N-CSRS
Semiannual Report |
August 31, 2025

Schwab U.S. REIT ETF


Ticker Symbol: SCHH

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab U.S. REIT ETF
$4
0.07%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab U.S. REIT ETF (01/13/2011)
1,2
-0.93%
-1.51%
6.31%
4.68%
S&P 500
®
Index
3
9.21%
15.88%
14.74%
14.60%
Dow Jones Equity All REIT Capped Index
4
-0.92%
-1.47%
6.39%
N/A
REIT Spliced Index
-0.92%
-1.47%
6.39%
4.75%
 
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 www.schwabassetmanagement.com/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 Equity All REIT Capped Index (the Index) is a
product of S&P Dow Jones Indices LLC, and the trademark and Index have been licensed for use by Charles Schwab Investment Management, Inc. The Schwab U.S. REIT 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
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
3
The S&P 500
®
Index serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in
the Dow Jones Equity All REIT Capped Index. The fund does not seek to track the regulatory index.
4
The inception date of the Dow Jones Equity All REIT Capped Index is April 13, 2020. The fund began tracking the index on June 22, 2020.
Schwab U.S. REIT ETF | Semiannual Report
1
REG125436-01  00317433
 
Statistics
 
Net Assets (millions)
$8,397
Number of Holdings
(excludes derivatives)
123
Portfolio Turnover Rate
(not annualized; excludes in-kind transactions)
4%
Weighted Average Market Cap (millions)
$44,831
Price/Earnings Ratio (P/E)
35.0
Price/Book Ratio (P/B)
2.3
Industry Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
 
Portfolio holdings may have changed since the report date.
The Sector/Industry classifications in this
report
use the Global Industry Classification Standard (GICS) which
was
developed by and is the exclusive property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
2
Schwab U.S. REIT ETF | Semiannual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab U.S. REIT ETF | Semiannual Report
3
Semiannual Report |
August 31, 2025

Schwab Fundamental U.S. Broad Market ETF


Ticker Symbol: FNDB

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab Fundamental U.S. Broad Market ETF
$13
0.25%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab Fundamental U.S. Broad Market ETF (08/15/2013)
1,2
5.64%
10.73%
15.86%
12.76%
Russell 3000
®
Index
3
9.29%
15.84%
14.11%
13.98%
RAFI Fundamental High Liquidity US All Index
4
5.73%
10.97%
N/A
N/A
Russell RAFI™ US Index
5.87%
10.84%
16.13%
13.03%
Fundamental US All Spliced Index
5.73%
10.97%
16.13%
13.03%
 
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 www.schwabassetmanagement.com/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 — The RAFI Fundamental High Liquidity US All Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been licensed
for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab Fundamental
U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI Parties: (i) make no
representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or otherwise) to any
person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.
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
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
3
The Russell 3000
®
Index serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are
included in the RAFI Fundamental High Liquidity US All Index. The fund does not seek to track the regulatory index.
4
Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Index to the RAFI Fundamental High Liquidity US All Index in connection with a
change to the fund’s investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI Fundamental High
Liquidity US All Index is January 31, 2024. The fund began tracking the index on June 21, 2024.
Schwab Fundamental U.S. Broad Market ETF | Semiannual Report
1
REG125417-01  00317414
 
Statistics
 
Net Assets (thousands)
$981,955
Number of Holdings
(excludes derivatives)
1,650
Portfolio Turnover Rate
(not annualized; excludes in-kind transactions)
7%
Weighted Average Market Cap (millions)
$553,907
Price/Earnings Ratio (P/E)
19.9
Price/Book Ratio (P/B)
2.5
Sector Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
 
Portfolio holdings may have changed since the report date.
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co.,
Inc
.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
3
Amount is less than 0.05%.
2
Schwab Fundamental U.S. Broad Market ETF | Semiannual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab Fundamental U.S. Broad Market ETF | Semiannual Report
3
Semiannual Report |
August 31, 2025

Schwab Fundamental U.S. Large Company ETF


Ticker Symbol: FNDX

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab
Fundamental
U.S. Large Company ETF
$13
0.25%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab Fundamental U.S. Large Company ETF (08/15/2013)
1,2
5.48%
10.97%
15.98%
13.01%
Russell 1000
®
Index
3
9.25%
16.24%
14.34%
14.33%
RAFI Fundamental High Liquidity US Large Index
4
5.57%
11.21%
N/A
N/A
Russell RAFI™ US Large Company Index
5.65%
11.10%
16.25%
13.27%
Fundamental US Large Spliced Index
5.57%
11.21%
16.26%
13.27%
 
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 www.schwabassetmanagement.com/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 — The RAFI
Fundamental
High Liquidity US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been
licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab
Fundamental U.S. Large Company ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI Parties: (i)
make no representation or
warranty
as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or otherwise) to
any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.
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
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
3
The Russell 1000
®
Index serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are
included in the RAFI Fundamental High Liquidity US Large Index. The fund does not seek to track the regulatory index.
4
Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Large Company Index to the RAFI Fundamental High Liquidity US Large Index in
connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI
Fundamental High Liquidity US Large Index is January 31, 2024. The fund began tracking the index on June 21, 2024.
Schwab Fundamental U.S. Large Company ETF | Semiannual Report
1
REG125418-01  00317415
 
Statistics
 
Net Assets (millions)
$19,828
Number of
Holdings
(excludes derivatives)
737
Portfolio
Turnover Rate
(not annualized; excludes in-kind transactions)
7%
Weighted Average Market Cap (millions)
$595,457
Price/Earnings Ratio (P/E)
20.0
Price/
Book
Ratio (P/B)
2.6
Sector Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
 
Portfolio holdings may have
changed
since the report date.
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was
deve
loped by and is the exclusive property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
2
Schwab Fundamental U.S. Large Company ETF | Semiannual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab Fundamental U.S. Large Company ETF | Semiannual Report
3
Semiannual Report |
August 31, 2025

Schwab Fundamental U.S. Small Company ETF


Ticker Symbol: FNDA

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab Fundamental U.S. Small Company ETF
$13
0.25%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab Fundamental U.S. Small Company ETF (08/15/2013)
1,2
7.59%
7.27%
13.96%
9.67%
S&P 500
®
Index
3
9.21%
15.88%
14.74%
14.60%
RAFI Fundamental High Liquidity US Small Index
4
7.70%
7.52%
N/A
N/A
Russell RAFI™ US Small Company Index
8.75%
7.61%
14.22%
9.91%
Fundamental US Small Spliced Index
7.70%
7.52%
14.15%
9.87%
Russell 2000
®
Index
10.22%
8.17%
10.13%
8.88%
 
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 www.schwabassetmanagement.com/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 — The RAFI Fundamental High Liquidity US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been
licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab
Fundamental U.S. Small Company ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI
Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or
otherwise) to any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.
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
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
3
The S&P 500
®
Index serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in
the RAFI Fundamental High Liquidity US Small Index. The fund does not seek to track the regulatory index.
4
Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Small Company Index to the RAFI Fundamental High Liquidity US Small Index in
connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI
Fundamental High Liquidity US Small Index is January 31, 2024. The fund began tracking the index on June 21, 2024.
Schwab Fundamental U.S. Small Company ETF | Semiannual Report
1
REG125419-01  00317416
 
Statistics
 
Net Assets (millions)
$8,933
Number of Holdings
(excludes derivatives)
980
Portfolio Turnover Rate
(not annualized; excludes in-kind transactions)
13%
Weighted Average Market Cap (millions)
$8,592
Price/Earnings Ratio (P/E)
19.8
Price/Book Ratio (P/B)
1.8
Sector Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
 
Portfolio holdings may have changed since the report date.
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was
developed
by and is the exclusive property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
2
Schwab Fundamental U.S. Small Company ETF | Semiannual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab Fundamental U.S. Small Company ETF | Semiannual Report
3
Semiannual Report |
August 31, 2025

Schwab Fundamental International Equity ETF


Ticker Symbol: FNDF

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab Fundamental International Equity ETF
$14
0.25%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab Fundamental International Equity ETF (08/15/2013)
1,2,3
19.08%
18.03%
14.19%
8.54%
MSCI EAFE
®
Index (Net)
4,5
14.44%
13.87%
10.15%
7.40%
RAFI Fundamental High Liquidity Developed ex US Large Index (Net)
4,6
18.93%
17.98%
N/A
N/A
Russell RAFI™ Developed ex US Large Company Index (Net)
4
18.91%
18.02%
14.24%
8.58%
Fundamental Developed ex US Large Spliced Index
18.93%
17.98%
14.22%
8.57%
 
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 www.schwabassetmanagement.com/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 — The RAFI Fundamental High Liquidity Developed ex US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and
has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The
Schwab Fundamental International Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI
Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or
otherwise) to any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.
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
The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.
3
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
4
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
5
The MSCI EAFE
®
Index (Net) serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are
included in the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). The fund does not seek to track the regulatory index.
6
Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Large Company Index (Net) to the RAFI Fundamental High
Liquidity Developed ex US Large Index (Net) in connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with
the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Large Index (Net) is January 31, 2024. The fund began tracking the index on June 21,
2024.
Schwab Fundamental International Equity ETF | Semiannual Report
1
REG125415-01  00317412
 
Statistics
 
Net Assets (
millions
)
$17,311
Number of Holdings
(excludes derivatives)
930
Portfolio
Turnover
Rate
(not annualized; excludes in-kind transactions)
7%
Weighted Average Market Cap (millions)
$76,851
Price/Earnings Ratio (P/E)
14.0
Price/Book Ratio (P/B)
1.3
Sector Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
Country Weightings % of Investments
1
 
 
Portfolio holdings may have changed since the report date.
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was
developed
by and is the exclusive property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a
service mark
of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
2
Schwab Fundamental International Equity ETF | Semiannual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab Fundamental International Equity ETF | Semiannual Report
3
Semiannual Report |
August 31, 2025

Schwab Fundamental International Small Equity ETF


Ticker Symbol: FNDC

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of Additional Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab Fundamental International Small Equity ETF
$22
0.39%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund and Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab Fundamental International Small Equity ETF (08/15/2013)
1,2,3
24.01%
21.90%
10.63%
7.78%
MSCI EAFE
®
Index (Net)
4,5
14.44%
13.87%
10.15%
7.40%
RAFI Fundamental High Liquidity Developed ex US Small Index (Net)
4,6
24.05%
22.20%
N/A
N/A
Russell RAFI™ Developed ex US Small Company Index (Net)
4
24.05%
22.03%
10.88%
8.03%
Fundamental Developed ex US Small Spliced Index
24.05%
22.20%
10.91%
8.04%
S&P Developed ex-U.S. Small Cap Index (Net)
4
22.53%
18.34%
7.28%
6.88%
 
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 www.schwabassetmanagement.com/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 — The RAFI Fundamental High Liquidity Developed ex US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and
has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The
Schwab Fundamental International Small Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The
RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence
or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.
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
The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.
3
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
4
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
5
The MSCI EAFE
®
Index (Net) serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are
included in the RAFI Fundamental High Liquidity Developed ex US Small Index (Net). The fund does not seek to track the regulatory index.
6
Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Small Company Index (Net) to the RAFI Fundamental High
Liquidity Developed ex US Small Index (Net) in connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with
the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Small Index (Net) is January 31, 2024. The fund began tracking the index on June 21,
2024.
Schwab Fundamental International Small Equity ETF | Semiannual Report
1
REG125416-01  00317413
 
Statistics
 
Net Assets (millions)
$3,000
Number of Holdings
(excludes derivatives)
1,700
Portfolio
Turnover
Rate
(not annualized; excludes in-kind transactions)
17%
Weighted
Average
Market Cap (millions)
$5,704
Price/
Earnings
Ratio (P/E)
14.6
Price/Book Ratio (P/B)
1.2
Sector Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
Country Weightings % of Investments
1
 
 
Portfolio holdings may have changed since the report date.
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the
exclusive
property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
2
Schwab Fundamental International Small Equity ETF | Se
mia
nnual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab Fundamental International Small Equity ETF | Semiannual Report
3
Semiannual Report |
August 31, 2025

Schwab Fundamental Emerging Markets Equity ETF


Ticker Symbol: FNDE

Principal U.S. Listing Exchange:
NYSE Arca, Inc.
 
 
This
semiannual shareholder report
contains important information about the fund for the period of March 1, 2025, to August 31,
2025.
You can find additional information about the fund at
www.schwabassetmanagement.com/prospectus
. You can also request
this information by calling
1-866-414-6349
or by sending an email request to
.
If you purchase
or hold fund shares through a financial intermediary, the fund’s prospectus, Statement of
Additional
Information (SAI), reports to
shareholders and other information about the fund are available from your financial intermediary.
 
 
FUND COSTS FOR THE LAST six months ENDED August 31, 2025
(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)
 
 
COSTS OF A
$10,000 INVESTMENT
COSTS PAID AS A
PERCENTAGE OF A
$10,000 INVESTMENT
Schwab Fundamental Emerging Markets Equity ETF
$21
0.39%
*
*
Annualized.
 
 
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/prospectus
.
 
 
Average Annual Total Returns
 
Fund
and
Inception Date
6 Months
1 Year
5 Years
10 Years
Fund: Schwab Fundamental Emerging Markets Equity ETF (08/15/2013)
1,2,3
13.47%
18.51%
11.69%
9.26%
MSCI Emerging Markets Index (Net)
4,5
16.37%
16.80%
5.21%
6.92%
RAFI Fundamental High Liquidity Emerging Markets Index (Net)
4,6
13.77%
18.69%
N/A
N/A
Russell RAFI™ Emerging Markets Large Company Index (Net)
4
14.24%
18.95%
12.15%
9.79%
Fundamental Emerging Markets Spliced Index
13.77%
18.69%
12.09%
9.76%
 
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 www.schwabassetmanagement.com/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 — The RAFI Fundamental High Liquidity Emerging Markets Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has
been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab
Fundamental Emerging Markets Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI
Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or
otherwise) to any person for any error in the Index. For full disclaimer, please see the fund’s statement of additional information.
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
The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.
3
Performance is shown on 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. Returns assume that dividends and capital gain distributions have been
reinvested in the fund at NAV.
4
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
5
The MSCI Emerging Markets Index (Net) serves as the fund’s regulatory index and provides a broad measure of market performance. The fund generally invests in securities
that are included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net). The fund does not seek to track the regulatory index.
6
Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Emerging Markets Large Company Index (Net) to the RAFI Fundamental High
Liquidity Emerging Markets Index (Net) in connection with a change to the fund’s investment objective and investment strategy to invest its assets in accordance with the
index. The inception date of the RAFI Fundamental High Liquidity
Emerging
Markets Index (Net) is January 31, 2024. The fund began tracking the index on June 21, 2024.
Schwab Fundamental Emerging
Markets
Equity ETF | Semiannual Report
1
REG125414-01  00317411
 
Statistics
 
Net Assets
(millions)
$7,288
Number of Holdings
(excludes
derivatives
)
383
Portfolio Turnover Rate
(not annualized; excludes in-kind transactions)
9%
Weighted Average Market Cap (millions)
$137,183
Price/
Earnings
Ratio (P/E)
10.0
Price/Book Ratio (P/B)
1.3
Sector Weightings % of Investments
1
 
 
Top Equity Holdings % of Net Assets
 
Country Weightings % of Investments
1
 
 
Portfolio holdings may have
changed
since the report date.
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.
(MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.
1
Excludes derivatives.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
2
Schwab Fundamental Emerging Markets Equity ETF | Semiannual Report
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,
holdings, certain tax information, proxy voting information, and other information about the fund online at
www.schwabassetmanagement.com/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/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/prospectus
or the
SEC’s website at
www.sec.gov
, by calling
1-866-414-6349
, or by sending an email request to
.
Schwab Fundamental Emerging Markets Equity ETF | Semiannual Report
3

 N-CSRS
(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
Semiannual Holdings and Financial Statements | August 31, 2025
Schwab U.S. REIT ETF
    Ticker Symbol SCHH
In This Report
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: SEI Investments Distribution Co. (SIDCO)
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications. 
 
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
1
Schwab U.S. REIT ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/231
3/1/21–
2/28/221
3/1/20–
2/28/211
Per-Share Data
Net asset value at beginning of period
$22.09
$20.05
$19.96
$23.30
$19.48
$21.15
Income (loss) from investment operations:
Net investment income (loss)2
0.34
0.64
0.64
0.60
0.43
0.42
Net realized and unrealized gains (losses)
(0.55
)
2.08
0.12
(3.45
)
3.79
(1.54
)
Total from investment operations
(0.21
)
2.72
0.76
(2.85
)
4.22
(1.12
)
Less distributions:
Distributions from net investment income
(0.26
)
(0.68
)
(0.67
)
(0.49
)
(0.40
)
(0.55
)
Net asset value at end of period
$21.62
$22.09
$20.05
$19.96
$23.30
$19.48
Total return
(0.93
%)3
13.75
%
4.06
%
(12.22
%)
21.56
%
(4.98
%)
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.07
%4
0.07
%
0.07
%
0.07
%5
0.07
%
0.07
%
Net investment income (loss)
3.23
%4
3.04
%
3.34
%
2.82
%5
1.81
%
2.33
%
Portfolio turnover rate6
4
%3
8
%
6
%
6
%
5
%
59
%
Net assets, end of period (x 1,000,000)
$8,397
$7,694
$6,361
$5,780
$6,648
$4,892
 
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on March 10, 2022.
2
Calculated based on the average shares outstanding during the period.
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
2
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Data Center REITs 7.8%
Digital Realty Trust, Inc.
2,010,094
336,972,158
Equinix, Inc.
407,002
319,980,903
 
656,953,061
 
Diversified REITs 2.3%
Alexander & Baldwin, Inc.
462,400
8,942,816
American Assets Trust, Inc.
300,636
6,283,292
Armada Hoffler Properties, Inc.
508,041
3,698,539
Broadstone Net Lease, Inc.
1,201,075
22,327,984
CTO Realty Growth, Inc.
182,798
3,158,749
Essential Properties Realty Trust, Inc.
1,254,537
39,292,099
Gladstone Commercial Corp.
293,719
3,950,521
Global Net Lease, Inc.
1,218,430
9,589,044
WP Carey, Inc.
1,390,337
93,291,613
 
190,534,657
 
Health Care REITs 15.5%
Alexandria Real Estate Equities, Inc.
977,530
80,587,573
American Healthcare REIT, Inc.
1,013,036
43,347,810
CareTrust REIT, Inc.
1,344,111
46,250,860
Community Healthcare Trust, Inc.
159,320
2,455,121
Global Medical REIT, Inc.
397,802
2,983,515
Healthcare Realty Trust, Inc.
2,231,320
38,780,342
Healthpeak Properties, Inc.
4,411,109
79,135,295
LTC Properties, Inc.
291,547
10,641,466
Medical Properties Trust, Inc. (a)
3,810,196
17,145,882
National Health Investors, Inc.
296,492
23,212,359
Omega Healthcare Investors, Inc.
1,837,469
78,221,055
Sabra Health Care REIT, Inc.
1,510,350
28,862,789
Sila Realty Trust, Inc.
350,595
8,743,839
Ventas, Inc.
2,865,447
195,079,632
Welltower, Inc.
3,828,304
644,226,997
 
1,299,674,535
 
Hotel & Resort REITs 2.4%
Apple Hospitality REIT, Inc.
1,403,687
18,332,152
DiamondRock Hospitality Co.
1,309,768
11,211,614
Host Hotels & Resorts, Inc.
4,404,671
75,804,388
Park Hotels & Resorts, Inc.
1,270,676
14,943,150
Pebblebrook Hotel Trust
753,577
8,394,848
RLJ Lodging Trust
951,551
7,326,942
Ryman Hospitality Properties, Inc.
381,143
37,653,117
Service Properties Trust (b)
1,065,221
2,876,097
Summit Hotel Properties, Inc.
692,435
3,794,544
Sunstone Hotel Investors, Inc.
1,261,663
11,960,565
Xenia Hotels & Resorts, Inc.
627,910
8,872,368
 
201,169,785
 
Industrial REITs 11.5%
Americold Realty Trust, Inc.
1,662,888
24,012,103
EastGroup Properties, Inc.
332,942
56,453,646
First Industrial Realty Trust, Inc.
840,832
44,227,763
Innovative Industrial Properties, Inc.
177,661
10,066,272
Lineage, Inc.
377,830
15,834,855
LXP Industrial Trust
1,875,513
17,029,658
Plymouth Industrial REIT, Inc.
251,593
5,535,046
Prologis, Inc.
5,718,117
650,607,351
Rexford Industrial Realty, Inc.
1,499,253
62,084,067
STAG Industrial, Inc.
1,185,097
43,670,824
SECURITY
NUMBER
OF SHARES
VALUE ($)
Terreno Realty Corp.
656,306
37,914,798
 
967,436,383
 
Integrated Telecommunication Services 0.1%
Uniti Group, Inc.
937,594
5,906,842
 
Multi-Family Residential REITs 9.0%
Apartment Investment & Management
Co., Class A
825,906
6,466,844
AvalonBay Communities, Inc.
902,821
176,817,493
Camden Property Trust
678,348
75,961,409
Centerspace
105,937
6,303,252
Elme Communities
560,360
9,570,949
Equity Residential
2,171,161
143,557,165
Essex Property Trust, Inc.
408,787
110,458,335
Independence Realty Trust, Inc.
1,481,602
26,831,812
Mid-America Apartment Communities,
Inc.
743,228
108,377,507
NexPoint Residential Trust, Inc.
139,237
4,805,069
UDR, Inc.
1,914,202
75,744,973
Veris Residential, Inc.
513,759
8,081,429
 
752,976,237
 
Office REITs 3.6%
Brandywine Realty Trust
1,098,986
4,681,680
BXP, Inc.
924,846
67,060,583
COPT Defense Properties
715,343
20,587,572
Cousins Properties, Inc.
1,065,719
31,428,053
Douglas Emmett, Inc.
1,064,370
17,253,438
Easterly Government Properties, Inc.
267,171
6,115,544
Empire State Realty Trust, Inc., Class A
870,283
6,657,665
Highwoods Properties, Inc.
684,616
21,585,942
Hudson Pacific Properties, Inc. *
2,155,620
6,057,292
JBG SMITH Properties
464,468
9,958,194
Kilroy Realty Corp.
675,872
28,109,517
NET Lease Office Properties
93,799
2,778,326
Paramount Group, Inc. *
1,166,424
8,398,253
Piedmont Realty Trust, Inc., Class A
792,064
6,708,782
SL Green Realty Corp.
450,776
25,644,647
Vornado Realty Trust
1,060,594
40,334,390
 
303,359,878
 
Other Specialized REITs 7.7%
EPR Properties
482,824
26,193,202
Farmland Partners, Inc.
260,351
2,869,068
Four Corners Property Trust, Inc.
637,426
16,502,959
Gaming & Leisure Properties, Inc.
1,745,006
83,777,738
Iron Mountain, Inc.
1,873,349
172,966,313
Lamar Advertising Co., Class A
558,529
71,072,815
Millrose Properties, Inc., Class A
763,593
26,962,469
Outfront Media, Inc.
879,465
16,428,406
Safehold, Inc.
290,634
4,783,836
VICI Properties, Inc.
6,709,439
226,644,850
 
648,201,656
 
Retail REITs 15.1%
Acadia Realty Trust
830,468
16,617,665
Agree Realty Corp.
697,186
50,713,310
Brixmor Property Group, Inc.
1,943,294
54,392,799
Curbline Properties Corp.
602,008
13,563,240
Federal Realty Investment Trust
492,921
49,563,206
Getty Realty Corp.
324,136
9,267,048
InvenTrust Properties Corp.
493,052
14,678,158
See financial notes
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
3
Schwab U.S. REIT ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kimco Realty Corp.
4,295,318
96,601,702
Kite Realty Group Trust
1,395,029
31,834,562
Macerich Co.
1,603,858
29,510,987
NETSTREIT Corp.
519,286
9,497,741
NNN REIT, Inc.
1,193,358
51,206,992
Phillips Edison & Co., Inc.
795,957
28,009,727
Realty Income Corp.
5,734,017
336,930,839
Regency Centers Corp.
1,037,324
75,205,990
Simon Property Group, Inc.
1,948,176
351,957,476
SITE Centers Corp.
300,683
3,692,387
Tanger, Inc.
718,572
24,560,791
Urban Edge Properties
797,490
16,500,068
 
1,264,304,688
 
Self Storage REITs 6.8%
CubeSmart
1,447,362
59,226,053
Extra Space Storage, Inc.
1,347,400
193,459,692
National Storage Affiliates Trust
447,176
14,412,483
Public Storage
1,002,493
295,324,413
Smartstop Self Storage REIT, Inc.
197,624
7,191,537
 
569,614,178
 
Single-Family Residential REITs 4.3%
American Homes 4 Rent, Class A
2,017,769
72,276,485
Equity LifeStyle Properties, Inc.
1,213,934
73,188,081
Invitation Homes, Inc.
3,619,403
113,251,120
Sun Communities, Inc.
761,822
96,652,357
UMH Properties, Inc.
497,430
7,804,677
 
363,172,720
 
Telecom Tower REITs 11.9%
American Tower Corp.
2,884,776
588,061,588
Crown Castle, Inc.
2,764,877
274,109,906
SBA Communications Corp.
682,231
139,755,020
 
1,001,926,514
 
Timber REITs 1.9%
PotlatchDeltic Corp.
454,480
19,101,794
Rayonier, Inc.
890,164
23,393,510
Weyerhaeuser Co.
4,605,027
119,132,049
 
161,627,353
Total Common Stocks
(Cost $8,215,384,419)
8,386,858,487
 
SECURITY
NUMBER
OF 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
4.23% (c)
3,986,136
3,986,136
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (c)(d)
15,048,540
15,048,540
 
19,034,676
Total Short-Term Investments
(Cost $19,034,676)
19,034,676
Total Investments in Securities
(Cost $8,234,419,095)
8,405,893,163
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Dow Jones U.S. Real Estate
Index, expires 09/19/25
255
9,452,850
183,262
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$14,714,128.
(b)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(c)
The rate shown is the annualized 7-day yield.
(d)
Security purchased with cash collateral received for securities on loan.
 
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers and companies which are or were affiliates during the period ended August 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at August 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date. 
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/25
BALANCE
OF SHARES
HELD AT
8/31/25
DIVIDENDS
RECEIVED
COMMON STOCKS 0.0% OF NET ASSETS
 
Hotel & Resort REITs 0.0%
Service Properties Trust
$—
$336,440
($69,025
)
($187,172
)
($33,799
)
$2,876,097
1,065,221
$19,876
See financial notes
4
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (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
Asset
Common Stocks1
$8,386,858,487
$—
$—
$8,386,858,487
Short-Term Investments1
19,034,676
—
—
19,034,676
Futures Contracts2
183,262
—
—
183,262
Total
$8,406,076,425
$—
$—
$8,406,076,425
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
5
Schwab U.S. REIT ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - affiliated issuers (cost $10,953,236)
 
$2,876,097
Investments in securities, at value - unaffiliated issuers (cost $8,223,465,859) including securities on loan of $14,714,128
 
8,403,017,066
Cash
 
977,659
Deposit with broker for futures contracts
 
976,927
Receivables:
 
Dividends
 
5,322,544
Variation margin on future contracts
 
36,850
Income from securities on loan
+
9,557
Total assets
 
8,413,216,700
 
Liabilities
Collateral held for securities on loan
 
15,048,540
Payables:
 
Deferred dividend income
 
974,132
Management fees
+
500,346
Total liabilities
 
16,523,018
Net assets
 
$8,396,693,682
 
Net Assets by Source
Capital received from investors
 
$9,230,883,618
Total distributable loss
+
(834,189,936
)
Net assets
 
$8,396,693,682
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$8,396,693,682
 
388,400,000
$21.62
 
 
 
 
See financial notes
6
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers
 
$129,512,116
Other Interest
 
28,704
Dividends received from securities - affiliated issuers
 
19,876
Securities on loan, net
+
59,624
Total investment income
 
129,620,320
 
Expenses
Management fees
 
2,742,952
Total expenses
–
2,742,952
Net investment income
 
126,877,368
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(189,693
)
Net realized losses on sales of securities - unaffiliated issuers
 
(35,448,303
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
2,521
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
38,281,383
Net realized losses on futures contracts
+
(1,653,866
)
Net realized gains
 
992,042
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
(33,799
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
(176,142,932
)
Net change in unrealized appreciation (depreciation) on futures contracts
+
47,555
Net change in unrealized appreciation (depreciation)
 
(176,129,176
)
Net realized and unrealized losses
 
(175,137,134
)
Decrease in net assets resulting from operations
 
($48,259,766
)
See financial notes
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
7
Schwab U.S. REIT ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$126,877,368
$215,295,835
Net realized gains
 
992,042
192,923,506
Net change in unrealized appreciation (depreciation)
+
(176,129,176
)
458,181,267
Increase (decrease) in net assets resulting from operations
 
($48,259,766
)
$866,400,608
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($94,200,390
)
($228,593,610
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
50,900,000
$1,068,933,677
84,650,000
$1,838,697,766
Shares redeemed
+
(10,750,000
)
(223,995,407
)
(53,700,000
)
(1,143,464,459
)
Net transactions in fund shares
 
40,150,000
$844,938,270
30,950,000
$695,233,307
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
348,250,000
$7,694,215,568
317,300,000
$6,361,175,263
Total increase
+
40,150,000
702,478,114
30,950,000
1,333,040,305
End of period
 
388,400,000
$8,396,693,682
348,250,000
$7,694,215,568
See financial notes
8
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes, unaudited
1. Business Structure of the Fund:
The fund 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 fund discussed in this report, which is highlighted: 
SCHWAB STRATEGIC TRUST
Schwab U.S. REIT ETF
Schwab Intermediate-Term U.S. Treasury ETF
Schwab U.S. Broad Market ETF
Schwab Long-Term U.S. Treasury ETF
Schwab 1000 Index® ETF
Schwab U.S. Aggregate Bond ETF
Schwab U.S. Large-Cap ETF
Schwab 1-5 Year Corporate Bond ETF
Schwab U.S. Large-Cap Growth ETF
Schwab 5-10 Year Corporate Bond ETF
Schwab U.S. Large-Cap Value ETF
Schwab Fundamental U.S. Broad Market ETF
Schwab U.S. Mid-Cap ETF
Schwab Fundamental U.S. Large Company ETF
Schwab U.S. Small-Cap ETF
Schwab Fundamental U.S. Small Company ETF
Schwab U.S. Dividend Equity ETF
Schwab Fundamental International Equity ETF
Schwab International Dividend Equity ETF
Schwab Fundamental International Small Equity ETF
Schwab International Equity ETF
Schwab Fundamental Emerging Markets Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Ariel Opportunities ETF
Schwab Emerging Markets Equity ETF
Schwab Crypto Thematic ETF
Schwab Ultra-Short Income ETF
Schwab Mortgage-Backed Securities ETF
Schwab U.S. TIPS ETF
Schwab High Yield Bond ETF
Schwab Municipal Bond ETF
Schwab Core Bond ETF
Schwab Short-Term U.S. Treasury ETF
Schwab Government Money Market ETF
The fund issues and redeems shares at its 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 fund are not redeemable securities.
Individual shares of the fund 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 the fund’s daily closing market price was at a discount or premium to the fund’s NAV can be found at www.schwabassetmanagement.com.
The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.
Investment Objective  
The Schwab U.S. REIT ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index composed of U.S. real estate investment trusts classified as equities.
 
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 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 fund may invest in 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 and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
9
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.
● Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
● Mutual funds: Mutual funds are valued at their respective NAVs.
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
● 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 forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash
10
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting  fair value and therefore the fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of August 31, 2025, are disclosed in the fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. The 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 the 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, the 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 the 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. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities  lending agreement allow the fund 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 the 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 the fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of the 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, 2025, the fund had securities on loan, all of which were classified as common stocks. The value of securities on loan and the related collateral as of August 31, 2025, are disclosed in the fund’s Portfolio Holdings and Statement of Assets and Liabilities.
(c) Security Transactions:
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 the 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.
The fund invests in real estate investment trusts (REITs) which report information on the source of their distributions annually. The fund’s policy is to record all REIT distributions initially as dividend income on the ex-dividend date and then re-designate them as return of capital and/or capital gain distributions at the end of the reporting period based on information provided annually by each REIT, and management estimates such re-designations when actual information has not yet been reported.
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
11
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
(d) Investment Income:
Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. A non-recurring dividend with a payable date of August 29, 2025, and an ex-date of September 2, 2025, is presented in the Statement of Assets and Liabilities as Deferred dividend income payable.
(e) Expenses:
Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of the fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.
(f) Distributions to Shareholders:
The fund makes 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 fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax. 
(i) Segment Reporting:
An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.
The management committee of the fund’s investment adviser acts as the fund’s CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund’s financial statements.
(j) Indemnification:
Under the fund’s organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.
12
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
(k) Recent Accounting Pronouncements:
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.
 
3. 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 the fund’s investment adviser pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust.
For its advisory services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.07% of the fund’s average daily net assets.
Investments from Affiliates
Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of the fund in this report that is owned by other funds in the Schwab Funds Complex as of August 31, 2025, as applicable: 
Schwab MarketTrack All Equity Portfolio
0.6
%
Schwab MarketTrack Balanced Portfolio
0.2
%
Schwab MarketTrack Conservative Portfolio
0.0
%*
Schwab MarketTrack Growth Portfolio
0.5
%
Schwab Target 2010 Index Fund
0.0
%*
Schwab Target 2015 Index Fund
0.0
%*
Schwab Target 2020 Index Fund
0.1
%
Schwab Target 2025 Index Fund
0.2
%
Schwab Target 2030 Index Fund
0.7
%
Schwab Target 2035 Index Fund
0.7
%
Schwab Target 2040 Index Fund
0.8
%
Schwab Target 2045 Index Fund
0.6
%
Schwab Target 2050 Index Fund
0.8
%
Schwab Target 2055 Index Fund
0.6
%
Schwab Target 2060 Index Fund
0.7
%
Schwab Target 2065 Index Fund
0.2
%
Schwab VIT Balanced Portfolio
0.0
%*
Schwab VIT Balanced with Growth Portfolio
0.1
%
Schwab VIT Growth Portfolio
0.1
%
 
*
Less than 0.05%
Interfund Transactions
The fund may engage in direct transactions with other funds in the Schwab Funds 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 fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
13
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
3. Affiliates and Affiliated Transactions (continued): 
gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended August 31, 2025, the fund’s purchases and sales of securities with other funds in the Schwab Funds Complex was $13,729,996 and $52,297,402, respectively, and includes net realized losses of $16,405,185.
Interfund Borrowing and Lending
Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds 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 fund had no interfund borrowing or lending activity during the period.
 
4. 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 fund did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of the fund which includes trustee fees.
 
5. Borrowing from Banks:
During the period, the fund was a participant with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund’s proportionate share of the unused portion of the Syndicated Credit Facility.
During the period, the fund was a participant with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.
The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.
 
6. Derivatives:
The fund entered into futures contracts during the report period to equitize available cash.
As of August 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end: 
 
EQUITY CONTRACTS
TOTAL
Asset Derivatives
Futures Contracts1
$183,262
$183,262
 
 
 
1
Includes cumulative unrealized appreciation of futures contracts as reported in the fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is
reported in the Statement of Assets and Liabilities.
14
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
6. Derivatives (continued): 
The effects of the derivative contracts in the Statement of Operations for the period ended August 31, 2025, were: 
 
EQUITY CONTRACTS
TOTAL
Net Realized Gains (Losses)
Futures Contracts1
($1,653,866
)
($1,653,866
)
Net Change in Unrealized Appreciation (Depreciation)
Futures Contracts2
$47,555
$47,555
 
 
 
1
Statement of Operations location: Net realized gains (losses) on futures contracts.
2
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.
During the period ended August 31, 2025, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were as follows: 
NOTIONAL AMOUNT
NUMBER OF CONTRACTS
$15,765,514
431
 
 
7. Purchases and Sales of Investment Securities:
For the period ended August 31, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows: 
PURCHASES
OF SECURITIES
SALES
OF SECURITIES
$379,015,583
$311,852,382
 
8. In-Kind Transactions:
The consideration for the purchase of Creation Units of the fund consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in the fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges are recorded in the Transactions In Fund Shares section in the Statement of Changes in Net Assets and generally have no effect on the net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund.
The in-kind transactions for the period ended August 31, 2025, were as follows: 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
$1,009,777,033
$169,056,783
For the period ended August 31, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund 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 fund’s tax year. These reclassifications have no effect on net assets or net asset value per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2025, if any, are disclosed in the fund’s Statement of Operations.
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
15
Schwab U.S. REIT ETF
Financial Notes, unaudited (continued)
 9. Federal Income Taxes:
As of August 31, 2025, the tax basis cost of the fund’s investments and gross unrealized appreciation and depreciation were as follows:  
 
TAX COST
GROSS UNREALIZED
APPRECIATION
GROSS UNREALIZED
DEPRECIATION
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
$8,402,952,728
$629,725,218
($626,601,521
)
$3,123,697
The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales and the realization for tax purposes of unrealized appreciation or depreciation on futures contracts. The tax cost of the fund’s 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 February 28, 2025, the fund had capital loss carryforwards of $896,242,345.
The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of August 31, 2025. The tax basis components of distributions paid during the fiscal year ended February 28, 2025 were as follows:   
 
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
 
$228,593,610
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.  
As of February 28, 2025, 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 fund, and has determined that no provision for income tax is required in the fund’s financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund’s Statement of Operations. During the period ended February 28, 2025, the fund did not incur any interest or penalties.
 
10. 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.
16
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
  
Not applicable.
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
17
Proxy Disclosures for Open-End Management Investment Companies
  
Not applicable.
18
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
  
The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
19
Schwab U.S. REIT ETF
Investment Advisory Agreement Approval
The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.
The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab U.S. REIT ETF (the Fund), 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, oversight of third-party service providers, 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 Fund that the Board reviews during the course of each year, including information that relates to the Fund’s 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 Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.
The Board’s approval of the continuance of the Agreement with respect to the Fund 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 the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;
2.
the Fund’s investment performance and how it compared to that of certain other comparable exchange-traded funds and benchmark data;
3.
the 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 the 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 the 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 Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. 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 Fund’s portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser’s continued investment in its infrastructure, including the investment adviser’s technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab’s overall
20
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
Schwab U.S. REIT ETF
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 Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.
Fund Performance. The Board considered the Fund’s performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund’s performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of the Fund’s investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the Fund’s demonstrated performance in tracking its benchmark index. The Trustees noted that the Fund had closely tracked its index in 2024, performing in its expected performance range. 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. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.
Fund Expenses. With respect to the Fund’s expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund’s net 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 Fund 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 Fund’s unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds tracking U.S. REIT indexes. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.
Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or
indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, 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 Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund 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 Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.
Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Fund does not have breakpoints in its advisory fee, 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 Fund and whether those are passed along to the Fund’s shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser’s continued investment in its infrastructure, and use of data and technology, 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 Fund and its shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the 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 Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
21
Schwab U.S. REIT ETF
investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.
22
Schwab U.S. REIT ETF | Semiannual Holdings and Financial Statements
(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
MFR63740-14
00317406

(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
Semiannual Holdings and Financial Statements | August 31, 2025
Schwab Fundamental Index* ETFs
 
Schwab Fundamental U.S. Broad Market ETF
FNDB
Schwab Fundamental U.S. Large Company ETF
FNDX
Schwab Fundamental U.S. Small Company ETF
FNDA
Schwab Fundamental International Equity ETF
FNDF
Schwab Fundamental International Small Equity ETF
FNDC
Schwab Fundamental Emerging Markets Equity ETF
FNDE
*
SCHWAB is a registered trademark of Charles Schwab & Co., Inc.
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
In This Report
 
 
 
2
21
33
47
61
81
91
103
104
105
 
106
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: SEI Investments Distribution Co. (SIDCO)
The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor’s (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications. 
 
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
1
Schwab Fundamental U.S. Broad Market ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/251,2
3/1/23–
2/29/241
3/1/22–
2/28/231
3/1/21–
2/28/221
3/1/20–
2/28/211
Per-Share Data
Net asset value at beginning of period
$24.07
$21.17
$18.11
$18.78
$16.09
$12.39
Income (loss) from investment operations:
Net investment income (loss)3
0.22
0.40
0.38
0.36
0.33
0.31
Net realized and unrealized gains (losses)
1.12
2.90
3.05
(0.68
)
2.67
3.71
Total from investment operations
1.34
3.30
3.43
(0.32
)
3.00
4.02
Less distributions:
Distributions from net investment income
(0.20
)
(0.40
)
(0.37
)
(0.35
)
(0.31
)
(0.32
)
Net asset value at end of period
$25.21
$24.07
$21.17
$18.11
$18.78
$16.09
Total return
5.64
%4
15.74
%
19.24
%
(1.63
%)
18.80
%
33.35
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%5
0.25
%
0.25
%
0.25
%6
0.25
%
0.25
%
Net investment income (loss)
1.90
%5
1.78
%
2.03
%
2.02
%
1.79
%
2.36
%
Portfolio turnover rate7
7
%4
11
%
11
%
12
%
13
%
14
%
Net assets, end of period (x 1,000)
$981,955
$917,218
$705,005
$486,280
$425,341
$284,726
 
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for
additional information).
2
Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, and
Distributions from net investment income have been revised to fully reflect the required retroactive adjustment for the share split effective after the close of U.S. markets on
October 10, 2024. These revisions do not have any impact on total return, shares outstanding at end of period, and beginning and ending net asset value.
3
Calculated based on the average shares outstanding during the period.
4
Not annualized.
5
Annualized.
6
Ratio includes less than 0.005% of non-routine proxy expenses.
7
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
2
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
  
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.9%
Adient PLC *
13,695
339,636
American Axle & Manufacturing Holdings,
Inc. *
13,875
80,753
Aptiv PLC *
878
69,827
BorgWarner, Inc.
16,454
703,573
Dana, Inc.
17,081
344,353
Dorman Products, Inc. *
508
82,189
Ford Motor Co.
370,210
4,357,372
Fox Factory Holding Corp. *
2,244
64,919
General Motors Co.
111,048
6,506,302
Gentex Corp.
9,295
260,353
Gentherm, Inc. *
1,621
59,604
Goodyear Tire & Rubber Co. *
44,734
379,344
Harley-Davidson, Inc.
7,164
208,616
LCI Industries
1,447
152,543
Lear Corp.
6,445
708,950
Modine Manufacturing Co. *
673
91,616
Patrick Industries, Inc.
1,417
158,491
Phinia, Inc.
2,256
131,931
Rivian Automotive, Inc., Class A *
1,139
15,456
Standard Motor Products, Inc.
817
31,708
Tesla, Inc. *
8,151
2,721,374
Thor Industries, Inc.
4,428
485,309
Visteon Corp.
1,019
126,315
Winnebago Industries, Inc.
3,173
114,165
 
18,194,699
 
Banks 6.7%
Ameris Bancorp
1,208
88,522
Associated Banc-Corp.
4,455
120,151
Atlantic Union Bankshares Corp.
3,032
108,333
Axos Financial, Inc. *
785
71,600
Bancorp, Inc. *
270
20,585
Bank of America Corp.
201,282
10,213,049
Bank of Hawaii Corp.
980
66,758
Bank OZK
3,074
161,293
BankUnited, Inc.
3,734
146,335
Banner Corp.
845
56,640
Berkshire Hills Bancorp, Inc.
650
16,985
BOK Financial Corp.
581
64,729
Brookline Bancorp, Inc.
1,282
14,038
Cadence Bank
3,549
133,584
Capitol Federal Financial, Inc.
2,267
14,690
Cathay General Bancorp
2,018
100,718
Citigroup, Inc.
102,998
9,946,517
Citizens Financial Group, Inc.
16,140
843,799
City Holding Co.
240
30,835
Columbia Banking System, Inc.
3,175
84,995
Comerica, Inc.
6,546
462,017
Commerce Bancshares, Inc.
1,783
110,439
Community Financial System, Inc.
933
55,877
Cullen/Frost Bankers, Inc.
976
125,933
Customers Bancorp, Inc. *
852
61,080
CVB Financial Corp.
3,195
64,315
Dime Community Bancshares, Inc.
506
15,565
Eagle Bancorp, Inc.
1,027
19,944
East West Bancorp, Inc.
2,388
251,074
Eastern Bankshares, Inc.
1,944
33,262
Enterprise Financial Services Corp.
684
41,888
FB Financial Corp.
267
14,333
Fifth Third Bancorp
18,624
852,421
SECURITY
NUMBER
OF SHARES
VALUE ($)
First Bancorp/Southern Pines NC
741
40,451
First Busey Corp.
1,519
37,519
First Citizens BancShares, Inc., Class A
110
218,230
First Commonwealth Financial Corp.
2,327
41,304
First Financial Bancorp
2,515
66,597
First Financial Bankshares, Inc.
1,324
49,213
First Hawaiian, Inc.
4,049
105,072
First Horizon Corp.
12,036
272,014
First Interstate BancSystem, Inc., Class A
2,714
88,802
First Merchants Corp.
1,349
56,010
Flagstar Financial, Inc.
15,989
204,979
FNB Corp.
9,156
152,814
Fulton Financial Corp.
3,976
78,168
Glacier Bancorp, Inc.
1,829
89,895
Hancock Whitney Corp.
2,010
126,469
Hilltop Holdings, Inc.
2,492
87,419
Home BancShares, Inc.
3,338
99,339
HomeStreet, Inc. *
1,249
17,324
Hope Bancorp, Inc.
5,443
60,581
Huntington Bancshares, Inc.
35,663
635,158
Independent Bank Corp.
870
62,214
International Bancshares Corp.
1,015
72,613
JPMorgan Chase & Co.
56,935
17,161,348
KeyCorp
37,487
725,748
Lakeland Financial Corp.
410
28,065
M&T Bank Corp.
3,319
669,310
National Bank Holdings Corp., Class A
340
13,335
NBT Bancorp, Inc.
882
39,046
Northwest Bancshares, Inc.
3,566
45,110
OceanFirst Financial Corp.
942
17,323
Old National Bancorp
5,102
116,785
Pacific Premier Bancorp, Inc.
2,837
69,478
Park National Corp.
248
42,599
Pathward Financial, Inc.
438
34,808
Pinnacle Financial Partners, Inc.
1,031
100,234
PNC Financial Services Group, Inc.
10,753
2,230,602
Preferred Bank
158
14,915
Prosperity Bancshares, Inc.
1,827
126,301
Provident Financial Services, Inc.
2,861
56,762
Regions Financial Corp.
26,273
719,617
Renasant Corp.
1,497
58,578
S&T Bancorp, Inc.
907
35,836
Seacoast Banking Corp. of Florida
1,032
32,106
ServisFirst Bancshares, Inc.
485
42,753
Simmons First National Corp., Class A
4,419
91,827
Southside Bancshares, Inc.
483
15,089
SouthState Corp.
1,650
168,399
Synovus Financial Corp.
3,549
183,164
Texas Capital Bancshares, Inc. *
937
81,116
Towne Bank
1,367
50,155
TriCo Bancshares
316
14,353
Triumph Financial, Inc. *
219
13,466
Truist Financial Corp.
41,222
1,930,014
Trustmark Corp.
1,490
60,002
U.S. Bancorp
49,511
2,417,622
UMB Financial Corp.
978
119,218
United Bankshares, Inc.
3,004
115,173
United Community Banks, Inc.
2,110
70,474
Valley National Bancorp
13,937
145,781
Veritex Holdings, Inc.
1,367
46,956
WaFd, Inc.
2,531
79,600
Webster Financial Corp.
3,120
194,126
Wells Fargo & Co.
117,614
9,665,519
WesBanco, Inc.
1,933
63,402
Westamerica BanCorp
252
12,603
Western Alliance Bancorp
1,874
167,817
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
3
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wintrust Financial Corp.
1,080
148,273
WSFS Financial Corp.
1,151
67,092
Zions Bancorp NA
6,675
387,217
 
65,763,606
 
Capital Goods 7.1%
3M Co.
16,029
2,492,990
A.O. Smith Corp.
3,117
222,211
AAON, Inc.
386
32,019
AAR Corp. *
1,258
95,180
Acuity, Inc.
919
300,026
Advanced Drainage Systems, Inc.
1,131
162,830
Aebi Schmidt Holding AG
1,494
18,361
AECOM
3,533
441,236
AeroVironment, Inc. *
91
21,963
AGCO Corp.
4,130
446,825
Air Lease Corp.
3,584
215,793
Alamo Group, Inc.
304
64,284
Albany International Corp., Class A
925
58,747
Allison Transmission Holdings, Inc.
2,501
218,362
American Woodmark Corp. *
1,119
72,254
AMETEK, Inc.
2,499
461,815
API Group Corp. *
4,170
148,786
Apogee Enterprises, Inc.
1,204
52,946
Applied Industrial Technologies, Inc.
637
167,900
Arcosa, Inc.
1,233
122,005
Armstrong World Industries, Inc.
685
134,102
Astec Industries, Inc.
690
31,940
ATI, Inc. *
1,383
107,238
Atkore, Inc.
2,154
125,341
Atmus Filtration Technologies, Inc.
598
26,623
Axon Enterprise, Inc. *
24
17,935
AZZ, Inc.
599
67,621
BlueLinx Holdings, Inc. *
1,164
96,158
Boeing Co. *
4,792
1,124,587
Boise Cascade Co.
2,942
255,954
Builders FirstSource, Inc. *
5,871
814,190
BWX Technologies, Inc.
1,101
178,406
Carlisle Cos., Inc.
890
343,442
Carrier Global Corp.
12,204
795,701
Caterpillar, Inc.
9,209
3,858,939
Chart Industries, Inc. *
423
84,329
CNH Industrial NV
20,884
239,122
Columbus McKinnon Corp.
1,627
24,372
Comfort Systems USA, Inc.
293
206,090
Construction Partners, Inc., Class A *
379
45,442
Core & Main, Inc., Class A *
3,053
197,590
Crane Co.
704
130,451
CSW Industrials, Inc.
109
29,816
Cummins, Inc.
3,737
1,488,970
Curtiss-Wright Corp.
499
238,597
Deere & Co.
5,778
2,765,582
DNOW, Inc. *
6,186
98,976
Donaldson Co., Inc.
2,601
207,222
Douglas Dynamics, Inc.
511
17,205
Dover Corp.
2,592
463,605
Ducommun, Inc. *
220
20,068
DXP Enterprises, Inc. *
181
22,603
Dycom Industries, Inc. *
664
167,640
Eaton Corp. PLC
4,520
1,578,113
EMCOR Group, Inc.
803
497,860
Emerson Electric Co.
10,884
1,436,688
Enerpac Tool Group Corp.
685
29,003
EnerSys
1,485
152,435
Enpro, Inc.
335
73,288
Esab Corp.
806
92,988
ESCO Technologies, Inc.
337
67,707
SECURITY
NUMBER
OF SHARES
VALUE ($)
Everus Construction Group, Inc. *
1,752
137,427
Fastenal Co.
15,578
773,604
Federal Signal Corp.
813
99,991
Ferguson Enterprises, Inc.
2,613
603,995
Flowserve Corp.
2,958
158,726
Fluor Corp. *
5,297
217,283
Fortive Corp.
4,702
225,038
Fortune Brands Innovations, Inc.
4,564
267,085
Franklin Electric Co., Inc.
896
87,683
FTAI Aviation Ltd.
550
84,618
Gates Industrial Corp. PLC *
6,609
168,926
GATX Corp.
847
142,559
GE Vernova, Inc.
494
302,807
Generac Holdings, Inc. *
1,287
238,417
General Dynamics Corp.
6,283
2,039,273
General Electric Co.
5,994
1,649,549
Gibraltar Industries, Inc. *
1,106
69,225
GMS, Inc. *
1,778
195,456
Graco, Inc.
2,341
199,898
GrafTech International Ltd. *
4,404
43,515
Granite Construction, Inc.
1,208
130,162
Greenbrier Cos., Inc.
1,729
80,623
Griffon Corp.
830
63,213
Hayward Holdings, Inc. *
3,487
56,071
HEICO Corp.
519
161,938
Helios Technologies, Inc.
1,088
59,013
Herc Holdings, Inc.
1,083
141,646
Hexcel Corp.
2,066
130,468
Hillenbrand, Inc.
3,655
92,800
Hillman Solutions Corp. *
6,262
61,869
Honeywell International, Inc.
14,025
3,078,488
Howmet Aerospace, Inc.
3,168
551,549
Hubbell, Inc.
687
296,090
Huntington Ingalls Industries, Inc.
1,816
491,755
IDEX Corp.
1,171
192,630
Illinois Tool Works, Inc.
4,870
1,288,846
Ingersoll Rand, Inc.
3,673
291,746
Insteel Industries, Inc.
594
22,798
ITT, Inc.
1,432
243,798
Janus International Group, Inc. *
2,143
22,180
JBT Marel Corp.
661
94,715
JELD-WEN Holding, Inc. *
15,613
99,767
Johnson Controls International PLC
13,392
1,431,471
Kadant, Inc.
145
46,876
Kennametal, Inc.
5,044
108,093
Kratos Defense & Security Solutions, Inc. *
1,291
84,999
L3Harris Technologies, Inc.
6,083
1,688,762
Lennox International, Inc.
289
161,222
Leonardo DRS, Inc.
678
28,245
Lincoln Electric Holdings, Inc.
1,005
243,843
Lindsay Corp.
255
34,994
Lockheed Martin Corp.
6,803
3,099,651
Manitowoc Co., Inc. *
2,366
23,423
Masco Corp.
5,602
411,131
MasTec, Inc. *
1,566
284,527
Masterbrand, Inc. *
8,456
107,476
McGrath RentCorp
512
62,203
Mercury Systems, Inc. *
1,019
68,833
Middleby Corp. *
1,276
174,621
Miller Industries, Inc.
311
13,090
Moog, Inc., Class A
597
116,922
MRC Global, Inc. *
2,444
36,856
MSC Industrial Direct Co., Inc., Class A
2,074
187,137
Mueller Industries, Inc.
2,756
264,411
Mueller Water Products, Inc., Class A
2,584
68,114
MYR Group, Inc. *
601
112,549
NEXTracker, Inc., Class A *
316
21,254
Nordson Corp.
815
183,448
See financial notes
4
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Northrop Grumman Corp.
3,774
2,226,811
NPK International, Inc. *
1,809
18,814
nVent Electric PLC
2,712
245,138
Oshkosh Corp.
3,054
425,636
Otis Worldwide Corp.
4,713
407,109
Owens Corning
3,252
488,353
PACCAR, Inc.
13,087
1,308,438
Parker-Hannifin Corp.
1,325
1,006,139
Pentair PLC
2,509
269,793
Primoris Services Corp.
1,559
184,819
Proto Labs, Inc. *
442
22,016
Quanex Building Products Corp.
2,312
49,176
Quanta Services, Inc.
1,672
631,949
RBC Bearings, Inc. *
192
74,872
Regal Rexnord Corp.
1,765
263,567
Resideo Technologies, Inc. *
9,079
309,140
REV Group, Inc.
1,463
77,846
Rockwell Automation, Inc.
1,838
631,224
RTX Corp.
24,989
3,963,255
Rush Enterprises, Inc., Class A
3,583
205,664
Sensata Technologies Holding PLC
7,590
246,979
Simpson Manufacturing Co., Inc.
673
128,624
SiteOne Landscape Supply, Inc. *
953
136,508
Snap-on, Inc.
1,287
418,584
Spirit AeroSystems Holdings, Inc., Class A *
1,395
58,018
SPX Technologies, Inc. *
379
70,915
Standex International Corp.
249
50,813
Stanley Black & Decker, Inc.
8,142
604,869
Sterling Infrastructure, Inc. *
313
87,180
Sunrun, Inc. *
1,031
16,465
Tennant Co.
583
47,829
Terex Corp.
3,168
158,210
Textron, Inc.
6,277
503,164
Timken Co.
2,503
193,307
Titan International, Inc. *
2,383
21,018
Titan Machinery, Inc. *
1,264
25,280
Toro Co.
2,500
202,650
TransDigm Group, Inc.
387
541,367
Trex Co., Inc. *
1,507
92,876
Trinity Industries, Inc.
3,358
95,434
Tutor Perini Corp. *
1,332
78,508
UFP Industries, Inc.
3,057
308,665
United Rentals, Inc.
1,259
1,204,032
V2X, Inc. *
299
17,193
Valmont Industries, Inc.
493
180,990
Vertiv Holdings Co., Class A
1,127
143,749
VSE Corp.
280
45,472
Wabash National Corp.
5,405
59,941
Watsco, Inc.
562
226,138
Watts Water Technologies, Inc., Class A
456
126,266
WESCO International, Inc.
2,247
493,981
Westinghouse Air Brake Technologies Corp.
2,658
514,323
WillScot Holdings Corp.
4,132
100,160
Woodward, Inc.
879
216,955
Worthington Enterprises, Inc.
1,359
89,422
WW Grainger, Inc.
602
610,127
Xylem, Inc.
2,589
366,499
Zurn Elkay Water Solutions Corp.
1,576
71,487
 
