N-CSR
Annual Report |
February 28, 2026

Schwab U.S. REIT ETF



Ticker Symbol: SCHH

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$7
0.07%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 7.48% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The S&P 500
®
Index, which serves as the fund’s regulatory index and provides a
broad measure of market performance, returned 16.99%. The fund generally invests in securities that are included in the Dow Jones
Equity All REIT Capped Index which returned 7.53% during the same period. The fund does not seek to track the regulatory index.
Differences between the return of the fund and the return of the Dow Jones Equity All REIT Capped Index may be attributable to,
among other things, the operational and transactional costs incurred by the fund and not the index.
Top detractors from total return:
■
 
Multi-family residential REITs sub-industry securities, including AvalonBay Communities, Inc.
■
 
Telecom tower REITs sub-industry securities
Top contributors to total return:
■
 
Health care REITs sub-industry securities, including Welltower, Inc.
■
 
Retail REITs sub-industry securities
 
 
Portfolio holdings may have changed since the report date.
Schwab U.S. REIT ETF | Annual Report
1
REG127189-01  00323359
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2,3
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab U.S. REIT ETF (01/13/2011)
1,2
7.48%
6.30%
4.95%
S&P 500
®
Index
4
16.99%
14.19%
15.50%
Dow Jones Equity All REIT Capped Index
3
7.53%
6.38%
N/A
REIT Spliced Index
7.53%
6.38%
5.02%
 
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 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.
4
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.
2
Schwab U.S. REIT ETF | Annual Report
 
Statistics
 
Net Assets (millions)
$9,713
Number of Holdings
(excludes derivatives)
117
Portfolio Turnover Rate
(excludes in-kind transactions)
10%
Advisory Fees Paid by the Fund
$5,745,716
Weighted Average Market Cap (millions)
$
54,587
Price/Earnings Ratio (P/E)
31.8
Price/Book Ratio (P/B)
2.7
Qualified Dividend Income
$4,618,640
Qualified Business Income Deduction (199A)
$240,403,305
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
exclusiv
e 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.
Schwab U.S. REIT ETF | Annual Report
3
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
.
4
Schwab U.S. REIT ETF | Annual Report
Annual Report |
February 28, 2026

Schwab Fundamental U.S. Broad Market ETF



Ticker Symbol: FNDB

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$27
0.25%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 19.92% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Russell 3000
®
Index, which serves as the fund’s regulatory index and provides
a broad measure of market performance, returned 17.02%. The fund generally invests in securities that are included in the RAFI
Fundamental High Liquidity US All Index which returned 20.16% during the same period. The fund does not seek to track the
regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity US All Index may
be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:
■
 
Real estate sector securities, including Weyerhaeuser Co. (which detracted from the total return of the fund)
■
 
Utilities sector securities
Top contributors to total return:
■
 
Information technology sector securities, including Micron Technology, Inc.
■
 
Industrials sector securities
 
 
Portfolio holdings may have changed since the report date.
Schwab Fundamental U.S. Broad Market ETF | Annual Report
1
REG127163-01  00323339
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab Fundamental U.S. Broad Market ETF (08/15/2013)
1,2
19.92%
14.10%
14.36%
Russell 3000
®
Index
3
17.02%
12.80%
15.08%
RAFI Fundamental High Liquidity US All Index
4
20.16%
N/A
N/A
Russell RAFI™ US Index
20.46%
14.39%
14.63%
Fundamental US All Spliced Index
20.16%
14.37%
14.62%
 
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.
2
Schwab Fundamental U.S. Broad Market ETF | Annual Report
 
Statistics
 
Net Assets (millions)
$1,170
Number of Holdings
(excludes derivatives)
1,593
Portfolio Turnover Rate
(excludes in-kind transactions)
12%
Advisory Fees Paid by the Fund
$2,433,623
Weighted Average Market Cap (millions)
$
568,825
Price/Earnings Ratio (P/E)
21.1
Price/Book Ratio (P/B)
2.9
Dividends Received Deduction
100.00
%
Qualified Dividend Income
$16,729,780
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%.
Schwab Fund
amenta
l U.S
. Broad Mar
ket ETF | A
nnual Report
3
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
.
4
Schwab Fundamental U.S. Broad Market ETF | Annual Report
Annual Report |
February 28, 2026

Schwab Fundamental U.S. Large Company ETF



Ticker Symbol: FNDX

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$27
0.25%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 19.94% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The Russell 1000
®
Index, which serves as the fund’s regulatory index and provides
a broad measure of market performance, returned 16.73%. The fund generally invests in securities that are included in the RAFI
Fundamental High Liquidity US Large Index which returned 20.20% during the same period. The fund does not seek to track the
regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity US Large Index
may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:
■
 
Real estate sector securities, including Weyerhaeuser Co. (which detracted from the total return of the fund)
■
 
Utilities sector securities
Top contributors to total return:
■
 
Information technology sector securities, including Micron Technology, Inc.
■
 
Communication services sector securities
 
 
Portfolio holdings may have changed since the report date.
Schwab Fundamental U.S. Large Company ETF | Annual Report
1
REG127164-01  00323340
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab Fundamental U.S. Large Company ETF (08/15/2013)
1,2
19.94%
14.56%
14.56%
Russell 1000
®
Index
3
16.73%
13.32%
15.32%
RAFI Fundamental High Liquidity US Large Index
4
20.20%
N/A
N/A
Russell RAFI™ US Large Company Index
20.41%
14.85%
14.83%
Fundamental US Large Spliced Index
20.20%
14.83%
14.82%
 
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.
2
Schwab Fundamental U
.S. La
rge Co
mpa
ny ETF | Annual Report
 
Statistics
 
Net Assets (millions)
$24,461
Number of Holdings
(excludes derivatives)
708
Portfolio Turnover Rate
(excludes in-kind transactions)
12%
Advisory Fees Paid by the Fund
$49,612,661
Weighted Average Market Cap (millions)
$614,291
Price/Earnings Ratio (P/E)
21.3
Price/Book Ratio (P/B)
3.0
Dividends Received Deduction
100.00%
Qualified Dividend Income
$341,222,185
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.
Schwab Fundamental U.S. Large Company ETF | Annual Report
3
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Stateme
nt of Addi
tional Informati
on (SAI), repor
ts to s
hareholders, fi
nanci
al informa
tion,
hol
dings
, certain tax information, proxy voting information, and other information
about th
e fu
nd
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 c
alli
ng
1-866-414-6349
, or by sendi
ng
an email request to
.
4
Schwab Fundamental U.S. Large Company ETF | Annual Report
Annual Report |
February 28, 2026

Schwab Fundamental U.S. Small Company ETF



Ticker Symbol: FNDA

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$27
0.25%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 19.63% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The S&P 500
®
Index, which serves as the fund’s regulatory index and provides a
broad measure of market performance, returned 16.99%. The fund generally invests in securities that are included in the RAFI
Fundamental High Liquidity US Small Index which returned 19.89% during the same period. The fund does not seek to track the
regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity US Small Index
may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.
Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:
■
 
Communication services sector securities, including Cable One, Inc. (which detracted from the total return of the fund)
■
 
Health care sector securities
Top contributors to total return:
■
 
Information technology sector securities, including Lumentum Holdings, Inc.
■
 
Industrials sector securities
 
 
Portfolio holdings may have changed since the report date.
Schwab Fundamental U.S. Small Company ETF | Annual Report
1
REG127165-01  00323341
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab Fundamental U.S. Small Company ETF (08/15/2013)
1,2
19.63%
8.62%
11.59%
S&P 500
®
Index
3
16.99%
14.19%
15.50%
RAFI Fundamental High Liquidity US Small Index
4
19.89%
N/A
N/A
Russell RAFI™ US Small Company Index
21.11%
8.90%
11.83%
Fundamental US Small Spliced Index
19.89%
8.83%
11.79%
Russell 2000
®
Index
23.34%
5.05%
11.30%
 
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see 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.
2
Schwab Fundamental U.S. Small Company ETF | Annual Report
 
Statistics
 
Net Assets (millions)
$9,826
Number of Holdings
(excludes derivatives)
887
Portfolio Turnover Rate
(excludes in-kind transactions)
26%
Advisory Fees Paid by the Fund
$21,849,389
Weighted Average Market Cap (millions)
$8,968
Price/Earnings Ratio (P/E)
19.0
Price/Book Ratio (P/B)
1.9
Dividends Received Deduction
84.92%
Qualified Dividend Income
$99,145,983
Qualified Business Income Deduction (199A)
$12,059,337
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.
Schwab Fundamental U.S. Small Company ETF | Annual Report
3
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
votin
g 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
.
4
Schwab Fundamental U.S. Small Company ETF | Annual Report
Annual Report |
February 28, 2026

Schwab Fundamental International Equity ETF



Ticker Symbol: FNDF

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$32
0.25%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 54.06% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The MSCI EAFE
®
Index (Net)
1
, which serves as the fund’s regulatory index and
provides a broad measure of market performance, returned 34.63%. The fund generally invests in securities that are included in the
RAFI Fundamental High Liquidity Developed ex US Large Index (Net)
1
which returned 54.01% during the same period. The fund
does not seek to track the regulatory index.
Top contributors to total return:
■
 
Japanese securities, including Mitsubishi Corp.
■
 
Securities from the Republic of Korea
Top detractors from total return:
■
 
The security from the United States, CRH PLC (which was held for a limited time in March 2025)
■
 
While there were no additional markets that detracted from the total return of the fund, Chinese securities were the smallest
contributors to total return
 
 
Portfolio holdings may have changed since the report date.
1
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
Schwab Fundamental International Equity ETF | Annual Report
1
REG127161-01  00323337
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2,3,4
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab Fundamental International Equity ETF (08/15/2013)
1,2,3
54.06%
15.26%
12.56%
MSCI EAFE
®
Index (Net)
4,5
34.63%
10.78%
10.26%
RAFI Fundamental High Liquidity Developed ex US Large Index (Net)
4,6
54.01%
N/A
N/A
Russell RAFI™ Developed ex US Large Company Index (Net)
4
54.05%
15.31%
12.61%
Fundamental Developed ex US Large Spliced Index
54.01%
15.28%
12.60%
 
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
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 fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.
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.
2
Schwab Fundamental International Equity ETF | Annual Report
 
Statistics
 
Net Assets (millions)
$23,376
Number of Holdings
(excludes derivatives)
876
Portfolio Turnover Rate
(excludes in-kind transactions)
11%
Advisory Fees Paid by the Fund
$43,565,942
Weighted Average Market Cap (millions)
$136,468
Price/Earnings Ratio (P/E)
17.3
Price/Book Ratio (P/B)
1.6
Foreign Tax Paid and Passed Through
$44,091,380
Gross Income from Foreign Sources
$612,644,011
Qualified Dividend Income
$491,090,631
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.
Schwab Fundamental International Equity ETF | Annual Report
3
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
.
4
Schwab Fundamental International Equity ETF | Annual Report
Annual Report |
February 28, 2026

Schwab Fundamental International Small Equity ETF



Ticker Symbol:
FNDC

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$48
0.39%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 47.78% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The MSCI EAFE
®
Index (Net)
1
, which serves as the fund’s regulatory index and
provides a broad measure of market performance, returned 34.63%. The fund generally invests in securities that are included in the
RAFI Fundamental High Liquidity Developed ex US Small Index (Net)
1
which returned 48.04% during the same period. The fund
does not seek to track the regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High
Liquidity Developed ex US Small Index (Net)
1
may be attributable to, among other things, the operational and transactional costs
incurred by the fund and not the index.
Top detractors from total return:
■
 
Bermudian securities, including Hiscox Ltd. (which was held for a limited time in March 2025)
■
 
While there were no additional markets that detracted from the total return of the fund, Georgian securities were the smallest
contributors to total return (which were held for a limited time in March 2025)
Top contributors to total return:
■
 
Japanese securities, including Ibiden Co. Ltd.
■
 
Securities from the Republic of Korea
 
 
Portfolio holdings may have changed since the report date.
1
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
Schwab Fundamental International Small Equity ETF | Annual Report
1
REG127162-01  00323338
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2,3,4
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10 Years
Fund: Schwab Fundamental International Small Equity ETF
 (08/15/2013)
1,2,3
47.78%
10.27%
10.25%
MSCI EAFE
®
Index
(Net)
4,5
34.63%
10.78%
10.26%
RAFI Fundamental High Liquidity Developed ex US Small Index
(Net)
4,6
48.04%
N/A
N/A
Russell RAFI™ Developed ex US Small Company Index
(Net)
4
49.70%
10.77%
10.60%
Fundamental Developed ex US Small Spliced Index
48.04%
10.55%
10.50%
S&P Developed ex-U.S. Small Cap Index (Net)
4
45.36%
7.22%
9.39%
 
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
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 fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.
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.
2
Schwab Fundamental International Small Equity ETF | Annual
Report
 
Statistics
 
Net Assets (millions)
$3,430
Number of Holdings
(excludes derivatives)
1,466
Portfolio Turnover Rate
(excludes in-kind transactions)
29%
Advisory Fees Paid by the Fund
$11,767,393
Weighted Average Market Cap (millions)
$6,208
Price/Earnings Ratio (P/E)
15.8
Price/Book Ratio (P/B)
1.4
Foreign Tax Paid and Passed Through
$7,774,672
Gross Income from Foreign Sources
$100,614,298
Qualified Dividend Income
$74,235,377
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.
Schwab Fundamental International Small Equity ETF | Annual Report
3
AVAILABILITY OF ADDITIONAL INFORMATION
You can find the fund’s prospectus, Statement of Additional Information (SAI), reports to s
harehold
ers, financial
infor
mation,
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
.
4
Schwab Fundamental International Small Equity ETF | Annual Report
Annual Report |
February 28, 2026

Schwab Fundamental Emerging Markets Equity ETF



Ticker Symbol: FNDE

Principal U.S. Listing Exchange: NYSE Arca, Inc.
 
 
This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.
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 year ENDED February 28, 2026
(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
$47
0.39%
 
 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
For the 12-month reporting period ended February 28, 2026, the fund’s NAV return was 39.10% (for an explanation of NAV returns,
please refer to footnote 2 on the following page). The MSCI Emerging Markets Index (Net)
1
, which serves as the fund’s regulatory
index and provides a broad measure of market performance, returned 49.96%. The fund generally invests in securities that are
included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net)
1
which returned 39.87% during the same period.
The fund does not seek to track the regulatory index. Differences between the return of the fund and the return of the RAFI
Fundamental High Liquidity Emerging Markets Index (Net)
1
may be attributable to, among other things, the operational and
transactional costs incurred by the fund and not the index.
Over the reporting period, no markets detracted from the return of the fund. However, the smallest co
ntribu
tors to total return were:
■
 
Saudi Arabian securities, including Saudi Basic Industries Corp. (which detracted from the total return of the fund)
■
 
Securities from Hong Kong
Top contributors to total return:
■
 
Chinese securities, including Class H holdings of China Construction Bank Corp.
■
 
Taiwanese securities
 
 
Portfolio holdings may have changed since the report date.
1
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
Schwab Fundamental Emerging Markets Equity ETF | Annual Report
1
REG127160-01  00323335
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
.
 
 
Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)
1,2,3,4
 
 
 
Average Annual Total Returns
 
Fund and Inception Date
1 Year
5 Years
10
Years
Fund: Schwab Fundamental Emerging Markets Equity ETF (08/15/2013)
1,2,3
39.10%
11.49%
12.57%
MSCI Emerging Markets Index (Net)
4,5
49.96%
6.31%
10.69%
RAFI Fundamental High Liquidity Emerging Markets Index (Net)
4,6
39.87%
N/A
N/A
Russell RAFI™ Emerging Markets Large Company Index (Net)
4
42.43%
12.19%
13.25%
Fundamental Emerging Markets Spliced Index
39.87%
11.81%
13.06%
 
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower
performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see 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
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 fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.
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.
2
Schwab Fundamental Emerging Markets Equity ETF | Annual Report
 
Statistics
 
Net Assets (millions)
$9,416
Number of Holdings
(excludes derivatives)
355
Portfolio Turnover Rate
(excludes in-kind transactions)
16%
Advisory Fees Paid by the Fund
$29,196,001
Weighted Average Market Cap (millions)
$185,695
Price/Earnings Ratio (P/E)
11.8
Price/Book Ratio (P/B)
1.5
Foreign Tax Paid and Passed Through
$36,139,813
Gross Income from Foreign Sources
$333,054,043
Qualified Dividend Income
$131,393,572
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.
Schwab Fundamental Emerging Markets Equity ETF | Annual Report
3
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
.
4
Schwab Fundamental Emerging Markets Equity ETF | Annual Report

Item 2: Code of Ethics.

 

(a)

Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

 

(c)

During the period covered by the report, no amendments were made to the provisions of this code of ethics.

 

(d)

During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

 

(e)

Not applicable.

 

(f)(1)

Registrant has filed this code of ethics as an exhibit pursuant to Item 19(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Expert.

Registrant’s Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of Form N-CSR.

