3,354,835
National HealthCare Corp.	53,333	3,703,977
National Research Corp.	53,564	1,827,068
Neogen Corp. *(a)	423,226	8,845,423
Nevro Corp. *	138,176	6,262,136
NextGen Healthcare, Inc. *	221,411	3,794,984
NuVasive, Inc. *	204,003	8,672,167
Omnicell, Inc. *	173,797	17,777,695
OPKO Health, Inc. *	1,602,765	3,494,028
Option Care Health, Inc. *	587,458	18,187,700
OraSure Technologies, Inc. *	291,005	1,190,210
Orthofix Medical, Inc. *	78,232	1,556,817
OrthoPediatrics Corp. *	56,541	2,775,598
Outset Medical, Inc. *	163,472	2,989,903
Owens & Minor, Inc.	299,653	8,842,760
Paragon 28, Inc. *(a)	29,515	517,988
Patterson Cos., Inc.	341,996	9,538,268
Pediatrix Medical Group, Inc. *	339,249	6,045,417
PetIQ, Inc. *	106,037	990,386
Phreesia, Inc. *	203,214	5,214,471
Premier, Inc., Class A	463,138	16,320,983
Privia Health Group, Inc. *	106,431	4,234,889
PROCEPT BioRobotics Corp. *	28,044	1,135,221
Progyny, Inc. *	278,056	11,180,632
Pulmonx Corp. *	139,334	2,559,566
QuidelOrtho Corp. *	196,351	15,562,780
R1 RCM, Inc. *	528,080	11,538,548
RadNet, Inc. *	183,445	3,685,410
Schrodinger, Inc. *	184,832	5,071,790
SeaSpine Holdings Corp. *	127,515	816,096
Select Medical Holdings Corp.	406,165	10,414,071
Sema4 Holdings Corp. *	1,009,849	1,030,046
Semler Scientific, Inc. *	18,971	867,164
Senseonics Holdings, Inc. *(a)	1,684,279	2,998,017
Sharecare, Inc. *	1,177,878	2,155,517
Shockwave Medical, Inc. *	140,604	41,739,703
SI-BONE, Inc. *	108,237	1,785,910
Sight Sciences, Inc. *	40,307	280,940
Signify Health, Inc., Class A *	96,511	2,692,657
Silk Road Medical, Inc. *	137,875	5,491,561
Simulations Plus, Inc.	61,934	3,719,137
SmileDirectClub, Inc. *(a)	406,416	463,314
STAAR Surgical Co. *	188,054	17,788,028
Surgery Partners, Inc. *	141,695	3,900,863

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Surmodics, Inc. *	54,629	1,840,451
Tabula Rasa HealthCare, Inc. *	92,599	449,105
Tactile Systems Technology, Inc. *	77,126	636,289
Tandem Diabetes Care, Inc. *	251,696	11,512,575
Tenet Healthcare Corp. *	423,285	23,915,602
The Ensign Group, Inc.	206,843	17,643,708
The Joint Corp. *	58,095	1,059,653
The Pennant Group, Inc. *	107,777	1,688,866
TransMedics Group, Inc. *	109,826	5,714,247
Treace Medical Concepts, Inc. *	47,910	959,637
US Physical Therapy, Inc.	51,209	4,230,375
Vapotherm, Inc. *	89,140	173,823
Varex Imaging Corp. *	155,399	3,277,365
Vicarious Surgical, Inc. *(a)	147,478	550,093
ViewRay, Inc. *	605,416	2,070,523
Zimvie, Inc. *	82,593	1,257,065
		924,727,692

Household & Personal Products 0.8%
BellRing Brands, Inc. *	484,522	11,478,326
Central Garden & Pet Co. *	38,514	1,537,479
Central Garden & Pet Co., Class A *	155,647	5,877,231
Coty, Inc., Class A *	1,353,298	10,163,268
Edgewell Personal Care Co.	207,745	8,093,745
elf Beauty, Inc. *	188,302	7,179,955
Energizer Holdings, Inc.	257,742	7,242,550
Herbalife Nutrition Ltd. *	374,688	9,775,610
Inter Parfums, Inc.	70,216	5,513,360
Medifast, Inc.	45,289	5,682,864
Nu Skin Enterprises, Inc., Class A	196,826	8,058,057
Spectrum Brands Holdings, Inc.	160,313	10,098,116
The Beauty Health Co. *	380,718	4,416,329
The Honest Co., Inc. *	101,994	368,198
USANA Health Sciences, Inc. *	45,444	2,932,047
WD-40 Co.	53,681	10,154,298
		108,571,433

Insurance 2.6%
Ambac Financial Group, Inc. *	177,885	2,684,285
American Equity Investment Life Holding Co.	303,559	11,535,242
AMERISAFE, Inc.	75,618	3,616,053
Argo Group International Holdings Ltd.	136,456	2,678,631
Assured Guaranty Ltd.	251,738	12,856,260
Axis Capital Holdings Ltd.	305,031	16,212,398
Brighthouse Financial, Inc. *	294,667	14,011,416
BRP Group, Inc., Class A *	218,154	6,850,036
CNO Financial Group, Inc.	455,437	8,384,595
eHealth, Inc. *	97,220	622,208
Employers Holdings, Inc.	108,496	4,248,703
Enstar Group Ltd. *	47,871	9,059,587
First American Financial Corp.	422,036	22,578,926
Genworth Financial, Inc., Class A *	2,004,951	8,460,893
Goosehead Insurance, Inc., Class A *	79,907	4,155,164
Hagerty, Inc., Class A *	108,018	1,213,042
Hippo Holdings, Inc. *	1,490,991	1,446,261
Horace Mann Educators Corp.	162,908	5,827,219
James River Group Holdings Ltd.	146,620	3,483,691
Kemper Corp.	235,507	10,833,322
Kinsale Capital Group, Inc.	84,601	21,453,122
Lemonade, Inc. *(a)	164,908	3,647,767
MBIA, Inc. *	186,315	2,196,654
Mercury General Corp.	104,466	3,332,465
National Western Life Group, Inc., Class A	8,853	1,684,814

SECURITY	NUMBER OF SHARES	VALUE ($)
Oscar Health, Inc., Class A *	154,481	1,024,209
Palomar Holdings, Inc. *	93,926	7,447,393
Primerica, Inc.	151,277	19,174,360
ProAssurance Corp.	211,398	4,521,803
RLI Corp.	156,782	17,208,392
Root, Inc., Class A *	25,097	310,952
Ryan Specialty Group Holdings, Inc., Class A *	230,034	9,744,240
Safety Insurance Group, Inc.	55,162	4,967,338
Selective Insurance Group, Inc.	237,407	18,854,864
Selectquote, Inc. *	498,168	552,967
SiriusPoint Ltd. *	338,793	1,514,405
Stewart Information Services Corp.	105,797	5,357,560
The Hanover Insurance Group, Inc.	140,019	18,117,058
Trupanion, Inc. *	136,276	9,618,360
United Fire Group, Inc.	85,343	2,511,645
Unum Group	789,831	29,895,103
White Mountains Insurance Group Ltd.	11,722	16,059,140
		349,952,543

Materials 4.7%
5E Advanced Materials, Inc. *	108,016	1,620,240
AdvanSix, Inc.	110,488	4,006,295
Alcoa Corp.	725,053	35,875,622
Amyris, Inc. *(a)	792,742	2,330,662
Arconic Corp. *	415,587	10,476,948
Ashland, Inc.	199,292	20,279,954
ATI, Inc. *	488,420	14,618,411
Avient Corp.	359,627	15,762,451
Balchem Corp.	126,098	16,622,238
Cabot Corp.	221,785	15,961,867
Carpenter Technology Corp.	189,731	6,445,162
Century Aluminum Co. *	202,667	1,564,589
Chase Corp.	29,278	2,581,149
Clearwater Paper Corp. *	66,449	2,826,741
Coeur Mining, Inc. *	1,104,562	3,048,591
Commercial Metals Co.	477,565	19,346,158
Compass Minerals International, Inc.	134,059	5,428,049
Danimer Scientific, Inc. *(a)	335,990	1,495,156
Diversey Holdings Ltd. *	188,321	1,154,408
Eagle Materials, Inc.	155,283	18,574,953
Ecovyst, Inc. *	211,730	1,956,385
Element Solutions, Inc.	857,186	16,003,663
Gatos Silver, Inc. *(a)	178,460	542,518
GCP Applied Technologies, Inc. *	212,659	6,681,746
Glatfelter Corp.	177,643	865,121
Graphic Packaging Holding Co.	1,115,639	24,845,281
Greif, Inc., Class A	104,640	7,016,112
Greif, Inc., Class B	23,208	1,514,786
H.B. Fuller Co.	208,454	13,520,326
Hawkins, Inc.	74,348	2,849,015
Hecla Mining Co.	2,122,745	8,363,615
Huntsman Corp.	783,191	21,945,012
Ingevity Corp. *	152,079	10,666,821
Innospec, Inc.	97,439	9,106,649
Kaiser Aluminum Corp.	62,256	4,467,491
Koppers Holdings, Inc.	84,070	1,919,318
Kronos Worldwide, Inc.	85,384	1,099,746
Livent Corp. *	635,094	20,437,325
Louisiana-Pacific Corp.	322,301	17,478,383
Materion Corp.	80,816	6,975,229
Mativ Holdings, Inc.	214,970	5,077,591
McEwen Mining, Inc. *	153,462	471,128
Mercer International, Inc.	159,190	2,582,062
Minerals Technologies, Inc.	129,740	7,558,652
MP Materials Corp. *	292,655	10,239,998

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Myers Industries, Inc.	141,698	2,737,605
NewMarket Corp.	26,624	7,646,679
O-I Glass, Inc. *	615,275	8,004,728
Olin Corp.	545,072	29,793,636
Orion Engineered Carbons S.A.	237,820	4,009,645
Pactiv Evergreen, Inc.	167,364	1,857,740
Piedmont Lithium, Inc. *	70,628	4,318,902
PureCycle Technologies, Inc. *(a)	404,464	3,692,756
Quaker Chemical Corp.	52,892	9,220,133
Ranpak Holdings Corp. *	160,401	848,521
Resolute Forest Products, Inc. *	180,165	3,650,143
Schnitzer Steel Industries, Inc., Class A	100,807	3,330,663
Sensient Technologies Corp.	165,096	13,153,198
Silgan Holdings, Inc.	330,772	15,066,665
Stepan Co.	83,504	8,703,622
Summit Materials, Inc., Class A *	463,661	13,177,246
SunCoke Energy, Inc.	330,247	2,176,328
Sylvamo Corp.	138,778	6,167,294
The Chemours Co.	611,229	20,616,754
TimkenSteel Corp. *	162,379	2,490,894
TriMas Corp.	166,179	4,573,246
Trinseo plc	142,475	3,779,862
Tronox Holdings plc, Class A	451,760	6,609,249
United States Lime & Minerals, Inc.	8,150	837,739
United States Steel Corp.	1,024,018	23,419,292
Valhi, Inc.	9,039	315,823
Valvoline, Inc.	700,112	20,352,256
Warrior Met Coal, Inc.	203,195	6,613,997
Worthington Industries, Inc.	126,109	6,430,298
Zymergen, Inc. *(a)	62,614	148,395
		637,946,926