69,955,620
 
Commercial & Professional Services 1.3%
ABM Industries, Inc.
3,726
183,207
ACCO Brands Corp.
7,285
29,286
Alight, Inc., Class A
15,354
59,574
Amentum Holdings, Inc. *
3,232
80,638
Automatic Data Processing, Inc.
3,992
1,213,768
Barrett Business Services, Inc.
320
15,616
SECURITY
NUMBER
OF SHARES
VALUE ($)
Booz Allen Hamilton Holding Corp., Class A
2,088
227,007
Brady Corp., Class A
1,087
84,873
BrightView Holdings, Inc. *
1,695
24,408
Brink's Co.
1,158
129,742
Broadridge Financial Solutions, Inc.
1,199
306,488
CACI International, Inc., Class A *
559
268,163
Casella Waste Systems, Inc., Class A *
387
38,143
CBIZ, Inc. *
735
47,437
Cintas Corp.
2,842
596,905
Civeo Corp.
626
14,867
Clarivate PLC *
8,070
35,104
Clean Harbors, Inc. *
682
165,187
Concentrix Corp.
3,872
204,287
Conduent, Inc. *
17,030
47,343
Copart, Inc. *
4,652
227,064
CoreCivic, Inc. *
6,431
130,421
CSG Systems International, Inc.
981
62,941
Dayforce, Inc. *
262
18,280
Deluxe Corp.
2,444
48,049
Ennis, Inc.
752
13,739
Enviri Corp. *
2,876
32,499
Equifax, Inc.
1,037
255,413
ExlService Holdings, Inc. *
1,739
76,133
Exponent, Inc.
493
35,190
FTI Consulting, Inc. *
798
134,575
Genpact Ltd.
5,078
230,237
GEO Group, Inc. *
5,933
123,050
Healthcare Services Group, Inc. *
3,091
48,250
Heidrick & Struggles International, Inc.
364
18,495
HNI Corp.
1,890
84,937
Huron Consulting Group, Inc. *
307
42,047
ICF International, Inc.
496
48,717
Insperity, Inc.
905
49,974
Interface, Inc.
1,008
26,934
Jacobs Solutions, Inc.
3,520
514,730
KBR, Inc.
3,153
159,100
Kelly Services, Inc., Class A
5,161
73,441
Kforce, Inc.
1,261
41,109
Korn Ferry
1,834
135,973
Leidos Holdings, Inc.
3,406
616,213
ManpowerGroup, Inc.
8,301
351,962
Maximus, Inc.
2,145
188,588
MillerKnoll, Inc.
5,038
106,352
MSA Safety, Inc.
465
79,329
OPENLANE, Inc. *
4,091
118,312
Parsons Corp. *
858
68,726
Paychex, Inc.
3,685
513,892
Paycom Software, Inc.
344
78,140
Pitney Bowes, Inc.
1,971
23,889
Republic Services, Inc.
2,360
552,169
Resources Connection, Inc.
3,039
15,529
Robert Half, Inc.
6,161
229,929
Rollins, Inc.
2,224
125,745
Science Applications International Corp.
2,078
244,581
SS&C Technologies Holdings, Inc.
4,313
382,391
Steelcase, Inc., Class A
7,457
124,830
Tetra Tech, Inc.
3,548
129,218
TransUnion
2,220
196,248
TriNet Group, Inc.
1,186
85,890
TrueBlue, Inc. *
6,409
38,262
TTEC Holdings, Inc. *
5,110
19,367
UL Solutions, Inc., Class A
253
15,982
UniFirst Corp.
551
97,979
Veralto Corp.
2,022
214,716
Verisk Analytics, Inc.
1,296
347,484
Verra Mobility Corp. *
1,539
38,244
Vestis Corp.
11,618
54,372
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
5
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Waste Management, Inc.
5,685
1,287,027
 
12,748,707
 
Consumer Discretionary Distribution & Retail 4.7%
1-800-Flowers.com, Inc., Class A *(a)
2,098
11,749
Abercrombie & Fitch Co., Class A *
1,119
104,660
Academy Sports & Outdoors, Inc.
4,969
266,090
Advance Auto Parts, Inc.
9,723
593,006
A-Mark Precious Metals, Inc.
2,611
61,123
Amazon.com, Inc. *
65,522
15,004,538
American Eagle Outfitters, Inc.
11,390
147,387
America's Car-Mart, Inc. *
299
13,398
Arko Corp.
2,426
12,130
Asbury Automotive Group, Inc. *
1,124
282,731
AutoNation, Inc. *
2,659
582,534
AutoZone, Inc. *
157
659,169
Bath & Body Works, Inc.
9,067
264,847
Best Buy Co., Inc.
14,615
1,076,249
Boot Barn Holdings, Inc. *
486
86,396
Buckle, Inc.
1,518
85,904
Burlington Stores, Inc. *
728
211,615
Caleres, Inc.
3,030
45,450
Camping World Holdings, Inc., Class A
1,716
30,047
CarMax, Inc. *
6,831
419,082
Coupang, Inc., Class A *
5,290
151,188
Designer Brands, Inc., Class A
5,667
21,025
Dick's Sporting Goods, Inc.
1,699
361,547
Dillard's, Inc., Class A
168
89,524
eBay, Inc.
18,913
1,713,707
Etsy, Inc. *
2,189
116,039
Five Below, Inc. *
1,405
203,865
Floor & Decor Holdings, Inc., Class A *
1,241
101,663
Foot Locker, Inc. *(a)
17,838
440,599
GameStop Corp., Class A *
5,800
129,978
Gap, Inc.
11,347
249,747
Genesco, Inc. *
1,069
34,187
Genuine Parts Co.
4,771
664,743
Group 1 Automotive, Inc.
959
445,724
Guess?, Inc.
1,692
28,442
Haverty Furniture Cos., Inc.
879
19,821
Home Depot, Inc.
16,466
6,697,875
Kohl's Corp. (a)
49,374
743,572
Lithia Motors, Inc.
1,711
576,059
LKQ Corp.
16,214
528,901
Lowe's Cos., Inc.
15,032
3,879,158
Macy's, Inc.
42,636
564,074
MarineMax, Inc. *
1,305
34,387
Monro, Inc.
1,839
30,491
Murphy USA, Inc.
647
243,595
National Vision Holdings, Inc. *
5,790
132,823
ODP Corp. *
10,441
211,535
Ollie's Bargain Outlet Holdings, Inc. *
1,031
130,772
OneWater Marine, Inc., Class A *
822
13,834
O'Reilly Automotive, Inc. *
10,494
1,088,018
Penske Automotive Group, Inc.
1,163
214,469
Petco Health & Wellness Co., Inc. *
6,391
25,500
Pool Corp.
653
202,894
QVC Group, Inc. *(a)(b)
13,126
112,621
RH *
489
110,353
Ross Stores, Inc.
4,724
695,184
Sally Beauty Holdings, Inc. *
10,656
147,692
Shoe Carnival, Inc.
826
17,263
Signet Jewelers Ltd.
2,702
237,911
Sleep Number Corp. *
2,402
25,293
Sonic Automotive, Inc., Class A
1,319
108,409
Stitch Fix, Inc., Class A *
3,499
18,510
TJX Cos., Inc.
14,717
2,010,489
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tractor Supply Co.
9,387
579,741
Ulta Beauty, Inc. *
978
481,890
Upbound Group, Inc.
3,542
90,002
Urban Outfitters, Inc. *
3,120
209,290
Valvoline, Inc. *
3,514
136,273
Victoria's Secret & Co. *
5,191
119,497
Wayfair, Inc., Class A *
1,263
94,220
Williams-Sonoma, Inc.
2,311
434,907
Zumiez, Inc. *
1,528
26,266
 
45,703,672
 
Consumer Durables & Apparel 1.7%
Acushnet Holdings Corp.
814
62,393
Beazer Homes USA, Inc. *
1,501
37,765
Brunswick Corp.
4,387
278,969
Capri Holdings Ltd. *
14,102
290,360
Carter's, Inc.
3,602
102,873
Cavco Industries, Inc. *
188
99,732
Century Communities, Inc.
2,103
138,546
Champion Homes, Inc. *
1,142
86,175
Columbia Sportswear Co.
1,615
89,988
Crocs, Inc. *
1,375
119,900
Deckers Outdoor Corp. *
1,647
197,031
DR Horton, Inc.
10,531
1,784,794
Ethan Allen Interiors, Inc.
768
22,664
G-III Apparel Group Ltd. *
3,895
105,165
GoPro, Inc., Class A *
30,134
47,009
Green Brick Partners, Inc. *
824
57,548
Hanesbrands, Inc. *
29,134
183,836
Hasbro, Inc.
4,686
380,363
Helen of Troy Ltd. *
2,595
63,707
Hooker Furnishings Corp.
1,172
11,708
Hovnanian Enterprises, Inc., Class A *
179
25,124
Installed Building Products, Inc.
381
99,753
iRobot Corp. *
4,544
15,404
KB Home
3,367
213,973
Kontoor Brands, Inc.
1,075
83,044
La-Z-Boy, Inc.
2,230
82,443
Leggett & Platt, Inc.
19,440
186,818
Lennar Corp., Class A
10,528
1,401,698
Levi Strauss & Co., Class A
3,075
68,788
LGI Homes, Inc. *
1,405
86,984
M/I Homes, Inc. *
1,228
180,835
Malibu Boats, Inc., Class A *
856
28,419
MasterCraft Boat Holdings, Inc. *
801
17,574
Mattel, Inc. *
8,988
164,480
Meritage Homes Corp.
3,763
292,347
Mohawk Industries, Inc. *
3,591
476,490
Movado Group, Inc.
858
15,676
Newell Brands, Inc.
48,773
288,736
NIKE, Inc., Class B
32,225
2,493,248
NVR, Inc. *
82
665,647
Oxford Industries, Inc.
879
38,720
Peloton Interactive, Inc., Class A *
3,553
27,003
Polaris, Inc.
5,100
288,558
PulteGroup, Inc.
8,007
1,057,084
PVH Corp.
4,644
391,582
Ralph Lauren Corp.
940
279,114
SharkNinja, Inc. *
808
94,504
Skechers USA, Inc., Class A *
3,774
238,064
Smith & Wesson Brands, Inc.
2,854
23,317
Somnigroup International, Inc.
3,034
254,704
Sonos, Inc. *
4,317
60,093
Steven Madden Ltd.
3,287
95,455
Sturm Ruger & Co., Inc.
761
26,384
Tapestry, Inc.
6,696
681,787
Taylor Morrison Home Corp. *
5,316
358,139
See financial notes
6
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Toll Brothers, Inc.
3,218
447,302
TopBuild Corp. *
554
233,101
Topgolf Callaway Brands Corp. *
8,452
80,801
Tri Pointe Homes, Inc. *
6,111
215,902
Under Armour, Inc., Class A *
19,704
98,520
VF Corp.
25,910
392,018
Whirlpool Corp. (a)
6,506
606,034
Wolverine World Wide, Inc.
1,752
55,959
YETI Holdings, Inc. *
1,906
67,015
 
17,159,167
 
Consumer Services 1.7%
ADT, Inc.
22,656
197,334
Adtalem Global Education, Inc. *
965
126,367
Airbnb, Inc., Class A *
805
105,077
Aramark
6,282
245,689
BJ's Restaurants, Inc. *
397
13,323
Bloomin' Brands, Inc.
7,601
55,867
Booking Holdings, Inc.
336
1,881,281
Boyd Gaming Corp.
2,094
179,791
Bright Horizons Family Solutions, Inc. *
606
71,532
Brightstar Lottery PLC
6,583
109,541
Brinker International, Inc. *
509
79,394
Caesars Entertainment, Inc. *
7,812
209,127
Carnival Corp. *
11,624
370,689
Cheesecake Factory, Inc.
907
55,744
Chegg, Inc. *
15,801
23,227
Chipotle Mexican Grill, Inc. *
6,633
279,515
Choice Hotels International, Inc. (a)
382
45,680
Churchill Downs, Inc.
775
80,391
Cracker Barrel Old Country Store, Inc.
2,587
154,754
Darden Restaurants, Inc.
2,555
528,732
Dave & Buster's Entertainment, Inc. *
1,776
45,590
Dine Brands Global, Inc.
838
20,070
Domino's Pizza, Inc.
565
258,939
DoorDash, Inc., Class A *
677
166,034
Expedia Group, Inc.
1,605
344,754
Flutter Entertainment PLC *
617
189,524
Frontdoor, Inc. *
958
58,199
Golden Entertainment, Inc.
990
24,621
Graham Holdings Co., Class B
139
150,961
Grand Canyon Education, Inc. *
788
158,837
H&R Block, Inc.
2,743
138,110
Hilton Grand Vacations, Inc. *
2,414
114,713
Hilton Worldwide Holdings, Inc.
1,794
495,252
Hyatt Hotels Corp., Class A
482
69,543
Jack in the Box, Inc.
2,001
38,619
Las Vegas Sands Corp.
6,540
376,900
Laureate Education, Inc. *
6,112
167,958
Light & Wonder, Inc. *
1,266
117,067
Marriott International, Inc., Class A
2,175
582,595
Marriott Vacations Worldwide Corp.
2,298
179,589
Matthews International Corp., Class A
1,166
28,649
McDonald's Corp.
9,845
3,086,801
MGM Resorts International *
13,325
528,869
Papa John's International, Inc.
639
31,126
Penn Entertainment, Inc. *
10,803
218,545
Perdoceo Education Corp.
1,834
60,045
Planet Fitness, Inc., Class A *
720
75,456
Red Rock Resorts, Inc., Class A
1,175
72,697
Royal Caribbean Cruises Ltd.
682
247,716
Sabre Corp. *
5,233
9,367
Service Corp. International
2,902
229,983
Six Flags Entertainment Corp. *
718
16,291
Starbucks Corp.
23,162
2,042,657
Strategic Education, Inc.
744
60,524
Stride, Inc. *
551
89,918
SECURITY
NUMBER
OF SHARES
VALUE ($)
Texas Roadhouse, Inc.
931
160,644
Travel & Leisure Co.
3,322
209,984
United Parks & Resorts, Inc. *
1,088
57,207
Vail Resorts, Inc.
1,086
177,887
Wendy's Co.
6,544
69,432
Wingstop, Inc.
96
31,500
Wyndham Hotels & Resorts, Inc.
1,620
140,308
Wynn Resorts Ltd.
1,220
154,635
Yum! Brands, Inc.
4,580
673,123
 
16,984,294
 
Consumer Staples Distribution & Retail 3.0%
Albertsons Cos., Inc., Class A
24,197
470,874
Andersons, Inc.
4,820
197,138
BJ's Wholesale Club Holdings, Inc. *
2,753
268,913
Casey's General Stores, Inc.
980
484,630
Chefs' Warehouse, Inc. *
652
41,167
Costco Wholesale Corp.
5,296
4,995,823
Dollar General Corp.
15,974
1,737,332
Dollar Tree, Inc. *
11,784
1,286,459
Grocery Outlet Holding Corp. *
5,062
91,673
Ingles Markets, Inc., Class A
2,395
162,117
Kroger Co.
40,834
2,770,178
Maplebear, Inc. *
314
13,618
Performance Food Group Co. *
7,165
726,531
PriceSmart, Inc.
1,337
143,407
SpartanNash Co.
4,903
131,400
Sprouts Farmers Market, Inc. *
1,518
213,340
Sysco Corp.
12,559
1,010,623
Target Corp.
26,368
2,530,801
U.S. Foods Holding Corp. *
9,505
737,588
United Natural Foods, Inc. *
6,608
186,874
Village Super Market, Inc., Class A
467
16,943
Walmart, Inc.
113,360
10,993,653
Weis Markets, Inc.
1,599
114,568
 
29,325,650
 
Energy 8.0%
Antero Midstream Corp.
4,969
88,399
Antero Resources Corp. *
9,527
304,102
APA Corp.
27,481
638,109
Archrock, Inc.
3,352
82,996
Baker Hughes Co.
26,676
1,211,090
Berry Corp.
7,748
25,878
Bristow Group, Inc. *
496
19,101
Cactus, Inc., Class A
688
28,862
California Resources Corp.
3,358
166,825
Cheniere Energy, Inc.
3,397
821,463
Chevron Corp.
88,367
14,191,740
Chord Energy Corp.
2,034
223,516
Civitas Resources, Inc.
4,449
163,634
CNX Resources Corp. *
6,081
177,565
Comstock Resources, Inc. *
2,992
48,261
ConocoPhillips
57,512
5,691,963
Core Laboratories, Inc.
905
10,417
Core Natural Resources, Inc.
2,069
153,644
Coterra Energy, Inc.
26,152
639,155
Crescent Energy Co., Class A
6,005
57,288
CVR Energy, Inc. *
3,483
106,197
Delek U.S. Holdings, Inc.
9,095
252,022
Devon Energy Corp.
36,045
1,301,224
Diamondback Energy, Inc.
3,266
485,850
Dorian LPG Ltd.
1,784
57,052
DT Midstream, Inc.
1,213
126,370
EOG Resources, Inc.
19,320
2,411,522
EQT Corp.
11,811
612,282
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
7
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Expand Energy Corp.
9,272
897,344
Expro Group Holdings NV *
3,116
38,857
Exxon Mobil Corp.
165,966
18,968,254
Green Plains, Inc. *
9,933
110,356
Gulfport Energy Corp. *
287
49,947
Halliburton Co.
30,749
698,925
Helix Energy Solutions Group, Inc. *
5,773
38,044
Helmerich & Payne, Inc.
5,935
123,982
HF Sinclair Corp.
20,307
1,033,220
International Seaways, Inc.
1,422
64,587
Kinder Morgan, Inc.
59,780
1,612,864
Kodiak Gas Services, Inc.
388
13,887
Kosmos Energy Ltd. *
32,918
58,923
Liberty Energy, Inc.
8,479
95,389
Magnolia Oil & Gas Corp., Class A
4,257
105,914
Marathon Petroleum Corp.
29,945
5,381,416
Matador Resources Co.
3,035
152,843
Murphy Oil Corp.
9,864
245,219
Nabors Industries Ltd. *
1,305
48,650
New Fortress Energy, Inc. (a)
3,516
8,649
Noble Corp. PLC
2,318
66,805
Northern Oil & Gas, Inc.
2,226
58,232
NOV, Inc.
16,265
216,162
Occidental Petroleum Corp.
29,724
1,415,160
Oceaneering International, Inc. *
2,169
52,924
Oil States International, Inc. *
3,183
17,825
ONEOK, Inc.
10,696
816,960
Ovintiv, Inc.
19,024
801,291
Par Pacific Holdings, Inc. *
5,229
181,133
Patterson-UTI Energy, Inc.
20,851
121,144
PBF Energy, Inc., Class A
24,065
657,456
Peabody Energy Corp.
13,205
229,767
Permian Resources Corp.
6,365
90,956
Phillips 66
29,811
3,982,153
ProPetro Holding Corp. *
5,335
27,209
Range Resources Corp.
5,304
181,768
REX American Resources Corp. *
354
22,150
RPC, Inc.
6,123
29,207
Schlumberger NV
40,226
1,481,926
Select Water Solutions, Inc.
2,303
19,622
SM Energy Co.
6,200
177,010
Summit Midstream Corp. *
471
10,842
Talos Energy, Inc. *
7,392
73,033
Targa Resources Corp.
2,724
456,978
TechnipFMC PLC
7,117
261,621
Texas Pacific Land Corp.
63
58,809
Tidewater, Inc. *
331
19,926
Transocean Ltd. *
14,436
43,741
Valaris Ltd. *
893
44,355
Valero Energy Corp.
32,329
4,914,331
Vital Energy, Inc. *
3,051
54,369
W&T Offshore, Inc. (a)
8,250
15,015
Weatherford International PLC
1,286
81,925
Williams Cos., Inc.
21,339
1,235,101
World Kinect Corp.
22,709
608,828
 
78,369,531
 
Equity Real Estate Investment Trusts (REITs) 1.9%
Acadia Realty Trust
1,635
32,716
Agree Realty Corp.
678
49,318
Alexander & Baldwin, Inc.
2,244
43,399
Alexandria Real Estate Equities, Inc.
3,556
293,157
American Assets Trust, Inc.
1,492
31,183
American Healthcare REIT, Inc.
674
28,840
American Homes 4 Rent, Class A
3,658
131,030
American Tower Corp.
5,424
1,105,682
Americold Realty Trust, Inc.
7,111
102,683
SECURITY
NUMBER
OF SHARES
VALUE ($)
Apple Hospitality REIT, Inc.
7,160
93,510
AvalonBay Communities, Inc.
1,829
358,210
Brandywine Realty Trust
8,203
34,945
Brixmor Property Group, Inc.
6,212
173,874
Broadstone Net Lease, Inc.
3,384
62,909
BXP, Inc.
4,870
353,124
Camden Property Trust
1,620
181,408
CareTrust REIT, Inc.
1,103
37,954
Centerspace
220
13,090
COPT Defense Properties
2,850
82,023
Cousins Properties, Inc.
3,840
113,242
Crown Castle, Inc.
8,834
875,803
CubeSmart
2,784
113,921
Curbline Properties Corp.
623
14,036
DiamondRock Hospitality Co.
7,129
61,024
Digital Realty Trust, Inc.
3,869
648,599
Diversified Healthcare Trust
12,645
48,177
Douglas Emmett, Inc.
6,830
110,714
Easterly Government Properties, Inc.
1,262
28,887
EastGroup Properties, Inc.
391
66,298
Elme Communities
2,027
34,621
Empire State Realty Trust, Inc., Class A
6,197
47,407
EPR Properties
1,914
103,835
Equinix, Inc.
759
596,718
Equity LifeStyle Properties, Inc.
1,918
115,636
Equity Residential
6,373
421,383
Essential Properties Realty Trust, Inc.
1,132
35,454
Essex Property Trust, Inc.
852
230,219
Extra Space Storage, Inc.
1,570
225,421
Federal Realty Investment Trust
1,439
144,691
First Industrial Realty Trust, Inc.
1,574
82,792
Four Corners Property Trust, Inc.
1,132
29,308
Gaming & Leisure Properties, Inc.
3,665
175,957
Global Net Lease, Inc.
6,195
48,755
Healthcare Realty Trust, Inc.
8,164
141,890
Healthpeak Properties, Inc.
13,501
242,208
Highwoods Properties, Inc.
3,775
119,026
Host Hotels & Resorts, Inc.
20,848
358,794
Hudson Pacific Properties, Inc. *
29,189
82,021
Independence Realty Trust, Inc.
2,552
46,217
Innovative Industrial Properties, Inc.
255
14,448
InvenTrust Properties Corp.
1,359
40,457
Invitation Homes, Inc.
7,607
238,023
Iron Mountain, Inc.
3,683
340,051
JBG SMITH Properties
5,527
118,499
Kilroy Realty Corp.
4,069
169,230
Kimco Realty Corp.
9,669
217,456
Kite Realty Group Trust
2,959
67,524
Lamar Advertising Co., Class A
1,484
188,839
Lineage, Inc.
525
22,003
LTC Properties, Inc.
853
31,135
LXP Industrial Trust
7,418
67,355
Macerich Co.
6,981
128,450
Medical Properties Trust, Inc. (a)
36,920
166,140
Mid-America Apartment Communities, Inc.
1,838
268,017
Millrose Properties, Inc., Class A
2,102
74,222
National Health Investors, Inc.
696
54,490
National Storage Affiliates Trust
1,092
35,195
NNN REIT, Inc.
2,731
117,187
Omega Healthcare Investors, Inc.
3,811
162,234
Outfront Media, Inc.
5,040
94,147
Paramount Group, Inc. *
6,936
49,939
Park Hotels & Resorts, Inc.
13,144
154,573
Peakstone Realty Trust
2,266
28,824
Pebblebrook Hotel Trust
5,390
60,045
Phillips Edison & Co., Inc.
1,861
65,489
Piedmont Realty Trust, Inc., Class A
5,808
49,194
PotlatchDeltic Corp.
3,220
135,337
See financial notes
8
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Prologis, Inc.
7,544
858,356
Public Storage
1,475
434,520
Rayonier, Inc.
3,769
99,049
Realty Income Corp.
6,575
386,347
Regency Centers Corp.
2,642
191,545
Rexford Industrial Realty, Inc.
1,875
77,644
RLJ Lodging Trust
9,902
76,245
Ryman Hospitality Properties, Inc.
617
60,953
Sabra Health Care REIT, Inc.
5,482
104,761
SBA Communications Corp.
1,083
221,853
Service Properties Trust (b)
38,053
102,743
Sila Realty Trust, Inc.
543
13,542
Simon Property Group, Inc.
4,103
741,248
SITE Centers Corp.
331
4,065
SL Green Realty Corp.
2,227
126,694
STAG Industrial, Inc.
2,549
93,931
Summit Hotel Properties, Inc.
2,557
14,012
Sun Communities, Inc.
1,951
247,523
Sunstone Hotel Investors, Inc.
7,189
68,152
Tanger, Inc.
1,742
59,542
Terreno Realty Corp.
660
38,128
UDR, Inc.
4,862
192,389
Urban Edge Properties
2,763
57,167
Ventas, Inc.
7,976
543,006
Veris Residential, Inc.
1,825
28,707
VICI Properties, Inc.
8,972
303,074
Vornado Realty Trust
5,101
193,991
Welltower, Inc.
5,012
843,419
Weyerhaeuser Co.
30,333
784,715
WP Carey, Inc.
3,614
242,499
Xenia Hotels & Resorts, Inc.
4,439
62,723
 
19,003,155
 
Financial Services 8.1%
Acadian Asset Management, Inc.
791
40,317
Affiliated Managers Group, Inc.
1,540
346,223
AGNC Investment Corp. (a)
14,680
143,277
Ally Financial, Inc.
21,994
902,854
American Express Co.
8,075
2,675,086
Ameriprise Financial, Inc.
1,832
943,132
Annaly Capital Management, Inc.
14,818
313,993
Apollo Commercial Real Estate Finance,
Inc.
6,823
72,256
Apollo Global Management, Inc.
1,509
205,571
Arbor Realty Trust, Inc. (a)
6,018
71,855
ARES Management Corp., Class A
679
121,677
Artisan Partners Asset Management, Inc.,
Class A
2,269
106,167
B Riley Financial, Inc. *(a)
4,182
23,022
Bank of New York Mellon Corp.
21,245
2,243,472
Berkshire Hathaway, Inc., Class B *
33,978
17,090,254
BGC Group, Inc., Class A
5,965
58,517
Blackrock, Inc.
2,039
2,298,238
Blackstone Mortgage Trust, Inc., Class A
6,059
118,514
Blackstone, Inc.
5,219
894,537
Block, Inc. *
5,401
430,136
Bread Financial Holdings, Inc.
5,449
360,669
BrightSpire Capital, Inc.
3,765
21,837
Capital One Financial Corp.
27,639
6,280,134
Carlyle Group, Inc.
5,552
358,437
Charles Schwab Corp. (c)
14,896
1,427,633
Chimera Investment Corp.
6,497
92,062
Claros Mortgage Trust, Inc.
12,511
46,291
CME Group, Inc.
3,322
885,346
Cohen & Steers, Inc.
460
33,976
Coinbase Global, Inc., Class A *
206
62,735
Corebridge Financial, Inc.
13,342
463,901
SECURITY
NUMBER
OF SHARES
VALUE ($)
Corpay, Inc. *
1,184
385,593
Credit Acceptance Corp. *
218
112,211
DigitalBridge Group, Inc.
9,472
108,076
Donnelley Financial Solutions, Inc. *
812
46,097
Enact Holdings, Inc.
364
13,705
Encore Capital Group, Inc. *
1,785
74,684
Enova International, Inc. *
889
107,836
Equitable Holdings, Inc.
6,981
371,808
Essent Group Ltd.
2,080
130,499
Euronet Worldwide, Inc. *
1,276
118,910
Evercore, Inc., Class A
960
308,688
EZCORP, Inc., Class A *
1,122
18,704
FactSet Research Systems, Inc.
326
121,702
Federal Agricultural Mortgage Corp.,
Class C
146
30,597
Federated Hermes, Inc.
3,232
171,619
Fidelity National Information Services, Inc.
10,998
767,770
FirstCash Holdings, Inc.
977
143,883
Fiserv, Inc. *
5,356
740,092
Franklin BSP Realty Trust, Inc.
3,126
36,105
Franklin Resources, Inc.
19,403
497,881
Global Payments, Inc.
9,133
811,193
Goldman Sachs Group, Inc.
7,211
5,373,998
Green Dot Corp., Class A *
1,725
24,012
Hamilton Lane, Inc., Class A
100
15,434
Houlihan Lokey, Inc.
622
123,933
Interactive Brokers Group, Inc., Class A
1,433
89,190
Intercontinental Exchange, Inc.
5,418
956,819
Invesco Ltd.
23,429
512,861
Jack Henry & Associates, Inc.
1,141
186,280
Jackson Financial, Inc., Class A
3,321
328,115
Janus Henderson Group PLC
4,419
195,850
Jefferies Financial Group, Inc.
4,392
284,821
KKR & Co., Inc.
4,444
619,894
KKR Real Estate Finance Trust, Inc.
1,654
15,928
Ladder Capital Corp.
4,192
48,711
LendingClub Corp. *
1,259
21,630
loanDepot, Inc., Class A *
9,420
20,159
LPL Financial Holdings, Inc.
1,107
403,479
MarketAxess Holdings, Inc.
387
71,146
Mastercard, Inc., Class A
4,524
2,693,092
MFA Financial, Inc.
5,125
52,275
MGIC Investment Corp.
7,712
214,625
Moelis & Co., Class A
1,761
126,986
Moody's Corp.
1,149
585,714
Morgan Stanley
27,057
4,071,537
Morningstar, Inc.
221
57,995
Mr. Cooper Group, Inc. *
1,397
263,376
MSCI, Inc.
440
249,797
Nasdaq, Inc.
3,792
359,254
Navient Corp.
12,016
164,739
NCR Atleos Corp. *
2,353
93,226
Nelnet, Inc., Class A
352
45,271
New York Mortgage Trust, Inc.
3,343
24,136
NMI Holdings, Inc., Class A *
1,235
48,597
Northern Trust Corp.
5,205
683,312
OneMain Holdings, Inc.
10,060
622,312
Oppenheimer Holdings, Inc., Class A
255
18,505
PayPal Holdings, Inc. *
21,882
1,535,898
Paysafe Ltd. *
1,032
14,562
PennyMac Financial Services, Inc.
1,207
132,891
PennyMac Mortgage Investment Trust
4,443
54,693
Piper Sandler Cos.
286
95,464
PJT Partners, Inc., Class A
222
39,738
PRA Group, Inc. *
1,297
22,166
PROG Holdings, Inc.
5,041
177,645
Radian Group, Inc.
4,592
160,169
Raymond James Financial, Inc.
2,760
467,654
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
9
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ready Capital Corp. (a)
7,491
31,912
Redwood Trust, Inc.
2,977
18,219
Regional Management Corp.
481
21,087
Rithm Capital Corp.
21,752
269,290
Rocket Cos., Inc., Class A (a)
3,091
54,927
S&P Global, Inc.
2,760
1,513,694
SEI Investments Co.
2,986
263,604
Shift4 Payments, Inc., Class A *
125
11,304
SLM Corp.
11,446
358,031
Starwood Property Trust, Inc.
10,977
222,504
State Street Corp.
9,427
1,083,822
Stifel Financial Corp.
1,588
183,081
StoneX Group, Inc. *
993
101,455
Synchrony Financial
32,050
2,446,697
T. Rowe Price Group, Inc.
10,191
1,096,755
Toast, Inc., Class A *
1,309
59,036
TPG RE Finance Trust, Inc.
1,763
16,484
TPG, Inc.
956
57,695
Tradeweb Markets, Inc., Class A
509
62,790
Two Harbors Investment Corp.
3,457
34,570
Victory Capital Holdings, Inc., Class A
791
56,382
Virtu Financial, Inc., Class A
3,217
134,857
Virtus Investment Partners, Inc.
246
49,552
Visa, Inc., Class A
10,177
3,580,065
Voya Financial, Inc.
2,998
225,120
Walker & Dunlop, Inc.
1,107
94,150
Western Union Co.
31,278
271,180
WEX, Inc. *
734
125,771
World Acceptance Corp. *
108
18,514
 
79,080,209
 
Food, Beverage & Tobacco 3.4%
Altria Group, Inc.
50,805
3,414,604
Archer-Daniels-Midland Co.
52,216
3,270,810
B&G Foods, Inc.
7,885
35,561
Boston Beer Co., Inc., Class A *
299
66,106
Brown-Forman Corp., Class B
6,989
209,251
Bunge Global SA
17,905
1,507,959
Calavo Growers, Inc.
779
21,306
Cal-Maine Foods, Inc.
1,332
154,033
Campbell's Co.
7,097
226,607
Coca-Cola Co.
46,755
3,225,627
Coca-Cola Consolidated, Inc.
803
94,144
Conagra Brands, Inc.
24,591
470,426
Constellation Brands, Inc., Class A
3,679
595,777
Darling Ingredients, Inc. *
6,564
222,913
Flowers Foods, Inc.
9,102
136,894
Fresh Del Monte Produce, Inc.
4,480
162,534
General Mills, Inc.
20,045
988,820
Hain Celestial Group, Inc. *
19,907
35,833
Hershey Co.
2,563
470,951
Hormel Foods Corp.
11,226
285,589
Ingredion, Inc.
2,510
325,145
J&J Snack Foods Corp.
313
34,921
J.M. Smucker Co.
4,925
544,262
John B Sanfilippo & Son, Inc.
507
32,904
Kellanova
5,952
473,184
Keurig Dr. Pepper, Inc.
23,842
693,564
Kraft Heinz Co.
40,114
1,121,989
Lamb Weston Holdings, Inc.
3,577
205,785
Marzetti Co.
428
78,153
McCormick & Co., Inc. - Non Voting Shares
4,562
321,028
MGP Ingredients, Inc.
394
11,651
Molson Coors Beverage Co., Class B
9,201
464,559
Mondelez International, Inc., Class A
31,679
1,946,358
Monster Beverage Corp. *
7,705
480,869
Nomad Foods Ltd.
7,171
111,437
SECURITY
NUMBER
OF SHARES
VALUE ($)
PepsiCo, Inc.
28,206
4,192,822
Philip Morris International, Inc.
25,193
4,210,506
Pilgrim's Pride Corp.
1,320
58,674
Post Holdings, Inc. *
1,606
181,719
Seaboard Corp.
35
138,922
Seneca Foods Corp., Class A *
219
24,791
Simply Good Foods Co. *
1,434
41,055
TreeHouse Foods, Inc. *
3,568
65,437
Tyson Foods, Inc., Class A
29,398
1,669,218
Universal Corp.
2,010
112,460
WK Kellogg Co.
4,392
100,665
 
33,237,823
 
Health Care Equipment & Services 5.4%
Abbott Laboratories
26,846
3,561,390
Acadia Healthcare Co., Inc. *
3,557
81,669
AdaptHealth Corp. *
4,254
40,370
Addus HomeCare Corp. *
337
38,812
agilon health, Inc. *
16,309
20,875
Align Technology, Inc. *
1,346
191,078
AMN Healthcare Services, Inc. *
5,721
118,882
Astrana Health, Inc. *
936
29,915
Avanos Medical, Inc. *
1,438
17,170
Baxter International, Inc.
21,454
529,699
Becton Dickinson & Co.
5,764
1,112,337
Boston Scientific Corp. *
7,707
813,088
BrightSpring Health Services, Inc. *
636
15,067
Brookdale Senior Living, Inc. *
9,060
69,762
Cardinal Health, Inc.
4,500
669,510
Cencora, Inc.
1,494
435,665
Centene Corp. *
42,516
1,234,665
Chemed Corp.
278
127,310
Cigna Group
16,324
4,911,402
Claritev Corp. *
893
61,537
Clover Health Investments Corp. *
3,469
9,089
Community Health Systems, Inc. *
24,877
68,660
Concentra Group Holdings Parent, Inc.
4,237
100,841
CONMED Corp.
769
41,803
Cooper Cos., Inc. *
2,685
180,956
Cross Country Healthcare, Inc. *
2,088
27,937
CVS Health Corp.
129,374
9,463,708
DaVita, Inc. *
2,368
326,216
DENTSPLY SIRONA Inc
12,162
173,917
Dexcom, Inc. *
1,620
122,051
Edwards Lifesciences Corp. *
7,714
627,457
Elevance Health, Inc.
10,576
3,370,042
Embecta Corp.
2,345
33,956
Encompass Health Corp.
1,765
214,906
Enhabit, Inc. *
2,183
17,202
Enovis Corp. *
2,283
70,545
Ensign Group, Inc.
657
112,859
Envista Holdings Corp. *
7,753
164,209
Evolent Health, Inc., Class A *
1,747
16,859
Fulgent Genetics, Inc. *
875
19,399
GE HealthCare Technologies, Inc.
12,773
941,753
Globus Medical, Inc., Class A *
991
60,719
Haemonetics Corp. *
946
51,595
HCA Healthcare, Inc.
5,152
2,081,202
HealthEquity, Inc. *
493
44,040
Henry Schein, Inc. *
6,033
419,776
Hologic, Inc. *
6,180
414,802
Humana, Inc.
9,019
2,738,710
ICU Medical, Inc. *
449
57,319
IDEXX Laboratories, Inc. *
558
361,076
Insulet Corp. *
133
45,204
Integer Holdings Corp. *
556
59,976
Integra LifeSciences Holdings Corp. *
4,170
63,092
See financial notes
10
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Intuitive Surgical, Inc. *
1,134
536,716
Labcorp Holdings, Inc.
6,216
1,727,986
Lantheus Holdings, Inc. *
226
12,407
LivaNova PLC *
825
46,505
Masimo Corp. *
603
84,245
McKesson Corp.
1,634
1,121,970
Merit Medical Systems, Inc. *
558
50,521
Molina Healthcare, Inc. *
1,871
338,333
National HealthCare Corp.
450
51,066
Neogen Corp. *
3,674
21,125
OmniAb, Inc., Class A *(d)
52
0
OmniAb, Inc., Class B *(d)
52
0
Omnicell, Inc. *
1,189
38,749
Option Care Health, Inc. *
3,763
107,923
Owens & Minor, Inc. *
15,045
73,720
Pediatrix Medical Group, Inc. *
2,703
46,519
Penumbra, Inc. *
138
37,624
Premier, Inc., Class A
7,075
183,242
Privia Health Group, Inc. *
1,462
33,684
Quest Diagnostics, Inc.
3,611
655,902
QuidelOrtho Corp. *
3,553
101,936
RadNet, Inc. *
269
19,303
ResMed, Inc.
1,256
344,785
Select Medical Holdings Corp.
3,985
51,845
Solventum Corp. *
3,682
269,117
STERIS PLC
1,352
331,321
Stryker Corp.
2,929
1,146,440
Surgery Partners, Inc. *
1,859
42,181
Teladoc Health, Inc. *
6,889
53,252
Teleflex, Inc.
1,148
145,119
Tenet Healthcare Corp. *
2,963
546,170
UnitedHealth Group, Inc.
21,495
6,660,656
Universal Health Services, Inc., Class B
3,089
560,901
Varex Imaging Corp. *
1,737
20,062
Veeva Systems, Inc., Class A *
518
139,446
Waystar Holding Corp. *
289
10,947
Zimmer Biomet Holdings, Inc.
5,077
538,670
Zimvie, Inc. *
2,468
46,596
 
52,779,063
 
Household & Personal Products 1.2%
BellRing Brands, Inc. *
453
18,596
Central Garden & Pet Co. *
369
13,443
Central Garden & Pet Co., Class A *
2,734
90,304
Church & Dwight Co., Inc.
3,597
335,096
Clorox Co.
2,096
247,747
Colgate-Palmolive Co.
12,108
1,017,920
Coty, Inc., Class A *
11,638
49,811
Edgewell Personal Care Co.
2,901
69,682
elf Beauty, Inc. *
193
24,125
Energizer Holdings, Inc.
2,881
79,400
Estee Lauder Cos., Inc., Class A
8,760
803,555
Herbalife Ltd. *
13,839
135,345
Interparfums, Inc.
243
27,930
Kenvue, Inc.
40,760
844,140
Kimberly-Clark Corp.
6,785
876,215
Medifast, Inc. *
2,393
33,574
Nu Skin Enterprises, Inc., Class A
8,429
102,581
Procter & Gamble Co.
43,622
6,850,399
Reynolds Consumer Products, Inc.
1,953
45,329
Spectrum Brands Holdings, Inc.
1,958
111,586
USANA Health Sciences, Inc. *
784
25,017
WD-40 Co.
142
30,678
 
11,832,473
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Insurance 2.7%
Aflac, Inc.
14,267
1,524,572
Allstate Corp.
8,974
1,825,760
American Financial Group, Inc.
3,182
432,307
American International Group, Inc.
32,855
2,671,769
AMERISAFE, Inc.
357
16,486
Aon PLC, Class A
2,914
1,069,438
Arthur J Gallagher & Co.
1,414
428,088
Assurant, Inc.
1,129
243,424
Brighthouse Financial, Inc. *
499
23,583
Brown & Brown, Inc.
1,697
164,524
Chubb Ltd.
6,780
1,864,975
Cincinnati Financial Corp.
3,748
575,693
CNA Financial Corp.
787
38,996
CNO Financial Group, Inc.
5,650
223,005
Employers Holdings, Inc.
1,132
48,970
Erie Indemnity Co., Class A
232
82,216
Fidelity National Financial, Inc.
8,209
491,473
First American Financial Corp.
5,506
363,396
Genworth Financial, Inc., Class A *
33,577
287,755
Globe Life, Inc.
2,377
332,661
Hanover Insurance Group, Inc.
1,083
187,879
Hartford Insurance Group, Inc.
8,155
1,078,988
Horace Mann Educators Corp.
1,117
51,360
Kemper Corp.
2,065
110,787
Kinsale Capital Group, Inc.
76
34,766
Lincoln National Corp.
9,574
411,012
Loews Corp.
4,702
455,154
Markel Group, Inc. *
253
495,642
Marsh & McLennan Cos., Inc.
5,671
1,167,149
Mercury General Corp.
849
65,653
MetLife, Inc.
22,467
1,827,915
Old Republic International Corp.
10,131
404,936
Primerica, Inc.
669
180,188
Principal Financial Group, Inc.
9,164
737,794
ProAssurance Corp. *
708
16,857
Progressive Corp.
6,082
1,502,619
Prudential Financial, Inc.
12,853
1,409,460
Reinsurance Group of America, Inc.
1,290
251,279
RLI Corp.
1,205
81,615
Safety Insurance Group, Inc.
600
44,406
Selective Insurance Group, Inc.
1,248
97,631
Stewart Information Services Corp.
1,662
121,060
Travelers Cos., Inc.
7,677
2,084,382
Unum Group
5,293
369,769
W.R. Berkley Corp.
4,696
336,656
White Mountains Insurance Group Ltd.
58
106,150
Willis Towers Watson PLC
1,776
580,379
 
26,920,577
 
Materials 3.8%
AdvanSix, Inc.
1,219
26,160
Air Products & Chemicals, Inc.
3,448
1,014,091
Albemarle Corp.
4,454
378,234
Alcoa Corp.
13,155
423,459
Alpha Metallurgical Resources, Inc. *
956
142,626
Amcor PLC
88,665
765,179
AptarGroup, Inc.
1,239
172,556
Ardagh Metal Packaging SA
4,180
15,424
Ashland, Inc.
2,552
143,295
Avery Dennison Corp.
1,903
326,650
Avient Corp.
3,030
113,322
Axalta Coating Systems Ltd. *
5,291
165,397
Balchem Corp.
356
57,704
Ball Corp.
9,803
516,030
Cabot Corp.
1,561
127,315
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
11
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Carpenter Technology Corp.
476
114,659
Celanese Corp.
7,097
338,030
CF Industries Holdings, Inc.
8,328
721,455
Chemours Co.
15,245
234,773
Clearwater Paper Corp. *
1,213
26,164
Cleveland-Cliffs, Inc. *
54,734
588,391
Coeur Mining, Inc. *
5,313
69,866
Commercial Metals Co.
6,447
371,799
Compass Minerals International, Inc. *
1,976
37,643
Corteva, Inc.
15,574
1,155,435
CRH PLC
17,133
1,935,172
Crown Holdings, Inc.
4,085
405,967
Dow, Inc.
59,065
1,454,771
DuPont de Nemours, Inc.
21,395
1,645,703
Eagle Materials, Inc.
736
169,942
Eastman Chemical Co.
6,636
466,776
Ecolab, Inc.
2,754
762,968
Ecovyst, Inc. *
8,326
75,683
Element Solutions, Inc.
5,238
134,721
Ferroglobe PLC
4,476
18,710
FMC Corp.
7,434
290,669
Freeport-McMoRan, Inc.
33,250
1,476,300
Graphic Packaging Holding Co.
11,383
253,499
Greif, Inc., Class A
2,096
136,890
Hawkins, Inc.
301
50,366
HB Fuller Co.
1,940
118,437
Hecla Mining Co.
10,105
85,994
Huntsman Corp.
22,483
250,910
Ingevity Corp. *
2,112
123,299
Innospec, Inc.
850
74,452
International Flavors & Fragrances, Inc.
6,103
412,014
International Paper Co.
20,695
1,028,128
Kaiser Aluminum Corp.
966
75,222
Knife River Corp. *
1,125
91,125
Koppers Holdings, Inc.
1,652
47,875
Linde PLC
6,363
3,043,359
Louisiana-Pacific Corp.
2,185
207,815
LSB Industries, Inc. *
1,848
15,375
LyondellBasell Industries NV, Class A
20,583
1,159,852
Magnera Corp. *
1,518
18,823
Martin Marietta Materials, Inc.
706
435,178
Materion Corp.
573
63,488
Mativ Holdings, Inc.
4,658
58,551
Metallus, Inc. *
1,981
32,548
Minerals Technologies, Inc.
1,436
93,986
Mosaic Co.
30,967
1,034,298
MP Materials Corp. *
1,020
72,563
Myers Industries, Inc.
1,349
22,582
NewMarket Corp.
199
164,565
Newmont Corp.
23,530
1,750,632
Nucor Corp.
16,422
2,442,444
O-I Glass, Inc. *
16,408
213,140
Olin Corp.
14,201
335,996
Olympic Steel, Inc.
994
33,508
Orion SA
4,071
42,949
Packaging Corp. of America
2,474
539,233
PPG Industries, Inc.
6,740
749,690
Quaker Chemical Corp.
407
59,044
Rayonier Advanced Materials, Inc. *
5,157
28,725
Reliance, Inc.
2,832
837,309
Royal Gold, Inc.
526
94,459
RPM International, Inc.
2,419
303,125
Ryerson Holding Corp.
5,917
134,908
Scotts Miracle-Gro Co.
1,572
96,238
Sealed Air Corp.
5,972
193,911
Sensient Technologies Corp.
1,111
126,054
Sherwin-Williams Co.
1,849
676,420
Silgan Holdings, Inc.
2,869
134,613
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sonoco Products Co.
5,532
261,387
Southern Copper Corp.
1,452
139,475
Steel Dynamics, Inc.
7,975
1,044,087
Stepan Co.
1,539
76,996
SunCoke Energy, Inc.
3,919
30,255
Sylvamo Corp.
1,505
69,426
Tredegar Corp. *
1,703
13,334
TriMas Corp.
1,819
70,341
Trinseo PLC
6,370
15,288
Tronox Holdings PLC
15,612
66,819
Vulcan Materials Co.
1,501
437,031
Warrior Met Coal, Inc.
2,555
156,213
Westlake Corp.
1,609
141,302
Worthington Steel, Inc.
1,760
58,608
 
37,427,193
 
Media & Entertainment 7.1%
Advantage Solutions, Inc. *
8,411
15,308
Alphabet, Inc., Class A
75,473
16,068,956
Alphabet, Inc., Class C
61,427
13,116,507
Altice USA, Inc., Class A *
57,960
135,626
AMC Entertainment Holdings, Inc., Class A *
3,005
8,444
AMC Networks, Inc., Class A *
6,001
42,367
Angi, Inc. *
780
13,822
Cable One, Inc.
379
61,201
Cargurus, Inc. *
1,483
51,312
Cars.com, Inc. *
2,252
29,389
Charter Communications, Inc., Class A *
7,088
1,882,431
Cinemark Holdings, Inc.
1,474
38,029
Clear Channel Outdoor Holdings, Inc. *
12,417
15,397
Comcast Corp., Class A
196,541
6,676,498
EchoStar Corp., Class A *
3,818
235,914
Electronic Arts, Inc.
4,869
837,225
EW Scripps Co., Class A *
15,871
47,454
Fox Corp., Class A
14,914
890,366
Gannett Co., Inc. *
6,623
27,221
Gray Media, Inc.
14,947
91,625
IAC, Inc. *
2,168
79,392
iHeartMedia, Inc., Class A *
22,638
48,219
Interpublic Group of Cos., Inc.
14,448
387,784
John Wiley & Sons, Inc., Class A
1,858
75,398
Liberty Broadband Corp., Class C *
760
46,254
Liberty Media Corp.-Liberty Formula One,
Class C *
1,376
137,462
Lionsgate Studios Corp. *
6,991
44,952
Live Nation Entertainment, Inc. *
266
44,286
Match Group, Inc.
4,234
158,098
Meta Platforms, Inc., Class A
20,576
15,199,491
Netflix, Inc. *
2,080
2,513,160
New York Times Co., Class A
2,265
135,538
News Corp., Class A
13,323
391,829
Nexstar Media Group, Inc.
2,170
443,830
Omnicom Group, Inc.
7,103
556,378
Paramount Skydance Corp. *
92,188
1,355,164
Pinterest, Inc., Class A *
2,633
96,447
Roku, Inc. *
946
91,346
Scholastic Corp.
2,664
68,358
Shutterstock, Inc.
1,251
26,183
Sinclair, Inc.
5,164
74,723
Sirius XM Holdings, Inc.
16,128
381,266
Snap, Inc., Class A *
5,866
41,883
Starz Entertainment Corp. *
617
7,879
Take-Two Interactive Software, Inc. *
1,255
292,754
TEGNA, Inc.
12,006
254,527
Thryv Holdings, Inc. *
1,652
21,245
TKO Group Holdings, Inc.
235
44,547
Trade Desk, Inc., Class A *
580
31,703
See financial notes
12
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TripAdvisor, Inc. *
3,533
61,545
Walt Disney Co.
37,706
4,463,636
Warner Bros Discovery, Inc. *
136,341
1,587,009
Warner Music Group Corp., Class A
1,153
38,453
WideOpenWest, Inc. *
3,071
15,631
Yelp, Inc. *
2,840
89,801
Ziff Davis, Inc. *
2,605
99,537
ZoomInfo Technologies, Inc. *
4,487
48,908
 
69,739,708
 
Pharmaceuticals, Biotechnology & Life Sciences 5.5%
AbbVie, Inc.
26,155
5,503,012
Agilent Technologies, Inc.
4,454
559,690
Amgen, Inc.
11,513
3,312,405
Amneal Pharmaceuticals, Inc. *
1,827
17,466
Avantor, Inc. *
16,397
220,868
Azenta, Inc. *
888
27,120
Biogen, Inc. *
7,062
933,738
BioMarin Pharmaceutical, Inc. *
1,463
85,249
Bio-Rad Laboratories, Inc., Class A *
460
137,025
Bio-Techne Corp.
1,345
73,477
Bristol-Myers Squibb Co.
85,800
4,048,044
Bruker Corp.
1,870
63,543
Charles River Laboratories International,
Inc. *
1,028
167,883
Collegium Pharmaceutical, Inc. *
428
16,606
Corcept Therapeutics, Inc. *
749
52,220
Danaher Corp.
7,030
1,446,915
Elanco Animal Health, Inc. *
14,769
271,011
Eli Lilly & Co.
2,255
1,651,968
Emergent BioSolutions, Inc. *
4,505
37,392
Exact Sciences Corp. *
813
38,552
Exelixis, Inc. *
3,227
120,754
Fortrea Holdings, Inc. *
7,219
71,107
Gilead Sciences, Inc.
31,117
3,515,288
Halozyme Therapeutics, Inc. *
858
62,763
Illumina, Inc. *
2,013
201,219
Incyte Corp. *
2,213
187,242
Innoviva, Inc. *
1,096
22,391
IQVIA Holdings, Inc. *
3,409
650,471
Ironwood Pharmaceuticals, Inc. *
17,447
23,030
Jazz Pharmaceuticals PLC *
1,620
206,955
Johnson & Johnson
54,849
9,717,597
Medpace Holdings, Inc. *
128
60,865
Merck & Co., Inc.
56,099
4,719,048
Mettler-Toledo International, Inc. *
251
326,561
Moderna, Inc. *
23,148
557,635
Myriad Genetics, Inc. *
2,797
17,817
Neurocrine Biosciences, Inc. *
645
90,042
Organon & Co.
28,749
270,816
Pacira BioSciences, Inc. *
606
16,162
Pfizer, Inc.
283,872
7,028,671
Prestige Consumer Healthcare, Inc. *
912
62,052
Regeneron Pharmaceuticals, Inc.
1,784
1,035,969
Repligen Corp. *
276
33,760
Revvity, Inc.
2,380
214,462
Royalty Pharma PLC, Class A
5,290
190,334
Sotera Health Co. *
1,158
18,956
Supernus Pharmaceuticals, Inc. *
994
44,849
Thermo Fisher Scientific, Inc.
5,374
2,647,877
United Therapeutics Corp. *
502
152,990
Vertex Pharmaceuticals, Inc. *
1,624
635,016
Viatris, Inc.
88,276
931,312
Vir Biotechnology, Inc. *
1,898
9,376
Waters Corp. *
836
252,305
West Pharmaceutical Services, Inc.
863
213,118
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zoetis, Inc.
4,349
680,184
 
53,653,178
 
Real Estate Management & Development 0.3%
Anywhere Real Estate, Inc. *
18,548
113,328
CBRE Group, Inc., Class A *
7,189
1,165,481
Compass, Inc., Class A *
14,310
129,935
CoStar Group, Inc. *
1,948
174,327
Cushman & Wakefield PLC *
12,395
195,469
eXp World Holdings, Inc.
7,035
76,189
Howard Hughes Holdings, Inc. *
265
20,212
Jones Lang LaSalle, Inc. *
2,132
651,475
Kennedy-Wilson Holdings, Inc.
5,648
49,702
Marcus & Millichap, Inc.
1,035
33,731
Newmark Group, Inc., Class A
4,326
78,776
Opendoor Technologies, Inc. *(a)
57,534
256,026
Zillow Group, Inc., Class C *
1,828
154,119
 
3,098,770
 
Semiconductors & Semiconductor Equipment 4.3%
Advanced Micro Devices, Inc. *
9,452
1,537,179
Allegro MicroSystems, Inc. *
803
24,773
Alpha & Omega Semiconductor Ltd. *
489
14,068
Amkor Technology, Inc.
6,391
154,598
Analog Devices, Inc.
6,283
1,578,981
Applied Materials, Inc.
12,923
2,077,501
Axcelis Technologies, Inc. *
650
52,026
Broadcom, Inc.
21,167
6,294,854
Cirrus Logic, Inc. *
1,283
146,506
Cohu, Inc. *
1,994
39,681
Diodes, Inc. *
2,063
112,299
Enphase Energy, Inc. *
1,212
45,692
Entegris, Inc.
1,447
121,172
First Solar, Inc. *
975
190,310
FormFactor, Inc. *
1,343
39,202
GLOBALFOUNDRIES, Inc. *
1,701
56,796
Ichor Holdings Ltd. *
1,484
25,005
Intel Corp. *
364,008
8,863,595
KLA Corp.
1,207
1,052,504
Lam Research Corp.
20,203
2,023,330
Lattice Semiconductor Corp. *
933
61,933
MACOM Technology Solutions Holdings,
Inc. *
125
16,019
Marvell Technology, Inc.
4,159
261,456
MaxLinear, Inc. *
2,605
40,951
Microchip Technology, Inc.
10,931
710,515
Micron Technology, Inc.
30,866
3,673,363
MKS, Inc.
1,615
166,894
Monolithic Power Systems, Inc.
156
130,379
NVIDIA Corp.
21,378
3,723,620
ON Semiconductor Corp. *
8,858
439,268
Onto Innovation, Inc. *
397
42,082
Penguin Solutions, Inc. *
1,745
42,107
Photronics, Inc. *
2,511
56,924
Power Integrations, Inc.
1,255
56,600
Qorvo, Inc. *
5,214
472,910
QUALCOMM, Inc.
21,601
3,471,929
Rambus, Inc. *
688
50,754
Semtech Corp. *
995
57,800
Silicon Laboratories, Inc. *
958
128,707
Skyworks Solutions, Inc.
5,924
443,945
Synaptics, Inc. *
991
69,231
Teradyne, Inc.
3,491
412,776
Texas Instruments, Inc.
14,409
2,917,534
Ultra Clean Holdings, Inc. *
2,035
48,881
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
13
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Universal Display Corp.
375
51,971
 