The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit, compliance and valuation committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

Registrant is composed of thirty-four operational series. Seven series have a fiscal year-end of the last day of February, two series have a fiscal year-end of March 31, fourteen series have a fiscal year-end of August 31, and eleven series have a fiscal year-end of December 31. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the thirty-four operational series during 2025/2026 and the thirty-three operational series during 2024/2025, based on their respective 2025/2026 and 2024/2025 fiscal years, as applicable.

The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:

 

(a) Audit Fees1

      (b) Audit-Related Fees      (c) Tax Fees2      (d) All Other Fees  

Fiscal Year
2025/2026

    Fiscal Year
2024/2025		      Fiscal Year
2025/2026		      Fiscal Year
2024/2025		      Fiscal Year
2025/2026		      Fiscal Year
2024/2025		      Fiscal Year
2025/2026		      Fiscal Year
2024/2025		  
$ 650,550    $ 601,700      $ 0      $ 0      $ 111,690      $ 101,835      $ 0      $ 0  

 

1

The nature of the services includes audit of the registrant’s annual financial statements and normally provided services in connection with regulatory filings for those fiscal years.

2

The tax fees consist of professional services relating to tax compliance, tax advice, tax planning, and the preparation of the Registrant’s tax returns.

(e) (1) Registrant’s audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) There were no services described in each of paragraphs (b) through (d) above that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant’s principal accountant for services rendered to Registrant, to Registrant’s investment adviser, and to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant.

 

2025/2026: $2,003,222

    2024/2025:$ 1,787,029  

(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5: Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has separately-designated standing audit, compliance and valuation committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit, compliance and valuation committee members are J. Derek Penn, Michael J. Beer and Kimberly S. Patmore.

Item 6: Schedule of Investments.

The schedules of investments are included under Item 7 of this Form.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
Annual Holdings and Financial Statements | February 28, 2026
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 | Annual Holdings and Financial Statements
1
Schwab U.S. REIT ETF
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/231
3/1/21–
2/28/221
 
Per-Share Data
Net asset value at beginning of period
$22.09
$20.05
$19.96
$23.30
$19.48
Income (loss) from investment operations:
Net investment income (loss)2
0.68
0.64
0.64
0.60
0.43
Net realized and unrealized gains (losses)
0.91
2.08
0.12
(3.45
)
3.79
Total from investment operations
1.59
2.72
0.76
(2.85
)
4.22
Less distributions:
Distributions from net investment income
(0.64
)
(0.68
)
(0.67
)
(0.49
)
(0.40
)
Net asset value at end of period
$23.04
$22.09
$20.05
$19.96
$23.30
Total return
7.48
%
13.75
%
4.06
%
(12.22
%)
21.56
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.07
%
0.07
%
0.07
%
0.07
%3
0.07
%
Net investment income (loss)
3.18
%
3.04
%
3.34
%
2.82
%3
1.81
%
Portfolio turnover rate4
10
%
8
%
6
%
6
%
5
%
Net assets, end of period (x 1,000,000)
$9,713
$7,694
$6,361
$5,780
$6,648
 
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
Ratio includes less than 0.005% of non-routine proxy expenses.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
2
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Data Center REITs 9.6%
Digital Realty Trust, Inc.
2,228,439
394,879,391
Equinix, Inc.
551,816
537,612,256
 
932,491,647
 
Diversified REITs 2.3%
Alexander & Baldwin, Inc.
501,849
10,433,441
American Assets Trust, Inc.
325,608
6,355,868
Armada Hoffler Properties, Inc.
552,579
3,453,619
Broadstone Net Lease, Inc.
1,306,790
25,338,658
CTO Realty Growth, Inc.
203,179
3,957,927
Essential Properties Realty Trust, Inc.
1,367,495
46,412,780
Gladstone Commercial Corp.
333,899
4,170,398
Global Net Lease, Inc.
1,363,055
12,839,978
WP Carey, Inc.
1,512,438
112,903,497
 
225,866,166
 
Health Care REITs 17.8%
Alexandria Real Estate Equities, Inc.
1,073,483
58,011,021
American Healthcare REIT, Inc.
1,220,943
63,782,062
CareTrust REIT, Inc.
1,541,118
62,600,213
Chiron Real Estate, Inc.
86,795
3,005,711
Community Healthcare Trust, Inc.
176,733
3,020,367
Healthcare Realty Trust, Inc.
2,426,784
44,774,165
Healthpeak Properties, Inc.
4,796,221
84,797,187
LTC Properties, Inc.
328,894
13,050,514
Medical Properties Trust, Inc. (a)
3,399,963
19,583,787
National Health Investors, Inc.
328,972
27,656,676
Omega Healthcare Investors, Inc.
2,039,609
98,451,927
Sabra Health Care REIT, Inc.
1,721,142
35,369,468
Sila Realty Trust, Inc.
379,521
9,765,075
Ventas, Inc.
3,241,868
279,319,347
Welltower, Inc.
4,449,771
921,636,570
 
1,724,824,090
 
Hotel & Resort REITs 2.3%
Apple Hospitality REIT, Inc.
1,516,672
18,594,399
DiamondRock Hospitality Co.
1,406,903
14,125,306
Host Hotels & Resorts, Inc.
4,413,869
86,467,694
Park Hotels & Resorts, Inc.
1,380,471
15,613,127
Pebblebrook Hotel Trust
783,925
10,057,758
RLJ Lodging Trust
1,028,476
8,248,377
Ryman Hospitality Properties, Inc.
434,830
42,939,462
Service Properties Trust (b)
1,089,256
2,505,289
Summit Hotel Properties, Inc.
726,860
3,278,139
Sunstone Hotel Investors, Inc.
1,310,142
12,158,118
Xenia Hotels & Resorts, Inc.
653,584
9,986,763
 
223,974,432
 
Industrial REITs 12.8%
Americold Realty Trust, Inc.
1,967,197
26,340,768
EastGroup Properties, Inc.
367,575
72,158,648
First Industrial Realty Trust, Inc.
913,917
57,704,719
Innovative Industrial Properties, Inc.
193,689
10,257,770
Lineage, Inc.
393,868
15,959,531
LXP Industrial Trust
407,861
20,213,591
Prologis, Inc.
6,186,874
882,062,626
Rexford Industrial Realty, Inc.
1,603,195
60,071,717
STAG Industrial, Inc.
1,288,868
50,549,403
SECURITY
NUMBER
OF SHARES
VALUE ($)
Terreno Realty Corp.
713,590
47,139,756
 
1,242,458,529
 
Multi-Family Residential REITs 7.7%
AvalonBay Communities, Inc.
976,049
172,985,164
Camden Property Trust
734,279
79,551,787
Centerspace
115,172
7,244,319
Equity Residential
2,389,533
151,042,381
Essex Property Trust, Inc.
444,493
113,394,609
Independence Realty Trust, Inc.
1,649,015
27,324,178
Mid-America Apartment Communities,
Inc.
808,053
108,165,975
NexPoint Residential Trust, Inc.
150,070
4,230,473
UDR, Inc.
2,075,572
77,833,950
Veris Residential, Inc.
559,796
10,552,155
 
752,324,991
 
Office REITs 2.5%
Brandywine Realty Trust
1,206,114
3,847,504
BXP, Inc.
1,017,127
58,566,173
COPT Defense Properties
780,235
24,795,868
Cousins Properties, Inc.
1,159,917
26,863,678
Douglas Emmett, Inc.
1,157,715
11,449,801
Easterly Government Properties, Inc.
302,359
7,038,917
Empire State Realty Trust, Inc., Class A
956,670
5,625,220
Highwoods Properties, Inc.
757,691
17,040,471
Hudson Pacific Properties, Inc. *
373,326
2,702,880
JBG SMITH Properties
408,468
6,212,798
Kilroy Realty Corp.
751,821
22,419,302
Piedmont Realty Trust, Inc., Class A *
859,671
6,524,903
SL Green Realty Corp.
489,654
18,043,750
Vornado Realty Trust
1,113,742
30,717,004
 
241,848,269
 
Other Specialized REITs 7.7%
EPR Properties
525,673
31,230,233
Farmland Partners, Inc.
275,538
3,593,015
Four Corners Property Trust, Inc.
731,600
18,670,432
Gaming & Leisure Properties, Inc.
1,953,193
95,530,670
Iron Mountain, Inc.
2,040,024
220,995,800
Lamar Advertising Co., Class A
599,488
82,573,477
Millrose Properties, Inc.
1,064,410
33,379,898
Outfront Media, Inc.
1,004,730
28,946,271
Safehold, Inc.
316,108
5,101,983
VICI Properties, Inc.
7,376,421
222,841,678
 
742,863,457
 
Retail REITs 16.1%
Acadia Realty Trust
903,816
18,907,831
Agree Realty Corp.
791,891
63,731,388
Alexander's, Inc.
14,870
3,488,799
Brixmor Property Group, Inc.
2,112,561
63,947,222
Curbline Properties Corp.
668,281
18,584,895
Federal Realty Investment Trust
541,812
58,932,891
Getty Realty Corp.
366,031
12,013,137
InvenTrust Properties Corp.
535,848
16,718,458
Kimco Realty Corp.
4,673,662
110,064,740
Kite Realty Group Trust
1,494,274
38,925,838
Macerich Co.
1,767,774
36,186,334
NETSTREIT Corp.
576,012
11,963,769
NNN REIT, Inc.
1,310,749
59,403,145
Phillips Edison & Co., Inc.
868,425
34,111,734
Realty Income Corp.
6,348,751
425,366,317
Regency Centers Corp.
1,136,074
89,749,846
See financial notes
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
3
Schwab U.S. REIT ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Simon Property Group, Inc.
2,217,892
452,117,284
SITE Centers Corp.
363,939
2,241,864
Tanger, Inc.
794,806
29,455,510
Urban Edge Properties
868,045
18,445,956
 
1,564,356,958
 
Self Storage REITs 6.7%
CubeSmart
1,573,802
64,746,214
Extra Space Storage, Inc.
1,464,842
221,235,087
National Storage Affiliates Trust
488,658
17,112,803
Public Storage
1,089,868
334,654,868
Smartstop Self Storage REIT, Inc.
381,421
12,720,391
 
650,469,363
 
Single-Family Residential REITs 3.9%
American Homes 4 Rent, Class A
2,250,005
67,500,150
Equity LifeStyle Properties, Inc.
1,337,715
89,840,939
Invitation Homes, Inc.
3,892,313
102,523,525
Sun Communities, Inc.
802,289
109,480,357
UMH Properties, Inc.
557,548
8,407,824
 
377,752,795
 
Telecom Tower REITs 8.8%
American Tower Corp.
2,294,937
440,306,613
Crown Castle, Inc.
3,005,463
269,109,157
SBA Communications Corp.
735,339
147,920,793
 
857,336,563
 
Timber REITs 1.7%
Rayonier, Inc.
1,917,228
41,201,230
Weyerhaeuser Co.
4,975,048
122,037,927
 
163,239,157
Total Common Stocks
(Cost $8,844,048,741)
9,699,806,417
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (c)
2,536,853
2,536,853
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (c)(d)
8,692,200
8,692,200
 
11,229,053
Total Short-Term Investments
(Cost $11,229,053)
11,229,053
Total Investments in Securities
(Cost $8,855,277,794)
9,711,035,470
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Dow Jones U.S. Real Estate
Index, expires 03/20/26
330
12,695,100
177,744
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$8,344,512.
(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 February 28, 2026. 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 February 28, 2026, 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
2/28/26
BALANCE
OF SHARES
HELD AT
2/28/26
DIVIDENDS
RECEIVED
COMMON STOCKS 0.0% OF NET ASSETS
 
Hotel & Resort REITs 0.0%
Service Properties Trust(a)
$—
$678,186
($474,094
)
($2,759,298
)
$2,230,842
$2,505,289
1,089,256
$40,507
 
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.
See financial notes
4
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Portfolio Holdings  as of February 28, 2026 (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
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
$9,699,806,417
$—
$—
$9,699,806,417
Short-Term Investments1
11,229,053
—
—
11,229,053
Futures Contracts2
177,744
—
—
177,744
Total
$9,711,213,214
$—
$—
$9,711,213,214
 
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 | Annual Holdings and Financial Statements
5
Schwab U.S. REIT ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - affiliated issuers (cost $8,317,787)
 
$2,505,289
Investments in securities, at value - unaffiliated issuers (cost $8,846,960,007) including securities on loan of $8,344,512
 
9,708,530,181
Cash
 
1,710,908
Deposit with broker for futures contracts
 
1,473,561
Receivables:
 
Investments sold
 
22,936,426
Dividends
 
9,671,714
Variation margin on future contracts
 
29,129
Income from securities on loan
+
4,220
Total assets
 
9,746,861,428
 
Liabilities
Collateral held for securities on loan
 
8,692,200
Payables:
 
Fund shares redeemed
 
23,035,498
Investments bought
 
1,710,908
Management fees
+
506,308
Total liabilities
 
33,944,914
Net assets
 
$9,712,916,514
 
Net Assets by Source
Capital received from investors
 
$10,049,629,549
Total distributable loss
+
(336,713,035
)
Net assets
 
$9,712,916,514
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$9,712,916,514
 
421,650,000
$23.04
 
 
 
 
See financial notes
6
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers
 
$267,302,262
Other Interest
 
58,424
Dividends received from securities - affiliated issuers
 
40,507
Securities on loan, net
+
102,634
Total investment income
 
267,503,827
 
Expenses
Management fees
 
5,745,716
Total expenses
–
5,745,716
Net investment income
 
261,758,111
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(2,777,927
)
Net realized losses on sales of securities - unaffiliated issuers
 
(179,391,428
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
18,629
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
131,683,522
Net realized losses on futures contracts
+
(1,538,858
)
Net realized losses
 
(52,006,062
)
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
2,230,842
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
505,876,035
Net change in unrealized appreciation (depreciation) on futures contracts
+
42,037
Net change in unrealized appreciation (depreciation)
 
508,148,914
Net realized and unrealized gains
 
456,142,852
Increase in net assets resulting from operations
 
$717,900,963
See financial notes
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
7
Schwab U.S. REIT ETF
Statement of Changes in Net Assets
For the current and prior report periods 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$261,758,111
$215,295,835
Net realized gains (losses)
 
(52,006,062
)
192,923,506
Net change in unrealized appreciation (depreciation)
+
508,148,914
458,181,267
Increase in net assets resulting from operations
 
$717,900,963
$866,400,608
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($245,021,945
)
($228,593,610
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
109,200,000
$2,306,827,679
84,650,000
$1,838,697,766
Shares redeemed
+
(35,800,000
)
(761,005,751
)
(53,700,000
)
(1,143,464,459
)
Net transactions in fund shares
 
73,400,000
$1,545,821,928
30,950,000
$695,233,307
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-2/28/26
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
+
73,400,000
2,018,700,946
30,950,000
1,333,040,305
End of period
 
421,650,000
$9,712,916,514
348,250,000
$7,694,215,568
See financial notes
8
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes
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 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 net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (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 net asset value 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, 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 | Annual Holdings and Financial Statements
9
Schwab U.S. REIT ETF
Financial Notes (continued)
2. Significant Accounting Policies (continued): 
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 net asset values.
● 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, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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 | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes (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 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 February 28, 2026, 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 February 28, 2026, 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 | Annual Holdings and Financial Statements
11
Schwab U.S. REIT ETF
Financial Notes (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.
(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. The fund did not pay any federal taxes during the period.
(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 | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes (continued)
 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 February 28, 2026, 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
0.4
%
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
0.6
%
Schwab Target 2035 Index Fund
0.6
%
Schwab Target 2040 Index Fund
0.7
%
Schwab Target 2045 Index Fund
0.5
%
Schwab Target 2050 Index Fund
0.7
%
Schwab Target 2055 Index Fund
0.5
%
Schwab Target 2060 Index Fund
0.6
%
Schwab Target 2065 Index Fund
0.2
%
Schwab Target 2070 Index Fund
0.0
%*
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 of Trustees 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 are recorded in Net realized gains (losses) on sales of securities —  unaffiliated issuers in the Statement of Operations. For the period ended February 28, 2026, the fund’s purchases and sales of securities with other funds in the Schwab Funds Complex was $27,092,101 and $102,050,818, respectively, and includes net realized losses of $42,366,354.
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 of Trustees. The fund had no interfund borrowing or lending activity during the period.
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
13
Schwab U.S. REIT ETF
Financial Notes (continued)
 4. Board of Trustees:
The Board of Trustees 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), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. 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, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. 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 February 28, 2026, 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
$177,744
$177,744
 
 
 
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.
The effects of the derivative contracts in the Statement of Operations for the period ended February 28, 2026, were: 
 
EQUITY CONTRACTS
TOTAL
Net Realized Gains (Losses)
Futures Contracts1
($1,538,858
)
($1,538,858
)
Net Change in Unrealized Appreciation (Depreciation)
Futures Contracts2
$42,037
$42,037
 
 
 
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.
14
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Financial Notes (continued)
6. Derivatives (continued): 
During the period ended February 28, 2026, 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
$17,267,148
472
 
 
7. Purchases and Sales of Investment Securities:
For the period ended February 28, 2026, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows: 
PURCHASES
OF SECURITIES
SALES
OF SECURITIES
$941,670,799
$827,896,030
 
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 February 28, 2026, were as follows: 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
$2,057,406,075
$519,884,427
For the period ended February 28, 2026, 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. The net realized gains or losses on sales of in-kind redemptions for the period ended February 28, 2026, if any, are disclosed in the fund’s Statement of Operations.
 