Media & Entertainment 2.3%
AdTheorent Holding Co., Inc. *	191,568	505,740
Advantage Solutions, Inc. *	388,554	1,414,337
AMC Networks, Inc., Class A *	117,223	3,140,404
Angi, Inc. *	294,796	1,196,872
Bumble, Inc., Class A *	285,625	7,154,906
Cardlytics, Inc. *	134,914	1,786,261
Cargurus, Inc. *	346,893	6,486,899
Cars.com, Inc. *	257,256	3,280,014
Cinemark Holdings, Inc. *	420,596	5,921,992
Clear Channel Outdoor Holdings, Inc. *	1,864,584	2,983,334
Eventbrite, Inc., Class A *	316,073	2,247,279
fuboTV, Inc. *(a)	727,113	2,632,149
Gannett Co., Inc. *	569,370	1,320,938
Gray Television, Inc.	349,538	6,676,176
iHeartMedia, Inc., Class A *	436,305	3,861,299
Integral Ad Science Holding Corp. *	59,656	485,003
John Wiley & Sons, Inc., Class A	174,999	8,055,204
Liberty Media Corp. - Liberty Braves, Class A *	40,401	1,135,268
Liberty Media Corp. - Liberty Braves, Class C *	147,779	4,040,278
Lions Gate Entertainment Corp., Class A *	241,135	2,375,180
Lions Gate Entertainment Corp., Class B *	480,330	4,481,479
Loyalty Ventures, Inc. *	77,584	163,702
Madison Square Garden Entertainment Corp. *	99,571	5,532,165
Madison Square Garden Sports Corp. *	67,418	10,805,083
Magnite, Inc. *	453,868	3,417,626

SECURITY	NUMBER OF SHARES	VALUE ($)
MediaAlpha, Inc., Class A *	87,130	727,536
Nexstar Media Group, Inc., Class A	158,842	30,389,651
Nextdoor Holdings, Inc. *	379,950	1,208,241
QuinStreet, Inc. *	199,467	2,395,599
Scholastic Corp.	120,129	5,515,122
Shutterstock, Inc.	91,032	5,044,083
Sinclair Broadcast Group, Inc., Class A	172,849	3,818,234
Skillz, Inc. *	1,040,691	1,384,119
Society Pass, Inc. *	32,223	60,901
System1, Inc. *(a)	62,927	695,343
TechTarget, Inc. *	104,465	6,779,779
TEGNA, Inc.	869,435	18,605,909
The E.W. Scripps Co., Class A *	227,678	3,403,786
The New York Times Co., Class A	655,469	19,985,250
TripAdvisor, Inc. *	394,857	9,397,597
Vimeo, Inc. *	616,794	3,651,420
Warner Music Group Corp., Class A	453,669	12,144,719
WideOpenWest, Inc. *	207,262	3,689,264
World Wrestling Entertainment, Inc., Class A	169,962	11,559,116
Yelp, Inc. *	262,541	8,971,026
Ziff Davis, Inc. *	185,573	14,341,081
ZipRecruiter, Inc., Class A *	47,432	791,166
ZoomInfo Technologies, Inc. *	1,189,585	54,030,951
		309,689,481

Pharmaceuticals, Biotechnology & Life Sciences 7.5%
2seventy bio, Inc. *	148,827	2,192,222
4D Molecular Therapeutics, Inc. *	99,593	782,801
Absci Corp. *(a)	50,278	169,437
ACADIA Pharmaceuticals, Inc. *	465,458	7,647,475
Adagio Therapeutics, Inc. *(a)	72,563	330,887
Adaptive Biotechnologies Corp. *	434,939	3,879,656
Aerie Pharmaceuticals, Inc. *	190,313	2,873,726
Agenus, Inc. *	982,608	2,653,042
Agios Pharmaceuticals, Inc. *	215,484	5,494,842
Akero Therapeutics, Inc. *	90,728	1,066,054
Akoya Biosciences, Inc. *	27,627	314,948
Alector, Inc. *	233,050	2,412,067
Aligos Therapeutics, Inc. *	72,116	90,145
Alkermes plc *	641,255	15,178,506
Allakos, Inc. *	146,623	711,122
Allogene Therapeutics, Inc. *	296,424	4,063,973
Allovir, Inc. *	114,138	857,176
ALX Oncology Holdings, Inc. *	84,104	1,093,352
Amicus Therapeutics, Inc. *	989,830	11,115,791
Amneal Pharmaceuticals, Inc. *	393,420	853,721
Amphastar Pharmaceuticals, Inc. *	148,118	4,384,293
Amylyx Pharmaceuticals, Inc. *	41,823	1,055,612
AnaptysBio, Inc. *	76,694	1,780,835
Anavex Life Sciences Corp. *	304,807	2,923,099
Anika Therapeutics, Inc. *	56,854	1,284,900
Annexon, Inc. *	99,568	585,460
Apellis Pharmaceuticals, Inc. *	355,971	21,539,805
Applied Molecular Transport, Inc. *	62,978	93,207
Arcellx, Inc. *	35,234	633,155
Arcturus Therapeutics Holdings, Inc. *	85,978	1,207,131
Arcus Biosciences, Inc. *	183,648	4,422,244
Arcutis Biotherapeutics, Inc. *	140,667	3,790,976
Arrowhead Pharmaceuticals, Inc. *	414,900	16,475,679
Arvinas, Inc. *	170,928	7,237,091
Atara Biotherapeutics, Inc. *	362,293	1,452,795
Atea Pharmaceuticals, Inc. *	207,178	1,553,835
Avid Bioservices, Inc. *	243,218	4,188,214
Avidity Biosciences, Inc. *	180,024	3,532,071
Axsome Therapeutics, Inc. *	121,120	7,727,456

₁₂₀

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Azenta, Inc.	294,904	15,544,390
Beam Therapeutics, Inc. *	182,740	9,977,604
Berkeley Lights, Inc. *	169,285	621,276
BioAtla, Inc. *	71,276	620,814
BioCryst Pharmaceuticals, Inc. *	728,784	10,130,098
Biohaven Pharmaceutical Holding Co., Ltd. *	248,343	37,090,027
Bionano Genomics, Inc. *(a)	1,144,354	2,837,998
Bioxcel Therapeutics, Inc. *(a)	73,451	1,004,810
Blueprint Medicines Corp. *	234,249	17,151,712
Bridgebio Pharma, Inc. *	424,690	4,459,245
C4 Therapeutics, Inc. *	145,859	1,470,259
Cara Therapeutics, Inc. *	165,760	1,710,643
CareDx, Inc. *	209,199	4,098,208
Caribou Biosciences, Inc. *	82,663	815,884
Cassava Sciences, Inc. *(a)	147,274	3,789,360
Catalyst Pharmaceuticals, Inc. *	374,337	5,068,523
Celldex Therapeutics, Inc. *	183,753	5,586,091
Century Therapeutics, Inc. *(a)	45,116	474,620
Cerevel Therapeutics Holdings, Inc. *	221,126	6,434,767
ChemoCentryx, Inc. *	195,711	9,977,347
Chimerix, Inc. *	271,637	597,601
CinCor Pharma, Inc. *	70,018	2,364,508
Clene, Inc. *(a)	79,783	236,158
Clovis Oncology, Inc. *(a)	558,856	625,919
Codexis, Inc. *	231,483	1,622,696
Coherus Biosciences, Inc. *	250,953	2,805,655
Collegium Pharmaceutical, Inc. *	133,950	2,354,841
Corcept Therapeutics, Inc. *	375,749	9,701,839
Crinetics Pharmaceuticals, Inc. *	174,423	3,293,106
CRISPR Therapeutics AG *	280,370	18,249,283
Cullinan Oncology, Inc. *	96,224	1,297,099
Cytek Biosciences, Inc. *	59,236	690,099
Cytokinetics, Inc. *	336,818	17,837,881
Day One Biopharmaceuticals, Inc. *	82,338	1,934,120
Deciphera Pharmaceuticals, Inc. *	186,322	3,024,006
Denali Therapeutics, Inc. *	367,941	10,180,927
Design Therapeutics, Inc. *	47,607	964,518
DICE Therapeutics, Inc. *	48,606	763,114
Dynavax Technologies Corp. *	459,980	5,275,971
Dyne Therapeutics, Inc. *	95,853	939,359
Eagle Pharmaceuticals, Inc. *	43,817	1,435,883
Edgewise Therapeutics, Inc. *	44,283	446,373
Editas Medicine, Inc. *	270,485	3,976,129
Emergent BioSolutions, Inc. *	176,494	4,239,386
Enanta Pharmaceuticals, Inc. *	72,403	4,407,895
Entrada Therapeutics, Inc. *(a)	38,432	485,396
EQRx, Inc. *(a)	880,489	4,305,591
Erasca, Inc. *	75,782	683,554
Evelo Biosciences, Inc. *(a)	105,847	231,805
Exelixis, Inc. *	1,260,223	22,356,356
Fate Therapeutics, Inc. *	324,198	8,474,536
FibroGen, Inc. *	339,614	4,224,798
Finch Therapeutics Group, Inc. *	31,894	68,891
Forma Therapeutics Holdings, Inc. *	125,588	1,682,879
G1 Therapeutics, Inc. *(a)	142,146	2,062,538
Generation Bio Co. *	171,461	877,880
Global Blood Therapeutics, Inc. *	233,026	15,822,465
Gossamer Bio, Inc. *	206,139	2,875,639
GreenLight Biosciences Holdings PBC *(a)	231,687	657,991
Halozyme Therapeutics, Inc. *	542,119	22,080,507
Harmony Biosciences Holdings, Inc. *	90,613	3,978,817
Heron Therapeutics, Inc. *	403,479	1,650,229
HilleVax, Inc. *	45,530	542,262
Humacyte, Inc. *(a)	237,950	868,517
Humanigen, Inc. *	208,419	46,519
IGM Biosciences, Inc. *	32,942	639,404

SECURITY	NUMBER OF SHARES	VALUE ($)
ImmunityBio, Inc. *(a)	262,355	1,049,420
ImmunoGen, Inc. *	787,525	4,575,520
Immunovant, Inc. *	169,030	870,504
Inhibrx, Inc. *	83,003	1,472,473
Innoviva, Inc. *	245,472	3,230,411
Inovio Pharmaceuticals, Inc. *	905,072	2,072,615
Insmed, Inc. *	469,101	11,549,267
Instil Bio, Inc. *	65,079	338,411
Intellia Therapeutics, Inc. *	277,638	16,674,938
Intra-Cellular Therapies, Inc. *	341,353	17,156,402
Ionis Pharmaceuticals, Inc. *	557,259	23,694,653
Iovance Biotherapeutics, Inc. *	537,238	5,759,191
Ironwood Pharmaceuticals, Inc. *	602,603	6,484,008
iTeos Therapeutics, Inc. *	79,926	1,772,759
Karuna Therapeutics, Inc. *	100,994	25,759,530
Keros Therapeutics, Inc. *	53,618	1,896,469
Kinnate Biopharma, Inc. *	62,770	908,910
Kodiak Sciences, Inc. *	134,646	1,347,806
Kronos Bio, Inc. *	159,205	636,820
Krystal Biotech, Inc. *	82,602	5,791,226
Kura Oncology, Inc. *	262,293	3,635,381
Kymera Therapeutics, Inc. *	140,301	3,966,309
Lexicon Pharmaceuticals, Inc. *	277,878	764,164
Ligand Pharmaceuticals, Inc. *	66,413	6,135,897
Lyell Immunopharma, Inc. *(a)	94,344	632,105
MacroGenics, Inc. *	211,980	841,561
Madrigal Pharmaceuticals, Inc. *	48,215	3,477,266
MannKind Corp. *	991,070	3,617,405
Maravai LifeSciences Holdings, Inc., Class A *	429,747	8,968,820
Medpace Holdings, Inc. *	105,878	15,628,652
Mersana Therapeutics, Inc. *	360,027	2,700,202
MiMedx Group, Inc. *	329,486	1,163,086
Mirati Therapeutics, Inc. *	196,556	15,926,933
Monte Rosa Therapeutics, Inc. *(a)	47,517	376,335
Morphic Holding, Inc. *	107,104	2,947,502
Myovant Sciences Ltd. *	174,863	2,988,409
Myriad Genetics, Inc. *	314,998	7,037,055
NanoString Technologies, Inc. *	181,260	2,457,886
Natera, Inc. *	351,573	17,318,486
Nektar Therapeutics *	727,917	2,867,993
NeoGenomics, Inc. *	488,037	4,904,772
NGM Biopharmaceuticals, Inc. *	150,126	2,118,278
Nkarta, Inc. *	113,251	1,629,682
Nurix Therapeutics, Inc. *	158,154	2,487,762
Nuvation Bio, Inc. *	456,282	1,277,590
Ocugen, Inc. *(a)	851,397	2,196,604
Olema Pharmaceuticals, Inc. *	115,875	457,706
Omeros Corp. *(a)	249,284	1,004,615
Organogenesis Holdings, Inc. *	245,203	880,279
ORIC Pharmaceuticals, Inc. *	122,340	423,296
Pacific Biosciences of California, Inc. *	883,023	5,174,515
Pacira BioSciences, Inc. *	178,456	9,365,371
Pardes Biosciences, Inc. *	108,216	379,838
Passage Bio, Inc. *	136,599	275,930
Perrigo Co., plc	528,877	19,790,577
Personalis, Inc. *	138,067	457,002
Phathom Pharmaceuticals, Inc. *(a)	60,903	520,112
Phibro Animal Health Corp., Class A	79,104	1,171,530
Pliant Therapeutics, Inc. *	128,095	2,469,672
PMV Pharmaceuticals, Inc. *	107,490	1,496,261
Poseida Therapeutics, Inc. *	115,831	383,401
Praxis Precision Medicines, Inc. *	138,581	432,373
Precigen, Inc. *	369,540	816,683
Precision BioSciences, Inc. *	191,334	308,048
Prelude Therapeutics, Inc. *	49,488	356,314
Prestige Consumer Healthcare, Inc. *	197,689	9,999,110
Prometheus Biosciences, Inc. *	41,918	2,192,731