41,998,621
 
Software & Services 5.2%
Accenture PLC, Class A
9,689
2,518,849
ACI Worldwide, Inc. *
1,646
81,230
Adobe, Inc. *
4,326
1,543,084
Akamai Technologies, Inc. *
3,664
289,932
Alarm.com Holdings, Inc. *
549
32,188
Amdocs Ltd.
4,204
359,736
AppLovin Corp., Class A *
277
132,569
ASGN, Inc. *
2,580
139,965
Autodesk, Inc. *
981
308,721
Bentley Systems, Inc., Class B
506
28,159
Blackbaud, Inc. *
570
38,025
Cadence Design Systems, Inc. *
1,121
392,832
CCC Intelligent Solutions Holdings, Inc. *
2,021
20,008
Cognizant Technology Solutions Corp.,
Class A
19,219
1,388,573
Commvault Systems, Inc. *
331
61,780
Consensus Cloud Solutions, Inc. *
507
13,471
Crowdstrike Holdings, Inc., Class A *
40
16,948
Datadog, Inc., Class A *
112
15,308
DigitalOcean Holdings, Inc. *
392
12,787
Docusign, Inc. *
174
13,339
Dolby Laboratories, Inc., Class A
1,434
102,789
Dropbox, Inc., Class A *
5,067
147,247
DXC Technology Co. *
24,301
351,149
Dynatrace, Inc. *
713
36,078
EPAM Systems, Inc. *
977
172,304
Fair Isaac Corp. *
70
106,515
Fortinet, Inc. *
2,952
232,529
Gartner, Inc. *
584
146,695
Gen Digital, Inc.
11,677
352,645
Globant SA *
237
15,941
GoDaddy, Inc., Class A *
1,244
184,498
Guidewire Software, Inc. *
222
48,178
HubSpot, Inc. *
20
9,663
InterDigital, Inc.
294
79,883
International Business Machines Corp.
16,516
4,021,481
Intuit, Inc.
1,548
1,032,516
Kyndryl Holdings, Inc. *
9,632
306,201
LiveRamp Holdings, Inc. *
2,192
61,201
Manhattan Associates, Inc. *
294
63,339
Microsoft Corp.
54,593
27,661,727
NCR Voyix Corp. *
8,352
110,079
Okta, Inc. *
484
44,901
Oracle Corp.
19,712
4,457,475
Palantir Technologies, Inc., Class A *
793
124,271
Palo Alto Networks, Inc. *
1,229
234,149
Progress Software Corp. *
664
30,737
PTC, Inc. *
537
114,650
Qualys, Inc. *
392
53,238
RingCentral, Inc., Class A *
797
24,316
Roper Technologies, Inc.
872
458,942
Salesforce, Inc.
4,924
1,261,775
ServiceNow, Inc. *
218
200,006
Snowflake, Inc., Class A *
254
60,620
SPS Commerce, Inc. *
163
17,979
Synopsys, Inc. *
810
488,851
Teradata Corp. *
4,244
89,039
Twilio, Inc., Class A *
1,148
121,240
Tyler Technologies, Inc. *
139
78,240
Unisys Corp. *
2,827
11,054
Unity Software, Inc. *
1,768
69,677
Verint Systems, Inc. *
1,467
29,912
VeriSign, Inc.
735
200,927
SECURITY
NUMBER
OF SHARES
VALUE ($)
Workday, Inc., Class A *
441
101,792
Zoom Communications, Inc., Class A *
2,260
184,009
 
51,107,962
 
Technology Hardware & Equipment 6.7%
Advanced Energy Industries, Inc.
671
100,435
Amphenol Corp., Class A
9,463
1,030,142
Apple, Inc.
162,381
37,695,125
Arista Networks, Inc. *
2,925
399,409
Arrow Electronics, Inc. *
6,233
787,415
Avnet, Inc.
12,262
669,137
Badger Meter, Inc.
190
34,755
Belden, Inc.
840
109,368
Benchmark Electronics, Inc.
2,261
91,774
Calix, Inc. *
883
52,494
CDW Corp.
2,742
451,772
Ciena Corp. *
3,329
312,826
Cisco Systems, Inc.
106,757
7,375,841
Cognex Corp.
3,158
138,763
Coherent Corp. *
1,916
173,341
CommScope Holding Co., Inc. *
13,548
217,310
Corning, Inc.
19,531
1,309,163
Crane NXT Co.
970
57,938
CTS Corp.
829
35,224
Dell Technologies, Inc., Class C
4,510
550,897
ePlus, Inc.
972
70,344
F5, Inc. *
868
271,806
Flex Ltd. *
11,703
627,515
Hewlett Packard Enterprise Co.
77,962
1,759,602
HP, Inc.
50,447
1,439,757
Ingram Micro Holding Corp.
1,251
24,482
Insight Enterprises, Inc. *
1,321
171,941
IPG Photonics Corp. *
1,352
110,621
Itron, Inc. *
760
93,434
Jabil, Inc.
3,981
815,428
Keysight Technologies, Inc. *
2,556
417,727
Kimball Electronics, Inc. *
1,198
34,586
Knowles Corp. *
2,994
63,922
Littelfuse, Inc.
574
149,142
Lumentum Holdings, Inc. *
1,716
227,902
Methode Electronics, Inc.
3,197
24,713
Motorola Solutions, Inc.
1,103
521,123
NetApp, Inc.
4,293
484,207
NETGEAR, Inc. *
704
19,128
NetScout Systems, Inc. *
3,122
77,707
Novanta, Inc. *
264
30,732
OSI Systems, Inc. *
333
76,607
PC Connection, Inc.
841
54,001
Plexus Corp. *
857
117,418
Pure Storage, Inc., Class A *
842
65,348
Ralliant Corp. *
1,567
65,516
Rogers Corp. *
660
51,784
Sandisk Corp. *
3,361
176,352
Sanmina Corp. *
3,224
378,884
ScanSource, Inc. *
1,130
49,325
Seagate Technology Holdings PLC
6,525
1,092,285
Super Micro Computer, Inc. *
3,593
149,253
TD SYNNEX Corp.
3,370
498,996
TE Connectivity PLC
6,743
1,392,429
Teledyne Technologies, Inc. *
545
293,303
Trimble, Inc. *
3,607
291,518
TTM Technologies, Inc. *
4,389
195,618
Viasat, Inc. *
10,253
331,479
Viavi Solutions, Inc. *
7,194
81,148
Vishay Intertechnology, Inc.
9,844
152,188
Vontier Corp.
3,317
142,332
Western Digital Corp.
13,203
1,060,729
See financial notes
14
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Xerox Holdings Corp.
36,632
145,795
Zebra Technologies Corp., Class A *
887
281,259
 
66,172,515
 
Telecommunication Services 2.7%
Array Digital Infrastructure, Inc.
606
32,621
AT&T, Inc.
385,544
11,292,584
Cogent Communications Holdings, Inc.
749
28,634
Frontier Communications Parent, Inc. *
10,463
387,968
GCI Liberty, Inc. *(d)
188
0
GCI Liberty, Inc., Class C *
152
5,569
IDT Corp., Class B
280
17,940
IHS Holding Ltd. *
5,214
37,802
Iridium Communications, Inc.
2,492
62,026
Liberty Global Ltd., Class C *
37,335
446,153
Liberty Latin America Ltd., Class C *
25,737
212,073
Lumen Technologies, Inc. *
224,235
1,114,448
Shenandoah Telecommunications Co.
1,313
17,397
Telephone & Data Systems, Inc.
7,736
310,136
T-Mobile U.S., Inc.
7,712
1,943,347
Uniti Group, Inc.
12,637
79,613
Verizon Communications, Inc.
232,121
10,266,712
 
26,255,023
 
Transportation 2.0%
Alaska Air Group, Inc. *
4,263
267,631
Allegiant Travel Co. *
1,097
68,738
American Airlines Group, Inc. *
13,121
175,428
ArcBest Corp.
1,585
116,910
Avis Budget Group, Inc. *
3,687
583,394
CH Robinson Worldwide, Inc.
5,708
734,620
Covenant Logistics Group, Inc., Class A
555
13,392
CSX Corp.
58,044
1,887,010
Delta Air Lines, Inc.
3,634
224,509
Expeditors International of Washington,
Inc.
6,157
742,165
FedEx Corp.
10,684
2,468,752
Forward Air Corp. *
2,444
73,393
Genco Shipping & Trading Ltd.
1,637
27,567
Global Ship Lease, Inc., Class A
947
28,457
GXO Logistics, Inc. *
4,247
223,605
Heartland Express, Inc.
3,029
26,019
Hertz Global Holdings, Inc. *
51,716
296,333
Hub Group, Inc., Class A
4,370
163,525
JB Hunt Transport Services, Inc.
2,773
402,057
JetBlue Airways Corp. *
21,951
117,438
Kirby Corp. *
1,087
105,656
Knight-Swift Transportation Holdings, Inc.
7,799
342,376
Landstar System, Inc.
1,536
203,259
Lyft, Inc., Class A *
1,109
17,988
Marten Transport Ltd.
3,487
41,286
Matson, Inc.
1,756
182,712
Norfolk Southern Corp.
6,615
1,852,068
Old Dominion Freight Line, Inc.
2,598
392,220
RXO, Inc. *
4,657
76,049
Ryder System, Inc.
3,160
592,563
Saia, Inc. *
393
116,509
Schneider National, Inc., Class B
2,722
67,288
SkyWest, Inc. *
1,478
179,429
Southwest Airlines Co.
5,496
180,818
Sun Country Airlines Holdings, Inc. *
952
12,614
Uber Technologies, Inc. *
4,076
382,125
U-Haul Holding Co., Non Voting Shares
3,135
163,772
Union Pacific Corp.
13,495
3,017,077
United Airlines Holdings, Inc. *
2,046
214,830
United Parcel Service, Inc., Class B
28,592
2,500,085
SECURITY
NUMBER
OF SHARES
VALUE ($)
Werner Enterprises, Inc.
5,038
145,346
XPO, Inc. *
1,120
145,264
 
19,572,277
 
Utilities 3.4%
AES Corp.
46,598
630,937
ALLETE, Inc.
1,781
114,251
Alliant Energy Corp.
5,902
384,043
Ameren Corp.
6,320
630,610
American Electric Power Co., Inc.
13,971
1,551,060
American States Water Co.
545
40,619
American Water Works Co., Inc.
2,984
428,234
Atmos Energy Corp.
2,309
383,594
Avista Corp.
3,060
111,812
Black Hills Corp.
2,607
155,925
California Water Service Group
1,151
54,016
CenterPoint Energy, Inc.
17,968
677,573
Chesapeake Utilities Corp.
344
42,512
Clearway Energy, Inc., Class C
2,690
80,189
CMS Energy Corp.
7,362
526,898
Consolidated Edison, Inc.
10,846
1,065,403
Constellation Energy Corp.
2,926
901,149
Dominion Energy, Inc.
27,362
1,638,984
DTE Energy Co.
5,051
690,219
Duke Energy Corp.
22,425
2,746,838
Edison International
14,692
824,662
Entergy Corp.
11,626
1,024,134
Essential Utilities, Inc.
4,768
188,384
Evergy, Inc.
9,128
650,461
Eversource Energy
12,038
771,275
Exelon Corp.
37,000
1,616,160
FirstEnergy Corp.
18,144
791,441
H2O America
708
35,662
Hawaiian Electric Industries, Inc. *
12,243
158,669
IDACORP, Inc.
1,149
143,740
MDU Resources Group, Inc.
5,510
89,758
MGE Energy, Inc.
595
50,664
National Fuel Gas Co.
2,665
231,162
New Jersey Resources Corp.
2,578
121,914
NextEra Energy, Inc.
30,046
2,164,814
NiSource, Inc.
10,286
434,789
Northwest Natural Holding Co.
1,476
61,298
Northwestern Energy Group, Inc.
2,128
122,381
NRG Energy, Inc.
6,094
887,043
OGE Energy Corp.
6,045
269,970
ONE Gas, Inc.
1,807
138,236
Ormat Technologies, Inc.
900
82,701
Otter Tail Corp.
1,027
86,258
PG&E Corp.
36,899
563,817
Pinnacle West Capital Corp.
3,806
340,104
Portland General Electric Co.
4,024
172,147
PPL Corp.
23,924
872,508
Public Service Enterprise Group, Inc.
10,186
838,613
Sempra
13,358
1,102,837
Southern Co.
24,467
2,258,304
Southwest Gas Holdings, Inc.
2,212
176,695
Spire, Inc.
1,894
145,080
Talen Energy Corp. *
160
60,627
TXNM Energy, Inc.
2,748
155,647
UGI Corp.
15,723
544,645
Unitil Corp.
252
11,834
Vistra Corp.
5,047
954,438
WEC Energy Group, Inc.
7,046
750,469
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
15
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Xcel Energy, Inc.
15,268
1,105,251
 
33,853,458
Total Common Stocks
(Cost $712,619,704)
979,936,951
 
INVESTMENT COMPANIES 0.0% OF NET ASSETS
 
Equity Funds 0.0%
iShares Core S&P Total U.S. Stock Market
ETF
3,500
494,585
Total Investment Companies
(Cost $418,596)
494,585
 
 
 
 
SHORT-TERM INVESTMENTS 0.3% OF NET ASSETS
 
Money Market Funds 0.3%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (e)
469,177
469,177
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (e)(f)
2,124,995
2,124,995
 
2,594,172
Total Short-Term Investments
(Cost $2,594,172)
2,594,172
Total Investments in Securities
(Cost $715,632,472)
983,025,708
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/19/25
5
1,618,188
8,086
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$2,070,257.
(b)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(c)
Issuer is affiliated with the fund’s investment adviser.
(d)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(e)
The rate shown is the annualized 7-day yield.
(f)
Security purchased with cash collateral received for securities on loan.
 
ETF —
Exchange-Traded Fund
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers and companies which are or were affiliates during the period ended August 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at August 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date. 
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/25
BALANCE
OF SHARES
HELD AT
8/31/25
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Consumer Discretionary Distribution & Retail 0.0%
QVC Group, Inc.
$—
$45,481
($285
)
($98
)
$30,289
$112,621
13,126
$—
 
Consumer Services 0.0%
Cracker Barrel Old Country Store Inc
106,114
16,287
(6,588
)
(6,910
)
45,851
—
—
1,291
 
Equity Real Estate Investment Trusts (REITs) 0.0%
Service Properties Trust
—
26,068
(1,228
)
188
(7,319
)
102,743
38,053
708
 
Financial Services 0.2%
Charles Schwab Corp.
1,084,232
130,080
(24,010
)
12,407
224,924
1,427,633
14,896
7,865
Total
$1,190,346
$217,916
($32,111
)
$5,587
$293,745
$1,642,997
$9,864
See financial notes
16
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (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
$900,902,865
$—
$—
$900,902,865
Health Care Equipment & Services
52,779,063
—
0
*
52,779,063
Telecommunication Services
26,255,023
—
0
*
26,255,023
Investment Companies1
494,585
—
—
494,585
Short-Term Investments1
2,594,172
—
—
2,594,172
Futures Contracts2
8,086
—
—
8,086
Total
$983,033,794
$—
$0
$983,033,794
 
*
Level 3 amount shown includes securities determined to have no value at August 31, 2025.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
17
Schwab Fundamental U.S. Broad Market ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - affiliated issuers (cost $1,195,346)
 
$1,642,997
Investments in securities, at value - unaffiliated issuers (cost $714,437,126) including securities on loan of $2,070,257
 
981,382,711
Cash
 
1,103
Deposit with broker for futures contracts
 
149,432
Receivables:
 
Dividends
 
1,752,305
Investments sold
 
141,302
Income from securities on loan
 
3,319
Foreign tax reclaims
+
7
Total assets
 
985,073,176
 
Liabilities
Collateral held for securities on loan
 
2,124,995
Payables:
 
Investments bought
 
768,375
Management fees
 
210,083
Variation margin on futures contracts
 
13,291
Deferred dividend income
+
1,076
Total liabilities
 
3,117,820
Net assets
 
$981,955,356
 
Net Assets by Source
Capital received from investors
 
$717,526,889
Total distributable earnings
+
264,428,467
Net assets
 
$981,955,356
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$981,955,356
 
38,950,000
$25.21
 
 
 
 
See financial notes
18
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $330)
 
$9,750,663
Dividends received from securities - affiliated issuers
 
9,864
Other Interest
 
2,221
Securities on loan, net
+
13,295
Total investment income
 
9,776,043
 
Expenses
Management fees
 
1,133,263
Total expenses
–
1,133,263
Net investment income
 
8,642,780
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(7,747
)
Net realized losses on sales of securities - unaffiliated issuers
 
(3,637,631
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
13,334
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
28,770,953
Net realized gains on futures contracts
+
110,352
Net realized gains
 
25,249,261
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
293,745
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
18,504,814
Net change in unrealized appreciation (depreciation) on futures contracts
+
32,430
Net change in unrealized appreciation (depreciation)
 
18,830,989
Net realized and unrealized gains
 
44,080,250
Increase in net assets resulting from operations
 
$52,723,030
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
19
Schwab Fundamental U.S. Broad Market ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$8,642,780
$14,470,146
Net realized gains
 
25,249,261
21,590,419
Net change in unrealized appreciation (depreciation)
+
18,830,989
81,689,418
Increase in net assets resulting from operations
 
$52,723,030
$117,749,983
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($7,777,780
)
($14,326,670
)
 
TRANSACTIONS IN FUND SHARES1
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
3,050,000
$71,034,603
6,550,000
$148,418,403
Shares redeemed
+
(2,200,000
)
(51,242,023
)
(1,750,000
)
(39,629,674
)
Net transactions in fund shares
 
850,000
$19,792,580
4,800,000
$108,788,729
 
SHARES OUTSTANDING AND NET ASSETS1
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
38,100,000
$917,217,526
33,300,000
$705,005,484
Total increase
+
850,000
64,737,830
4,800,000
212,212,042
End of period
 
38,950,000
$981,955,356
38,100,000
$917,217,526
 
1
For the period ended February 28, 2025, transactions in fund shares have been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets
on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information).
See financial notes
20
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/251,2
3/1/23–
2/29/241
3/1/22–
2/28/231
3/1/21–
2/28/221
3/1/20–
2/28/211
Per-Share Data
Net asset value at beginning of period
$24.63
$21.54
$18.30
$18.99
$16.16
$12.56
Income (loss) from investment operations:
Net investment income (loss)3
0.23
0.42
0.39
0.37
0.34
0.33
Net realized and unrealized gains (losses)
1.10
3.09
3.23
(0.69
)
2.81
3.62
Total from investment operations
1.33
3.51
3.62
(0.32
)
3.15
3.95
Less distributions:
Distributions from net investment income
(0.21
)
(0.42
)
(0.38
)
(0.37
)
(0.32
)
(0.35
)
Net asset value at end of period
$25.75
$24.63
$21.54
$18.30
$18.99
$16.16
Total return
5.48
%4
16.42
%
20.06
%
(1.61
%)
19.61
%
32.40
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%5
0.25
%
0.25
%
0.25
%6
0.25
%
0.25
%
Net investment income (loss)
1.88
%5
1.81
%
2.05
%
2.07
%
1.84
%
2.49
%
Portfolio turnover rate7
7
%4
10
%
10
%
12
%
11
%
13
%
Net assets, end of period (x 1,000,000)
$19,828
$18,138
$14,508
$10,373
$9,889
$5,863
 
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for
additional information).
2
Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, and
Distributions from net investment income have been revised to fully reflect the required retroactive adjustment for the share split effective after the close of U.S. markets on
October 10, 2024. These revisions do not have any impact on total return, shares outstanding at end of period, and beginning and ending net asset value.
3
Calculated based on the average shares outstanding during the period.
4
Not annualized.
5
Annualized.
6
Ratio includes less than 0.005% of non-routine proxy expenses.
7
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
21
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 1.9%
Adient PLC *
301,692
7,481,962
Aptiv PLC *
18,909
1,503,833
BorgWarner, Inc.
357,843
15,301,367
Dana, Inc.
370,497
7,469,219
Ford Motor Co.
8,062,195
94,892,035
General Motors Co.
2,416,360
141,574,532
Gentex Corp.
205,162
5,746,588
Goodyear Tire & Rubber Co. *
983,904
8,343,506
Harley-Davidson, Inc.
155,522
4,528,801
Lear Corp.
140,068
15,407,480
Tesla, Inc. *
177,375
59,220,191
Thor Industries, Inc.
97,057
10,637,447
 
372,106,961
 
Banks 6.6%
Bank of America Corp.
4,376,503
222,063,762
Citigroup, Inc.
2,238,064
216,129,841
Citizens Financial Group, Inc.
351,077
18,354,306
Comerica, Inc.
142,306
10,043,957
East West Bancorp, Inc.
51,902
5,456,976
Fifth Third Bancorp
405,090
18,540,969
First Citizens BancShares, Inc.,
Class A
2,406
4,773,287
First Horizon Corp.
262,431
5,930,941
Flagstar Financial, Inc.
347,498
4,454,924
Huntington Bancshares, Inc.
775,936
13,819,420
JPMorgan Chase & Co.
1,237,706
373,069,343
KeyCorp
815,393
15,786,009
M&T Bank Corp.
72,059
14,531,418
PNC Financial Services Group, Inc.
233,631
48,464,415
Regions Financial Corp.
571,560
15,655,028
Synovus Financial Corp.
77,397
3,994,459
Truist Financial Corp.
895,580
41,931,056
U.S. Bancorp
1,075,180
52,501,039
Webster Financial Corp.
34,702
2,159,158
Wells Fargo & Co.
2,555,736
210,030,385
Zions Bancorp NA
145,231
8,424,850
 
1,306,115,543
 
Capital Goods 6.7%
3M Co.
347,851
54,101,266
A.O. Smith Corp.
67,625
4,820,986
Acuity, Inc.
19,875
6,488,591
AECOM
76,651
9,572,943
AGCO Corp.
89,541
9,687,441
Air Lease Corp.
78,064
4,700,233
Allison Transmission Holdings, Inc.
53,131
4,638,868
AMETEK, Inc.
54,666
10,102,277
Atkore, Inc.
29,519
1,717,711
Boeing Co. *
104,108
24,432,065
Boise Cascade Co.
64,065
5,573,655
Builders FirstSource, Inc. *
127,739
17,714,845
Carlisle Cos., Inc.
19,471
7,513,664
Carrier Global Corp.
265,311
17,298,277
Caterpillar, Inc.
200,447
83,995,311
CNH Industrial NV
448,013
5,129,749
Cummins, Inc.
81,233
32,366,477
Curtiss-Wright Corp.
5,708
2,729,280
Deere & Co.
125,715
60,172,228
Donaldson Co., Inc.
55,662
4,434,592
Dover Corp.
56,719
10,144,760
SECURITY
NUMBER
OF SHARES
VALUE ($)
Eaton Corp. PLC
98,262
34,307,195
EMCOR Group, Inc.
17,434
10,809,080
Emerson Electric Co.
236,965
31,279,380
Everus Construction Group, Inc. *
9,977
782,596
Fastenal Co.
338,628
16,816,266
Ferguson Enterprises, Inc.
57,029
13,182,253
Fluor Corp. *
113,486
4,655,196
Fortive Corp.
104,036
4,979,163
Fortune Brands Innovations, Inc.
99,097
5,799,156
Gates Industrial Corp. PLC *
82,562
2,110,285
GE Vernova, Inc.
10,837
6,642,756
Generac Holdings, Inc. *
27,726
5,136,242
General Dynamics Corp.
136,894
44,431,686
General Electric Co.
130,466
35,904,243
Graco, Inc.
50,688
4,328,248
Honeywell International, Inc.
305,142
66,978,669
Howmet Aerospace, Inc.
68,697
11,960,148
Hubbell, Inc.
14,951
6,443,731
Huntington Ingalls Industries, Inc.
39,347
10,654,774
IDEX Corp.
25,863
4,254,464
Illinois Tool Works, Inc.
106,025
28,059,516
Ingersoll Rand, Inc.
81,096
6,441,455
ITT, Inc.
31,227
5,316,397
Johnson Controls International PLC
291,508
31,159,290
L3Harris Technologies, Inc.
132,380
36,751,336
Lennox International, Inc.
3,490
1,946,931
Lincoln Electric Holdings, Inc.
22,134
5,370,372
Lockheed Martin Corp.
148,133
67,493,839
Masco Corp.
122,518
8,991,596
MasTec, Inc. *
34,093
6,194,357
Middleby Corp. *
27,628
3,780,892
MSC Industrial Direct Co., Inc.,
Class A
23,198
2,093,156
Mueller Industries, Inc.
59,762
5,733,566
Nordson Corp.
17,630
3,968,337
Northrop Grumman Corp.
81,974
48,367,939
nVent Electric PLC
59,791
5,404,508
Oshkosh Corp.
66,356
9,248,036
Otis Worldwide Corp.
103,451
8,936,097
Owens Corning
70,531
10,591,640
PACCAR, Inc.
284,593
28,453,608
Parker-Hannifin Corp.
28,794
21,864,724
Pentair PLC
55,259
5,942,000
Quanta Services, Inc.
36,286
13,714,657
Regal Rexnord Corp.
38,481
5,746,368
Resideo Technologies, Inc. *
198,887
6,772,102
Rockwell Automation, Inc.
39,800
13,668,514
RTX Corp.
543,760
86,240,336
Rush Enterprises, Inc., Class A
76,610
4,397,414
Sensata Technologies Holding PLC
164,934
5,366,952
Snap-on, Inc.
27,820
9,048,177
Stanley Black & Decker, Inc.
177,357
13,175,852
Textron, Inc.
136,120
10,911,379
Timken Co.
54,201
4,185,943
Toro Co.
55,391
4,489,994
TransDigm Group, Inc.
8,391
11,738,002
UFP Industries, Inc.
67,440
6,809,417
United Rentals, Inc.
27,471
26,271,616
Watsco, Inc.
12,290
4,945,250
WESCO International, Inc.
48,894
10,748,857
Westinghouse Air Brake Technologies
Corp.
57,708
11,166,498
WillScot Holdings Corp.
63,204
1,532,065
WW Grainger, Inc.
13,069
13,245,432
Xylem, Inc.
56,069
7,937,128
 
1,323,012,295
 
See financial notes
22
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Commercial & Professional Services 1.0%
ABM Industries, Inc.
81,035
3,984,491
Amentum Holdings, Inc. *
22,463
560,452
Automatic Data Processing, Inc.
86,662
26,349,581
Booz Allen Hamilton Holding Corp.,
Class A
45,236
4,918,058
Broadridge Financial Solutions, Inc.
26,383
6,744,023
CACI International, Inc., Class A *
12,236
5,869,854
Cintas Corp.
61,763
12,972,083
Concentrix Corp.
83,612
4,411,369
Copart, Inc. *
99,684
4,865,576
Equifax, Inc.
22,889
5,637,561
Genpact Ltd.
108,107
4,901,571
Jacobs Solutions, Inc.
76,400
11,171,972
KBR, Inc.
68,553
3,459,184
Leidos Holdings, Inc.
73,937
13,376,682
ManpowerGroup, Inc.
180,313
7,645,271
Maximus, Inc.
25,808
2,269,039
Paychex, Inc.
80,144
11,176,482
Republic Services, Inc.
51,142
11,965,694
Robert Half, Inc.
133,940
4,998,641
Science Applications International
Corp.
45,902
5,402,665
SS&C Technologies Holdings, Inc.
93,854
8,321,096
TransUnion
48,365
4,275,466
Veralto Corp.
28,802
3,058,484
Verisk Analytics, Inc.
27,936
7,490,200
Waste Management, Inc.
123,684
28,000,821
 
203,826,316
 
Consumer Discretionary Distribution & Retail 4.7%
Academy Sports & Outdoors, Inc.
108,128
5,790,254
Advance Auto Parts, Inc.
211,178
12,879,746
Amazon.com, Inc. *
1,425,153
326,360,037
American Eagle Outfitters, Inc.
154,146
1,994,649
Asbury Automotive Group, Inc. *
24,607
6,189,645
AutoNation, Inc. *
57,622
12,623,828
AutoZone, Inc. *
3,391
14,237,215
Bath & Body Works, Inc.
196,920
5,752,033
Best Buy Co., Inc.
318,216
23,433,426
Burlington Stores, Inc. *
15,951
4,636,637
CarMax, Inc. *
150,061
9,206,242
Dick's Sporting Goods, Inc.
36,502
7,767,626
eBay, Inc.
411,364
37,273,692
Foot Locker, Inc. *(a)
388,024
9,584,193
Gap, Inc.
246,903
5,434,335
Genuine Parts Co.
103,501
14,420,794
Group 1 Automotive, Inc.
20,779
9,657,664
Home Depot, Inc.
358,147
145,683,455
Kohl's Corp. (a)
1,073,821
16,171,744
Lithia Motors, Inc.
37,118
12,496,888
LKQ Corp.
353,117
11,518,677
Lowe's Cos., Inc.
327,385
84,484,973
Macy's, Inc.
926,864
12,262,411
Murphy USA, Inc.
13,879
5,225,444
ODP Corp. *
226,921
4,597,420
O'Reilly Automotive, Inc. *
229,054
23,748,319
Penske Automotive Group, Inc.
25,115
4,631,457
Pool Corp.
14,333
4,453,407
QVC Group, Inc. *(a)(b)
285,242
2,447,376
Ross Stores, Inc.
102,577
15,095,231
Signet Jewelers Ltd.
40,062
3,527,459
TJX Cos., Inc.
320,266
43,751,538
Tractor Supply Co.
205,428
12,687,233
Ulta Beauty, Inc. *
21,323
10,506,482
SECURITY
NUMBER
OF SHARES
VALUE ($)
Williams-Sonoma, Inc.
50,319
9,469,533
 
930,001,063
 
Consumer Durables & Apparel 1.6%
Brunswick Corp.
95,105
6,047,727
Capri Holdings Ltd. *
306,708
6,315,118
Carter's, Inc.
78,488
2,241,617
Crocs, Inc. *
17,450
1,521,640
Deckers Outdoor Corp. *
35,815
4,284,548
DR Horton, Inc.
228,921
38,797,531
Hanesbrands, Inc. *
617,941
3,899,208
Hasbro, Inc.
102,392
8,311,159
KB Home
72,913
4,633,621
Leggett & Platt, Inc.
423,063
4,065,635
Lennar Corp., Class A
229,481
30,553,100
M/I Homes, Inc. *
16,195
2,384,876
Mattel, Inc. *
105,211
1,925,361
Meritage Homes Corp.
81,815
6,356,207
Mohawk Industries, Inc. *
78,839
10,461,147
Newell Brands, Inc.
1,062,036
6,287,253
NIKE, Inc., Class B
700,375
54,188,014
NVR, Inc. *
1,770
14,368,241
Polaris, Inc.
112,653
6,373,907
PulteGroup, Inc.
174,312
23,012,670
PVH Corp.
102,301
8,626,020
Ralph Lauren Corp.
20,601
6,117,055
Skechers USA, Inc., Class A *
81,760
5,157,421
Somnigroup International, Inc.
65,960
5,537,342
Tapestry, Inc.
145,452
14,809,923
Taylor Morrison Home Corp. *
116,931
7,877,641
Toll Brothers, Inc.
69,784
9,699,976
TopBuild Corp. *
6,981
2,937,326
Tri Pointe Homes, Inc. *
132,555
4,683,168
VF Corp.
563,506
8,525,846
Whirlpool Corp. (a)
140,936
13,128,188
 
323,128,486
 
Consumer Services 1.5%
ADT, Inc.
269,295
2,345,559
Aramark
136,651
5,344,421
Booking Holdings, Inc.
7,310
40,929,056
Caesars Entertainment, Inc. *
170,057
4,552,426
Carnival Corp. *
255,635
8,152,200
Chipotle Mexican Grill, Inc. *
141,840
5,977,138
Darden Restaurants, Inc.
55,537
11,492,827
Domino's Pizza, Inc.
12,341
5,655,880
Expedia Group, Inc.
35,323
7,587,380
Flutter Entertainment PLC *
13,296
4,084,132
Hilton Worldwide Holdings, Inc.
38,865
10,729,072
Las Vegas Sands Corp.
143,934
8,294,916
Marriott International, Inc., Class A
47,352
12,683,707
Marriott Vacations Worldwide Corp.
50,029
3,909,766
McDonald's Corp.
214,066
67,118,254
MGM Resorts International *
291,863
11,584,042
Penn Entertainment, Inc. *
236,520
4,784,800
Royal Caribbean Cruises Ltd.
7,428
2,697,998
Service Corp. International
62,704
4,969,292
Starbucks Corp.
503,617
44,413,983
Texas Roadhouse, Inc.
10,712
1,848,356
Vail Resorts, Inc.
24,150
3,955,770
Yum! Brands, Inc.
99,513
14,625,426
 
287,736,401
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
23
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consumer Staples Distribution & Retail 3.1%
Albertsons Cos., Inc., Class A
526,264
10,241,097
Andersons, Inc.
65,591
2,682,672
BJ's Wholesale Club Holdings, Inc. *
59,687
5,830,226
Casey's General Stores, Inc.
21,383
10,574,321
Costco Wholesale Corp.
115,160
108,632,731
Dollar General Corp.
347,316
37,774,088
Dollar Tree, Inc. *
256,837
28,038,895
Kroger Co.
887,855
60,232,083
Performance Food Group Co. *
156,099
15,828,439
SpartanNash Co.
106,623
2,857,496
Sprouts Farmers Market, Inc. *
33,109
4,653,139
Sysco Corp.
272,933
21,962,919
Target Corp.
573,277
55,023,127
U.S. Foods Holding Corp. *
206,617
16,033,479
United Natural Foods, Inc. *
140,706
3,979,166
Walmart, Inc.
2,463,702
238,929,820
 
623,273,698
 
Energy 8.2%
Antero Resources Corp. *
203,908
6,508,743
APA Corp.
597,502
13,873,996
Baker Hughes Co.
578,540
26,265,716
California Resources Corp.
47,598
2,364,669
Cheniere Energy, Inc.
74,243
17,953,442
Chevron Corp.
1,922,527
308,757,836
Chord Energy Corp.
33,036
3,630,326
Civitas Resources, Inc.
68,286
2,511,559
CNX Resources Corp. *
76,271
2,227,113
ConocoPhillips
1,251,174
123,828,691
Coterra Energy, Inc.
568,251
13,888,054
Delek U.S. Holdings, Inc.
99,258
2,750,439
Devon Energy Corp.
785,556
28,358,572
Diamondback Energy, Inc.
70,880
10,544,109
EOG Resources, Inc.
421,309
52,587,789
EQT Corp.
247,827
12,847,352
Expand Energy Corp.
201,941
19,543,850
Exxon Mobil Corp.
3,611,235
412,728,048
Halliburton Co.
668,635
15,198,074
Helmerich & Payne, Inc.
85,263
1,781,144
HF Sinclair Corp.
442,306
22,504,529
Kinder Morgan, Inc.
1,300,364
35,083,821
Marathon Petroleum Corp.
651,722
117,120,961
Matador Resources Co.
38,163
1,921,889
Murphy Oil Corp.
218,168
5,423,657
NOV, Inc.
353,278
4,695,065
Occidental Petroleum Corp.
647,658
30,834,997
ONEOK, Inc.
232,423
17,752,469
Ovintiv, Inc.
413,953
17,435,700
Patterson-UTI Energy, Inc.
267,591
1,554,704
PBF Energy, Inc., Class A
523,782
14,309,724
Peabody Energy Corp.
287,577
5,003,840
Phillips 66
648,924
86,683,268
Range Resources Corp.
76,609
2,625,390
Schlumberger NV
801,863
29,540,633
SM Energy Co.
134,459
3,838,805
Targa Resources Corp.
59,315
9,950,684
TechnipFMC PLC
87,399
3,212,787
Valero Energy Corp.
703,757
106,978,102
Williams Cos., Inc.
465,409
26,937,873
World Kinect Corp.
493,861
13,240,413
 
1,634,798,833
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Equity Real Estate Investment Trusts (REITs) 1.5%
Alexandria Real Estate Equities, Inc.
77,339
6,375,827
American Tower Corp.
117,821
24,017,811
AvalonBay Communities, Inc.
39,499
7,735,879
Brixmor Property Group, Inc.
69,318
1,940,211
BXP, Inc.
107,096
7,765,531
Camden Property Trust
35,084
3,928,706
Crown Castle, Inc.
192,099
19,044,695
Digital Realty Trust, Inc.
84,118
14,101,542
Equinix, Inc.
16,469
12,947,763
Equity Residential
138,608
9,164,761
Essex Property Trust, Inc.
18,826
5,086,973
Extra Space Storage, Inc.
34,247
4,917,184
Gaming & Leisure Properties, Inc.
79,789
3,830,670
Healthpeak Properties, Inc.
293,320
5,262,161
Host Hotels & Resorts, Inc.
455,996
7,847,691
Invitation Homes, Inc.
165,313
5,172,644
Iron Mountain, Inc.
80,064
7,392,309
Kimco Realty Corp.
209,615
4,714,241
Lamar Advertising Co., Class A
32,565
4,143,896
Medical Properties Trust, Inc. (a)
437,655
1,969,447
Mid-America Apartment
Communities, Inc.
39,790
5,802,178
Millrose Properties, Inc., Class A
46,416
1,638,949
Park Hotels & Resorts, Inc.
152,924
1,798,386
Prologis, Inc.
164,604
18,728,643
Public Storage
32,125
9,463,704
Realty Income Corp.
142,712
8,385,757
Regency Centers Corp.
57,188
4,146,130
SBA Communications Corp.
23,876
4,890,999
Simon Property Group, Inc.
89,012
16,080,908
Sun Communities, Inc.
42,995
5,454,776
UDR, Inc.
105,347
4,168,581
Ventas, Inc.
173,490
11,811,199
VICI Properties, Inc.
197,735
6,679,488
Vornado Realty Trust
110,451
4,200,452
Welltower, Inc.
108,984
18,339,828
Weyerhaeuser Co.
658,168
17,026,806
WP Carey, Inc.
78,578
5,272,584
 
301,249,310
 
Financial Services 8.1%
Affiliated Managers Group, Inc.
33,518
7,535,517
AGNC Investment Corp. (a)
183,236
1,788,383
Ally Financial, Inc.
478,829
19,655,930
American Express Co.
175,820
58,245,650
Ameriprise Financial, Inc.
39,904
20,542,978
Annaly Capital Management, Inc.
321,689
6,816,590
Apollo Global Management, Inc.
20,447
2,785,495
Bank of New York Mellon Corp.
461,839
48,770,198
Berkshire Hathaway, Inc., Class B *
738,503
371,452,239
Blackrock, Inc.
44,435
50,084,466
Blackstone, Inc.
113,597
19,470,526
Block, Inc. *
117,426
9,351,807
Bread Financial Holdings, Inc.
118,272
7,828,424
Capital One Financial Corp.
600,843
136,523,546
Carlyle Group, Inc.
121,084
7,817,183
Charles Schwab Corp. (c)
324,688
31,118,098
CME Group, Inc.
72,524
19,328,371
Corebridge Financial, Inc.
292,695
10,177,005
Corpay, Inc. *
25,594
8,335,198
Equitable Holdings, Inc.
151,940
8,092,324
Evercore, Inc., Class A
20,959
6,739,366
Fidelity National Information Services,
Inc.
239,380
16,711,118
Fiserv, Inc. *
116,480
16,095,206
See financial notes
24
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Franklin Resources, Inc.
425,973
10,930,467
Global Payments, Inc.
198,633
17,642,583
Goldman Sachs Group, Inc.
156,836
116,882,029
Intercontinental Exchange, Inc.
117,997
20,838,270
Invesco Ltd.
509,472
11,152,342
Jack Henry & Associates, Inc.
24,648
4,024,032
Jackson Financial, Inc., Class A
72,027
7,116,268
Janus Henderson Group PLC
54,802
2,428,825
Jefferies Financial Group, Inc.
95,648
6,202,773
KKR & Co., Inc.
96,631
13,479,058
LPL Financial Holdings, Inc.
23,944
8,727,109
Mastercard, Inc., Class A
98,381
58,565,226
MGIC Investment Corp.
167,111
4,650,699
Moody's Corp.
25,110
12,800,074
Morgan Stanley
588,468
88,552,665
MSCI, Inc.
9,451
5,365,522
Nasdaq, Inc.
82,676
7,832,724
Navient Corp.
132,014
1,809,912
Northern Trust Corp.
113,256
14,868,248
OneMain Holdings, Inc.
218,887
13,540,350
PayPal Holdings, Inc. *
476,170
33,422,372
PROG Holdings, Inc.
79,321
2,795,272
Raymond James Financial, Inc.
59,909
10,150,981
Rithm Capital Corp.
472,446
5,848,882
S&P Global, Inc.
59,999
32,905,852
SEI Investments Co.
65,220
5,757,622
SLM Corp.
248,515
7,773,549
Starwood Property Trust, Inc.
237,074
4,805,490
State Street Corp.
205,424
23,617,597
StoneX Group, Inc. *
21,708
2,217,906
Synchrony Financial
696,783
53,192,414
T. Rowe Price Group, Inc.
221,811
23,871,300
Visa, Inc., Class A
221,313
77,853,487
Voya Financial, Inc.
63,935
4,800,879
Western Union Co.
679,600
5,892,132
 
1,607,580,529
 
Food, Beverage & Tobacco 3.5%
Altria Group, Inc.
1,104,607
74,240,636
Archer-Daniels-Midland Co.
1,136,768
71,207,148
Brown-Forman Corp., Class B
151,825
4,545,640
Bunge Global SA
390,099
32,854,138
Campbell's Co.
154,110
4,920,732
Coca-Cola Co.
1,017,744
70,214,159
Conagra Brands, Inc.
534,469
10,224,392
Constellation Brands, Inc., Class A
80,071
12,966,698
Darling Ingredients, Inc. *
142,682
4,845,481
Flowers Foods, Inc.
196,551
2,956,127
General Mills, Inc.
436,172
21,516,365
Hershey Co.
55,587
10,214,111
Hormel Foods Corp.
247,722
6,302,048
Ingredion, Inc.
55,267
7,159,287
J.M. Smucker Co.
106,880
11,811,309
Kellanova
129,364
10,284,438
Keurig Dr. Pepper, Inc.
519,432
15,110,277
Kraft Heinz Co.
875,090
24,476,267
Lamb Weston Holdings, Inc.
75,694
4,354,676
McCormick & Co., Inc. - Non Voting
Shares
99,248
6,984,082
Molson Coors Beverage Co., Class B
199,870
10,091,436
Mondelez International, Inc., Class A
689,212
42,345,185
Monster Beverage Corp. *
167,218
10,436,075
PepsiCo, Inc.
613,906
91,257,127
Philip Morris International, Inc.
547,657
91,529,914
Post Holdings, Inc. *
34,247
3,875,048
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tyson Foods, Inc., Class A
639,364
36,303,088
 
693,025,884
 
Health Care Equipment & Services 5.5%
Abbott Laboratories
584,101
77,486,839
Align Technology, Inc. *
29,838
4,235,802
AMN Healthcare Services, Inc. *
79,195
1,645,672
Baxter International, Inc.
466,871
11,527,045
Becton Dickinson & Co.
125,672
24,252,183
Boston Scientific Corp. *
167,944
17,718,092
Cardinal Health, Inc.
97,938
14,571,216
Cencora, Inc.
32,702
9,536,230
Centene Corp. *
925,330
26,871,583
Cigna Group
355,285
106,894,598
Community Health Systems, Inc. *
543,576
1,500,270
Cooper Cos., Inc. *
56,979
3,840,100
CVS Health Corp.
2,813,054
205,774,900
DaVita, Inc. *
52,095
7,176,607
DENTSPLY SIRONA Inc
264,894
3,787,984
Edwards Lifesciences Corp. *
167,606
13,633,072
Elevance Health, Inc.
230,248
73,368,525
Encompass Health Corp.
38,241
4,656,224
GE HealthCare Technologies, Inc.
277,333
20,447,762
HCA Healthcare, Inc.
112,113
45,289,168
Henry Schein, Inc. *
132,464
9,216,845
Hologic, Inc. *
134,387
9,020,055
Humana, Inc.
195,986
59,513,109
IDEXX Laboratories, Inc. *
12,188
7,886,733
Intuitive Surgical, Inc. *
24,807
11,741,029
Labcorp Holdings, Inc.
134,964
37,518,642
McKesson Corp.
35,625
24,461,550
Molina Healthcare, Inc. *
40,558
7,334,103
Quest Diagnostics, Inc.
78,508
14,260,193
QuidelOrtho Corp. *
47,014
1,348,832
ResMed, Inc.
27,086
7,435,378
Solventum Corp. *
79,227
5,790,701
STERIS PLC
29,558
7,243,484
Stryker Corp.
63,690
24,928,903
Teleflex, Inc.
24,878
3,144,828
Tenet Healthcare Corp. *
64,656
11,918,041
UnitedHealth Group, Inc.
467,969
145,009,554
Universal Health Services, Inc.,
Class B
67,195
12,201,268
Zimmer Biomet Holdings, Inc.
110,681
11,743,254
 
1,085,930,374
 
Household & Personal Products 1.2%
Church & Dwight Co., Inc.
79,309
7,388,427
Clorox Co.
46,249
5,466,632
Colgate-Palmolive Co.
264,049
22,198,599
Estee Lauder Cos., Inc., Class A
190,340
17,459,888
Kenvue, Inc.
886,772
18,365,048
Kimberly-Clark Corp.
147,460
19,042,984
Procter & Gamble Co.
948,752
148,992,014
 
238,913,592
 
Insurance 2.8%
Aflac, Inc.
310,100
33,137,286
Allstate Corp.
195,095
39,692,078
American Financial Group, Inc.
69,049
9,380,997
American International Group, Inc.
713,457
58,018,323
Aon PLC, Class A
63,504
23,305,968
Arthur J Gallagher & Co.
30,580
9,258,095
Assurant, Inc.
24,914
5,371,708
Brown & Brown, Inc.
36,810
3,568,729
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
25
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Chubb Ltd.
147,309
40,520,287
Cincinnati Financial Corp.
81,553
12,526,541
CNO Financial Group, Inc.
122,673
4,841,903
Fidelity National Financial, Inc.
178,409
10,681,347
First American Financial Corp.
119,531
7,889,046
Genworth Financial, Inc., Class A *
729,733
6,253,812
Globe Life, Inc.
52,252
7,312,667
Hanover Insurance Group, Inc.
13,928
2,416,229
Hartford Insurance Group, Inc.
177,121
23,434,879
Lincoln National Corp.
210,503
9,036,894
Loews Corp.
102,055
9,878,924
Markel Group, Inc. *
5,488
10,751,321
Marsh & McLennan Cos., Inc.
123,022
25,319,158
MetLife, Inc.
488,123
39,713,687
Old Republic International Corp.
221,770
8,864,147
Primerica, Inc.
14,328
3,859,104
Principal Financial Group, Inc.
199,003
16,021,732
Progressive Corp.
132,327
32,692,709
Prudential Financial, Inc.
279,815
30,684,513
Reinsurance Group of America, Inc.
27,853
5,425,486
Travelers Cos., Inc.
166,767
45,278,908
Unum Group
115,128
8,042,842
W.R. Berkley Corp.
103,481
7,418,553
Willis Towers Watson PLC
38,509
12,584,356
 
563,182,229
 
Materials 3.7%
Air Products & Chemicals, Inc.
75,076
22,080,602
Albemarle Corp.
97,976
8,320,122
Alcoa Corp.
289,166
9,308,253
Alpha Metallurgical Resources, Inc. *
15,303
2,283,055
Amcor PLC
1,930,568
16,660,802
AptarGroup, Inc.
26,803
3,732,854
Ashland, Inc.
35,643
2,001,354
Avery Dennison Corp.
41,261
7,082,451
Axalta Coating Systems Ltd. *
115,680
3,616,157
Ball Corp.
212,961
11,210,267
Celanese Corp.
154,467
7,357,263
CF Industries Holdings, Inc.
181,276
15,703,940
Chemours Co.
330,848
5,095,059
Cleveland-Cliffs, Inc. *
1,191,124
12,804,583
Commercial Metals Co.
141,909
8,183,892
Corteva, Inc.
339,412
25,180,976
CRH PLC
372,708
42,097,369
Crown Holdings, Inc.
88,657
8,810,733
Dow, Inc.
1,287,001
31,698,835
DuPont de Nemours, Inc.
465,273
35,788,799
Eagle Materials, Inc.
15,666
3,617,279
Eastman Chemical Co.
145,554
10,238,268
Ecolab, Inc.
59,885
16,590,540
FMC Corp.
159,105
6,221,005
Freeport-McMoRan, Inc.
722,969
32,099,824
Graphic Packaging Holding Co.
243,171
5,415,418
Huntsman Corp.
487,544
5,440,991
International Flavors & Fragrances,
Inc.
132,435
8,940,687
International Paper Co.
450,395
22,375,624
Linde PLC
138,427
66,208,250
Louisiana-Pacific Corp.
47,639
4,530,945
LyondellBasell Industries NV, Class A
448,104
25,250,660
Magnera Corp. *
8,094
100,366
Martin Marietta Materials, Inc.
15,309
9,436,468
Mosaic Co.
673,858
22,506,857
Newmont Corp.
511,407
38,048,681
Nucor Corp.
357,051
53,104,195
O-I Glass, Inc. *
357,050
4,638,079
Olin Corp.
308,454
7,298,022
SECURITY
NUMBER
OF SHARES
VALUE ($)
Packaging Corp. of America
53,759
11,717,312
PPG Industries, Inc.
146,518
16,297,197
Reliance, Inc.
61,711
18,245,474
RPM International, Inc.
53,145
6,659,600
Sealed Air Corp.
129,781
4,213,989
Sherwin-Williams Co.
40,267
14,730,877
Sonoco Products Co.
120,172
5,678,127
Steel Dynamics, Inc.
173,607
22,728,628
Vulcan Materials Co.
32,463
9,451,927
Westlake Corp.
34,835
3,059,210
 
733,861,866
 
Media & Entertainment 7.4%
Alphabet, Inc., Class A
1,642,366
349,676,145
Alphabet, Inc., Class C
1,336,669
285,418,932
Altice USA, Inc., Class A *
1,266,217
2,962,948
Charter Communications, Inc.,
Class A *
154,157
40,941,016
Comcast Corp., Class A
4,276,916
145,286,836
Electronic Arts, Inc.
106,294
18,277,253
Fox Corp., Class A
324,180
19,353,546
Interpublic Group of Cos., Inc.
317,751
8,528,437
Lionsgate Studios Corp. *
92,089
592,132
Meta Platforms, Inc., Class A
447,352
330,458,922
Netflix, Inc. *
45,271
54,698,686
News Corp., Class A
290,771
8,551,575
Nexstar Media Group, Inc.
47,336
9,681,632
Omnicom Group, Inc.
154,183
12,077,154
Paramount Skydance Corp. *
2,004,002
29,458,829
Sirius XM Holdings, Inc.
139,212
3,290,972
Starz Entertainment Corp. *
7,788
99,453
Take-Two Interactive Software, Inc. *
27,065
6,313,453
TEGNA, Inc.
261,150
5,536,380
Walt Disney Co.
819,943
97,064,852
Warner Bros Discovery, Inc. *
2,970,643
34,578,285
 
1,462,847,438
 
Pharmaceuticals, Biotechnology & Life Sciences 5.7%
AbbVie, Inc.
569,140
119,747,056
Agilent Technologies, Inc.
96,870
12,172,684
Amgen, Inc.
250,534
72,081,137
Avantor, Inc. *
349,034
4,701,488
Biogen, Inc. *
154,026
20,365,318
Bristol-Myers Squibb Co.
1,867,983
88,131,438
Charles River Laboratories
International, Inc. *
14,009
2,287,810
Danaher Corp.
152,862
31,462,057
Elanco Animal Health, Inc. *
192,821
3,538,265
Eli Lilly & Co.
49,103
35,971,876
Gilead Sciences, Inc.
676,733
76,450,527
Illumina, Inc. *
43,671
4,365,353
IQVIA Holdings, Inc. *
73,971
14,114,406
Jazz Pharmaceuticals PLC *
19,483
2,488,953
Johnson & Johnson
1,192,824
211,332,628
Merck & Co., Inc.
1,221,702
102,769,572
Mettler-Toledo International, Inc. *
5,493
7,146,613
Moderna, Inc. *
504,179
12,145,672
Organon & Co.
625,456
5,891,796
Pfizer, Inc.
6,174,155
152,872,078
Regeneron Pharmaceuticals, Inc.
38,906
22,592,714
Revvity, Inc.
51,752
4,663,373
Thermo Fisher Scientific, Inc.
116,965
57,630,995
United Therapeutics Corp. *
6,156
1,876,103
Vertex Pharmaceuticals, Inc. *
35,248
13,782,673
Viatris, Inc.
1,922,048
20,277,606
Waters Corp. *
18,249
5,507,548
See financial notes
26
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
West Pharmaceutical Services, Inc.
18,757
4,632,041
Zoetis, Inc.
94,532
14,784,805
 
1,125,784,585
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
156,484
25,369,186
Cushman & Wakefield PLC *
158,369
2,497,479
Jones Lang LaSalle, Inc. *
46,359
14,165,920
 
42,032,585
 
Semiconductors & Semiconductor Equipment 4.4%
Advanced Micro Devices, Inc. *
205,377
33,400,462
Analog Devices, Inc.
136,803
34,379,962
Applied Materials, Inc.
280,743
45,132,245
Broadcom, Inc.
460,125
136,836,574
First Solar, Inc. *
12,659
2,470,910
Intel Corp. *
7,910,273
192,615,148
KLA Corp.
26,262
22,900,464
Lam Research Corp.
438,666
43,932,400
Marvell Technology, Inc.
91,574
5,756,800
Microchip Technology, Inc.
237,883
15,462,395
Micron Technology, Inc.
671,399
79,903,195
MKS, Inc.
16,741
1,730,015
NVIDIA Corp.
465,929
81,155,513
ON Semiconductor Corp. *
192,585
9,550,290
Qorvo, Inc. *
113,299
10,276,219
QUALCOMM, Inc.
469,736
75,500,667
Skyworks Solutions, Inc.
128,816
9,653,471
Teradyne, Inc.
76,539
9,049,971
Texas Instruments, Inc.
313,057
63,387,781
 
873,094,482
 
Software & Services 5.3%
Accenture PLC, Class A
210,460
54,713,286
Adobe, Inc. *
94,231
33,612,198
Akamai Technologies, Inc. *
79,726
6,308,718
Amdocs Ltd.
91,186
7,802,786
ASGN, Inc. *
55,955
3,035,559
Autodesk, Inc. *
21,241
6,684,543
Cadence Design Systems, Inc. *
24,510
8,589,039
Cognizant Technology Solutions Corp.,
Class A
417,792
30,185,472
DXC Technology Co. *
535,727
7,741,255
EPAM Systems, Inc. *
21,166
3,732,836
Fortinet, Inc. *
64,302
5,065,068
Gartner, Inc. *
12,412
3,117,770
Gen Digital, Inc.
253,949
7,669,260
GoDaddy, Inc., Class A *
26,962
3,998,734
International Business Machines
Corp.
359,003
87,413,640
Intuit, Inc.
33,810
22,551,270
Kyndryl Holdings, Inc. *
209,296
6,653,520
Microsoft Corp.
1,187,593
601,741,497
Oracle Corp.
428,916
96,990,775
Palo Alto Networks, Inc. *
26,284
5,007,628
Roper Technologies, Inc.
18,887
9,940,417
Salesforce, Inc.
106,903
27,393,894
ServiceNow, Inc. *
2,700
2,477,142
Synopsys, Inc. *
17,594
10,618,331
Zoom Communications, Inc., Class A *
27,645
2,250,856
 
1,055,295,494
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Technology Hardware & Equipment 6.9%
Amphenol Corp., Class A
205,907
22,415,036
Apple, Inc.
3,531,925
819,901,069
Arista Networks, Inc. *
63,846
8,718,171
Arrow Electronics, Inc. *
135,457
17,112,283
Avnet, Inc.
266,661
14,551,691
CDW Corp.
59,489
9,801,408
Ciena Corp. *
72,198
6,784,446
Cisco Systems, Inc.
2,320,317
160,310,702
Coherent Corp. *
22,720
2,055,478
Corning, Inc.
423,726
28,402,354
Dell Technologies, Inc., Class C
98,193
11,994,275
F5, Inc. *
18,796
5,885,779
Flex Ltd. *
254,583
13,650,740
Hewlett Packard Enterprise Co.
1,696,042
38,279,668
HP, Inc.
1,098,190
31,342,343
Insight Enterprises, Inc. *
29,342
3,819,155
Jabil, Inc.
86,337
17,684,408
Keysight Technologies, Inc. *
55,422
9,057,617
Motorola Solutions, Inc.
23,874
11,279,510
NetApp, Inc.
93,379
10,532,217
Ralliant Corp. *
33,923
1,418,321
Sandisk Corp. *
72,832
3,821,495
Sanmina Corp. *
69,924
8,217,468
Seagate Technology Holdings PLC
141,984
23,768,122
TD SYNNEX Corp.
73,235
10,843,906
TE Connectivity PLC
146,974
30,350,131
Teledyne Technologies, Inc. *
11,841
6,372,471
Trimble, Inc. *
78,392
6,335,641
Vishay Intertechnology, Inc.
115,467
1,785,120
Western Digital Corp.
287,149
23,069,551
Xerox Holdings Corp.
797,225
3,172,956
Zebra Technologies Corp., Class A *
19,558
6,201,646
 
