(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Annual Report | August 31, 2023
Schwab High Yield Bond ETF
    Ticker Symbol SCYB

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In This Report
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Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
Distributor: SEI Investments Distribution Co. (SIDCO)
Schwab High Yield Bond ETF | Annual Report1

Schwab High Yield Bond ETF
Performance at a Glance
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Total Returns for the 12 Months Ended August 31, 2023
Schwab High Yield Bond ETF (Ticker Symbol: SCYB)
Market Price Return1
2.04%
*
NAV Return1
2.04%
*
ICE BofA US Cash Pay High Yield Constrained Index
2.15%
*
ETF Category: Morningstar High Yield Bond2
N/A
Performance Details
pages 6-7
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.
Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund(s) is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may be more volatile than higher-rated securities. High-yield securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments.
“ICE®” is a registered trademark of ICE Data Indices, LLC or its affiliates and “BofA®” is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE BofA US Cash Pay High Yield Constrained Index (“Index”) for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab High Yield Bond ETF. The Schwab High Yield Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab High Yield Bond ETF.
*
Total returns shown are since the fund’s inception date of July 11, 2023.
1
ETF performance must be shown based on both a Market Price and a 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 of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.
2
Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.
2Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
The Investment Environment
For the reporting period of July 11, 2023* through August 31, 2023, the ongoing war between Russia and Ukraine weighed on the global economy, but the U.S. economy continued to show unexpected resiliency. Inflation remained elevated—although down significantly from recent highs—and the U.S. Federal Reserve (Fed) continued to raise interest rates, driving yields on taxable bonds up and resulting in negative returns for most U.S. fixed-income markets. (Bond yields and bond prices typically move in opposite directions.) For the reporting period, the ICE BofA US Cash Pay High Yield Constrained Index, which tracks the performance of publicly issued U.S. dollar–denominated below-investment grade corporate debt, returned 2.15%
There were a few short-lived yet market-moving events in the first eight months of 2023. The failure of three U.S. regional banks in early March raised concerns about the stability of the banking sector. In addition, debt ceiling negotiations during the second quarter of 2023 created fear that the federal government could default on its obligations and on August 1, 2023, Fitch Ratings downgraded long-term U.S. debt from AAA to AA+ after indicating earlier in the year that a country refusing to pay its debts in a timely way was not entitled to a AAA rating. Among fixed-income markets, high-yield bonds were among the strongest performers. Lower-quality bonds—particularly distressed bonds—outperformed higher-quality bonds. Credit spreads on high-yield bonds generally tightened during the reporting period.
The U.S. economy continued to show unexpected resilience. U.S. gross domestic product (GDP) remained positive for first and second quarters of 2023. Inflation generally declined throughout 2023, though it remained above the Fed’s historical 2% target and rose slightly in July and August. Consumer spending remained strong as consumers continued to spend down the significant savings they accumulated during the COVID-19 pandemic. The unemployment rate remained low despite inflationary pressures. However, unemployment unexpectedly jumped in August largely as a result of an increase in the labor force participation rate (the proportion of working-age Americans who have a job or are looking for one) which rose to its highest level since February 2020, just prior to the COVID-19 pandemic declaration.
Yields of U.S. Treasury Securities: Effective Yields of Three-Month, Two-Year and 10-Year Treasuries
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 an indication of future results.
For index definitions, please see the Glossary.
Data source: Bloomberg L.P.
Nothing in this report represents a recommendation of a security by the investment adviser.
Management views may have changed since the report date.
*
The fund’s inception date. Inception represents the date that the shares began trading in the secondary market.
Schwab High Yield Bond ETF | Annual Report3

Schwab High Yield Bond ETF
The Investment Environment (continued)
In its efforts to lower inflation, the Fed raised interest rates by 0.25% in July supported by consumer spending and a tight labor market, its eleventh upward move since it began raising rates in March of 2022. The federal funds rate ended the reporting period in a range of 5.25% to 5.50%. The Fed also maintained its program to reduce the assets held on its balance sheet. Central banks outside the United States also continued to battle with persistently high inflation. After eight interest rate hikes since July 2022, the European Central Bank raised its interest rate once during the period, matching its previous high in 2000. Similarly, the Bank of England raised its rate once during the period, also following numerous previous rate hikes, bringing borrowing costs to a 15-year high. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, despite inflationary pressures.
4Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
Fund Management
Matthew Hastings, CFA, Managing Director and Head of Taxable Bond Strategies for Schwab Asset
Management, is responsible for the day-to-day co-management of the fund. Mr. Hastings leads the portfolio
management team for the Schwab Taxable Bond Funds and Schwab Fixed-Income ETFs. He also has overall
responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1999, Mr. Hastings
was in fixed-income sales and trading at Lehman Brothers. He has worked in the fixed-income securities
industry since 1996.
(RYAN HOOK PHOTO)
Ryan Hook, CFA, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day
co-management of the fund. Prior to joining Schwab in 2022, Mr. Hook spent nearly two years as a Portfolio
Strategist at Capital Group, where he was responsible for managing high yield institutional mandates. Prior to
that, he spent 14 years at Goldman Sachs working mainly in high yield portfolio construction and trading, as
well as product management.
Steven Hung, Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day
co-management of the fund. He is primarily responsible for the management and oversight of corporate
bonds within the taxable bond strategies, with additional responsibility for managing municipal bond index
strategies. Mr. Hung has been a portfolio manager with Schwab Asset Management since 2005 and prior to
that, served in various roles as an associate portfolio manager and trader since 1999. In 1998, he joined
Schwab’s management training program and worked as a clerk on the options trading floor of the Pacific
Coast Stock Exchange.
Schwab High Yield Bond ETF | Annual Report5