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Protagonist Therapeutics, Inc. *	178,330	1,555,038
Prothena Corp. plc *	141,163	3,891,864
PTC Therapeutics, Inc. *	280,554	14,010,867
Quanterix Corp. *	132,633	1,240,119
Quince Therapeutics, Inc. *(a)	65,741	115,704
RAPT Therapeutics, Inc. *	77,216	2,062,439
Reata Pharmaceuticals, Inc., Class A *	108,018	2,582,710
Recursion Pharmaceuticals, Inc., Class A *	103,482	1,087,596
REGENXBIO, Inc. *	149,779	4,418,480
Relay Therapeutics, Inc. *	303,366	6,968,317
Replimune Group, Inc. *	115,865	2,208,387
Revance Therapeutics, Inc. *	262,813	5,229,979
REVOLUTION Medicines, Inc. *	289,062	6,021,161
Rhythm Pharmaceuticals, Inc. *	155,361	3,511,159
Rocket Pharmaceuticals, Inc. *	181,842	2,802,185
Roivant Sciences Ltd. *	376,471	1,340,237
Rubius Therapeutics, Inc. *	160,797	112,558
Sage Therapeutics, Inc. *	204,125	7,687,347
Sana Biotechnology, Inc. *(a)	325,122	2,214,081
Sangamo Therapeutics, Inc. *	475,654	2,568,532
Scholar Rock Holding Corp. *	103,261	861,197
Science 37 Holdings, Inc. *	198,317	313,341
Seer, Inc. *	141,482	1,428,968
Seres Therapeutics, Inc. *	257,114	1,321,566
Shattuck Labs, Inc. *	109,207	354,923
Silverback Therapeutics, Inc. *	85,396	464,554
SomaLogic, Inc. *	559,606	2,059,350
Sorrento Therapeutics, Inc. *	1,526,894	3,130,133
Sotera Health Co. *	387,744	6,556,751
SpringWorks Therapeutics, Inc. *	103,324	2,869,307
Stoke Therapeutics, Inc. *	89,834	1,352,900
Supernus Pharmaceuticals, Inc. *	210,064	7,190,491
Syndax Pharmaceuticals, Inc. *	191,666	4,525,234
Tarsus Pharmaceuticals, Inc. *	45,962	706,896
Taysha Gene Therapies, Inc. *	97,762	308,928
TCR2 Therapeutics, Inc. *	132,251	359,723
TG Therapeutics, Inc. *	528,521	3,768,355
Theravance Biopharma, Inc. *	213,945	1,927,644
Travere Therapeutics, Inc. *	210,380	5,629,769
Twist Bioscience Corp. *	221,726	8,895,647
Tyra Biosciences, Inc. *(a)	41,224	272,491
Ultragenyx Pharmaceutical, Inc. *	275,105	13,119,757
uniQure N.V. *	143,846	2,810,751
United Therapeutics Corp. *	178,057	40,351,277
Vanda Pharmaceuticals, Inc. *	221,355	2,341,936
Vaxart, Inc. *(a)	496,409	1,538,868
Vaxcyte, Inc. *	138,997	3,636,161
VBI Vaccines, Inc. *	981,418	878,958
Ventyx Biosciences, Inc. *(a)	38,728	790,051
Veracyte, Inc. *	279,874	5,709,430
Vericel Corp. *	184,497	4,603,200
Verve Therapeutics, Inc. *	89,845	3,446,454
Vir Biotechnology, Inc. *	292,167	6,938,966
Vor BioPharma, Inc. *	40,456	207,539
Xencor, Inc. *	233,833	6,170,853
Y-mAbs Therapeutics, Inc. *	134,865	2,168,629
Zentalis Pharmaceuticals, Inc. *	190,504	5,107,412
		1,017,603,419

Real Estate 6.7%
Acadia Realty Trust	372,756	5,938,003
Agree Realty Corp.	295,448	22,253,143
Alexander & Baldwin, Inc.	286,060	5,357,904
Alexander's, Inc.	8,524	2,019,336
American Assets Trust, Inc.	207,471	5,759,395
Anywhere Real Estate, Inc. *	465,271	4,545,698

SECURITY	NUMBER OF SHARES	VALUE ($)
Apple Hospitality REIT, Inc.	837,621	13,326,550
Armada Hoffler Properties, Inc.	264,794	3,476,745
Brandywine Realty Trust	671,790	5,394,474
Brixmor Property Group, Inc.	1,177,051	25,283,055
Broadstone Net Lease, Inc.	666,067	12,748,522
CareTrust REIT, Inc.	381,124	8,209,411
Centerspace	60,104	4,530,639
Chatham Lodging Trust *	191,658	2,330,561
City Office REIT, Inc.	170,526	1,969,575
Community Healthcare Trust, Inc.	92,569	3,414,870
Corporate Office Properties Trust	441,236	11,401,538
Cousins Properties, Inc.	584,283	15,687,999
Cushman & Wakefield plc *	593,892	8,884,624
DiamondRock Hospitality Co. *	829,064	7,237,729
DigitalBridge Group, Inc. *	588,549	10,476,168
Diversified Healthcare Trust	941,761	1,374,971
Doma Holdings, Inc. *(a)	669,201	403,595
Douglas Emmett, Inc.	689,832	13,465,521
Easterly Government Properties, Inc.	357,072	6,409,442
EastGroup Properties, Inc.	163,707	27,016,566
Empire State Realty Trust, Inc., Class A	535,576	3,732,965
EPR Properties	294,921	12,826,114
Equity Commonwealth *	443,389	11,665,565
Essential Properties Realty Trust, Inc.	544,721	12,332,483
eXp World Holdings, Inc.	265,271	3,429,954
First Industrial Realty Trust, Inc.	519,026	26,304,238
Forestar Group, Inc. *	69,405	863,398
Four Corners Property Trust, Inc.	316,022	8,497,832
Franklin Street Properties Corp.	366,129	1,028,822
FRP Holdings, Inc. *	25,107	1,444,155
Getty Realty Corp.	160,499	4,827,810
Gladstone Commercial Corp.	151,981	2,898,278
Global Medical REIT, Inc.	242,934	2,633,405
Global Net Lease, Inc.	408,510	5,625,183
Highwoods Properties, Inc.	413,858	12,585,422
Hudson Pacific Properties, Inc.	571,109	7,544,350
Independence Realty Trust, Inc.	869,068	16,903,373
Industrial Logistics Properties Trust	254,968	1,909,710
Innovative Industrial Properties, Inc.	109,901	10,080,120
InvenTrust Properties Corp.	264,711	6,951,311
iStar, Inc.	323,950	4,460,791
JBG SMITH Properties	426,909	9,379,191
Kennedy-Wilson Holdings, Inc.	470,151	8,255,852
Kite Realty Group Trust	861,645	16,681,447
Life Storage, Inc.	331,503	42,183,757
LTC Properties, Inc.	155,037	6,959,611
LXP Industrial Trust	1,128,656	11,354,279
Marcus & Millichap, Inc.	95,994	3,588,256
National Health Investors, Inc.	180,228	11,806,736
National Storage Affiliates Trust	330,853	16,714,694
Newmark Group, Inc., Class A	603,983	6,190,826
NexPoint Residential Trust, Inc.	91,150	4,814,543
Offerpad Solutions, Inc. *(a)	285,758	434,352
Office Properties Income Trust	189,061	3,321,802
One Liberty Properties, Inc.	64,094	1,547,870
Orion Office REIT, Inc.	221,520	2,186,402
Outfront Media, Inc.	572,866	10,139,728
Paramount Group, Inc.	648,034	4,490,876
Park Hotels & Resorts, Inc.	918,074	12,853,036
Pebblebrook Hotel Trust	514,768	9,070,212
Physicians Realty Trust	884,719	14,739,418
Piedmont Office Realty Trust, Inc., Class A	485,974	5,724,774
PotlatchDeltic Corp.	273,012	12,673,217
Rayonier, Inc.	574,863	20,419,134
RE/MAX Holdings, Inc., Class A	74,731	1,700,878
Redfin Corp. *	420,558	3,444,370

₁₂₂

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Retail Opportunity Investments Corp.	488,419	8,181,018
Rexford Industrial Realty, Inc.	647,901	40,305,921
RLJ Lodging Trust	654,919	7,898,323
RPT Realty	335,533	3,231,183
Ryman Hospitality Properties, Inc. *	216,859	17,830,147
Sabra Health Care REIT, Inc.	906,780	13,574,497
Safehold, Inc.	60,376	2,296,099
Saul Centers, Inc.	51,518	2,281,732
Seritage Growth Properties, Class A *	144,008	1,805,860
Service Properties Trust	649,558	4,442,977
SITE Centers Corp.	713,339	9,244,873
SL Green Realty Corp.	252,571	11,156,061
Spirit Realty Capital, Inc.	528,142	21,574,601
STAG Industrial, Inc.	704,161	21,688,159
Summit Hotel Properties, Inc.	418,775	3,291,571
Sunstone Hotel Investors, Inc. *	845,557	9,208,116
Tanger Factory Outlet Centers, Inc.	409,805	6,319,193
Tejon Ranch Co. *	96,107	1,514,646
Terreno Realty Corp.	296,903	18,108,114
The Howard Hughes Corp. *	151,597	9,646,117
The Macerich Co.	841,606	8,054,169
The Necessity Retail REIT, Inc.	521,756	3,892,300
The RMR Group, Inc., Class A	60,752	1,581,982
The St. Joe Co.	130,219	4,974,366
UMH Properties, Inc.	197,662	3,565,822
Uniti Group, Inc.	933,663	8,767,096
Universal Health Realty Income Trust	50,343	2,561,955
Urban Edge Properties	433,498	6,818,924
Urstadt Biddle Properties, Inc., Class A	127,063	2,124,493
Veris Residential, Inc. *	315,884	4,245,481
Washington Real Estate Investment Trust	343,711	6,740,173
WeWork, Inc., Class A *(a)	827,344	3,392,110
Xenia Hotels & Resorts, Inc. *	448,067	7,106,343
		905,560,996