9. Federal Income Taxes:
As of February 28, 2026, 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)
$9,057,895,465
$1,561,929,177
($908,611,428
)
$653,317,749
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.
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
15
Schwab U.S. REIT ETF
Financial Notes (continued)
9. Federal Income Taxes (continued): 
As of February 28, 2026, the components of distributable earnings on a tax basis were as follows: 
UNDISTRIBUTED
ORDINARY
INCOME
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
ON INVESTMENTS
CAPITAL LOSS
CARRYFORWARDS AND OTHER LOSSES
TOTAL
$26,068,114
$653,317,749
($1,016,098,898
)
($336,713,035
)
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, 2026, the fund had capital loss carryforwards of $1,016,098,898.
The tax basis components of distributions paid during the current and prior fiscal years were as follows: 
 
CURRENT FISCAL YEAR END DISTRIBUTIONS
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
ORDINARY
INCOME
 
$245,021,945
$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.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.
As of February 28, 2026, 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. During the fiscal year ended February 28, 2026, 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 | Annual Holdings and Financial Statements
Schwab U.S. REIT ETF
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. REIT ETF:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab U.S. REIT ETF (the “Fund”), one of the funds constituting Schwab Strategic Trust, as of February 28, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Denver, Colorado
April 16, 2026
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
17
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
  
Not applicable.
18
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Proxy Disclosures for Open-End Management Investment Companies
  
Not applicable.
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
19
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).
20
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
Statement Regarding Basis for Approval of Investment Advisory Contract
  
Not applicable.
Schwab U.S. REIT ETF | Annual Holdings and Financial Statements
21
(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
MFR60994-15
00323329

(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
Annual Holdings and Financial Statements | February 28, 2026
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
46
59
77
86
99
100
101
102
103
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 | Annual Holdings and Financial Statements
1
Schwab Fundamental U.S. Broad Market ETF   
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
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
 
Per-Share Data
Net asset value at beginning of period
$24.07
$21.17
$18.11
$18.78
$16.09
Income (loss) from investment operations:
Net investment income (loss)3
0.44
0.40
0.38
0.36
0.33
Net realized and unrealized gains (losses)
4.29
2.90
3.05
(0.68
)
2.67
Total from investment operations
4.73
3.30
3.43
(0.32
)
3.00
Less distributions:
Distributions from net investment income
(0.43
)
(0.40
)
(0.37
)
(0.35
)
(0.31
)
Net asset value at end of period
$28.37
$24.07
$21.17
$18.11
$18.78
Total return
19.92
%
15.74
%
19.24
%
(1.63
%)
18.80
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%
0.25
%
0.25
%
0.25
%4
0.25
%
Net investment income (loss)
1.75
%
1.78
%
2.03
%
2.02
%
1.79
%
Portfolio turnover rate5
12
%
11
%
11
%
12
%
13
%
Net assets, end of period (x 1,000,000)
$1,170
$917
$705
$486
$425
 
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.
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
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
2
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 2.0%
Adient PLC *
15,766
383,429
BorgWarner, Inc.
15,731
905,634
Dana, Inc.
11,867
406,326
Dauch Corp. *
27,756
183,190
Dorman Products, Inc. *
503
59,283
Ford Motor Co.
424,348
5,979,063
Fox Factory Holding Corp. *
3,474
58,502
General Motors Co.
113,618
8,942,873
Gentex Corp.
10,354
242,284
Gentherm, Inc. *
1,934
63,377
Goodyear Tire & Rubber Co. *
46,592
384,384
Harley-Davidson, Inc.
8,763
157,734
LCI Industries
1,698
226,174
Lear Corp.
6,937
910,481
Patrick Industries, Inc.
1,458
180,486
Phinia, Inc.
2,536
184,190
Rivian Automotive, Inc., Class A *
2,612
40,042
Standard Motor Products, Inc.
1,593
63,210
Tesla, Inc. *
8,495
3,419,322
Thor Industries, Inc.
5,016
482,188
Visteon Corp.
1,099
105,141
Winnebago Industries, Inc.
4,683
186,805
 
23,564,118
 
Banks 5.5%
Ameris Bancorp
1,298
100,803
Associated Banc-Corp.
4,436
117,155
Atlantic Union Bankshares Corp.
3,130
115,998
Axos Financial, Inc. *
801
69,543
Bancorp, Inc. *
546
28,660
Bank of America Corp.
194,000
9,667,020
Bank of Hawaii Corp.
1,063
80,543
Bank OZK
3,392
157,932
BankUnited, Inc.
3,664
171,109
Banner Corp.
867
51,023
Beacon Financial Corp.
2,478
73,696
BOK Financial Corp.
627
78,826
Capitol Federal Financial, Inc.
4,852
34,837
Cathay General Bancorp
2,099
104,341
Citigroup, Inc.
82,680
9,110,509
Citizens Financial Group, Inc.
16,272
979,412
City Holding Co.
281
33,712
Columbia Banking System, Inc.
6,386
181,682
Commerce Bancshares, Inc.
2,111
107,640
Community Financial System, Inc.
1,016
61,519
Cullen/Frost Bankers, Inc.
1,037
143,334
Customers Bancorp, Inc. *
869
58,605
CVB Financial Corp.
3,781
72,709
Dime Community Bancshares, Inc.
1,169
37,817
Eagle Bancorp, Inc.
2,621
66,704
East West Bancorp, Inc.
2,564
280,630
Eastern Bankshares, Inc.
1,825
35,697
Enterprise Financial Services Corp.
787
44,938
FB Financial Corp.
560
30,626
Fifth Third Bancorp
30,194
1,493,697
First Bancorp/Southern Pines NC
750
42,592
First Busey Corp.
1,602
40,627
First Citizens BancShares, Inc., Class A
145
275,232
First Commonwealth Financial Corp.
2,849
49,943
First Financial Bancorp
2,766
77,642
First Financial Bankshares, Inc.
1,511
46,735
First Hawaiian, Inc.
4,262
105,527
SECURITY
NUMBER
OF SHARES
VALUE ($)
First Horizon Corp.
11,723
278,890
First Interstate BancSystem, Inc.,
Class A
3,114
107,776
First Merchants Corp.
1,457
56,940
Flagstar Bank NA
15,037
190,820
FNB Corp.
9,545
162,170
Fulton Financial Corp.
4,645
94,990
Glacier Bancorp, Inc.
2,049
93,209
Hancock Whitney Corp.
2,033
133,792
Hilltop Holdings, Inc.
2,638
98,740
Home BancShares, Inc.
3,862
106,051
Hope Bancorp, Inc.
6,003
67,594
Huntington Bancshares, Inc.
50,334
845,611
Independent Bank Corp.
1,021
79,709
International Bancshares Corp.
1,109
74,425
JPMorgan Chase & Co.
52,316
15,710,495
KeyCorp
37,325
774,120
Lakeland Financial Corp.
410
23,817
M&T Bank Corp.
3,666
795,449
Mechanics Bancorp, Class A
2,560
36,506
National Bank Holdings Corp., Class A
855
34,191
NBT Bancorp, Inc.
1,082
46,223
Northwest Bancshares, Inc.
4,344
54,083
OceanFirst Financial Corp.
2,087
37,691
Old National Bancorp
5,947
137,376
Park National Corp.
257
42,284
Pathward Financial, Inc.
438
39,766
Pinnacle Financial Partners, Inc.
3,253
295,242
PNC Financial Services Group, Inc.
11,290
2,397,431
Preferred Bank
342
30,000
Prosperity Bancshares, Inc.
2,176
153,125
Provident Financial Services, Inc.
2,853
60,027
Regions Financial Corp.
27,328
760,538
Renasant Corp.
1,589
59,826
S&T Bancorp, Inc.
990
41,392
Seacoast Banking Corp. of Florida
1,281
39,865
ServisFirst Bancshares, Inc.
557
45,123
Simmons First National Corp., Class A
5,255
104,627
Southside Bancshares, Inc.
1,133
35,486
Southstate Bank Corp.
1,805
178,099
Texas Capital Bancshares, Inc. *
863
82,244
Towne Bank
1,447
49,574
TriCo Bancshares
681
32,538
Triumph Financial, Inc. *
510
28,489
Truist Financial Corp.
45,526
2,244,887
Trustmark Corp.
1,464
62,352
U.S. Bancorp
51,043
2,790,010
UMB Financial Corp.
949
109,970
United Bankshares, Inc.
3,395
140,213
United Community Banks, Inc.
2,507
80,650
Valley National Bancorp
14,451
182,227
WaFd, Inc.
2,625
81,795
Webster Financial Corp.
3,487
251,517
Wells Fargo & Co.
100,656
8,198,431
WesBanco, Inc.
2,247
78,353
Westamerica BanCorp
586
29,681
Western Alliance Bancorp
2,134
171,403
Wintrust Financial Corp.
1,133
163,220
WSFS Financial Corp.
1,328
84,341
Zions Bancorp NA
6,808
389,962
 
63,804,371
 
Capital Goods 7.7%
3M Co.
13,948
2,305,883
A.O. Smith Corp.
3,534
275,652
AAON, Inc.
505
51,106
AAR Corp. *
1,072
125,606
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
3
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Acuity, Inc.
868
261,780
Advanced Drainage Systems, Inc.
1,391
238,334
Aebi Schmidt Holding AG
758
10,930
AECOM
3,357
328,919
AeroVironment, Inc. *
154
38,847
AGCO Corp.
4,371
596,642
Air Lease Corp.
3,363
218,057
Alamo Group, Inc.
338
72,173
Albany International Corp., Class A
1,296
74,714
Allison Transmission Holdings, Inc.
2,806
351,592
American Woodmark Corp. *
1,570
78,657
AMETEK, Inc.
2,605
623,168
API Group Corp. *
3,947
175,484
Apogee Enterprises, Inc.
1,851
73,707
Applied Industrial Technologies, Inc.
708
200,067
Arcosa, Inc.
1,322
142,089
Armstrong World Industries, Inc.
576
99,936
Astec Industries, Inc.
1,380
85,684
ATI, Inc. *
1,705
278,921
Atkore, Inc.
3,338
216,002
Atmus Filtration Technologies, Inc.
1,243
80,211
Axon Enterprise, Inc. *
44
23,866
AZZ, Inc.
546
74,245
BlueLinx Holdings, Inc. *
1,785
117,667
Boeing Co. *
2,146
488,279
Boise Cascade Co.
4,512
373,323
Builders FirstSource, Inc. *
8,132
848,086
BWX Technologies, Inc.
941
193,827
Carlisle Cos., Inc.
1,109
437,800
Carpenter Technology Corp.
387
154,053
Carrier Global Corp.
13,322
857,937
Caterpillar, Inc.
9,075
6,741,182
Chart Industries, Inc. *
370
76,701
CNH Industrial NV
49,340
606,882
Columbus McKinnon Corp.
2,657
50,430
Comfort Systems USA, Inc.
250
357,343
Construction Partners, Inc., Class A *
339
45,551
Core & Main, Inc., Class A *
3,402
184,252
Crane Co.
627
125,732
CSW Industrials, Inc.
145
42,678
Cummins, Inc.
3,340
1,950,126
Curtiss-Wright Corp.
436
305,344
Deere & Co.
5,887
3,707,103
DNOW, Inc. *
9,473
111,592
Donaldson Co., Inc.
2,687
249,246
Douglas Dynamics, Inc.
1,033
47,435
Dover Corp.
2,809
633,430
Ducommun, Inc. *
408
50,425
DXP Enterprises, Inc. *
407
56,357
Dycom Industries, Inc. *
617
259,152
Eaton Corp. PLC
4,383
1,647,657
EMCOR Group, Inc.
727
526,799
Emerson Electric Co.
11,424
1,722,168
Enerpac Tool Group Corp.
855
34,884
EnerSys
1,578
262,185
Enpro, Inc.
330
85,355
Esab Corp.
908
114,562
ESCO Technologies, Inc.
301
83,464
Everus Construction Group, Inc. *
2,353
284,407
Fastenal Co.
15,796
727,248
Federal Signal Corp.
809
94,192
Ferguson Enterprises, Inc.
5,047
1,316,056
Flowserve Corp.
3,108
275,120
Fluor Corp. *
6,232
325,996
Fortive Corp.
5,842
345,846
Fortune Brands Innovations, Inc.
5,572
302,782
Franklin Electric Co., Inc.
1,047
104,302
FTAI Aviation Ltd.
576
176,141
SECURITY
NUMBER
OF SHARES
VALUE ($)
Gates Industrial Corp. PLC *
8,123
223,951
GATX Corp.
846
155,808
GE Vernova, Inc.
878
767,021
Generac Holdings, Inc. *
1,389
313,039
General Dynamics Corp.
6,310
2,252,986
General Electric Co.
6,205
2,123,723
Gibraltar Industries, Inc. *
1,294
58,851
Graco, Inc.
2,571
241,468
GrafTech International Ltd. *
8,276
57,518
Granite Construction, Inc.
1,115
149,923
Greenbrier Cos., Inc.
2,026
114,307
Griffon Corp.
1,050
89,502
Hayward Holdings, Inc. *
3,819
61,104
HEICO Corp.
455
145,354
Helios Technologies, Inc.
1,176
83,872
Herc Holdings, Inc.
1,429
199,760
Hexcel Corp.
1,927
178,614
Hillman Solutions Corp. *
7,553
61,935
Honeywell International, Inc.
14,486
3,528,645
Howmet Aerospace, Inc.
2,369
621,934
Hubbell, Inc.
743
380,141
Huntington Ingalls Industries, Inc.
1,715
762,352
IDEX Corp.
1,457
305,198
Illinois Tool Works, Inc.
5,169
1,502,266
Ingersoll Rand, Inc.
4,927
463,828
Insteel Industries, Inc.
1,301
48,501
ITT, Inc.
1,416
286,613
Janus International Group, Inc. *
5,040
35,078
JBT Marel Corp.
609
93,786
JELD-WEN Holding, Inc. *(a)
34,987
68,575
Johnson Controls International PLC
11,637
1,679,219
Kadant, Inc.
168
56,981
Kennametal, Inc.
5,729
230,764
Kratos Defense & Security Solutions,
Inc. *
895
77,131
L3Harris Technologies, Inc.
6,368
2,321,391
Lennox International, Inc.
327
186,370
Lincoln Electric Holdings, Inc.
1,051
301,690
Lindsay Corp.
270
36,369
Lockheed Martin Corp.
8,162
5,371,249
Manitowoc Co., Inc. *
5,158
76,081
Masco Corp.
6,430
460,517
MasTec, Inc. *
1,324
394,579
Masterbrand, Inc. *
9,936
100,552
McGrath RentCorp
572
63,463
Mercury Systems, Inc. *
868
77,278
Middleby Corp. *
1,525
257,512
Miller Industries, Inc.
863
36,272
Modine Manufacturing Co. *
708
160,893
Moog, Inc., Class A
671
226,416
MSC Industrial Direct Co., Inc., Class A
2,241
210,295
Mueller Industries, Inc.
2,816
332,175
Mueller Water Products, Inc., Class A
2,670
79,913
MYR Group, Inc. *
500
134,980
Nextpower, Inc., Class A *
601
63,165
Nordson Corp.
920
269,965
Northrop Grumman Corp.
3,931
2,847,538
NPK International, Inc. *
3,420
49,351
nVent Electric PLC
2,594
307,026
Oshkosh Corp.
2,979
506,490
Otis Worldwide Corp.
5,523
511,209
Owens Corning
4,539
554,076
PACCAR, Inc.
15,391
1,940,651
Parker-Hannifin Corp.
1,291
1,302,851
Pentair PLC
2,492
247,181
Primoris Services Corp.
1,281
193,072
Proto Labs, Inc. *
928
57,610
Quanex Building Products Corp.
3,440
70,623
See financial notes
4
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Quanta Services, Inc.
1,563
880,094
RBC Bearings, Inc. *
178
102,514
Regal Rexnord Corp.
2,051
453,230
Resideo Technologies, Inc. *
8,578
331,969
Rockwell Automation, Inc.
1,634
665,773
RTX Corp.
25,272
5,120,613
Rush Enterprises, Inc., Class A
4,136
293,532
Sensata Technologies Holding PLC
8,953
334,305
Simpson Manufacturing Co., Inc.
767
148,468
SiteOne Landscape Supply, Inc. *
1,107
158,179
Snap-on, Inc.
1,363
525,055
SPX Technologies, Inc. *
378
85,783
Standex International Corp.
249
65,238
Stanley Black & Decker, Inc.
10,416
900,880
Sterling Infrastructure, Inc. *
255
109,173
Tennant Co.
716
43,697
Terex Corp.
5,366
369,127
Textron, Inc.
6,716
662,533
Timken Co.
2,816
305,198
Titan International, Inc. *
5,292
51,491
Titan Machinery, Inc. *
2,915
56,813
Toro Co.
3,040
300,534
TransDigm Group, Inc.
416
541,961
Trex Co., Inc. *
2,139
88,597
Trinity Industries, Inc.
3,963
135,455
Tutor Perini Corp.
2,187
164,834
UFP Industries, Inc.
4,088
420,696
United Rentals, Inc.
1,361
1,143,240
V2X, Inc. *
617
43,036
Valmont Industries, Inc.
496
228,125
Vertiv Holdings Co., Class A
1,110
282,928
VSE Corp.
231
52,453
Wabash National Corp.
8,984
91,188
Watsco, Inc.
757
315,919
Watts Water Technologies, Inc., Class A
431
141,687
WESCO International, Inc.
2,368
685,536
Westinghouse Air Brake Technologies
Corp.
2,891
763,079
WillScot Holdings Corp.
8,253
178,347
Woodward, Inc.
774
299,352
Worthington Enterprises, Inc.
1,108
62,059
WW Grainger, Inc.
751
859,692
Xylem, Inc.
2,916
377,797
Zurn Elkay Water Solutions Corp.
1,707
87,023
 