Schwab High Yield Bond ETF
The Schwab High Yield Bond ETF’s (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of U.S. dollar denominated below investment grade corporate debt. To pursue its goal, the fund generally invests in securities that are included in the ICE BofA US Cash Pay High Yield Constrained Index. ICE BofA US Cash Pay High Yield Constrained Index tracks the performance of U.S. dollar denominated below investment grade corporate debt (junk bonds), currently in a coupon paying period, that is publicly issued in the U.S. domestic market. For more information about the fund’s investment objective, strategy, and risks, please see the fund’s prospectus.
Market Highlights. For the reporting period of July 11, 2023* through August 31, 2023, the ongoing war between Russia and Ukraine weighed on the global economy, but the U.S. economy continued to show unexpected resiliency. Inflation remained elevated—although down significantly from recent highs—and the U.S. Federal Reserve (Fed) continued to raise interest rates, driving yields on taxable bonds up and resulting in negative returns for most U.S. fixed-income markets. (Bond yields and bond prices typically move in opposite directions.) In its efforts to lower inflation, the Fed raised interest rates by 0.25% in July, its eleventh upward move since it began raising rates in March of 2022. The federal funds rate ended the reporting period in a range of 5.25% to 5.50%.
There were a few short-lived yet market-moving events in the first eight months of 2023. The failure of three U.S. regional banks in early March raised concerns about the stability of the banking sector. In addition, debt ceiling negotiations during the second quarter of 2023 created fear that the federal government could default on its obligations and on August 1, 2023, Fitch Ratings downgraded long-term U.S. debt from AAA to AA+ after indicating earlier in the year that a country refusing to pay its debts in a timely way was not entitled to a AAA rating. Among fixed-income markets, high-yield bonds were among the strongest performers. Lower-quality bonds—particularly distressed bonds—outperformed higher-quality bonds. Credit spreads on high-yield bonds generally tightened during the reporting period.
Performance. During the reporting period of July 11, 2023 (the fund’s inception date*), through August 31, 2023, the fund generally tracked the performance of the index. For the reporting period, the fund’s market price and NAV returns were 2.04% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned 2.15% during the same period. Of the fund’s return, slightly more than half came from price appreciation, with the remainder coming from income. 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.
*
Inception represents the date that the shares began trading in the secondary market.
Portfolio Composition % of Investments1
By Security Type

Weighted Average Maturity3
4.7 Yrs
Weighted Average Duration3
3.6 Yrs
Management views and 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 operational and transaction costs incurred by the fund.
Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may be more volatile than higher-rated securities. High-yield securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments.
1
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
3
See Glossary for definitions of maturity and duration.
6Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
Performance and Fund Facts as of August 31, 2023
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/schwabetfs_prospectus.
Performance of Hypothetical $10,000 Investment (July 11, 2023 – August 31, 2023)1
Average Annual Total Returns1
Fund and Inception Date
Since Inception*
Fund: Schwab High Yield Bond ETF (7/11/23)
Market Price Return2
2.04%
NAV Return2
2.04%
ICE BofA US Cash Pay High Yield Constrained Index
2.15%
ETF Category: Morningstar High Yield Bond3
N/A
Fund Expense Ratio4: 0.03%
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.
“ICE®” is a registered trademark of ICE Data Indices, LLC or its affiliates and “BofA®” is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE BofA US Cash Pay High Yield Constrained Index (“Index”) for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab High Yield Bond ETF. The Schwab High Yield Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab High Yield Bond ETF.
*
Inception (7/11/23) 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 a 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 of 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. Effective September 25, 2023, the management fee was reduced from 0.10% to 0.03%. For more information, see financial note 4 or refer to the prospectus.
Schwab High Yield Bond ETF | Annual Report7

Schwab High Yield Bond ETF
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 the fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning March 1, 2023 and held through August 31, 2023.
The Actual Return line in the table below provides 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 the fund under the heading entitled “Expenses Paid During Period.”
The Hypothetical Return line in the table below provides information about hypothetical account values and hypothetical expenses based on the 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 the 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 line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
EXPENSE RATIO
(ANNUALIZED) 1
BEGINNING
ACCOUNT VALUE
AT 3/1/23
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 8/31/232
EXPENSES PAID
DURING PERIOD
3/1/23-8/31/23 2
Schwab High Yield Bond ETF
Actual Return
0.10%
$1,000.00
$1,020.40
$0.14
Hypothetical 5% Return
0.10%
$1,000.00
$1,024.70
$0.51
1
The expense ratio provided for the fund is for the period from 7/11/23 (commencement of operations) through 8/31/23 (see financial note 4 for additional information).
2
Actual expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 52 days in the period from
commencement of operations on 7/11/23 through 8/31/23, and divided by 365 days in the fiscal year. Hypothetical expenses for the fund are equal to its annualized expense
ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year.
8Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
7/11/231
8/31/23
 
 
 
 
 
Per-Share Data
Net asset value at beginning of period
$50.00
Income (loss) from investment operations:
Net investment income (loss)2
0.56
Net realized and unrealized gains (losses)
0.46
Total from investment operations
1.02
Net asset value at end of period
$51.02
Total return
2.04
%3
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.10
%4
Net investment income (loss)
7.88
%4
Portfolio turnover rate5
1
%3
Net assets, end of period (x 1,000)
$45,918
1
Commencement of operations.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Annualized.
5
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab High Yield Bond ETF | Annual Report9

Schwab High Yield Bond ETF
Portfolio Holdings  as of August 31, 2023
This section shows all the securities in the fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at  www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to [email protected]. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund’s website.
All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund’s investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.  
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
CORPORATES 95.9% OF NET ASSETS
 