Retailing 3.2%
1-800-Flowers.com, Inc., Class A *	106,240	922,163
Abercrombie & Fitch Co., Class A *	197,520	2,842,313
Academy Sports & Outdoors, Inc.	335,318	14,445,499
American Eagle Outfitters, Inc.	606,926	6,833,987
America's Car-Mart, Inc. *	23,614	1,903,525
Arko Corp.	253,950	2,420,144
Asbury Automotive Group, Inc. *	87,074	15,192,672
AutoNation, Inc. *	139,881	17,429,173
BARK, Inc. *	318,560	739,059
Bed Bath & Beyond, Inc. *(a)	313,319	2,985,930
Big Lots, Inc.	112,785	2,319,987
Boot Barn Holdings, Inc. *	117,325	7,816,192
Boxed, Inc. *	189,943	201,340
Caleres, Inc.	148,768	3,796,559
Camping World Holdings, Inc., Class A (a)	150,195	4,523,873
CarParts.com, Inc. *	184,798	1,197,491
Chewy, Inc., Class A *(a)	355,979	12,220,759
Chico's FAS, Inc. *	492,261	2,796,042
Conn's, Inc. *	60,114	577,696
ContextLogic, Inc., Class A *	1,357,005	1,764,107
Designer Brands, Inc., Class A	237,917	4,058,864
Dick's Sporting Goods, Inc.	228,147	24,267,996
Dillard's, Inc., Class A	14,552	4,310,885
Foot Locker, Inc.	328,943	12,118,260
Franchise Group, Inc.	106,374	3,605,015
Funko, Inc., Class A *	107,128	2,385,741
Genesco, Inc. *	50,816	2,875,169
Group 1 Automotive, Inc.	65,107	11,627,459

SECURITY	NUMBER OF SHARES	VALUE ($)
Groupon, Inc. *(a)	83,697	829,437
GrowGeneration Corp. *	215,606	1,024,129
Guess?, Inc. (a)	141,192	2,466,624
Haverty Furniture Cos., Inc.	56,450	1,513,989
Hibbett, Inc.	48,018	2,813,855
Kohl's Corp.	506,464	14,393,707
Lands' End, Inc. *	48,972	676,793
Leslie's, Inc. *	540,143	7,659,228
Liquidity Services, Inc. *	105,396	1,843,376
Lithia Motors, Inc.	113,614	30,157,700
LL Flooring Holdings, Inc. *	117,244	954,366
Macy's, Inc.	1,119,776	19,394,520
MarineMax, Inc. *	84,546	3,072,402
Monro, Inc.	131,658	6,097,082
Murphy USA, Inc.	87,467	25,380,299
National Vision Holdings, Inc. *	319,340	10,611,668
Nordstrom, Inc.	437,522	7,486,001
Ollie's Bargain Outlet Holdings, Inc. *	228,904	12,660,680
Overstock.com, Inc. *	167,609	4,374,595
Party City Holdco, Inc. *	435,111	857,169
Penske Automotive Group, Inc.	116,440	13,729,440
Petco Health & Wellness Co., Inc. *	320,267	4,778,384
PetMed Express, Inc.	82,982	1,706,940
Porch Group, Inc. *	297,085	638,733
Quotient Technology, Inc. *	354,417	659,216
Qurate Retail, Inc., Class A	1,345,972	4,172,513
Qurate Retail, Inc., Class B	4,939	54,724
Rent the Runway, Inc., Class A *(a)	71,793	319,479
Rent-A-Center, Inc.	211,744	5,471,465
Revolve Group, Inc. *	159,293	3,741,793
Sally Beauty Holdings, Inc. *	420,688	6,259,837
Shift Technologies, Inc. *(a)	244,744	208,032
Shoe Carnival, Inc.	66,360	1,578,704
Signet Jewelers Ltd.	185,925	12,153,917
Sleep Number Corp. *	87,346	3,618,745
Sonic Automotive, Inc., Class A	76,884	4,089,460
Sportsman's Warehouse Holdings, Inc. *	173,731	1,382,899
Stitch Fix, Inc., Class A *	325,822	1,635,626
The Aaron's Co., Inc.	122,598	1,458,916
The Buckle, Inc.	115,835	3,739,154
The Children's Place, Inc. *	50,801	2,142,786
The Container Store Group, Inc. *	129,476	877,847
The ODP Corp. *	172,087	6,152,110
The RealReal, Inc. *	327,967	701,849
Torrid Holdings, Inc. *(a)	42,841	240,338
Urban Outfitters, Inc. *	250,602	5,044,618
Victoria's Secret & Co. *	267,350	8,940,184
Vivid Seats, Inc., Class A (a)	90,674	733,553
Volta, Inc. *(a)	518,904	1,110,455
Vroom, Inc. *(a)	512,584	835,512
Warby Parker, Inc., Class A *(a)	42,653	536,148
Winmark Corp.	11,470	2,367,064
Xometry, Inc., Class A *	37,984	1,861,596
Zumiez, Inc. *	64,182	1,666,165
		427,053,722

Semiconductors & Semiconductor Equipment 2.6%
ACM Research, Inc., Class A *	145,351	2,454,978
Allegro MicroSystems, Inc. *	217,208	5,065,291
Ambarella, Inc. *	149,839	10,171,071
Amkor Technology, Inc.	395,315	7,957,691
Axcelis Technologies, Inc. *	130,101	8,708,961
CEVA, Inc. *	90,856	2,659,355
Cirrus Logic, Inc. *	225,184	17,269,361
Cohu, Inc. *	191,166	5,128,984

₁₂₃

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Credo Technology Group Holding Ltd. *	80,539	1,110,633
Diodes, Inc. *	177,515	12,633,743
FormFactor, Inc. *	306,650	8,978,712
Ichor Holdings Ltd. *	112,106	3,443,896
Impinj, Inc. *	76,850	6,861,168
Kulicke & Soffa Industries, Inc.	232,868	9,789,771
Lattice Semiconductor Corp. *	540,693	29,143,353
MACOM Technology Solutions Holdings, Inc. *	192,279	10,604,187
MaxLinear, Inc. *	279,212	10,032,087
MKS Instruments, Inc.	224,606	22,373,004
Navitas Semiconductor Corp. *(a)	305,633	1,806,291
Onto Innovation, Inc. *	194,967	13,840,707
PDF Solutions, Inc. *	116,637	3,076,884
Photronics, Inc. *	241,856	4,063,181
Power Integrations, Inc.	228,851	16,369,712
Rambus, Inc. *	432,474	11,153,504
Rigetti Computing, Inc., Class A *(a)	278,318	1,107,706
Semtech Corp. *	249,281	11,514,289
Silicon Laboratories, Inc. *	143,820	18,024,961
SiTime Corp. *	61,206	6,512,930
SkyWater Technology, Inc. *(a)	27,341	355,433
SMART Global Holdings, Inc. *	186,181	3,416,421
Synaptics, Inc. *	155,852	18,018,050
Ultra Clean Holdings, Inc. *	177,031	5,181,697
Veeco Instruments, Inc. *	200,573	4,240,113
Wolfspeed, Inc. *	486,013	55,147,895
		348,216,020

Software & Services 6.5%
8x8, Inc. *	464,562	2,420,368
A10 Networks, Inc.	228,999	3,183,086
ACI Worldwide, Inc. *	451,972	10,711,736
Agilysys, Inc. *	76,932	3,982,770
Alarm.com Holdings, Inc. *	180,930	12,049,938
Altair Engineering, Inc., Class A *	204,783	10,650,764
Alteryx, Inc., Class A *	238,032	14,834,154
Amplitude, Inc., Class A *	100,079	1,516,197
Appfolio, Inc., Class A *	79,078	8,016,928
Appian Corp. *	160,446	7,524,917
Asana, Inc., Class A *	328,501	6,290,794
Avaya Holdings Corp. *(a)	328,360	522,092
AvePoint, Inc. *(a)	341,030	1,596,020
AvidXchange Holdings, Inc. *	103,588	806,951
BigCommerce Holdings, Inc. *	236,073	3,935,337
Blackbaud, Inc. *	179,206	9,372,474
Blackline, Inc. *	211,800	14,389,692
Blend Labs, Inc., Class A *(a)	80,749	254,359
Box, Inc., Class A *	563,009	14,497,482
Braze, Inc., Class A *(a)	39,606	1,630,975
BTRS Holdings, Inc., Class A *	301,123	2,035,591
C3.ai, Inc., Class A *	282,719	5,088,942
Cantaloupe, Inc. *	231,522	1,474,795
Cass Information Systems, Inc.	45,235	1,659,220
CCC Intelligent Solutions Holdings, Inc. *	242,603	2,319,285
Cerence, Inc. *	153,713	3,075,797
ChannelAdvisor Corp. *	118,755	1,792,013
Cipher Mining, Inc. *	160,857	323,323
Clear Secure, Inc., Class A *	54,856	1,258,397
Clearwater Analytics Holdings, Inc., Class A *	153,498	2,363,869
CommVault Systems, Inc. *	175,184	9,510,739
Conduent, Inc. *	649,775	2,657,580
Confluent, Inc., Class A *	459,643	12,575,832
Consensus Cloud Solutions, Inc. *	63,133	3,178,747

SECURITY	NUMBER OF SHARES	VALUE ($)
Core Scientific, Inc., Class A *(a)	922,719	2,029,982
Couchbase, Inc. *	34,233	567,925
CS Disco, Inc. *	50,712	699,826
CSG Systems International, Inc.	122,541	7,088,997
Cvent Holding Corp. *(a)	265,607	1,343,971
Cyxtera Technologies, Inc. *(a)	140,556	891,125
Dave, Inc. *	646,846	333,126
Digital Turbine, Inc. *	346,427	6,398,507
DigitalOcean Holdings, Inc. *	66,828	2,812,791
Dolby Laboratories, Inc., Class A	254,795	18,661,186
Domo, Inc., Class B *	120,103	2,313,184
Dropbox, Inc., Class A *	1,052,602	22,515,157
Duck Creek Technologies, Inc. *	295,370	3,514,903
E2open Parent Holdings, Inc. *	696,851	4,787,366
Ebix, Inc.	94,172	2,450,355
Embark Technology, Inc. *(a)	38,790	352,989
Enfusion, Inc., Class A *	75,240	932,224
Envestnet, Inc. *	216,635	11,345,175
Everbridge, Inc. *	155,344	6,179,584
EverCommerce, Inc. *	78,224	910,527
EVERTEC, Inc.	255,979	8,600,894
Evo Payments, Inc., Class A *	187,362	6,242,902
ExlService Holdings, Inc. *	130,789	21,934,623
Expensify, Inc., Class A *	36,438	660,621
Fastly, Inc., Class A *	434,597	4,063,482
Flywire Corp. *	44,183	1,098,389
Freshworks, Inc., Class A *	417,249	5,678,759
Gitlab, Inc., Class A *	143,771	8,607,570
Grid Dynamics Holdings, Inc. *	184,212	3,722,925
HashiCorp, Inc., Class A *(a)	124,543	4,402,595
Informatica, Inc., Class A *	121,081	2,672,258
Intapp, Inc. *	43,292	627,301
InterDigital, Inc.	121,660	6,102,466
International Money Express, Inc. *	130,430	2,921,632
IronNet, Inc. *(a)	179,315	362,216
Jamf Holding Corp. *	215,532	5,161,991
Kaltura, Inc. *	57,958	140,838
Kyndryl Holdings, Inc. *	704,346	7,339,285
Latch, Inc. *	347,445	371,766
LivePerson, Inc. *	271,896	3,153,994
LiveRamp Holdings, Inc. *	268,162	5,323,016
Mandiant, Inc. *	944,328	21,587,338
Manhattan Associates, Inc. *	247,956	35,026,265
Marathon Digital Holdings, Inc. *(a)	417,611	4,948,690
Marqeta, Inc., Class A *	1,427,630	11,121,238
Matterport, Inc. *(a)	839,508	3,870,132
Maximus, Inc.	241,574	14,636,969
MeridianLink, Inc. *	53,184	923,806
MicroStrategy, Inc., Class A *(a)	36,787	8,518,398
Model N, Inc. *	131,693	3,937,621
Momentive Global, Inc. *	510,375	3,618,559
MoneyGram International, Inc. *	377,049	3,883,605
N-Able, Inc. *	266,755	2,656,880
nCino, Inc. *	224,243	7,072,624
NCR Corp. *	536,214	16,649,445
New Relic, Inc. *	233,733	14,189,930
NextNav, Inc. *(a)	61,291	207,776
Nutanix, Inc., Class A *	866,155	14,984,482
ON24, Inc. *	34,265	307,014
OneSpan, Inc. *	134,888	1,552,561
Pagerduty, Inc. *	308,378	8,030,163
Paya Holdings, Inc. *	330,334	2,071,194
Paycor HCM, Inc. *	123,789	3,667,868
Payoneer Global, Inc. *	770,228	5,098,909
Perficient, Inc. *	135,993	10,621,053
Ping Identity Holding Corp. *	240,721	6,773,889
Progress Software Corp.	172,282	8,291,933
PROS Holdings, Inc. *	159,521	3,326,013