90,699,123
 
Commercial & Professional Services 1.2%
ABM Industries, Inc.
4,650
206,925
ACCO Brands Corp.
18,271
74,363
Alight, Inc., Class A
31,789
27,965
Amentum Holdings, Inc. *
4,771
142,510
Automatic Data Processing, Inc.
4,419
947,257
Barrett Business Services, Inc.
711
19,744
Booz Allen Hamilton Holding Corp.,
Class A
3,054
240,747
Brady Corp., Class A
1,230
113,578
BrightView Holdings, Inc. *
4,024
55,491
Brink's Co.
1,331
155,421
Broadridge Financial Solutions, Inc.
1,223
227,319
CACI International, Inc., Class A *
610
372,204
Casella Waste Systems, Inc., Class A *
462
43,040
CBIZ, Inc. *
945
27,065
Cintas Corp.
3,182
639,996
Civeo Corp. *
1,372
37,991
Clarivate PLC *
20,284
46,653
Clean Harbors, Inc. *
815
238,958
Concentrix Corp.
4,675
153,340
SECURITY
NUMBER
OF SHARES
VALUE ($)
Conduent, Inc. *
44,196
64,526
Copart, Inc. *
6,049
230,406
CoreCivic, Inc. *
6,322
111,773
CSG Systems International, Inc.
906
72,389
Deluxe Corp.
5,040
139,860
Ennis, Inc.
1,961
41,397
Enviri Corp. *
5,516
104,418
Equifax, Inc.
1,308
273,320
ExlService Holdings, Inc. *
2,061
64,406
Exponent, Inc.
671
48,835
FTI Consulting, Inc. *
993
163,269
Genpact Ltd.
5,491
218,103
GEO Group, Inc. *
6,001
90,255
Healthcare Services Group, Inc. *
6,049
131,687
HNI Corp.
3,699
166,307
Huron Consulting Group, Inc. *
306
43,268
ICF International, Inc.
763
63,428
Insperity, Inc.
1,530
33,981
Interface, Inc.
2,051
64,586
Jacobs Solutions, Inc.
3,758
518,078
KBR, Inc.
4,379
184,925
Kelly Services, Inc., Class A
12,906
125,317
Kforce, Inc.
2,001
54,067
Korn Ferry
2,125
133,174
Leidos Holdings, Inc.
3,517
615,827
ManpowerGroup, Inc.
12,038
336,703
Maximus, Inc.
2,475
187,135
MillerKnoll, Inc.
7,136
143,719
MSA Safety, Inc.
561
109,625
OPENLANE, Inc. *
3,773
107,568
Parsons Corp. *
1,101
72,666
Paychex, Inc.
4,293
402,039
Paycom Software, Inc.
397
49,955
Pitney Bowes, Inc.
4,344
46,611
Republic Services, Inc.
2,480
567,920
Resources Connection, Inc.
8,139
30,603
Robert Half, Inc.
10,349
252,723
Rollins, Inc.
2,325
141,569
Science Applications International Corp.
2,772
255,745
SS&C Technologies Holdings, Inc.
4,655
350,475
Tetra Tech, Inc.
4,217
151,137
TransUnion
2,603
204,466
TriNet Group, Inc.
1,770
67,402
TrueBlue, Inc. *(a)
14,561
61,593
TTEC Holdings, Inc. *
13,471
33,677
UL Solutions, Inc., Class A
493
41,397
UniFirst Corp.
625
146,762
Veralto Corp.
2,761
269,004
Verisk Analytics, Inc.
1,456
302,222
Verra Mobility Corp. *
1,691
28,257
Vestis Corp. *
16,921
133,168
Waste Management, Inc.
6,041
1,454,914
 
13,477,224
 
Consumer Discretionary Distribution & Retail 4.0%
1-800-Flowers.com, Inc., Class A *(b)
6,052
21,061
Abercrombie & Fitch Co., Class A *
1,665
162,837
Academy Sports & Outdoors, Inc.
5,899
354,707
Advance Auto Parts, Inc.
9,098
483,741
Amazon.com, Inc. *
67,640
14,204,400
American Eagle Outfitters, Inc.
14,609
358,943
America's Car-Mart, Inc. *
933
18,623
Arko Corp.
6,216
39,969
Asbury Automotive Group, Inc. *
1,389
296,940
AutoNation, Inc. *
2,629
513,076
AutoZone, Inc. *
145
544,559
Bath & Body Works, Inc.
10,512
239,253
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
5
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Best Buy Co., Inc.
17,145
1,062,476
Boot Barn Holdings, Inc. *
489
92,529
Buckle, Inc.
1,525
81,664
Burlington Stores, Inc. *
776
238,131
Caleres, Inc.
6,022
71,602
Camping World Holdings, Inc., Class A
2,392
19,901
CarMax, Inc. *
9,209
397,552
Coupang, Inc. *
6,650
126,882
Designer Brands, Inc., Class A
14,176
100,933
Dick's Sporting Goods, Inc.
1,869
380,584
Dillard's, Inc., Class A
156
94,035
eBay, Inc.
16,542
1,503,006
Etsy, Inc. *
2,358
129,407
Five Below, Inc. *
1,214
271,365
Floor & Decor Holdings, Inc., Class A *
1,807
124,846
GameStop Corp., Class A *
6,121
147,088
Gap, Inc.
11,966
335,527
Genesco, Inc. *
2,369
64,532
Genuine Parts Co.
5,303
632,436
Gold.com, Inc.
5,855
336,487
Group 1 Automotive, Inc.
1,032
336,164
Haverty Furniture Cos., Inc.
1,890
45,001
Home Depot, Inc.
17,952
6,834,685
Kohl's Corp.
52,879
865,629
Lithia Motors, Inc.
1,984
554,687
LKQ Corp.
20,229
669,782
Lowe's Cos., Inc.
17,415
4,607,487
Macy's, Inc.
47,671
942,932
MarineMax, Inc. *
2,989
91,164
Monro, Inc.
3,890
83,752
Murphy USA, Inc.
840
328,222
National Vision Holdings, Inc. *
4,466
120,448
Ollie's Bargain Outlet Holdings, Inc. *
975
104,422
OneWater Marine, Inc., Class A *
1,952
22,223
O'Reilly Automotive, Inc. *
10,270
964,148
Penske Automotive Group, Inc.
1,211
190,757
Petco Health & Wellness Co., Inc. *
14,048
35,822
Pool Corp.
830
188,559
QVC Group, Inc. *(a)(b)
43,771
132,188
RH *
796
131,905
Ross Stores, Inc.
5,017
1,031,696
Sally Beauty Holdings, Inc. *
10,614
170,567
Shoe Carnival, Inc.
2,016
40,703
Signet Jewelers Ltd.
3,380
325,122
Sleep Number Corp. *
8,254
50,927
Sonic Automotive, Inc., Class A
1,424
89,313
Stitch Fix, Inc., Class A *
7,668
25,534
TJX Cos., Inc.
14,604
2,360,883
Tractor Supply Co.
10,462
542,350
Ulta Beauty, Inc. *
926
634,116
Upbound Group, Inc.
5,627
120,699
Urban Outfitters, Inc. *
2,518
166,692
Valvoline, Inc. *
4,825
182,385
Victoria's Secret & Co. *
5,680
356,136
Wayfair, Inc., Class A *
1,155
88,161
Williams-Sonoma, Inc.
2,148
441,736
Zumiez, Inc. *
2,976
78,031
 
47,404,120
 
Consumer Durables & Apparel 1.7%
Acushnet Holdings Corp.
850
86,980
Beazer Homes USA, Inc. *
3,421
87,509
Brunswick Corp.
5,598
445,713
Callaway Golf Co. *
9,339
131,306
Capri Holdings Ltd. *
17,866
366,432
Carter's, Inc.
5,391
180,868
Cavco Industries, Inc. *
208
120,070
SECURITY
NUMBER
OF SHARES
VALUE ($)
Century Communities, Inc.
2,916
196,043
Champion Homes, Inc. *
1,507
140,874
Columbia Sportswear Co.
2,097
129,888
Crocs, Inc. *
2,235
202,737
Deckers Outdoor Corp. *
2,593
304,081
DR Horton, Inc.
12,817
2,055,719
Ethan Allen Interiors, Inc.
1,834
41,779
G-III Apparel Group Ltd.
4,288
131,170
GoPro, Inc., Class A *
48,104
46,555
Green Brick Partners, Inc. *
1,022
75,281
Hasbro, Inc.
5,010
498,946
Helen of Troy Ltd. *
4,973
87,724
Hooker Furnishings Corp.
2,738
39,263
Hovnanian Enterprises, Inc., Class A *
360
45,223
Installed Building Products, Inc.
418
137,004
KB Home
4,347
276,382
Kontoor Brands, Inc.
1,337
87,186
La-Z-Boy, Inc.
2,846
101,659
Leggett & Platt, Inc.
23,771
277,645
Lennar Corp., Class A
13,713
1,568,219
Levi Strauss & Co., Class A
3,106
68,829
LGI Homes, Inc. *
2,076
107,744
M/I Homes, Inc. *
1,554
220,917
Malibu Boats, Inc., Class A *
2,038
59,224
MasterCraft Boat Holdings, Inc. *
1,684
36,551
Mattel, Inc. *
11,000
186,450
Meritage Homes Corp.
4,926
371,519
Mohawk Industries, Inc. *
4,418
553,443
Movado Group, Inc.
1,923
47,979
Newell Brands, Inc.
84,877
386,190
NIKE, Inc., Class B
36,826
2,289,841
NVR, Inc. *
99
744,261
Oxford Industries, Inc. (a)
1,503
59,504
Polaris, Inc.
6,011
365,108
PulteGroup, Inc.
9,346
1,282,271
PVH Corp.
5,958
408,719
Ralph Lauren Corp.
850
308,210
SharkNinja, Inc. *
907
111,443
Smith & Wesson Brands, Inc.
7,025
83,598
Somnigroup International, Inc.
2,659
238,007
Sonos, Inc. *
4,746
73,088
Steven Madden Ltd.
4,272
154,219
Sturm Ruger & Co., Inc.
1,760
65,894
Tapestry, Inc.
4,995
776,573
Taylor Morrison Home Corp. *
6,342
417,874
Toll Brothers, Inc.
3,729
586,348
TopBuild Corp. *
603
270,325
Tri Pointe Homes, Inc. *
7,510
347,713
Under Armour, Inc., Class A *
26,854
199,257
VF Corp.
33,953
659,367
Whirlpool Corp. (b)
7,778
532,249
Wolverine World Wide, Inc.
3,596
63,541
YETI Holdings, Inc. *
2,354
102,893
 
20,041,405
 
Consumer Services 1.4%
ADT, Inc.
26,497
212,506
Airbnb, Inc., Class A *
812
109,709
Aramark
6,539
273,657
BJ's Restaurants, Inc. *
915
34,761
Bloomin' Brands, Inc.
12,668
77,528
Booking Holdings, Inc.
308
1,305,720
Boyd Gaming Corp.
2,211
184,022
Bright Horizons Family Solutions, Inc. *
663
49,407
Brightstar Lottery PLC
6,161
83,543
Brinker International, Inc. *
374
55,427
Caesars Entertainment, Inc. *
13,652
341,983
See financial notes
6
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Carnival Corp.
7,837
247,257
Cheesecake Factory, Inc. (b)
967
62,642
Chegg, Inc. *
32,381
21,284
Chipotle Mexican Grill, Inc. *
9,900
368,478
Choice Hotels International, Inc.
433
45,617
Churchill Downs, Inc.
920
84,576
Covista, Inc. *
884
86,632
Cracker Barrel Old Country Store,
Inc. (b)
2,618
85,661
Darden Restaurants, Inc.
2,576
550,878
Dave & Buster's Entertainment, Inc. *
2,786
41,010
Dine Brands Global, Inc.
1,858
57,524
Domino's Pizza, Inc.
596
239,896
DoorDash, Inc., Class A *
694
122,470
Expedia Group, Inc.
1,653
356,536
Flutter Entertainment PLC *
1,431
151,886
Frontdoor, Inc. *
1,109
76,044
Golden Entertainment, Inc.
1,279
36,963
Graham Holdings Co., Class B
134
141,130
Grand Canyon Education, Inc. *
746
118,666
H&R Block, Inc.
2,923
89,502
Hilton Grand Vacations, Inc. *
2,742
123,280
Hilton Worldwide Holdings, Inc.
1,696
528,779
Hyatt Hotels Corp., Class A
425
68,637
Jack in the Box, Inc.
3,522
59,592
Las Vegas Sands Corp.
5,359
303,962
Laureate Education, Inc. *
5,881
190,192
Marriott International, Inc., Class A
1,877
641,427
Marriott Vacations Worldwide Corp.
3,092
201,011
Matthews International Corp., Class A
2,499
66,049
McDonald's Corp.
10,011
3,414,352
MGM Resorts International *
11,760
433,474
Papa John's International, Inc.
920
28,842
Penn Entertainment, Inc. *
13,359
208,935
Perdoceo Education Corp.
1,869
62,331
Planet Fitness, Inc., Class A *
672
55,205
Red Rock Resorts, Inc., Class A
1,258
76,172
Royal Caribbean Cruises Ltd.
698
217,050
Service Corp. International
3,379
284,444
Six Flags Entertainment Corp. *
2,615
44,533
Starbucks Corp.
21,483
2,105,764
Strategic Education, Inc.
971
79,894
Stride, Inc. *
669
56,450
Texas Roadhouse, Inc.
1,087
198,780
Travel & Leisure Co.
3,168
233,482
United Parks & Resorts, Inc. *
1,317
45,818
Vail Resorts, Inc.
1,363
185,109
Wendy's Co. (b)
10,090
77,289
Wingstop, Inc.
118
30,622
Wyndham Hotels & Resorts, Inc.
1,963
160,573
Wynn Resorts Ltd.
1,029
111,327
Yum! Brands, Inc.
4,342
730,151
 
16,736,441
 
Consumer Staples Distribution & Retail 3.1%
Albertsons Cos., Inc., Class A
32,012
573,015
Andersons, Inc.
6,263
408,911
BJ's Wholesale Club Holdings, Inc. *
3,224
318,499
Casey's General Stores, Inc.
945
647,883
Chefs' Warehouse, Inc. *
579
41,335
Costco Wholesale Corp.
5,935
5,999,039
Dollar General Corp.
15,436
2,411,721
Dollar Tree, Inc. *
10,956
1,385,715
Grocery Outlet Holding Corp. *
6,697
66,166
Ingles Markets, Inc., Class A
2,721
231,557
Kroger Co.
39,476
2,693,842
Maplebear, Inc. *
688
25,807
SECURITY
NUMBER
OF SHARES
VALUE ($)
Performance Food Group Co. *
7,712
748,527
PriceSmart, Inc.
1,272
196,677
Sprouts Farmers Market, Inc. *
1,771
130,824
Sysco Corp.
14,045
1,280,342
Target Corp.
34,055
3,875,118
U.S. Foods Holding Corp. *
9,873
953,830
United Natural Foods, Inc. *
14,204
542,735
Village Super Market, Inc., Class A
1,063
41,616
Walmart, Inc.
102,923
13,168,998
Weis Markets, Inc.
1,765
119,596
 