Financial Institutions 9.6%
Banking 0.7%
Ally Financial, Inc.
5.75%, 11/20/25 (a)
55,000
53,399
Intesa Sanpaolo S.p.A.
5.71%, 01/15/26 (b)
200,000
192,385
Popular, Inc.
7.25%, 03/13/28 (a)
20,000
20,146
Synchrony Financial
7.25%, 02/02/33 (a)
40,000
36,811
Western Alliance Bancorp
3.00%, 06/15/31 (a)(c)
20,000
15,867
 
318,608
Brokerage/Asset Managers/Exchanges 0.7%
AG TTMT Escrow Issuer LLC
8.63%, 09/30/27 (a)(b)
75,000
77,373
Coinbase Global, Inc.
3.38%, 10/01/28 (a)(b)
100,000
73,665
Compass Group Diversified Holdings LLC
5.25%, 04/15/29 (a)(b)
75,000
68,955
Hunt Cos., Inc.
5.25%, 04/15/29 (a)(b)
24,000
18,356
NFP Corp.
6.88%, 08/15/28 (a)(b)
70,000
61,717
 
300,066
Finance Companies 2.5%
Curo Group Holdings Corp.
7.50%, 08/01/28 (a)(b)
50,000
16,742
FirstCash, Inc.
5.63%, 01/01/30 (a)(b)
75,000
68,172
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (a)(b)
5,000
4,942
5.50%, 05/01/28 (a)(b)
160,000
148,774
Freedom Mortgage Corp.
8.25%, 04/15/25 (a)(b)
54,000
53,271
GGAM Finance Ltd.
8.00%, 06/15/28 (a)(b)
40,000
40,598
Goeasy Ltd.
4.38%, 05/01/26 (a)(b)
30,000
27,572
Home Point Capital, Inc.
5.00%, 02/01/26 (a)(b)
25,000
23,501
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/28 (a)(b)
60,000
61,317
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Navient Corp.
5.88%, 10/25/24
25,000
24,649
6.75%, 06/25/25
60,000
59,643
5.00%, 03/15/27 (a)
50,000
45,541
5.50%, 03/15/29 (a)
50,000
42,800
OneMain Finance Corp.
6.88%, 03/15/25
60,000
59,755
7.13%, 03/15/26
50,000
49,245
9.00%, 01/15/29 (a)
100,000
101,470
4.00%, 09/15/30 (a)
50,000
38,993
PennyMac Financial Services, Inc.
5.38%, 10/15/25 (a)(b)
15,000
14,532
4.25%, 02/15/29 (a)(b)
45,000
37,293
PROG Holdings, Inc.
6.00%, 11/15/29 (a)(b)
25,000
22,465
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.88%, 03/01/31 (a)(b)
175,000
142,625
SLM Corp.
3.13%, 11/02/26 (a)
25,000
22,276
United Wholesale Mortgage LLC
5.50%, 11/15/25 (a)(b)
50,000
48,122
 
1,154,298
Financial Other 1.9%
Burford Capital Global Finance LLC
6.88%, 04/15/30 (a)(b)
200,000
183,650
Credit Acceptance Corp.
5.13%, 12/31/24 (a)(b)
25,000
24,375
Five Point Operating Co. LP/Five Point Capital Corp.
7.88%, 11/15/25 (a)(b)
25,000
23,341
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (a)
60,000
58,057
5.25%, 05/15/27 (a)
125,000
109,823
4.38%, 02/01/29 (a)
25,000
19,769
Kennedy-Wilson, Inc.
4.75%, 02/01/30 (a)
260,000
200,573
Nationstar Mortgage Holdings, Inc.
6.00%, 01/15/27 (a)(b)
25,000
23,835
5.50%, 08/15/28 (a)(b)
50,000
45,365
5.75%, 11/15/31 (a)(b)
10,000
8,641
PHH Mortgage Corp.
7.88%, 03/15/26 (a)(b)
20,000
17,909
PRA Group, Inc.
8.38%, 02/01/28 (a)(b)
35,000
31,978
5.00%, 10/01/29 (a)(b)
135,000
101,950
The Howard Hughes Corp.
5.38%, 08/01/28 (a)(b)
50,000
45,086
 
894,352
See financial notes
10Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Insurance 1.8%
Acrisure LLC/Acrisure Finance, Inc.
7.00%, 11/15/25 (a)(b)
50,000
48,372
6.00%, 08/01/29 (a)(b)
35,000
30,441
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (a)(b)
25,000
22,721
6.75%, 10/15/27 (a)(b)
100,000
94,629
6.75%, 04/15/28 (a)(b)
25,000
24,654
AmWINS Group, Inc.
4.88%, 06/30/29 (a)(b)
25,000
22,458
AssuredPartners, Inc.
5.63%, 01/15/29 (a)(b)
5,000
4,349
BroadStreet Partners, Inc.
5.88%, 04/15/29 (a)(b)
75,000
66,076
GTCR AP Finance, Inc.
8.00%, 05/15/27 (a)(b)
50,000
49,477
HUB International Ltd.
5.63%, 12/01/29 (a)(b)
25,000
22,136
7.25%, 06/15/30 (a)(b)
160,000
163,031
Jones Deslauriers Insurance Management, Inc.
10.50%, 12/15/30 (a)(b)
10,000
10,193
Liberty Mutual Group, Inc.
7.80%, 03/07/87 (b)
50,000
51,552
MGIC Investment Corp.
5.25%, 08/15/28 (a)
25,000
23,883
Molina Healthcare, Inc.
4.38%, 06/15/28 (a)(b)
100,000
91,860
NMI Holdings, Inc.
7.38%, 06/01/25 (a)(b)
55,000
55,422
USI, Inc.
6.88%, 05/01/25 (a)(b)
25,000
25,020
 