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
Q2 Holdings, Inc. *	225,227	8,946,016
Qualtrics International, Inc., Class A *	407,331	4,989,805
Qualys, Inc. *	131,323	19,947,964
Rackspace Technology, Inc. *	245,157	1,093,400
Rapid7, Inc. *	229,178	13,177,735
Repay Holdings Corp. *	300,058	2,787,539
Riot Blockchain, Inc. *(a)	429,622	3,080,390
Sabre Corp. *	1,285,224	9,240,761
Samsara, Inc., Class A *(a)	267,886	3,983,465
SentinelOne, Inc., Class A *	730,785	19,957,738
Shift4 Payments, Inc., Class A *	211,181	9,564,388
Smartsheet, Inc., Class A *	505,624	16,822,110
SolarWinds Corp. *	175,734	1,593,907
SoundHound AI, Inc., Class A *	435,258	1,240,485
Sprout Social, Inc., Class A *	183,011	10,987,980
SPS Commerce, Inc. *	142,002	17,341,284
Squarespace, Inc., Class A *	112,004	2,352,084
Sumo Logic, Inc. *	359,567	3,156,998
Switch, Inc., Class A	543,558	18,453,794
Telos Corp. *	212,234	2,101,117
Tenable Holdings, Inc. *	369,679	14,642,985
Teradata Corp. *	411,841	13,549,569
Toast, Inc., Class A *	958,542	18,145,200
TTEC Holdings, Inc.	71,998	3,769,095
Tucows, Inc., Class A *	37,212	1,748,592
Unisys Corp. *	264,948	2,466,666
Upland Software, Inc. *	105,567	1,105,287
Varonis Systems, Inc. *	430,363	11,770,428
Verint Systems, Inc. *	253,971	12,315,054
Verra Mobility Corp. *	502,943	8,016,911
Workiva, Inc. *	189,263	12,849,065
Xperi Holding Corp.	407,593	6,484,805
Yext, Inc. *	462,481	2,058,040
Zuora, Inc., Class A *	474,880	3,647,078
		873,781,677

Technology Hardware & Equipment 3.7%
3D Systems Corp. *	512,665	5,193,296
908 Devices, Inc. *	66,324	1,336,429
ADTRAN Holdings, Inc.	302,717	7,035,143
Advanced Energy Industries, Inc.	147,423	13,237,111
Aeva Technologies, Inc. *(a)	361,014	1,111,923
AEye, Inc. *(a)	410,509	632,184
Avid Technology, Inc. *	140,024	3,829,656
Avnet, Inc.	384,280	16,866,049
Badger Meter, Inc.	115,060	10,895,031
Belden, Inc.	173,616	11,368,376
Benchmark Electronics, Inc.	138,659	3,806,190
Calix, Inc. *	218,679	12,869,259
Casa Systems, Inc. *	149,712	580,883
Cepton, Inc. *	93,331	164,263
CommScope Holding Co., Inc. *	813,856	9,196,573
Comtech Telecommunications Corp.	105,698	1,193,330
Corsair Gaming, Inc. *(a)	130,212	2,003,963
CTS Corp.	126,329	5,346,243
Diebold Nixdorf, Inc. *	283,228	985,633
ePlus, Inc. *	105,873	4,988,736
Evolv Technologies Holdings, Inc. *	209,693	476,003
Extreme Networks, Inc. *	513,914	7,364,388
Fabrinet *	144,738	14,884,856
FARO Technologies, Inc. *	72,061	2,417,647
Harmonic, Inc. *	408,715	4,602,131
II-VI, Inc. *	507,301	23,959,826
Infinera Corp. *	851,056	4,663,787
Inseego Corp. *(a)	323,359	873,069
Insight Enterprises, Inc. *	137,947	12,569,731
IonQ, Inc. *(a)	459,863	2,731,586

SECURITY	NUMBER OF SHARES	VALUE ($)
Itron, Inc. *	177,741	8,456,917
Kimball Electronics, Inc. *	97,235	2,094,442
Knowles Corp. *	359,713	5,449,652
Lightwave Logic, Inc. *(a)	405,626	3,232,839
Littelfuse, Inc.	97,213	23,060,868
Lumentum Holdings, Inc. *	271,194	22,658,259
Methode Electronics, Inc.	145,218	5,875,520
MicroVision, Inc. *(a)	651,236	3,151,982
Mirion Technologies, Inc. *	404,942	3,065,411
Napco Security Technologies, Inc. *	113,564	3,368,308
National Instruments Corp.	515,598	20,500,176
NETGEAR, Inc. *	112,469	2,653,144
NetScout Systems, Inc. *	290,507	9,220,692
nLight, Inc. *	176,184	2,200,538
Novanta, Inc. *	140,357	18,764,327
OSI Systems, Inc. *	62,373	5,196,918
Ouster, Inc. *(a)	283,325	424,988
PAR Technology Corp. *	100,863	3,550,378
PC Connection, Inc.	43,787	2,175,338
Plexus Corp. *	108,944	10,211,321
Pure Storage, Inc., Class A *	1,103,134	31,957,792
Ribbon Communications, Inc. *	476,159	1,671,318
Rogers Corp. *	73,668	18,455,307
Sanmina Corp. *	239,392	11,615,300
ScanSource, Inc. *	99,061	2,869,797
SmartRent, Inc. *(a)	349,198	1,127,910
Super Micro Computer, Inc. *	175,636	11,430,391
TD SYNNEX Corp.	162,558	15,651,084
TTM Technologies, Inc. *	397,441	6,251,747
Velodyne Lidar, Inc. *	409,958	512,447
ViaSat, Inc. *	292,985	11,127,570
Viavi Solutions, Inc. *	896,382	12,621,059
Vishay Intertechnology, Inc.	517,766	10,184,457
Vontier Corp.	633,292	13,881,761
Xerox Holdings Corp.	467,719	7,773,490
		499,626,743

Telecommunication Services 0.7%
Anterix, Inc. *	71,846	3,049,863
ATN International, Inc.	42,645	1,997,918
Bandwidth, Inc., Class A *	90,887	1,408,748
Charge Enterprises, Inc. *(a)	568,186	1,380,692
Cogent Communications Holdings, Inc.	167,671	8,928,481
Consolidated Communications Holdings, Inc. *	288,586	1,656,484
EchoStar Corp., Class A *	146,832	2,703,177
Frontier Communications Parent, Inc. *	818,916	21,095,276
Globalstar, Inc. *	2,612,795	5,225,590
Gogo, Inc. *	267,335	3,972,598
IDT Corp., Class B *	68,603	1,754,179
Iridium Communications, Inc. *	502,492	22,305,620
Liberty Latin America Ltd., Class A *	158,448	1,109,136
Liberty Latin America Ltd., Class C *	603,182	4,204,178
Radius Global Infrastructure, Inc., Class A *	281,383	3,874,644
Shenandoah Telecommunications Co.	195,972	4,368,216
Starry Group Holdings, Inc., Class A *	390,236	878,031
Telephone and Data Systems, Inc.	388,501	6,320,911
United States Cellular Corp. *	57,135	1,633,490
		97,867,232

Transportation 2.0%
Air Transport Services Group, Inc. *	228,441	6,882,927
Allegiant Travel Co. *	59,627	5,754,005

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Small-Cap ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
ArcBest Corp.	95,966	7,728,142
Atlas Air Worldwide Holdings, Inc. *	103,210	10,312,743
Avis Budget Group, Inc. *	134,712	22,548,095
Bird Global, Inc., Class A *	550,660	233,975
Daseke, Inc. *	236,374	1,432,426
Forward Air Corp.	105,739	10,260,913
Frontier Group Holdings, Inc. *(a)	119,855	1,546,130
GXO Logistics, Inc. *	399,291	17,720,535
Hawaiian Holdings, Inc. *	201,133	3,014,984
Heartland Express, Inc.	181,926	2,756,179
Hub Group, Inc., Class A *	133,491	10,653,917
JetBlue Airways Corp. *	1,261,674	9,828,440
Joby Aviation, Inc. *(a)	1,051,672	5,573,862
Kirby Corp. *	237,147	15,903,078
Knight-Swift Transportation Holdings, Inc.	643,081	32,482,021
Landstar System, Inc.	146,011	21,409,593
Marten Transport Ltd.	232,660	4,608,995
Matson, Inc.	159,076	11,717,538
Ryder System, Inc.	201,191	15,379,040
Saia, Inc. *	103,842	21,477,641
Schneider National, Inc., Class B	138,412	3,164,098
SkyWest, Inc. *	199,130	4,239,478
Spirit Airlines, Inc. *	427,571	9,697,310
Sun Country Airlines Holdings, Inc. *	122,873	2,447,630
TuSimple Holdings, Inc., Class A *	139,344	1,001,883
Universal Logistics Holdings, Inc.	29,778	1,087,195
Werner Enterprises, Inc.	232,297	9,243,098
Wheels Up Experience, Inc. *	698,552	1,306,292
		271,412,163

Utilities 2.7%
ALLETE, Inc.	224,020	13,257,504
Altus Power, Inc. *(a)	158,834	1,664,580
American States Water Co.	145,282	12,054,048
Avista Corp.	284,644	11,565,086
Black Hills Corp.	254,580	19,215,698
California Water Service Group	211,221	12,362,765
Chesapeake Utilities Corp.	69,722	8,805,889
Clearway Energy, Inc., Class A	136,357	4,701,589
Clearway Energy, Inc., Class C	321,721	11,935,849
Hawaiian Electric Industries, Inc.	430,390	16,836,857
IDACORP, Inc.	198,722	21,708,391
MGE Energy, Inc.	142,068	10,942,077
Middlesex Water Co.	68,943	6,120,070
Montauk Renewables, Inc. *	249,037	4,420,407
National Fuel Gas Co.	359,546	25,624,844
New Jersey Resources Corp.	378,357	16,700,678
Northwest Natural Holding Co.	134,493	6,403,212
NorthWestern Corp.	212,893	11,279,071
ONE Gas, Inc.	212,346	16,620,321

SECURITY	NUMBER OF SHARES	VALUE ($)
Ormat Technologies, Inc.	176,401	16,489,966
Otter Tail Corp.	163,560	12,355,322
PNM Resources, Inc.	337,673	16,015,830
Portland General Electric Co.	350,981	18,135,188
SJW Group	109,434	7,036,606
South Jersey Industries, Inc.	481,547	16,300,366
Southwest Gas Holdings, Inc.	262,858	20,463,495
Spire, Inc.	204,732	14,308,720
Sunnova Energy International, Inc. *	374,518	9,445,344
The York Water Co.	56,224	2,472,169
Unitil Corp.	62,509	3,256,094
		368,498,036
Total Common Stocks (Cost $13,296,185,900)		13,523,376,071


SHORT-TERM INVESTMENTS 1.5% OF NET ASSETS

Money Market Funds 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (b)	16,091,030	16,091,030
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (b)(c)	187,483,707	187,483,707
		203,574,737
Total Short-Term Investments (Cost $203,574,737)		203,574,737
Total Investments in Securities (Cost $13,499,760,637)		13,726,950,808

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini, expires 09/16/22	121	11,159,830	(807,916)

*	Non-income producing security.
(a)	All or a portion of this security is on loan. Securities on loan were valued at $180,053,101.
(b)	The rate shown is the 7-day yield.
(c)	Security purchased with cash collateral received for securities on loan.