1,368,935,178
 
Telecommunication Services 2.8%
AT&T, Inc.
8,381,537
245,495,219
Frontier Communications Parent,
Inc. *
230,190
8,535,445
Liberty Global Ltd., Class C *
810,633
9,687,064
Liberty Latin America Ltd., Class C *
354,258
2,919,086
Lumen Technologies, Inc. *
4,876,729
24,237,343
Telephone & Data Systems, Inc.
167,965
6,733,717
T-Mobile U.S., Inc.
167,761
42,274,095
Verizon Communications, Inc.
5,047,479
223,249,996
 
563,131,965
 
Transportation 2.0%
Alaska Air Group, Inc. *
92,615
5,814,370
American Airlines Group, Inc. *
167,973
2,245,799
Avis Budget Group, Inc. *
80,169
12,685,141
CH Robinson Worldwide, Inc.
124,092
15,970,640
CSX Corp.
1,261,270
41,003,888
Delta Air Lines, Inc.
78,576
4,854,425
Expeditors International of
Washington, Inc.
133,755
16,122,828
FedEx Corp.
232,244
53,664,621
GXO Logistics, Inc. *
93,911
4,944,414
Hertz Global Holdings, Inc. *
1,104,395
6,328,183
Hub Group, Inc., Class A
94,597
3,539,820
JB Hunt Transport Services, Inc.
60,747
8,807,708
Knight-Swift Transportation Holdings,
Inc.
170,060
7,465,634
Landstar System, Inc.
34,038
4,504,249
Matson, Inc.
38,062
3,960,351
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
27
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Norfolk Southern Corp.
144,010
40,319,920
Old Dominion Freight Line, Inc.
56,990
8,603,780
Ryder System, Inc.
68,701
12,882,812
Southwest Airlines Co.
74,181
2,440,555
Uber Technologies, Inc. *
89,486
8,389,312
U-Haul Holding Co., Non Voting
Shares
67,770
3,540,305
Union Pacific Corp.
293,623
65,645,294
United Parcel Service, Inc., Class B
621,541
54,347,545
Werner Enterprises, Inc.
51,697
1,491,458
 
389,573,052
 
Utilities 3.5%
AES Corp.
1,013,702
13,725,525
Alliant Energy Corp.
128,484
8,360,454
Ameren Corp.
137,377
13,707,477
American Electric Power Co., Inc.
303,845
33,732,872
American Water Works Co., Inc.
64,603
9,271,176
Atmos Energy Corp.
50,071
8,318,295
CenterPoint Energy, Inc.
390,823
14,737,935
CMS Energy Corp.
160,515
11,488,059
Consolidated Edison, Inc.
235,143
23,098,097
Constellation Energy Corp.
63,469
19,547,183
Dominion Energy, Inc.
595,391
35,663,921
DTE Energy Co.
109,982
15,029,040
Duke Energy Corp.
488,414
59,825,831
Edison International
320,021
17,962,779
Entergy Corp.
251,985
22,197,359
Essential Utilities, Inc.
55,485
2,192,212
Evergy, Inc.
198,633
14,154,588
Eversource Energy
261,614
16,761,609
Exelon Corp.
804,638
35,146,588
FirstEnergy Corp.
394,864
17,223,968
MDU Resources Group, Inc.
62,317
1,015,144
National Fuel Gas Co.
59,225
5,137,176
NextEra Energy, Inc.
652,649
47,023,360
NiSource, Inc.
224,472
9,488,431
NRG Energy, Inc.
132,303
19,258,025
OGE Energy Corp.
129,760
5,795,082
PG&E Corp.
805,957
12,315,023
Pinnacle West Capital Corp.
83,020
7,418,667
Portland General Electric Co.
86,117
3,684,085
PPL Corp.
520,646
18,987,960
Public Service Enterprise Group, Inc.
221,585
18,243,093
Sempra
290,639
23,995,156
Southern Co.
531,778
49,083,109
UGI Corp.
342,502
11,864,269
SECURITY
NUMBER
OF SHARES
VALUE ($)
Vistra Corp.
109,898
20,782,811
WEC Energy Group, Inc.
153,305
16,328,515
Xcel Energy, Inc.
332,163
24,045,280
 
686,610,154
Total Common Stocks
(Cost $15,160,902,161)
19,795,048,313
 
 
 
 
SHORT-TERM INVESTMENTS 0.3% OF NET ASSETS
 
Money Market Funds 0.3%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 4.23% (d)
14,401,387
14,401,387
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 4.23% (d)(e)
31,959,760
31,959,760
 
46,361,147
Total Short-Term Investments
(Cost $46,361,147)
46,361,147
Total Investments in Securities
(Cost $15,207,263,308)
19,841,409,460
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
09/19/25
111
35,923,763
132,767
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$30,798,169.
(b)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(c)
Issuer is affiliated with the fund’s investment adviser.
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
 
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers and companies which are or were affiliates during the period ended August 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at August 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date. 
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/25
BALANCE
OF SHARES
HELD AT
8/31/25
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Consumer Discretionary Distribution & Retail 0.0%
QVC Group, Inc.
$—
$987,598
($12,333
)
($225
)
$669,324
$2,447,376
285,242
$—
 
See financial notes
28
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/25
BALANCE
OF SHARES
HELD AT
8/31/25
DIVIDENDS
RECEIVED
Financial Services 0.2%
Charles Schwab Corp.
$22,979,080
$3,586,789
($507,469
)
$224,122
$4,835,576
$31,118,098
324,688
$169,028
Total
$22,979,080
$4,574,387
($519,802
)
$223,897
$5,504,900
$33,565,474
$169,028
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (see financial note 2(a) for additional information): 
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$19,795,048,313
$—
$—
$19,795,048,313
Short-Term Investments1
46,361,147
—
—
46,361,147
Futures Contracts2
132,767
—
—
132,767
Total
$19,841,542,227
$—
$—
$19,841,542,227
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
29
Schwab Fundamental U.S. Large Company ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - affiliated issuers (cost $23,212,893)
 
$33,565,474
Investments in securities, at value - unaffiliated issuers (cost $15,184,050,415) including securities on loan of $30,798,169
 
19,807,843,986
Cash
 
325
Deposit with broker for futures contracts
 
3,453,864
Receivables:
 
Dividends
 
36,416,716
Investments sold
 
1,224,367
Income from securities on loan
+
47,275
Total assets
 
19,882,552,007
 
Liabilities
Collateral held for securities on loan
 
31,959,760
Payables:
 
Investments bought
 
16,459,092
Management fees
 
4,225,970
Fund shares redeemed
 
1,287,634
Variation margin on futures contracts
+
322,866
Total liabilities
 
54,255,322
Net assets
 
$19,828,296,685
 
Net Assets by Source
Capital received from investors
 
$15,445,759,749
Total distributable earnings
+
4,382,536,936
Net assets
 
$19,828,296,685
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$19,828,296,685
 
769,950,000
$25.75
 
 
 
 
See financial notes
30
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $4,036)
 
$192,094,797
Dividends received from securities - affiliated issuers
 
169,028
Other Interest
 
46,160
Securities on loan, net
+
192,002
Total investment income
 
192,501,987
 
Expenses
Management fees
 
22,509,631
Total expenses
–
22,509,631
Net investment income
 
169,992,356
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(2,851
)
Net realized losses on sales of securities - unaffiliated issuers
 
(98,447,585
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
226,748
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
542,068,983
Net realized gains on futures contracts
+
2,794,098
Net realized gains
 
446,639,393
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
5,504,900
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
425,295,826
Net change in unrealized appreciation (depreciation) on futures contracts
+
848,286
Net change in unrealized appreciation (depreciation)
 
431,649,012
Net realized and unrealized gains
 
878,288,405
Increase in net assets resulting from operations
 
$1,048,280,761
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
31
Schwab Fundamental U.S. Large Company ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$169,992,356
$296,711,332
Net realized gains
 
446,639,393
528,326,029
Net change in unrealized appreciation (depreciation)
+
431,649,012
1,645,045,836
Increase in net assets resulting from operations
 
$1,048,280,761
$2,470,083,197
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($158,715,625
)
($293,269,930
)
 
TRANSACTIONS IN FUND SHARES1
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
80,150,000
$1,904,534,808
114,750,000
$2,638,592,951
Shares redeemed
+
(46,500,000
)
(1,104,213,375
)
(51,950,000
)
(1,185,208,710
)
Net transactions in fund shares
 
33,650,000
$800,321,433
62,800,000
$1,453,384,241
 
SHARES OUTSTANDING AND NET ASSETS1
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
736,300,000
$18,138,410,116
673,500,000
$14,508,212,608
Total increase
+
33,650,000
1,689,886,569
62,800,000
3,630,197,508
End of period
 
769,950,000
$19,828,296,685
736,300,000
$18,138,410,116
 
1
For the period ended February 28, 2025, transactions in fund shares have been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets
on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information).
See financial notes
32
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/251,2
3/1/23–
2/29/241
3/1/22–
2/28/231
3/1/21–
2/28/221
3/1/20–
2/28/211
Per-Share Data
Net asset value at beginning of period
$29.11
$27.64
$25.59
$26.51
$24.38
$17.37
Income (loss) from investment operations:
Net investment income (loss)3
0.25
0.39
0.37
0.38
0.33
0.25
Net realized and unrealized gains (losses)
1.94
1.54
2.06
(0.98
)
2.12
7.04
Total from investment operations
2.19
1.93
2.43
(0.60
)
2.45
7.29
Less distributions:
Distributions from net investment income
(0.12
)
(0.46
)
(0.38
)
(0.32
)
(0.32
)
(0.28
)
Net asset value at end of period
$31.18
$29.11
$27.64
$25.59
$26.51
$24.38
Total return
7.59
%4
6.98
%
9.66
%
(2.13
%)
10.06
%
42.73
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%5
0.25
%
0.25
%
0.25
%6
0.25
%
0.25
%
Net investment income (loss)
1.80
%5
1.34
%
1.48
%
1.54
%
1.21
%
1.40
%
Portfolio turnover rate7
13
%4
26
%
21
%
24
%
25
%
24
%
Net assets, end of period (x 1,000,000)
$8,933
$9,082
$7,958
$6,433
$4,843
$4,086
 
*
Unaudited.
1
Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for
additional information).
2
Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, and
Distributions from net investment income have been revised to fully reflect the required retroactive adjustment for the share split effective after the close of U.S. markets on
October 10, 2024. These revisions do not have any impact on total return, shares outstanding at end of period, and beginning and ending net asset value.
3
Calculated based on the average shares outstanding during the period.
4
Not annualized.
5
Annualized.
6
Ratio includes less than 0.005% of non-routine proxy expenses.
7
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
33
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 1.6%
American Axle & Manufacturing
Holdings, Inc. *
1,665,841
9,695,195
Dorman Products, Inc. *
63,108
10,210,243
Fox Factory Holding Corp. *
287,884
8,328,484
Gentherm, Inc. *
207,486
7,629,260
LCI Industries
187,744
19,791,973
Modine Manufacturing Co. *
82,280
11,200,777
Patrick Industries, Inc.
182,888
20,456,023
Phinia, Inc.
292,865
17,126,745
Rivian Automotive, Inc., Class A *
136,083
1,846,646
Standard Motor Products, Inc.
98,889
3,837,882
Visteon Corp.
131,420
16,290,823
Winnebago Industries, Inc.
403,091
14,503,214
 
140,917,265
 
Banks 8.2%
Ameris Bancorp
153,397
11,240,932
Associated Banc-Corp.
584,262
15,757,546
Atlantic Union Bankshares Corp.
396,610
14,170,875
Axos Financial, Inc. *
96,471
8,799,120
Bancorp, Inc. *
33,061
2,520,571
Bank of Hawaii Corp.
128,241
8,735,777
Bank OZK
399,065
20,938,941
BankUnited, Inc.
489,354
19,177,783
Banner Corp.
111,160
7,451,055
Berkshire Hills Bancorp, Inc.
77,760
2,031,869
BOK Financial Corp.
72,406
8,066,752
Brookline Bancorp, Inc.
160,056
1,752,613
Cadence Bank
462,460
17,406,994
Capitol Federal Financial, Inc.
268,704
1,741,202
Cathay General Bancorp
263,293
13,140,954
City Holding Co.
31,669
4,068,833
Columbia Banking System, Inc.
396,006
10,601,081
Commerce Bancshares, Inc.
233,320
14,451,841
Community Financial System, Inc.
121,882
7,299,513
Cullen/Frost Bankers, Inc.
127,514
16,453,131
Customers Bancorp, Inc. *
109,209
7,829,193
CVB Financial Corp.
425,615
8,567,630
Dime Community Bancshares, Inc.
61,090
1,879,128
Eagle Bancorp, Inc.
124,952
2,426,568
Eastern Bankshares, Inc.
264,444
4,524,637
Enterprise Financial Services Corp.
85,214
5,218,505
FB Financial Corp.
32,489
1,744,010
First Bancorp/Southern Pines NC
90,915
4,963,050
First Busey Corp.
198,638
4,906,359
First Commonwealth Financial Corp.
295,376
5,242,924
First Financial Bancorp
320,555
8,488,296
First Financial Bankshares, Inc.
172,218
6,401,343
First Hawaiian, Inc.
529,797
13,748,232
First Interstate BancSystem, Inc.,
Class A
338,451
11,074,117
First Merchants Corp.
173,542
7,205,464
FNB Corp.
1,171,210
19,547,495
Fulton Financial Corp.
514,923
10,123,386
Glacier Bancorp, Inc.
229,123
11,261,395
Hancock Whitney Corp.
263,082
16,553,119
Hilltop Holdings, Inc.
319,050
11,192,274
Home BancShares, Inc.
443,228
13,190,465
HomeStreet, Inc. *
153,319
2,126,535
Hope Bancorp, Inc.
686,292
7,638,430
Independent Bank Corp.
113,758
8,134,835
SECURITY
NUMBER
OF SHARES
VALUE ($)
International Bancshares Corp.
131,929
9,438,201
Lakeland Financial Corp.
51,748
3,542,151
National Bank Holdings Corp., Class A
41,794
1,639,161
NBT Bancorp, Inc.
116,000
5,135,320
Northwest Bancshares, Inc.
471,420
5,963,463
OceanFirst Financial Corp.
115,252
2,119,484
Old National Bancorp
663,078
15,177,855
Pacific Premier Bancorp, Inc.
373,836
9,155,244
Park National Corp.
30,564
5,249,978
Pathward Financial, Inc.
58,089
4,616,333
Pinnacle Financial Partners, Inc.
135,144
13,138,700
Preferred Bank
19,988
1,886,867
Prosperity Bancshares, Inc.
238,232
16,468,978
Provident Financial Services, Inc.
357,070
7,084,269
Renasant Corp.
191,463
7,491,947
S&T Bancorp, Inc.
116,082
4,586,400
Seacoast Banking Corp. of Florida
139,029
4,325,192
ServisFirst Bancshares, Inc.
63,283
5,578,396
Simmons First National Corp., Class A
559,360
11,623,501
Southside Bancshares, Inc.
60,092
1,877,274
SouthState Corp.
217,181
22,165,493
Texas Capital Bancshares, Inc. *
122,435
10,599,198
Towne Bank
180,880
6,636,487
TriCo Bancshares
39,062
1,774,196
Triumph Financial, Inc. *
25,691
1,579,740
Trustmark Corp.
188,303
7,582,962
UMB Financial Corp.
128,215
15,629,409
United Bankshares, Inc.
391,533
15,011,375
United Community Banks, Inc.
281,863
9,414,224
Valley National Bancorp
1,816,972
19,005,527
Veritex Holdings, Inc.
171,904
5,904,902
WaFd, Inc.
329,299
10,356,454
Webster Financial Corp.
213,021
13,254,167
WesBanco, Inc.
257,067
8,431,798
Westamerica BanCorp
30,614
1,531,006
Western Alliance Bancorp
237,619
21,278,781
Wintrust Financial Corp.
137,981
18,943,411
WSFS Financial Corp.
152,384
8,882,463
 
733,875,080
 
Capital Goods 13.1%
AAON, Inc.
48,470
4,020,586
AAR Corp. *
163,326
12,357,245
Advanced Drainage Systems, Inc.
145,065
20,885,008
Aebi Schmidt Holding AG
178,461
2,193,286
AeroVironment, Inc. *
11,062
2,669,814
Alamo Group, Inc.
39,873
8,431,545
Albany International Corp., Class A
121,234
7,699,571
American Woodmark Corp. *
143,120
9,241,258
API Group Corp. *
532,741
19,008,199
Apogee Enterprises, Inc.
153,853
6,765,686
Applied Industrial Technologies, Inc.
82,208
21,668,385
Arcosa, Inc.
160,080
15,839,916
Armstrong World Industries, Inc.
90,247
17,667,655
Astec Industries, Inc.
84,418
3,907,709
ATI, Inc. *
177,130
13,734,660
Atkore, Inc.
110,931
6,455,075
Atmus Filtration Technologies, Inc.
73,678
3,280,145
Axon Enterprise, Inc. *
2,464
1,841,323
AZZ, Inc.
77,156
8,710,141
BlueLinx Holdings, Inc. *
149,496
12,349,865
BWX Technologies, Inc.
143,828
23,305,889
Chart Industries, Inc. *
53,691
10,703,838
Columbus McKinnon Corp.
207,376
3,106,492
Comfort Systems USA, Inc.
38,328
26,959,149
Construction Partners, Inc., Class A *
50,057
6,001,834
Core & Main, Inc., Class A *
398,339
25,780,500
See financial notes
34
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Crane Co.
93,346
17,297,014
CSW Industrials, Inc.
14,333
3,920,649
Curtiss-Wright Corp.
28,088
13,430,277
DNOW, Inc. *
789,079
12,625,264
Douglas Dynamics, Inc.
62,128
2,091,850
Ducommun, Inc. *
26,611
2,427,455
DXP Enterprises, Inc. *
21,750
2,716,140
Dycom Industries, Inc. *
86,668
21,881,070
Enerpac Tool Group Corp.
87,196
3,691,879
EnerSys
192,966
19,807,960
Enpro, Inc.
44,291
9,689,542
Esab Corp.
105,701
12,194,724
ESCO Technologies, Inc.
44,732
8,987,106
Everus Construction Group, Inc. *
93,368
7,323,786
Federal Signal Corp.
104,346
12,833,515
Flowserve Corp.
386,598
20,744,849
Franklin Electric Co., Inc.
112,384
10,997,898
FTAI Aviation Ltd.
66,971
10,303,488
Gates Industrial Corp. PLC *
393,736
10,063,892
GATX Corp.
110,941
18,672,480
Gibraltar Industries, Inc. *
140,417
8,788,700
GMS, Inc. *
227,996
25,063,600
GrafTech International Ltd. *
527,528
5,211,973
Granite Construction, Inc.
158,062
17,031,180
Greenbrier Cos., Inc.
227,132
10,591,165
Griffon Corp.
107,237
8,167,170
Hayward Holdings, Inc. *
455,814
7,329,489
HEICO Corp.
66,724
20,819,222
Helios Technologies, Inc.
136,927
7,426,920
Herc Holdings, Inc.
139,759
18,279,080
Hexcel Corp.
264,501
16,703,238
Hillenbrand, Inc.
467,354
11,866,118
Hillman Solutions Corp. *
772,168
7,629,020
Insteel Industries, Inc.
72,486
2,782,013
Janus International Group, Inc. *
257,504
2,665,166
JBT Marel Corp.
87,119
12,483,281
JELD-WEN Holding, Inc. *
1,971,318
12,596,722
Kadant, Inc.
17,763
5,742,423
Kennametal, Inc.
642,518
13,769,161
Kratos Defense & Security Solutions,
Inc. *
170,055
11,196,421
Lennox International, Inc.
16,300
9,093,118
Leonardo DRS, Inc.
95,781
3,990,236
Lindsay Corp.
31,860
4,372,148
Manitowoc Co., Inc. *
286,352
2,834,885
Masterbrand, Inc. *
1,095,846
13,928,203
McGrath RentCorp
67,902
8,249,414
Mercury Systems, Inc. *
133,948
9,048,187
Miller Industries, Inc.
37,555
1,580,690
Moog, Inc., Class A
78,103
15,296,473
MRC Global, Inc. *
293,955
4,432,841
MSC Industrial Direct Co., Inc., Class A
140,080
12,639,418
Mueller Water Products, Inc., Class A
338,004
8,909,785
MYR Group, Inc. *
77,183
14,454,060
NEXTracker, Inc., Class A *
37,955
2,552,853
NPK International, Inc. *
216,536
2,251,974
Primoris Services Corp.
198,696
23,555,411
Proto Labs, Inc. *
54,034
2,691,434
Quanex Building Products Corp.
292,881
6,229,579
RBC Bearings, Inc. *
24,153
9,418,704
REV Group, Inc.
184,479
9,816,128
Simpson Manufacturing Co., Inc.
87,286
16,682,100
SiteOne Landscape Supply, Inc. *
123,140
17,638,574
Spirit AeroSystems Holdings, Inc.,
Class A *
195,440
8,128,350
SPX Technologies, Inc. *
48,263
9,030,490
Standex International Corp.
30,646
6,253,929
Sterling Infrastructure, Inc. *
39,962
11,130,616
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sunrun, Inc. *
149,196
2,382,660
Tennant Co.
75,779
6,216,909
Terex Corp.
406,902
20,320,686
Titan International, Inc. *
288,574
2,545,223
Titan Machinery, Inc. *
153,444
3,068,880
Trex Co., Inc. *
195,310
12,036,955
Trinity Industries, Inc.
423,561
12,037,604
Tutor Perini Corp. *
161,638
9,526,944
V2X, Inc. *
36,262
2,085,065
Valmont Industries, Inc.
62,840
23,069,821
Vertiv Holdings Co., Class A
145,613
18,572,938
VSE Corp.
34,001
5,521,762
Wabash National Corp.
684,029
7,585,882
Watts Water Technologies, Inc.,
Class A
60,244
16,681,564
WillScot Holdings Corp.
172,262
4,175,631
Woodward, Inc.
115,275
28,452,175
Worthington Enterprises, Inc.
180,895
11,902,891
Zurn Elkay Water Solutions Corp.
195,722
8,877,950
 
1,171,698,814
 
Commercial & Professional Services 4.8%
ACCO Brands Corp.
880,450
3,539,409
Alight, Inc., Class A
1,971,955
7,651,185
Amentum Holdings, Inc. *
165,920
4,139,704
Barrett Business Services, Inc.
39,192
1,912,570
Brady Corp., Class A
143,850
11,231,808
BrightView Holdings, Inc. *
206,614
2,975,242
Brink's Co.
149,565
16,757,263
Casella Waste Systems, Inc., Class A *
49,300
4,859,008
CBIZ, Inc. *
93,927
6,062,049
Civeo Corp.
74,843
1,777,521
Clarivate PLC *
968,370
4,212,410
Clean Harbors, Inc. *
86,964
21,063,550
Conduent, Inc. *
2,040,393
5,672,293
CoreCivic, Inc. *
843,229
17,100,684
CSG Systems International, Inc.
129,164
8,287,162
Dayforce, Inc. *
31,664
2,209,197
Deluxe Corp.
294,093
5,781,868
Ennis, Inc.
97,314
1,777,927
Enviri Corp. *
346,780
3,918,614
ExlService Holdings, Inc. *
227,252
9,949,093
Exponent, Inc.
67,027
4,784,387
FTI Consulting, Inc. *
102,969
17,364,692
GEO Group, Inc. *
785,425
16,289,714
Healthcare Services Group, Inc. *
374,118
5,839,982
Heidrick & Struggles International, Inc.
45,237
2,298,492
HNI Corp.
236,247
10,616,940
Huron Consulting Group, Inc. *
40,429
5,537,156
ICF International, Inc.
63,604
6,247,185
Insperity, Inc.
116,871
6,453,617
Interface, Inc.
121,744
3,253,000
Kelly Services, Inc., Class A
621,871
8,849,224
Kforce, Inc.
161,322
5,259,097
Korn Ferry
238,374
17,673,048
Maximus, Inc.
130,837
11,503,189
MillerKnoll, Inc.
645,697
13,630,664
MSA Safety, Inc.
60,379
10,300,657
OPENLANE, Inc. *
534,812
15,466,763
Parsons Corp. *
109,431
8,765,423
Paycom Software, Inc.
45,192
10,265,363
Pitney Bowes, Inc.
240,736
2,917,720
Resources Connection, Inc.
366,724
1,873,960
Rollins, Inc.
291,676
16,491,361
Steelcase, Inc., Class A
955,197
15,989,998
Tetra Tech, Inc.
453,187
16,505,071
TriNet Group, Inc.
153,032
11,082,577
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
35
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
TrueBlue, Inc. *
670,104
4,000,521
TTEC Holdings, Inc. *
612,397
2,320,985
UL Solutions, Inc., Class A
31,013
1,959,091
UniFirst Corp.
72,712
12,929,648
Veralto Corp.
96,639
10,262,095
Verra Mobility Corp. *
200,552
4,983,717
Vestis Corp.
1,464,376
6,853,280
 
429,447,174
 
Consumer Discretionary Distribution & Retail 4.2%
1-800-Flowers.com, Inc., Class A *(a)
247,469
1,385,826
Abercrombie & Fitch Co., Class A *
142,793
13,355,429
A-Mark Precious Metals, Inc.
314,642
7,365,769
American Eagle Outfitters, Inc.
602,330
7,794,150
America's Car-Mart, Inc. *
35,908
1,609,037
Arko Corp.
289,746
1,448,730
Boot Barn Holdings, Inc. *
59,874
10,643,801
Buckle, Inc.
191,888
10,858,942
Caleres, Inc.
380,412
5,706,180
Camping World Holdings, Inc., Class A
240,891
4,218,001
Coupang, Inc., Class A *
678,478
19,390,901
Designer Brands, Inc., Class A
687,739
2,551,512
Dillard's, Inc., Class A
21,598
11,509,142
Etsy, Inc. *
283,588
15,033,000
Five Below, Inc. *
178,785
25,941,703
Floor & Decor Holdings, Inc., Class A *
159,675
13,080,576
GameStop Corp., Class A *
762,864
17,095,782
Genesco, Inc. *
129,222
4,132,520
Guess?, Inc.
235,722
3,962,487
Haverty Furniture Cos., Inc.
107,672
2,428,004
MarineMax, Inc. *
157,147
4,140,823
Monro, Inc.
220,897
3,662,472
National Vision Holdings, Inc. *
763,191
17,507,602
Ollie's Bargain Outlet Holdings, Inc. *
135,139
17,141,031
OneWater Marine, Inc., Class A *
97,290
1,637,391
Petco Health & Wellness Co., Inc. *
775,032
3,092,378
RH *
59,887
13,514,699
Sally Beauty Holdings, Inc. *
1,370,021
18,988,491
Shoe Carnival, Inc.
98,211
2,052,610
Signet Jewelers Ltd.
120,460
10,606,503
Sleep Number Corp. *
287,656
3,029,018
Sonic Automotive, Inc., Class A
169,900
13,964,081
Stitch Fix, Inc., Class A *
425,892
2,252,969
Upbound Group, Inc.
454,438
11,547,270
Urban Outfitters, Inc. *
403,357
27,057,188
Valvoline, Inc. *
447,896
17,369,407
Victoria's Secret & Co. *
651,994
15,008,902
Wayfair, Inc., Class A *
162,024
12,086,990
Zumiez, Inc. *
186,095
3,198,973
 
377,370,290
 
Consumer Durables & Apparel 3.3%
Acushnet Holdings Corp.
100,292
7,687,382
Beazer Homes USA, Inc. *
178,889
4,500,847
Cavco Industries, Inc. *
24,856
13,185,859
Century Communities, Inc.
267,579
17,628,105
Champion Homes, Inc. *
147,538
11,133,217
Columbia Sportswear Co.
205,346
11,441,879
Crocs, Inc. *
81,361
7,094,679
Ethan Allen Interiors, Inc.
92,981
2,743,869
G-III Apparel Group Ltd. *
489,014
13,203,378
GoPro, Inc., Class A *
3,600,490
5,616,764
Green Brick Partners, Inc. *
101,761
7,106,988
Helen of Troy Ltd. *
332,065
8,152,196
Hooker Furnishings Corp.
139,303
1,391,637
Hovnanian Enterprises, Inc., Class A *
21,338
2,995,002
SECURITY
NUMBER
OF SHARES
VALUE ($)
Installed Building Products, Inc.
49,257
12,896,468
iRobot Corp. *
501,873
1,701,349
Kontoor Brands, Inc.
141,470
10,928,558
La-Z-Boy, Inc.
292,562
10,816,017
Levi Strauss & Co., Class A
396,741
8,875,096
LGI Homes, Inc. *
178,508
11,051,430
M/I Homes, Inc. *
68,319
10,060,656
Malibu Boats, Inc., Class A *
101,071
3,355,557
MasterCraft Boat Holdings, Inc. *
94,949
2,083,181
Mattel, Inc. *
577,975
10,576,943
Movado Group, Inc.
103,910
1,898,436
Oxford Industries, Inc.
113,140
4,983,817
Peloton Interactive, Inc., Class A *
489,877
3,723,065
SharkNinja, Inc. *
102,378
11,974,131
Smith & Wesson Brands, Inc.
345,211
2,820,374
Sonos, Inc. *
558,501
7,774,334
Steven Madden Ltd.
419,986
12,196,393
Sturm Ruger & Co., Inc.
91,707
3,179,482
TopBuild Corp. *
32,181
13,540,478
Topgolf Callaway Brands Corp. *
1,083,513
10,358,384
Under Armour, Inc., Class A *
2,480,700
12,403,500
Wolverine World Wide, Inc.
211,438
6,753,330
YETI Holdings, Inc. *
242,924
8,541,208
 
296,373,989
 
Consumer Services 5.5%
ADT, Inc.
1,395,970
12,158,899
Adtalem Global Education, Inc. *
122,848
16,086,946
Airbnb, Inc., Class A *
103,528
13,513,510
BJ's Restaurants, Inc. *
48,279
1,620,243
Bloomin' Brands, Inc.
967,239
7,109,207
Boyd Gaming Corp.
274,243
23,546,504
Bright Horizons Family Solutions, Inc. *
80,279
9,476,133
Brightstar Lottery PLC
836,326
13,916,465
Brinker International, Inc. *
63,757
9,944,817
Cheesecake Factory, Inc.
112,218
6,896,918
Chegg, Inc. *
1,907,755
2,804,400
Choice Hotels International, Inc. (a)
51,133
6,114,484
Churchill Downs, Inc.
97,425
10,105,895
Cracker Barrel Old Country Store, Inc.
340,983
20,397,603
Dave & Buster's Entertainment, Inc. *
225,366
5,785,145
Dine Brands Global, Inc.
99,571
2,384,725
DoorDash, Inc., Class A *
88,751
21,766,183
Frontdoor, Inc. *
118,395
7,192,496
Golden Entertainment, Inc.
136,046
3,383,464
Graham Holdings Co., Class B
17,968
19,514,146
Grand Canyon Education, Inc. *
101,318
20,422,669
H&R Block, Inc.
347,207
17,481,872
Hilton Grand Vacations, Inc. *
311,711
14,812,507
Hyatt Hotels Corp., Class A
61,044
8,807,428
Jack in the Box, Inc.
247,649
4,779,626
Laureate Education, Inc. *
797,499
21,915,273
Light & Wonder, Inc. *
162,366
15,013,984
Matthews International Corp., Class A
140,565
3,453,682
Papa John's International, Inc.
85,711
4,174,983
Perdoceo Education Corp.
244,754
8,013,246
Planet Fitness, Inc., Class A *
95,229
9,979,999
Red Rock Resorts, Inc., Class A
146,506
9,064,326
Royal Caribbean Cruises Ltd.
47,282
17,173,768
Sabre Corp. *
720,019
1,288,834
Six Flags Entertainment Corp. *
86,625
1,965,521
Strategic Education, Inc.
96,496
7,849,950
Stride, Inc. *
69,448
11,333,219
Texas Roadhouse, Inc.
61,053
10,534,695
Travel & Leisure Co.
435,014
27,497,235
United Parks & Resorts, Inc. *
140,254
7,374,555
Wendy's Co.
842,736
8,941,429
See financial notes
36
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wingstop, Inc.
11,982
3,931,534
Wyndham Hotels & Resorts, Inc.
211,816
18,345,384
Wynn Resorts Ltd.
159,165
20,174,164
 
488,048,066
 
Consumer Staples Distribution & Retail 0.9%
Andersons, Inc.
252,401
10,323,201
Chefs' Warehouse, Inc. *
87,889
5,549,311
Grocery Outlet Holding Corp. *
651,635
11,801,110
Ingles Markets, Inc., Class A
301,165
20,385,859
Maplebear, Inc. *
38,331
1,662,416
PriceSmart, Inc.
169,421
18,172,096
Village Super Market, Inc., Class A
58,822
2,134,062
Weis Markets, Inc.
209,001
14,974,922
 
85,002,977
 
Energy 4.4%
Antero Midstream Corp.
640,213
11,389,389
Archrock, Inc.
443,035
10,969,547
Berry Corp.
937,858
3,132,446
Bristow Group, Inc. *
58,814
2,264,927
Cactus, Inc., Class A
93,733
3,932,099
California Resources Corp.
164,449
8,169,826
Chord Energy Corp.
72,055
7,918,124
Civitas Resources, Inc.
183,198
6,738,022
CNX Resources Corp. *
346,842
10,127,786
Comstock Resources, Inc. *
400,046
6,452,742
Core Laboratories, Inc.
106,756
1,228,762
Core Natural Resources, Inc.
160,984
11,954,672
Crescent Energy Co., Class A
746,576
7,122,335
CVR Energy, Inc. *
451,766
13,774,345
Delek U.S. Holdings, Inc.
520,714
14,428,985
Dorian LPG Ltd.
225,556
7,213,281
DT Midstream, Inc.
159,517
16,618,481
Expro Group Holdings NV *
393,235
4,903,641
Green Plains, Inc. *
1,251,952
13,909,187
Gulfport Energy Corp. *
34,903
6,074,169
Helix Energy Solutions Group, Inc. *
709,050
4,672,640
Helmerich & Payne, Inc.
282,380
5,898,918
International Seaways, Inc.
181,060
8,223,745
Kodiak Gas Services, Inc.
47,071
1,684,671
Kosmos Energy Ltd. *
4,165,553
7,456,340
Liberty Energy, Inc.
1,081,218
12,163,703
Magnolia Oil & Gas Corp., Class A
539,526
13,423,407
Matador Resources Co.
177,992
8,963,677
Nabors Industries Ltd. *
156,712
5,842,223
New Fortress Energy, Inc. (a)
415,534
1,022,214
Noble Corp. PLC
284,272
8,192,719
Northern Oil & Gas, Inc.
278,634
7,289,065
Oceaneering International, Inc. *
267,560
6,528,464
Oil States International, Inc. *
378,835
2,121,476
Par Pacific Holdings, Inc. *
643,846
22,302,825
Patterson-UTI Energy, Inc.
1,201,140
6,978,623
Permian Resources Corp.
805,823
11,515,211
ProPetro Holding Corp. *
641,266
3,270,457
Range Resources Corp.
250,772
8,593,956
REX American Resources Corp. *
43,481
2,720,606
RPC, Inc.
798,533
3,809,002
Select Water Solutions, Inc.
278,593
2,373,612
Summit Midstream Corp. *
56,703
1,305,303
Talos Energy, Inc. *
944,944
9,336,047
TechnipFMC PLC
433,297
15,927,998
Texas Pacific Land Corp.
7,887
7,362,357
Tidewater, Inc. *
39,814
2,396,803
Transocean Ltd. *
2,001,573
6,064,766
Valaris Ltd. *
113,757
5,650,310
SECURITY
NUMBER
OF SHARES
VALUE ($)
Vital Energy, Inc. *
383,534
6,834,576
W&T Offshore, Inc. (a)
976,802
1,777,780
Weatherford International PLC
156,827
9,990,664
 
390,016,924
 
Equity Real Estate Investment Trusts (REITs) 7.4%
Acadia Realty Trust
217,929
4,360,759
Agree Realty Corp.
90,418
6,577,005
Alexander & Baldwin, Inc.
298,107
5,765,389
American Assets Trust, Inc.
204,714
4,278,523
American Healthcare REIT, Inc.
84,174
3,601,806
American Homes 4 Rent, Class A
466,360
16,705,015
Americold Realty Trust, Inc.
912,487
13,176,312
Apple Hospitality REIT, Inc.
953,081
12,447,238
Brandywine Realty Trust
986,251
4,201,429
Brixmor Property Group, Inc.
361,006
10,104,558
Broadstone Net Lease, Inc.
416,894
7,750,060
CareTrust REIT, Inc.
136,929
4,711,727
Centerspace
26,968
1,604,596
COPT Defense Properties
369,955
10,647,305
Cousins Properties, Inc.
498,589
14,703,390
CubeSmart
359,360
14,705,011
Curbline Properties Corp.
82,436
1,857,283
DiamondRock Hospitality Co.
935,500
8,007,880
Diversified Healthcare Trust
1,522,110
5,799,239
Douglas Emmett, Inc.
888,915
14,409,312
Easterly Government Properties, Inc.
170,707
3,907,483
EastGroup Properties, Inc.
49,328
8,364,056
Elme Communities
280,796
4,795,996
Empire State Realty Trust, Inc., Class A
788,471
6,031,803
EPR Properties
251,545
13,646,316
Equity LifeStyle Properties, Inc.
249,177
15,022,881
Essential Properties Realty Trust, Inc.
147,142
4,608,487
Federal Realty Investment Trust
184,676
18,569,172
First Industrial Realty Trust, Inc.
196,645
10,343,527
Four Corners Property Trust, Inc.
142,792
3,696,885
Global Net Lease, Inc.
828,573
6,520,870
Healthcare Realty Trust, Inc.
1,049,088
18,233,149
Highwoods Properties, Inc.
491,145
15,485,802
Hudson Pacific Properties, Inc. *
3,739,125
10,506,941
Independence Realty Trust, Inc.
318,562
5,769,158
Innovative Industrial Properties, Inc.
30,386
1,721,671
InvenTrust Properties Corp.
170,744
5,083,049
JBG SMITH Properties
719,310
15,422,006
Kilroy Realty Corp.
520,254
21,637,364
Kite Realty Group Trust
383,848
8,759,411
Lineage, Inc.
63,923
2,679,013
LTC Properties, Inc.
103,580
3,780,670
LXP Industrial Trust
932,965
8,471,322
Macerich Co.
916,721
16,867,666
Medical Properties Trust, Inc. (a)
1,882,759
8,472,416
National Health Investors, Inc.
84,872
6,644,629
National Storage Affiliates Trust
137,520
4,432,270
NNN REIT, Inc.
351,285
15,073,639
Omega Healthcare Investors, Inc.
496,966
21,155,843
Outfront Media, Inc.
646,075
12,068,681
Paramount Group, Inc. *
833,771
6,003,151
Park Hotels & Resorts, Inc.
715,313
8,412,081
Peakstone Realty Trust
274,436
3,490,826
Pebblebrook Hotel Trust
690,634
7,693,663
Phillips Edison & Co., Inc.
245,070
8,624,013
Piedmont Realty Trust, Inc., Class A
697,298
5,906,114
PotlatchDeltic Corp.
416,579
17,508,815
Rayonier, Inc.
475,332
12,491,725
Rexford Industrial Realty, Inc.
239,045
9,898,853
RLJ Lodging Trust
1,241,297
9,557,987
Ryman Hospitality Properties, Inc.
79,951
7,898,359
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
37
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sabra Health Care REIT, Inc.
717,581
13,712,973
Service Properties Trust (b)
4,943,290
13,346,883
Sila Realty Trust, Inc.
65,634
1,636,912
SITE Centers Corp.
51,900
637,332
SL Green Realty Corp.
289,259
16,455,945
STAG Industrial, Inc.
318,618
11,741,073
Summit Hotel Properties, Inc.
302,241
1,656,281
Sunstone Hotel Investors, Inc.
901,326
8,544,571
Tanger, Inc.
224,058
7,658,302
Terreno Realty Corp.
82,138
4,745,112
Urban Edge Properties
350,562
7,253,128
Veris Residential, Inc.
227,631
3,580,636
Xenia Hotels & Resorts, Inc.
563,152
7,957,338
 
659,598,086
 
Financial Services 7.4%
Acadian Asset Management, Inc.
95,458
4,865,494
AGNC Investment Corp.
870,782
8,498,832
Apollo Commercial Real Estate
Finance, Inc.
866,754
9,178,925
Apollo Global Management, Inc.
79,914
10,886,684
Arbor Realty Trust, Inc. (a)
769,225
9,184,547
ARES Management Corp., Class A
87,794
15,732,685
Artisan Partners Asset Management,
Inc., Class A
294,537
13,781,386
B Riley Financial, Inc. *(a)
503,495
2,771,740
BGC Group, Inc., Class A
783,109
7,682,299
Blackstone Mortgage Trust, Inc.,
Class A
788,643
15,425,857
BrightSpire Capital, Inc.
457,035
2,650,803
Chimera Investment Corp.
855,537
12,122,959
Claros Mortgage Trust, Inc.
1,559,454
5,769,980
Cohen & Steers, Inc.
55,948
4,132,319
Coinbase Global, Inc., Class A *
26,660
8,119,036
Credit Acceptance Corp. *
27,659
14,236,917
DigitalBridge Group, Inc.
1,216,298
13,877,960
Donnelley Financial Solutions, Inc. *
106,562
6,049,525
Enact Holdings, Inc.
45,742
1,722,186
Encore Capital Group, Inc. *
227,319
9,511,027
Enova International, Inc. *
116,324
14,110,101
Essent Group Ltd.
264,651
16,604,204
Euronet Worldwide, Inc. *
164,364
15,317,081
EZCORP, Inc., Class A *
134,841
2,247,800
FactSet Research Systems, Inc.
41,417
15,461,795
Federal Agricultural Mortgage Corp.,
Class C
20,171
4,227,237
Federated Hermes, Inc.
422,881
22,454,981
FirstCash Holdings, Inc.
128,894
18,982,219
Franklin BSP Realty Trust, Inc.
398,869
4,606,937
Green Dot Corp., Class A *
208,557
2,903,114
Hamilton Lane, Inc., Class A
12,102
1,867,823
Houlihan Lokey, Inc.
81,613
16,261,390
Interactive Brokers Group, Inc.,
Class A
181,678
11,307,639
Janus Henderson Group PLC
227,453
10,080,717
KKR Real Estate Finance Trust, Inc.
196,418
1,891,505
Ladder Capital Corp.
530,110
6,159,878
LendingClub Corp. *
151,852
2,608,817
loanDepot, Inc., Class A *
1,129,416
2,416,950
MarketAxess Holdings, Inc.
50,411
9,267,558
MFA Financial, Inc.
671,432
6,848,606
Moelis & Co., Class A
222,807
16,066,613
Morningstar, Inc.
27,432
7,198,706
Mr. Cooper Group, Inc. *
183,237
34,545,672
Navient Corp.
698,325
9,574,036
NCR Atleos Corp. *
283,370
11,227,119
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nelnet, Inc., Class A
45,717
5,879,663
New York Mortgage Trust, Inc.
405,986
2,931,219
NMI Holdings, Inc., Class A *
161,615
6,359,550
Oppenheimer Holdings, Inc., Class A
31,723
2,302,138
Paysafe Ltd. *
122,836
1,733,216
PennyMac Financial Services, Inc.
154,035
16,959,254
PennyMac Mortgage Investment Trust
577,679
7,111,229
Piper Sandler Cos.
37,304
12,451,702
PJT Partners, Inc., Class A
27,633
4,946,307
PRA Group, Inc. *
156,226
2,669,902
PROG Holdings, Inc.
195,934
6,904,714
Radian Group, Inc.
594,931
20,751,193
Ready Capital Corp. (a)
948,876
4,042,212
Redwood Trust, Inc.
360,939
2,208,947
Regional Management Corp.
58,911
2,582,658
Rocket Cos., Inc., Class A (a)
392,342
6,971,917
Shift4 Payments, Inc., Class A *
14,908
1,348,130
Stifel Financial Corp.
206,950
23,859,266
Toast, Inc., Class A *
175,432
7,911,983
TPG RE Finance Trust, Inc.
210,874
1,971,672
TPG, Inc.
122,244
7,377,425
Tradeweb Markets, Inc., Class A
61,691
7,610,202
Two Harbors Investment Corp.
419,614
4,196,140
Victory Capital Holdings, Inc., Class A
101,082
7,205,125
Virtu Financial, Inc., Class A
421,441
17,666,807
Virtus Investment Partners, Inc.
32,109
6,467,716
Walker & Dunlop, Inc.
138,385
11,769,644
WEX, Inc. *
94,270
16,153,165
World Acceptance Corp. *
12,906
2,212,476
 
662,995,231
 
Food, Beverage & Tobacco 2.0%
B&G Foods, Inc.
948,636
4,278,348
Boston Beer Co., Inc., Class A *
37,832
8,364,277
Calavo Growers, Inc.
94,722
2,590,647
Cal-Maine Foods, Inc.
174,571
20,187,391
Coca-Cola Consolidated, Inc.
100,809
11,818,847
Fresh Del Monte Produce, Inc.
584,637
21,210,630
Hain Celestial Group, Inc. *
1,837,586
3,307,655
J&J Snack Foods Corp.
41,139
4,589,878
John B Sanfilippo & Son, Inc.
65,094
4,224,601
Marzetti Co.
55,090
10,059,434
MGP Ingredients, Inc.
46,776
1,383,166
Nomad Foods Ltd.
924,850
14,372,169
Pilgrim's Pride Corp.
175,500
7,800,975
Seaboard Corp.
4,557
18,087,644
Seneca Foods Corp., Class A *
27,034
3,060,249
Simply Good Foods Co. *
178,629
5,114,148
TreeHouse Foods, Inc. *
455,436
8,352,696
Universal Corp.
263,261
14,729,453
WK Kellogg Co.
564,605
12,940,747
 
176,472,955
 
Health Care Equipment & Services 4.1%
Acadia Healthcare Co., Inc. *
454,445
10,434,057
AdaptHealth Corp. *
513,827
4,876,218
Addus HomeCare Corp. *
42,160
4,855,567
agilon health, Inc. *
2,011,664
2,574,930
AMN Healthcare Services, Inc. *
292,600
6,080,228
Astrana Health, Inc. *
113,960
3,642,162
Avanos Medical, Inc. *
176,471
2,107,064
BrightSpring Health Services, Inc. *
76,706
1,817,165
Brookdale Senior Living, Inc. *
1,126,404
8,673,311
Chemed Corp.
36,454
16,694,109
Claritev Corp. *
107,454
7,404,655
Clover Health Investments Corp. *
389,160
1,019,599
See financial notes
38
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Concentra Group Holdings Parent, Inc.
548,796
13,061,345
CONMED Corp.
95,963
5,216,549
Cross Country Healthcare, Inc. *
252,605
3,379,855
Dexcom, Inc. *
209,439
15,779,134
Embecta Corp.
283,443
4,104,255
Enhabit, Inc. *
261,815
2,063,102
Enovis Corp. *
295,214
9,122,113
Ensign Group, Inc.
85,613
14,706,601
Envista Holdings Corp. *
998,921
21,157,147
Evolent Health, Inc., Class A *
206,474
1,992,474
Fulgent Genetics, Inc. *
104,720
2,321,642
Globus Medical, Inc., Class A *
126,137
7,728,414
Haemonetics Corp. *
120,700
6,582,978
HealthEquity, Inc. *
64,868
5,794,658
ICU Medical, Inc. *
59,069
7,540,749
Insulet Corp. *
16,214
5,510,814
Integer Holdings Corp. *
68,009
7,336,131
Integra LifeSciences Holdings Corp. *
530,846
8,031,700
Lantheus Holdings, Inc. *
27,384
1,503,382
LivaNova PLC *
105,203
5,930,293
Masimo Corp. *
80,078
11,187,697
Merit Medical Systems, Inc. *
73,201
6,627,619
National HealthCare Corp.
57,456
6,520,107
Neogen Corp. *
464,654
2,671,760
OmniAb, Inc., Class A *(c)
9,356
0
OmniAb, Inc., Class B *(c)
9,356
0
Omnicell, Inc. *
157,186
5,122,692
Option Care Health, Inc. *
496,928
14,251,895
Owens & Minor, Inc. *
1,915,882
9,387,822
Pediatrix Medical Group, Inc. *
326,681
5,622,180
Penumbra, Inc. *
17,900
4,880,256
Premier, Inc., Class A
918,315
23,784,358
Privia Health Group, Inc. *
177,025
4,078,656
QuidelOrtho Corp. *
196,214
5,629,380
RadNet, Inc. *
32,048
2,299,764
Select Medical Holdings Corp.
522,329
6,795,500
Surgery Partners, Inc. *
225,653
5,120,067
Teladoc Health, Inc. *
851,677
6,583,463
Varex Imaging Corp. *
209,512
2,419,864
Veeva Systems, Inc., Class A *
66,466
17,892,647
Waystar Holding Corp. *
36,065
1,366,142
Zimvie, Inc. *
296,602
5,599,846
 
366,884,116
 
Household & Personal Products 1.2%
BellRing Brands, Inc. *
56,999
2,339,809
Central Garden & Pet Co. *
43,809
1,595,962
Central Garden & Pet Co., Class A *
349,817
11,554,456
Coty, Inc., Class A *
1,446,002
6,188,889
Edgewell Personal Care Co.
371,820
8,931,116
elf Beauty, Inc. *
23,437
2,929,625
Energizer Holdings, Inc.
365,823
10,082,082
Herbalife Ltd. *
1,791,347
17,519,374
Interparfums, Inc.
30,109
3,460,728
Medifast, Inc. *
270,103
3,789,545
Nu Skin Enterprises, Inc., Class A
1,014,357
12,344,725
Reynolds Consumer Products, Inc.
235,911
5,475,494
Spectrum Brands Holdings, Inc.
251,464
14,330,933
USANA Health Sciences, Inc. *
94,066
3,001,646
WD-40 Co.
18,900
4,083,156
 
107,627,540
 
Insurance 1.4%
AMERISAFE, Inc.
45,162
2,085,581
Brighthouse Financial, Inc. *
60,952
2,880,591
CNA Financial Corp.
95,160
4,715,178
SECURITY
NUMBER
OF SHARES
VALUE ($)
Employers Holdings, Inc.
139,426
6,031,569
Erie Indemnity Co., Class A
30,120
10,673,926
Hanover Insurance Group, Inc.
55,345
9,601,251
Horace Mann Educators Corp.
138,404
6,363,816
Kemper Corp.
270,795
14,528,152
Kinsale Capital Group, Inc.
8,853
4,049,805
Mercury General Corp.
109,098
8,436,548
ProAssurance Corp. *
85,565
2,037,303
RLI Corp.
156,947
10,630,020
Safety Insurance Group, Inc.
78,410
5,803,124
Selective Insurance Group, Inc.
163,865
12,819,159
Stewart Information Services Corp.
210,798
15,354,526
White Mountains Insurance Group Ltd.
7,431
13,600,067
 
129,610,616
 
Materials 5.3%
AdvanSix, Inc.
146,349
3,140,650
Alpha Metallurgical Resources, Inc. *
38,430
5,733,372
Ardagh Metal Packaging SA
500,347
1,846,280
Ashland, Inc.
125,169
7,028,239
Avient Corp.
389,511
14,567,711
Balchem Corp.
44,770
7,256,769
Cabot Corp.
198,523
16,191,536
Carpenter Technology Corp.
62,893
15,149,666
Clearwater Paper Corp. *
146,343
3,156,619
Coeur Mining, Inc. *
663,539
8,725,538
Compass Minerals International, Inc. *
238,940
4,551,807
Ecovyst, Inc. *
1,068,386
9,711,629
Element Solutions, Inc.
668,188
17,185,795
Ferroglobe PLC
535,175
2,237,032
Greif, Inc., Class A
270,043
17,636,508
Hawkins, Inc.
39,110
6,544,276
HB Fuller Co.
250,045
15,265,247
Hecla Mining Co.
1,242,918
10,577,232
Ingevity Corp. *
274,701
16,037,044
Innospec, Inc.
107,438
9,410,494
Kaiser Aluminum Corp.
123,211
9,594,441
Knife River Corp. *
147,797
11,971,557
Koppers Holdings, Inc.
208,189
6,033,317
LSB Industries, Inc. *
220,530
1,834,810
Magnera Corp. *
91,421
1,133,620
Materion Corp.
73,894
8,187,455
Mativ Holdings, Inc.
557,017
7,001,704
Metallus, Inc. *
236,301
3,882,426
Minerals Technologies, Inc.
183,663
12,020,743
MP Materials Corp. *
141,873
10,092,845
Myers Industries, Inc.
163,954
2,744,590
NewMarket Corp.
25,704
21,256,180
Olympic Steel, Inc.
119,569
4,030,671
Orion SA
516,916
5,453,464
Perimeter Solutions, Inc. *
13,057
292,346
Quaker Chemical Corp.
52,177
7,569,317
Rayonier Advanced Materials, Inc. *
619,162
3,448,732
Royal Gold, Inc.
70,362
12,635,608
Ryerson Holding Corp.
754,457
17,201,620
Scotts Miracle-Gro Co.
198,170
12,131,967
Sensient Technologies Corp.
145,554
16,514,557
Silgan Holdings, Inc.
373,256
17,513,172
Southern Copper Corp.
187,793
18,045,080
Stepan Co.
197,342
9,873,020
SunCoke Energy, Inc.
473,873
3,658,300
Sylvamo Corp.
192,718
8,890,081
Tredegar Corp. *
204,650
1,602,410
TriMas Corp.
230,576
8,916,374
Trinseo PLC
699,692
1,679,261
Tronox Holdings PLC
1,968,073
8,423,353
Warrior Met Coal, Inc.
328,888
20,108,212
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
39
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Worthington Steel, Inc.
212,602
7,079,647
 
472,774,324
 
Media & Entertainment 3.3%
Advantage Solutions, Inc. *
994,291
1,809,610
AMC Entertainment Holdings, Inc.,
Class A *
410,448
1,153,359
AMC Networks, Inc., Class A *
721,194
5,091,630
Angi, Inc. *
105,851
1,875,680
Cable One, Inc.
48,294
7,798,515
Cargurus, Inc. *
185,976
6,434,770
Cars.com, Inc. *
284,750
3,715,988
Cinemark Holdings, Inc.
193,911
5,002,904
Clear Channel Outdoor Holdings, Inc. *
1,500,133
1,860,165
EchoStar Corp., Class A *
482,261
29,798,907
EW Scripps Co., Class A *
1,924,126
5,753,137
Gannett Co., Inc. *
800,065
3,288,267
Gray Media, Inc.
1,802,324
11,048,246
IAC, Inc. *
272,770
9,988,837
iHeartMedia, Inc., Class A *
2,711,348
5,775,171
John Wiley & Sons, Inc., Class A
230,103
9,337,580
Liberty Broadband Corp., Class C *
99,190
6,036,703
Liberty Media Corp.-Liberty Formula
One, Class C *
181,535
18,135,347
Lionsgate Studios Corp. *
387,596
2,492,242
Live Nation Entertainment, Inc. *
35,472
5,905,733
Match Group, Inc.
553,063
20,651,372
New York Times Co., Class A
287,133
17,182,039
Pinterest, Inc., Class A *
344,013
12,601,196
Roku, Inc. *
121,211
11,704,134
Scholastic Corp.
344,135
8,830,504
Shutterstock, Inc.
151,025
3,160,953
Sinclair, Inc.
624,184
9,031,942
Sirius XM Holdings, Inc.
80,334
1,899,096
Snap, Inc., Class A *
766,109
5,470,018
Starz Entertainment Corp. *
25,683
327,972
Thryv Holdings, Inc. *
198,795
2,556,504
TKO Group Holdings, Inc.
30,720
5,823,283
Trade Desk, Inc., Class A *
73,946
4,041,888
TripAdvisor, Inc. *
440,603
7,675,304
Warner Music Group Corp., Class A
144,512
4,819,475
WideOpenWest, Inc. *
367,233
1,869,216
Yelp, Inc. *
374,604
11,844,979
Ziff Davis, Inc. *
336,509
12,858,009
ZoomInfo Technologies, Inc. *
573,280
6,248,752
 