806,274
REITs 2.0%
Apollo Commercial Real Estate Finance, Inc.
4.63%, 06/15/29 (a)(b)
20,000
15,705
Blackstone Mortgage Trust, Inc.
3.75%, 01/15/27 (a)(b)
25,000
21,406
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
5.75%, 05/15/26 (a)(b)
25,000
22,967
4.50%, 04/01/27 (a)(b)
50,000
41,804
Diversified Healthcare Trust
9.75%, 06/15/25 (a)
25,000
24,611
4.38%, 03/01/31 (a)
25,000
18,885
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (a)(b)
65,000
58,436
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (a)(b)
25,000
22,639
4.75%, 06/15/29 (a)(b)
25,000
21,043
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26 (a)
25,000
21,267
5.00%, 10/15/27 (a)
75,000
59,337
4.63%, 08/01/29 (a)
40,000
28,931
Office Properties Income Trust
2.40%, 02/01/27 (a)
50,000
33,873
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
5.88%, 10/01/28 (a)(b)
50,000
46,300
4.88%, 05/15/29 (a)(b)
20,000
17,368
RHP Hotel Properties LP/RHP Finance Corp.
7.25%, 07/15/28 (a)(b)
15,000
15,089
4.50%, 02/15/29 (a)(b)
50,000
43,935
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Rithm Capital Corp.
6.25%, 10/15/25 (a)(b)
10,000
9,436
RLJ Lodging Trust LP
3.75%, 07/01/26 (a)(b)
75,000
68,786
Service Properties Trust
4.35%, 10/01/24 (a)
90,000
86,698
7.50%, 09/15/25 (a)
100,000
98,912
5.25%, 02/15/26 (a)
20,000
18,442
Starwood Property Trust, Inc.
3.63%, 07/15/26 (a)(b)
25,000
22,396
4.38%, 01/15/27 (a)(b)
25,000
22,352
The Necessity Retail REIT Inc/American Finance Operating Partner LP
4.50%, 09/30/28 (a)(b)
40,000
30,671
XHR LP
4.88%, 06/01/29 (a)(b)
50,000
43,306
 
914,595
 
4,388,193
 
Industrial 83.3%
Basic Industry 4.5%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
7.50%, 05/01/25 (a)(b)
50,000
49,881
Ashland, Inc.
6.88%, 05/15/43 (a)
15,000
14,676
ASP Unifrax Holdings, Inc.
5.25%, 09/30/28 (a)(b)
25,000
16,930
7.50%, 09/30/29 (a)(b)
10,000
5,215
ATI, Inc.
4.88%, 10/01/29 (a)
25,000
22,595
5.13%, 10/01/31 (a)
25,000
22,198
Avient Corp.
5.75%, 05/15/25 (a)(b)
2,000
1,975
7.13%, 08/01/30 (a)(b)
75,000
74,996
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.75%, 06/15/27 (a)(b)
150,000
141,292
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.75%, 07/15/26 (a)(b)
25,000
24,401
Big River Steel LLC/BRS Finance Corp.
6.63%, 01/31/29 (a)(b)
15,000
14,927
Cleveland-Cliffs, Inc.
5.88%, 06/01/27 (a)
50,000
48,209
6.75%, 04/15/30 (a)(b)
50,000
47,729
Commercial Metals Co.
4.13%, 01/15/30 (a)
25,000
22,148
CVR Partners LP/CVR Nitrogen Finance Corp.
6.13%, 06/15/28 (a)(b)
25,000
22,406
Domtar Corp.
6.75%, 10/01/28 (a)(b)
25,000
21,651
Eldorado Gold Corp.
6.25%, 09/01/29 (a)(b)
25,000
21,381
Element Solutions, Inc.
3.88%, 09/01/28 (a)(b)
25,000
22,000
FMG Resources August 2006 Pty Ltd.
4.50%, 09/15/27 (a)(b)
20,000
18,475
5.88%, 04/15/30 (a)(b)
15,000
13,935
4.38%, 04/01/31 (a)(b)
25,000
20,971
6.13%, 04/15/32 (a)(b)
85,000
79,192
GrafTech Finance, Inc.
4.63%, 12/15/28 (a)(b)
65,000
51,083
See financial notes
Schwab High Yield Bond ETF | Annual Report11