REIT —

Real Estate Investment Trust

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Small-Cap ETF

Statement of Changes in Net Assets

For the current and prior report periods

OPERATIONS
	9/1/21-8/31/22		9/1/20-8/31/21
Net investment income		$186,233,583	$164,802,192
Net realized gains		1,257,485,653	637,334,901
Net change in unrealized appreciation (depreciation)	+	(4,548,673,429)	4,068,739,570
Increase (decrease) in net assets resulting from operations		($3,104,954,193)	$4,870,876,663
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions		($200,176,110)	($151,607,245)

TRANSACTIONS IN FUND SHARES1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		69,550,000	$3,368,413,273	76,000,000	$3,343,950,196
Shares redeemed	+	(68,450,000)	(3,146,749,074)	(37,400,000)	(1,485,539,714)
Net transactions in fund shares		1,100,000	$221,664,199	38,600,000	$1,858,410,482
SHARES OUTSTANDING AND NET ASSETS1
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		320,600,000	$16,622,058,251	282,000,000	$10,044,378,351
Total increase (decrease)	+	1,100,000	(3,083,466,104)	38,600,000	6,577,679,900
End of period		321,700,000	$13,538,592,147	320,600,000	$16,622,058,251

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Schwab U.S. Equity ETFs | Annual Report

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Table of Contents

Schwab U.S. Dividend Equity ETF

Financial Statements

FINANCIAL HIGHLIGHTS

	9/1/21– 8/31/22	9/1/20– 8/31/21	9/1/19– 8/31/20	9/1/18– 8/31/19	9/1/17– 8/31/18
Per-Share Data
Net asset value at beginning of period	$77.66	$57.31	$53.30	$52.71	$45.83
Income (loss) from investment operations:
Net investment income (loss)¹	2.53	2.27	1.87	1.66	1.49
Net realized and unrealized gains (losses)	(5.38)	20.27	3.98	0.48	6.75
Total from investment operations	(2.85)	22.54	5.85	2.14	8.24
Less distributions:
Distributions from net investment income	(2.43)	(2.19)	(1.84)	(1.55)	(1.36)
Net asset value at end of period	$72.38	$77.66	$57.31	$53.30	$52.71
Total return	(3.74%)	40.15%	11.46%	4.18%	18.21%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses	0.06% ²	0.06%	0.06%	0.06% ³	0.07%
Net investment income (loss)	3.31%	3.27%	3.48%	3.23%	2.99%
Portfolio turnover rate⁴	14%	46%	43%	24%	23%
Net assets, end of period (x 1,000,000)	$37,095	$27,955	$12,694	$9,821	$8,093

¹	Calculated based on the average shares outstanding during the period.
²	Ratio includes less than 0.005% of non-routine proxy expenses.
³	Effective March 11, 2019, the annual operating expense ratio was reduced. The ratio presented for the period ended 8/31/19 is a blended ratio.
⁴	Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

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Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Dividend Equity 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.

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

Banks 8.9%
1st Source Corp.	222,672	10,507,892
Bank of Hawaii Corp.	524,613	40,930,306
Bank OZK	1,579,151	64,002,990
Banner Corp.	445,962	27,096,651
Cathay General Bancorp	986,995	41,394,570
City Holding Co.	197,518	16,791,005
Comerica, Inc.	1,705,022	136,913,267
CVB Financial Corp.	1,765,211	46,319,137
Federal Agricultural Mortgage Corp., Class C	119,981	13,106,724
Fifth Third Bancorp	8,920,768	304,644,227
First Commonwealth Financial Corp.	1,226,494	16,533,139
First Horizon Corp.	6,966,844	157,590,011
Heritage Financial Corp.	459,109	11,932,243
Huntington Bancshares, Inc.	18,757,793	251,354,426
International Bancshares Corp.	695,472	29,022,047
KeyCorp	12,118,274	214,372,267
M&T Bank Corp.	2,337,928	424,988,552
Northwest Bancshares, Inc.	1,650,265	23,219,229
Premier Financial Corp.	475,002	12,834,554
Radian Group, Inc.	2,340,257	49,402,825
Regions Financial Corp.	12,290,016	266,324,647
S&T Bancorp, Inc.	514,827	15,259,472
Stock Yards Bancorp, Inc.	319,673	21,181,533
Synovus Financial Corp.	1,892,185	75,990,150
U.S. Bancorp	17,618,386	803,574,585
Webster Financial Corp.	2,345,961	110,377,465
Zions Bancorp NA	1,978,155	108,857,870
		3,294,521,784

Capital Goods 11.1%
3M Co.	7,450,796	926,506,483
Cummins, Inc.	1,858,165	400,192,996
Fastenal Co.	7,509,008	377,928,373
Illinois Tool Works, Inc.	3,726,487	726,031,462
Lockheed Martin Corp.	3,162,050	1,328,408,825
McGrath RentCorp	316,236	26,728,267
MSC Industrial Direct Co., Inc., Class A	615,026	48,716,209
Snap-on, Inc.	697,193	151,890,467
Watsco, Inc.	430,871	117,209,838
		4,103,612,920

Commercial & Professional Services 0.2%
HNI Corp.	567,237	18,151,584
Insperity, Inc.	464,927	50,686,342
		68,837,926

SECURITY	NUMBER OF SHARES	VALUE ($)
Consumer Durables & Apparel 0.9%
Ethan Allen Interiors, Inc.	287,272	6,828,455
Hasbro, Inc.	1,691,742	133,343,104
Leggett & Platt, Inc.	1,738,535	66,446,808
Sturm Ruger & Co., Inc.	229,722	12,002,975
Whirlpool Corp.	769,863	120,560,546
		339,181,888

Consumer Services 0.3%
H&R Block, Inc.	2,145,902	96,565,590

Diversified Financials 6.1%
BlackRock, Inc.	1,860,193	1,239,614,013
Cohen & Steers, Inc.	327,409	23,370,454
Evercore, Inc., Class A	508,410	47,632,933
Federated Hermes, Inc.	1,264,529	43,069,858
Franklin Resources, Inc.	3,669,745	95,670,252
Janus Henderson Group plc	2,203,346	51,558,296
Jefferies Financial Group, Inc.	2,524,450	81,009,601
Lazard Ltd., Class A	1,470,438	53,450,421
Northern Trust Corp.	2,710,584	257,749,433
T. Rowe Price Group, Inc.	2,990,268	358,832,160
		2,251,957,421

Energy 5.1%
EOG Resources, Inc.	7,633,287	925,917,713
ONEOK, Inc.	5,817,902	356,230,140
Valero Energy Corp.	5,333,811	624,695,944
		1,906,843,797

Food, Beverage & Tobacco 13.1%
Altria Group, Inc.	23,785,845	1,073,217,326
Flowers Foods, Inc.	2,594,135	70,819,886
Kellogg Co.	3,337,603	242,777,242
PepsiCo, Inc.	9,559,231	1,646,768,723
The Coca-Cola Co.	25,190,919	1,554,531,612
Tyson Foods, Inc., Class A	3,815,408	287,605,455
		4,875,720,244

Household & Personal Products 1.5%
Kimberly-Clark Corp.	4,394,016	560,324,920

Insurance 5.3%
Cincinnati Financial Corp.	1,955,064	189,563,006
Employers Holdings, Inc.	364,970	14,292,225
Fidelity National Financial, Inc.	3,712,101	145,143,149
First American Financial Corp.	1,432,002	76,612,107
Mercury General Corp.	346,546	11,054,817
Principal Financial Group, Inc.	3,169,529	236,953,988
Prudential Financial, Inc.	4,931,536	472,194,572
Safety Insurance Group, Inc.	185,826	16,733,631

₁₃₂

Schwab U.S. Equity ETFs | Annual Report

See financial notes

Table of Contents

Schwab U.S. Dividend Equity ETF

Portfolio Holdings as of August 31, 2022 (continued)

SECURITY	NUMBER OF SHARES	VALUE ($)
The Allstate Corp.	3,660,774	441,123,267
The Hartford Financial Services Group, Inc.	4,369,179	280,981,902
Unum Group	2,668,033	100,985,049
		1,985,637,713

Materials 3.1%
Amcor plc	19,749,001	237,185,502
International Paper Co.	5,052,287	210,276,185
LyondellBasell Industries N.V., Class A	3,429,844	284,677,052
Newmont Corp.	10,403,597	430,292,772
		1,162,431,511

Media & Entertainment 1.4%
Omnicom Group, Inc.	2,726,633	182,411,748
Paramount Global, Class B	7,915,360	185,140,270
The Interpublic Group of Cos., Inc.	5,135,473	141,944,474
		509,496,492

Pharmaceuticals, Biotechnology & Life Sciences 11.9%
Amgen, Inc.	6,453,714	1,550,827,474
Merck & Co., Inc.	17,705,194	1,511,315,360
Pfizer, Inc.	29,628,975	1,340,118,539
		4,402,261,373

Retailing 5.6%
American Eagle Outfitters, Inc.	2,003,871	22,563,588
Best Buy Co., Inc.	2,824,583	199,669,772
Genuine Parts Co.	1,858,176	289,894,038
PetMed Express, Inc.	272,460	5,604,502
The Buckle, Inc.	383,312	12,373,311
The Home Depot, Inc.	5,324,690	1,535,747,090
		2,065,852,301

Semiconductors & Semiconductor Equipment 8.0%
Broadcom, Inc.	2,802,205	1,398,608,538
Texas Instruments, Inc.	9,580,093	1,582,727,164
		2,981,335,702

Software & Services 9.1%
Automatic Data Processing, Inc.	5,480,072	1,339,384,398
International Business Machines Corp.	11,249,427	1,444,988,898

SECURITY	NUMBER OF SHARES	VALUE ($)
Paychex, Inc.	4,188,868	516,654,979
The Western Union Co.	5,140,822	76,186,982
		3,377,215,257

Technology Hardware & Equipment 4.2%
Cisco Systems, Inc.	35,268,491	1,577,206,918

Telecommunication Services 3.5%
Verizon Communications, Inc.	30,732,501	1,284,925,867

Utilities 0.4%
NRG Energy, Inc.	3,194,541	131,870,652
Total Common Stocks (Cost $36,270,091,371)		36,975,800,276


SHORT-TERM INVESTMENTS 0.0% OF NET ASSETS

Money Market Funds 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.25% (a)	4,430,268	4,430,268
Total Short-Term Investments (Cost $4,430,268)		4,430,268
Total Investments in Securities (Cost $36,274,521,639)		36,980,230,544

	NUMBER OF CONTRACTS	NOTIONAL AMOUNT ($)	CURRENT VALUE/ UNREALIZED DEPRECIATION ($)
FUTURES CONTRACTS
Long
DJIA CBOT, e-mini, expires 09/16/22	455	71,735,300	(3,603,543)
S&P Mid-Cap 400 Index, e-mini, expires 09/16/22	73	17,741,190	(839,019)
Net Unrealized Depreciation			(4,442,562)

(a)	The rate shown is the 7-day yield.

CBOT —

Chicago Board of Trade

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Financial Notes

1. Business Structure of the Funds:

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

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

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

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

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law.

2. Significant Accounting Policies:

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

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

(a) Security Valuation:

Under procedures approved by the funds’ Board of Trustees (the Board), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. Among other things, these procedures allow the funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

The funds value the securities in their portfolios every business day. The funds use the following policies to value various types of securities:

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

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

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

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

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

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

• Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.

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

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

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

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

The levels associated with valuing the funds’ investments as of August 31, 2022 are disclosed in the Portfolio Holdings.

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

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

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

As of August 31, 2022, Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF and Schwab U.S. Small-Cap ETF had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of August 31, 2022 are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.