290,899,427
 
Pharmaceuticals, Biotechnology & Life Sciences 2.8%
Amneal Pharmaceuticals, Inc. *
221,894
2,121,307
Azenta, Inc. *
117,215
3,579,746
BioMarin Pharmaceutical, Inc. *
187,601
10,931,510
Bio-Rad Laboratories, Inc., Class A *
57,913
17,251,124
Bio-Techne Corp.
173,149
9,459,130
Bruker Corp.
239,222
8,128,764
Charles River Laboratories
International, Inc. *
56,520
9,230,281
Collegium Pharmaceutical, Inc. *
51,047
1,980,624
Corcept Therapeutics, Inc. *
99,461
6,934,421
Elanco Animal Health, Inc. *
830,385
15,237,565
Emergent BioSolutions, Inc. *
539,886
4,481,054
Exact Sciences Corp. *
103,663
4,915,699
Exelixis, Inc. *
403,806
15,110,421
Fortrea Holdings, Inc. *
864,421
8,514,547
Halozyme Therapeutics, Inc. *
110,602
8,090,536
Incyte Corp. *
286,507
24,241,357
Innoviva, Inc. *
133,210
2,721,480
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ironwood Pharmaceuticals, Inc. *
2,169,078
2,863,183
Jazz Pharmaceuticals PLC *
101,330
12,944,907
Medpace Holdings, Inc. *
16,577
7,882,529
Myriad Genetics, Inc. *
343,482
2,187,980
Neurocrine Biosciences, Inc. *
78,047
10,895,361
Pacira BioSciences, Inc. *
72,916
1,944,670
Prestige Consumer Healthcare, Inc. *
114,467
7,788,335
Repligen Corp. *
35,271
4,314,349
Royalty Pharma PLC, Class A
678,458
24,410,919
Sotera Health Co. *
136,419
2,233,179
Supernus Pharmaceuticals, Inc. *
132,297
5,969,241
United Therapeutics Corp. *
30,404
9,265,923
Vir Biotechnology, Inc. *
260,335
1,286,055
 
246,916,197
 
Real Estate Management & Development 1.7%
Anywhere Real Estate, Inc. *
2,229,801
13,624,084
Compass, Inc., Class A *
1,881,466
17,083,711
CoStar Group, Inc. *
253,250
22,663,342
Cushman & Wakefield PLC *
715,272
11,279,839
eXp World Holdings, Inc.
884,708
9,581,388
Howard Hughes Holdings, Inc. *
36,155
2,757,542
Kennedy-Wilson Holdings, Inc.
727,016
6,397,741
Marcus & Millichap, Inc.
129,808
4,230,443
Newmark Group, Inc., Class A
565,253
10,293,257
Opendoor Technologies, Inc. *(a)
7,288,086
32,431,983
Zillow Group, Inc., Class C *
238,786
20,132,048
 
150,475,378
 
Semiconductors & Semiconductor Equipment 2.7%
Allegro MicroSystems, Inc. *
96,967
2,991,432
Alpha & Omega Semiconductor Ltd. *
58,375
1,679,449
Amkor Technology, Inc.
823,412
19,918,336
Axcelis Technologies, Inc. *
82,508
6,603,940
Cirrus Logic, Inc. *
166,620
19,026,338
Cohu, Inc. *
253,446
5,043,575
Diodes, Inc. *
265,121
14,431,862
Enphase Energy, Inc. *
152,474
5,748,270
Entegris, Inc.
186,469
15,614,914
First Solar, Inc. *
57,134
11,151,985
FormFactor, Inc. *
168,373
4,914,808
GLOBALFOUNDRIES, Inc. *
218,554
7,297,518
Ichor Holdings Ltd. *
190,642
3,212,318
Lattice Semiconductor Corp. *
114,746
7,616,839
MACOM Technology Solutions
Holdings, Inc. *
15,171
1,944,164
MaxLinear, Inc. *
328,638
5,166,189
MKS, Inc.
100,887
10,425,663
Monolithic Power Systems, Inc.
19,997
16,712,693
Onto Innovation, Inc. *
50,904
5,395,824
Penguin Solutions, Inc. *
230,036
5,550,769
Photronics, Inc. *
318,146
7,212,370
Power Integrations, Inc.
156,986
7,080,069
Rambus, Inc. *
88,392
6,520,678
Semtech Corp. *
132,476
7,695,531
Silicon Laboratories, Inc. *
126,068
16,937,236
Synaptics, Inc. *
127,540
8,909,944
Ultra Clean Holdings, Inc. *
261,168
6,273,255
Universal Display Corp.
47,150
6,534,518
 
237,610,487
 
Software & Services 3.8%
ACI Worldwide, Inc. *
213,795
10,550,783
Alarm.com Holdings, Inc. *
65,197
3,822,500
AppLovin Corp., Class A *
35,274
16,881,784
See financial notes
40
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bentley Systems, Inc., Class B
71,677
3,988,825
Blackbaud, Inc. *
70,207
4,683,509
CCC Intelligent Solutions Holdings,
Inc. *
246,931
2,444,617
Commvault Systems, Inc. *
43,838
8,182,143
Consensus Cloud Solutions, Inc. *
61,015
1,621,169
Crowdstrike Holdings, Inc., Class A *
4,947
2,096,044
Datadog, Inc., Class A *
13,539
1,850,510
DigitalOcean Holdings, Inc. *
46,579
1,519,407
Docusign, Inc. *
21,210
1,625,959
Dolby Laboratories, Inc., Class A
184,298
13,210,481
Dropbox, Inc., Class A *
671,329
19,508,821
Dynatrace, Inc. *
89,887
4,548,282
Fair Isaac Corp. *
8,963
13,638,459
Globant SA *
28,580
1,922,291
Guidewire Software, Inc. *
28,243
6,129,296
HubSpot, Inc. *
2,478
1,197,295
InterDigital, Inc.
39,242
10,662,444
LiveRamp Holdings, Inc. *
292,093
8,155,237
Manhattan Associates, Inc. *
37,581
8,096,451
NCR Voyix Corp. *
1,089,527
14,359,966
Okta, Inc. *
60,643
5,625,851
Palantir Technologies, Inc., Class A *
106,243
16,649,340
Progress Software Corp. *
84,348
3,904,469
PTC, Inc. *
68,143
14,548,530
Qualys, Inc. *
49,665
6,745,004
RingCentral, Inc., Class A *
110,822
3,381,179
ServiceNow, Inc. *
13,345
12,243,504
Snowflake, Inc., Class A *
32,944
7,862,415
SPS Commerce, Inc. *
22,201
2,448,770
Teradata Corp. *
543,382
11,400,154
Twilio, Inc., Class A *
151,024
15,949,645
Tyler Technologies, Inc. *
18,375
10,342,920
Unisys Corp. *
337,973
1,321,474
Unity Software, Inc. *
213,447
8,411,946
Verint Systems, Inc. *
174,766
3,563,479
VeriSign, Inc.
95,490
26,104,101
Workday, Inc., Class A *
57,329
13,232,680
Zoom Communications, Inc., Class A *
137,924
11,229,772
 
335,661,506
 
Technology Hardware & Equipment 4.6%
Advanced Energy Industries, Inc.
88,923
13,309,995
Badger Meter, Inc.
23,916
4,374,715
Belden, Inc.
110,783
14,423,947
Benchmark Electronics, Inc.
291,852
11,846,273
Calix, Inc. *
110,085
6,544,553
Cognex Corp.
405,569
17,820,702
Coherent Corp. *
103,745
9,385,810
CommScope Holding Co., Inc. *
1,636,512
26,249,652
Crane NXT Co.
123,161
7,356,406
CTS Corp.
100,370
4,264,721
ePlus, Inc.
122,710
8,880,523
Ingram Micro Holding Corp.
152,436
2,983,172
IPG Photonics Corp. *
175,479
14,357,692
Itron, Inc. *
97,099
11,937,351
Kimball Electronics, Inc. *
144,846
4,181,704
Knowles Corp. *
374,442
7,994,337
Littelfuse, Inc.
74,853
19,449,055
Lumentum Holdings, Inc. *
223,320
29,659,129
Methode Electronics, Inc.
386,859
2,990,420
NETGEAR, Inc. *
88,845
2,413,919
NetScout Systems, Inc. *
409,811
10,200,196
Novanta, Inc. *
31,228
3,635,251
OSI Systems, Inc. *
44,387
10,211,229
PC Connection, Inc.
107,002
6,870,598
Plexus Corp. *
111,326
15,252,775
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pure Storage, Inc., Class A *
110,838
8,602,137
Rogers Corp. *
84,657
6,642,188
ScanSource, Inc. *
136,867
5,974,245
Super Micro Computer, Inc. *
467,464
19,418,455
TTM Technologies, Inc. *
578,396
25,779,110
Viasat, Inc. *
1,317,735
42,602,373
Viavi Solutions, Inc. *
940,243
10,605,941
Vishay Intertechnology, Inc.
633,299
9,790,802
Vontier Corp.
428,257
18,376,508
 
414,385,884
 
Telecommunication Services 0.5%
Array Digital Infrastructure, Inc.
74,245
3,996,608
Cogent Communications Holdings, Inc.
93,367
3,569,420
GCI Liberty, Inc. *(c)
31,423
0
GCI Liberty, Inc., Class C *
19,712
722,248
IDT Corp., Class B
33,860
2,169,410
IHS Holding Ltd. *
631,154
4,575,866
Iridium Communications, Inc.
316,222
7,870,766
Liberty Latin America Ltd., Class C *
1,319,055
10,869,013
Shenandoah Telecommunications Co.
159,406
2,112,130
Uniti Group, Inc.
1,655,446
10,429,310
 
46,314,771
 
Transportation 2.4%
Allegiant Travel Co. *
139,257
8,725,844
American Airlines Group, Inc. *
621,774
8,313,118
ArcBest Corp.
202,536
14,939,055
Covenant Logistics Group, Inc.,
Class A
65,586
1,582,590
Forward Air Corp. *
321,078
9,641,972
Genco Shipping & Trading Ltd.
196,402
3,307,410
Global Ship Lease, Inc., Class A
114,136
3,429,787
Heartland Express, Inc.
390,718
3,356,268
JetBlue Airways Corp. *
2,903,399
15,533,185
Kirby Corp. *
139,402
13,549,874
Lyft, Inc., Class A *
155,883
2,528,422
Marten Transport Ltd.
451,281
5,343,167
RXO, Inc. *
603,773
9,859,613
Saia, Inc. *
48,605
14,409,438
Schneider National, Inc., Class B
340,355
8,413,576
SkyWest, Inc. *
195,184
23,695,338
Southwest Airlines Co.
231,188
7,606,085
Sun Country Airlines Holdings, Inc. *
112,986
1,497,065
United Airlines Holdings, Inc. *
271,247
28,480,935
Werner Enterprises, Inc.
316,124
9,120,177
XPO, Inc. *
143,123
18,563,053
 
211,895,972
 
Utilities 3.3%
ALLETE, Inc.
228,221
14,640,377
American States Water Co.
70,800
5,276,724
Avista Corp.
386,746
14,131,699
Black Hills Corp.
341,662
20,434,804
California Water Service Group
144,103
6,762,754
Chesapeake Utilities Corp.
46,158
5,704,206
Clearway Energy, Inc., Class C
334,037
9,957,643
Essential Utilities, Inc.
299,008
11,813,806
H2O America
94,621
4,766,060
Hawaiian Electric Industries, Inc. *
1,593,967
20,657,812
IDACORP, Inc.
151,248
18,921,125
MDU Resources Group, Inc.
333,846
5,438,351
MGE Energy, Inc.
75,529
6,431,294
New Jersey Resources Corp.
336,886
15,931,339
Northwest Natural Holding Co.
194,768
8,088,715
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
41
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Northwestern Energy Group, Inc.
279,533
16,075,943
ONE Gas, Inc.
236,084
18,060,426
Ormat Technologies, Inc.
115,068
10,573,599
Otter Tail Corp.
131,271
11,025,451
Southwest Gas Holdings, Inc.
286,696
22,901,277
Spire, Inc.
249,547
19,115,300
Talen Energy Corp. *
19,529
7,399,929
TXNM Energy, Inc.
361,824
20,493,711
Unitil Corp.
31,177
1,464,072
 
296,066,417
Total Common Stocks
(Cost $7,606,104,535)
8,918,939,486
 
 
 
 
SHORT-TERM INVESTMENTS 0.7% OF NET ASSETS
 
Money Market Funds 0.7%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (d)
4,723,800
4,723,800
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (d)(e)
61,701,766
61,701,766
 
66,425,566
Total Short-Term Investments
(Cost $66,425,566)
66,425,566
Total Investments in Securities
(Cost $7,672,530,101)
8,985,365,052
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini,
expires 09/19/25
123
14,574,270
(3,238
)
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$60,742,058.
(b)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
 
REIT —
Real Estate Investment Trust
Below is a summary of the fund’s transactions with affiliated issuers and companies which are or were affiliates during the period ended August 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at August 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date. 
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
8/31/25
BALANCE
OF SHARES
HELD AT
8/31/25
DIVIDENDS
RECEIVED
COMMON STOCKS 0.1% OF NET ASSETS
 
Consumer Services 0.0%
Cracker Barrel Old Country Store Inc
$16,173,738
$2,736,384
($3,918,514
)
($1,155,212
)
$6,561,207
$—
—
$183,844
 
Equity Real Estate Investment Trusts (REITs) 0.1%
Service Properties Trust
—
3,208,104
(1,422,014
)
(125,917
)
(1,298,464
)
13,346,883
4,943,290
99,336
Total
$16,173,738
$5,944,488
($5,340,528
)
($1,281,129
)
$5,262,743
$13,346,883
$283,180
See financial notes
42
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (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
$8,505,740,599
$—
$—
$8,505,740,599
Health Care Equipment & Services
366,884,116
—
0
*
366,884,116
Telecommunication Services
46,314,771
—
0
*
46,314,771
Short-Term Investments1
66,425,566
—
—
66,425,566
Liabilities
Futures Contracts2
(3,238
)
—
—
(3,238
)
Total
$8,985,361,814
$—
$0
$8,985,361,814
 
*
Level 3 amount shown includes securities determined to have no value at August 31, 2025.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
43
Schwab Fundamental U.S. Small Company ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - affiliated issuers (cost $23,218,235)
 
$13,346,883
Investments in securities, at value - unaffiliated issuers (cost $7,649,311,866) including securities on loan of $60,742,058
 
8,972,018,169
Cash
 
413,281
Deposit with broker for futures contracts
 
1,703,526
Receivables:
 
Dividends
 
9,102,556
Fund shares sold
 
1,558,937
Income from securities on loan
 
169,234
Investments sold
 
4,646
Foreign tax reclaims
+
892
Total assets
 
8,998,318,124
 
Liabilities
Collateral held for securities on loan
 
61,701,766
Payables:
 
Management fees
 
1,889,912
Investments bought
 
1,762,804
Deferred dividend income
 
167,973
Variation margin on futures contracts
+
65,769
Total liabilities
 
65,588,224
Net assets
 
$8,932,729,900
 
Net Assets by Source
Capital received from investors
 
$8,476,108,247
Total distributable earnings
+
456,621,653
Net assets
 
$8,932,729,900
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$8,932,729,900
 
286,500,000
$31.18
 
 
 
 
See financial notes
44
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $17,837)
 
$85,334,494
Dividends received from securities - affiliated issuers
 
283,180
Other Interest
 
30,637
Securities on loan, net
+
610,276
Total investment income
 
86,258,587
 
Expenses
Management fees
 
10,494,869
Total expenses
–
10,494,869
Net investment income
 
75,763,718
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(1,542,134
)
Net realized losses on sales of securities - unaffiliated issuers
 
(195,034,714
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
261,005
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
583,279,030
Net realized losses on futures contracts
+
(126,207
)
Net realized gains
 
386,836,980
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
5,262,743
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
104,855,266
Net change in unrealized appreciation (depreciation) on futures contracts
+
482,854
Net change in unrealized appreciation (depreciation)
 
110,600,863
Net realized and unrealized gains
 
497,437,843
Increase in net assets resulting from operations
 
$573,201,561
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
45
Schwab Fundamental U.S. Small Company ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$75,763,718
$117,890,554
Net realized gains
 
386,836,980
139,412,957
Net change in unrealized appreciation (depreciation)
+
110,600,863
309,962,717
Increase in net assets resulting from operations
 
$573,201,561
$567,266,228
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($37,160,400
)
($137,775,070
)
 
TRANSACTIONS IN FUND SHARES1
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
37,000,000
$1,001,927,252
69,800,000
$1,987,701,631
Shares redeemed
+
(62,450,000
)
(1,687,104,111
)
(45,850,000
)
(1,293,604,949
)
Net transactions in fund shares
 
(25,450,000
)
($685,176,859
)
23,950,000
$694,096,682
 
SHARES OUTSTANDING AND NET ASSETS1
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
311,950,000
$9,081,865,598
288,000,000
$7,958,277,758
Total increase (decrease)
+
(25,450,000
)
(149,135,698
)
23,950,000
1,123,587,840
End of period
 
286,500,000
$8,932,729,900
311,950,000
$9,081,865,598
 
1
For the period ended February 28, 2025, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets
on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information).
See financial notes
46
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
Per-Share Data
Net asset value at beginning of period
$35.53
$34.11
$30.98
$32.25
$30.94
$25.24
Income (loss) from investment operations:
Net investment income (loss)1
0.86
1.15
1.06
1.03
1.04
0.70
Net realized and unrealized gains (losses)
5.90
1.60
3.22
(1.40
)
1.42
5.64
Total from investment operations
6.76
2.75
4.28
(0.37
)
2.46
6.34
Less distributions:
Distributions from net investment income
(0.21
)
(1.33
)
(1.15
)
(0.90
)
(1.15
)
(0.64
)
Net asset value at end of period
$42.08
$35.53
$34.11
$30.98
$32.25
$30.94
Total return
19.08
%2
8.24
%
14.06
%
(0.91
%)
7.95
%
25.47
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%3
0.25
%
0.25
%
0.25
%4
0.25
%
0.25
%
Net investment income (loss)
4.41
%3
3.24
%
3.31
%
3.50
%
3.16
%
2.74
%
Portfolio turnover rate5
7
%2
12
%
11
%
15
%
15
%
15
%
Net assets, end of period (x 1,000,000)
$17,311
$14,103
$12,251
$9,343
$7,382
$5,721
 
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
47
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
  
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 98.2% OF NET ASSETS
 
Australia 4.6%
AGL Energy Ltd.
1,140,093
6,141,150
Ampol Ltd.
498,647
9,595,114
ANZ Group Holdings Ltd.
1,923,579
42,389,936
APA Group
1,023,576
5,902,087
Aristocrat Leisure Ltd.
139,095
6,619,349
Aurizon Holdings Ltd.
2,993,745
6,348,475
BHP Group Ltd.
5,342,133
151,010,629
BlueScope Steel Ltd.
927,748
13,935,493
Brambles Ltd.
755,156
12,825,776
Coles Group Ltd.
1,068,849
16,705,531
Commonwealth Bank of Australia
537,622
59,924,069
Computershare Ltd.
169,781
4,241,514
CSL Ltd.
110,344
15,374,946
Downer EDI Ltd.
1,464,653
6,930,789
Dyno Nobel Ltd.
2,273,056
4,537,531
Endeavour Group Ltd.
1,738,868
4,347,500
Fortescue Ltd.
2,201,257
27,805,946
Goodman Group
173,214
3,894,210
Insurance Australia Group Ltd.
1,007,214
5,741,819
JB Hi-Fi Ltd.
95,221
7,304,778
Lendlease Corp. Ltd.
1,299,359
4,719,889
Macquarie Group Ltd.
132,818
19,573,018
Medibank Pvt Ltd.
2,159,531
7,208,406
Metcash Ltd.
2,093,897
5,755,913
Mineral Resources Ltd. *
177,093
4,334,935
Mirvac Group
1,434,031
2,215,033
National Australia Bank Ltd.
1,450,764
40,630,173
Northern Star Resources Ltd.
368,336
4,553,924
Orica Ltd.
353,570
5,086,426
Origin Energy Ltd.
1,148,512
9,711,978
QBE Insurance Group Ltd.
695,003
9,848,140
Ramsay Health Care Ltd.
204,784
4,543,655
Rio Tinto Ltd.
509,552
38,509,448
Santos Ltd.
2,870,263
15,066,268
Scentre Group
2,294,522
6,127,199
Sims Ltd.
237,133
2,208,546
Sonic Healthcare Ltd.
460,728
7,252,192
South32 Ltd.
5,680,215
10,112,145
Stockland
1,447,440
5,873,566
Suncorp Group Ltd.
681,710
9,494,693
Telstra Group Ltd.
4,148,873
13,278,488
Transurban Group
930,011
8,886,905
Treasury Wine Estates Ltd.
230,068
1,179,038
Viva Energy Group Ltd.
2,480,517
3,506,756
Wesfarmers Ltd.
515,696
30,987,987
Westpac Banking Corp.
1,888,516
47,723,258
Whitehaven Coal Ltd.
1,424,619
6,172,575
Woodside Energy Group Ltd.
1,723,021
29,783,010
Woolworths Group Ltd.
920,157
17,344,590
Worley Ltd.
645,423
6,205,487
 
789,470,283
 
Austria 0.5%
ams-OSRAM AG *
436,708
5,457,142
BAWAG Group AG *
54,886
7,098,967
Erste Group Bank AG
199,064
18,943,253
OMV AG
414,812
22,849,386
Raiffeisen Bank International AG
263,523
8,753,913
voestalpine AG
392,048
12,986,645
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wienerberger AG
149,611
5,211,560
 
81,300,866
 
Belgium 0.6%
Ageas SA
159,290
11,224,223
Anheuser-Busch InBev SA
687,229
43,067,646
KBC Group NV
164,048
19,345,827
Proximus SADP
669,182
5,800,169
Syensqo SA
73,461
6,490,229
UCB SA
32,636
7,634,355
Umicore SA
1,050,250
16,399,092
 
109,961,541
 
Canada 8.1%
Agnico Eagle Mines Ltd.
96,066
13,854,859
Algonquin Power & Utilities Corp.
814,893
4,724,534
Alimentation Couche-Tard, Inc.
723,059
36,659,847
AltaGas Ltd.
234,043
6,939,721
ARC Resources Ltd.
422,109
8,125,817
Atco Ltd., Class I
143,735
5,264,892
AtkinsRealis Group, Inc.
44,260
3,044,477
B2Gold Corp.
1,621,534
6,696,601
Bank of Montreal
387,396
46,892,706
Bank of Nova Scotia
996,384
62,245,425
Barrick Mining Corp.
1,406,350
37,521,105
Bausch Health Cos., Inc. *
891,584
6,597,832
BCE, Inc.
679,908
16,971,082
Brookfield Corp.
662,044
43,528,688
Brookfield Infrastructure Corp.,
Class A (a)
13,343
537,432
Canadian Imperial Bank of Commerce
525,539
40,609,223
Canadian National Railway Co.
270,204
26,165,280
Canadian Natural Resources Ltd.
1,801,091
57,051,930
Canadian Pacific Kansas City Ltd.
231,479
17,637,218
Canadian Tire Corp. Ltd., Class A
90,536
11,292,684
Capital Power Corp.
47,708
1,990,049
CCL Industries, Inc., Class B
84,686
5,074,560
Cenovus Energy, Inc.
1,937,588
32,233,155
CGI, Inc.
114,450
11,116,976
Constellation Software, Inc.
1,522
5,044,333
Dollarama, Inc.
48,384
6,599,212
Element Fleet Management Corp.
95,501
2,545,859
Emera, Inc.
230,231
10,968,651
Empire Co. Ltd., Class A
262,370
10,187,512
Enbridge, Inc.
1,411,222
68,302,343
Fairfax Financial Holdings Ltd.
11,271
19,409,484
Finning International, Inc.
177,615
7,366,181
First Quantum Minerals Ltd. *
644,491
11,298,954
Fortis, Inc.
313,030
15,583,671
Franco-Nevada Corp.
27,006
5,091,200
George Weston Ltd.
183,810
11,840,312
Gildan Activewear, Inc.
103,747
5,665,866
Great-West Lifeco, Inc.
141,706
5,614,776
Hydro One Ltd.
169,498
6,174,001
iA Financial Corp., Inc.
53,687
5,777,526
Imperial Oil Ltd.
180,184
16,354,951
Intact Financial Corp.
57,023
11,422,875
Keyera Corp.
169,607
5,466,412
Kinross Gold Corp.
717,072
14,994,819
Linamar Corp.
103,294
5,641,126
Loblaw Cos. Ltd.
446,208
18,229,219
Lundin Mining Corp.
505,376
5,849,029
Magna International, Inc.
848,278
38,949,303
See financial notes
48
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Manulife Financial Corp.
1,003,403
30,877,874
MEG Energy Corp.
287,256
5,910,617
Methanex Corp.
106,092
3,769,378
Metro, Inc.
190,373
13,649,673
National Bank of Canada
150,578
15,832,652
Northland Power, Inc.
104,609
1,695,291
Nutrien Ltd.
893,830
51,528,930
Onex Corp.
53,272
4,559,132
Open Text Corp.
191,272
6,327,670
Parkland Corp.
235,661
6,670,153
Pembina Pipeline Corp.
355,406
13,427,225
Power Corp. of Canada
402,741
17,051,848
Quebecor, Inc., Class B
177,956
5,408,867
Restaurant Brands International, Inc.
114,730
7,267,612
Rogers Communications, Inc.,
Class B
417,865
14,977,338
Royal Bank of Canada
597,189
86,810,868
Saputo, Inc.
347,352
8,698,031
Shopify, Inc., Class A *
17,468
2,468,001
South Bow Corp.
36,759
1,019,008
Sun Life Financial, Inc.
281,710
16,460,014
Suncor Energy, Inc.
1,660,965
68,679,109
TC Energy Corp.
573,242
29,861,443
Teck Resources Ltd., Class B
447,287
15,298,880
TELUS Corp.
668,930
11,030,682
TFI International, Inc.
51,180
4,850,535
Thomson Reuters Corp.
33,348
5,924,404
Toromont Industries Ltd.
45,088
4,715,529
Toronto-Dominion Bank
1,079,404
81,072,246
Tourmaline Oil Corp.
205,415
8,725,593
Vermilion Energy, Inc.
429,581
3,244,659
Waste Connections, Inc.
54,841
10,137,766
West Fraser Timber Co. Ltd.
149,858
10,919,403
Wheaton Precious Metals Corp.
53,770
5,401,477
Whitecap Resources, Inc.
1,550,733
11,678,924
WSP Global, Inc.
39,629
8,072,718
 
1,411,177,258
 
China 0.1%
China Gas Holdings Ltd.
5,779,480
5,767,730
GCL Technology Holdings Ltd. *
12,292,708
1,971,034
Kingboard Holdings Ltd.
1,986,700
7,293,541
SITC International Holdings Co. Ltd.
1,438,319
5,070,006
 
20,102,311
 
Denmark 0.8%
AP Moller - Maersk AS, Class A
8,294
17,037,344
AP Moller - Maersk AS, Class B
13,327
27,449,158
Carlsberg AS, Class B
73,703
9,019,220
Coloplast AS, Class B
36,144
3,473,134
Danske Bank AS
286,474
11,782,842
DSV AS
87,158
19,311,499
Genmab AS *
8,895
2,214,945
ISS AS
85,804
2,510,647
Novo Nordisk AS, Class B
471,621
26,534,574
Novonesis Novozymes B, Class B
76,844
4,887,362
Orsted AS *(a)
127,743
3,868,997
Pandora AS
33,178
4,583,452
Rockwool AS, B Shares
41,314
1,561,280
Vestas Wind Systems AS
456,883
9,098,615
 
143,333,069
 
Finland 1.0%
Elisa OYJ
96,949
5,165,554
Fortum OYJ
554,044
9,591,438
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kesko OYJ, B Shares
366,604
8,131,632
Kone OYJ, B Shares
169,013
10,627,409
Metso OYJ
170,998
2,210,691
Neste OYJ
1,219,159
22,390,025
Nokia OYJ
5,214,763
22,456,169
Nordea Bank Abp
2,534,564
38,685,850
Outokumpu OYJ
1,714,482
7,051,897
Sampo OYJ, A Shares
1,548,947
17,778,689
Stora Enso OYJ, R Shares
1,016,822
11,875,714
UPM-Kymmene OYJ
590,126
16,805,760
Wartsila OYJ Abp
225,240
6,601,629
 
179,372,457
 
France 8.2%
Accor SA
88,987
4,402,812
Air Liquide SA
229,674
47,373,811
Alstom SA *
345,202
8,299,368
Arkema SA
120,742
8,564,505
AXA SA
1,274,889
59,376,912
Ayvens SA
723,410
8,014,500
BNP Paribas SA
1,098,988
98,831,429
Bollore SE
621,429
3,628,184
Bouygues SA
446,676
19,156,642
Bureau Veritas SA
128,422
3,872,189
Capgemini SE
104,314
14,828,984
Carrefour SA
1,974,259
28,573,901
Cie de Saint-Gobain SA
387,777
41,848,921
Cie Generale des Etablissements
Michelin SCA
896,703
32,463,836
Credit Agricole SA
906,481
16,583,988
Danone SA
439,786
36,641,283
Dassault Systemes SE
123,909
3,857,943
Eiffage SA
148,810
18,724,571
Elis SA
162,689
4,456,002
Emeis SA *(a)
190,164
2,717,786
Engie SA
2,119,328
43,883,100
EssilorLuxottica SA
89,484
27,253,606
Eurazeo SE
24,970
1,633,810
Forvia SE *
1,007,294
13,429,235
Hermes International SCA
2,974
7,278,909
Kering SA
81,220
21,784,828
Klepierre SA
55,962
2,183,887
Legrand SA
108,149
16,469,147
L'Oreal SA
84,624
39,412,935
Louis Hachette Group
261,555
503,005
LVMH Moet Hennessy Louis Vuitton
SE
95,186
56,164,393
Orange SA
4,550,342
74,033,815
Pernod Ricard SA
128,379
14,606,008
Publicis Groupe SA
122,269
11,283,252
Renault SA
488,750
19,221,945
Rexel SA
473,956
15,355,905
Rubis SCA
166,939
5,525,970
Safran SA
74,196
24,742,537
Sanofi SA
785,837
77,715,756
Schneider Electric SE
175,632
43,181,490
SCOR SE
265,312
8,695,333
SEB SA
37,897
2,759,094
Societe Generale SA
1,310,818
80,888,930
Sodexo SA
58,966
3,540,710
Teleperformance SE
73,122
5,642,045
Thales SA
37,183
9,801,310
TotalEnergies SE
3,651,479
228,661,939
Unibail-Rodamco-Westfield *
65,187
6,775,561
Valeo SE
888,396
10,767,825
Veolia Environnement SA
696,281
22,991,056
Vinci SA
409,317
55,528,317
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
49
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Vivendi SE *
266,909
954,746
Worldline SA *(a)
275,761
916,690
 
1,415,804,656
 
Germany 8.0%
adidas AG
87,357
17,009,510
Allianz SE
229,244
96,920,805
Aurubis AG (a)
89,655
10,179,291
BASF SE
1,824,745
96,882,764
Bayer AG
2,296,935
75,441,040
Bayerische Motoren Werke AG
743,154
77,817,810
Beiersdorf AG
32,492
3,736,251
BioNTech SE, ADR *
220,356
22,035,600
Brenntag SE
148,964
9,220,279
Commerzbank AG
448,823
17,136,825
Continental AG
237,440
20,844,258
Daimler Truck Holding AG
427,147
20,084,013
Deutsche Bank AG
1,199,081
42,147,823
Deutsche Boerse AG
36,775
10,830,153
Deutsche Lufthansa AG
1,542,440
14,363,965
Deutsche Post AG
1,494,536
68,014,879
Deutsche Telekom AG
3,240,134
118,404,215
E.ON SE
2,225,346
39,709,669
Evonik Industries AG
440,940
8,510,821
Freenet AG
120,776
4,031,823
Fresenius Medical Care AG
358,155
18,357,657
Fresenius SE & Co. KGaA
706,218
38,363,802
FUCHS SE
15,196
565,624
GEA Group AG
88,756
6,461,888
Hannover Rueck SE
24,847
7,235,951
Hapag-Lloyd AG (a)
50,800
7,052,120
Heidelberg Materials AG
132,408
31,306,671
Henkel AG & Co. KGaA
61,599
4,733,471
Infineon Technologies AG
506,923
20,743,628
K&S AG
464,543
6,280,283
KION Group AG
132,834
8,644,808
Lanxess AG
250,552
7,108,890
Mercedes-Benz Group AG
1,871,239
116,851,684
Merck KGaA
62,675
7,945,003
MTU Aero Engines AG
13,557
6,045,885
Muenchener
Rueckversicherungs-Gesellschaft
AG in Muenchen
54,074
34,469,694
Puma SE
120,494
3,030,911
Rheinmetall AG
7,599
15,027,472
RWE AG
342,061
13,709,089
SAP SE
199,133
54,005,820
Schaeffler AG
565,643
3,912,922
Siemens AG
354,626
98,210,203
Siemens Energy AG *
242,292
25,728,437
Siemens Healthineers AG
106,668
5,906,883
Symrise AG
47,673
4,619,226
thyssenkrupp AG
3,076,256
32,507,631
Volkswagen AG
136,479
16,326,309
Vonovia SE
335,303
10,844,003
Zalando SE *
145,884
4,064,021
 
1,383,381,780
 
Hong Kong 1.2%
AIA Group Ltd.
5,487,391
51,665,245
CK Asset Holdings Ltd.
2,251,677
10,605,845
CLP Holdings Ltd.
1,584,771
13,386,247
Galaxy Entertainment Group Ltd.
399,835
2,102,816
Hang Seng Bank Ltd.
523,596
7,482,006
HKT Trust & HKT Ltd.
3,488,197
5,279,825
Hong Kong & China Gas Co. Ltd.
7,406,576
6,659,966
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hong Kong Exchanges & Clearing Ltd.
150,132
8,685,330
Jardine Matheson Holdings Ltd.
281,945
17,083,048
Link REIT
1,118,070
5,943,267
MTR Corp. Ltd.
522,041
1,765,170
New World Development Co. Ltd. *(a)
9,432,723
8,009,983
Pacific Basin Shipping Ltd.
18,685,338
5,225,092
Sun Hung Kai Properties Ltd.
1,336,464
15,703,240
Swire Pacific Ltd., A Shares
656,994
5,625,345
Swire Pacific Ltd., B Shares
1,171,959
1,751,358
Techtronic Industries Co. Ltd.
610,998
7,868,828
WH Group Ltd.
22,059,181
23,598,911
Wharf Real Estate Investment Co.
Ltd.
640,729
1,857,459
Yue Yuen Industrial Holdings Ltd.
2,231,269
3,935,421
 
204,234,402
 
Ireland 1.0%
AIB Group PLC
365,828
2,971,719
Allegion PLC
30,441
5,168,882
Bank of Ireland Group PLC
478,387
7,077,791
DCC PLC
177,265
11,265,793
Flutter Entertainment PLC *
11,525
3,525,241
Glanbia PLC
101,762
1,693,778
ICON PLC *
29,543
5,256,881
James Hardie Industries PLC *
158,413
3,231,746
Kerry Group PLC, Class A
84,827
7,759,512
Kingspan Group PLC
70,085
5,406,071
Medtronic PLC
754,434
70,019,020
Perrigo Co. PLC
197,135
4,679,985
Ryanair Holdings PLC
381,907
11,287,306
Smurfit WestRock PLC (b)
72,121
3,396,726
Smurfit WestRock PLC (b)
133,656
6,329,948
Trane Technologies PLC
38,343
15,935,351
 
165,005,750
 
Isle Of Man 0.0%
Entain PLC
621,058
7,367,127
 
Israel 0.4%
Bank Hapoalim BM
617,771
12,061,547
Bank Leumi Le-Israel BM
769,626
14,773,285
Check Point Software Technologies
Ltd. *
27,159
5,245,489
ICL Group Ltd.
1,318,179
8,552,566
Israel Discount Bank Ltd., A Shares
673,222
6,660,662
Mizrahi Tefahot Bank Ltd.
31,170
2,036,341
Oil Refineries Ltd.
7,789,842
1,933,165
Teva Pharmaceutical Industries Ltd.,
ADR *
663,099
12,187,760
ZIM Integrated Shipping Services
Ltd. (a)
871,576
11,862,149
 
75,312,964
 
Italy 2.4%
A2A SpA
1,803,680
4,534,872
Banco BPM SpA
660,879
9,069,975
BPER Banca SpA
605,283
6,289,917
Enel SpA
8,792,465
81,138,796
Eni SpA
4,768,461
85,072,949
Generali
790,994
30,886,630
Hera SpA
514,956
2,214,525
Intesa Sanpaolo SpA
8,762,792
55,130,542
Leonardo SpA
195,426
11,146,796
See financial notes
50
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mediobanca Banca di Credito
Finanziario SpA
250,783
6,076,307
Moncler SpA
65,779
3,824,307
Poste Italiane SpA
290,067
6,793,862
Prysmian SpA
124,132
10,856,552
Snam SpA
1,288,191
7,846,732
Telecom Italia SpA *
42,435,917
20,345,334
Terna - Rete Elettrica Nazionale
646,533
6,505,166
UniCredit SpA
895,441
69,217,408
Unipol Assicurazioni SpA
314,586
6,572,777
 
423,523,447
 
Japan 24.7%
Advantest Corp.
115,637
9,195,042
Aeon Co. Ltd.
2,111,304
25,696,579
AGC, Inc.
501,555
15,826,353
Air Water, Inc.
407,771
7,158,384
Aisin Corp.
1,603,130
26,772,517
Ajinomoto Co., Inc.
530,887
14,495,665
Alfresa Holdings Corp.
634,627
9,599,909
Alps Alpine Co. Ltd.
543,017
6,699,644
Amada Co. Ltd.
407,114
5,244,721
ANA Holdings, Inc.
310,461
6,281,113
Asahi Group Holdings Ltd.
1,598,077
20,206,572
Asahi Kasei Corp.
2,929,486
24,132,221
Astellas Pharma, Inc.
1,769,271
19,521,328
Bandai Namco Holdings, Inc.
359,689
12,481,631
Bridgestone Corp.
849,475
38,769,501
Brother Industries Ltd.
437,046
7,465,427
Canon, Inc.
875,004
25,923,837
Central Japan Railway Co.
776,509
20,747,453
Chubu Electric Power Co., Inc.
1,669,915
23,145,084
Chugai Pharmaceutical Co. Ltd.
161,763
7,171,227
Chugoku Electric Power Co., Inc.
708,294
4,276,538
Coca-Cola Bottlers Japan Holdings,
Inc.
267,918
4,695,066
COMSYS Holdings Corp.
220,813
5,584,054
Cosmo Energy Holdings Co. Ltd.
176,225
8,563,701
Dai Nippon Printing Co. Ltd.
568,114
9,590,128
Daifuku Co. Ltd.
228,440
7,307,902
Dai-ichi Life Holdings, Inc.
2,578,833
21,542,235
Daiichi Sankyo Co. Ltd.
421,444
10,129,582
Daikin Industries Ltd.
237,463
30,082,151
Daito Trust Construction Co. Ltd.
83,920
8,970,709
Daiwa House Industry Co. Ltd.
904,368
32,208,005
Daiwa Securities Group, Inc.
690,473
5,422,206
Daiwabo Holdings Co. Ltd.
216,822
4,641,386
Denka Co. Ltd.
138,028
2,109,081
Denso Corp.
2,497,109
36,319,266
Dentsu Group, Inc.
223,290
4,446,790
DIC Corp.
212,110
4,962,356
Disco Corp.
13,710
3,861,117
Dowa Holdings Co. Ltd.
148,800
5,292,243
East Japan Railway Co.
889,041
21,883,155
Ebara Corp.
327,588
6,889,779
Eisai Co. Ltd.
265,169
8,195,722
Electric Power Development Co. Ltd.
498,943
9,548,986
ENEOS Holdings, Inc.
9,561,772
57,295,740
EXEO Group, Inc.
356,225
5,276,958
FANUC Corp.
489,248
13,921,867
Fast Retailing Co. Ltd.
42,274
13,394,085
Fuji Electric Co. Ltd.
134,862
8,675,441
Fuji Media Holdings, Inc.
162,649
3,668,949
FUJIFILM Holdings Corp.
1,124,962
26,901,015
Fujikura Ltd.
127,793
11,114,705
Fujitsu Ltd.
1,436,560
34,988,173
Furukawa Electric Co. Ltd.
135,324
8,639,722
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hakuhodo DY Holdings, Inc.
224,255
1,809,161
Hankyu Hanshin Holdings, Inc.
212,782
6,322,955
Hanwa Co. Ltd.
145,870
6,328,567
Haseko Corp.
452,115
7,498,042
Hino Motors Ltd. *(a)
720,348
1,893,781
Hitachi Construction Machinery Co.
Ltd.
160,052
4,992,598
Hitachi Ltd.
2,650,501
73,092,992
Honda Motor Co. Ltd.
10,562,088
118,119,860
Hoya Corp.
91,730
12,026,579
Ibiden Co. Ltd.
53,109
2,619,550
Idemitsu Kosan Co. Ltd.
3,015,130
20,206,967
IHI Corp.
103,479
10,902,913
Iida Group Holdings Co. Ltd.
422,559
6,681,224
Inpex Corp.
1,428,855
24,504,389
Isetan Mitsukoshi Holdings Ltd.
285,105
4,814,697
Isuzu Motors Ltd.
1,032,351
13,686,165
ITOCHU Corp.
1,378,559
78,840,524
Iwatani Corp.
348,079
3,832,247
Japan Airlines Co. Ltd.
362,208
7,738,781
Japan Post Bank Co. Ltd.
806,151
10,228,907
Japan Post Holdings Co. Ltd.
2,147,756
22,139,477
Japan Post Insurance Co. Ltd.
282,183
7,968,198
Japan Tobacco, Inc.
823,034
26,278,790
JFE Holdings, Inc.
2,082,347
26,081,636
JTEKT Corp.
922,246
9,126,671
Kajima Corp.
541,947
16,259,333
Kaneka Corp.
191,838
5,650,941
Kansai Electric Power Co., Inc.
1,277,321
17,895,108
Kansai Paint Co. Ltd.
107,699
1,827,197
Kao Corp.
403,159
18,408,159
Kawasaki Heavy Industries Ltd.
153,305
9,423,311
Kawasaki Kisen Kaisha Ltd.
330,324
5,103,627
KDDI Corp.
3,237,356
56,236,176
Kewpie Corp.
101,396
2,856,974
Keyence Corp.
31,146
12,044,746
Kikkoman Corp.
406,035
3,514,868
Kintetsu Group Holdings Co. Ltd.
197,173
3,975,018
Kirin Holdings Co. Ltd.
1,046,279
15,217,632
Kobe Steel Ltd.
925,370
11,439,105
Koito Manufacturing Co. Ltd.
479,159
6,890,817
Komatsu Ltd.
1,029,464
35,323,955
Konica Minolta, Inc. *
1,674,520
5,765,162
K's Holdings Corp.
476,038
4,873,047
Kubota Corp.
1,448,988
17,028,631
Kuraray Co. Ltd.
544,772
6,585,870
Kyocera Corp.
1,729,934
23,293,578
Kyushu Electric Power Co., Inc.
934,295
9,904,513
Lixil Corp.
777,983
10,170,873
LY Corp.
1,659,811
5,299,638
Makita Corp.
226,588
7,757,929
Marubeni Corp.
2,220,545
51,148,532
MatsukiyoCocokara & Co.
363,818
7,552,646
Mazda Motor Corp.
2,909,675
19,718,213
Medipal Holdings Corp.
656,385
11,685,955
MEIJI Holdings Co. Ltd.
444,081
9,249,104
Minebea Mitsumi, Inc.
485,836
8,429,540
MISUMI Group, Inc.
280,902
4,319,950
Mitsubishi Chemical Group Corp.
3,990,929
22,957,525
Mitsubishi Corp.
4,825,973
110,242,217
Mitsubishi Electric Corp.
2,404,689
58,174,394
Mitsubishi Estate Co. Ltd.
855,151
18,393,100
Mitsubishi Gas Chemical Co., Inc.
341,259
6,233,657
Mitsubishi HC Capital, Inc.
494,360
4,075,755
Mitsubishi Heavy Industries Ltd.
1,424,893
36,421,750
Mitsubishi Materials Corp.
466,781
8,113,231
Mitsubishi Motors Corp.
1,870,674
5,176,604
Mitsubishi UFJ Financial Group, Inc.
4,279,085
65,836,561
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
51
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mitsui & Co. Ltd.
3,138,375
73,230,531
Mitsui Chemicals, Inc.
410,771
10,178,000
Mitsui Fudosan Co. Ltd.
1,799,897
19,246,302
Mitsui Mining & Smelting Co. Ltd.
135,746
9,730,813
Mitsui OSK Lines Ltd.
364,393
11,786,156
Mizuho Financial Group, Inc.
1,294,529
43,158,314
MS&AD Insurance Group Holdings,
Inc.
769,613
18,146,775
Murata Manufacturing Co. Ltd.
1,573,066
26,056,166
Nagase & Co. Ltd.
197,319
4,262,870
Nagoya Railroad Co. Ltd.
151,260
1,734,352
NEC Corp.
1,040,400
32,149,122
NGK Insulators Ltd.
472,404
7,544,951
NH Foods Ltd.
251,507
9,532,685
NHK Spring Co. Ltd.
156,478
1,979,621
Nichirei Corp.
327,793
3,788,624
NIDEC Corp.
747,991
16,358,243
Nikon Corp.
476,728
5,417,474
Nintendo Co. Ltd.
464,763
42,131,759
Nippon Express Holdings, Inc.
751,876
16,566,108
Nippon Paper Industries Co. Ltd.
726,736
5,994,056
Nippon Sanso Holdings Corp.
58,879
2,159,866
Nippon Steel Corp.
1,983,855
42,088,938
Nippon Yusen KK
661,663
24,033,024
Nissan Motor Co. Ltd. *(a)
12,506,443
28,313,582
Nisshin Seifun Group, Inc.
407,485
4,967,806
Nissin Foods Holdings Co. Ltd.
161,493
3,048,926
Nissui Corp.
606,270
4,137,460
Niterra Co. Ltd.
191,272
6,912,237
Nitori Holdings Co. Ltd.
59,913
5,531,215
Nitto Denko Corp.
691,645
15,856,135
Nomura Holdings, Inc.
1,569,026
11,327,550
Nomura Research Institute Ltd.
162,650
6,420,701
NSK Ltd.
1,400,774
7,435,813
NTT Data Group Corp.
433,799
11,688,124
NTT, Inc.
47,609,532
50,519,769
Obayashi Corp.
794,091
12,961,274
Oji Holdings Corp.
2,376,991
13,142,457
Olympus Corp.
555,695
6,519,221
Omron Corp.
237,737
6,139,954
Ono Pharmaceutical Co. Ltd.
482,887
5,449,642
ORIX Corp.
780,113
20,349,619
Osaka Gas Co. Ltd.
599,994
17,150,859
Otsuka Corp.
201,462
4,160,278
Otsuka Holdings Co. Ltd.
295,783
15,644,821
Pan Pacific International Holdings
Corp.
191,559
6,961,749
Panasonic Holdings Corp.
4,978,675
51,371,991
Persol Holdings Co. Ltd.
2,881,955
5,411,578
Recruit Holdings Co. Ltd.
421,785
24,644,941
Renesas Electronics Corp.
760,441
9,151,706
Rengo Co. Ltd.
664,906
4,177,145
Resona Holdings, Inc.
1,136,933
11,576,467
Resonac Holdings Corp.
324,159
8,583,894
Ricoh Co. Ltd.
1,250,665
11,201,256
Rohm Co. Ltd.
523,401
7,778,382
Ryohin Keikaku Co. Ltd.
357,652
7,765,671
Sankyu, Inc.
109,713
6,134,064
Sanwa Holdings Corp.
143,157
4,654,735
SBI Holdings, Inc.
134,590
6,415,770
Secom Co. Ltd.
329,033
12,208,900
Seiko Epson Corp.
508,393
6,552,929
Seino Holdings Co. Ltd.
117,372
1,838,621
Sekisui Chemical Co. Ltd.
590,823
11,317,485
Sekisui House Ltd.
883,947
20,066,033
Seven & i Holdings Co. Ltd.
2,880,000
37,533,663
SG Holdings Co. Ltd.
787,319
8,520,687
Sharp Corp. *
309,911
1,878,146
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shimadzu Corp.
166,024
4,095,617
Shimamura Co. Ltd.
75,081
5,566,196
Shimano, Inc.
50,025
5,597,894
Shimizu Corp.
871,366
11,801,201
Shin-Etsu Chemical Co. Ltd.
1,146,242
35,575,854
Shionogi & Co. Ltd.
539,595
9,371,478
Shiseido Co. Ltd.
481,625
7,892,319
SMC Corp.
31,914
9,911,653
SoftBank Corp.
27,656,754
42,984,991
SoftBank Group Corp.
835,519
92,358,068
Sojitz Corp.
420,291
11,186,768
Sompo Holdings, Inc.
601,239
19,479,611
Sony Group Corp.
3,167,327
88,078,979
Stanley Electric Co. Ltd.
227,217
4,645,704
Subaru Corp.
1,360,098
27,174,170
SUMCO Corp.
662,162
5,621,556
Sumitomo Chemical Co. Ltd.
5,238,182
15,908,090
Sumitomo Corp.
1,494,382
42,208,085
Sumitomo Electric Industries Ltd.
1,472,341
42,147,109
Sumitomo Forestry Co. Ltd.
673,020
7,730,620
Sumitomo Heavy Industries Ltd.
316,728
7,112,224
Sumitomo Metal Mining Co. Ltd.
449,870
12,363,191
Sumitomo Mitsui Financial Group,
Inc.
1,862,847
51,359,133
Sumitomo Mitsui Trust Group, Inc.
372,682
10,708,976
Sumitomo Realty & Development Co.
Ltd.
215,819
8,960,549
Sumitomo Rubber Industries Ltd.
477,996
5,664,655
Suntory Beverage & Food Ltd.
156,666
4,865,636
Suzuken Co. Ltd.
195,618
7,771,427
Suzuki Motor Corp.
2,294,040
30,795,524
Sysmex Corp.
217,428
2,766,256
T&D Holdings, Inc.
261,779
6,880,335
Taiheiyo Cement Corp.
250,850
6,869,864
Taisei Corp.
203,913
13,902,054
Taiyo Yuden Co. Ltd.
232,079
4,798,855
Takeda Pharmaceutical Co. Ltd.
1,691,837
50,942,356
TDK Corp.
1,345,610
17,742,898
Teijin Ltd.
676,726
5,812,031
Terumo Corp.
506,878
9,195,093
TIS, Inc.
175,211
5,877,161
Tobu Railway Co. Ltd.
221,238
4,036,755
Toho Gas Co. Ltd.
147,971
4,508,921
Tohoku Electric Power Co., Inc.
1,208,274
9,364,998
Tokio Marine Holdings, Inc.
770,209
33,578,122
Tokyo Electric Power Co. Holdings,
Inc. *
6,619,736
34,044,357
Tokyo Electron Ltd.
175,189
24,657,113
Tokyo Gas Co. Ltd.
640,677
24,575,466
Tokyu Corp.
465,724
5,901,444
Tokyu Fudosan Holdings Corp.
754,606
6,113,426
TOPPAN Holdings, Inc.
340,673
8,886,617
Toray Industries, Inc.
2,643,901
17,886,510
Tosoh Corp.
661,835
10,523,098
TOTO Ltd.
215,302
5,620,654
Toyo Seikan Group Holdings Ltd.
334,084
8,166,371
Toyo Suisan Kaisha Ltd.
63,443
4,400,933
Toyota Boshoku Corp.
133,176
2,197,755
Toyota Industries Corp.
145,280
16,168,059
Toyota Motor Corp.
10,283,510
201,222,709
Toyota Tsusho Corp.
1,290,157
34,902,119
Tsuruha Holdings, Inc.
376,920
5,832,537
UBE Corp.
290,170
4,623,550
Unicharm Corp.
659,560
4,418,479
West Japan Railway Co.
438,954
9,850,866
Yakult Honsha Co. Ltd.
190,644
3,119,511
Yamada Holdings Co. Ltd.
2,097,279
6,636,444
Yamaha Corp.
680,050
4,527,954
See financial notes
52
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yamaha Motor Co. Ltd.
1,615,174
11,858,727
Yamato Holdings Co. Ltd.
843,612
14,329,769
Yamazaki Baking Co. Ltd.
213,672
4,971,248
Yaskawa Electric Corp.
164,753
3,319,185
Yokogawa Electric Corp.
183,641
5,436,999
Yokohama Rubber Co. Ltd.
238,857
8,940,971
 
4,284,187,488
 
Jersey 1.0%
Aptiv PLC *
238,654
18,980,153
Experian PLC
210,551
10,900,697
Glencore PLC *
31,655,680
124,969,293
International Workplace Group PLC
724,175
1,980,275
Man Group PLC
660,976
1,460,074
WPP PLC
1,241,155
6,554,856
 
164,845,348
 
Luxembourg 0.5%
Aperam SA
144,400
4,384,383
ArcelorMittal SA
1,579,569
52,619,267
B&M European Value Retail SA
1,248,723
4,060,819
Eurofins Scientific SE
95,791
7,267,834
Millicom International Cellular SA
169,212
8,174,632
SES SA, Class A
1,214,581
8,487,350
Subsea 7 SA
123,747
2,583,951
Tenaris SA
334,553
6,075,584
 
93,653,820
 
Mauritius 0.0%
Golden Agri-Resources Ltd.
23,852,150
5,205,458
 
Netherlands 3.0%
Aalberts NV
109,025
3,818,203
ABN AMRO Bank NV, GDR
870,067
25,103,884
Aegon Ltd.
829,824
6,529,137
AerCap Holdings NV
92,766
11,456,601
Airbus SE
155,353
32,560,384
Akzo Nobel NV
328,814
22,707,724
ASM International NV
3,487
1,676,285
ASML Holding NV
56,427
42,046,020
ASR Nederland NV
109,649
7,608,239
Ferrari NV
11,194
5,328,816
Ferrovial SE
50,096
2,737,778
Heineken Holding NV
143,414
10,164,289
Heineken NV
193,777
15,650,298
IMCD NV
12,326
1,384,759
ING Groep NV, Series N
2,416,788
57,595,377
Iveco Group NV
330,961
7,118,286
Koninklijke Ahold Delhaize NV
1,714,487
68,733,121
Koninklijke KPN NV
3,044,100
14,523,269
Koninklijke Philips NV
682,044
18,800,725
NN Group NV
281,068
19,351,192
NXP Semiconductors NV
81,900
19,234,215
Prosus NV *
146,275
9,041,856
Randstad NV
267,016
12,623,577
SBM Offshore NV
91,487
2,501,517
Signify NV
286,782
7,572,901
Stellantis NV
6,925,501
66,341,931
STMicroelectronics NV
576,353
15,681,565
Universal Music Group NV
147,026
4,154,346
Wolters Kluwer NV
51,376
6,470,590
 
518,516,885
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
New Zealand 0.0%
Fletcher Building Ltd. *
2,570,181
4,777,085
Spark New Zealand Ltd.
2,561,330
3,899,186
 
8,676,271
 
Norway 0.8%
Aker BP ASA
453,002
11,447,403
DNB Bank ASA
558,009
14,700,743
Equinor ASA
1,985,687
48,972,947
Mowi ASA
352,681
7,251,979
Norsk Hydro ASA
2,274,904
14,757,799
Orkla ASA
534,436
5,973,373
Telenor ASA
818,656
13,655,877
Var Energi ASA
624,243
2,135,391
Yara International ASA
452,226
16,459,803
 
135,355,315
 
Poland 0.4%
Bank Polska Kasa Opieki SA
102,306
5,144,920
KGHM Polska Miedz SA *
191,443
6,724,856
ORLEN SA
1,376,816
29,388,498
PGE Polska Grupa Energetyczna SA *
3,262,645
10,157,992
Powszechna Kasa Oszczednosci Bank
Polski SA
270,486
5,270,317
Powszechny Zaklad Ubezpieczen SA
613,778
10,200,718
Tauron Polska Energia SA *
1,460,870
3,386,072
 
70,273,373
 
Portugal 0.2%
EDP SA
3,728,894
16,529,002
Galp Energia SGPS SA
550,546
10,697,271
Jeronimo Martins SGPS SA
257,951
6,382,833
 