Schwab High Yield Bond ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Graphic Packaging International LLC
3.50%, 03/15/28 (b)
10,000
8,919
3.50%, 03/01/29 (a)(b)
75,000
64,360
3.75%, 02/01/30 (a)(b)
15,000
12,800
Hecla Mining Co.
7.25%, 02/15/28 (a)
25,000
24,585
Hudbay Minerals, Inc.
6.13%, 04/01/29 (a)(b)
25,000
23,527
Innophos Holdings, Inc.
9.38%, 02/15/28 (a)(b)
2,000
1,965
Kaiser Aluminum Corp.
4.63%, 03/01/28 (a)(b)
25,000
22,143
LSB Industries, Inc.
6.25%, 10/15/28 (a)(b)
60,000
54,927
Mercer International, Inc.
5.13%, 02/01/29 (a)
90,000
73,709
Methanex Corp.
5.13%, 10/15/27 (a)
85,000
79,807
Mineral Resources Ltd.
8.13%, 05/01/27 (a)(b)
5,000
4,995
8.50%, 05/01/30 (a)(b)
75,000
75,362
Minerals Technologies, Inc.
5.00%, 07/01/28 (a)(b)
15,000
13,814
New Gold, Inc.
7.50%, 07/15/27 (a)(b)
25,000
23,900
Novelis Corp.
4.75%, 01/30/30 (a)(b)
100,000
89,595
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 01/27/30 (a)(b)
25,000
22,297
Olin Corp.
5.13%, 09/15/27 (a)
20,000
19,168
5.63%, 08/01/29 (a)
75,000
72,030
Olympus Water U.S. Holding Corp.
9.75%, 11/15/28 (a)(b)
200,000
201,715
SCIH Salt Holdings, Inc.
4.88%, 05/01/28 (a)(b)
75,000
67,569
SK Invictus Intermediate II Sarl
5.00%, 10/30/29 (a)(b)
15,000
12,337
Taseko Mines Ltd.
7.00%, 02/15/26 (a)(b)
75,000
69,245
The Chemours Co.
5.38%, 05/15/27 (a)
20,000
18,845
5.75%, 11/15/28 (a)(b)
50,000
44,961
4.63%, 11/15/29 (a)(b)
16,000
13,316
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 04/01/29 (a)(b)
20,000
10,823
Tronox, Inc.
4.63%, 03/15/29 (a)(b)
25,000
20,623
United States Steel Corp.
6.88%, 03/01/29 (a)
50,000
49,852
WR Grace Holdings LLC
5.63%, 08/15/29 (a)(b)
100,000
84,660
 