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

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

(d) Investment Income:

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

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Financial Notes (continued)

2. Significant Accounting Policies (continued):

(e) Expenses:

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

(f) Distributions to Shareholders:

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

(g) Accounting Estimates:

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

(h) Federal Income Taxes:

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

(i) Indemnification:

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

3. Risk Factors:

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

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

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

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

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Financial Notes (continued)

3. Risk Factors (continued):

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

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

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

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

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

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

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

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

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

Derivatives Risk. Each fund may invest in derivative instruments. The principal types of derivatives a fund may use are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, market risk, liquidity risk and leverage risk are discussed elsewhere in this section. A fund’s use of derivatives is also subject to leverage risk, credit risk, lack of availability risk, valuation risk, correlation risk and tax risk. Leverage risk is the risk that use of derivatives may magnify the effect of any decrease or increase in the value of the fund’s portfolio securities. Credit risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and cause the fund to lose more than the initial amount invested. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

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

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Financial Notes (continued)

3. Risk Factors (continued):

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

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

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

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

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

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

4. Affiliates and Affiliated Transactions:

Investment Adviser

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

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

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

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Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

Investment from Affiliates

Certain funds in the Fund Complex (for definition refer to Trustees and Officers section) may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of August 31, 2022, as applicable:

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

*	Less than 0.05%

Interfund Transactions

The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended August 31, 2022, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

	PURCHASE COST	SALE PROCEEDS	REALIZED GAINS (LOSSES)
Schwab U.S. Broad Market ETF	$100,699,031	$142,706,124	($34,407,273)
Schwab 1000 Index ETF	12,269,478	9,199,474	(2,814,669)
Schwab U.S. Large-Cap ETF	197,246,928	239,862,110	(52,774,105)
Schwab U.S. Large-Cap Growth ETF	109,031,938	243,112,451	(50,137,648)
Schwab U.S. Large-Cap Value ETF	291,938,313	216,554,294	(7,839,676)
Schwab U.S. Mid-Cap ETF	76,628,179	314,607,624	(50,475,332)
Schwab U.S. Small-Cap ETF	293,742,704	533,915,773	(119,863,133)
Schwab U.S. Dividend Equity ETF	217,740,748	285,128,096	(23,926,035)

Interfund Borrowing and Lending

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

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Financial Notes (continued)

5. Other Service Providers:

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

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

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

6. Board of Trustees:

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

7. Borrowing from Banks:

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 30, 2021. On September 30, 2021, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 29, 2022. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds’ proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, which matured on September 30, 2021. On September 30, 2021, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 29, 2022. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings from either line of credit during the period.

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

8. Derivatives:

Certain funds entered into equity index futures contracts during the report period. The funds invested in futures contracts to equitize available cash. The value and variation margin for futures contracts held at August 31, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended August 31, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

	NOTIONAL AMOUNTS	NUMBER OF CONTRACTS
Schwab U.S. Broad Market ETF	$26,210,414	121
Schwab 1000 Index ETF	2,833,877	13
Schwab U.S. Large-Cap ETF	40,934,160	190
Schwab U.S. Large-Cap Growth ETF	8,653,394	64
Schwab U.S. Large-Cap Value ETF	16,290,602	209
Schwab U.S. Mid-Cap ETF	12,062,276	46
Schwab U.S. Small-Cap ETF	28,130,658	271
Schwab U.S. Dividend Equity ETF	67,193,557	326

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Financial Notes (continued)

9. Purchases and Sales of Investment Securities:

For the period ended August 31, 2022, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

	PURCHASES OF SECURITIES	SALES OF SECURITIES
Schwab U.S. Broad Market ETF	$1,071,028,926	$864,843,614
Schwab 1000 Index ETF	109,529,940	85,545,121
Schwab U.S. Large-Cap ETF	1,349,107,897	1,267,607,663
Schwab U.S. Large-Cap Growth ETF	934,410,746	929,444,538
Schwab U.S. Large-Cap Value ETF	863,117,988	802,354,237
Schwab U.S. Mid-Cap ETF	1,774,474,304	1,495,757,877
Schwab U.S. Small-Cap ETF	3,080,200,746	2,349,796,554
Schwab U.S. Dividend Equity ETF	4,740,394,772	4,634,888,533

10. In-Kind Transactions:

The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.

The in-kind transactions for the period ended August 31, 2022, were as follows:

	IN-KIND PURCHASES OF SECURITIES	IN-KIND SALES OF SECURITIES
Schwab U.S. Broad Market ETF	$1,930,967,398	$538,239,247
Schwab 1000 Index ETF	509,725,457	34,252,954
Schwab U.S. Large-Cap ETF	3,518,818,113	2,771,094,928
Schwab U.S. Large-Cap Growth ETF	2,702,741,589	1,172,755,664
Schwab U.S. Large-Cap Value ETF	1,098,151,906	612,994,694
Schwab U.S. Mid-Cap ETF	2,187,751,257	1,327,982,720
Schwab U.S. Small-Cap ETF	3,262,848,880	3,043,059,434
Schwab U.S. Dividend Equity ETF	16,804,085,041	5,062,486,652

For the period ended August 31, 2022, where applicable, the funds realized net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2022 are disclosed in the funds’ Statements of Operations, if any.

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Financial Notes (continued)

11. Federal Income Taxes:

As of August 31, 2022, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:

	TAX COST	GROSS UNREALIZED APPRECIATION	GROSS UNREALIZED DEPRECIATION	NET UNREALIZED APPRECIATION (DEPRECIATION)
Schwab U.S. Broad Market ETF	$14,259,130,382	$7,304,368,045	($1,174,612,113)	$6,129,755,932
Schwab 1000 Index ETF	1,946,247,082	425,672,595	(139,484,099)	286,188,496
Schwab U.S. Large-Cap ETF	21,590,587,608	8,819,179,227	(1,519,727,821)	7,299,451,406
Schwab U.S. Large-Cap Growth ETF	10,686,284,093	4,624,821,938	(813,141,122)	3,811,680,816
Schwab U.S. Large-Cap Value ETF	8,140,122,374	1,910,468,956	(557,437,903)	1,353,031,053
Schwab U.S. Mid-Cap ETF	8,528,228,624	1,844,448,678	(1,130,107,163)	714,341,515
Schwab U.S. Small-Cap ETF	13,689,017,768	2,691,729,873	(2,654,604,749)	37,125,124
Schwab U.S. Dividend Equity ETF	36,412,419,035	2,552,442,018	(1,989,073,071)	563,368,947

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

	UNDISTRIBUTED ORDINARY INCOME	NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS	CAPITAL LOSS CARRYFORWARDS AND OTHER LOSSES	TOTAL
Schwab U.S. Broad Market ETF	$61,650,354	$6,129,755,932	($225,333,461)	$5,966,072,825
Schwab 1000 Index ETF	6,369,340	286,188,496	(22,839,757)	269,718,079
Schwab U.S. Large-Cap ETF	88,776,594	7,299,451,406	(439,660,370)	6,948,567,630
Schwab U.S. Large-Cap Growth ETF	12,173,114	3,811,680,816	(362,558,600)	3,461,295,330
Schwab U.S. Large-Cap Value ETF	45,780,735	1,353,031,053	(447,106,443)	951,705,345
Schwab U.S. Mid-Cap ETF	26,832,423	714,341,515	(599,446,574)	141,727,364
Schwab U.S. Small-Cap ETF	30,217,480	37,125,124	(697,676,757)	(630,334,153)
Schwab U.S. Dividend Equity ETF	194,893,476	563,368,947	(893,486,361)	(135,223,938)

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

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2022 the funds had capital loss carryforwards available as follows:


Schwab U.S. Broad Market ETF	$225,333,461
Schwab 1000 Index ETF	22,839,757
Schwab U.S. Large-Cap ETF	439,660,370
Schwab U.S. Large-Cap Growth ETF	362,558,600
Schwab U.S. Large-Cap Value ETF	447,106,443
Schwab U.S. Mid-Cap ETF	599,446,574
Schwab U.S. Small-Cap ETF	697,676,757
Schwab U.S. Dividend Equity ETF	893,486,361

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Financial Notes (continued)

11. Federal Income Taxes (continued):

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

	CURRENT FISCAL YEAR END DISTRIBUTIONS	PRIOR FISCAL YEAR END DISTRIBUTIONS
	ORDINARY INCOME	ORDINARY INCOME
Schwab U.S. Broad Market ETF	$301,551,265	$289,355,570
Schwab 1000 Index ETF	29,128,865	21,896,405
Schwab U.S. Large-Cap ETF	444,552,685	415,722,485
Schwab U.S. Large-Cap Growth ETF	75,895,760	64,681,390
Schwab U.S. Large-Cap Value ETF	212,274,805	222,245,635
Schwab U.S. Mid-Cap ETF	141,961,375	95,570,430
Schwab U.S. Small-Cap ETF	200,176,110	151,607,245
Schwab U.S. Dividend Equity ETF	1,019,575,010	601,978,825

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

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

As of August 31, 2022, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended August 31, 2022, the funds did not incur any interest or penalties.

12. Share Splits:

The Board authorized a 2-for-1 share split for the Schwab U.S. Broad Market ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF and Schwab U.S. Small-Cap ETF which applied to shareholders of record as of the close of markets on March 8, 2022, and paid after the close of markets on March 10, 2022. Shares began trading at their post-split price on March 11, 2022. The share split increased the number of shares outstanding and decreased the NAV per share. The share split did not change the total value of a shareholder’s investment. The Financial Highlights and Statement of Changes in Net Assets for Schwab U.S. Broad Market ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF and Schwab U.S. Small-Cap ETF have been retroactively adjusted to reflect the share split in the current and prior periods presented.

13. Subsequent Events:

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

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Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab U.S. Broad Market ETF, Schwab 1000 Index ETF, Schwab U.S. Large-Cap ETF, Schwab U.S. Large-Cap Growth ETF, Schwab U.S. Large-Cap Value ETF, Schwab U.S. Mid-Cap ETF, Schwab U.S. Small-Cap ETF, and Schwab U.S. Dividend Equity ETF (the “Funds”), eight of the funds constituting Schwab Strategic Trust, as of August 31, 2022, the related statements of operations for the year then ended, the related statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended August 31, 2019; except for Schwab 1000 Index ETF, the financial highlights for the year ended August 31, 2019 and for the period from October 11, 2017 through August 31, 2018, were audited by other auditors, whose report, dated October 17, 2019, expressed an unqualified opinion on such financial highlights.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP
Denver, Colorado
October 17, 2022

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

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Other Federal Tax Information (unaudited)

For corporate shareholders, the following percentage of the funds’ dividend distributions paid during the fiscal year ended August 31, 2022, qualify for the corporate dividends received deduction:


Schwab U.S. Broad Market ETF	93.43%
Schwab 1000 Index ETF	95.74%
Schwab U.S. Large-Cap ETF	94.50%
Schwab U.S. Large-Cap Growth ETF	99.04%
Schwab U.S. Large-Cap Value ETF	94.50%
Schwab U.S. Mid-Cap ETF	81.35%
Schwab U.S. Small-Cap ETF	81.08%
Schwab U.S. Dividend Equity ETF	98.88%

For the fiscal year ended August 31, 2022, the funds designated the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(11) of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amount for use in preparing their 2022 income tax return.

Schwab U.S. Broad Market ETF	$292,049,578
Schwab 1000 Index ETF	28,812,277
Schwab U.S. Large-Cap ETF	444,552,685
Schwab U.S. Large-Cap Growth ETF	75,895,760
Schwab U.S. Large-Cap Value ETF	212,274,805
Schwab U.S. Mid-Cap ETF	118,245,046
Schwab U.S. Small-Cap ETF	166,084,319
Schwab U.S. Dividend Equity ETF	1,019,575,010

For the fiscal year ended August 31, 2022, the funds designate the following amounts as dividends eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code. Shareholders will be notified in January 2023 via IRS Form 1099 of the amounts for use in preparing their 2022 income tax return.