33,609,106
 
Republic of Korea 6.1%
BNK Financial Group, Inc.
600,565
6,220,562
CJ CheilJedang Corp.
26,524
4,368,995
CJ Corp.
85,971
9,887,979
DB Insurance Co. Ltd.
60,117
5,703,602
DL E&C Co. Ltd.
92,742
2,825,120
Doosan Enerbility Co. Ltd. *
268,738
11,926,729
E-MART, Inc.
133,507
6,866,211
GS Engineering & Construction Corp.
162,534
2,182,708
GS Holdings Corp.
417,843
13,675,135
Hana Financial Group, Inc.
329,856
19,503,084
Hankook Tire & Technology Co. Ltd.
174,735
5,046,294
Hanwha Corp.
123,729
7,458,004
Hanwha Solutions Corp.
215,955
4,403,758
HD Hyundai Co. Ltd.
90,211
8,896,190
HMM Co. Ltd.
794,750
12,633,681
Hyundai Engineering & Construction
Co. Ltd.
224,945
10,047,894
Hyundai Glovis Co. Ltd.
72,264
9,584,953
Hyundai Mobis Co. Ltd.
126,481
28,976,226
Hyundai Motor Co.
220,510
34,894,587
Hyundai Steel Co.
573,995
13,253,184
Industrial Bank of Korea
216,088
2,956,298
KB Financial Group, Inc.
307,047
23,896,771
Kia Corp.
453,941
34,545,555
Korea Electric Power Corp.
667,678
17,457,360
Korea Gas Corp.
181,973
5,176,790
Korea Zinc Co. Ltd.
9,124
5,388,099
Korean Air Lines Co. Ltd.
414,406
7,079,405
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
53
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
KT Corp.
151,451
5,893,544
KT&G Corp.
90,053
8,725,150
Kumho Petrochemical Co. Ltd.
48,948
3,858,803
LG Chem Ltd.
104,656
20,889,797
LG Corp.
94,482
5,063,053
LG Display Co. Ltd. *
1,323,078
11,420,202
LG Electronics, Inc.
402,792
21,410,774
LG H&H Co. Ltd.
21,974
4,670,611
LG Innotek Co. Ltd.
40,516
4,928,075
LG Uplus Corp.
1,020,403
10,899,467
Lotte Chemical Corp.
118,317
5,404,157
NAVER Corp.
52,087
8,036,441
POSCO Holdings, Inc.
244,269
50,162,776
Posco International Corp.
82,238
2,839,363
Samsung C&T Corp.
101,379
12,236,214
Samsung Electro-Mechanics Co. Ltd.
75,498
8,716,007
Samsung Electronics Co. Ltd.
7,222,179
362,082,990
Samsung Fire & Marine Insurance Co.
Ltd.
25,088
8,012,280
Samsung Life Insurance Co. Ltd.
37,151
3,823,994
Samsung SDI Co. Ltd.
56,404
8,398,222
Samsung SDS Co. Ltd.
54,962
5,823,343
Shinhan Financial Group Co. Ltd.
548,777
25,776,039
SK Hynix, Inc.
327,394
63,347,589
SK Innovation Co. Ltd.
148,822
10,801,036
SK Telecom Co. Ltd.
266,692
10,397,199
SK, Inc.
184,935
27,535,727
S-Oil Corp. *
123,889
5,373,499
Woori Financial Group, Inc.
918,452
16,383,823
 
1,047,765,349
 
Singapore 0.7%
ComfortDelGro Corp. Ltd.
1,853,180
2,094,397
DBS Group Holdings Ltd.
763,115
30,048,768
Keppel Ltd.
357,090
2,435,337
Olam Group Ltd.
5,266,423
4,145,820
Oversea-Chinese Banking Corp. Ltd.
1,657,952
21,632,203
Singapore Airlines Ltd.
1,323,400
6,787,196
Singapore Telecommunications Ltd.
4,388,812
14,743,398
United Overseas Bank Ltd.
680,113
18,654,074
Venture Corp. Ltd.
197,738
2,092,971
Wilmar International Ltd.
4,766,784
10,960,259
 
113,594,423
 
South Africa 0.1%
Valterra Platinum Ltd.
201,742
9,158,135
 
Spain 3.3%
Acciona SA
14,232
2,818,627
Acerinox SA
369,669
4,564,958
ACS Actividades de Construccion y
Servicios SA
217,854
16,460,123
Aena SME SA
199,896
5,788,621
Amadeus IT Group SA
100,094
8,388,655
Banco Bilbao Vizcaya Argentaria SA
4,853,450
87,998,095
Banco de Sabadell SA
3,487,882
13,247,922
Banco Santander SA
18,129,323
173,158,190
CaixaBank SA
1,187,671
11,858,137
Cellnex Telecom SA *
54,130
1,925,484
Enagas SA
118,554
1,847,688
Endesa SA
346,446
10,559,609
Grifols SA
330,092
4,663,517
Iberdrola SA
3,867,248
72,765,296
Industria de Diseno Textil SA
377,088
18,626,294
SECURITY
NUMBER
OF SHARES
VALUE ($)
International Consolidated Airlines
Group SA
1,953,288
10,083,581
Mapfre SA
608,171
2,665,219
Naturgy Energy Group SA
65,205
2,068,338
Redeia Corp. SA
289,074
5,620,177
Repsol SA
3,423,866
56,146,952
Telefonica SA
10,621,568
56,916,176
 
568,171,659
 
Sweden 1.7%
Alfa Laval AB
99,085
4,506,219
Assa Abloy AB, B Shares
416,849
14,712,499
Atlas Copco AB, A Shares
708,504
11,301,874
Atlas Copco AB, B Shares
441,943
6,277,089
Boliden AB *
357,627
12,308,711
Electrolux AB, B Shares *
634,815
3,760,853
Epiroc AB, A Shares
207,095
4,323,025
Epiroc AB, B Shares
145,601
2,707,125
Essity AB, B Shares
475,178
12,830,642
H & M Hennes & Mauritz AB,
B Shares
625,378
9,173,175
Hexagon AB, B Shares
690,929
7,689,519
Husqvarna AB, B Shares
676,339
3,835,378
Sandvik AB
629,599
15,902,844
Securitas AB, B Shares
505,356
7,727,646
Skandinaviska Enskilda Banken AB,
A Shares
797,087
14,731,633
Skanska AB, B Shares
444,047
11,014,334
SKF AB, B Shares
447,072
11,462,476
SSAB AB, A Shares
533,069
3,099,510
SSAB AB, B Shares
1,488,201
8,436,134
Svenska Cellulosa AB SCA, B Shares
188,349
2,560,785
Svenska Handelsbanken AB,
A Shares
873,666
11,227,647
Svenska Handelsbanken AB,
B Shares (a)
11,444
244,692
Swedbank AB, A Shares
644,889
18,135,278
Tele2 AB, B Shares
531,454
9,353,451
Telefonaktiebolaget LM Ericsson,
B Shares
2,797,296
22,251,772
Telia Co. AB
3,016,012
11,247,059
Trelleborg AB, B Shares
119,316
4,613,292
Volvo AB, A Shares
151,934
4,661,040
Volvo AB, B Shares
1,273,396
39,132,573
Volvo Car AB, B Shares *(a)
1,991,346
4,146,337
 
293,374,612
 
Switzerland 4.7%
ABB Ltd.
492,714
33,100,416
Adecco Group AG
492,408
15,775,790
Alcon AG
121,668
9,693,242
Amrize Ltd. *
348,267
18,192,434
Baloise Holding AG
11,640
3,021,258
Barry Callebaut AG (a)
3,340
4,514,361
Bucher Industries AG
3,842
1,827,120
Chocoladefabriken Lindt & Spruengli
AG
27
4,048,057
Chocoladefabriken Lindt & Spruengli
AG, Participation Certificates
268
4,088,505
Cie Financiere Richemont SA, Class A
149,005
26,060,257
Coca-Cola HBC AG *
118,465
5,979,548
DSM-Firmenich AG
50,270
4,913,225
Garmin Ltd.
42,019
10,161,035
Geberit AG
11,109
8,149,798
Givaudan SA
1,811
7,637,908
See financial notes
54
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Holcim AG *
352,659
29,570,306
Julius Baer Group Ltd.
100,087
7,227,357
Kuehne & Nagel International AG
41,111
8,376,035
Logitech International SA
75,769
7,834,347
Lonza Group AG
16,209
11,501,787
Nestle SA
1,299,436
122,601,189
Novartis AG
843,050
106,730,415
Partners Group Holding AG
4,092
5,620,387
Roche Holding AG
409,078
133,262,003
Roche Holding AG, Bearer Shares
17,164
5,889,955
Sandoz Group AG
233,845
14,679,513
Schindler Holding AG
7,110
2,544,847
Schindler Holding AG, Participation
Certificates
15,443
5,743,895
SGS SA
55,161
5,630,350
Sika AG
42,919
9,963,675
Sonova Holding AG
13,523
3,941,564
Sunrise Communications AG, Class A
47,386
2,977,007
Swatch Group AG
77,040
2,846,156
Swatch Group AG, Bearer Shares
36,102
6,530,936
Swiss Life Holding AG
13,803
14,924,963
Swiss Re AG
114,698
20,799,374
Swisscom AG
20,674
14,954,724
Transocean Ltd. *
653,104
1,978,905
UBS Group AG
1,214,760
49,225,867
Zurich Insurance Group AG
72,555
53,064,441
 
805,582,952
 
United Kingdom 13.8%
3i Group PLC
195,927
10,638,582
Aberdeen Group PLC
3,043,731
8,006,518
Admiral Group PLC
122,738
6,012,821
Anglo American PLC
1,752,095
53,924,090
Anglogold Ashanti PLC
195,707
11,088,759
Antofagasta PLC
227,391
6,589,797
ARM Holdings PLC, ADR *
30,318
4,193,283
Ashtead Group PLC
242,656
17,854,189
Associated British Foods PLC
352,190
10,277,849
AstraZeneca PLC
401,280
63,919,413
Aviva PLC
2,549,875
22,447,678
BAE Systems PLC
1,458,669
34,635,666
Balfour Beatty PLC
732,526
5,873,747
Barclays PLC
13,845,933
67,418,403
Barratt Redrow PLC
1,723,103
8,373,811
Bellway PLC
171,651
5,403,482
Berkeley Group Holdings PLC
91,202
4,435,865
BP PLC
30,707,309
179,265,815
British American Tobacco PLC
2,470,989
139,713,293
BT Group PLC
15,966,905
46,703,572
Bunzl PLC
236,063
7,979,702
Burberry Group PLC *
647,085
11,220,925
Centrica PLC
6,150,476
13,374,303
CK Hutchison Holdings Ltd.
6,978,892
45,968,830
Coca-Cola Europacific Partners PLC
76,197
6,770,865
Compass Group PLC
656,238
22,271,654
Croda International PLC
95,707
3,242,968
Currys PLC
4,929,828
7,479,679
Diageo PLC
1,068,348
29,575,095
Dowlais Group PLC
6,085,208
6,400,376
Drax Group PLC
349,375
3,068,150
Firstgroup PLC
2,015,280
6,033,601
GSK PLC
2,914,201
57,188,288
Haleon PLC
4,224,173
20,710,955
Harbour Energy PLC
460,735
1,419,245
Hays PLC
5,108,011
4,306,336
HSBC Holdings PLC
12,010,533
153,619,417
Imperial Brands PLC
870,921
36,735,260
SECURITY
NUMBER
OF SHARES
VALUE ($)
Inchcape PLC
526,174
4,745,174
Informa PLC
431,759
5,077,287
Intertek Group PLC
83,605
5,297,568
Investec PLC
277,713
2,029,855
ITV PLC
4,977,070
5,483,643
J Sainsbury PLC
5,932,054
23,995,420
JD Sports Fashion PLC
1,878,702
2,437,199
John Wood Group PLC *(c)
3,208,956
1,243,922
Johnson Matthey PLC
614,292
15,860,139
Kingfisher PLC
4,719,203
16,411,514
Legal & General Group PLC
4,924,611
16,467,156
Lloyds Banking Group PLC
54,894,792
58,976,497
London Stock Exchange Group PLC
78,098
9,673,552
M&G PLC
4,642,584
16,628,036
Marks & Spencer Group PLC
2,046,822
9,551,550
Melrose Industries PLC
963,751
7,656,206
Mondi PLC
630,814
8,876,302
National Grid PLC
2,854,291
40,143,980
NatWest Group PLC
5,257,330
36,267,490
Next PLC
55,961
9,038,711
Pearson PLC
450,852
6,560,262
Persimmon PLC
625,722
8,986,408
Phoenix Group Holdings PLC
533,364
4,910,899
Prudential PLC
1,601,091
21,384,942
Reckitt Benckiser Group PLC
381,513
28,504,008
RELX PLC
376,173
17,513,557
Rentokil Initial PLC
918,642
4,530,130
Rio Tinto PLC
1,555,942
97,582,063
Rolls-Royce Holdings PLC
274,968
3,975,002
RS Group PLC
229,058
1,748,499
Sage Group PLC
300,381
4,409,341
Serco Group PLC
872,427
2,574,265
Severn Trent PLC
159,787
5,582,663
Shell PLC
10,596,812
389,990,284
Smith & Nephew PLC
608,374
11,367,482
Smiths Group PLC
229,714
7,311,967
SSE PLC
800,781
18,716,788
St. James's Place PLC
142,481
2,442,812
Standard Chartered PLC
1,927,713
36,097,495
Taylor Wimpey PLC
5,083,549
6,575,547
Tesco PLC
10,688,582
61,041,303
Travis Perkins PLC
610,041
4,908,087
Unilever PLC
1,273,963
80,069,658
United Utilities Group PLC
423,765
6,584,069
Vodafone Group PLC
91,025,613
108,665,273
Whitbread PLC
81,150
3,448,106
 
2,385,484,393
 
United States 0.3%
Autoliv, Inc.
66,773
8,284,526
Coronado Global Resources, Inc. (a)
11,659,037
2,785,256
Ferguson Enterprises, Inc.
124,710
28,895,942
Lululemon Athletica, Inc. *
31,038
6,275,884
 
46,241,608
Total Common Stocks
(Cost $12,317,884,891)
16,993,044,106
 
PREFERRED STOCKS 1.3% OF NET ASSETS
 
Germany 0.8%
Bayerische Motoren Werke AG
150,126
14,374,095
Dr. Ing hc F Porsche AG
65,135
3,457,506
FUCHS SE
65,253
3,133,051
Henkel AG & Co. KGaA
98,768
8,330,706
Porsche Automobil Holding SE
95,986
4,088,474
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
55
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Volkswagen AG
966,312
112,631,739
 
146,015,571
 
Italy 0.1%
Telecom Italia SpA - RSP *
25,052,718
13,536,050
 
Republic of Korea 0.4%
Hanwha Corp.
101,107
2,563,583
Hyundai Motor Co.
40,520
4,809,063
Hyundai Motor Co. 2nd
63,994
7,825,197
LG Chem Ltd.
19,856
1,949,537
Samsung Electronics Co. Ltd.
1,212,531
49,364,686
Samsung Fire & Marine Insurance Co.
Ltd.
3,481
825,024
 
67,337,090
 
Spain 0.0%
Grifols SA, B Shares
279,678
2,767,854
Total Preferred Stocks
(Cost $214,143,072)
229,656,565
 
RIGHTS 0.0% OF NET ASSETS
 
Italy 0.0%
Telecom Italia SpA
expires 09/12/25, Strike EUR
0.29*(c)
42,312,137
50
expires 09/12/25, Strike EUR
0.33*(c)
24,979,650
29
 
79
Total Rights
(Cost $0)
79
 
WARRANTS 0.0% OF NET ASSETS
 
Canada 0.0%
Constellation Software, Inc.
expires 03/31/40 *(c)
1,396
7,057
Total Warrants
(Cost $0)
7,057
 
 
 
 
SHORT-TERM INVESTMENTS 0.5% OF NET ASSETS
 
Money Market Funds 0.5%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 4.23% (d)
15,209,614
15,209,613
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 4.23% (d)(e)
73,190,494
73,190,494
 
88,400,107
Total Short-Term Investments
(Cost $88,400,107)
88,400,107
Total Investments in Securities
(Cost $12,620,428,070)
17,311,107,914
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/19/25
642
87,347,310
1,218,975
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$68,738,481.
(b)
Security is traded on separate exchanges for the same issuer.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
 
ADR —
American Depositary Receipt
GDR —
Global Depositary Receipt
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
EUR —
Euro
 
 
% OF NET ASSETS
SECTOR WEIGHTINGS (a)
Financials
19.1
%
Industrials
16.3
%
Consumer Discretionary
12.1
%
Materials
10.6
%
Energy
9.5
%
Consumer Staples
7.9
%
Information Technology
6.7
%
Health Care
6.3
%
Communication Services
5.8
%
Utilities
4.2
%
Real Estate
1.0
%
Short-Term Investments
0.5
%
Total
100.0
%
 
(a)
Excludes derivatives.
See financial notes
56
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (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
$14,607,559,713
$—
$—
$14,607,559,713
United Kingdom
2,384,240,471
—
1,243,922
2,385,484,393
Preferred Stocks1
229,656,565
—
—
229,656,565
Rights
Italy
—
—
79
79
Warrants
Canada
—
—
7,057
7,057
Short-Term Investments1
88,400,107
—
—
88,400,107
Futures Contracts2
1,218,975
—
—
1,218,975
Total
$17,311,075,831
$—
$1,251,058
$17,312,326,889
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
57
Schwab Fundamental International Equity ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - unaffiliated issuers (cost $12,620,428,070) including securities on loan of $68,738,481
 
$17,311,107,914
Cash
 
39,164
Foreign currency, at value (cost $11,597,212)
 
11,644,460
Deposit with broker for futures contracts
 
6,881,331
Receivables:
 
Dividends
 
39,110,771
Foreign tax reclaims
 
19,338,701
Income from securities on loan
+
215,089
Total assets
 
17,388,337,430
 
Liabilities
Collateral held for securities on loan
 
73,190,494
Payables:
 
Management fees
 
3,716,954
Variation margin on futures contracts
+
548,911
Total liabilities
 
77,456,359
Net assets
 
$17,310,881,071
 
Net Assets by Source
Capital received from investors
 
$12,613,068,409
Total distributable earnings
+
4,697,812,662
Net assets
 
$17,310,881,071
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$17,310,881,071
 
411,400,000
$42.08
 
 
 
 
See financial notes
58
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $35,334,498)
 
$365,058,575
Other Interest
 
121,750
Securities on loan, net
+
2,150,044
Total investment income
 
367,330,369
 
Expenses
Management fees
 
19,664,660
Professional fees
+
41,128
1
Total expenses
 
19,705,788
Expense reduction
–
41,128
1
Net expenses
–
19,664,660
Net investment income
 
347,665,709
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated issuers
 
120,745,136
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
167,067,715
Net realized gains on futures contracts
 
12,496,390
Net realized gains on foreign currency transactions
+
3,607,447
Net realized gains
 
303,916,688
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
2,106,299,474
Net change in unrealized appreciation (depreciation) on futures contracts
 
(494,395
)
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
1,904,457
Net change in unrealized appreciation (depreciation)
 
2,107,709,536
Net realized and unrealized gains
 
2,411,626,224
Increase in net assets resulting from operations
 
$2,759,291,933
 
1
Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund
(see financial notes 2(d) and 3 for additional information).
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
59
Schwab Fundamental International Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$347,665,709
$433,886,305
Net realized gains
 
303,916,688
160,247,386
Net change in unrealized appreciation (depreciation)
+
2,107,709,536
443,597,453
Increase in net assets resulting from operations
 
$2,759,291,933
$1,037,731,144
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($87,108,000
)
($508,351,970
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
20,200,000
$752,553,846
41,600,000
$1,453,453,151
Shares redeemed
+
(5,700,000
)
(216,454,382
)
(3,900,000
)
(131,729,313
)
Net transactions in fund shares
 
14,500,000
$536,099,464
37,700,000
$1,321,723,838
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
396,900,000
$14,102,597,674
359,200,000
$12,251,494,662
Total increase
+
14,500,000
3,208,283,397
37,700,000
1,851,103,012
End of period
 
411,400,000
$17,310,881,071
396,900,000
$14,102,597,674
See financial notes
60
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
Per-Share Data
Net asset value at beginning of period
$35.69
$34.37
$32.72
$35.86
$36.11
$28.53
Income (loss) from investment operations:
Net investment income (loss)1
0.76
0.96
0.85
0.80
0.73
0.53
Net realized and unrealized gains (losses)
7.79
1.59
1.80
(3.32
)
(0.01
)
7.66
Total from investment operations
8.55
2.55
2.65
(2.52
)
0.72
8.19
Less distributions:
Distributions from net investment income
(0.19
)
(1.23
)
(1.00
)
(0.62
)
(0.97
)
(0.61
)
Net asset value at end of period
$44.05
$35.69
$34.37
$32.72
$35.86
$36.11
Total return
24.01
%2
7.50
%
8.23
%
(6.91
%)
1.86
%
28.97
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.39
%3
0.39
%
0.39
%
0.39
%4
0.39
%
0.39
%
Net investment income (loss)
3.78
%3
2.71
%
2.56
%
2.53
%
1.90
%
1.78
%
Portfolio turnover rate5
17
%2
33
%
22
%
30
%
28
%
24
%
Net assets, end of period (x 1,000,000)
$3,000
$3,141
$3,206
$2,850
$2,686
$2,293
 
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Not annualized.
3
Annualized.
4
Ratio includes less than 0.005% of non-routine proxy expenses.
5
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
61
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.0% OF NET ASSETS
 
Australia 4.8%
Accent Group Ltd.
270,285
251,200
ALS Ltd.
194,504
2,366,560
Amotiv Ltd.
100,132
640,946
AMP Ltd.
2,069,017
2,315,633
Ansell Ltd.
138,096
3,067,627
ARB Corp. Ltd.
31,769
831,712
ASX Ltd.
51,300
2,099,834
Austal Ltd. *
373,570
1,899,777
Bank of Queensland Ltd.
504,301
2,399,572
Bapcor Ltd.
439,479
1,144,803
Beach Energy Ltd.
2,505,912
1,968,143
Bega Cheese Ltd.
322,215
1,229,487
Bendigo & Adelaide Bank Ltd.
336,267
2,935,957
Breville Group Ltd. (a)
35,422
781,986
Brickworks Ltd.
18,417
430,566
CAR Group Ltd.
49,755
1,316,914
Challenger Ltd.
256,395
1,399,540
Champion Iron Ltd.
466,658
1,374,424
Charter Hall Group
170,474
2,614,208
Cleanaway Waste Management Ltd.
1,212,489
2,206,136
Cochlear Ltd.
12,964
2,558,633
Collins Foods Ltd.
61,046
388,359
Credit Corp. Group Ltd.
67,452
728,431
Cromwell Property Group
1,152,939
335,796
Dexus
497,945
2,447,546
Domino's Pizza Enterprises Ltd.
54,383
536,753
Eagers Automotive Ltd.
294,921
5,337,163
Elders Ltd.
279,243
1,359,768
Evolution Mining Ltd.
888,888
5,038,190
FleetPartners Group Ltd. *
232,664
429,426
Flight Centre Travel Group Ltd. (a)
69,435
592,151
G8 Education Ltd.
1,351,635
751,948
GPT Group
686,297
2,506,432
GrainCorp Ltd., Class A
565,647
2,958,025
Harvey Norman Holdings Ltd.
651,270
2,936,905
Healius Ltd.
2,028,418
1,141,736
Helia Group Ltd.
293,550
1,066,313
IDP Education Ltd. (a)
91,183
335,397
IGO Ltd.
507,710
1,734,586
Iluka Resources Ltd.
613,342
2,541,067
Inghams Group Ltd.
524,279
929,911
Insignia Financial Ltd. *
538,461
1,589,426
IPH Ltd.
171,187
512,031
IRESS Ltd.
129,378
738,391
Lottery Corp. Ltd.
476,083
1,832,186
Lynas Rare Earths Ltd. *(b)
182,125
1,653,315
Lynas Rare Earths Ltd., ADR *(b)(c)
8,419
76,427
Magellan Financial Group Ltd.
255,837
1,711,291
Mirvac Group
1,363,540
2,106,151
Monadelphous Group Ltd.
123,309
1,732,752
Myer Holdings Ltd.
797,803
347,238
New Hope Corp. Ltd.
694,368
2,013,275
nib holdings Ltd.
433,404
2,178,531
Nickel Industries Ltd.
1,943,737
890,523
Nine Entertainment Co. Holdings Ltd.
2,413,992
2,638,529
NRW Holdings Ltd.
684,958
1,721,491
Nufarm Ltd. *
672,165
1,069,035
oOh!media Ltd.
440,304
484,141
Orora Ltd.
1,739,635
2,368,269
Perenti Ltd.
1,928,226
2,978,376
Perpetual Ltd.
80,358
1,142,874
Perseus Mining Ltd.
676,319
1,673,220
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pilbara Minerals Ltd. *
888,979
1,425,500
Premier Investments Ltd.
60,741
888,126
Qantas Airways Ltd.
406,452
3,125,768
Qube Holdings Ltd.
867,428
2,384,473
Ramelius Resources Ltd.
540,629
1,121,678
REA Group Ltd.
5,776
948,992
Reece Ltd. (a)
170,662
1,246,553
Region Group
563,395
899,730
Regis Resources Ltd. *
882,953
2,623,633
Reliance Worldwide Corp. Ltd.
511,176
1,401,826
Ridley Corp. Ltd.
184,178
373,688
Sandfire Resources Ltd. *
217,782
1,784,580
SEEK Ltd.
114,443
2,079,306
Service Stream Ltd.
285,438
388,584
SGH Ltd.
74,242
2,454,351
Sigma Healthcare Ltd.
790,324
1,613,873
Sims Ltd.
204,687
1,906,359
SmartGroup Corp. Ltd.
52,385
310,288
Stanmore Resources Ltd.
275,602
336,412
Star Entertainment Group Ltd. *
5,639,824
387,583
Steadfast Group Ltd.
274,898
1,093,918
Super Retail Group Ltd.
205,541
2,530,445
Tabcorp Holdings Ltd.
3,216,899
2,063,351
TPG Telecom Ltd.
565,332
1,957,352
Treasury Wine Estates Ltd.
285,621
1,463,732
Ventia Services Group Pty. Ltd.
483,042
1,719,861
Vicinity Ltd.
2,228,234
3,777,202
West African Resources Ltd. *(c)
261,798
520,894
Westgold Resources Ltd. *
149,759
337,179
 
144,552,270
 
Austria 0.7%
ANDRITZ AG
56,073
3,947,851
AT&S Austria Technologie &
Systemtechnik AG *(a)
26,923
641,297
EVN AG
32,677
895,013
Kontron AG (a)
33,761
965,801
Lenzing AG *(a)
34,341
1,063,187
Mayr Melnhof Karton AG (a)
29,355
2,762,545
Oesterreichische Post AG
31,159
1,050,382
Palfinger AG
29,482
1,273,370
Strabag SE
34,206
3,142,992
Telekom Austria AG
151,519
1,660,023
UNIQA Insurance Group AG
121,142
1,755,443
Verbund AG
14,495
1,034,102
Vienna Insurance Group AG Wiener
Versicherung Gruppe
36,878
1,912,240
 
22,104,246
 
Belgium 1.0%
Ackermans & van Haaren NV
14,858
3,853,909
Aedifica SA
12,906
991,740
Azelis Group NV
87,276
1,301,474
Barco NV
76,817
1,261,497
Bekaert SA
82,785
3,720,953
bpost SA *
361,218
902,690
Cofinimmo SA
18,991
1,699,404
Colruyt Group NV
64,861
2,853,065
Deme Group NV
5,399
822,802
D'ieteren Group
7,617
1,650,295
Elia Group SA
20,939
2,396,989
Fagron
35,102
852,553
KBC Ancora
13,614
1,054,909
Lotus Bakeries NV
34
333,101
Melexis NV
14,302
1,131,657
Ontex Group NV *
147,459
1,123,631
See financial notes
62
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Solvay SA
63,944
2,103,185
Tessenderlo Group SA
30,368
925,966
Titan SA
21,970
951,487
Warehouses De Pauw CVA
38,071
976,801
 
30,908,108
 
Cambodia 0.0%
NagaCorp Ltd. *
799,267
555,684
 
Canada 7.9%
ADENTRA, Inc.
13,438
336,403
Advantage Energy Ltd. *
145,968
1,181,182
Aecon Group, Inc.
114,002
1,694,731
Air Canada *
173,158
2,459,362
Alamos Gold, Inc., Class A
88,532
2,697,971
Algoma Steel Group, Inc.
321,569
1,564,573
Allied Properties Real Estate Investment
Trust
115,249
1,561,332
Altus Group Ltd.
7,684
344,813
Aris Mining Corp. *
72,937
634,835
Aritzia, Inc. *
26,510
1,587,569
Artis Real Estate Investment Trust (a)
68,352
360,442
Athabasca Oil Corp. *
335,374
1,470,521
AtkinsRealis Group, Inc.
38,029
2,615,870
ATS Corp. *
39,135
1,083,734
Badger Infrastructure Solutions Ltd.
25,732
1,080,109
Bausch & Lomb Corp. *
17,389
253,182
Baytex Energy Corp.
1,247,238
2,770,732
Birchcliff Energy Ltd.
420,484
1,932,521
Bird Construction, Inc.
35,890
591,043
Boardwalk Real Estate Investment Trust
6,417
329,134
Bombardier, Inc., Class B *
34,826
4,072,736
Boralex, Inc., Class A
54,641
1,149,373
Boyd Group Services, Inc.
10,814
1,775,987
Brookfield Business Corp., Class A (a)
50,897
1,681,553
Brookfield Infrastructure Corp.,
Class A (a)
79,396
3,197,931
Brookfield Renewable Corp. (a)
77,640
2,617,689
Brookfield Wealth Solutions Ltd. *
19,411
1,274,132
BRP, Inc.
48,924
3,079,866
CAE, Inc. *
151,339
4,081,782
Cameco Corp.
42,196
3,265,161
Canaccord Genuity Group, Inc. (a)
129,563
959,726
Canada Goose Holdings, Inc. *
32,428
420,422
Canadian Apartment Properties REIT
71,007
2,198,039
Canadian Solar, Inc. *(a)
195,207
1,909,124
Canadian Utilities Ltd., Class A
128,434
3,576,264
Canfor Corp. *
273,719
2,595,740
Capital Power Corp.
40,550
1,691,466
Capstone Copper Corp. *
200,645
1,435,110
Cardinal Energy Ltd. (a)
138,275
734,204
Cargojet, Inc.
11,370
835,100
Cascades, Inc.
316,153
2,263,581
Celestica, Inc. *
43,071
8,391,779
Centerra Gold, Inc.
345,633
2,822,059
CES Energy Solutions Corp.
192,796
1,164,120
Chartwell Retirement Residences
102,968
1,388,956
Chemtrade Logistics Income Fund
185,294
1,761,234
China Gold International Resources
Corp. Ltd.
196,337
2,755,218
Choice Properties Real Estate Investment
Trust
117,785
1,244,809
Cogeco Communications, Inc.
59,623
2,791,483
Colliers International Group, Inc.
11,113
1,835,371
Crombie Real Estate Investment Trust
99,257
1,087,312
CT Real Estate Investment Trust
27,250
319,748
SECURITY
NUMBER
OF SHARES
VALUE ($)
Curaleaf Holdings, Inc. *(a)
134,079
440,436
Definity Financial Corp.
24,235
1,253,099
Descartes Systems Group, Inc. *
8,388
838,525
Dream Industrial Real Estate Investment
Trust
87,209
778,748
Dundee Precious Metals, Inc.
122,584
2,273,199
E-L Financial Corp. Ltd.
62,016
697,875
Eldorado Gold Corp. *
101,925
2,527,802
Element Fleet Management Corp.
64,496
1,719,330
Enerflex Ltd.
175,232
1,766,423
Enghouse Systems Ltd.
32,259
537,356
EQB, Inc.
11,090
730,610
Equinox Gold Corp. *
246,457
2,155,904
ERO Copper Corp. *
46,186
663,380
Exchange Income Corp.
39,500
2,065,123
Fiera Capital Corp.
48,071
235,637
First Capital Real Estate Investment
Trust
140,414
1,977,936
First Majestic Silver Corp.
71,308
652,858
FirstService Corp.
10,512
2,116,947
Fortuna Mining Corp. *
181,016
1,396,234
GFL Environmental, Inc.
53,688
2,686,453
Gibson Energy, Inc.
199,202
3,776,706
goeasy Ltd.
7,604
1,179,909
Granite Real Estate Investment Trust
23,230
1,323,803
H&R Real Estate Investment Trust
318,871
2,824,190
Hudbay Minerals, Inc.
250,069
3,001,666
IAMGOLD Corp. *
260,158
2,423,556
IGM Financial, Inc.
76,202
2,732,937
Interfor Corp. *
127,781
1,178,271
International Petroleum Corp. *
77,986
1,444,208
Killam Apartment Real Estate Investment
Trust
50,199
657,035
Labrador Iron Ore Royalty Corp.
32,806
641,807
Lassonde Industries, Inc., Class A
4,915
760,725
Laurentian Bank of Canada
63,178
1,403,495
Leon's Furniture Ltd.
34,693
754,531
Maple Leaf Foods, Inc.
97,831
2,573,769
Martinrea International, Inc.
140,430
1,060,679
Mattr Corp. *
32,655
272,809
Mullen Group Ltd.
144,499
1,449,253
New Gold, Inc. *
120,653
711,817
NFI Group, Inc. *
96,760
1,299,577
North West Co., Inc.
54,818
2,014,725
Northland Power, Inc. (a)
154,229
2,499,432
Northwest Healthcare Properties Real
Estate Investment Trust
190,982
696,908
NuVista Energy Ltd. *
143,021
1,520,891
Obsidian Energy Ltd. *
63,682
392,867
OceanaGold Corp.
178,280
3,259,280
Onex Corp.
6,691
572,630
OR Royalties, Inc.
15,726
505,472
Pan American Silver Corp.
121,812
4,133,596
Paramount Resources Ltd., Class A
73,418
1,091,952
Parex Resources, Inc.
338,130
4,260,642
Pason Systems, Inc.
66,622
570,165
Peyto Exploration & Development
Corp. (a)
125,676
1,710,830
Precision Drilling Corp. *
25,417
1,471,759
Premium Brands Holdings Corp.
44,442
3,057,643
RB Global, Inc. (a)
28,786
3,298,245
Richelieu Hardware Ltd.
50,580
1,347,253
RioCan Real Estate Investment Trust
246,521
3,318,189
Russel Metals, Inc.
125,831
3,812,644
Sagicor Financial Co. Ltd.
93,001
552,065
Secure Waste Infrastructure Corp.
253,471
3,025,886
Shopify, Inc., Class A *
18,354
2,593,182
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
63
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sienna Senior Living, Inc. (a)
53,952
697,904
SmartCentres Real Estate Investment
Trust
70,799
1,390,248
Spin Master Corp.
38,838
639,592
SSR Mining, Inc. *
335,722
6,479,940
Stantec, Inc.
39,542
4,299,377
Stella-Jones, Inc.
50,525
2,878,521
Superior Plus Corp.
425,631
2,250,687
Tamarack Valley Energy Ltd.
335,155
1,315,769
Teekay Tankers Ltd., Class A
24,938
1,226,201
TELUS International CDA, Inc. *
128,321
497,227
TMX Group Ltd.
58,020
2,317,926
Torex Gold Resources, Inc. *
90,622
3,023,704
TransAlta Corp.
256,648
3,153,539
Transcontinental, Inc., Class A
199,974
2,965,491
Trican Well Service Ltd.
91,674
397,958
Wajax Corp.
28,103
487,164
Winpak Ltd.
26,055
793,634
 
236,432,890
 
China 1.3%
Alibaba Health Information Technology
Ltd. *(a)
1,815,700
1,271,667
Bosideng International Holdings Ltd.
3,310,753
1,906,820
Budweiser Brewing Co. APAC Ltd.
1,640,655
1,767,800
China Medical System Holdings Ltd.
1,718,237
2,882,885
China Water Affairs Group Ltd.
1,854,904
1,477,575
Chow Tai Fook Jewellery Group Ltd.
2,103,471
3,928,569
FIH Mobile Ltd. *
1,494,469
2,940,687
GCL Technology Holdings Ltd. *
14,259,273
2,286,356
Health & Happiness H&H International
Holdings Ltd.
237,429
449,223
Hopson Development Holdings Ltd. *
4,156,300
1,887,325
JOYY, Inc., ADR
81,191
4,389,185
KLN Logistics Group Ltd.
643,097
660,763
Lee & Man Paper Manufacturing Ltd.
4,318,735
1,634,237
Shangri-La Asia Ltd.
478,809
280,682
Towngas Smart Energy Co. Ltd.
1,742,835
896,473
VSTECS Holdings Ltd.
2,131,528
2,982,994
Want Want China Holdings Ltd.
4,325,523
2,996,187
Xinyi Glass Holdings Ltd.
2,728,857
2,978,838
 
37,618,266
 
Cyprus 0.1%
Frontline PLC (a)
100,652
2,103,627
 
Denmark 1.4%
Alm Brand AS
687,109
1,917,839
D/S Norden AS
90,714
3,240,370
Demant AS *
40,001
1,530,478
Dfds AS *
94,161
1,476,514
FLSmidth & Co. AS
37,588
2,567,460
Genmab AS *
6,546
1,630,020
GN Store Nord AS *
115,092
2,086,265
H Lundbeck AS
282,987
1,790,065
ISS AS
91,608
2,680,474
Jyske Bank AS
26,375
2,833,020
Matas AS
17,980
376,108
Netcompany Group AS *
17,056
649,905
NKT AS *
17,182
1,636,766
NTG Nordic Transport Group AS,
Class A *
8,514
245,117
Per Aarsleff Holding AS
20,358
1,995,178
Ringkjoebing Landbobank AS
4,393
993,329
Rockwool AS, B Shares
45,719
1,727,748
SECURITY
NUMBER
OF SHARES
VALUE ($)
Royal Unibrew AS
28,175
2,178,098
Scandinavian Tobacco Group AS,
A Shares
148,233
2,103,585
Schouw & Co. AS
18,116
1,681,708
Sydbank AS
29,249
2,223,516
Tryg AS
135,197
3,557,342
 
41,120,905
 
Finland 1.3%
Finnair OYJ *
163,431
600,287
Fiskars OYJ Abp
20,040
330,272
Hiab OYJ, B shares
14,791
974,714
Huhtamaki OYJ
94,372
3,353,638
Kalmar OYJ, B Shares
32,775
1,508,438
Kemira OYJ
124,494
2,879,431
Kojamo OYJ *
66,829
818,998
Konecranes OYJ
38,664
3,186,036
Mandatum OYJ
344,940
2,371,640
Metsa Board OYJ, B Shares
315,550
1,157,547
Metso OYJ
165,590
2,140,775
Nokian Renkaat OYJ (a)
386,064
3,633,178
Olvi OYJ, Class A
9,280
325,867
Orion OYJ, B Shares
56,213
4,487,376
Sanoma OYJ
125,178
1,570,703
Terveystalo OYJ
93,267
1,155,008
TietoEVRY OYJ
180,522
3,372,363
Tokmanni Group Corp.
71,366
773,524
Valmet OYJ
133,313
4,629,790
 
39,269,585
 
France 3.7%
Aeroports de Paris SA
17,665
2,322,013
Air France-KLM *
315,993
4,961,802
Altarea SCA
2,854
338,737
Alten SA
33,323
2,570,401
Amundi SA
45,297
3,348,221
Beneteau SACA
65,226
637,498
BioMerieux
18,252
2,535,902
Carmila SA *
50,078
1,008,200
Cie de L'Odet SE
999
1,695,527
Clariane SE *
509,059
2,550,253
Coface SA
95,939
1,806,852
Constellium SE *
269,680
3,907,663
Covivio SA
36,647
2,399,992
Criteo SA, ADR *
61,386
1,524,214
Dassault Aviation SA
5,449
1,722,074
Derichebourg SA
281,985
1,973,779
Edenred SE
103,031
2,978,764
Emeis SA *(a)
132,898
1,899,352
Eramet SA
18,491
1,103,829
Eurazeo SE
18,420
1,205,238
Eutelsat Communications SACA *(a)
238,411
866,481
FDJ UNITED
49,416
1,591,796
Fnac Darty SA
37,072
1,277,917
Gaztransport Et Technigaz SA
8,183
1,526,765
Gecina SA
25,610
2,513,529
Getlink SE
101,548
1,919,620
ICADE
72,330
1,755,895
ID Logistics Group SACA *
1,445
693,463
Imerys SA
68,516
1,751,523
Ipsen SA
21,765
2,955,207
IPSOS SA
46,010
1,911,841
JCDecaux SE
108,362
1,865,782
Klepierre SA
54,820
2,139,321
LISI SA
12,340
655,756
Mercialys SA
71,164
902,944
See financial notes
64
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Mersen SA
18,466
524,150
Metropole Television SA
104,712
1,612,960
Nexans SA
28,961
4,413,629
Nexity SA *
246,712
2,492,140
Opmobility
213,326
3,440,839
Pierre Et Vacances SA *
184,154
336,693
Quadient SA
40,316
754,094
Remy Cointreau SA
19,095
1,171,176
Sartorius Stedim Biotech
6,679
1,367,328
Societe BIC SA
29,970
1,873,265
Societe LDC SADIR
5,975
628,737
SOITEC *
13,944
578,432
Sopra Steria Group
16,447
3,053,242
SPIE SA
95,138
5,271,735
Stef SA
2,787
443,004
Television Francaise 1 SA
226,783
2,239,066
Trigano SA
11,837
2,089,365
Ubisoft Entertainment SA *
204,937
2,242,386
Vallourec SACA
144,075
2,585,247
Verallia SA
78,057
2,238,459
Vicat SACA
37,845
2,648,994
Virbac SACA
2,417
947,748
Vivendi SE *
220,562
788,961
Worldline SA *(a)
179,093
595,344
 
111,155,145
 
Germany 3.7%
AIXTRON SE
48,752
715,300
Auto1 Group SE *
103,077
3,486,831
BayWa AG *(a)
65,638
744,475
Bechtle AG
87,705
3,985,210
Bilfinger SE
29,738
3,082,277
CANCOM SE
40,928
1,099,447
Carl Zeiss Meditec AG, Bearer Shares
20,675
1,043,023
Ceconomy AG *
634,007
3,302,367
Cewe Stiftung & Co. KGaA
7,300
821,995
CTS Eventim AG & Co. KGaA
7,620
713,983
Delivery Hero SE *
41,277
1,095,778
Deutsche Pfandbriefbank AG
280,105
1,732,755
Deutz AG
291,618
3,034,502
Duerr AG
76,826
1,906,406
DWS Group GmbH & Co. KGaA
25,110
1,559,206
Evotec SE *
50,197
352,533
Fielmann Group AG
15,597
947,501
Fraport AG Frankfurt Airport Services
Worldwide *
23,025
1,971,448
Gerresheimer AG
25,659
1,295,060
Grenke AG
37,554
741,114
Hella GmbH & Co. KGaA
6,317
617,403
HelloFresh SE *
327,553
2,897,742
Hensoldt AG
14,488
1,503,344
HOCHTIEF AG
10,580
2,677,396
Hornbach Holding AG & Co. KGaA
27,123
3,301,736
HUGO BOSS AG
58,173
2,865,970
Indus Holding AG
35,887
943,028
Jenoptik AG
43,753
870,619
JOST Werke SE
19,898
1,220,428
Kloeckner & Co. SE
618,954
4,267,219
Knorr-Bremse AG
42,521
4,439,557
Krones AG
11,363
1,747,671
LEG Immobilien SE
29,320
2,455,528
Mutares SE & Co. KGaA (a)
34,469
1,151,877
Nemetschek SE
6,026
832,305
Nordex SE *
56,224
1,375,433
ProSiebenSat.1 Media SE
445,037
4,388,714
Rational AG
1,050
782,889
SAF-Holland SE
62,357
1,161,982
SECURITY
NUMBER
OF SHARES
VALUE ($)
Salzgitter AG
147,210
3,839,050
Scout24 SE
16,480
2,135,385
Siltronic AG
29,972
1,245,419
Sixt SE
15,709
1,554,653
Stabilus SE
43,802
1,212,541
Stroeer SE & Co. KGaA
21,123
1,026,065
Suedzucker AG (a)
129,261
1,516,026
TAG Immobilien AG
109,391
1,959,045
Takkt AG
30,877
173,479
Talanx AG
36,917
5,090,295
TeamViewer SE *
52,647
558,615
Traton SE (a)
85,975
3,180,025
TUI AG *
287,292
2,941,735
United Internet AG
175,358
5,603,502
Wacker Chemie AG
37,162
2,836,077
Wacker Neuson SE
45,943
1,349,784
Wuestenrot & Wuerttembergische AG
85,247
1,392,951
 
110,746,699
 
Guernsey 0.0%
Burford Capital Ltd.
57,805
802,061
Sirius Real Estate Ltd.
278,109
381,751
 
1,183,812
 
Hong Kong 3.0%
ASMPT Ltd.
315,081
2,849,363
Bank of East Asia Ltd.
1,341,769
2,211,655
Brightoil Petroleum Holdings Ltd. *(c)
2,380,161
0
Cafe de Coral Holdings Ltd.
346,980
312,893
Cathay Pacific Airways Ltd.
1,119,536
1,538,027
CK Infrastructure Holdings Ltd.
119,085
798,141
Cowell e Holdings, Inc. *
98,028
435,074
Crystal International Group Ltd.
508,838
449,713
CTF Services Ltd.
894,507
891,541
Dah Sing Financial Holdings Ltd.
264,229
1,199,832
DFI Retail Group Holdings Ltd.
479,952
1,526,247
Fortune Real Estate Investment Trust
1,351,462
835,579
Futu Holdings Ltd., ADR
15,381
2,854,714
Galaxy Entertainment Group Ltd.
400,165
2,104,551
Grand Pharmaceutical Group Ltd. (a)
1,124,568
1,355,970
Hang Lung Group Ltd.
1,577,119
2,761,427
Hang Lung Properties Ltd.
1,807,232
1,836,012
Henderson Land Development Co. Ltd.
858,827
2,963,429
HK Electric Investments & HK Electric
Investments Ltd.
1,819,875
1,400,649
HKBN Ltd.
2,296,815
1,487,832
Hongkong Land Holdings Ltd.
814,834
5,051,971
Hysan Development Co. Ltd.
651,678
1,223,801
Johnson Electric Holdings Ltd.
1,070,260
3,918,139
Kerry Properties Ltd.
1,140,734
2,947,002
Kingboard Laminates Holdings Ltd.
1,645,676
2,797,028
Luk Fook Holdings International Ltd.
711,087
2,220,137
Man Wah Holdings Ltd.
1,985,705
1,202,246
Melco Resorts & Entertainment Ltd.,
ADR *
285,650
2,839,361
MTR Corp. Ltd.
498,300
1,684,895
Nine Dragons Paper Holdings Ltd. *
7,556,701
5,476,678
PAX Global Technology Ltd.
1,503,304
1,251,492
PCCW Ltd.
5,536,629
3,735,663
Sino Biopharmaceutical Ltd.
7,804,739
8,119,247
Sino Land Co. Ltd.
2,171,145
2,578,911
SJM Holdings Ltd. *
849,811
316,124
Skyworth Group Ltd. *
4,370,460
1,945,329
Stella International Holdings Ltd.
713,500
1,543,079
Swire Properties Ltd.
669,981
1,815,068
United Energy Group Ltd.
7,497,412
528,945
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
65
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
United Laboratories International
Holdings Ltd.
826,320
1,625,961
Vitasoy International Holdings Ltd.
724,033
847,941
VTech Holdings Ltd.
240,852
1,941,744
Wharf Holdings Ltd.
649,211
1,858,731
Wharf Real Estate Investment Co. Ltd.
741,457
2,149,468
 
89,431,610
 
Indonesia 0.2%
First Pacific Co. Ltd.
5,844,251
5,000,244
 
Ireland 0.5%
AIB Group PLC
259,405
2,107,216
Alkermes PLC *
30,328
878,602
Cairn Homes PLC
482,746
1,237,902
Cimpress PLC *
16,068
1,014,132
Dalata Hotel Group PLC
59,685
445,016
Dole PLC
141,935
2,089,283
Glanbia PLC
141,033
2,347,425
Glenveagh Properties PLC *
311,209
711,055
Grafton Group PLC
272,989
3,223,872
Greencore Group PLC
301,281
1,015,579
Uniphar PLC
149,385
708,163
 
15,778,245
 
Israel 2.2%
Alony Hetz Properties & Investments
Ltd.
104,032
1,181,987
Ashtrom Group Ltd.
22,088
450,273
Azrieli Group Ltd.
8,765
838,618
Bezeq The Israeli Telecommunication
Corp. Ltd.
1,846,874
3,393,294
Cellcom Israel Ltd. *
157,608
1,427,381
Clal Insurance Enterprises Holdings Ltd.
43,504
2,229,474
Delek Automotive Systems Ltd.
112,316
872,455
Delek Group Ltd.
15,620
3,432,591
Delta Galil Ltd.
13,563
708,453
Elbit Systems Ltd.
7,887
3,812,917
Elco Ltd.
16,315
870,250
Electra Ltd.
1,240
737,538
Equital Ltd. *
23,904
1,049,916
Fattal Holdings 1998 Ltd. *
2,444
397,523
FIBI Holdings Ltd.
22,564
1,708,888
First International Bank of Israel Ltd.
27,651
1,958,566
Formula Systems 1985 Ltd.
10,846
1,391,847
Fox Wizel Ltd.
4,687
438,353
G City Ltd.
118,483
449,554
Harel Insurance Investments & Financial
Services Ltd.
91,380
3,040,946
Inmode Ltd. *
21,801
325,707
Isracard Ltd.
193,920
780,423
Israel Corp. Ltd.
14,424
4,658,565
Melisron Ltd.
3,626
425,313
Mivne Real Estate KD Ltd.
227,524
834,707
Mizrahi Tefahot Bank Ltd.
37,114
2,424,664
Nice Ltd. *
19,117
2,711,607
Nova Ltd. *
1,515
398,960
Oil Refineries Ltd.
7,413,747
1,839,832
Partner Communications Co. Ltd.
141,622
1,323,677
Paz Retail & Energy Ltd.
8,863
1,671,344
Phoenix Financial Ltd.
129,779
4,602,051
Plus500 Ltd.
77,687
3,182,358
Rami Levy Chain Stores Hashikma
Marketing 2006 Ltd.
9,091
826,319
Shikun & Binui Ltd. *
236,502
1,043,012
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shufersal Ltd.
234,399
2,904,976
Strauss Group Ltd.
44,506
1,167,824
Taboola.com Ltd. *
93,013
310,663
Tower Semiconductor Ltd. *
65,533
3,967,778
 
65,790,604
 
Italy 2.1%
ACEA SpA
55,257
1,307,795
Amplifon SpA
51,411
936,648
Azimut Holding SpA
89,532
3,213,081
Banca Generali SpA
31,112
1,812,089
Banca Mediolanum SpA
147,778
2,988,992
Banca Monte dei Paschi di Siena SpA
261,221
2,398,069
Banca Popolare di Sondrio SpA
187,167
2,703,434
BFF Bank SpA *
117,159
1,534,536
Buzzi SpA
62,509
3,173,974
CIR SpA-Compagnie Industriali *
785,789
578,533
Danieli & C Officine Meccaniche SpA
14,659
686,334
De' Longhi SpA
42,623
1,493,713
DiaSorin SpA
9,961
1,004,803
Enav SpA
218,783
1,077,095
ERG SpA
42,268
1,022,147
FinecoBank Banca Fineco SpA
154,599
3,392,964
Hera SpA
467,811
2,011,782
Infrastrutture Wireless Italiane SpA
88,155
1,069,001
Interpump Group SpA
45,200
2,148,007
Iren SpA
1,104,019
3,336,599
Italgas SpA
488,996
4,398,661
Lottomatica Group SpA
18,179
494,087
Maire SpA
37,319
539,034
Nexi SpA
350,178
2,222,387
OVS SpA
262,661
1,267,287
Piaggio & C SpA (a)
319,022
745,710
Pirelli & C SpA
461,779
3,163,077
PRADA SpA
197,502
1,160,815
Recordati Industria Chimica e
Farmaceutica SpA
34,092
2,104,972
Reply SpA
7,169
1,032,971
Saipem SpA
660,045
1,854,198
Salvatore Ferragamo SpA *
102,368
563,402
Sesa SpA
6,860
595,397
SOL SpA
16,642
1,007,088
Technogym SpA
55,447
946,901
Webuild SpA
306,049
1,379,186
 