2,060,115
Capital Goods 10.0%
Advanced Drainage Systems, Inc.
6.38%, 06/15/30 (a)(b)
50,000
49,300
Alta Equipment Group, Inc.
5.63%, 04/15/26 (a)(b)
10,000
9,264
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28 (a)(b)
50,000
45,320
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Amsted Industries, Inc.
5.63%, 07/01/27 (a)(b)
15,000
14,573
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc
4.00%, 09/01/29 (a)(b)
200,000
162,740
Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc.
5.25%, 08/15/27 (a)(b)
200,000
171,557
ATS Corp.
4.13%, 12/15/28 (a)(b)
15,000
13,343
Ball Corp.
5.25%, 07/01/25
40,000
39,482
4.88%, 03/15/26 (a)
55,000
53,483
6.88%, 03/15/28 (a)
50,000
50,802
6.00%, 06/15/29 (a)
25,000
24,676
2.88%, 08/15/30 (a)
50,000
40,948
Beacon Roofing Supply, Inc.
4.13%, 05/15/29 (a)(b)
25,000
21,524
6.50%, 08/01/30 (a)(b)
20,000
19,780
Berry Global, Inc.
5.63%, 07/15/27 (a)(b)
25,000
24,529
Bombardier, Inc.
7.50%, 03/15/25 (a)(b)
10,000
10,017
7.13%, 06/15/26 (a)(b)
50,000
49,214
7.88%, 04/15/27 (a)(b)
150,000
149,773
6.00%, 02/15/28 (a)(b)
50,000
46,777
7.50%, 02/01/29 (a)(b)
25,000
24,520
Builders FirstSource, Inc.
4.25%, 02/01/32 (a)(b)
100,000
85,107
BWX Technologies, Inc.
4.13%, 04/15/29 (a)(b)
35,000
31,176
Chart Industries, Inc.
7.50%, 01/01/30 (a)(b)
50,000
51,295
9.50%, 01/01/31 (a)(b)
10,000
10,777
Clean Harbors, Inc.
4.88%, 07/15/27 (a)(b)
50,000
47,824
6.38%, 02/01/31 (a)(b)
10,000
9,953
Clydesdale Acquisition Holdings, Inc.
8.75%, 04/15/30 (a)(b)
40,000
36,213
Cornerstone Building Brands, Inc.
6.13%, 01/15/29 (a)(b)
30,000
24,391
Covanta Holding Corp.
4.88%, 12/01/29 (a)(b)
25,000
21,524
CP Atlas Buyer, Inc.
7.00%, 12/01/28 (a)(b)
50,000
42,037
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (a)
25,000
23,569
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 02/01/26 (a)
50,000
48,262
Crown Cork & Seal Co., Inc.
7.38%, 12/15/26
4,000
4,161
Eco Material Technologies, Inc.
7.88%, 01/31/27 (a)(b)
10,000
9,760
Emerald Debt Merger Sub LLC
6.63%, 12/15/30 (a)(b)
75,000
73,925
Enviri Corp.
5.75%, 07/31/27 (a)(b)
10,000
8,683
EquipmentShare.com, Inc.
9.00%, 05/15/28 (a)(b)
25,000
24,844
FXI Holdings, Inc.
12.25%, 11/15/26 (a)(b)
50,000
44,935
Gates Global LLC/Gates Corp.
6.25%, 01/15/26 (a)(b)
25,000
24,773
See financial notes
12Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
GFL Environmental, Inc.
4.25%, 06/01/25 (a)(b)
20,000
19,363
5.13%, 12/15/26 (a)(b)
50,000
48,428
4.75%, 06/15/29 (a)(b)
100,000
90,686
Griffon Corp.
5.75%, 03/01/28 (a)
50,000
46,663
H&E Equipment Services, Inc.
3.88%, 12/15/28 (a)(b)
25,000
21,851
Herc Holdings, Inc.
5.50%, 07/15/27 (a)(b)
75,000
72,190
JELD-WEN, Inc.
4.63%, 12/15/25 (a)(b)
50,000
48,517
Knife River Corp.
7.75%, 05/01/31 (a)(b)
35,000
35,869
LABL, Inc.
6.75%, 07/15/26 (a)(b)
50,000
48,926
10.50%, 07/15/27 (a)(b)
25,000
23,956
LBM Acquisition LLC
6.25%, 01/15/29 (a)(b)
50,000
43,686
Madison IAQ LLC
4.13%, 06/30/28 (a)(b)
25,000
22,141
5.88%, 06/30/29 (a)(b)
57,000
48,045
Masonite International Corp.
5.38%, 02/01/28 (a)(b)
25,000
23,714
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (a)(b)
150,000
147,847
9.25%, 04/15/27 (a)(b)
25,000
22,675
MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/30 (a)(b)
25,000
21,217
Moog, Inc.
4.25%, 12/15/27 (a)(b)
20,000
18,218
Mueller Water Products, Inc.
4.00%, 06/15/29 (a)(b)
25,000
22,164
NESCO Holdings II, Inc.
5.50%, 04/15/29 (a)(b)
25,000
22,695
OI European Group BV
4.75%, 02/15/30 (a)(b)
10,000
9,125
Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.50%, 04/15/30 (a)(b)
25,000
23,427
OT Merger Corp.
7.88%, 10/15/29 (a)(b)
10,000
6,573
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/27 (a)(b)
25,000
24,735
7.25%, 05/15/31 (a)(b)
75,000
75,765
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC
4.00%, 10/15/27 (a)(b)
50,000
45,016
Park River Holdings, Inc.
6.75%, 08/01/29 (a)(b)
10,000
8,063
Patrick Industries, Inc.
4.75%, 05/01/29 (a)(b)
10,000
8,566
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/29 (a)(b)
20,000
12,775
PGT Innovations, Inc.
4.38%, 10/01/29 (a)(b)
35,000
32,515
Ritchie Bros Holdings, Inc.
6.75%, 03/15/28 (a)(b)
18,000
18,243
7.75%, 03/15/31 (a)(b)
30,000
31,066
Roller Bearing Co. of America, Inc.
4.38%, 10/15/29 (a)(b)
25,000
22,398
Sealed Air Corp.
5.13%, 12/01/24 (a)(b)
15,000
14,808
4.00%, 12/01/27 (a)(b)
100,000
91,614
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28 (a)(b)
50,000
48,059
Specialty Building Products Holdings LLC/SBP Finance Corp.
6.38%, 09/30/26 (a)(b)
25,000
23,968
Spirit AeroSystems, Inc.
9.38%, 11/30/29 (a)(b)
100,000
104,336
SPX FLOW, Inc.
8.75%, 04/01/30 (a)(b)
45,000
42,833
SRS Distribution, Inc.
4.63%, 07/01/28 (a)(b)
75,000
66,829
Standard Industries, Inc.
5.00%, 02/15/27 (a)(b)
75,000
71,178
4.75%, 01/15/28 (a)(b)
25,000
23,050
4.38%, 07/15/30 (a)(b)
50,000
42,910
Stericycle, Inc.
3.88%, 01/15/29 (a)(b)
55,000
47,937
Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 01/15/29 (a)(b)
50,000
46,888
Terex Corp.
5.00%, 05/15/29 (a)(b)
25,000
22,977
Titan Acquisition Ltd./Titan Co-Borrower LLC
7.75%, 04/15/26 (a)(b)
25,000
24,325
Titan International, Inc.
7.00%, 04/30/28 (a)
65,000
61,988
TransDigm, Inc.
6.25%, 03/15/26 (a)(b)
225,000
223,075
7.50%, 03/15/27 (a)
15,000
15,042
5.50%, 11/15/27 (a)
150,000
142,488
6.75%, 08/15/28 (a)(b)
21,000
21,100
4.63%, 01/15/29 (a)
75,000
67,313
Trident TPI Holdings, Inc.
12.75%, 12/31/28 (a)(b)
25,000
26,034
Trinity Industries, Inc.
4.55%, 10/01/24 (a)
15,000
14,715
Triumph Group, Inc.
7.75%, 08/15/25 (a)
25,000
23,613
9.00%, 03/15/28 (a)(b)
95,000
95,761
United Rentals North America, Inc.
4.88%, 01/15/28 (a)
30,000
28,573
5.25%, 01/15/30 (a)
25,000
23,782
3.88%, 02/15/31 (a)
175,000
149,846
3.75%, 01/15/32 (a)
5,000
4,209
Vertiv Group Corp.
4.13%, 11/15/28 (a)(b)
50,000
44,934
Waste Pro USA, Inc.
5.50%, 02/15/26 (a)(b)
25,000
23,590
WESCO Distribution, Inc.
7.13%, 06/15/25 (a)(b)
15,000
15,081
7.25%, 06/15/28 (a)(b)
110,000
112,055
White Cap Buyer LLC
6.88%, 10/15/28 (a)(b)
25,000
22,966
 
4,599,826
Communications 15.0%
Advantage Sales & Marketing, Inc.
6.50%, 11/15/28 (a)(b)
25,000
21,819
Allen Media LLC/Allen Media Co-Issuer, Inc.
10.50%, 02/15/28 (a)(b)
10,000
5,735
Altice Financing S.A.
5.75%, 08/15/29 (a)(b)
200,000
158,612
Altice France S.A.
8.13%, 02/01/27 (a)(b)
430,000
363,797
See financial notes
Schwab High Yield Bond ETF | Annual Report13