35,861,753
 
Energy 9.5%
Antero Midstream Corp.
5,800
130,384
Antero Resources Corp. *
11,647
428,726
APA Corp.
36,841
1,118,861
Archrock, Inc.
3,719
131,392
Baker Hughes Co.
27,732
1,809,790
Bristow Group, Inc. *
1,014
48,368
Cactus, Inc., Class A
1,104
59,616
California Resources Corp.
5,915
348,039
Cheniere Energy, Inc.
4,491
1,058,663
Chevron Corp.
94,857
17,715,493
Chord Energy Corp.
3,430
371,709
CNX Resources Corp. *
7,494
313,099
Comstock Resources, Inc. *
2,301
45,123
ConocoPhillips
66,624
7,559,159
Core Laboratories, Inc.
2,129
37,449
Core Natural Resources, Inc.
2,617
214,803
Coterra Energy, Inc.
29,400
899,346
Crescent Energy Co., Class A
21,201
247,204
CVR Energy, Inc. *
3,197
77,240
Delek U.S. Holdings, Inc.
7,564
288,264
Devon Energy Corp.
46,843
2,039,076
Diamondback Energy, Inc.
4,180
727,654
Dorian LPG Ltd.
2,355
87,111
DT Midstream, Inc.
1,200
166,608
EOG Resources, Inc.
23,858
2,960,301
EQT Corp.
13,693
841,024
Expand Energy Corp.
10,267
1,108,015
Expro Group Holdings NV *
3,936
70,297
Exxon Mobil Corp.
188,596
28,760,890
Green Plains, Inc. *
12,011
164,911
Gulfport Energy Corp. *
643
134,168
Halliburton Co.
41,128
1,480,608
Helix Energy Solutions Group, Inc. *
7,981
73,345
Helmerich & Payne, Inc.
8,673
305,463
HF Sinclair Corp.
22,751
1,137,778
International Seaways, Inc.
1,929
145,697
Kinder Morgan, Inc.
60,476
2,012,037
Kodiak Gas Services, Inc.
967
52,769
Kosmos Energy Ltd. *
59,434
138,481
Liberty Energy, Inc.
12,435
349,299
Magnolia Oil & Gas Corp., Class A
6,260
174,153
Marathon Petroleum Corp.
33,130
6,566,697
Matador Resources Co.
4,148
213,207
Murphy Oil Corp.
13,293
440,663
Nabors Industries Ltd. *
2,692
210,299
New Fortress Energy, Inc. *
26,353
28,725
Noble Corp. PLC
3,577
162,503
Northern Oil & Gas, Inc.
4,225
116,568
NOV, Inc.
20,853
422,482
Occidental Petroleum Corp.
39,578
2,100,800
Oceaneering International, Inc. *
2,755
97,803
Oil States International, Inc. *
6,622
86,682
ONEOK, Inc.
14,115
1,168,299
Ovintiv, Inc.
26,127
1,321,765
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
7
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Par Pacific Holdings, Inc. *
5,651
241,128
Patterson-UTI Energy, Inc.
30,797
262,083
PBF Energy, Inc., Class A
29,703
1,057,427
Peabody Energy Corp.
15,852
499,972
Permian Resources Corp.
9,214
168,524
Phillips 66
33,406
5,155,548
ProPetro Holding Corp. *
11,944
144,881
Range Resources Corp.
7,943
327,887
REX American Resources Corp. *
1,338
47,579
RPC, Inc.
7,638
44,377
Select Water Solutions, Inc.
5,403
73,859
SLB Ltd.
53,381
2,740,581
SM Energy Co.
21,054
486,979
Summit Midstream Corp. *
1,290
38,068
Talos Energy, Inc. *
9,194
112,627
Targa Resources Corp.
3,504
826,243
TechnipFMC PLC
7,886
522,921
Texas Pacific Land Corp.
224
117,441
Tidewater, Inc. *
639
50,749
Valaris Ltd. *
1,187
113,774
Valero Energy Corp.
35,973
7,361,515
W&T Offshore, Inc.
16,751
44,390
Weatherford International PLC
2,394
252,471
Williams Cos., Inc.
21,727
1,623,441
World Kinect Corp.
23,928
597,004
 
111,680,375
 
Equity Real Estate Investment Trusts (REITs) 1.9%
Acadia Realty Trust
1,801
37,677
Agree Realty Corp.
862
69,374
Alexander & Baldwin, Inc.
1,876
39,002
Alexandria Real Estate Equities, Inc.
5,652
305,434
American Assets Trust, Inc.
2,168
42,319
American Healthcare REIT, Inc.
1,355
70,785
American Homes 4 Rent, Class A
4,346
130,380
American Tower Corp.
6,191
1,187,805
Americold Realty Trust, Inc.
11,563
154,829
Apple Hospitality REIT, Inc.
8,303
101,795
AvalonBay Communities, Inc.
2,183
386,893
Brandywine Realty Trust
20,202
64,444
Brixmor Property Group, Inc.
6,622
200,448
Broadstone Net Lease, Inc.
4,007
77,696
BXP, Inc.
5,672
326,594
Camden Property Trust
1,960
212,346
CareTrust REIT, Inc.
1,049
42,610
Centerspace
477
30,003
COPT Defense Properties
3,073
97,660
Cousins Properties, Inc.
4,624
107,092
Crown Castle, Inc.
9,980
893,609
CubeSmart
3,519
144,772
DiamondRock Hospitality Co.
6,080
61,043
Digital Realty Trust, Inc.
4,528
802,362
Diversified Healthcare Trust
23,943
161,855
Douglas Emmett, Inc.
8,070
79,812
Easterly Government Properties, Inc.
1,842
42,882
EastGroup Properties, Inc.
451
88,536
Empire State Realty Trust, Inc., Class A
8,805
51,773
EPR Properties
1,930
114,661
Equinix, Inc.
812
791,099
Equity LifeStyle Properties, Inc.
2,144
143,991
Equity Residential
8,093
511,559
Essential Properties Realty Trust, Inc.
1,437
48,772
Essex Property Trust, Inc.
1,015
258,937
Extra Space Storage, Inc.
2,082
314,445
Federal Realty Investment Trust
1,755
190,891
First Industrial Realty Trust, Inc.
1,831
115,609
Four Corners Property Trust, Inc.
1,215
31,007
SECURITY
NUMBER
OF SHARES
VALUE ($)
Gaming & Leisure Properties, Inc.
4,266
208,650
Global Net Lease, Inc.
6,849
64,518
Healthcare Realty Trust, Inc.
10,041
185,256
Healthpeak Properties, Inc.
17,339
306,554
Highwoods Properties, Inc.
4,328
97,337
Host Hotels & Resorts, Inc.
22,019
431,352
Hudson Pacific Properties, Inc. *
5,688
41,181
Independence Realty Trust, Inc.
3,303
54,731
Innovative Industrial Properties, Inc.
635
33,630
InvenTrust Properties Corp.
1,423
44,398
Invitation Homes, Inc.
9,086
239,325
Iron Mountain, Inc.
4,332
469,286
JBG SMITH Properties
5,886
89,526
Kilroy Realty Corp.
4,370
130,313
Kimco Realty Corp.
11,363
267,599
Kite Realty Group Trust
3,818
99,459
Lamar Advertising Co., Class A
1,610
221,761
Lineage, Inc.
1,385
56,120
LTC Properties, Inc.
936
37,141
LXP Industrial Trust
1,879
93,123
Macerich Co.
6,396
130,926
Medical Properties Trust, Inc. (b)
36,682
211,288
Mid-America Apartment Communities,
Inc.
2,181
291,949
National Health Investors, Inc.
702
59,017
National Storage Affiliates Trust
1,363
47,732
NNN REIT, Inc.
3,112
141,036
Omega Healthcare Investors, Inc.
3,882
187,384
Outfront Media, Inc.
4,990
143,762
Park Hotels & Resorts, Inc.
13,968
157,978
Peakstone Realty Trust
4,633
96,644
Pebblebrook Hotel Trust
7,137
91,568
Phillips Edison & Co., Inc.
2,027
79,621
Piedmont Realty Trust, Inc., Class A *
11,987
90,981
Prologis, Inc.
9,691
1,381,646
Public Storage
1,776
545,339
Rayonier, Inc.
10,735
230,695
Realty Income Corp.
7,931
531,377
Regency Centers Corp.
2,844
224,676
Rexford Industrial Realty, Inc.
2,477
92,813
RLJ Lodging Trust
11,646
93,401
Ryman Hospitality Properties, Inc.
812
80,185
Sabra Health Care REIT, Inc.
5,452
112,039
SBA Communications Corp.
1,458
293,291
Service Properties Trust (a)
47,518
109,291
Sila Realty Trust, Inc.
1,221
31,416
Simon Property Group, Inc.
4,226
861,470
SL Green Realty Corp.
2,685
98,942
STAG Industrial, Inc.
3,077
120,680
Summit Hotel Properties, Inc.
5,666
25,554
Sun Communities, Inc.
2,251
307,171
Sunstone Hotel Investors, Inc.
8,537
79,223
Tanger, Inc.
1,780
65,967
Terreno Realty Corp.
868
57,340
UDR, Inc.
6,148
230,550
Urban Edge Properties
3,361
71,421
Ventas, Inc.
7,432
640,341
Veris Residential, Inc.
2,364
44,561
VICI Properties, Inc.
10,885
328,836
Vornado Realty Trust
4,683
129,157
Welltower, Inc.
4,558
944,053
Weyerhaeuser Co.
36,696
900,153
WP Carey, Inc.
3,921
292,703
Xenia Hotels & Resorts, Inc.
4,042
61,762
 
22,420,000
 
See financial notes
8
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Financial Services 6.5%
Acadian Asset Management, Inc.
1,439
77,505
Adamas Trust, Inc.
7,335
60,440
Affiliated Managers Group, Inc.
1,316
402,933
AGNC Investment Corp.
18,729
209,952
Ally Financial, Inc.
23,791
938,317
American Express Co.
7,846
2,423,629
Ameriprise Financial, Inc.
1,912
898,869
Annaly Capital Management, Inc.
19,064
443,047
Apollo Commercial Real Estate Finance,
Inc.
7,528
79,797
Apollo Global Management, Inc.
2,182
228,237
Arbor Realty Trust, Inc. (b)
8,852
70,196
ARES Management Corp., Class A
900
100,809
Artisan Partners Asset Management,
Inc., Class A
2,492
100,378
Bank of New York Mellon Corp.
17,944
2,137,130
Berkshire Hathaway, Inc., Class B *
32,601
16,461,875
BGC Group, Inc., Class A
5,500
52,360
Blackrock, Inc.
2,059
2,189,191
Blackstone Mortgage Trust, Inc., Class A
7,163
137,601
Blackstone, Inc.
5,724
648,930
Block, Inc. *
7,447
474,374
BRC Group Holdings, Inc. *(b)
7,699
49,659
Bread Financial Holdings, Inc.
4,834
342,537
BrightSpire Capital, Inc.
8,444
49,060
Capital One Financial Corp.
22,179
4,339,100
Carlyle Group, Inc.
5,352
278,250
Charles Schwab Corp. (c)
15,131
1,440,471
Chimera Investment Corp.
7,161
97,461
Claros Mortgage Trust, Inc. *
19,320
46,175
CME Group, Inc.
3,592
1,147,644
Cohen & Steers, Inc.
543
36,310
Coinbase Global, Inc., Class A *
183
32,181
Corebridge Financial, Inc.
12,097
312,586
Corpay, Inc. *
1,398
454,490
Credit Acceptance Corp. *
229
108,358
DigitalBridge Group, Inc.
8,458
130,676
Donnelley Financial Solutions, Inc. *
1,101
54,786
Enact Holdings, Inc.
834
34,895
Encore Capital Group, Inc. *
1,951
133,234
Enova International, Inc. *
846
117,636
Equitable Holdings, Inc.
6,279
252,541
Essent Group Ltd.
2,168
131,901
Euronet Worldwide, Inc. *
1,567
108,985
Evercore, Inc., Class A
994
306,987
EZCORP, Inc., Class A *
2,299
60,992
FactSet Research Systems, Inc.
469
101,684
Federal Agricultural Mortgage Corp.,
Class C
208
32,793
Federated Hermes, Inc.
3,044
170,494
Fidelity National Information Services,
Inc.
16,032
816,991
FirstCash Holdings, Inc.
833
160,594
Fiserv, Inc. *
10,505
654,356
Franklin BSP Realty Trust, Inc.
3,458
31,572
Franklin Resources, Inc.
18,207
483,214
Global Payments, Inc.
12,327
942,522
Goldman Sachs Group, Inc.
6,773
5,821,868
Green Dot Corp., Class A *
3,793
43,847
Hamilton Lane, Inc., Class A
227
23,821
Houlihan Lokey, Inc.
700
114,639
Interactive Brokers Group, Inc., Class A
1,280
91,123
Intercontinental Exchange, Inc.
5,998
984,452
Invesco Ltd.
19,648
515,956
Jack Henry & Associates, Inc.
1,260
204,700
Jackson Financial, Inc., Class A
3,358
367,634
SECURITY
NUMBER
OF SHARES
VALUE ($)
Janus Henderson Group PLC
3,985
207,618
Jefferies Financial Group, Inc.
4,787
212,543
KKR & Co., Inc.
4,168
365,450
KKR Real Estate Finance Trust, Inc.
3,982
27,675
Ladder Capital Corp.
4,145
42,984
LendingClub Corp. *
2,376
35,426
loanDepot, Inc., Class A *
16,829
34,836
LPL Financial Holdings, Inc.
1,012
303,985
MarketAxess Holdings, Inc.
510
97,920
Mastercard, Inc., Class A
4,697
2,429,335
MFA Financial, Inc.
5,115
51,713
MGIC Investment Corp.
7,975
211,577
Moelis & Co., Class A
2,060
122,282
Moody's Corp.
1,217
581,227
Morgan Stanley
24,909
4,147,598
Morningstar, Inc.
288
52,744
MSCI, Inc.
483
276,194
Nasdaq, Inc.
4,295
376,156
Navient Corp.
13,722
120,616
NCR Atleos Corp. *
4,605
203,909
Nelnet, Inc., Class A
353
45,699
NMI Holdings, Inc., Class A *
1,318
51,811
Northern Trust Corp.
4,613
660,074
OneMain Holdings, Inc.
10,683
587,779
Oppenheimer Holdings, Inc., Class A
525
45,302
PayPal Holdings, Inc.
25,608
1,183,346
Paysafe Ltd. *
3,525
22,067
PennyMac Financial Services, Inc.
1,357
124,749
PennyMac Mortgage Investment Trust
4,858
59,559
Piper Sandler Cos.
301
88,961
PJT Partners, Inc., Class A
230
33,966
PRA Group, Inc. *
2,988
47,061
PROG Holdings, Inc.
8,680
305,623
Radian Group, Inc.
4,830
166,732
Raymond James Financial, Inc.
2,863
438,268
Ready Capital Corp.
13,956
25,819
Redwood Trust, Inc.
7,118
43,064
Regional Management Corp.
1,010
32,138
Rithm Capital Corp.
25,376
255,029
Rocket Cos., Inc., Class A
15,274
277,834
S&P Global, Inc.
3,068
1,355,688
SEI Investments Co.
2,883
234,446
Shift4 Payments, Inc., Class A *(b)
323
14,235
SLM Corp.
10,322
193,434
Starwood Property Trust, Inc.
12,194
217,175
State Street Corp.
10,579
1,360,671
Stifel Financial Corp.
2,484
183,940
StoneX Group, Inc. *
2,146
273,615
Synchrony Financial
28,694
1,983,042
T. Rowe Price Group, Inc.
11,287
1,068,089
Toast, Inc., Class A *
1,433
39,135
TPG RE Finance Trust, Inc.
3,682
31,150
TPG, Inc.
1,069
46,416
Tradeweb Markets, Inc., Class A
593
73,090
Two Harbors Investment Corp.
3,217
33,232
Victory Capital Holdings, Inc., Class A
978
67,658
Virtu Financial, Inc., Class A
3,468
143,610
Virtus Investment Partners, Inc.
252
34,867
Visa, Inc., Class A
10,701
3,425,818
Voya Financial, Inc.
2,890
193,283
Walker & Dunlop, Inc.
1,354
62,298
Western Union Co.
37,280
359,006
WEX, Inc. *
958
142,924
World Acceptance Corp. *
225
30,348
 
75,728,584
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
9
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Food, Beverage & Tobacco 3.4%
Altria Group, Inc.
49,367
3,408,298
Archer-Daniels-Midland Co.
57,235
3,951,504
B&G Foods, Inc.
19,154
101,708
Boston Beer Co., Inc., Class A *
390
88,444
Brown-Forman Corp., Class B
8,944
258,124
Bunge Global SA
21,465
2,589,752
Calavo Growers, Inc.
1,793
48,124
Cal-Maine Foods, Inc.
1,376
119,863
Campbell's Co.
9,367
252,441
Coca-Cola Co.
48,798
3,979,965
Coca-Cola Consolidated, Inc.
944
191,066
Conagra Brands, Inc.
35,547
684,280
Constellation Brands, Inc., Class A
5,198
820,556
Darling Ingredients, Inc. *
7,345
390,460
Flowers Foods, Inc.
13,561
133,983
Fresh Del Monte Produce, Inc.
4,624
198,508
General Mills, Inc.
26,017
1,176,749
Hain Celestial Group, Inc. *(a)
56,848
45,444
Hershey Co.
2,876
679,541
Hormel Foods Corp.
13,533
346,445
Ingredion, Inc.
2,947
346,155
J&J Snack Foods Corp.
475
41,353
J.M. Smucker Co.
5,415
627,869
John B Sanfilippo & Son, Inc.
678
56,009
Keurig Dr. Pepper, Inc.
30,054
910,035
Kraft Heinz Co.
57,167
1,406,880
Lamb Weston Holdings, Inc.
4,563
219,891
Marzetti Co.
486
79,869
McCormick & Co., Inc. - Non Voting
Shares
5,365
381,129
MGP Ingredients, Inc.
1,019
19,361
Molson Coors Beverage Co., Class B
11,432
560,054
Mondelez International, Inc., Class A
37,443
2,305,740
Monster Beverage Corp. *
6,304
537,731
Nomad Foods Ltd.
9,272
101,714
PepsiCo, Inc.
33,093
5,617,206
Philip Morris International, Inc.
22,931
4,284,199
Pilgrim's Pride Corp.
1,593
68,754
Post Holdings, Inc. *
1,772
188,364
Seaboard Corp.
34
174,512
Seneca Foods Corp., Class A *
408
56,704
Simply Good Foods Co. *
2,063
35,195
Tyson Foods, Inc., Class A
32,831
2,133,687
Universal Corp.
2,176
116,916
 