61,364,769
 
Japan 32.8%
& ST HD Co. Ltd. (a)
44,181
910,250
77 Bank Ltd.
35,939
1,397,417
ABC-Mart, Inc. (a)
80,258
1,599,967
Acom Co. Ltd.
455,484
1,435,709
Activia Properties, Inc.
1,118
1,031,004
ADEKA Corp.
144,417
3,250,796
Advance Residence Investment Corp.
1,027
1,140,140
AEON Financial Service Co. Ltd. (a)
183,623
1,860,305
AEON REIT Investment Corp.
1,177
1,054,150
Aica Kogyo Co. Ltd.
78,857
2,035,539
Aichi Steel Corp.
42,260
832,680
Aiful Corp.
185,614
595,431
Ain Holdings, Inc.
58,981
2,456,052
Aisan Industry Co. Ltd.
79,970
1,068,627
ALSOK Co. Ltd.
490,734
3,765,107
Amano Corp.
59,050
1,700,013
Anritsu Corp.
192,198
2,282,290
AOKI Holdings, Inc.
76,585
933,677
Aoyama Trading Co. Ltd.
107,400
1,792,865
See financial notes
66
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Aozora Bank Ltd. (a)
101,957
1,590,897
Arata Corp.
124,295
2,581,984
ARCLANDS Corp.
98,202
1,210,595
Arcs Co. Ltd. (a)
179,894
3,700,186
ARE Holdings, Inc.
126,095
1,764,858
Artience Co. Ltd.
77,526
1,628,930
As One Corp.
44,443
765,512
Asahi Intecc Co. Ltd.
62,479
1,079,154
Asics Corp.
144,351
3,931,617
ASKUL Corp.
64,731
667,921
Autobacs Seven Co. Ltd.
166,212
1,768,249
Axial Retailing, Inc.
127,095
998,928
Azbil Corp.
376,071
3,802,332
Bando Chemical Industries Ltd.
36,102
492,999
BayCurrent, Inc.
22,341
1,274,042
Belc Co. Ltd.
26,483
1,329,336
Bic Camera, Inc. (a)
170,315
1,839,158
BIPROGY, Inc.
71,523
3,100,588
BML, Inc.
57,609
1,394,858
Bunka Shutter Co. Ltd.
98,263
1,746,080
Calbee, Inc.
98,866
1,801,573
Canon Marketing Japan, Inc.
76,195
2,972,033
Capcom Co. Ltd.
63,611
1,735,141
Casio Computer Co. Ltd.
376,780
3,108,932
Central Glass Co. Ltd.
40,653
934,472
Chiba Bank Ltd.
312,722
3,247,027
Chudenko Corp.
48,840
1,288,983
Chugin Financial Group, Inc.
95,014
1,370,609
Chugoku Marine Paints Ltd.
42,607
1,028,720
Citizen Watch Co. Ltd.
382,130
2,641,662
CKD Corp.
72,371
1,216,493
Colowide Co. Ltd.
51,622
686,653
Concordia Financial Group Ltd.
561,488
4,304,136
Cosmos Pharmaceutical Corp.
57,191
3,464,374
Create SD Holdings Co. Ltd.
54,240
1,270,803
Credit Saison Co. Ltd.
131,744
3,389,946
CyberAgent, Inc.
462,740
5,657,199
Daicel Corp.
426,938
3,976,419
Dai-Dan Co. Ltd.
36,653
1,445,400
Daido Steel Co. Ltd.
410,869
3,553,915
Daihen Corp.
23,613
1,264,078
Daiichikosho Co. Ltd.
96,676
1,111,453
Daio Paper Corp.
368,744
2,195,009
Daiseki Co. Ltd.
31,279
761,603
Daishi Hokuetsu Financial Group, Inc.
50,806
1,377,203
Daiwa House REIT Investment Corp. (a)
2,078
1,796,003
Daiwa Office Investment Corp.
333
828,956
Daiwa Securities Living Investments
Corp.
1,019
746,769
DCM Holdings Co. Ltd. (a)
263,783
2,653,550
DeNA Co. Ltd.
51,692
787,746
Denka Co. Ltd.
138,906
2,122,497
Dexerials Corp.
80,504
1,107,838
DMG Mori Co. Ltd.
128,803
2,719,491
Doshisha Co. Ltd.
22,978
408,463
Doutor Nichires Holdings Co. Ltd.
50,358
880,429
DTS Corp.
34,541
1,228,020
Duskin Co. Ltd.
56,622
1,515,190
DyDo Group Holdings, Inc.
35,213
591,420
Eagle Industry Co. Ltd.
54,226
932,543
Earth Corp.
29,371
1,038,212
EDION Corp.
288,955
3,981,311
Eizo Corp.
25,209
385,282
Elecom Co. Ltd.
65,820
828,438
Exedy Corp.
74,385
2,700,303
Ezaki Glico Co. Ltd.
88,945
2,972,608
FCC Co. Ltd.
80,156
1,716,946
Ferrotec Corp.
86,606
2,300,449
SECURITY
NUMBER
OF SHARES
VALUE ($)
Food & Life Cos. Ltd.
56,282
3,268,630
FP Corp.
59,015
1,057,507
Frontier Real Estate Investment Corp.
1,298
773,540
Fuji Co. Ltd.
74,764
1,021,974
Fuji Corp.
134,490
2,533,166
Fuji Media Holdings, Inc.
88,920
2,005,810
Fuji Oil Co. Ltd.
82,384
2,050,272
Fuji Seal International, Inc.
73,985
1,458,788
Fujimi, Inc.
17,814
254,182
Fujitec Co. Ltd.
40,005
1,533,990
Fukuda Denshi Co. Ltd.
22,582
1,038,164
Fukuoka Financial Group, Inc.
99,089
3,012,657
Fukuyama Transporting Co. Ltd.
67,749
1,619,608
Furukawa Co. Ltd.
64,221
1,233,463
Futaba Industrial Co. Ltd.
177,536
1,151,127
Fuyo General Lease Co. Ltd.
68,926
2,057,100
Geo Holdings Corp.
54,335
614,310
Glory Ltd.
116,425
3,040,966
GLP J-Reit (a)
1,567
1,466,411
GMO internet group, Inc.
46,928
1,264,092
Godo Steel Ltd.
12,800
361,355
Goldwin, Inc.
18,084
894,809
GS Yuasa Corp.
193,282
4,399,445
G-Tekt Corp.
56,685
764,036
GungHo Online Entertainment, Inc.
58,443
1,104,974
Gunma Bank Ltd.
185,418
1,960,575
Gunze Ltd.
36,309
927,354
H.U. Group Holdings, Inc.
143,221
3,579,915
H2O Retailing Corp.
193,508
2,746,608
Hachijuni Bank Ltd.
196,554
1,935,754
Hakuhodo DY Holdings, Inc.
259,698
2,095,095
Hamakyorex Co. Ltd.
49,744
510,568
Hamamatsu Photonics KK
236,309
2,510,758
Happinet Corp.
32,247
1,522,028
Hazama Ando Corp.
280,228
3,271,315
Heiwa Corp.
64,764
961,590
Heiwa Real Estate Co. Ltd.
21,094
325,982
Heiwado Co. Ltd.
122,140
2,363,356
Hikari Tsushin, Inc.
11,502
3,082,606
Hino Motors Ltd. *(a)
523,350
1,375,877
Hirogin Holdings, Inc.
153,754
1,481,253
Hirose Electric Co. Ltd.
22,270
2,913,718
Hisamitsu Pharmaceutical Co., Inc.
46,669
1,337,214
Hogy Medical Co. Ltd.
23,756
854,294
Hokkaido Electric Power Co., Inc.
651,478
5,173,665
Hokkoku Financial Holdings, Inc.
19,403
815,369
Hokuetsu Corp. (a)
174,152
1,213,400
Hokuhoku Financial Group, Inc.
98,459
2,513,362
Hokuriku Electric Power Co.
441,086
2,720,569
Horiba Ltd.
38,172
2,885,811
Hoshizaki Corp.
73,217
2,839,418
Hosiden Corp.
126,340
1,979,104
House Foods Group, Inc.
99,233
1,914,033
Hulic Co. Ltd.
364,790
3,928,030
Hyakugo Bank Ltd.
156,412
888,456
Ibiden Co. Ltd.
68,876
3,397,242
Idec Corp.
20,212
336,718
IDOM, Inc. (a)
154,005
1,056,244
Iino Kaiun Kaisha Ltd.
121,443
990,899
Inaba Denki Sangyo Co. Ltd.
94,679
2,681,255
Inabata & Co. Ltd.
151,782
3,576,814
Industrial & Infrastructure Fund
Investment Corp.
1,061
936,527
INFRONEER Holdings, Inc.
441,072
4,423,487
Internet Initiative Japan, Inc.
84,177
1,592,956
Invincible Investment Corp.
1,739
791,181
Ito En Ltd.
90,820
2,088,875
Itochu Enex Co. Ltd.
177,872
2,345,378
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
67
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Itoham Yonekyu Holdings, Inc.
120,416
4,633,750
Iyogin Holdings, Inc.
117,063
1,637,646
Izumi Co. Ltd. (a)
140,758
3,108,995
J Front Retailing Co. Ltd. (a)
263,684
4,126,994
Jaccs Co. Ltd.
52,294
1,529,731
JAFCO Group Co. Ltd.
68,568
1,203,472
Japan Airport Terminal Co. Ltd.
20,502
709,349
Japan Aviation Electronics Industry Ltd.
95,060
1,639,959
Japan Excellent, Inc.
769
766,250
Japan Exchange Group, Inc.
280,369
2,956,931
Japan Hotel REIT Investment Corp.
1,368
805,939
Japan Lifeline Co. Ltd.
33,365
329,276
Japan Logistics Fund, Inc.
1,005
670,799
Japan Metropolitan Fund Invest (a)
3,505
2,671,272
Japan Petroleum Exploration Co. Ltd.
291,063
2,408,592
Japan Prime Realty Investment Corp.
1,772
1,247,913
Japan Pulp & Paper Co. Ltd.
154,993
733,663
Japan Real Estate Investment Corp.
2,916
2,540,142
Japan Steel Works Ltd.
44,626
2,733,637
Japan Wool Textile Co. Ltd.
100,185
1,093,113
Jeol Ltd.
31,608
1,008,571
JGC Holdings Corp.
422,677
4,060,520
Joyful Honda Co. Ltd.
88,691
1,287,250
Juroku Financial Group, Inc.
26,359
980,215
JVCKenwood Corp.
203,821
1,721,356
Kadokawa Corp.
65,572
1,513,973
Kaga Electronics Co. Ltd.
119,017
2,808,744
Kagome Co. Ltd.
72,784
1,426,928
Kakaku.com, Inc.
51,989
975,336
Kaken Pharmaceutical Co. Ltd.
37,652
975,759
Kameda Seika Co. Ltd.
11,286
318,614
Kamigumi Co. Ltd.
133,678
4,026,045
Kanadevia Corp.
347,472
2,345,273
Kanamoto Co. Ltd.
90,095
2,153,812
Kandenko Co. Ltd.
156,642
4,243,977
Kanematsu Corp.
176,583
3,753,554
Kansai Paint Co. Ltd.
119,735
2,031,397
Katitas Co. Ltd.
47,706
876,302
Kato Sangyo Co. Ltd.
103,462
4,051,807
KDX Realty Investment Corp.
1,014
1,168,526
Keihan Holdings Co. Ltd.
92,041
2,016,032
Keikyu Corp.
213,407
2,252,165
Keio Corp.
97,370
2,461,026
Keisei Electric Railway Co. Ltd.
207,225
1,920,880
Kewpie Corp.
84,239
2,373,552
KH Neochem Co. Ltd.
34,013
650,724
Kinden Corp.
153,247
5,502,593
Kitz Corp.
149,596
1,533,404
Kiyo Bank Ltd.
48,082
951,979
Kobayashi Pharmaceutical Co. Ltd.
38,710
1,403,658
Kobe Bussan Co. Ltd.
57,503
1,613,178
Koei Tecmo Holdings Co. Ltd.
51,156
675,750
Kohnan Shoji Co. Ltd. (a)
60,611
1,645,053
Kokusai Electric Corp.
63,238
1,237,626
Kokuyo Co. Ltd.
482,220
3,003,180
Komeri Co. Ltd.
76,656
1,738,563
Konami Group Corp.
29,911
4,564,318
Konishi Co. Ltd.
51,322
454,759
Konoike Transport Co. Ltd.
66,480
1,546,257
Kose Corp.
41,602
1,615,628
Kumagai Gumi Co. Ltd.
81,985
2,652,333
Kumiai Chemical Industry Co. Ltd.
148,693
850,687
Kurabo Industries Ltd.
12,665
658,157
Kureha Corp.
91,376
2,383,586
Kurita Water Industries Ltd.
93,472
3,212,394
Kusuri No. Aoki Holdings Co. Ltd.
44,731
1,192,116
KYB Corp.
102,163
2,654,533
Kyoei Steel Ltd.
38,974
605,746
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kyokuto Kaihatsu Kogyo Co. Ltd.
55,882
1,048,941
Kyorin Pharmaceutical Co. Ltd.
42,768
442,463
Kyoritsu Maintenance Co. Ltd.
34,902
797,285
Kyoto Financial Group, Inc.
79,677
1,593,540
Kyowa Kirin Co. Ltd.
177,727
3,080,642
Kyudenko Corp.
71,592
3,465,867
Kyushu Financial Group, Inc.
226,204
1,350,214
Kyushu Railway Co.
127,746
3,540,259
Lasertec Corp.
8,727
930,504
Leopalace21 Corp.
110,516
523,883
Life Corp. (a)
153,247
2,568,642
Lintec Corp.
82,988
1,955,651
Lion Corp.
305,842
3,279,743
M3, Inc.
209,144
3,113,123
Mabuchi Motor Co. Ltd.
114,943
1,981,020
Macnica Holdings, Inc.
279,628
3,864,228
Makino Milling Machine Co. Ltd.
27,616
2,170,534
Maruha Nichiro Corp.
162,834
3,653,160
Marui Group Co. Ltd.
111,304
2,408,396
Maruichi Steel Tube Ltd.
97,526
2,529,399
Maruwa Co. Ltd.
2,557
708,628
Maruzen Showa Unyu Co. Ltd.
25,124
1,247,430
Max Co. Ltd.
30,642
1,183,314
Maxell Ltd.
40,235
568,346
McDonald's Holdings Co. Japan Ltd.
63,300
2,823,872
MCJ Co. Ltd.
119,181
1,159,138
Mebuki Financial Group, Inc.
566,235
3,528,725
Megachips Corp.
9,460
373,052
Megmilk Snow Brand Co. Ltd.
175,456
3,391,412
Meidensha Corp.
51,170
2,045,754
Meiko Electronics Co. Ltd.
16,595
1,107,652
MEITEC Group Holdings, Inc.
58,577
1,303,396
Menicon Co. Ltd.
82,467
677,372
Milbon Co. Ltd.
15,504
263,777
Mirait One Corp.
220,229
4,269,585
Mitsubishi HC Capital, Inc.
189,622
1,563,340
Mitsubishi Logisnext Co. Ltd.
24,084
305,264
Mitsubishi Logistics Corp.
308,351
2,582,105
Mitsubishi Pencil Co. Ltd.
42,722
576,416
Mitsuboshi Belting Ltd.
30,171
771,613
Mitsui E&S Co. Ltd.
123,888
3,881,388
Mitsui Fudosan Accommodations Fund,
Inc.
939
789,188
Mitsui High-Tec, Inc.
64,087
373,632
Mitsui-Soko Holdings Co. Ltd.
108,230
3,084,914
Mitsuuroko Group Holdings Co. Ltd.
93,063
1,367,819
Miura Co. Ltd.
66,885
1,294,196
MIXI, Inc.
53,200
1,186,651
Mizuho Leasing Co. Ltd.
142,117
1,237,988
Mizuno Corp.
67,081
1,184,683
Mochida Pharmaceutical Co. Ltd.
35,974
761,990
Modec, Inc.
29,722
1,613,379
MonotaRO Co. Ltd.
58,422
1,013,656
Morinaga & Co. Ltd.
95,863
1,744,566
Morinaga Milk Industry Co. Ltd.
167,952
3,773,701
Morita Holdings Corp.
25,376
382,476
MOS Food Services, Inc.
12,322
333,594
Musashi Seimitsu Industry Co. Ltd.
80,108
1,808,670
Nabtesco Corp.
173,955
3,711,909
Nachi-Fujikoshi Corp.
29,305
690,586
Nagoya Railroad Co. Ltd.
155,855
1,787,038
Nakanishi, Inc.
42,886
615,724
Nankai Electric Railway Co. Ltd.
121,129
2,183,746
Nexon Co. Ltd.
190,921
4,362,608
Nextage Co. Ltd.
78,178
1,162,354
NHK Spring Co. Ltd.
149,853
1,895,808
Nichias Corp.
65,218
2,538,538
Nichicon Corp.
119,167
1,120,044
See financial notes
68
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nichiha Corp.
48,158
954,468
Nichireki Group Co. Ltd.
23,357
445,426
Nifco, Inc.
123,674
3,588,294
Nihon Kohden Corp.
181,724
2,040,334
Nihon M&A Center Holdings, Inc.
195,008
1,000,109
Nihon Parkerizing Co. Ltd.
135,369
1,312,893
Nikkiso Co. Ltd.
75,528
770,069
Nikkon Holdings Co. Ltd.
129,058
2,798,711
Nippn Corp.
130,675
2,020,312
Nippon Building Fund, Inc.
3,081
2,983,948
Nippon Densetsu Kogyo Co. Ltd.
73,572
1,365,460
Nippon Electric Glass Co. Ltd.
136,201
4,192,941
Nippon Gas Co. Ltd.
101,133
1,953,091
Nippon Kayaku Co. Ltd.
262,187
2,558,924
Nippon Light Metal Holdings Co. Ltd.
302,107
4,246,885
Nippon Paint Holdings Co. Ltd.
550,443
4,024,523
Nippon Prologis REIT, Inc.
2,432
1,416,217
Nippon Sanso Holdings Corp.
56,548
2,074,357
Nippon Seiki Co. Ltd.
105,132
1,277,408
Nippon Shinyaku Co. Ltd.
82,592
1,759,000
Nippon Shokubai Co. Ltd.
242,519
3,066,484
Nippon Soda Co. Ltd.
80,106
1,923,199
Nippon Television Holdings, Inc.
174,991
4,618,356
Nipro Corp.
288,213
2,953,288
Nishimatsu Construction Co. Ltd.
47,663
1,661,428
Nishimatsuya Chain Co. Ltd.
60,557
879,742
Nishi-Nippon Financial Holdings, Inc.
87,244
1,477,785
Nishi-Nippon Railroad Co. Ltd.
129,726
1,975,157
Nissan Chemical Corp.
112,418
4,008,229
Nissha Co. Ltd.
46,456
431,258
Nisshin Oillio Group Ltd.
62,491
2,204,688
Nisshinbo Holdings, Inc.
493,729
3,907,462
Nitta Corp.
13,156
369,613
Nittetsu Mining Co. Ltd.
15,285
884,880
Nitto Boseki Co. Ltd.
20,260
745,132
Nitto Kogyo Corp.
48,568
1,166,029
NOF Corp.
172,622
3,246,693
Nojima Corp.
133,594
3,011,722
NOK Corp.
224,261
3,937,646
Nomura Co. Ltd.
136,658
967,054
Nomura Real Estate Holdings, Inc.
612,717
3,814,641
Nomura Real Estate Master Fund,
Inc. (a)
2,330
2,554,946
Noritake Co. Ltd.
47,124
1,450,710
Noritz Corp.
41,282
548,271
North Pacific Bank Ltd.
270,761
1,290,875
NPR-RIKEN Corp.
27,840
560,118
NS Solutions Corp.
43,089
1,028,619
NS United Kaiun Kaisha Ltd.
15,526
527,667
NSD Co. Ltd.
36,471
825,177
NTN Corp.
1,809,880
4,054,279
NTT UD REIT Investment Corp.
767
710,451
Obic Co. Ltd.
53,815
1,917,658
Odakyu Electric Railway Co. Ltd.
307,607
3,531,222
Okamoto Industries, Inc.
9,764
337,825
Okamura Corp.
126,788
2,057,795
Oki Electric Industry Co. Ltd.
147,605
1,553,208
Okinawa Cellular Telephone Co.
11,004
376,980
OKUMA Corp.
77,497
1,857,922
Okumura Corp.
52,759
1,739,169
Onward Holdings Co. Ltd.
120,227
525,699
Open House Group Co. Ltd.
87,767
4,519,709
Open Up Group, Inc.
29,351
367,025
Oracle Corp. Japan
13,259
1,379,406
Organo Corp.
6,573
504,531
Orient Corp.
76,164
523,409
Oriental Land Co. Ltd.
144,863
3,471,976
Orix JREIT, Inc. (a)
2,804
1,871,561
SECURITY
NUMBER
OF SHARES
VALUE ($)
Osaka Soda Co. Ltd.
79,494
1,030,322
OSG Corp.
125,916
1,736,625
Pacific Industrial Co. Ltd.
83,244
1,303,443
PALTAC Corp.
110,226
3,401,560
Paramount Bed Holdings Co. Ltd.
50,570
899,979
Park24 Co. Ltd.
103,730
1,430,637
Pasona Group, Inc.
23,097
327,676
Penta-Ocean Construction Co. Ltd.
612,029
4,449,794
Pigeon Corp.
161,572
1,981,341
Pilot Corp.
42,907
1,319,721
Piolax, Inc.
20,047
250,954
Pola Orbis Holdings, Inc.
123,432
1,087,412
Prima Meat Packers Ltd.
94,948
1,526,152
Raito Kogyo Co. Ltd.
75,291
1,692,221
Raiznext Corp.
46,366
601,266
Rakuten Group, Inc. *
235,077
1,468,020
Relo Group, Inc.
70,618
839,288
Resorttrust, Inc.
103,615
1,329,899
Restar Corp.
26,563
472,915
Retail Partners Co. Ltd. (a)
57,861
561,566
Ricoh Leasing Co. Ltd.
9,964
382,748
Rinnai Corp.
126,501
3,158,540
Rohto Pharmaceutical Co. Ltd.
119,996
2,058,300
Round One Corp.
96,854
998,060
Ryobi Ltd.
59,056
1,071,113
S Foods, Inc.
39,339
723,682
Saizeriya Co. Ltd.
22,456
815,191
Sakai Moving Service Co. Ltd.
18,781
373,637
Sakata INX Corp.
99,068
1,526,251
Sakata Seed Corp.
31,860
777,920
San-A Co. Ltd.
74,235
1,441,471
San-Ai Obbli Co. Ltd.
223,028
3,171,684
Sangetsu Corp.
67,862
1,423,565
San-In Godo Bank Ltd.
96,679
887,610
Sanken Electric Co. Ltd. *
27,529
1,550,211
Sanki Engineering Co. Ltd.
70,255
2,392,474
Sankyo Co. Ltd.
113,400
2,295,418
Santen Pharmaceutical Co. Ltd.
335,109
3,566,203
Sanyo Chemical Industries Ltd.
17,518
511,252
Sanyo Denki Co. Ltd.
13,071
890,243
Sapporo Holdings Ltd.
44,101
2,264,747
Sawai Group Holdings Co. Ltd.
130,602
1,666,938
SBI Holdings, Inc.
41,734
1,989,418
SBS Holdings, Inc.
17,369
420,547
SCREEN Holdings Co. Ltd.
53,066
4,112,999
SCSK Corp.
106,062
3,401,641
Sega Sammy Holdings, Inc.
134,524
2,814,628
Seibu Holdings, Inc.
102,433
3,730,354
Seiko Group Corp.
37,360
1,646,308
Seino Holdings Co. Ltd.
127,236
1,993,140
Seiren Co. Ltd.
60,165
1,243,663
Sekisui House Reit, Inc.
1,734
954,246
Sekisui Jushi Corp.
27,432
408,234
Senko Group Holdings Co. Ltd.
261,100
3,593,959
Seria Co. Ltd.
78,000
1,596,390
Seven Bank Ltd.
577,538
1,141,899
Sharp Corp. *
212,391
1,287,148
Shibaura Machine Co. Ltd.
14,522
412,936
Shibuya Corp.
21,514
523,106
Shiga Bank Ltd.
23,553
1,053,930
Shikoku Electric Power Co., Inc.
392,625
3,710,316
Shinmaywa Industries Ltd.
130,732
1,583,119
Ship Healthcare Holdings, Inc.
148,801
2,260,012
Shizuoka Financial Group, Inc.
259,907
3,489,029
SHO-BOND Holdings Co. Ltd.
28,816
1,005,052
Shoei Foods Corp.
9,823
271,625
Showa Sangyo Co. Ltd.
31,892
650,330
Siix Corp.
57,548
512,670
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
69
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
SKY Perfect JSAT Holdings, Inc.
165,667
1,585,303
Skylark Holdings Co. Ltd.
160,898
3,232,754
Socionext, Inc.
109,821
2,146,680
Sotetsu Holdings, Inc.
94,586
1,670,434
Square Enix Holdings Co. Ltd.
75,594
5,218,084
Starts Corp., Inc.
50,488
1,714,168
Sugi Holdings Co. Ltd.
151,864
3,841,464
Sumitomo Bakelite Co. Ltd.
83,272
2,830,085
Sumitomo Densetsu Co. Ltd.
21,117
969,376
Sumitomo Osaka Cement Co. Ltd.
87,496
2,350,906
Sumitomo Pharma Co. Ltd. *
394,016
4,092,453
Sumitomo Riko Co. Ltd.
47,125
709,001
Sumitomo Warehouse Co. Ltd.
79,508
1,667,867
Sundrug Co. Ltd.
126,670
3,993,567
Suruga Bank Ltd.
42,931
433,915
SWCC Corp.
30,451
1,708,948
T Hasegawa Co. Ltd.
31,789
646,064
Tachibana Eletech Co. Ltd.
27,154
539,289
Tadano Ltd.
216,883
1,545,841
Taihei Dengyo Kaisha Ltd.
27,941
1,200,802
Taikisha Ltd.
77,668
1,543,574
Taiyo Holdings Co. Ltd.
27,846
1,467,925
Takamatsu Construction Group Co. Ltd.
24,953
556,588
Takara Holdings, Inc.
305,938
3,530,815
Takara Standard Co. Ltd.
122,197
2,203,000
Takasago International Corp.
14,050
815,297
Takasago Thermal Engineering Co. Ltd.
43,234
2,642,184
Takashimaya Co. Ltd. (a)
438,016
3,896,127
Takeuchi Manufacturing Co. Ltd.
38,584
1,355,991
Takuma Co. Ltd.
97,211
1,495,656
Tamron Co. Ltd.
44,614
309,936
TBS Holdings, Inc.
71,676
2,644,921
TechnoPro Holdings, Inc.
82,516
2,712,223
THK Co. Ltd.
153,688
4,196,392
TKC Corp.
30,664
923,105
Toa Corp.
108,350
1,602,835
Toagosei Co. Ltd.
182,290
1,914,464
TOBISHIMA HOLDINGS, Inc. *
33
475
Tocalo Co. Ltd.
54,475
791,385
Toda Corp.
360,776
2,581,272
Toei Co. Ltd.
18,398
637,806
Toho Co. Ltd.
50,491
3,218,081
Toho Holdings Co. Ltd.
113,557
4,211,257
Tokai Carbon Co. Ltd.
507,261
3,517,056
Tokai Corp.
35,818
530,836
TOKAI Holdings Corp.
247,555
1,768,672
Tokai Rika Co. Ltd.
193,191
3,473,688
Token Corp.
17,553
1,700,008
Tokuyama Corp.
159,155
3,680,104
Tokyo Century Corp.
213,105
2,689,485
Tokyo Kiraboshi Financial Group, Inc.
10,020
482,489
Tokyo Metro Co. Ltd. (a)
70,581
822,504
Tokyo Ohka Kogyo Co. Ltd.
67,252
2,176,157
Tokyo Seimitsu Co. Ltd.
30,735
1,761,100
Tokyo Steel Manufacturing Co. Ltd.
144,878
1,637,987
Tokyo Tatemono Co. Ltd.
184,086
3,498,668
Tokyu Construction Co. Ltd.
115,308
882,726
Tomy Co. Ltd.
59,080
1,362,874
Topcon Corp.
113,320
2,542,320
Topre Corp.
163,463
2,438,168
Toshiba TEC Corp.
51,952
1,021,525
Totetsu Kogyo Co. Ltd.
46,085
1,373,212
Towa Pharmaceutical Co. Ltd.
38,023
751,008
Toyo Construction Co. Ltd.
107,594
1,278,011
Toyo Tire Corp.
220,362
5,655,195
Toyobo Co. Ltd.
192,495
1,426,423
Toyoda Gosei Co. Ltd.
208,329
5,116,529
Toyota Boshoku Corp.
139,995
2,310,287
SECURITY
NUMBER
OF SHARES
VALUE ($)
Transcosmos, Inc.
55,576
1,360,775
Trend Micro, Inc.
54,075
2,891,489
Trusco Nakayama Corp.
105,332
1,744,713
TS Tech Co. Ltd.
237,734
3,011,648
TSI Holdings Co. Ltd.
59,348
436,546
Tsubakimoto Chain Co.
167,071
2,517,017
Tsumura & Co.
58,500
1,410,853
TV Asahi Holdings Corp.
83,285
1,761,280
Tv Tokyo Holdings Corp.
31,217
964,203
UACJ Corp.
88,665
3,822,574
Uchida Yoko Co. Ltd.
10,145
744,162
Ulvac, Inc.
57,206
2,349,800
United Super Markets Holdings, Inc.
352,081
2,302,045
United Urban Investment Corp.
1,534
1,851,352
Ushio, Inc.
105,073
1,541,476
USS Co. Ltd.
200,725
2,440,280
UT Group Co. Ltd.
23,718
439,387
Valor Holdings Co. Ltd.
200,218
3,838,676
Valqua Ltd.
12,682
330,384
Wacoal Holdings Corp.
48,947
1,824,532
Wacom Co. Ltd.
193,343
962,600
Wakita & Co. Ltd.
33,071
416,020
Welcia Holdings Co. Ltd.
193,942
3,422,467
YAMABIKO Corp.
35,881
572,825
Yamae Group Holdings Co. Ltd.
60,445
1,111,538
Yamaguchi Financial Group, Inc.
94,409
1,143,582
Yamato Kogyo Co. Ltd.
27,903
1,842,083
Yamazen Corp.
173,556
1,621,787
Yaoko Co. Ltd.
31,362
1,956,374
Yellow Hat Ltd.
123,257
1,391,022
Yodogawa Steel Works Ltd.
161,853
1,514,633
Yokogawa Bridge Holdings Corp.
64,140
1,214,434
Yoshinoya Holdings Co. Ltd. (a)
59,090
1,279,395
Yuasa Trading Co. Ltd.
52,491
1,764,298
Yurtec Corp.
88,090
1,588,110
Zacros Corp.
16,947
483,623
Zenkoku Hosho Co. Ltd.
61,670
1,419,681
Zensho Holdings Co. Ltd.
37,340
2,371,500
Zeon Corp.
282,674
3,267,140
Zojirushi Corp.
30,050
346,294
ZOZO, Inc.
113,297
1,059,856
 
985,137,970
 
Jersey 0.2%
boohoo Group PLC *(a)
916,080
188,621
CVC Capital Partners PLC
18,624
376,039
International Workplace Group PLC
674,962
1,845,701
Man Group PLC
666,927
1,473,220
TP ICAP Group PLC
809,187
3,033,775
 
6,917,356
 
Luxembourg 0.6%
Allegro.eu SA *
134,266
1,345,460
Aroundtown SA *
800,781
3,175,620
Befesa SA
46,822
1,503,853
Grand City Properties SA
30,933
399,002
InPost SA *
21,035
305,552
RTL Group SA (a)
83,435
3,437,655
Samsonite Group SA
773,725
1,685,236
Spotify Technology SA *
5,141
3,505,545
Subsea 7 SA
95,997
2,004,506
 
17,362,429
 
See financial notes
70
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Macau 0.1%
Sands China Ltd.
801,191
2,090,372
Wynn Macau Ltd.
415,857
382,472
 
2,472,844
 
Netherlands 2.0%
Adyen NV *
2,283
3,833,076
Arcadis NV
36,483
1,683,366
ASM International NV
3,066
1,473,900
Basic-Fit NV *
34,577
1,011,000
BE Semiconductor Industries NV
16,147
2,175,397
Brembo NV
172,180
1,906,537
Cementir Holding NV
55,012
904,057
Corbion NV
56,438
1,138,225
CTP NV
22,172
476,485
Davide Campari-Milano NV
267,716
2,014,288
Eurocommercial Properties NV
28,829
914,471
Euronext NV
18,415
3,041,375
Ferrovial SE
29,546
1,614,707
Flow Traders Ltd. *
17,830
528,846
Fugro NV
104,823
1,445,350
IMCD NV
11,005
1,236,352
JDE Peet's NV
134,345
4,912,514
Just Eat Takeaway.com NV *
164,047
3,874,902
Koninklijke BAM Groep NV
241,818
2,155,410
Koninklijke Heijmans NV
12,578
864,950
Koninklijke Vopak NV
42,097
2,036,023
MFE-MediaForEurope NV, Class A
356,746
1,299,481
MFE-MediaForEurope NV, Class B
143,996
765,542
OCI NV *
224,675
1,283,878
Pepco Group NV
185,204
1,088,688
Qiagen NV
77,051
3,581,372
RHI Magnesita NV
23,304
642,291
SBM Offshore NV
93,766
2,563,832
Technip Energies NV
100,298
4,634,904
TKH Group NV
51,149
2,072,696
Van Lanschot Kempen NV
18,396
1,123,997
 
58,297,912
 
New Zealand 0.7%
a2 Milk Co. Ltd. (a)
364,108
2,298,808
Air New Zealand Ltd.
3,208,911
1,117,116
Auckland International Airport Ltd.
250,319
1,115,140
Chorus Ltd. (a)
310,732
1,800,471
Contact Energy Ltd.
571,664
3,049,285
EBOS Group Ltd.
151,447
2,914,072
Fisher & Paykel Healthcare Corp. Ltd.
131,647
2,843,026
Freightways Group Ltd.
45,427
325,939
Genesis Energy Ltd.
851,641
1,185,925
Mercury NZ Ltd.
366,362
1,418,087
Meridian Energy Ltd.
682,571
2,299,708
Ryman Healthcare Ltd. *
120,008
169,238
SKYCITY Entertainment Group Ltd. *
1,379,576
569,813
Xero Ltd. *
7,066
756,554
 
21,863,182
 
Norway 1.9%
AF Gruppen ASA *
45,064
727,486
Aker Solutions ASA
294,974
913,037
Atea ASA *
102,951
1,434,507
Austevoll Seafood ASA
146,939
1,363,004
Bluenord ASA *
6,281
307,566
Bonheur ASA
13,128
299,865
Borregaard ASA
59,214
1,231,728
SECURITY
NUMBER
OF SHARES
VALUE ($)
DNO ASA
2,092,672
3,186,667
DOF Group ASA
47,073
459,137
Elkem ASA *
1,209,667
3,082,123
Europris ASA
159,702
1,543,383
Gjensidige Forsikring ASA
103,400
2,873,294
Hoegh Autoliners ASA
139,485
1,602,055
Kongsberg Gruppen ASA
64,758
1,933,888
Leroy Seafood Group ASA
359,821
1,761,959
MPC Container Ships ASA
677,105
1,208,990
Norconsult Norge AS
189,601
870,876
Nordic Semiconductor ASA *
57,570
950,576
Norwegian Air Shuttle ASA
358,602
606,744
Odfjell Drilling Ltd.
69,829
562,944
Opera Ltd., ADR
40,281
654,566
Salmar ASA
28,814
1,475,479
Scatec ASA *
39,200
412,387
SFL Corp. Ltd.
132,666
1,078,575
SpareBank 1 Nord Norge
98,340
1,340,895
SpareBank 1 SMN
78,037
1,490,613
SpareBank 1 Sor-Norge ASA
116,690
2,048,691
Sparebanken Norge
86,592
1,463,044
Stolt-Nielsen Ltd.
41,387
1,344,904
Storebrand ASA
168,946
2,599,570
TGS ASA
220,156
1,681,718
TOMRA Systems ASA
85,535
1,300,802
Var Energi ASA
396,676
1,356,937
Veidekke ASA
131,449
2,082,785
Vend Marketplaces ASA, A Shares
33,857
1,312,165
Vend Marketplaces ASA, B Shares
64,042
2,339,242
Wallenius Wilhelmsen ASA
405,964
3,796,020
Wilh Wilhelmsen Holding ASA, Class A
6,840
350,596
Wilh Wilhelmsen Holding ASA, Class B
4,008
195,265
 
55,244,083
 
Poland 1.2%
Alior Bank SA
54,457
1,549,766
Asseco Poland SA
78,402
4,064,365
Bank Millennium SA *
160,889
622,115
Budimex SA
5,168
755,366
CD Projekt SA
12,551
867,985
Cognor Holding SA *
207,418
377,108
Cyfrowy Polsat SA *
710,584
2,788,592
Dino Polska SA *
130,596
1,628,194
Enea SA
773,997
3,893,456
Eurocash SA *
311,067
682,932
Grupa Azoty SA *
265,709
1,330,040
Grupa Kety SA
8,352
2,113,270
Jastrzebska Spolka Weglowa SA *
341,970
2,124,702
KRUK SA
9,389
1,171,596
LPP SA
388
1,836,768
mBank SA *
4,874
1,174,661
Orange Polska SA
1,078,389
2,743,989
Santander Bank Polska SA
15,911
2,209,437
Tauron Polska Energia SA *
1,616,704
3,747,271
 
35,681,613
 
Portugal 0.4%
Banco Comercial Portugues SA, Class R
3,732,210
3,162,831
Navigator Co. SA
288,929
1,121,442
NOS SGPS SA
355,386
1,624,399
REN - Redes Energeticas Nacionais
SGPS SA
537,836
1,882,315
Sonae SGPS SA
2,387,566
3,571,556
 
11,362,543
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
71
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Republic of Korea 7.6%
Amorepacific Corp.
32,994
2,855,010
Amorepacific Holdings Corp.
100,366
1,963,643
Asiana Airlines, Inc. *
297,312
2,027,346
BGF retail Co. Ltd.
19,492
1,644,605
BH Co. Ltd.
51,930
690,283
Binggrae Co. Ltd.
4,713
239,337
Celltrion, Inc.
21,901
2,640,250
Cheil Worldwide, Inc.
105,227
1,498,647
CJ ENM Co. Ltd. *
45,230
2,322,907
CJ Logistics Corp.
27,082
1,626,576
Coway Co. Ltd.
69,331
5,196,397
Daeduck Electronics Co. Ltd.
59,207
1,024,225
Daesang Corp.
66,294
1,077,680
Daewoo Engineering & Construction Co.
Ltd. *
862,036
2,306,617
Daishin Securities Co. Ltd.
38,865
779,956
Daou Data Corp.
59,425
700,576
Daou Technology, Inc.
85,507
2,100,388
DB HiTek Co. Ltd.
44,632
1,475,159
DL E&C Co. Ltd.
65,757
2,003,099
DL Holdings Co. Ltd.
32,184
902,842
Dongjin Semichem Co. Ltd.
35,066
755,423
Dongwon Industries Co. Ltd.
13,015
408,635
Doosan Bobcat, Inc. *
89,015
3,419,098
Doosan Co. Ltd.
13,791
5,555,087
DoubleDown Interactive Co. Ltd.,
ADR *(a)
32,998
318,431
E1 Corp.
10,744
578,835
Ecopro BM Co. Ltd. *
4,790
417,585
Ecopro Co. Ltd.
21,367
777,680
F&F Co. Ltd.
21,156
1,011,958
Gravity Co. Ltd., ADR *
5,030
324,687
GS Engineering & Construction Corp.
146,317
1,964,926
GS P&L Co. Ltd. *
12,444
437,699
GS Retail Co. Ltd.
128,860
1,502,478
Handsome Co. Ltd.
34,004
368,351
Hanjin Logistics Corp.
26,824
391,676
Hanon Systems *
429,032
1,103,247
Hansol Chemical Co. Ltd.
8,818
1,124,569
Hanwha Aerospace Co. Ltd.
4,970
3,160,209
Hanwha General Insurance Co. Ltd. *
109,176
446,834
Hanwha Life Insurance Co. Ltd. *
870,271
1,962,453
Hanwha Vision Co. Ltd. *
4,200
161,021
Harim Holdings Co. Ltd.
640,972
3,845,140
HD Hyundai Construction Equipment Co.
Ltd.
23,840
1,498,735
HD Hyundai Infracore Co. Ltd. *
221,051
2,232,373
HD Hyundai Mipo
8,866
1,304,152
HD Korea Shipbuilding & Offshore
Engineering Co. Ltd.
20,998
6,139,678
HDC Holdings Co. Ltd.
107,196
1,657,769
HDC Hyundai Development
Co-Engineering & Construction,
Class E
81,644
1,166,888
Hite Jinro Co. Ltd.
47,876
657,746
HL Mando Co. Ltd.
78,922
2,026,625
Hotel Shilla Co. Ltd. *
46,642
1,573,465
HS Hyosung Advanced Materials Corp.
5,731
783,645
HYBE Co. Ltd. *
1,774
366,220
Hyosung Corp.
6,805
424,869
Hyosung TNC Corp.
11,363
1,789,964
Hyundai Department Store Co. Ltd.
43,234
2,310,582
Hyundai Elevator Co. Ltd.
18,252
1,029,280
Hyundai Green Food
102,401
1,185,870
Hyundai Home Shopping Network Corp.
13,517
540,583
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hyundai Marine & Fire Insurance Co.
Ltd. *
166,469
3,340,755
Hyundai Rotem Co. Ltd.
5,109
705,944
Hyundai Wia Corp.
75,292
2,724,105
iM Financial Group Co. Ltd.
418,476
4,126,816
Industrial Bank of Korea
144,836
1,981,500
IS Dongseo Co. Ltd.
19,057
268,669
JB Financial Group Co. Ltd.
177,455
2,999,599
Kakao Corp.
105,434
4,739,885
Kangwon Land, Inc.
79,503
1,032,209
KCC Corp.
8,543
2,445,685
KCC Glass Corp.
28,131
600,964
KEPCO Plant Service & Engineering Co.
Ltd.
24,130
873,037
KG Chemical Corp.
176,389
603,929
KG Dongbusteel
87,198
334,303
KIWOOM Securities Co. Ltd.
12,255
1,811,475
Kolon Industries, Inc.
92,625
2,448,458
Korea Aerospace Industries Ltd.
20,368
1,394,737
Korea Investment Holdings Co. Ltd.
45,676
4,415,648
Korea Petrochemical Ind Co. Ltd.
19,495
1,710,764
Korean Reinsurance Co.
263,444
2,054,115
Krafton, Inc. *
8,139
1,917,297
Kumho Tire Co., Inc. *
216,560
772,622
Kwang Dong Pharmaceutical Co. Ltd.
76,200
332,698
LF Corp.
78,644
1,071,403
LG Energy Solution Ltd. *
6,418
1,624,985
Lotte Chilsung Beverage Co. Ltd.
4,303
370,177
Lotte Corp.
89,264
1,874,849
LOTTE Fine Chemical Co. Ltd.
39,845
1,195,135
Lotte Rental Co. Ltd.
51,174
1,060,105
Lotte Shopping Co. Ltd.
70,981
3,374,820
LS Corp.
36,093
4,610,766
LS Electric Co. Ltd.
6,808
1,393,185
LX Hausys Ltd.
19,848
405,455
LX International Corp.
177,809
3,798,545
LX Semicon Co. Ltd.
24,503
948,219
Macquarie Korea Infrastructure Fund
135,934
1,139,098
Mcnex Co. Ltd.
23,940
516,598
Meritz Financial Group, Inc.
34,804
3,166,845
Mirae Asset Securities Co. Ltd.
219,435
3,022,608
Misto Holdings Corp.
48,160
1,446,272
NCSoft Corp.
18,945
2,766,290
Netmarble Corp.
8,809
379,543
NH Investment & Securities Co. Ltd.
127,432
1,780,977
NHN Corp.
61,695
1,153,800
NICE Holdings Co. Ltd.
57,882
567,891
NongShim Co. Ltd.
4,185
1,234,202
OCI Holdings Co. Ltd.
26,609
1,674,726
Orion Corp.
22,613
1,753,412
Orion Holdings Corp.
79,537
1,187,119
Otoki Corp.
3,514
969,336
Pan Ocean Co. Ltd.
688,230
1,928,183
Partron Co. Ltd.
78,878
363,681
Poongsan Corp.
32,143
2,746,692
POSCO Future M Co. Ltd. *
1,922
195,345
Posco International Corp.
47,517
1,640,580
S-1 Corp.
33,065
1,905,058
Samchully Co. Ltd.
6,526
598,031
Samsung Biologics Co. Ltd. *
403
290,166
Samsung Card Co. Ltd.
17,049
619,295
Samsung E&A Co. Ltd.
237,039
4,961,579
Samsung Heavy Industries Co. Ltd. *
153,936
2,358,451
Samsung Life Insurance Co. Ltd.
30,927
3,183,351
Samsung Securities Co. Ltd.
49,388
2,444,089
Samyang Holdings Corp. *
12,283
759,819
SD Biosensor, Inc.
138,603
998,959
SeAH Besteel Holdings Corp.
23,256
466,709
See financial notes
72
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
SeAH Steel Holdings Corp.
5,783
766,630
Seegene, Inc.
64,571
1,205,263
Seoul Semiconductor Co. Ltd. *
54,127
260,464
Seoyon E-Hwa Co. Ltd.
28,598
241,291
SFA Engineering Corp.
52,807
873,628
Shinsegae, Inc.
25,116
2,986,279
SIMMTECH Co. Ltd.
57,888
1,061,783
SK Chemicals Co. Ltd.
30,306
1,297,038
SK Discovery Co. Ltd.
51,993
1,978,371
SK Gas Ltd.
4,770
883,492
SK Networks Co. Ltd.
561,359
1,770,587
SKC Co. Ltd. *
9,821
662,622
SL Corp.
29,045
710,325
Soulbrain Co. Ltd.
5,048
793,374
Sungwoo Hitech Co. Ltd.
125,344
543,661
Taekwang Industrial Co. Ltd.
788
491,420
Taihan Electric Wire Co. Ltd. *
84,034
947,177
WONIK IPS Co. Ltd.
40,036
1,170,626
Young Poong Corp.
14,176
386,456
Youngone Corp.
42,029
1,774,575
Youngone Holdings Co. Ltd.
18,521
1,758,513
Yuhan Corp.
13,297
1,085,567
 
229,030,714
 
Singapore 2.0%
BW LPG Ltd.
133,483
2,079,143
CapitaLand Ascendas REIT
1,321,142
2,800,862
CapitaLand Ascott Trust
1,286,530
887,435
CapitaLand Integrated Commercial Trust
1,615,037
2,870,058
CapitaLand Investment Ltd.
849,679
1,827,836
City Developments Ltd.
495,244
2,624,832
ComfortDelGro Corp. Ltd.
1,759,850
1,988,919
Frasers Logistics & Commercial Trust
1,324,181
939,209
Genting Singapore Ltd.
3,412,191
1,914,870
Grab Holdings Ltd., Class A *
88,531
441,770
Hafnia Ltd.
247,849
1,516,086
Hutchison Port Holdings Trust, U Shares
16,470,862
3,541,235
IGG, Inc.
2,022,208
1,226,941
Jardine Cycle & Carriage Ltd.
148,972
3,283,654
Keppel Infrastructure Trust
4,360,696
1,512,478
Keppel Ltd.
325,897
2,222,602
Mapletree Industrial Trust
689,475
1,107,029
Mapletree Logistics Trust
1,227,192
1,166,932
Mapletree Pan Asia Commercial Trust
1,008,668
1,084,927
Netlink NBN Trust
1,208,788
876,206
SATS Ltd.
393,809
1,015,984
Sea Ltd., ADR *
31,598
5,894,291
Seatrium Ltd.
469,703
856,668
Sembcorp Industries Ltd.
505,212
2,390,208
Sheng Siong Group Ltd.
503,756
797,058
Singapore Exchange Ltd.
293,457
3,790,010
Singapore Post Ltd.
2,561,357
928,317
Singapore Technologies Engineering Ltd.
676,490
4,049,449
StarHub Ltd.
381,849
333,337
UOL Group Ltd.
493,130
2,863,460
Venture Corp. Ltd.
211,804
2,241,854
 
61,073,660
 
Spain 1.6%
Abengoa SA, B Shares *(c)
192,522,094
0
Acciona SA
10,083
1,996,923
Almirall SA
32,596
425,794
Atresmedia Corp. de Medios de
Comunicacion SA
55,867
340,694
Bankinter SA
310,976
4,639,371
Cellnex Telecom SA *
42,285
1,504,140
SECURITY
NUMBER
OF SHARES
VALUE ($)
CIE Automotive SA
48,809
1,539,678
Construcciones y Auxiliar de
Ferrocarriles SA
22,476
1,360,131
Corp. ACCIONA Energias Renovables
SA (a)
42,554
1,144,621
Ebro Foods SA
70,109
1,441,019
EDP Renovaveis SA
129,937
1,526,996
Elecnor SA
36,677
965,934
Enagas SA
130,887
2,039,901
Ence Energia y Celulosa SA (a)
97,189
320,120
Faes Farma SA
206,699
1,016,153
Fluidra SA
47,061
1,340,766
Gestamp Automocion SA
564,723
2,281,800
Grupo Catalana Occidente SA
36,136
2,070,447
Indra Sistemas SA
62,402
2,518,472
Inmobiliaria Colonial Socimi SA
158,767
1,047,190
Linea Directa Aseguradora SA Cia de
Seguros y Reaseguros
747,306
1,166,878
Logista Integral SA
46,538
1,525,236
Mapfre SA
608,337
2,665,946
Merlin Properties Socimi SA
166,885
2,486,663
Naturgy Energy Group SA
68,217
2,163,880
Prosegur Cia de Seguridad SA
243,836
756,336
Puig Brands SA, Class B
17,526
330,278
Sacyr SA
559,544
2,361,736
Unicaja Banco SA
538,578
1,494,061
Vidrala SA
11,632
1,253,965
Viscofan SA
33,049
2,313,294
 
48,038,423
 
Sweden 3.1%
AAK AB
91,766
2,634,890
AcadeMedia AB
137,211
1,343,692
AddLife AB, B Shares
38,211
714,485
AddTech AB, B Shares
45,049
1,578,087
AFRY AB
100,776
1,590,519
Alleima AB
230,422
1,701,501
Ambea AB
28,101
378,794
Arjo AB, B Shares
231,974
846,924
Asmodee Group AB, Class B *
29,401
355,755
Attendo AB
132,308
922,489
Avanza Bank Holding AB
22,613
853,537
Axfood AB
84,654
2,669,458
Beijer Ref AB
85,671
1,456,200
Betsson AB, Class B
91,486
1,548,276
Bilia AB, A Shares
144,079
1,776,245
Billerud Aktiebolag
355,016
3,390,374
Bravida Holding AB
208,275
2,039,614
Castellum AB
171,300
1,939,918
Clas Ohlson AB, B Shares
18,077
638,974
Corem Property Group AB, B Shares
369,164
179,550
Dometic Group AB
516,224
2,882,135
Electrolux Professional AB, B Shares
98,401
638,262
Elekta AB, B Shares
325,261
1,616,332
Embracer Group AB *
77,205
689,507
EQT AB
69,781
2,506,382
Evolution AB
40,593
3,516,383
Fabege AB
96,501
830,846
Fastighets AB Balder, B Shares *
139,431
991,301
Getinge AB, B Shares
168,176
3,681,162
Granges AB
131,580
1,929,348
Hexpol AB
223,453
2,011,208
Holmen AB, B Shares
69,060
2,687,679
Indutrade AB
71,972
1,789,787
Investment AB Latour, B Shares
12,547
318,246
Inwido AB
46,970
908,532
JM AB
102,128
1,474,839
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
73
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lagercrantz Group AB, B Shares
13,133
310,495
Lifco AB, B Shares
33,078
1,174,113
Lindab International AB
52,913
1,173,851
Loomis AB
78,107
3,460,586
MEKO AB
58,577
505,569
Mycronic AB
35,425
793,559
NCAB Group AB *
58,366
303,482
NCC AB, B Shares
147,278
3,019,914
New Wave Group AB, B Shares
58,826
656,243
Nibe Industrier AB, B Shares
776,433
3,184,130
Nolato AB, B Shares
130,698
801,498
Pandox AB
15,494
280,220
Peab AB, B Shares
331,103
2,581,373
Ratos AB, B Shares
406,368
1,511,959
Saab AB, B Shares
89,599
5,065,828
Sagax AB, B Shares
27,510
595,766
Samhallsbyggnadsbolaget i Norden
AB *(a)
2,180,053
1,100,845
Scandic Hotels Group AB
153,211
1,419,452
Sinch AB *
578,904
1,807,154
Stillfront Group AB *
458,488
242,417
Svenska Cellulosa AB SCA, B Shares
111,444
1,515,188
Sweco AB, B Shares
87,654
1,477,869
Swedish Orphan Biovitrum AB *
57,858
1,755,412
Thule Group AB
59,320
1,659,397
Wihlborgs Fastigheter AB
80,856
802,491
 
94,230,042
 
Switzerland 3.0%
Accelleron Industries AG
20,878
1,797,643
Allreal Holding AG
7,325
1,661,085
ALSO Holding AG
9,534
3,024,678
Aryzta AG *
17,037
1,570,334
Avolta AG *
65,222
3,753,091
Baloise Holding AG
8,617
2,236,613
Banque Cantonale Vaudoise
10,206
1,187,858
Belimo Holding AG
2,487
2,738,952
Bell Food Group AG
4,423
1,394,901
BeOne Medicines Ltd., Class H *
11,632
274,840
BKW AG
10,094
2,104,575
Bossard Holding AG, Class A
3,389
718,474
Bucher Industries AG
4,513
2,146,224
Burckhardt Compression Holding AG
490
441,524
Bystronic AG
1,704
750,651
Cembra Money Bank AG
15,598
1,771,502
Clariant AG *
259,882
2,671,836
Comet Holding AG
2,238
479,221
Daetwyler Holding AG
3,866
654,131
DKSH Holding AG
47,855
3,521,524
DocMorris AG *
17,286
142,779
dormakaba Holding AG
1,857
1,729,063
DSM-Firmenich AG
6,564
641,544
Emmi AG
1,633
1,524,583
EMS-Chemie Holding AG
2,656
2,039,242
Flughafen Zurich AG
6,368
1,946,143
Forbo Holding AG
1,172
1,163,126
Galderma Group AG
4,154
725,735
Galenica AG
40,389
4,331,816
Georg Fischer AG
40,676
3,252,858
Helvetia Holding AG
17,807
4,586,297
Huber & Suhner AG
15,110
2,288,105
Inficon Holding AG
5,367
638,089
Interroll Holding AG
356
1,000,213
Kardex Holding AG
1,092
457,135
Landis & Gyr Group AG *
25,813
2,070,726
Luzerner Kantonalbank AG
4,424
422,441
Mobimo Holding AG
2,362
934,099
SECURITY
NUMBER
OF SHARES
VALUE ($)
OC Oerlikon Corp. AG Pfaffikon
374,762
1,380,764
On Holding AG, Class A *
7,699
347,071
PSP Swiss Property AG
9,620
1,601,226
SFS Group AG
8,899
1,225,067
Siegfried Holding AG *
8,450
886,190
SIG Group AG *
127,245
2,017,639
Softwareone Holding AG
116,199
1,003,408
St. Galler Kantonalbank AG
1,240
782,129
Stadler Rail AG
44,541
1,186,199
Straumann Holding AG
18,767
2,203,517
Sulzer AG
7,515
1,408,857
Swiss Prime Site AG
25,751
3,583,644
Swissquote Group Holding SA
723
474,128
Tecan Group AG
5,933
1,225,879
Temenos AG
20,886
1,858,450
Valiant Holding AG
8,161
1,350,209
VAT Group AG
4,977
1,628,168
Vontobel Holding AG
23,203
1,771,332
 
90,727,528
 
Taiwan 0.0%
FIT Hon Teng Ltd. *(a)
1,431,331
873,944
 
United Kingdom 7.6%
4imprint Group PLC
16,954
771,922
AG Barr PLC
76,050
700,737
Airtel Africa PLC
1,676,840
5,024,868
Allfunds Group PLC
121,739
854,973
Ashmore Group PLC
466,248
1,123,785
ASOS PLC *(a)
146,818
550,445
Auto Trader Group PLC
163,969
1,779,332
Babcock International Group PLC
233,884
3,210,448
Bakkavor Group PLC
257,397
796,362
Beazley PLC
234,038
2,477,404
Big Yellow Group PLC
56,380
693,167
Bodycote PLC
224,360
1,897,541
Breedon Group PLC
277,459
1,377,239
British Land Co. PLC
441,447
2,000,383
Carnival PLC, ADR *
57,779
1,679,636
Chemring Group PLC
168,527
1,222,687
Clarkson PLC
16,273
768,398
Close Brothers Group PLC *
574,211
3,565,521
Coats Group PLC
1,239,812
1,284,762
Computacenter PLC
73,003
2,268,506
Convatec Group PLC
785,959
2,512,384
Cranswick PLC
47,388
3,265,202
Crest Nicholson Holdings PLC
260,443
528,511
CVS Group PLC
50,577
839,118
Deliveroo PLC *
216,638
522,449
Derwent London PLC
44,172
1,014,536
Diploma PLC
27,055
1,973,844
Diversified Energy Co. PLC (a)
67,458
1,097,315
Domino's Pizza Group PLC
237,567
626,844
Dr. Martens PLC
1,499,509
1,836,489
Drax Group PLC
197,043
1,730,397
Dunelm Group PLC
88,741
1,438,722
easyJet PLC
459,346
3,038,455
Elementis PLC
494,298
1,085,878
Endava PLC, ADR *
31,919
468,571
Endeavour Mining PLC
107,609
3,742,547
Energean PLC (a)
46,453
599,047
Essentra PLC
286,556
389,474
FDM Group Holdings PLC
60,963
104,767
Fevertree Drinks PLC
31,928
349,836
Frasers Group PLC *
175,613
1,603,891
Fresnillo PLC
151,745
3,665,670
See financial notes
74
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Future PLC
85,998
842,941
Games Workshop Group PLC
9,896
2,065,664
Gamma Communications PLC
44,504
634,943
Genuit Group PLC
194,509
885,607
Genus PLC
38,601
1,358,557
Grainger PLC
301,341
790,640
Greggs PLC
71,680
1,527,218
Halfords Group PLC
451,319
835,364
Halma PLC
97,098
4,313,339
Harbour Energy PLC
629,318
1,938,548
Hikma Pharmaceuticals PLC
111,338
2,685,054
Hill & Smith PLC
44,966
1,284,890
Hilton Food Group PLC
140,254
1,574,663
Howden Joinery Group PLC
334,000
3,776,969
Hunting PLC
222,393
987,025
Ibstock PLC
432,277
807,127
ICG PLC
102,283
3,015,294
IG Group Holdings PLC
294,923
4,502,550
IMI PLC
151,530
4,655,438
InterContinental Hotels Group PLC
29,652
3,586,291
Investec PLC
117,620
859,706
J D Wetherspoon PLC
86,809
815,119
James Halstead PLC
143,802
273,940
JD Sports Fashion PLC
1,040,244
1,349,486
JET2 PLC
83,624
1,839,318
Johnson Service Group PLC
336,240
631,445
Jupiter Fund Management PLC
558,064
943,973
Just Group PLC
573,351
1,634,461
Keller Group PLC
109,973
1,982,044
Kier Group PLC
869,391
2,231,722
Lancashire Holdings Ltd.
103,336
853,030
Land Securities Group PLC
412,569
3,088,004
Lion Finance Group PLC
21,913
2,170,088
LondonMetric Property PLC
239,736
596,615
Marshalls PLC
273,063
658,894
Mitchells & Butlers PLC *
327,986
1,141,048
Mitie Group PLC
1,143,683
2,163,242
Mobico Group PLC *
1,171,719
519,557
MONY Group PLC
458,673
1,238,141
Morgan Advanced Materials PLC
420,688
1,199,262
Morgan Sindall Group PLC
46,648
2,631,243
Ninety One PLC
375,687
962,864
Ocado Group PLC *
255,456
1,161,721
OSB Group PLC
407,922
2,907,174
Oxford Instruments PLC
26,155
650,902
Pagegroup PLC
534,111
1,707,331
Paragon Banking Group PLC
126,160
1,481,197
Pennon Group PLC
453,646
2,902,687
Pets at Home Group PLC
693,760
2,097,687
Pinewood Technologies Group PLC *
124,019
861,237
Polar Capital Holdings PLC
92,738
575,098
Premier Foods PLC
496,654
1,265,514
Primary Health Properties PLC
974,473
1,211,237
PZ Cussons PLC
377,687
351,579
QinetiQ Group PLC
340,088
2,186,186
Quilter PLC
1,373,811
3,043,983
Renew Holdings PLC
65,460
708,402
Renishaw PLC
19,423
847,599
Rightmove PLC
148,965
1,495,758
Rolls-Royce Holdings PLC
242,094
3,499,768
Rotork PLC
457,632
2,128,133
RS Group PLC
182,162
1,390,521
RWS Holdings PLC
624,287
743,917
Safestore Holdings PLC
90,605
769,971
Savills PLC
156,467
1,923,692
Schroders PLC
791,685
4,064,503
Segro PLC
271,951
2,303,720
Senior PLC
494,195
1,338,703
SECURITY
NUMBER
OF SHARES
VALUE ($)
Serco Group PLC
788,804
2,327,519
Serica Energy PLC
473,256
1,150,907
Softcat PLC
41,214
897,597
Spectris PLC
112,530
6,151,282
Spirax Group PLC
35,165
3,465,831
Spire Healthcare Group PLC
272,247
798,168
Spirent Communications PLC
447,320
1,182,112
SSP Group PLC
730,750
1,518,436
St. James's Place PLC
169,216
2,901,179
SThree PLC
132,853
350,008
Tate & Lyle PLC
439,961
3,159,286
Telecom Plus PLC
54,223
1,325,970
THG PLC *(a)
1,643,657
633,777
TORM PLC, Class A (a)
61,564
1,320,625
Tritax Big Box REIT PLC
469,007
879,509
Tullow Oil PLC *(a)
1,735,691
252,323
UNITE Group PLC
77,630
732,076
Vesuvius PLC
558,746
2,821,793
Victrex PLC
108,586
1,047,475
Vistry Group PLC *
352,548
2,909,302
Watches of Switzerland Group PLC *
253,578
1,118,920
Weir Group PLC
125,332
4,172,287
WH Smith PLC
74,354
693,146
Whitbread PLC
46,502
1,975,894
Zigup PLC
546,313
2,321,313
 