Schwab High Yield Bond ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
AMC Networks, Inc.
4.75%, 08/01/25 (a)
50,000
46,919
4.25%, 02/15/29 (a)
20,000
12,767
Block Communications, Inc.
4.88%, 03/01/28 (a)(b)
5,000
4,143
C&W Senior Financing DAC
6.88%, 09/15/27 (a)(b)
200,000
185,808
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27 (a)(b)
305,000
287,003
4.75%, 03/01/30 (a)(b)
225,000
193,656
4.25%, 02/01/31 (a)(b)
300,000
246,355
4.75%, 02/01/32 (a)(b)
80,000
66,273
4.50%, 05/01/32 (a)
135,000
109,567
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/27 (a)(b)
75,000
67,245
7.75%, 04/15/28 (a)(b)
50,000
39,372
CMG Media Corp.
8.88%, 12/15/27 (a)(b)
25,000
19,662
Cogent Communications Group, Inc.
3.50%, 05/01/26 (a)(b)
25,000
23,167
Consolidated Communications, Inc.
6.50%, 10/01/28 (a)(b)
35,000
26,902
CSC Holdings LLC
11.25%, 05/15/28 (a)(b)
200,000
197,445
5.75%, 01/15/30 (a)(b)
275,000
152,371
Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88%, 08/15/27 (a)(b)
125,000
110,890
DISH DBS Corp.
5.88%, 11/15/24
75,000
69,830
7.75%, 07/01/26
70,000
52,419
5.25%, 12/01/26 (a)(b)
51,000
43,086
7.38%, 07/01/28 (a)
30,000
18,823
5.75%, 12/01/28 (a)(b)
100,000
77,814
5.13%, 06/01/29
25,000
13,540
DISH Network Corp.
11.75%, 11/15/27 (a)(b)
210,000
213,264
Embarq Corp.
8.00%, 06/01/36
47,000
28,673
Frontier Communications Holdings LLC
5.88%, 10/15/27 (a)(b)
52,000
47,408
5.00%, 05/01/28 (a)(b)
115,000
98,646
6.75%, 05/01/29 (a)(b)
19,000
14,766
8.75%, 05/15/30 (a)(b)
85,000
82,698
8.63%, 03/15/31 (a)(b)
25,000
24,099
Frontier Florida LLC
6.86%, 02/01/28
10,000
9,375
GCI LLC
4.75%, 10/15/28 (a)(b)
25,000
21,716
Getty Images, Inc.
9.75%, 03/01/27 (a)(b)
25,000
25,042
Gray Escrow II, Inc.
5.38%, 11/15/31 (a)(b)
105,000
73,400
Gray Television, Inc.
5.88%, 07/15/26 (a)(b)
25,000
22,897
4.75%, 10/15/30 (a)(b)
20,000
13,985
Hughes Satellite Systems Corp.
5.25%, 08/01/26
60,000
55,218
iHeartCommunications, Inc.
6.38%, 05/01/26 (a)
50,000
43,676
5.25%, 08/15/27 (a)(b)
20,000
15,835
4.75%, 01/15/28 (a)(b)
35,000
27,010
Iliad Holding SASU
6.50%, 10/15/26 (a)(b)
200,000
191,017
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
INNOVATE Corp.
8.50%, 02/01/26 (a)(b)
10,000
7,700
Intelsat Jackson Holdings S.A.
6.50%, 03/15/30 (a)(b)
110,000
101,135
Lamar Media Corp.
3.75%, 02/15/28 (a)
68,000
61,996
Level 3 Financing, Inc.
4.63%, 09/15/27 (a)(b)
75,000
56,470
4.25%, 07/01/28 (a)(b)
60,000
39,395
10.50%, 05/15/30 (a)(b)
70,000
71,168
Liberty Interactive LLC
8.50%, 07/15/29
10,000
3,953
8.25%, 02/01/30
15,000
5,841
Lions Gate Capital Holdings LLC
5.50%, 04/15/29 (a)(b)
25,000
15,259
Lumen Technologies, Inc.
4.00%, 02/15/27 (a)(b)
55,000
34,714
4.50%, 01/15/29 (a)(b)
15,000
4,966
7.60%, 09/15/39
12,000
3,574
McGraw-Hill Education, Inc.
5.75%, 08/01/28 (a)(b)
55,000
48,862
8.00%, 08/01/29 (a)(b)
27,000
24,063
Millennium Escrow Corp.
6.63%, 08/01/26 (a)(b)
25,000
20,622
News Corp.
3.88%, 05/15/29 (a)(b)
50,000
43,955
Nexstar Media, Inc.
5.63%, 07/15/27 (a)(b)
90,000
84,676
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
10.75%, 06/01/28 (a)(b)
10,000
9,313
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27 (a)(b)
20,000
18,121
4.63%, 03/15/30 (a)(b)
65,000
52,911
Paramount Global
6.25%, 02/28/57 (a)(c)
10,000
7,840
6.38%, 03/30/62 (a)(c)
55,000
45,424
Qwest Corp.
7.25%, 09/15/25
10,000
9,521
Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/26 (a)(b)
30,000
23,412
6.50%, 09/15/28 (a)(b)
37,000
20,021
ROBLOX Corp.
3.88%, 05/01/30 (a)(b)
27,000
22,299
Rogers Communications, Inc.
5.25%, 03/15/82 (a)(b)
30,000
27,239
SBA Communications Corp.
3.88%, 02/15/27 (a)
25,000
23,137
3.13%, 02/01/29 (a)
125,000
107,151
Scripps Escrow II, Inc.
3.88%, 01/15/29 (a)(b)
25,000
20,098
Sinclair Television Group, Inc.
5.50%, 03/01/30 (a)(b)
20,000
10,677
4.13%, 12/01/30 (a)(b)
30,000
19,363
Sirius XM Radio, Inc.
3.13%, 09/01/26 (a)(b)
19,000
17,168
5.00%, 08/01/27 (a)(b)
75,000
69,411
4.00%, 07/15/28 (a)(b)
100,000
86,684
5.50%, 07/01/29 (a)(b)
20,000
18,027
4.13%, 07/01/30 (a)(b)
38,000
31,020
3.88%, 09/01/31 (a)(b)
70,000
54,545
Stagwell Global LLC
5.63%, 08/15/29 (a)(b)
40,000
33,441
See financial notes
14Schwab High Yield Bond ETF | Annual Report