39,734,582
 
Health Care Equipment & Services 5.6%
Abbott Laboratories
27,292
3,175,424
Acadia Healthcare Co., Inc. *
6,631
155,431
Accendra Health, Inc. *(a)
30,826
74,599
AdaptHealth Corp. *
9,151
83,732
Addus HomeCare Corp. *
399
41,308
agilon health, Inc. *
41,806
24,636
Align Technology, Inc. *
2,080
395,408
AMN Healthcare Services, Inc. *
9,580
186,618
Astrana Health, Inc. *
1,520
30,902
Avanos Medical, Inc. *
3,832
54,031
Baxter International, Inc.
31,472
641,085
Becton Dickinson & Co.
7,264
1,281,951
Boston Scientific Corp. *
8,097
622,254
BrightSpring Health Services, Inc. *
1,305
54,066
Brookdale Senior Living, Inc. *
8,674
132,712
Cardinal Health, Inc.
4,305
986,835
Cencora, Inc.
2,097
780,378
Centene Corp. *
78,979
3,544,578
SECURITY
NUMBER
OF SHARES
VALUE ($)
Chemed Corp.
344
141,043
Cigna Group
20,815
6,032,603
Claritev Corp. *
1,429
19,249
Clover Health Investments Corp. *
9,988
20,875
Community Health Systems, Inc. *
61,064
211,281
Concentra Group Holdings Parent, Inc.
6,854
164,222
CONMED Corp.
1,037
47,702
Cooper Cos., Inc. *
3,518
294,351
Cross Country Healthcare, Inc. *
5,439
47,319
CVS Health Corp.
129,546
10,350,725
DaVita, Inc. *
2,489
389,031
Dentsply Sirona, Inc.
19,671
288,770
Dexcom, Inc. *
2,223
163,235
Edwards Lifesciences Corp. *
7,758
670,834
Elevance Health, Inc.
14,586
4,667,520
Embecta Corp.
5,186
53,208
Encompass Health Corp.
1,729
186,525
Enhabit, Inc. *
5,346
72,759
Enovis Corp. *
3,246
82,676
Ensign Group, Inc.
691
147,991
Envista Holdings Corp. *
7,926
231,518
Evolent Health, Inc., Class A *
5,265
17,111
Fulgent Genetics, Inc. *
1,699
26,046
GE HealthCare Technologies, Inc.
9,870
831,745
Globus Medical, Inc., Class A *
1,175
112,166
Haemonetics Corp. *
1,129
71,488
HCA Healthcare, Inc.
5,123
2,713,653
HealthEquity, Inc. *
551
42,146
Henry Schein, Inc. *
6,422
529,109
Hologic, Inc. *
7,355
554,273
Humana, Inc.
11,050
2,105,467
ICU Medical, Inc. *
586
88,240
IDEXX Laboratories, Inc. *
511
335,589
Insulet Corp. *
136
33,539
Integer Holdings Corp. *
677
58,682
Integra LifeSciences Holdings Corp. *
6,983
79,467
Intuitive Surgical, Inc. *
1,230
619,317
Labcorp Holdings, Inc.
5,210
1,506,315
Lantheus Holdings, Inc. *
601
45,021
LivaNova PLC *
996
70,318
Masimo Corp. *
635
111,347
McKesson Corp.
1,789
1,766,405
Merit Medical Systems, Inc. *
633
48,855
Molina Healthcare, Inc. *
3,538
545,029
National HealthCare Corp.
490
80,115
Neogen Corp. *
6,884
77,307
OmniAb, Inc., Class A *(d)
52
0
OmniAb, Inc., Class B *(d)
52
0
Omnicell, Inc. *
1,551
63,746
Option Care Health, Inc. *
4,343
140,974
Pediatrix Medical Group, Inc. *
5,344
106,078
Penumbra, Inc. *
156
53,725
Privia Health Group, Inc. *
1,548
36,765
Quest Diagnostics, Inc.
3,547
751,645
QuidelOrtho Corp. *
6,465
147,014
RadNet, Inc. *
543
37,907
ResMed, Inc.
1,318
337,751
Select Medical Holdings Corp.
4,734
70,868
Solventum Corp. *
7,934
588,703
STERIS PLC
1,498
378,020
Stryker Corp.
3,305
1,280,555
Surgery Partners, Inc. *
2,649
41,060
Teladoc Health, Inc. *
6,800
35,768
Teleflex, Inc.
1,707
208,356
Tenet Healthcare Corp. *
3,069
734,688
UnitedHealth Group, Inc.
34,995
10,262,984
Universal Health Services, Inc., Class B
3,391
698,885
Varex Imaging Corp. *
3,540
46,622
See financial notes
10
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Veeva Systems, Inc., Class A *
529
96,283
Waystar Holding Corp. *
726
18,622
Zimmer Biomet Holdings, Inc.
6,266
616,825
 
65,771,979
 
Household & Personal Products 1.3%
BellRing Brands, Inc. *
731
13,443
Central Garden & Pet Co., Class A *
3,706
128,005
Church & Dwight Co., Inc.
4,403
461,699
Clorox Co.
2,604
331,125
Colgate-Palmolive Co.
14,449
1,432,474
Coty, Inc., Class A *
21,212
53,242
Edgewell Personal Care Co.
4,650
105,741
elf Beauty, Inc. *
373
34,335
Energizer Holdings, Inc.
4,017
86,727
Estee Lauder Cos., Inc., Class A
8,486
928,962
Herbalife Ltd. *
13,729
267,990
Interparfums, Inc.
306
30,839
Kenvue, Inc.
51,866
991,678
Kimberly-Clark Corp.
8,074
899,767
Medifast, Inc. *(a)
5,899
62,116
Nu Skin Enterprises, Inc., Class A (a)
16,417
139,216
Procter & Gamble Co.
50,516
8,446,275
Reynolds Consumer Products, Inc.
2,119
52,572
Spectrum Brands Holdings, Inc.
2,805
219,856
USANA Health Sciences, Inc. *
2,042
43,944
WD-40 Co.
170
40,494
 
14,770,500
 
Insurance 2.3%
Aflac, Inc.
15,107
1,706,034
Allstate Corp.
8,267
1,773,437
American Financial Group, Inc.
3,351
445,616
American International Group, Inc.
34,875
2,807,089
AMERISAFE, Inc.
900
29,277
Aon PLC, Class A
3,332
1,117,786
Arthur J Gallagher & Co.
1,680
383,376
Assurant, Inc.
1,189
272,983
Brighthouse Financial, Inc. *
1,217
72,996
Brown & Brown, Inc.
2,127
152,761
Chubb Ltd.
6,574
2,240,814
Cincinnati Financial Corp.
3,892
638,210
CNA Financial Corp.
847
40,673
CNO Financial Group, Inc.
5,363
224,227
Employers Holdings, Inc.
1,359
56,195
Erie Indemnity Co., Class A
315
84,874
F&G Annuities & Life, Inc.
488
11,053
Fidelity National Financial, Inc.
8,665
458,205
First American Financial Corp.
5,573
390,723
Genworth Financial, Inc., Class A *
27,728
234,024
Globe Life, Inc.
1,727
250,864
Hanover Insurance Group, Inc.
975
176,114
Hartford Insurance Group, Inc.
7,178
1,010,878
Horace Mann Educators Corp.
1,086
47,252
Kemper Corp.
2,620
84,678
Kinsale Capital Group, Inc.
90
35,070
Lincoln National Corp.
9,642
330,721
Loews Corp.
4,575
503,341
Markel Group, Inc. *
263
545,060
Marsh & McLennan Cos., Inc.
6,714
1,253,772
Mercury General Corp.
815
73,823
MetLife, Inc.
21,759
1,568,171
Old Republic International Corp.
10,399
445,805
Primerica, Inc.
690
175,025
Principal Financial Group, Inc.
8,829
842,463
ProAssurance Corp. *
1,337
32,823
SECURITY
NUMBER
OF SHARES
VALUE ($)
Progressive Corp.
6,814
1,455,879
Prudential Financial, Inc.
12,991
1,278,055
Reinsurance Group of America, Inc.,
Class A
1,427
307,847
RLI Corp.
1,489
92,794
Safety Insurance Group, Inc.
602
46,733
Selective Insurance Group, Inc.
1,545
129,842
Stewart Information Services Corp.
1,756
124,658
Travelers Cos., Inc.
5,880
1,814,803
Unum Group
5,201
373,068
W.R. Berkley Corp.
4,951
354,987
White Mountains Insurance Group Ltd.
61
135,451
Willis Towers Watson PLC
1,843
562,428
 
27,192,758
 
Materials 4.3%
AdvanSix, Inc.
3,480
62,048
Air Products & Chemicals, Inc.
3,857
1,063,259
Albemarle Corp.
4,817
860,653
Alcoa Corp.
14,779
917,480
Alpha Metallurgical Resources, Inc. *
1,408
229,011
Amcor PLC
17,001
823,358
AptarGroup, Inc.
1,495
214,846
Ardagh Metal Packaging SA
8,416
40,818
Ashland, Inc.
3,777
235,534
Avery Dennison Corp.
2,205
432,952
Avient Corp.
4,211
172,946
Axalta Coating Systems Ltd. *
6,390
213,490
Balchem Corp.
390
70,758
Ball Corp.
11,374
763,537
Cabot Corp.
2,220
169,031
Celanese Corp.
11,333
565,970
CF Industries Holdings, Inc.
9,292
924,926
Chemours Co.
17,915
326,770
Clearwater Paper Corp. *
3,125
46,844
Cleveland-Cliffs, Inc. *
72,849
776,570
Coeur Mining, Inc. *
4,469
121,333
Commercial Metals Co.
7,619
558,473
Compass Minerals International, Inc. *
3,719
93,719
Corteva, Inc.
16,919
1,355,550
CRH PLC
17,355
2,082,253
Crown Holdings, Inc.
4,150
475,590
Dow, Inc.
98,804
3,036,247
DuPont de Nemours, Inc.
25,733
1,287,679
Eagle Materials, Inc.
915
204,777
Eastman Chemical Co.
8,986
678,533
Ecolab, Inc.
2,890
891,131
Ecovyst, Inc. *
9,683
109,127
Element Solutions, Inc.
5,884
206,470
Ferroglobe PLC
9,809
50,124
FMC Corp.
14,897
219,582
Freeport-McMoRan, Inc.
37,902
2,580,368
Graphic Packaging Holding Co.
16,228
198,468
Greif, Inc., Class A
2,292
166,560
Hawkins, Inc.
309
46,072
HB Fuller Co.
2,427
159,502
Hecla Mining Co.
8,123
202,344
Huntsman Corp.
34,753
439,625
Ingevity Corp. *
2,140
154,144
Innospec, Inc.
1,125
86,152
International Flavors & Fragrances, Inc.
8,751
719,595
International Paper Co.
23,721
1,033,050
Kaiser Aluminum Corp.
985
128,188
Knife River Corp. *
1,298
115,496
Koppers Holdings, Inc.
2,001
75,638
Linde PLC
6,474
3,289,310
Louisiana-Pacific Corp.
2,617
221,765
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
11
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
LSB Industries, Inc. *
3,891
45,213
LyondellBasell Industries NV, Class A
30,611
1,760,745
Magnera Corp. *
3,114
40,326
Martin Marietta Materials, Inc.
773
522,989
Materion Corp.
655
106,804
Mativ Holdings, Inc.
8,365
90,677
Metallus, Inc. *
3,971
67,507
Minerals Technologies, Inc.
1,862
131,494
Mosaic Co.
35,086
976,794
Myers Industries, Inc.
2,564
57,357
NewMarket Corp.
184
115,186
Newmont Corp.
20,135
2,617,550
Nucor Corp.
18,594
3,288,907
O-I Glass, Inc. *
16,546
221,716
Olin Corp.
22,451
569,582
Orion SA
7,533
42,863
Packaging Corp. of America
2,772
643,492
PPG Industries, Inc.
7,751
955,466
Quaker Chemical Corp.
551
81,014
Rayonier Advanced Materials, Inc. *
11,105
105,164
Reliance, Inc.
3,268
1,031,512
Royal Gold, Inc.
497
148,996
RPM International, Inc.
2,813
321,020
Ryerson Holding Corp.
10,643
278,421
Scotts Miracle-Gro Co.
1,720
120,606
Sealed Air Corp.
5,657
236,915
Sensient Technologies Corp.
974
98,890
Sherwin-Williams Co.
2,158
782,469
Silgan Holdings, Inc.
3,770
181,148
Solstice Advanced Materials, Inc.
2,717
213,312
Sonoco Products Co.
6,645
375,243
Southern Copper Corp.
1,558
340,064
Steel Dynamics, Inc.
8,804
1,700,316
Stepan Co.
2,091
106,411
SunCoke Energy, Inc.
9,971
56,835
Sylvamo Corp.
2,428
112,416
Tredegar Corp. *
3,723
34,177
TriMas Corp.
1,670
65,264
Trinseo PLC (a)
26,136
6,011
Tronox Holdings PLC
34,490
257,985
Vulcan Materials Co.
1,629
504,990
Warrior Met Coal, Inc.
2,644
220,087
Westlake Corp.
2,517
265,241
Worthington Steel, Inc.
3,651
151,736
 
49,948,577
 
Media & Entertainment 6.7%
Advantage Solutions, Inc. *
22,099
11,542
Alphabet, Inc., Class A
75,869
23,652,919
Alphabet, Inc., Class C
61,108
19,030,864
AMC Networks, Inc., Class A *(a)
13,485
110,172
Angi, Inc. *
500
3,890
Cable One, Inc. *
787
75,513
Cargurus, Inc. *
1,727
53,019
Cars.com, Inc. *
3,494
29,839
Charter Communications, Inc., Class A *
10,451
2,452,118
Cinemark Holdings, Inc.
1,557
43,970
Clear Channel Outdoor Holdings, Inc. *
25,766
61,838
EchoStar Corp., Class A *
3,541
409,092
Electronic Arts, Inc.
4,890
980,787
EW Scripps Co., Class A *(a)
30,842
127,994
Fox Corp., Class A
14,131
796,141
Gray Media, Inc. (a)
31,776
164,917
IAC, Inc. *
2,520
96,566
iHeartMedia, Inc., Class A *
42,115
137,716
John Wiley & Sons, Inc., Class A
2,231
69,206
Liberty Broadband Corp., Class C *
1,214
66,297
SECURITY
NUMBER
OF SHARES
VALUE ($)
Liberty Media Corp.-Liberty Formula
One, Class C *
1,313
120,258
Lionsgate Studios Corp. *
2,478
22,302
Live Nation Entertainment, Inc. *
304
49,291
Match Group, Inc.
4,463
141,031
Meta Platforms, Inc., Class A
20,105
13,031,659
Netflix, Inc. *
26,435
2,544,104
New York Times Co., Class A
2,431
193,969
News Corp., Class A
16,169
392,745
Nexstar Media Group, Inc.
2,298
576,844
Omnicom Group, Inc.
14,838
1,265,533
Optimum Communications, Inc.,
Class A *
154,665
222,718
Paramount Skydance Corp., Class B
48,711
658,086
Pinterest, Inc., Class A *
2,991
51,236
Roku, Inc. *
872
85,814
Scholastic Corp.
2,913
101,285
Shutterstock, Inc.
1,578
26,510
Sinclair, Inc.
11,979
195,737
Sirius XM Holdings, Inc.
25,586
561,869
Snap, Inc., Class A *
7,176
37,387
Take-Two Interactive Software, Inc. *
1,052
222,477
TEGNA, Inc.
12,222
256,051
Thryv Holdings, Inc. *
5,611
13,018
TKO Group Holdings, Inc.
262
58,654
Trade Desk, Inc., Class A *
1,130
26,917
TripAdvisor, Inc. *
3,965
40,086
USA TODAY Co., Inc. *
14,640
87,108
Versant Media Group, Inc. *
10,102
336,599
Walt Disney Co.
37,257
3,950,732
Warner Bros Discovery, Inc. *
160,941
4,533,708
Warner Music Group Corp., Class A
1,427
40,812
Yelp, Inc. *
3,301
73,579
Ziff Davis, Inc. *
3,444
93,263
ZoomInfo Technologies, Inc. *
5,445
33,813
 