228,058,342
 
United States 0.3%
Coronado Global Resources, Inc. (a)
2,288,550
546,717
Garrett Motion, Inc.
93,482
1,214,331
Kulicke & Soffa Industries, Inc.
56,708
2,126,550
Magnachip Semiconductor Corp. *
78,678
247,836
Mercer International, Inc.
84,546
281,538
SolarEdge Technologies, Inc. *
111,112
3,757,808
 
8,174,780
Total Common Stocks
(Cost $2,374,308,055)
2,969,664,074
 
PREFERRED STOCKS 0.4% OF NET ASSETS
 
Germany 0.4%
Draegerwerk AG & Co. KGaA
33,343
2,583,651
Jungheinrich AG
73,251
2,577,352
KSB SE & Co. KGaA
1,314
1,335,016
Sartorius AG
7,061
1,638,103
Sixt SE
19,881
1,386,934
STO SE & Co. KGaA
5,929
861,935
 
10,382,991
 
Italy 0.0%
Danieli & C Officine Meccaniche SpA -
RSP
40,506
1,360,732
 
Republic of Korea 0.0%
Daesang Corp.
4,266
51,459
Daishin Securities Co. Ltd.
34,617
515,427
 
566,886
Total Preferred Stocks
(Cost $10,726,651)
12,310,609
 
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
75
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
WARRANTS 0.0% OF NET ASSETS
 
Italy 0.0%
Webuild SpA
expires 08/02/30 *(a)(c)
9,734
43,865
Total Warrants
(Cost $0)
43,865
 
 
 
 
SHORT-TERM INVESTMENTS 3.2% OF NET ASSETS
 
Money Market Funds 3.2%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (d)
3,520,876
3,520,876
State Street Institutional U.S. Government
Money Market Fund, Premier Class
4.23% (d)(e)
92,919,654
92,919,654
 
96,440,530
Total Short-Term Investments
(Cost $96,440,530)
96,440,530
Total Investments in Securities
(Cost $2,481,475,236)
3,078,459,078
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
09/19/25
139
18,911,645
235,375
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$86,102,434.
(b)
Security is traded on separate exchanges for the same issuer.
(c)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
 
ADR —
American Depositary Receipt
CVA —
Dutch Certificate
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
 
 
% OF NET ASSETS
SECTOR WEIGHTINGS (a)
Industrials
24.6
%
Consumer Discretionary
13.2
%
Financials
11.7
%
Materials
10.9
%
Consumer Staples
7.9
%
Information Technology
7.3
%
Real Estate
6.7
%
Communication Services
5.5
%
Health Care
5.1
%
Energy
3.4
%
Utilities
3.1
%
Short-Term Investments
3.2
%
Total
102.6
%
 
(a)
Excludes derivatives.
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (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
$2,687,641,771
$—
$—
$2,687,641,771
Australia
143,954,949
—
597,321
144,552,270
Hong Kong
89,431,610
—
0
*
89,431,610
Spain
48,038,423
—
0
*
48,038,423
Preferred Stocks1
12,310,609
—
—
12,310,609
Warrants
Italy
—
—
43,865
43,865
Short-Term Investments1
96,440,530
—
—
96,440,530
See financial notes
76
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets (continued)
Futures Contracts2
$235,375
$—
$—
$235,375
Total
$3,078,053,267
$—
$641,186
$3,078,694,453
 
*
Level 3 amount shown includes securities determined to have no value at August 31, 2025.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
77
Schwab Fundamental International Small Equity ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - unaffiliated issuers (cost $2,481,475,236) including securities on loan of $86,102,434
 
$3,078,459,078
Foreign currency, at value (cost $2,048,262)
 
2,055,002
Deposit with broker for futures contracts
 
590,532
Receivables:
 
Dividends
 
7,893,945
Investments sold
 
3,027,133
Foreign tax reclaims
 
2,562,693
Income from securities on loan
+
110,111
Total assets
 
3,094,698,494
 
Liabilities
Collateral held for securities on loan
 
92,919,654
Payables:
 
Management fees
 
1,018,478
Investments bought
 
630,199
Variation margin on futures contracts
+
113,132
Total liabilities
 
94,681,463
Net assets
 
$3,000,017,031
 
Net Assets by Source
Capital received from investors
 
$2,398,639,621
Total distributable earnings
+
601,377,410
Net assets
 
$3,000,017,031
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$3,000,017,031
 
68,100,000
$44.05
 
 
 
 
See financial notes
78
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $7,233,213)
 
$61,654,126
Other Interest
 
23,762
Interest received from securities - unaffiliated issuers
 
15,011
Securities on loan, net
+
806,027
Total investment income
 
62,498,926
 
Expenses
Management fees
 
5,825,294
Professional fees
+
25,576
1
Total expenses
 
5,850,870
Expense reduction
–
25,576
1
Net expenses
–
5,825,294
Net investment income
 
56,673,632
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated issuers
 
42,217,718
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
212,201,059
Net realized gains on futures contracts
 
3,198,205
Net realized gains on foreign currency transactions
+
1,018,145
Net realized gains
 
258,635,127
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
316,571,527
Net change in unrealized appreciation (depreciation) on futures contracts
 
(206,342
)
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
133,802
Net change in unrealized appreciation (depreciation)
 
316,498,987
Net realized and unrealized gains
 
575,134,114
Increase in net assets resulting from operations
 
$631,807,746
 
1
Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund
(see financial notes 2(d) and 3 for additional information).
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
79
Schwab Fundamental International Small Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$56,673,632
$87,712,293
Net realized gains
 
258,635,127
115,624,029
Net change in unrealized appreciation (depreciation)
+
316,498,987
27,964,719
Increase in net assets resulting from operations
 
$631,807,746
$231,301,041
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($13,613,420
)
($109,577,490
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
1,200,000
$48,352,389
3,900,000
$136,340,946
Shares redeemed
+
(21,100,000
)
(807,461,364
)
(9,200,000
)
(323,609,809
)
Net transactions in fund shares
 
(19,900,000
)
($759,108,975
)
(5,300,000
)
($187,268,863
)
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
88,000,000
$3,140,931,680
93,300,000
$3,206,476,992
Total decrease
+
(19,900,000
)
(140,914,649
)
(5,300,000
)
(65,545,312
)
End of period
 
68,100,000
$3,000,017,031
88,000,000
$3,140,931,680
See financial notes
80
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
8/31/25*
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/23
3/1/21–
2/28/22
3/1/20–
2/28/21
Per-Share Data
Net asset value at beginning of period
$30.29
$27.25
$25.28
$29.25
$29.64
$25.54
Income (loss) from investment operations:
Net investment income (loss)1
0.86
1.30
1.20
1.55
1.36
0.79
Net realized and unrealized gains (losses)
3.21
3.14
2.06
(4.14
)
(0.41
)
4.02
Total from investment operations
4.07
4.44
3.26
(2.59
)
0.95
4.81
Less distributions:
Distributions from net investment income
(0.21
)
(1.40
)
(1.29
)
(1.39
)
(1.34
)
(0.71
)
Other capital1,2
—
—
—
0.01
—
—
Net asset value at end of period
$34.15
$30.29
$27.25
$25.28
$29.25
$29.64
Total return
13.47
%3
16.43
%
13.17
%
(8.72
%)
2.97
%
19.12
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.39
%4
0.39
%
0.39
%
0.39
%5
0.39
%
0.39
%
Net investment income (loss)
5.34
%4
4.37
%
4.55
%
5.97
%
4.29
%
3.11
%
Portfolio turnover rate6
9
%3
20
%
16
%
28
%
20
%
25
%
Net assets, end of period (x 1,000,000)
$7,288
$6,422
$5,458
$4,529
$4,826
$3,806
 
*
Unaudited.
1
Calculated based on the average shares outstanding during the period.
2
Includes additional variable charges paid by the cash purchasers and redeemers of creation units to the fund to offset the transaction costs of the fund of buying or selling
portfolio securities (see financial note 8 for additional information).
3
Not annualized.
4
Annualized.
5
Ratio includes less than 0.005% of non-routine proxy expenses.
6
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
81
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited)
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 95.2% OF NET ASSETS
 
Brazil 7.0%
Ambev SA
7,616,171
17,328,294
B3 SA - Brasil Bolsa Balcao
4,768,614
11,402,997
Banco Bradesco SA
3,923,767
10,438,127
Banco do Brasil SA
6,708,810
26,436,773
Banco Santander Brasil SA
744,266
3,869,344
Centrais Eletricas Brasileiras SA
1,279,190
10,609,446
Cia de Saneamento Basico do Estado
de Sao Paulo SABESP
458,007
10,335,343
Cia Energetica de Minas Gerais
769,013
2,116,589
Cia Paranaense de Energia - Copel
1,921,603
3,964,915
Cia Siderurgica Nacional SA
5,645,855
7,915,285
Cosan SA *
2,540,265
2,737,707
Equatorial Energia SA
1,475,358
9,939,729
Itau Unibanco Holding SA
769,858
4,880,311
Klabin SA
1,974,284
6,732,374
Localiza Rent a Car SA
583,066
3,849,797
Marfrig Global Foods SA
1,729,890
7,944,982
Natura Cosmeticos SA *
1,853,253
3,076,179
Petroleo Brasileiro SA - Petrobras
19,300,499
120,003,655
Suzano SA
1,451,371
14,024,135
Telefonica Brasil SA
2,130,330
13,292,732
Ultrapar Participacoes SA
3,970,938
14,382,314
Vale SA
16,591,302
169,822,358
Vibra Energia SA
7,258,976
32,148,594
 
507,251,980
 
Chile 0.5%
Banco de Chile
54,330,414
7,816,051
Cencosud SA
3,903,805
12,420,295
Empresas CMPC SA
2,342,560
3,687,730
Empresas Copec SA
1,796,885
13,434,515
Enel Americas SA
32,320,244
3,372,950
 
40,731,541
 
China 35.9%
Agile Group Holdings Ltd. *
47,658,805
2,781,577
Agricultural Bank of China Ltd.,
A Shares
9,633,000
9,493,972
Agricultural Bank of China Ltd.,
H Shares
59,345,621
39,965,432
Alibaba Group Holding Ltd.
15,844,152
235,146,698
Aluminum Corp. of China Ltd.,
A Shares
3,505,100
3,853,110
Aluminum Corp. of China Ltd.,
H Shares
8,930,485
7,938,616
Anhui Conch Cement Co. Ltd.,
A Shares
1,723,700
5,892,640
Anhui Conch Cement Co. Ltd.,
H Shares
5,050,304
15,871,579
ANTA Sports Products Ltd.
847,313
10,434,019
BAIC Motor Corp. Ltd., H Shares *
44,626,201
11,734,925
Baidu, Inc., A Shares *
3,047,559
34,948,309
Bank of Beijing Co. Ltd., A Shares
8,794,100
7,407,845
Bank of China Ltd., A Shares
5,221,400
4,046,460
Bank of China Ltd., H Shares
171,869,928
93,917,391
Bank of Communications Co. Ltd.,
A Shares
8,999,000
9,184,974
Bank of Communications Co. Ltd.,
H Shares
18,642,449
16,093,650
SECURITY
NUMBER
OF SHARES
VALUE ($)
BOE Technology Group Co. Ltd.,
A Shares
14,033,900
8,334,278
BYD Co. Ltd., A Shares
157,800
2,526,909
BYD Co. Ltd., H Shares
1,156,717
16,974,214
CGN Power Co. Ltd., A Shares
1,365,500
736,160
CGN Power Co. Ltd., H Shares
9,967,000
3,758,792
China CITIC Bank Corp. Ltd., A Shares
1,486,700
1,648,920
China CITIC Bank Corp. Ltd., H Shares
26,590,568
23,739,599
China Coal Energy Co. Ltd., A Shares
620,997
988,671
China Coal Energy Co. Ltd., H Shares
5,934,702
7,201,560
China Communications Services Corp.
Ltd., H Shares
7,244,025
4,302,268
China Construction Bank Corp.,
A Shares
3,775,600
4,770,652
China Construction Bank Corp.,
H Shares
243,329,210
234,407,071
China Everbright Bank Co. Ltd.,
A Shares
13,359,100
7,089,543
China Everbright Bank Co. Ltd.,
H Shares
27,797,452
12,479,856
China Hongqiao Group Ltd.
8,719,839
28,455,230
China Life Insurance Co. Ltd., A Shares
78,200
461,989
China Life Insurance Co. Ltd.,
H Shares
4,560,459
14,051,351
China Mengniu Dairy Co. Ltd.
6,103,749
11,900,817
China Merchants Bank Co. Ltd.,
A Shares
3,543,800
21,339,021
China Merchants Bank Co. Ltd.,
H Shares
6,125,985
37,718,437
China Minsheng Banking Corp. Ltd.,
A Shares
24,088,100
15,556,419
China Minsheng Banking Corp. Ltd.,
H Shares
36,740,389
20,924,893
China National Building Material Co.
Ltd., H Shares
64,894,351
46,948,587
China Pacific Insurance Group Co. Ltd.,
A Shares
776,200
4,392,742
China Pacific Insurance Group Co. Ltd.,
H Shares
3,902,265
17,749,741
China Petroleum & Chemical Corp.,
A Shares
10,444,500
8,372,844
China Petroleum & Chemical Corp.,
H Shares
142,886,113
78,995,767
China Railway Group Ltd., A Shares
7,651,200
6,101,367
China Railway Group Ltd., H Shares
20,577,229
10,426,067
China Resources Gas Group Ltd.
976,919
2,508,760
China Resources Land Ltd.
8,372,954
32,822,268
China Shenhua Energy Co. Ltd.,
A Shares
684,300
3,599,809
China Shenhua Energy Co. Ltd.,
H Shares
6,155,228
27,539,570
China State Construction Engineering
Corp. Ltd., A Shares
18,549,800
14,557,952
China Tower Corp. Ltd., H Shares
10,682,914
16,087,715
China United Network Communications
Ltd., A Shares
11,553,700
9,245,815
China Vanke Co. Ltd., A Shares *
9,822,300
9,363,371
China Vanke Co. Ltd., H Shares *(a)
17,351,855
11,818,897
China Yongda Automobiles Services
Holdings Ltd.
36,186,125
10,118,942
CITIC Securities Co. Ltd., A Shares
1,331,600
5,885,153
CITIC Securities Co. Ltd., H Shares
1,516,687
5,568,037
COSCO SHIPPING Holdings Co. Ltd.,
A Shares
3,513,900
7,538,102
COSCO SHIPPING Holdings Co. Ltd.,
H Shares
10,643,218
18,499,022
See financial notes
82
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
CRRC Corp. Ltd., A Shares
2,973,400
3,201,828
CRRC Corp. Ltd., H Shares
7,806,763
6,278,777
Daqo New Energy Corp., ADR *
241,658
6,126,030
ENN Energy Holdings Ltd.
1,894,197
15,185,940
Geely Automobile Holdings Ltd.
10,351,984
25,973,410
Gree Electric Appliances, Inc. of
Zhuhai, A Shares
661,000
3,953,305
Guangzhou R&F Properties Co. Ltd.,
H Shares *(a)
24,322,818
2,308,778
Haier Smart Home Co. Ltd., A Shares
1,072,100
3,952,567
Haier Smart Home Co. Ltd., H Shares
4,456,761
15,000,982
Hello Group, Inc., ADR
498,207
4,135,118
Huaneng Power International, Inc.,
A Shares
841,300
871,679
Huaneng Power International, Inc.,
H Shares
5,014,678
3,595,766
Industrial & Commercial Bank of China
Ltd., A Shares
8,118,400
8,468,539
Industrial & Commercial Bank of China
Ltd., H Shares
147,396,033
109,093,314
Industrial Bank Co. Ltd., A Shares
7,260,400
22,842,922
iQIYI, Inc., ADR *
2,869,046
7,602,972
JD.com, Inc., ADR
2,982,879
92,678,051
Jiangxi Copper Co. Ltd., A Shares
1,016,200
3,980,454
Jiangxi Copper Co. Ltd., H Shares
7,195,150
21,061,632
JinkoSolar Holding Co. Ltd., ADR
175,209
4,042,072
KE Holdings, Inc., ADR
541,486
9,519,324
Kunlun Energy Co. Ltd.
16,843,969
15,642,981
Kweichow Moutai Co. Ltd., A Shares
35,900
7,459,426
Li Ning Co. Ltd.
3,838,271
9,300,453
Longfor Group Holdings Ltd.
14,059,365
19,080,419
Lufax Holding Ltd., ADR *
4,493,289
13,210,270
Meituan, B Shares *
1,132,461
14,918,674
Midea Group Co. Ltd., A Shares
1,139,100
11,787,929
NetEase, Inc.
1,223,970
33,347,387
PDD Holdings, Inc., ADR *
188,037
22,605,808
People's Insurance Co. Group of China
Ltd., A Shares
462,600
583,218
People's Insurance Co. Group of China
Ltd., H Shares
7,205,521
6,451,450
PetroChina Co. Ltd., A Shares
5,867,600
7,183,337
PetroChina Co. Ltd., H Shares
80,387,227
77,439,673
PICC Property & Casualty Co. Ltd.,
H Shares
14,880,065
35,807,515
Ping An Bank Co. Ltd., A Shares
5,513,300
9,327,128
Ping An Insurance Group Co. of China
Ltd., A Shares
4,188,600
35,212,749
Ping An Insurance Group Co. of China
Ltd., H Shares
16,125,973
116,458,408
Poly Developments & Holdings Group
Co. Ltd., A Shares
3,296,700
3,684,188
Postal Savings Bank of China Co. Ltd.,
A Shares
3,069,400
2,602,793
Postal Savings Bank of China Co. Ltd.,
H Shares
22,400,338
15,544,915
Seazen Group Ltd. *
15,653,970
4,979,809
Shanghai Pudong Development Bank
Co. Ltd., A Shares
10,577,300
20,240,439
Shenzhou International Group Holdings
Ltd.
907,874
7,156,225
Sinopharm Group Co. Ltd., H Shares
8,828,536
21,143,142
Sunac China Holdings Ltd. *(a)
40,187,587
7,835,596
Sunny Optical Technology Group Co.
Ltd.
600,766
6,415,435
Tencent Holdings Ltd.
2,949,295
225,665,510
Vipshop Holdings Ltd., ADR
1,690,318
28,295,923
Weichai Power Co. Ltd., A Shares
2,036,400
4,328,508
SECURITY
NUMBER
OF SHARES
VALUE ($)
Weichai Power Co. Ltd., H Shares
4,213,762
8,810,370
Xiaomi Corp., B Shares *
9,172,625
62,183,499
Yankuang Energy Group Co. Ltd.,
A Shares
962,255
1,749,481
Yankuang Energy Group Co. Ltd.,
H Shares
8,600,182
9,983,728
Zhongsheng Group Holdings Ltd. (a)
6,626,904
13,660,390
Zijin Mining Group Co. Ltd., A Shares
2,173,600
7,043,113
Zijin Mining Group Co. Ltd., H Shares
4,693,897
15,401,770
ZTO Express Cayman, Inc.
126,600
2,283,261
ZTO Express Cayman, Inc., ADR
260,056
4,733,019
 
2,615,649,774
 
Colombia 0.2%
Ecopetrol SA, ADR (a)
1,038,466
9,761,580
Grupo Cibest SA
522,890
7,676,118
 
17,437,698
 
Czech Republic 0.2%
CEZ AS
244,341
15,289,115
 
Greece 0.3%
Alpha Bank SA
2,055,134
8,147,542
Motor Oil Hellas Corinth Refineries SA
170,253
5,017,898
National Bank of Greece SA
875,919
12,128,860
 
25,294,300
 
Hong Kong 2.8%
BOC Hong Kong Holdings Ltd.
4,719,892
21,323,473
China Everbright Environment Group
Ltd.
16,551,484
9,320,474
China Jinmao Holdings Group Ltd.
32,749,123
6,133,227
China Overseas Land & Investment
Ltd.
19,350,387
34,526,560
China Resources Power Holdings Co.
Ltd.
4,366,289
10,053,411
China Taiping Insurance Holdings Co.
Ltd.
2,458,411
5,102,342
CITIC Ltd.
37,887,196
54,042,294
CSPC Pharmaceutical Group Ltd.
13,920,861
17,981,756
Fosun International Ltd.
8,061,295
5,470,122
Lenovo Group Ltd.
18,097,494
25,721,407
Orient Overseas International Ltd.
652,818
11,413,649
 
201,088,715
 
Hungary 0.6%
MOL Hungarian Oil & Gas PLC
3,033,394
26,071,342
OTP Bank Nyrt
208,161
18,130,419
 
44,201,761
 
India 9.3%
Axis Bank Ltd.
1,578,192
18,697,204
Bajaj Finserv Ltd.
171,321
3,715,836
Bharat Petroleum Corp. Ltd.
6,720,580
23,477,769
Bharti Airtel Ltd.
1,019,548
21,827,856
Coal India Ltd.
2,301,992
9,779,594
GAIL India Ltd.
5,045,703
9,898,307
Grasim Industries Ltd.
381,938
12,016,201
HCL Technologies Ltd.
739,922
12,201,316
HDFC Bank Ltd.
4,422,426
47,701,545
Hindalco Industries Ltd.
2,854,151
22,773,836
Hindustan Petroleum Corp. Ltd.
3,266,163
13,916,423
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
83
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hindustan Unilever Ltd.
325,272
9,806,479
ICICI Bank Ltd.
2,353,094
37,282,219
Indian Oil Corp. Ltd.
11,781,718
18,244,852
IndusInd Bank Ltd. *
694,321
5,819,905
Infosys Ltd.
2,284,795
38,059,565
ITC Hotels Ltd. *
183,067
494,732
ITC Ltd.
4,399,595
20,433,798
JSW Steel Ltd.
925,778
10,772,724
Kotak Mahindra Bank Ltd.
477,634
10,612,928
Larsen & Toubro Ltd.
537,241
21,928,540
Mahindra & Mahindra Ltd.
406,351
14,736,722
Maruti Suzuki India Ltd.
78,128
13,098,504
NTPC Ltd.
4,991,719
18,532,976
Oil & Natural Gas Corp. Ltd.
9,069,365
24,025,455
Power Finance Corp. Ltd.
2,120,652
9,126,987
Power Grid Corp. of India Ltd.
3,530,358
11,014,468
Rajesh Exports Ltd. *
5,752,786
11,418,436
Reliance Industries Ltd.
4,616,343
71,016,516
Shriram Finance Ltd.
635,830
4,181,900
State Bank of India
2,425,908
22,066,670
Steel Authority of India Ltd.
2,920,867
3,928,562
Sun Pharmaceutical Industries Ltd.
353,758
6,393,641
Tata Consultancy Services Ltd.
573,574
20,054,869
Tata Motors Ltd.
1,997,725
15,148,836
Tata Steel Ltd.
17,131,334
29,997,211
Tech Mahindra Ltd.
511,682
8,591,914
UltraTech Cement Ltd.
26,323
3,771,377
UPL Ltd.
549,691
4,459,616
Vedanta Ltd.
2,741,904
13,073,461
Wipro Ltd.
2,521,136
7,127,342
 
681,227,092
 
Indonesia 1.4%
Alamtri Resources Indonesia Tbk. PT
48,979,826
5,212,832
Astra International Tbk. PT
57,707,901
19,247,632
Bank Central Asia Tbk. PT
20,709,059
10,141,034
Bank Mandiri Persero Tbk. PT
38,656,250
11,088,178
Bank Rakyat Indonesia Persero Tbk.
PT
78,481,889
19,275,419
Telkom Indonesia Persero Tbk. PT,
Class B
134,236,439
25,479,688
United Tractors Tbk. PT
5,837,712
8,637,973
 
99,082,756
 
Kuwait 0.6%
Kuwait Finance House KSCP
4,489,673
11,332,584
Mobile Telecommunications Co. KSCP
6,469,261
10,843,875
National Bank of Kuwait SAKP
5,966,731
19,944,451
 
42,120,910
 
Malaysia 0.8%
Axiata Group Bhd.
7,492,072
4,291,317
CIMB Group Holdings Bhd.
5,264,724
9,258,438
Malayan Banking Bhd.
6,745,758
15,806,628
Public Bank Bhd.
10,622,000
10,735,134
Sime Darby Bhd.
8,593,600
4,210,355
Tenaga Nasional Bhd.
4,397,500
13,738,935
 
58,040,807
 
Mexico 3.9%
Alfa SAB de CV, A Shares
20,705,770
15,558,896
America Movil SAB de CV, Series B
53,759,666
53,573,686
Cemex SAB de CV, Series CPO
41,682,239
37,759,823
Controladora Alpek SAB de CV *
17,837,756
2,487,499
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fibra Uno Administracion SA de CV
2,897,467
4,077,853
Fomento Economico Mexicano SAB de
CV
3,339,666
28,958,878
Grupo Bimbo SAB de CV, Series A
2,723,060
8,478,299
Grupo Comercial Chedraui SA de CV
862,865
6,983,169
Grupo Financiero Banorte SAB de CV,
O Shares
4,064,856
37,215,850
Grupo Mexico SAB de CV, Series B
5,700,688
37,409,380
Grupo Televisa SAB, Series CPO
30,981,997
17,115,748
Nemak SAB de CV *
32,227,548
6,723,976
Orbia Advance Corp. SAB de CV
10,363,008
8,248,386
Wal-Mart de Mexico SAB de CV
7,577,939
22,647,041
 
287,238,484
 
Netherlands 0.4%
JBS NV *
1,635,978
26,299,331
 
Qatar 0.8%
Industries Qatar QSC
1,099,572
3,880,665
Ooredoo QPSC
2,420,018
8,560,789
Qatar Fuel QSC
2,317,197
9,527,174
Qatar Islamic Bank QPSC
1,260,870
8,484,294
Qatar National Bank QPSC
5,053,160
26,369,140
 
56,822,062
 
Russia 0.0%
Alrosa PJSC *(b)(c)
49,456
0
Federal Grid Co-Rosseti PJSC *(b)(c)
19,817,058
0
Gazprom PJSC *(b)(c)
197,560
0
GMK Norilskiy Nickel PAO *(b)(c)
54,400
0
Inter RAO UES PJSC *(b)(c)
1,590,272
0
LUKOIL PJSC *(b)(c)
15,008
0
Magnit PJSC *(b)(c)
2,064
0
Mobile TeleSystems PJSC *(b)(c)
26,384
0
Novatek PJSC *(b)(c)
5,557
0
Novolipetsk Steel PJSC *(b)(c)
21,760
0
Rosneft Oil Co. PJSC *(b)(c)
28,418
0
Sberbank of Russia PJSC *(b)(c)
90,000
0
Severstal PAO *(b)(c)
3,392
0
Sistema AFK PAO *(b)(c)
127,904
0
Tatneft PJSC *(b)(c)
45,568
0
 
0
 
Saudi Arabia 2.1%
Al Rajhi Bank
496,241
12,458,265
Riyad Bank
966,614
6,687,623
Saudi Arabian Mining Co. *
277,378
3,858,838
Saudi Arabian Oil Co.
6,717,386
42,428,988
Saudi Basic Industries Corp.
2,149,060
34,937,546
Saudi Electricity Co.
2,428,570
9,404,382
Saudi National Bank
1,512,954
14,040,045
Saudi Telecom Co.
2,402,395
26,891,048
 
150,706,735
 
South Africa 4.9%
Absa Group Ltd.
1,834,472
19,574,613
Bid Corp. Ltd.
446,468
11,639,015
Bidvest Group Ltd.
556,690
7,453,472
Exxaro Resources Ltd.
364,680
3,971,882
FirstRand Ltd.
6,344,983
26,683,444
Gold Fields Ltd.
828,293
27,137,816
Impala Platinum Holdings Ltd. *
4,129,329
37,214,429
MTN Group Ltd.
6,084,282
51,511,152
See financial notes
84
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Naspers Ltd., N Shares
17,074
5,605,213
Nedbank Group Ltd. (a)
945,159
12,094,830
Old Mutual Ltd.
5,894,261
4,630,461
Sanlam Ltd.
2,027,100
10,448,408
Sappi Ltd.
3,451,545
5,666,825
Sasol Ltd. *
5,376,686
36,227,962
Shoprite Holdings Ltd.
721,532
10,722,001
Sibanye Stillwater Ltd. *
18,462,961
34,789,410
Standard Bank Group Ltd. (a)
2,077,699
29,222,532
Valterra Platinum Ltd.
257,886
11,775,853
Vodacom Group Ltd.
1,253,184
10,069,384
 
356,438,702
 
Taiwan 18.0%
Acer, Inc.
7,632,470
7,377,925
ASE Technology Holding Co. Ltd.
6,820,000
33,687,826
Asia Cement Corp.
2,523,000
3,057,857
Asustek Computer, Inc.
1,180,100
24,397,625
AUO Corp. *
32,697,496
13,744,511
Catcher Technology Co. Ltd.
1,222,000
7,535,190
Cathay Financial Holding Co. Ltd.
8,685,994
17,474,562
Chailease Holding Co. Ltd.
2,058,884
7,846,382
China Steel Corp.
32,562,088
21,410,163
Chunghwa Telecom Co. Ltd.
5,060,764
21,935,303
Compal Electronics, Inc.
21,981,000
19,881,733
CTBC Financial Holding Co. Ltd.
16,971,809
22,845,972
Delta Electronics, Inc.
1,360,696
31,647,716
E.Sun Financial Holding Co. Ltd.
4,085,301
4,470,250
Eva Airways Corp.
2,950,000
3,749,080
Evergreen Marine Corp. Taiwan Ltd.
7,809,000
47,386,104
Far Eastern New Century Corp.
7,997,061
7,220,232
Far EasTone Telecommunications Co.
Ltd.
1,304,000
3,591,711
First Financial Holding Co. Ltd.
9,754,057
9,045,863
Formosa Chemicals & Fibre Corp.
15,054,882
14,823,662
Formosa Petrochemical Corp.
2,183,704
2,868,078
Formosa Plastics Corp.
14,813,476
18,874,528
Fubon Financial Holding Co. Ltd.
8,286,926
22,744,013
Hon Hai Precision Industry Co. Ltd.
32,529,928
216,550,495
Innolux Corp.
41,668,444
19,151,168
Inventec Corp.
6,262,646
8,430,229
KGI Financial Holding Co. Ltd.
19,171,823
9,564,118
Largan Precision Co. Ltd.
53,200
4,185,414
Lite-On Technology Corp., ADR
3,028,229
12,877,861
MediaTek, Inc.
1,123,046
50,330,330
Mega Financial Holding Co. Ltd.
7,499,788
9,825,693
Micro-Star International Co. Ltd.
1,562,000
6,898,052
Nan Ya Plastics Corp.
16,929,588
23,924,441
Novatek Microelectronics Corp.
779,000
11,085,068
Pegatron Corp.
8,900,234
20,438,556
Pou Chen Corp.
8,359,000
7,888,816
Powertech Technology, Inc.
1,909,000
7,431,296
Quanta Computer, Inc.
2,556,058
21,948,845
Realtek Semiconductor Corp.
201,000
3,511,147
Synnex Technology International Corp.
4,310,178
9,277,539
Taiwan Mobile Co. Ltd.
2,435,530
8,485,057
Taiwan Semiconductor Manufacturing
Co. Ltd.
8,609,352
326,693,218
TCC Group Holdings Co. Ltd.
11,848,760
8,701,636
TS Financial Holding Co. Ltd.
6,865,000
3,649,266
Unimicron Technology Corp.
1,046,000
4,944,373
Uni-President Enterprises Corp.
7,282,796
18,439,569
United Microelectronics Corp.
19,842,931
26,288,906
Wan Hai Lines Ltd.
3,975,000
10,766,614
Wistron Corp.
5,577,934
20,618,804
WPG Holdings Ltd.
6,329,880
13,873,369
WT Microelectronics Co. Ltd.
1,000,000
4,023,618
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yageo Corp.
1,916,752
8,746,852
Yang Ming Marine Transport Corp.
12,325,000
23,263,465
Yuanta Financial Holding Co. Ltd.
12,366,587
13,147,552
Zhen Ding Technology Holding Ltd.
1,915,000
12,309,573
 
1,314,887,226
 
Thailand 2.9%
Advanced Info Service PCL NVDR
983,500
8,925,729
Bangkok Bank PCL NVDR
3,495,200
16,777,392
Banpu PCL NVDR
70,478,800
10,355,891
Charoen Pokphand Foods PCL NVDR
14,590,000
9,863,281
CP ALL PCL NVDR
5,520,600
7,498,268
Kasikornbank PCL NVDR
4,606,400
23,959,821
PTT Exploration & Production PCL
NVDR
3,144,600
10,871,900
PTT Global Chemical PCL NVDR
16,844,300
13,649,109
PTT PCL NVDR
61,468,200
58,821,244
SCB X PCL NVDR
4,852,800
19,249,415
Siam Cement PCL NVDR
3,161,100
20,979,673
Thai Oil PCL NVDR
7,508,087
7,416,539
 
208,368,262
 
Turkey 1.5%
Akbank TAS
8,060,249
13,368,457
BIM Birlesik Magazalar AS
713,650
9,191,604
Eregli Demir ve Celik Fabrikalari TAS
17,484,859
12,687,676
Haci Omer Sabanci Holding AS
2,417,264
5,533,567
KOC Holding AS
4,074,991
18,151,782
Turk Hava Yollari AO
1,665,281
13,556,966
Turkcell Iletisim Hizmetleri AS
2,817,188
6,490,144
Turkiye Is Bankasi AS, Class C
24,753,493
9,053,222
Turkiye Petrol Rafinerileri AS
3,629,874
15,189,898
Yapi ve Kredi Bankasi AS *
11,511,742
9,198,203
 
112,421,519
 
United Arab Emirates 0.8%
Dubai Electricity & Water Authority
PJSC
5,130,983
3,841,602
Emaar Properties PJSC
4,266,124
16,725,343
Emirates NBD Bank PJSC
1,784,450
12,267,183
Emirates Telecommunications Group
Co. PJSC
2,559,874
12,600,741
First Abu Dhabi Bank PJSC
2,265,325
10,238,060
 
55,672,929
 
United States 0.3%
Yum China Holdings, Inc.
457,959
20,479,926
Total Common Stocks
(Cost $5,163,705,730)
6,936,751,625
 
PREFERRED STOCKS 4.3% OF NET ASSETS
 
Brazil 3.9%
Banco Bradesco SA
13,115,211
40,664,137
Centrais Eletricas Brasileiras SA,
B Shares
251,567
2,211,598
Cia Energetica de Minas Gerais
4,128,445
8,449,922
Cia Paranaense de Energia - Copel,
B Shares
2,350,323
5,204,562
Gerdau SA
7,857,857
24,117,444
Itau Unibanco Holding SA
8,165,599
57,901,274
Metalurgica Gerdau SA
8,868,222
15,455,386
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
85
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Petroleo Brasileiro SA - Petrobras
22,689,846
130,000,223
Raizen SA *
3,675,323
792,198
 
284,796,744
 
Chile 0.2%
Sociedad Quimica y Minera de Chile
SA, B Shares *
333,814
15,284,918
 
Colombia 0.2%
Grupo Cibest SA
1,016,610
12,723,355
 
Russia 0.0%
Surgutneftegas PAO *(b)(c)
265,800
0
Tatneft PJSC *(b)(c)
4,870
0
Transneft PJSC *(b)(c)
11,600
0
 
0
Total Preferred Stocks
(Cost $256,762,032)
312,805,017
 
 
 
 
SHORT-TERM INVESTMENTS 1.3% OF NET ASSETS
 
Money Market Funds 1.3%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 4.23% (d)
31,013,312
31,013,312
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 4.23% (d)(e)
69,129,309
69,129,309
 
100,142,621
Total Short-Term Investments
(Cost $100,142,621)
100,142,621
Total Investments in Securities
(Cost $5,520,610,383)
7,349,699,263
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index,
expires 09/19/25
569
35,986,405
235,256
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$55,082,639.
(b)
Fair valued using significant unobservable inputs (see financial note 2(a),
Securities for which no quoted value is available, for additional information).
(c)
Trading in Russian securities listed on the Moscow Exchange, Russian ADRs,
and Russian GDRs are subject to trade restrictions; and therefore, the ability of
the fund to buy these securities is currently not permitted, and the ability of the
fund to sell these securities is uncertain.
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
 
ADR —
American Depositary Receipt
GDR —
Global Depositary Receipt
NVDR —
Non-Voting Depositary Receipt
 
 
% OF NET ASSETS
SECTOR WEIGHTINGS (a)
Financials
27.0
%
Information Technology
15.7
%
Materials
12.8
%
Energy
11.9
%
Consumer Discretionary
9.3
%
Communication Services
8.7
%
Industrials
4.9
%
Consumer Staples
3.6
%
Utilities
2.6
%
Real Estate
2.3
%
Other (b)
0.6
%
Short-Term Investments
1.4
%
Total
100.8
%
 
(a)
Excludes derivatives.
(b)
Includes holdings within sectors that are less than 1.0% of net assets.
See financial notes
86
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of August 31, 2025 (Unaudited) (continued)
The following is a summary of the inputs used to value the fund’s investments as of August 31, 2025 (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
$6,936,751,625
$—
$—
$6,936,751,625
Russia
—
—
0
*
0
Preferred Stocks1
312,805,017
—
—
312,805,017
Russia
—
—
0
*
0
Short-Term Investments1
100,142,621
—
—
100,142,621
Futures Contracts2
235,256
—
—
235,256
Total
$7,349,934,519
$—
$0
$7,349,934,519
 
*
Level 3 amount shown includes securities determined to have no value at August 31, 2025.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
87
Schwab Fundamental Emerging Markets Equity ETF
Statement of Assets and Liabilities
As of August 31, 2025; unaudited 
Assets
Investments in securities, at value - unaffiliated issuers (cost $5,520,610,383) including securities on loan of $55,082,639
 
$7,349,699,263
Foreign currency, at value (cost $13,593,671)
 
13,618,651
Deposit with broker for futures contracts
 
2,791,817
Receivables:
 
Dividends
 
21,190,434
Income from securities on loan
+
222,186
Total assets
 
7,387,522,351
 
Liabilities
Collateral held for securities on loan
 
69,129,309
Payables:
 
Foreign capital gains tax
 
27,686,493
Management fees
 
2,489,574
Variation margin on futures contracts
+
213,375
Total liabilities
 
99,518,751
Net assets
 
$7,288,003,600
 
Net Assets by Source
Capital received from investors
 
$6,011,182,966
Total distributable earnings
+
1,276,820,634
Net assets
 
$7,288,003,600
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$7,288,003,600
 
213,400,000
$34.15
 
 
 
 
See financial notes
88
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Statement of Operations
For the period March 1, 2025 through August 31, 2025; unaudited
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $23,949,519)
 
$194,485,196
Other Interest
 
33,771
Securities on loan, net
+
1,463,108
Total investment income
 
195,982,075
 
Expenses
Management fees
 
13,312,898
Total expenses
–
13,312,898
Net investment income
 
182,669,177
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $2,420,107)
 
101,344,481
Net realized gains on futures contracts
 
7,015,768
Net realized gains on foreign currency transactions
+
115,852
Net realized gains
 
108,476,101
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of
($3,874,427))
 
573,240,052
Net change in unrealized appreciation (depreciation) on futures contracts
 
183,693
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
93,256
Net change in unrealized appreciation (depreciation)
 
573,517,001
Net realized and unrealized gains
 
681,993,102
Increase in net assets resulting from operations
 
$864,662,279
See financial notes
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
89
Schwab Fundamental Emerging Markets Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited 
OPERATIONS
 
3/1/25-8/31/25
3/1/24-2/28/25
Net investment income
 
$182,669,177
$266,937,827
Net realized gains
 
108,476,101
70,973,514
Net change in unrealized appreciation (depreciation)
+
573,517,001
564,589,289
Increase in net assets resulting from operations
 
$864,662,279
$902,500,630
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($44,668,400
)
($288,706,850
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
1,400,000
$45,838,247
11,700,000
$350,045,130
Net transactions in fund shares
 
1,400,000
$45,838,247
11,700,000
$350,045,130
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-8/31/25
3/1/24-2/28/25
 
 
SHARES
NET ASSETS
SHARES
NET ASSETS
Beginning of period
 
212,000,000
$6,422,171,474
200,300,000
$5,458,332,564
Total increase
+
1,400,000
865,832,126
11,700,000
963,838,910
End of period
 
213,400,000
$7,288,003,600
212,000,000
$6,422,171,474
See financial notes
90
Schwab Fundamental Index ETFs | Semiannual Holdings and Financial Statements
Schwab Fundamental Index ETFs
Financial Notes, unaudited
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
Schwab Fundamental U.S. Broad Market ETF
Schwab U.S. REIT ETF
Schwab Fundamental U.S. Large Company ETF
Schwab International Dividend Equity ETF
Schwab Fundamental U.S. Small Company ETF
Schwab International Equity ETF
Schwab Fundamental International Equity ETF
Schwab International Small-Cap Equity ETF
Schwab Fundamental International Small Equity ETF
Schwab Emerging Markets Equity ETF
Schwab Fundamental Emerging Markets Equity ETF
Schwab U.S. TIPS ETF
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 Ariel Opportunities ETF
Schwab U.S. Dividend Equity ETF
Schwab Crypto Thematic ETF
Schwab Municipal Bond ETF
Schwab Mortgage-Backed Securities ETF
Schwab Ultra-Short Income ETF
Schwab High Yield Bond ETF
Schwab Core Bond ETF
Schwab Government Money Market ETF
The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.
Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund’s daily closing market price was at a discount or premium to each fund’s NAV can be found at www.schwabassetmanagement.com
Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.
Investment Objectives  
The Schwab Fundamental U.S. Broad Market ETF’s 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. based companies based on their fundamental size and weight.
The Schwab Fundamental U.S. Large Company ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large U.S. companies based on their fundamental size and weight.
The Schwab Fundamental U.S. Small Company ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small U.S. companies based on their fundamental size and weight.
The Schwab Fundamental International Equity ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large non-U.S. developed market companies based on their fundamental size and weight.
The Schwab Fundamental International Small Equity ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small non-U.S. developed market companies based on their fundamental size and weight.
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Financial Notes, unaudited (continued)
1. Business Structure of the Funds (continued): 
The Schwab Fundamental Emerging Markets Equity ETF’s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large sized companies, based on their fundamental size and weight, in emerging market countries.
 
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 (ASC) 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 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 and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
● Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
● Mutual funds: Mutual funds are valued at their respective NAVs.
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
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Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments  - Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
● 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 forward foreign currency exchange contracts, 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. In the event that international securities whose foreign exchanges have halted or suspended trading prior to the normal exchange close, the Valuation Designee may fair value securities whose prices may have been affected by those events. The Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the funds’ investments as of August 31, 2025, are disclosed in each fund’s Portfolio Holdings.
(b) Accounting Policies for certain Portfolio Investments (if held):
Futures Contracts: Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.
Securities Lending: Under the trust’s Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund’s Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market 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
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Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
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, 2025, the funds had securities on loan, all of which were classified as common stocks and warrants. The value of securities on loan and the related collateral as of August 31, 2025, are disclosed in each fund’s Portfolio Holdings and Statement of Assets and Liabilities.
Passive Foreign Investment Companies: Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).
Central Securities Depositories Regulation: The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund’s Statement of Operations, if any.
(c) Security Transactions:
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.
Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations, if any, in each fund’s Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.
Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.
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 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. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. In the Schwab Fundamental U.S. Broad Market ETF and Schwab Fundamental U.S. Small Company ETF, a non-recurring dividend with a payable date of August 29, 2025, and an ex-date of September 2, 2025, is presented in the Statement of Assets and Liabilities as Deferred dividend income payable.
Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.
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Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
The Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).
For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years’ U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended August 31, 2025, the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF did not incur any compliance fees.
(e) Expenses:
Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, 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. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.
(f) Distributions to Shareholders:
Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF and Schwab Fundamental U.S. Small Company ETF make distributions from net investment income, if any, quarterly. Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF make distributions from net investment income, if any, semiannually. The funds make distributions 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 shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(i) Foreign Taxes:
Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in each fund’s Statement of Operations. Foreign taxes accrued as of August 31, 2025, if any, are reflected in each fund’s Statement of Assets and Liabilities.
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Financial Notes, unaudited (continued)
2. Significant Accounting Policies (continued): 
(j) Segment Reporting:
An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.
The management committee of each fund’s investment adviser acts as the funds’ CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each fund’s financial statements.
(k) 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.
(l) Recent Accounting Pronouncements:
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.
 
3. 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 Amended and Restated 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 fee, payable monthly, based on a percentage of each fund’s average daily net assets as follows: 
SCHWAB
FUNDAMENTAL
U.S. BROAD
MARKET
ETF
SCHWAB
FUNDAMENTAL
U.S. LARGE
COMPANY
ETF
SCHWAB
FUNDAMENTAL
U.S. SMALL
COMPANY
ETF
SCHWAB
FUNDAMENTAL
INTERNATIONAL
EQUITY
ETF
SCHWAB
FUNDAMENTAL
INTERNATIONAL
SMALL
EQUITY
ETF
SCHWAB
FUNDAMENTAL
EMERGING
MARKETS
EQUITY
ETF
0.25
%
0.25
%
0.25
%
0.25
%
0.39
%
0.39
%
Other Affiliated Transactions
The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the investment adviser to the extent the funds are able to successfully recover tax claims in the future.
For the period ended August 31, 2025, the professional fees incurred by the Schwab Fundamental International Equity ETF and Schwab Fundamental International Small Equity ETF and paid by the investment adviser were $41,128 and $25,576, respectively, as shown as Professional fees in each fund’s Statement of Operations.
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Financial Notes, unaudited (continued)
3. Affiliates and Affiliated Transactions (continued): 
During the period ended August 31, 2025, the Schwab Fundamental International Small Equity ETF recovered previously withheld foreign taxes from Finland. The payment received by the fund amounted to $401,492, which includes $17,648 of interest income and is recorded as Dividends received from securities — unaffiliated issuers in the fund’s Statement of Operations. The investment adviser paid upfront professional fees associated with recovering these foreign taxes in the amount of $46,960, which was reimbursed to the investment adviser by the fund and is also recorded as Dividends received from securities — unaffiliated issuers in the fund’s Statement of Operations. The Schwab Fundamental International Equity ETF and Schwab Fundamental Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.
As of August 31, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab Fundamental International Equity ETF and Schwab Fundamental International Small Equity ETF to the investment adviser were $160,376 and $14,861, respectively. The Schwab Fundamental Emerging Markets Equity ETF had no balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the fund to the investment adviser.
No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.
Interfund Transactions
The funds may engage in direct transactions with other funds in the Schwab Funds 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 fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers and Net realized gains (losses) on sales of securities — affiliated issuers in the Statement of Operations. For the period ended August 31, 2025, each fund’s purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:   
 
PURCHASE COST
SALE PROCEEDS
NET REALIZED GAINS (LOSSES)
Schwab Fundamental U.S. Broad Market ETF
$21,724,279
$14,238,491
($938,102
)
Schwab Fundamental U.S. Large Company ETF
483,223,935
282,903,265
(21,995,811
)
Schwab Fundamental U.S. Small Company ETF
149,689,949
207,386,907
(59,500,892
)
Schwab Fundamental International Equity ETF
181,161,553
332,552,533
21,509,535
Schwab Fundamental International Small Equity ETF
134,967,266
84,026,898
12,037,475
Schwab Fundamental Emerging Markets Equity ETF
43,559,544
48,354,586
(179,091
)
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 Schwab Funds 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.
 
4. Board of Trustees:
The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such “interested persons” who may serve on a trust’s board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.
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Financial Notes, unaudited (continued)
 5. Borrowing from Banks:
During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. 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 Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds  from either line of credit during the period.
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.
 
6. Derivatives:
Certain funds entered into futures contracts during the report period to equitize available cash.
As of August 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end: 
 
EQUITY CONTRACTS
TOTAL
Asset Derivatives
 
 
Schwab Fundamental U.S. Broad Market ETF
Futures Contracts1
$8,086
$8,086
Schwab Fundamental U.S. Large Company ETF
Futures Contracts1
132,767
132,767
Schwab Fundamental International Equity ETF
Futures Contracts1
1,218,975
1,218,975
Schwab Fundamental International Small Equity ETF
Futures Contracts1
235,375
235,375
Schwab Fundamental Emerging Markets Equity ETF
Futures Contracts1
235,256
235,256
 
 
 
1
Includes cumulative unrealized appreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is
reported in the Statement of Assets and Liabilities.
 
Liability Derivatives
 
 
Schwab Fundamental U.S. Small Company ETF
Futures Contracts1
$3,238
$3,238
 
 
 
1
Includes cumulative unrealized depreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on futures contracts is
reported in the Statement of Assets and Liabilities.
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Financial Notes, unaudited (continued)
6. Derivatives (continued): 
The effects of the derivative contracts in the Statement of Operations for the period ended August 31, 2025, were: 
 
EQUITY CONTRACTS
TOTAL
Net Realized Gains (Losses)
 
 
Schwab Fundamental U.S. Broad Market ETF
Futures Contracts1
$110,352
$110,352
Schwab Fundamental U.S. Large Company ETF
Futures Contracts1
2,794,098
2,794,098
Schwab Fundamental U.S. Small Company ETF
Futures Contracts1
(126,207
)
(126,207
)
Schwab Fundamental International Equity ETF
Futures Contracts1
12,496,390
12,496,390
Schwab Fundamental International Small Equity ETF
Futures Contracts1
3,198,205
3,198,205
Schwab Fundamental Emerging Markets Equity ETF
Futures Contracts1
7,015,768
7,015,768
 
 
 
1
Statement of Operations location: Net realized gains (losses) on futures contracts.
 
Net Change in Unrealized Appreciation (Depreciation)
 
 
Schwab Fundamental U.S. Broad Market ETF
Futures Contracts1
$32,430
$32,430
Schwab Fundamental U.S. Large Company ETF
Futures Contracts1
848,286
848,286
Schwab Fundamental U.S. Small Company ETF
Futures Contracts1
482,854
482,854
Schwab Fundamental International Equity ETF
Futures Contracts1
(494,395
)
(494,395
)
Schwab Fundamental International Small Equity ETF
Futures Contracts1
(206,342
)
(206,342
)
Schwab Fundamental Emerging Markets Equity ETF
Futures Contracts1
183,693
183,693
 
 
 
1
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.
During the period ended August 31, 2025, 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 Fundamental U.S. Broad Market ETF
$1,297,471
4
Schwab Fundamental U.S. Large Company ETF
29,984,204
100
Schwab Fundamental U.S. Small Company ETF
11,610,499
108
Schwab Fundamental International Equity ETF
101,874,849
797
Schwab Fundamental International Small Equity ETF
25,624,942
201
Schwab Fundamental Emerging Markets Equity ETF
40,127,871
676
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Financial Notes, unaudited (continued)
 7. Purchases and Sales of Investment Securities:
For the period ended August 31, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows: 
 
PURCHASES
OF SECURITIES
SALES
OF SECURITIES
Schwab Fundamental U.S. Broad Market ETF
$70,013,746
$61,513,153
Schwab Fundamental U.S. Large Company ETF
1,341,360,208
1,184,872,406
Schwab Fundamental U.S. Small Company ETF
1,259,352,752
1,109,157,968
Schwab Fundamental International Equity ETF
1,426,628,288
1,043,002,433
Schwab Fundamental International Small Equity ETF
500,146,321
510,038,501
Schwab Fundamental Emerging Markets Equity ETF
786,576,019
616,615,026
 
8. In-Kind Transactions:
The consideration for the purchase of Creation Units of a fund consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in a relevant fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges are recorded in the Transactions In Fund Shares section in the Statement of Changes in Net Assets and generally have no effect on net asset value per share. Variable charges for the Schwab Fundamental Emerging Markets Equity ETF were larger than other funds in prior periods and are recorded in Other Capital in the Financial Highlights. 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, 2025, were as follows: 
 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab Fundamental U.S. Broad Market ETF
$64,644,208
$49,107,608
Schwab Fundamental U.S. Large Company ETF
1,762,880,267
1,038,900,264
Schwab Fundamental U.S. Small Company ETF
956,755,936
1,640,930,045
Schwab Fundamental International Equity ETF
608,809,766
211,869,666
Schwab Fundamental International Small Equity ETF
31,307,184
725,010,642
For the period ended August 31, 2025, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended August 31, 2025, if any, are disclosed in the funds’ Statements of Operations. 
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Financial Notes, unaudited (continued)
 9. Federal Income Taxes:
As of August 31, 2025, 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 Fundamental U.S. Broad Market ETF
$722,239,287
$288,851,505
($28,056,998
)
$260,794,507
Schwab Fundamental U.S. Large Company ETF
15,351,661,112
5,161,417,306
(671,536,191
)
4,489,881,115
Schwab Fundamental U.S. Small Company ETF
7,768,834,755
1,855,359,968
(638,832,909
)
1,216,527,059
Schwab Fundamental International Equity ETF
12,828,616,678
4,823,562,005
(339,851,794
)
4,483,710,211
Schwab Fundamental International Small Equity ETF
2,532,603,158
719,059,344
(172,968,049
)
546,091,295
Schwab Fundamental Emerging Markets Equity ETF
5,725,299,013
1,852,326,015
(227,690,509
)
1,624,635,506
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 tax cost of the funds’ investments, disclosed above, have been adjusted from their 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 February 28, 2025, the funds had capital loss carryforwards available as follows: 
 
 
Schwab Fundamental U.S. Broad Market ETF
$24,868,425
Schwab Fundamental U.S. Large Company ETF
618,550,750
Schwab Fundamental U.S. Small Company ETF
1,167,791,899
Schwab Fundamental International Equity ETF
260,899,045
Schwab Fundamental International Small Equity ETF
204,179,600
Schwab Fundamental Emerging Markets Equity ETF
517,440,561
The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of August 31, 2025. The tax basis components of distributions paid during the fiscal year ended February 28, 2025 were as follows:   
 
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
Schwab Fundamental U.S. Broad Market ETF
$14,326,670
Schwab Fundamental U.S. Large Company ETF
293,269,930
Schwab Fundamental U.S. Small Company ETF
137,775,070
Schwab Fundamental International Equity ETF
508,351,970
Schwab Fundamental International Small Equity ETF
109,577,490
Schwab Fundamental Emerging Markets Equity ETF
288,706,850
Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
As of February 28, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds’ financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund’s Statement of Operations. During the fiscal year ended February 28, 2025, the funds did not incur any interest or penalties.
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Financial Notes, unaudited (continued)
 10. Share Splits:
On September 25, 2024, the Board authorized the following share splits for the below funds: 
Fund
Share Split Ratio
Schwab Fundamental U.S. Broad Market ETF
3-for-1
Schwab Fundamental U.S. Large Company ETF
3-for-1
Schwab Fundamental U.S. Small Company ETF
2-for-1
 
 
These share splits applied to shareholders of record as of the close of U.S. markets on October 9, 2024, and paid after the close of U.S. markets on October 10, 2024. Shares began trading at their post-split price on October 11, 2024. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder’s investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF and Schwab Fundamental U.S. Small Company ETF have been retroactively adjusted to reflect the share split in the prior periods presented.
 
11. 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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Changes in and Disagreements with Accountants for Open-End Management Investment Companies
  
Not applicable.
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103
Proxy Disclosures for Open-End Management Investment Companies
  
Not applicable.
104
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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
  
The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).
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Investment Advisory Agreement Approval
The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund’s investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or “interested persons” of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund’s trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.
The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory agreement (the Agreement) between Schwab Strategic Trust (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF, Schwab Fundamental U.S. Small Company ETF, Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and Schwab Fundamental Emerging Markets Equity 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, oversight of third-party service providers, 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 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 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, and vendor and risk oversight. The Trustees also considered the investment adviser’s continued investment in
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Schwab Fundamental Index ETFs
its infrastructure, including the investment adviser’s technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab’s overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.
Fund Performance. The Board considered each Fund’s performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund’s performance relative to a peer category of other exchange-traded funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund’s investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund’s demonstrated performance in tracking its benchmark index. The Trustees noted that the Funds had closely tracked their respective indexes in 2024, with all of the Funds performing in their expected performance ranges. 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. 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 net 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 equity indexes.
Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.
Profitability. The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to such Fund.
Economies of Scale. Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund’s shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser’s continued investment in its infrastructure and use of data and technology, 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. 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
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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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(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
MFR76318-12
00317400