Schwab High Yield Bond ETF
Portfolio Holdings  as of August 31, 2023 (continued)
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
TEGNA, Inc.
4.75%, 03/15/26 (a)(b)
20,000
19,075
4.63%, 03/15/28 (a)
50,000
44,846
5.00%, 09/15/29 (a)
50,000
44,061
Telecom Italia Capital S.A.
6.38%, 11/15/33
135,000
118,756
6.00%, 09/30/34
10,000
8,388
7.20%, 07/18/36
10,000
9,047
Telesat Canada/Telesat LLC
5.63%, 12/06/26 (a)(b)
10,000
7,066
4.88%, 06/01/27 (a)(b)
5,000
3,370
6.50%, 10/15/27 (a)(b)
15,000
7,500
Townsquare Media, Inc.
6.88%, 02/01/26 (a)(b)
20,000
19,269
United States Cellular Corp.
6.70%, 12/15/33
30,000
29,259
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.00%, 01/15/30 (a)(b)
35,000
23,153
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/28 (a)(b)
80,000
79,883
4.75%, 04/15/28 (a)(b)
15,000
12,658
6.50%, 02/15/29 (a)(b)
40,000
27,336
Univision Communications, Inc.
6.63%, 06/01/27 (a)(b)
125,000
121,142
8.00%, 08/15/28 (a)(b)
100,000
100,035
4.50%, 05/01/29 (a)(b)
20,000
17,234
7.38%, 06/30/30 (a)(b)
50,000
48,437
UPC Broadband Finco BV
4.88%, 07/15/31 (a)(b)
200,000
165,250
Urban One, Inc.
7.38%, 02/01/28 (a)(b)
50,000
43,523
Viasat, Inc.
5.63%, 09/15/25 (a)(b)
50,000
47,359
Videotron Ltd.
5.13%, 04/15/27 (a)(b)
55,000
52,712
Virgin Media Secured Finance plc
5.50%, 05/15/29 (a)(b)
200,000
183,066
Vmed O2 UK Financing I plc
4.75%, 07/15/31 (a)(b)
200,000
167,362
Vodafone Group plc
7.00%, 04/04/79 (a)(c)
75,000
75,637
3.25%, 06/04/81 (a)(c)
25,000
22,122
4.13%, 06/04/81 (a)(c)
10,000
7,822
5.13%, 06/04/81 (a)(c)
65,000
45,412
Windstream Escrow LLC/Windstream Escrow Finance Corp.
7.75%, 08/15/28 (a)(b)
55,000
44,639
WMG Acquisition Corp.
3.75%, 12/01/29 (a)(b)
75,000
65,093
Zayo Group Holdings, Inc.
4.00%, 03/01/27 (a)(b)
48,000
36,016
6.13%, 03/01/28 (a)(b)
50,000
32,546
Ziggo Bond Co. BV
6.00%, 01/15/27 (a)(b)
200,000
186,196
 
6,894,187
Consumer Cyclical 20.5%
1011778 BC ULC/New Red Finance, Inc.
3.50%, 02/15/29 (a)(b)
50,000
43,822
4.00%, 10/15/30 (a)(b)
225,000
190,812
99 Escrow Issuer, Inc.
7.50%, 01/15/26 (a)(b)
30,000
11,979
SECURITY
RATE, MATURITY DATE
FACE
AMOUNT ($)
VALUE ($)
Adient Global Holdings Ltd.
7.00%, 04/15/28 (a)(b)
35,000
35,394
8.25%, 04/15/31 (a)(b)
25,000
25,653
Affinity Interactive
6.88%, 12/15/27 (a)(b)
35,000
31,026
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (a)(b)
75,000
71,412
9.75%, 07/15/27 (a)(b)
75,000
68,968
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/28 (a)(b)
200,000
170,180
Allison Transmission, Inc.
3.75%, 01/30/31 (a)(b)
75,000
62,712
AMC Entertainment Holdings, Inc.
7.50%, 02/15/29 (a)(b)
45,000
30,756
American Axle & Manufacturing, Inc.
6.50%, 04/01/27 (a)
75,000
71,152
APX Group, Inc.
5.75%, 07/15/29 (a)(b)
55,000
47,439
Arches Buyer, Inc.
4.25%, 06/01/28 (a)(b)
25,000
21,776
6.13%, 12/01/28 (a)(b)
25,000
21,470
Asbury Automotive Group, Inc.
4.63%, 11/15/29 (a)(b)
70,000
61,825
5.00%, 02/15/32 (a)(b)
16,000
13,741
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 08/01/29 (a)(b)
25,000
21,687
Aston Martin Capital Holdings Ltd.
10.50%, 11/30/25 (a)(b)
200,000
203,331
Bath & Body Works, Inc.
7.50%, 06/15/29 (a)
65,000
65,593
6.63%, 10/01/30 (a)(b)
25,000
24,406
6.95%, 03/01/33
50,000
46,779
6.88%, 11/01/35
70,000
65,520
Beazer Homes USA, Inc.
7.25%, 10/15/29 (a)
65,000
63,057
Boyd Gaming Corp.
4.75%, 06/15/31 (a)(b)
75,000
66,126
Boyne USA, Inc.
4.75%, 05/15/29 (a)(b)
25,000
22,585
Brookfield Residential Properties, Inc./Brookfield Residential US LLC
5.00%, 06/15/29 (a)(b)
60,000
50,115