78,419,595
 
Pharmaceuticals, Biotechnology & Life Sciences 6.6%
AbbVie, Inc.
28,302
6,568,328
Agilent Technologies, Inc.
4,961
602,166
Amgen, Inc.
12,463
4,837,638
Amneal Pharmaceuticals, Inc. *
3,519
48,597
Avantor, Inc. *
25,361
229,517
Azenta, Inc. *
1,135
30,622
Biogen, Inc. *
7,936
1,522,284
BioMarin Pharmaceutical, Inc. *
2,115
130,559
Bio-Rad Laboratories, Inc., Class A *
534
148,687
Bio-Techne Corp.
1,747
103,073
Bristol-Myers Squibb Co.
107,503
6,704,962
Bruker Corp.
2,796
112,148
Charles River Laboratories International,
Inc. *
1,324
236,321
Collegium Pharmaceutical, Inc. *
780
32,503
Corcept Therapeutics, Inc. *
649
23,169
Danaher Corp.
8,492
1,788,755
Elanco Animal Health, Inc. *
15,596
411,734
Eli Lilly & Co.
2,712
2,852,997
Emergent BioSolutions, Inc. *
8,766
71,443
Exact Sciences Corp. *
1,000
103,380
Exelixis, Inc. *
3,228
142,226
Fortrea Holdings, Inc. *
16,677
178,777
Gilead Sciences, Inc.
29,061
4,328,636
Halozyme Therapeutics, Inc. *
1,069
74,328
Illumina, Inc. *
2,553
343,276
Incyte Corp. *
2,368
239,807
Innoviva, Inc. *
2,277
52,280
IQVIA Holdings, Inc. *
3,875
692,889
See financial notes
12
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ironwood Pharmaceuticals, Inc. *
28,381
97,063
Jazz Pharmaceuticals PLC *
1,879
357,048
Johnson & Johnson
53,658
13,330,257
Medpace Holdings, Inc. *
118
53,308
Merck & Co., Inc.
69,162
8,563,639
Mettler-Toledo International, Inc. *
278
379,940
Moderna, Inc. *
38,220
2,047,445
Myriad Genetics, Inc. *
4,765
21,967
Neurocrine Biosciences, Inc. *
835
110,429
Organon & Co.
41,493
302,484
Pacira BioSciences, Inc. *
1,354
29,666
Pfizer, Inc.
303,345
8,387,489
Prestige Consumer Healthcare, Inc. *
1,163
80,596
Regeneron Pharmaceuticals, Inc.
2,447
1,912,746
Repligen Corp. *
317
40,807
Revvity, Inc.
3,154
310,070
Royalty Pharma PLC, Class A
4,530
209,331
Sotera Health Co. *
2,355
38,269
Supernus Pharmaceuticals, Inc. *
984
53,854
Thermo Fisher Scientific, Inc.
6,280
3,272,571
United Therapeutics Corp. *
611
307,883
Vertex Pharmaceuticals, Inc. *
2,146
1,066,197
Viatris, Inc.
113,475
1,694,182
Waters Corp. *
1,984
633,650
West Pharmaceutical Services, Inc.
1,085
275,959
Zoetis, Inc.
5,642
739,666
 
76,927,618
 
Real Estate Management & Development 0.3%
CBRE Group, Inc., Class A *
6,987
1,031,700
Compass, Inc., Class A *
55,957
545,581
CoStar Group, Inc. *
2,117
94,482
Cushman & Wakefield Ltd. *
14,428
193,479
eXp World Holdings, Inc.
10,023
69,860
Jones Lang LaSalle, Inc. *
1,916
604,594
Kennedy-Wilson Holdings, Inc.
6,227
67,750
Marcus & Millichap, Inc.
1,304
34,439
Newmark Group, Inc., Class A
3,920
56,918
Opendoor Technologies, Inc. *
50,906
275,910
Zillow Group, Inc., Class C *
1,846
82,369
 
3,057,082
 
Semiconductors & Semiconductor Equipment 5.5%
Advanced Micro Devices, Inc. *
9,490
1,899,993
Allegro MicroSystems, Inc. *
1,674
61,051
Alpha & Omega Semiconductor Ltd. *
1,234
25,926
Amkor Technology, Inc.
6,836
326,898
Analog Devices, Inc.
7,096
2,524,686
Applied Materials, Inc.
13,417
4,995,149
Axcelis Technologies, Inc. *
850
70,218
Broadcom, Inc.
16,916
5,405,508
Cirrus Logic, Inc. *
1,369
193,193
Cohu, Inc. *
2,489
75,168
Diodes, Inc. *
2,640
180,127
Enphase Energy, Inc. *
2,778
117,426
Entegris, Inc.
1,950
258,277
First Solar, Inc. *
1,070
211,004
FormFactor, Inc. *
1,569
155,143
GLOBALFOUNDRIES, Inc. *
2,531
120,349
Ichor Holdings Ltd. *
2,255
107,225
Intel Corp. *
306,454
13,977,367
KLA Corp.
1,171
1,785,248
Lam Research Corp.
17,942
4,196,454
Lattice Semiconductor Corp. *
941
89,978
MACOM Technology Solutions Holdings,
Inc. *
253
62,774
SECURITY
NUMBER
OF SHARES
VALUE ($)
Marvell Technology, Inc.
4,546
371,363
MaxLinear, Inc. *
2,849
49,658
Microchip Technology, Inc.
14,273
1,065,337
Micron Technology, Inc.
24,445
10,080,385
MKS, Inc.
1,654
404,337
Monolithic Power Systems, Inc.
179
204,550
NVIDIA Corp.
24,543
4,348,774
ON Semiconductor Corp. *
12,185
810,059
Onto Innovation, Inc. *
552
119,171
Penguin Solutions, Inc. *
1,732
35,991
Photronics, Inc. *
2,917
109,183
Power Integrations, Inc.
1,603
76,816
Qnity Electronics, Inc.
9,276
1,175,826
Qorvo, Inc. *
5,227
433,318
QUALCOMM, Inc.
21,522
3,063,872
Rambus, Inc. *
669
66,673
Semtech Corp. *
640
57,741
Silicon Laboratories, Inc. *
918
187,759
Skyworks Solutions, Inc.
7,473
445,241
Synaptics, Inc. *
1,178
95,960
Teradyne, Inc.
3,454
1,105,384
Texas Instruments, Inc.
16,723
3,547,116
Ultra Clean Holdings, Inc. *
2,837
172,149
Universal Display Corp.
484
51,638
 
64,917,463
 
Software & Services 3.6%
Accenture PLC, Class A
13,000
2,713,360
ACI Worldwide, Inc. *
1,923
76,305
Adobe, Inc. *
6,077
1,594,666
Akamai Technologies, Inc. *
4,340
427,013
Alarm.com Holdings, Inc. *
652
31,198
Amdocs Ltd.
4,612
321,918
AppLovin Corp., Class A *
193
83,911
ASGN, Inc. *
4,140
177,606
Autodesk, Inc. *
1,113
273,653
Blackbaud, Inc. *
652
31,648
Cadence Design Systems, Inc. *
1,214
365,900
CCC Intelligent Solutions Holdings, Inc. *
5,192
30,269
Cognizant Technology Solutions Corp.,
Class A
21,736
1,400,450
Commvault Systems, Inc. *
377
32,075
Consensus Cloud Solutions, Inc. *
1,171
35,224
Crowdstrike Holdings, Inc., Class A *
83
30,874
Datadog, Inc., Class A *
214
23,959
DigitalOcean Holdings, Inc. *
838
46,978
Docusign, Inc. *
436
19,651
Dolby Laboratories, Inc., Class A
1,574
104,781
Dropbox, Inc., Class A *
4,559
113,929
DXC Technology Co. *
35,408
445,787
Dynatrace, Inc. *
882
31,681
EPAM Systems, Inc. *
1,304
183,864
Fair Isaac Corp. *
90
126,842
Fortinet, Inc. *
3,648
288,301
Gartner, Inc. *
1,035
162,702
Gen Digital, Inc.
13,042
294,358
Globant SA *
939
46,725
GoDaddy, Inc., Class A *
1,807
157,498
Guidewire Software, Inc. *
284
41,271
HubSpot, Inc. *
62
16,400
InterDigital, Inc.
246
90,166
International Business Machines Corp.
14,382
3,454,700
Intuit, Inc.
1,708
698,623
Kyndryl Holdings, Inc. *
10,323
127,283
LiveRamp Holdings, Inc. *
1,936
52,601
Manhattan Associates, Inc. *
364
49,297
Microsoft Corp.
55,317
21,725,199
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
13
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
NCR Voyix Corp. *
8,571
65,482
Okta, Inc. *
613
44,443
Oracle Corp.
18,185
2,644,099
Palantir Technologies, Inc., Class A *
406
55,699
Palo Alto Networks, Inc. *
1,274
189,724
Progress Software Corp. *
992
41,545
PTC, Inc. *
624
97,712
Qualys, Inc. *
431
39,855
Roper Technologies, Inc.
1,026
358,823
Salesforce, Inc.
6,917
1,347,362
ServiceNow, Inc. *
1,414
152,726
Snowflake, Inc., Class A *
230
38,734
SPS Commerce, Inc. *
293
16,557
Synopsys, Inc. *
886
366,804
Teradata Corp. *
4,659
146,712
Trimble, Inc. *
3,355
224,349
Twilio, Inc., Class A *
1,080
130,637
Tyler Technologies, Inc. *
186
65,972
Unisys Corp. *
9,212
22,385
Unity Software, Inc. *
3,072
56,003
VeriSign, Inc.
625
142,462
Workday, Inc., Class A *
597
79,855
Zoom Communications, Inc., Class A *
2,924
216,201
 
42,472,807
 
Technology Hardware & Equipment 6.8%
Advanced Energy Industries, Inc.
612
205,369
Amphenol Corp., Class A
8,073
1,179,142
Apple, Inc.
165,074
43,609,249
Arista Networks, Inc. *
2,961
395,294
Arrow Electronics, Inc. *
6,409
975,193
Avnet, Inc.
13,912
915,966
Badger Meter, Inc.
219
33,382
Belden, Inc.
939
134,559
Benchmark Electronics, Inc.
2,427
140,305
Calix, Inc. *
892
46,179
CDW Corp.
3,651
447,759
Ciena Corp. *
2,507
874,191
Cisco Systems, Inc.
90,850
7,218,941
Cognex Corp.
3,474
188,986
Coherent Corp. *
1,537
397,975
Corning, Inc.
15,653
2,353,898
Crane NXT Co.
984
47,517
CTS Corp.
1,031
54,292
Dell Technologies, Inc., Class C
5,424
803,186
ePlus, Inc.
1,105
89,129
F5, Inc. *
798
216,545
Flex Ltd. *
10,949
690,006
Hewlett Packard Enterprise Co.
79,633
1,709,721
HP, Inc.
63,924
1,213,917
Ingram Micro Holding Corp.
3,006
62,194
Insight Enterprises, Inc. *
1,909
159,516
IPG Photonics Corp. *
1,366
179,725
Itron, Inc. *
881
82,770
Jabil, Inc.
3,323
880,562
Keysight Technologies, Inc. *
2,734
840,240
Kimball Electronics, Inc. *
2,284
57,077
Knowles Corp. *
3,300
89,661
Littelfuse, Inc.
648
228,394
Lumentum Holdings, Inc. *
1,339
938,519
Methode Electronics, Inc.
7,985
67,553
Motorola Solutions, Inc.
1,333
642,853
NetApp, Inc.
4,587
454,251
NETGEAR, Inc. *
1,699
35,033
NetScout Systems, Inc. *
3,195
93,326
Novanta, Inc. *
342
45,975
OSI Systems, Inc. *
277
79,000
SECURITY
NUMBER
OF SHARES
VALUE ($)
PC Connection, Inc.
1,017
61,986
Plexus Corp. *
940
182,482
Pure Storage, Inc., Class A *
906
58,183
Ralliant Corp.
843
38,685
Rogers Corp. *
855
92,195
Sandisk Corp. *
1,198
761,161
Sanmina Corp. *
2,673
415,010
ScanSource, Inc. *
2,406
88,493
Seagate Technology Holdings PLC
4,994
2,036,753
Super Micro Computer, Inc. *
4,021
130,240
TD SYNNEX Corp.
4,235
664,090
TE Connectivity PLC
6,247
1,437,747
Teledyne Technologies, Inc. *
581
395,719
TTM Technologies, Inc. *
2,908
303,130
Viasat, Inc. *
8,924
408,541
Viavi Solutions, Inc. *
6,342
188,421
Vishay Intertechnology, Inc.
12,462
233,289
Vistance Networks, Inc. *
19,447
341,684
Vontier Corp.
3,841
157,174
Western Digital Corp.
8,323
2,327,943
Xerox Holdings Corp.
72,913
131,243
Zebra Technologies Corp., Class A *
1,106
247,700
 
79,579,219
 
Telecommunication Services 3.1%
Array Digital Infrastructure, Inc.
603
29,384
AT&T, Inc.
378,815
10,610,608
Cogent Communications Holdings, Inc.
1,698
31,855
Comcast Corp., Class A
253,415
7,845,729
GCI Liberty, Inc., Class C *
152
5,981
IDT Corp., Class B
579
29,500
IHS Holding Ltd. *
9,814
78,512
Iridium Communications, Inc.
3,499
83,801
Liberty Global Ltd., Class C *
29,344
360,931
Liberty Latin America Ltd., Class C *
30,287
240,479
Lumen Technologies, Inc. *
272,693
1,938,847
Shenandoah Telecommunications Co.
2,960
40,345
Telephone & Data Systems, Inc.
5,563
248,944
T-Mobile U.S., Inc.
8,937
1,940,133
Uniti Group, Inc.
14,786
108,234
Verizon Communications, Inc.
242,864
12,177,201
 
35,770,484
 
Transportation 2.4%
Alaska Air Group, Inc. *
4,241
218,836
Allegiant Travel Co. *
1,034
105,623
American Airlines Group, Inc. *
11,857
154,971
ArcBest Corp.
2,227
228,624
Avis Budget Group, Inc. *(b)
3,175
309,277
CH Robinson Worldwide, Inc.
5,194
962,189
Covenant Logistics Group, Inc., Class A
1,323
38,949
CSX Corp.
61,586
2,629,106
Delta Air Lines, Inc.
3,794
249,266
Expeditors International of Washington,
Inc.
6,619
959,954
FedEx Corp.
12,508
4,840,596
Forward Air Corp. *
2,151
54,399
Genco Shipping & Trading Ltd.
3,220
77,441
Global Ship Lease, Inc., Class A
1,740
71,479
GXO Logistics, Inc. *
4,923
309,312
Heartland Express, Inc.
3,921
43,249
Hertz Global Holdings, Inc. *(b)
36,758
166,881
Hub Group, Inc., Class A
5,373
231,415
JB Hunt Transport Services, Inc.
3,284
766,518
JetBlue Airways Corp. *
21,501
119,116
Kirby Corp. *
1,424
184,835
See financial notes
14
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Knight-Swift Transportation Holdings,
Inc.
9,446
594,342
Landstar System, Inc.
2,020
329,159
Marten Transport Ltd.
4,842
65,803
Matson, Inc.
2,226
369,805
Norfolk Southern Corp.
6,509
2,048,643
Old Dominion Freight Line, Inc.
3,603
731,589
RXO, Inc. *
6,969
111,225
Ryder System, Inc.
3,082
682,848
Saia, Inc. *
555
224,992
Schneider National, Inc., Class B
3,056
86,729
SkyWest, Inc. *
1,343
139,779
Southwest Airlines Co.
4,183
206,055
Sun Country Airlines Holdings, Inc. *
2,328
45,815
Uber Technologies, Inc. *
3,903
294,364
U-Haul Holding Co., Non Voting Shares
3,962
186,848
Union Pacific Corp.
14,778
3,915,874
United Airlines Holdings, Inc. *
1,588
168,804
United Parcel Service, Inc., Class B
37,570
4,356,617
Werner Enterprises, Inc.
6,336
222,330
XPO, Inc. *
1,274
268,139
 