Schwab U.S. Broad Market ETF	$9,501,687
Schwab 1000 Index ETF	316,588
Schwab U.S. Large-Cap ETF	—
Schwab U.S. Large-Cap Growth ETF	—
Schwab U.S. Large-Cap Value ETF	—
Schwab U.S. Mid-Cap ETF	20,853,852
Schwab U.S. Small-Cap ETF	26,326,003
Schwab U.S. Dividend Equity ETF	—

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Investment Advisory Agreement Approval

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

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

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

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 16, 2022 and June 8, 2022, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 8, 2022 called for the purpose of voting on such approval.

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

1.	the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;
2.	each Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;
3.	each Fund’s expenses and how those expenses compared to those of certain other similar exchange-traded funds;
4.	the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and
5.	the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

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

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

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

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

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

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

Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through investments by the investment adviser in its infrastructure, including modernizing the investment adviser’s technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees acknowledged that the

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investment adviser has shared any economies of scale with the Funds by investing in the investment adviser’s infrastructure, as discussed above, over time and that the investment adviser’s internal costs of providing investment management, technology, administrative, legal and compliance services to the Funds continue to increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

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

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

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Trustees and Officers

The tables below give information about the trustees and officers of Schwab Strategic Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

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

Independent Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served¹)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Michael J. Beer 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)	Retired. Director, President and Chief Executive Officer (Dec. 2016 – Sept. 2019), Principal Funds (investment management).	105	Director (2016 – 2019), Principal Funds, Inc.
Robert W. Burns 1959 Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016)	Retired/Private Investor.	105	None
Nancy F. Heller 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Retired.	105	None
David L. Mahoney 1954 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)	Private Investor.	105	Director (2004 – present), Corcept Therapeutics Incorporated Director (2009 – 2021), Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation
Jane P. Moncreiff 1961 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019)	Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare).	105	None

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Independent Trustees (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served¹)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Kiran M. Patel 1948 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016)	Retired.	105	Director (2008 – present), KLA-Tencor Corporation
Kimberly S. Patmore 1956 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016)	Consultant (2008 – present), Patmore Management Consulting (management consulting).	105	None
J. Derek Penn 1957 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)	Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial services).	105	None

Interested Trustees
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served¹)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Walter W. Bettinger II² 1960 Chairman and Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust and Schwab Annuity Portfolios since 2008; Schwab Strategic Trust since 2009; Laudus Trust since 2010)	Co-Chairman of the Board (July 2022 – present), Director and Chief Executive Officer (Oct. 2008 – present) and President (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director (Apr. 2006 – present), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (July 2019 – present), Charles Schwab Trust Bank; Director (May 2008 – present), Chief Executive Officer (Aug. 2017 – present), and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.	105	Director (2008 – present), The Charles Schwab Corporation

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Interested Trustees (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served¹)	Principal Occupations During the Past Five Years	Number of Portfolios in Fund Complex Overseen by the Trustee	Other Directorships
Richard A. Wurster² 1973 Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022)	President (Oct. 2021 – present) and Executive Vice President – Schwab Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles Schwab Corporation; President, Director (Oct. 2021 – present), Executive Vice President – Schwab Asset Management Solutions (July 2019 – Oct. 2021) and Senior Vice President – Advisory (May 2016 – July 2019), Charles Schwab & Co., Inc.; President (Nov. 2021 – present), Schwab Holdings, Inc.; Director (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer and President (Mar. 2018 – present), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.	105	None

Officers of the Trust
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served³)	Principal Occupations During the Past Five Years
Jonathan de St. Paer 1973 President and Chief Executive Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018)	Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Director (Mar. 2019 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Managing Director (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles Schwab & Co., Inc.
Mark Fischer 1970 Treasurer, Chief Financial Officer and Chief Operating Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2013)	Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Director (July 2020 – Apr. 2022), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited.
Omar Aguilar 1970 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
Brett Wander 1961 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011)	Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.
William P. McMahon, Jr. 1972 Vice President and Chief Investment Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021)	Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer (May 2001 – Apr. 2018), ThomasPartners, Inc.

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Officers of the Trust (continued)
Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served³)	Principal Occupations During the Past Five Years
Catherine MacGregor 1964 Chief Legal Officer and Secretary, Schwab Funds and Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009)	Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.

¹	Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
²	Mr. Bettinger and Mr. Wurster are Interested Trustees. Each of Mr. Bettinger and Mr. Wurster is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
³	The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

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Glossary

ask See “offer.”

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

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

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

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

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

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

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

cap, capitalization See “market cap.”

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Schwab ETFs

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

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab ETFs

U.S. ETFs

Schwab U.S. Broad Market ETF

Schwab 1000 Index^® ETF

Schwab U.S. Large-Cap ETF

Schwab U.S. Large-Cap Growth ETF

Schwab U.S. Large-Cap Value ETF

Schwab U.S. Mid-Cap ETF

Schwab U.S. Small-Cap ETF

Schwab U.S. Dividend Equity ETF

Schwab U.S. REIT ETF

International ETFs

Schwab International Dividend Equity ETF

Schwab International Equity ETF

Schwab International Small-Cap Equity ETF

Schwab Emerging Markets Equity ETF

Fixed-Income ETFs

Schwab U.S. TIPS ETF

Schwab Short-Term U.S. Treasury ETF

Schwab Intermediate-Term U.S. Treasury ETF

Schwab Long-Term U.S. Treasury ETF

Schwab U.S. Aggregate Bond ETF

Schwab 1-5 Year Corporate Bond ETF

Schwab 5-10 Year Corporate Bond ETF

Schwab Municipal Bond ETF

Fundamental Index* ETFs

Schwab Fundamental U.S. Broad Market Index ETF

Schwab Fundamental U.S. Large Company Index ETF

Schwab Fundamental U.S. Small Company Index ETF

Schwab Fundamental International Large Company Index ETF

Schwab Fundamental International Small Company Index ETF

Schwab Fundamental Emerging Markets Large Company
Index ETF

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

Schwab Ariel ESG ETF

Thematic ETFs

Schwab Crypto Thematic ETF

Investment Adviser

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

211 Main Street, San Francisco, CA 94105

Schwab ETFs

1-877-824-5615

*	FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

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

•	You may have to pay more money to trade the fund’s shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
•	The price you pay to buy fund shares on an exchange may not match the value of the fund’s portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
•	These additional risks may be even greater in bad or uncertain market conditions.
•	The ETF will publish on its website each day a “Proxy Portfolio” designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF’s holdings, it is not the ETF’s actual portfolio.

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

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

Table of Contents

Schwab U.S. Equity ETFs

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

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

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

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

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

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

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

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

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

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

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

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

Assets
Investments in securities, at value - affiliated (cost $33,146,543)		$55,147,023
Investments in securities, at value - unaffiliated (cost $14,118,116,936) including securities on loan of $44,474,433		20,335,530,780
Cash		39,558
Deposit with broker for futures contracts		2,710,400
Receivables:
Investments sold		33,767,954
Dividends		30,522,457
Income from securities on loan	+	366,308
Total assets		20,458,084,480
Liabilities
Collateral held for securities on loan		46,023,510
Payables:
Fund shares redeemed		35,123,564
Investments bought		16,118,588
Management fees		548,803
Variation margin on futures contracts	+	182,671
Total liabilities		97,997,136
Net assets		$20,360,087,344
Net Assets by Source
Capital received from investors		$14,394,014,519
Total distributable earnings	+	5,966,072,825
Net assets		$20,360,087,344

Net Asset Value (NAV)
Net Assets	÷	Shares Outstanding	=	NAV
$20,360,087,344		438,000,000		$46.48

TRANSACTIONS IN FUND SHARES
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	VALUE	SHARES	VALUE
Shares sold		12,600,000	$529,373,421	14,150,000	$548,005,898
Shares redeemed	+	(900,000)	(37,665,232)	(700,000)	(26,080,295)
Net transactions in fund shares		11,700,000	$491,708,189	13,450,000	$521,925,603
SHARES OUTSTANDING AND NET ASSETS
	9/1/21-8/31/22			9/1/20-8/31/21
		SHARES	NET ASSETS	SHARES	NET ASSETS
Beginning of period		46,650,000	$2,090,428,144	33,200,000	$1,145,352,155
Total increase	+	11,700,000	144,458,479	13,450,000	945,075,989
End of period		58,350,000	$2,234,886,623	46,650,000	$2,090,428,144

Assets
Investments in securities, at value - unaffiliated (cost $10,656,136,979) including securities on loan of $12,838,547		$14,498,782,917
Cash		6,762
Deposit with broker for futures contracts		1,209,600
Receivables:
Fund shares sold		31,138,662
Dividends		6,483,122
Income from securities on loan	+	67,670
Total assets		14,537,688,733
Liabilities
Collateral held for securities on loan		13,284,395
Payables:
Investments bought		24,645,967
Fund shares redeemed		6,209,454
Management fees		527,038
Variation margin on futures contracts	+	147,979
Total liabilities		44,814,833
Net assets		$14,492,873,900
Net Assets by Source
Capital received from investors		$11,031,578,570
Total distributable earnings	+	3,461,295,330
Net assets		$14,492,873,900

Assets
Investments in securities, at value - unaffiliated (cost $8,439,375,527) including securities on loan of $49,003,730		$9,243,110,422
Cash		20,855
Deposit with broker for futures contracts		1,687,500
Receivables:
Dividends		9,587,090
Fund shares sold		3,387,508
Investments sold		3,336,735
Income from securities on loan	+	546,306
Total assets		9,261,676,416
Liabilities
Collateral held for securities on loan		50,462,157
Payables:
Investments bought		12,199,491
Fund shares redeemed		3,364,525
Management fees		325,273
Variation margin on futures contracts	+	51,437
Total liabilities		66,402,883
Net assets		$9,195,273,533
Net Assets by Source
Capital received from investors		$9,053,546,169
Total distributable earnings	+	141,727,364
Net assets		$9,195,273,533

Assets
Investments in securities, at value - unaffiliated (cost $13,499,760,637) including securities on loan of $180,053,101		$13,726,950,808
Cash		122,391
Deposit with broker for futures contracts		1,595,000
Receivables:
Dividends		11,337,927
Fund shares sold		6,312,628
Income from securities on loan	+	1,501,249
Total assets		13,747,820,003
Liabilities
Collateral held for securities on loan		187,483,708
Payables:
Investments bought		21,148,909
Management fees		483,103
Variation margin on futures contracts	+	112,136
Total liabilities		209,227,856
Net assets		$13,538,592,147
Net Assets by Source
Capital received from investors		$14,168,926,300
Total distributable loss	+	(630,334,153)
Net assets		$13,538,592,147

Assets
Investments in securities, at value - unaffiliated (cost $36,274,521,639)		$36,980,230,544
Deposit with broker for futures contracts		5,406,000
Receivables:
Dividends		111,260,707
Fund shares sold		91,130,702
Investments sold	+	36,034,474
Total assets		37,224,062,427
Liabilities
Payables:
Investments bought		90,799,454
Fund shares redeemed		36,189,768
Management fees		1,940,819
Variation margin on futures contracts	+	620,860
Total liabilities		129,550,901
Net assets		$37,094,511,526
Net Assets by Source
Capital received from investors		$37,229,735,464
Total distributable loss	+	(135,223,938)
Net assets		$37,094,511,526

Proposal – To elect each of the following individuals as trustees of the Trust:	For	Withheld
Walter W. Bettinger II	1,707,011,744.958	53,766,812.577
Richard A. Wurster	1,741,778,933.018	18,999,624.517
Michael J. Beer	1,741,911,579.511	18,866,978.024
Robert W. Burns	1,742,002,589.714	18,775,967.821
Nancy F. Heller	1,743,265,288.229	17,513,269.306
David L. Mahoney	1,488,067,807.852	272,710,749.683
Jane P. Moncreiff	1,743,396,670.121	17,381,887.414
Kiran M. Patel	1,738,761,227.827	22,017,329.708
Kimberly S. Patmore	1,740,654,694.664	20,123,862.871
J. Derek Penn	1,739,737,491.136	21,041,066.399