27,771,796
 
Utilities 3.4%
AES Corp.
50,938
880,209
Alliant Energy Corp.
5,794
419,138
Ameren Corp.
6,099
690,895
American Electric Power Co., Inc.
13,697
1,832,932
American States Water Co.
635
47,327
American Water Works Co., Inc.
3,244
441,281
Atmos Energy Corp.
2,273
424,574
Avista Corp.
3,182
129,253
Black Hills Corp.
2,681
197,482
California Water Service Group
1,234
55,629
CenterPoint Energy, Inc.
16,325
710,137
Chesapeake Utilities Corp.
375
50,989
Clearway Energy, Inc., Class C
2,555
97,882
CMS Energy Corp.
7,439
580,763
Consolidated Edison, Inc.
11,198
1,259,999
Constellation Energy Corp.
2,685
885,728
Dominion Energy, Inc.
29,377
1,854,864
DTE Energy Co.
5,117
758,544
Duke Energy Corp.
23,298
3,048,543
Edison International
20,650
1,543,381
Entergy Corp.
10,816
1,158,502
Essential Utilities, Inc.
5,532
221,114
Evergy, Inc.
8,461
707,847
Eversource Energy
11,998
914,368
Exelon Corp.
34,558
1,709,584
FirstEnergy Corp.
18,270
934,693
H2O America
877
47,174
Hawaiian Electric Industries, Inc. *
13,326
206,420
IDACORP, Inc.
1,111
159,951
MDU Resources Group, Inc.
4,962
102,614
MGE Energy, Inc.
664
54,461
National Fuel Gas Co.
2,507
228,212
New Jersey Resources Corp.
2,718
147,424
NextEra Energy, Inc.
33,135
3,107,069
NiSource, Inc.
10,522
497,691
Northwest Natural Holding Co.
1,559
82,689
Northwestern Energy Group, Inc.
2,136
149,435
NRG Energy, Inc.
4,053
725,325
OGE Energy Corp.
6,127
301,081
ONE Gas, Inc.
1,907
166,748
Ormat Technologies, Inc.
935
96,959
Otter Tail Corp.
1,173
99,822
PG&E Corp.
69,243
1,315,617
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pinnacle West Capital Corp.
3,972
398,392
Portland General Electric Co.
4,257
229,708
PPL Corp.
22,167
864,070
Public Service Enterprise Group, Inc.
11,283
971,128
Sempra
14,890
1,433,460
Southern Co.
25,605
2,493,415
Southwest Gas Holdings, Inc.
2,313
203,937
Spire, Inc.
1,827
167,371
Talen Energy Corp. *
289
107,210
TXNM Energy, Inc.
2,574
151,917
UGI Corp.
12,483
466,989
Unitil Corp.
596
31,177
Vistra Corp.
4,795
833,803
WEC Energy Group, Inc.
6,932
810,767
Xcel Energy, Inc.
14,776
1,231,727
 
39,439,421
Total Common Stocks
(Cost $814,147,679)
1,167,191,395
 
INVESTMENT COMPANIES 0.0% OF NET ASSETS
 
Equity Funds 0.0%
iShares Core S&P Total U.S. Stock
Market ETF
3,300
495,429
Total Investment Companies
(Cost $462,709)
495,429
 
 
 
 
SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS
 
Money Market Funds 0.1%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (e)
683,222
683,222
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (e)(f)
874,515
874,515
 
1,557,737
Total Short-Term Investments
(Cost $1,557,737)
1,557,737
Total Investments in Securities
(Cost $816,168,125)
1,169,244,561
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
03/20/26
7
2,411,150
4,751
 
*
Non-income producing security.
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(b)
All or a portion of this security is on loan. Securities on loan were valued at
$841,415.
(c)
Issuer is affiliated with the fund’s investment adviser.
(d)
Fair valued using significant unobservable inputs.
(e)
The rate shown is the annualized 7-day yield.
(f)
Security purchased with cash collateral received for securities on loan.
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
15
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
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 February 28, 2026. 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 February 28, 2026, 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
2/28/26
BALANCE
OF SHARES
HELD AT
2/28/26
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
Capital Goods 0.0%
JELD-WEN Holding, Inc.(a),*
$—
$96,853
($2,487
)
$492
($74,298
)
$68,575
34,987
$—
 
Commercial & Professional Services 0.0%
TrueBlue, Inc.(a),*
—
80,837
(1,289
)
100
(24,172
)
61,593
14,561
—
 
Consumer Discretionary Distribution & Retail 0.0%
QVC Group, Inc.(a),(b),*
—
459,902
(6,877
)
2,695
(360,766
)
132,188
43,771
—
 
Consumer Durables & Apparel 0.0%
Oxford Industries, Inc.(a)
—
40,812
(725
)
(12
)
(16,424
)
59,504
1,503
2,918
 
Consumer Services 0.0%
Cracker Barrel Old Country Store, Inc.(b)
106,114
35,737
(29,378
)
(47,629
)
20,817
—
—
2,490
 
Equity Real Estate Investment Trusts (REITs) 0.0%
Service Properties Trust(a)
—
47,750
(3,143
)
288
(20,638
)
109,291
47,518
1,583
 
Financial Services 0.1%
Charles Schwab Corp.(c)
1,084,232
307,969
(176,880
)
50,195
174,955
1,440,471
15,131
16,502
 
Food, Beverage & Tobacco 0.0%
Hain Celestial Group, Inc.(a),*
—
87,278
(1,122
)
5
(48,002
)
45,444
56,848
—
 
Health Care Equipment & Services 0.0%
Accendra Health, Inc.(a),*
—
107,221
(3,097
)
(65
)
(112,356
)
74,599
30,826
—
 
Household & Personal Products 0.0%
Medifast, Inc.(a),*
—
76,365
(994
)
(16
)
(16,944
)
62,116
5,899
—
Nu Skin Enterprises, Inc., Class A(a)
—
145,108
(2,950
)
992
(15,703
)
139,216
16,417
2,463
 
201,332
 
Materials 0.0%
Trinseo PLC(a)
—
39,348
(4,954
)
(962
)
(41,571
)
6,011
26,136
67
 
Media & Entertainment 0.1%
AMC Networks, Inc., Class A(a),*
—
93,841
(1,544
)
291
3,794
110,172
13,485
—
EW Scripps Co., Class A(a),*
—
102,472
(1,406
)
75
24,164
127,994
30,842
—
Gray Media, Inc.(a)
—
147,329
(2,672
)
675
9,403
164,917
31,776
3,885
 
403,083
Total
$1,190,346
$1,868,822
($239,518
)
$7,124
($497,741
)
$2,602,091
$29,908
 
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.
(b)
All or a portion of this security is on loan. Securities on loan were valued at $841,415.
(c)
Issuer is affiliated with the fund’s investment adviser.
*
Non-income producing security.
See financial notes
16
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Portfolio Holdings  as of February 28, 2026 (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
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
$1,101,419,416
$—
$—
$1,101,419,416
Health Care Equipment & Services
65,771,979
—
0
*
65,771,979
Investment Companies1
495,429
—
—
495,429
Short-Term Investments1
1,557,737
—
—
1,557,737
Futures Contracts2
4,751
—
—
4,751
Total
$1,169,249,312
$—
$0
$1,169,249,312
 
*
Level 3 amount shown includes securities determined to have no value.
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 | Annual Holdings and Financial Statements
17
Schwab Fundamental U.S. Broad Market ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - affiliated issuers (cost $3,071,705) including securities on loan of $94,224
 
$2,602,091
Investments in securities, at value - unaffiliated issuers (cost $813,096,420) including securities on loan of $747,191
 
1,166,642,470
Cash
 
5,931
Deposit with broker for futures contracts
 
193,574
Receivables:
 
Dividends
 
1,800,923
Income from securities on loan
+
947
Total assets
 
1,171,245,936
 
Liabilities
Collateral held for securities on loan
 
874,515
Payables:
 
Management fees
 
220,711
Variation margin on futures contracts
+
8,176
Total liabilities
 
1,103,402
Net assets
 
$1,170,142,534
 
Net Assets by Source
Capital received from investors
 
$850,549,283
Total distributable earnings
+
319,593,251
Net assets
 
$1,170,142,534
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$1,170,142,534
 
41,250,000
$28.37
 
 
 
 
See financial notes
18
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Broad Market ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers
 
$19,464,739
Dividends received from securities - affiliated issuers
 
29,908
Other Interest
 
4,806
Securities on loan, net
+
22,641
Total investment income
 
19,522,094
 
Expenses
Management fees
 
2,433,623
Total expenses
–
2,433,623
Net investment income
 
17,088,471
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(49,685
)
Net realized losses on sales of securities - unaffiliated issuers
 
(5,639,781
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
56,809
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
70,593,306
Net realized gains on futures contracts
+
242,449
Net realized gains
 
65,203,098
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
(497,741
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
104,979,500
Net change in unrealized appreciation (depreciation) on futures contracts
+
29,095
Net change in unrealized appreciation (depreciation)
 
104,510,854
Net realized and unrealized gains
 
169,713,952
Increase in net assets resulting from operations
 
$186,802,423
See financial notes
Schwab Fundamental Index ETFs | Annual 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 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$17,088,471
$14,470,146
Net realized gains
 
65,203,098
21,590,419
Net change in unrealized appreciation (depreciation)
+
104,510,854
81,689,418
Increase in net assets resulting from operations
 
$186,802,423
$117,749,983
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($16,729,780
)
($14,326,670
)
 
TRANSACTIONS IN FUND SHARES1
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
7,950,000
$201,967,578
6,550,000
$148,418,403
Shares redeemed
+
(4,800,000
)
(119,115,213
)
(1,750,000
)
(39,629,674
)
Net transactions in fund shares
 
3,150,000
$82,852,365
4,800,000
$108,788,729
 
SHARES OUTSTANDING AND NET ASSETS1
 
3/1/25-2/28/26
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
+
3,150,000
252,925,008
4,800,000
212,212,042
End of period
 
41,250,000
$1,170,142,534
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 notes
20
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF   
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
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
 
Per-Share Data
Net asset value at beginning of period
$24.63
$21.54
$18.30
$18.99
$16.16
Income (loss) from investment operations:
Net investment income (loss)3
0.45
0.42
0.39
0.37
0.34
Net realized and unrealized gains (losses)
4.39
3.09
3.23
(0.69
)
2.81
Total from investment operations
4.84
3.51
3.62
(0.32
)
3.15
Less distributions:
Distributions from net investment income
(0.44
)
(0.42
)
(0.38
)
(0.37
)
(0.32
)
Net asset value at end of period
$29.03
$24.63
$21.54
$18.30
$18.99
Total return
19.94
%
16.42
%
20.06
%
(1.61
%)
19.61
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%
0.25
%
0.25
%
0.25
%4
0.25
%
Net investment income (loss)
1.77
%
1.81
%
2.05
%
2.07
%
1.84
%
Portfolio turnover rate5
12
%
10
%
10
%
12
%
11
%
Net assets, end of period (x 1,000,000)
$24,461
$18,138
$14,508
$10,373
$9,889
 
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.
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
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 | Annual Holdings and Financial Statements
21
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Automobiles & Components 2.1%
Adient PLC *
356,558
8,671,490
BorgWarner, Inc.
355,803
20,483,579
Dana, Inc.
271,837
9,307,699
Ford Motor Co.
9,608,652
135,385,907
General Motors Co.
2,571,977
202,440,310
Gentex Corp.
234,264
5,481,778
Goodyear Tire & Rubber Co. *
1,048,718
8,651,923
Harley-Davidson, Inc.
197,379
3,552,822
Lear Corp.
156,963
20,601,394
Tesla, Inc. *
192,199
77,362,019
Thor Industries, Inc.
113,437
10,904,699
 
502,843,620
 
Banks 5.3%
Bank of America Corp.
4,391,250
218,815,988
Citigroup, Inc.
1,871,197
206,187,197
Citizens Financial Group, Inc.
367,529
22,121,571
East West Bancorp, Inc.
57,878
6,334,747
Fifth Third Bancorp
683,604
33,817,890
First Citizens BancShares, Inc.,
Class A
3,327
6,315,145
First Horizon Corp.
269,820
6,419,018
Flagstar Bank NA
340,020
4,314,854
Huntington Bancshares, Inc.
889,401
14,941,937
JPMorgan Chase & Co.
1,184,216
355,620,065
KeyCorp
844,719
17,519,472
M&T Bank Corp.
82,747
17,954,444
PNC Financial Services Group, Inc.
255,760
54,310,636
Regions Financial Corp.
617,974
17,198,216
Truist Financial Corp.
1,030,822
50,829,833
U.S. Bancorp
1,155,211
63,143,833
Webster Financial Corp.
79,015
5,699,352
Wells Fargo & Co.
2,277,421
185,495,940
Zions Bancorp NA
154,122
8,828,108
 
1,295,868,246
 
Capital Goods 7.3%
3M Co.
315,863
52,218,471
A.O. Smith Corp.
81,034
6,320,652
Acuity, Inc.
19,908
6,004,054
AECOM
76,905
7,535,152
AGCO Corp.
98,514
13,447,161
Air Lease Corp.
75,795
4,914,548
Allison Transmission Holdings, Inc.
63,217
7,921,090
AMETEK, Inc.
58,661
14,032,884
Atkore, Inc.
73,967
4,786,405
Boeing Co. *
49,033
11,156,478
Boise Cascade Co.
103,609
8,572,609
Builders FirstSource, Inc. *
183,984
19,187,691
Carlisle Cos., Inc.
24,996
9,867,671
Carrier Global Corp.
300,653
19,362,053
Caterpillar, Inc.
205,389
152,569,111
CNH Industrial NV
1,115,992
13,726,702
Cummins, Inc.
75,460
44,058,830
Deere & Co.
133,247
83,906,968
Donaldson Co., Inc.
61,622
5,716,057
Dover Corp.
63,852
14,398,626
Eaton Corp. PLC
99,120
37,261,190
EMCOR Group, Inc.
16,403
11,885,942
Emerson Electric Co.
259,016
39,046,662
Fastenal Co.
358,999
16,528,314
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ferguson Enterprises, Inc.
114,252
29,792,351
Fluor Corp. *
143,351
7,498,691
Fortive Corp.
132,226
7,827,779
Fortune Brands Innovations, Inc.
125,815
6,836,787
Gates Industrial Corp. PLC *
183,702
5,064,664
GE Vernova, Inc.
19,917
17,399,491
Generac Holdings, Inc. *
31,386
7,073,463
General Dynamics Corp.
142,914
51,027,444
General Electric Co.
140,225
47,993,408
Graco, Inc.
57,433
5,394,107
Honeywell International, Inc.
327,877
79,867,558
Howmet Aerospace, Inc.
53,703
14,098,649
Hubbell, Inc.
16,953
8,673,663
Huntington Ingalls Industries, Inc.
38,637
17,174,919
IDEX Corp.
32,781
6,866,636
Illinois Tool Works, Inc.
117,119
34,038,295
Ingersoll Rand, Inc.
111,349
10,482,395
ITT, Inc.
31,914
6,459,713
Johnson Controls International PLC
263,992
38,094,046
L3Harris Technologies, Inc.
144,216
52,572,501
Lincoln Electric Holdings, Inc.
23,806
6,833,512
Lockheed Martin Corp.
184,765
121,590,151
Masco Corp.
145,473
10,418,776
MasTec, Inc. *
29,601
8,821,690
Middleby Corp. *
34,310
5,793,587
MSC Industrial Direct Co., Inc.,
Class A
51,089
4,794,192
Mueller Industries, Inc.
63,294
7,466,160
Nordson Corp.
21,141
6,203,615
Northrop Grumman Corp.
88,919
64,411,145
nVent Electric PLC
59,517
7,044,432
Oshkosh Corp.
67,719
11,513,584
Otis Worldwide Corp.
125,024
11,572,221
Owens Corning
102,856
12,555,632
PACCAR, Inc.
348,406
43,930,513
Parker-Hannifin Corp.
29,227
29,495,304
Pentair PLC
57,329
5,686,463
Quanta Services, Inc.
35,284
19,867,715
Regal Rexnord Corp.
46,274
10,225,628
Resideo Technologies, Inc. *
193,988
7,507,336
Rockwell Automation, Inc.
37,062
15,100,912
RTX Corp.
572,288
115,956,995
Rush Enterprises, Inc., Class A
93,582
6,641,515
Sensata Technologies Holding PLC
200,650
7,492,271
Snap-on, Inc.
30,778
11,856,301
Stanley Black & Decker, Inc.
236,142
20,423,922
Textron, Inc.
152,597
15,053,694
Timken Co.
63,434
6,874,977
Toro Co.
67,751
6,697,864
TransDigm Group, Inc.
9,423
12,276,190
UFP Industries, Inc.
92,591
9,528,540
United Rentals, Inc.
30,816
25,885,440
Watsco, Inc.
17,176
7,168,060
WESCO International, Inc.
53,774
15,567,573
Westinghouse Air Brake Technologies
Corp.
65,626
17,321,983
WillScot Holdings Corp.
186,024
4,019,979
WW Grainger, Inc.
16,979
19,436,371
Xylem, Inc.
65,646
8,505,096
 
1,780,201,220
 
Commercial & Professional Services 0.9%
ABM Industries, Inc.
105,287
4,685,271
Automatic Data Processing, Inc.
100,388
21,519,172
Booz Allen Hamilton Holding Corp.,
Class A
69,413
5,471,827
Broadridge Financial Solutions, Inc.
27,364
5,086,147
See financial notes
22
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
CACI International, Inc., Class A *
13,704
8,361,770
Cintas Corp.
71,803
14,441,737
Concentrix Corp.
105,959
3,475,455
Copart, Inc. *
135,624
5,165,918
Equifax, Inc.
29,419
6,147,394
Genpact Ltd.
123,726
4,914,397
Jacobs Solutions, Inc.
85,460
11,781,516
KBR, Inc.
100,730
4,253,828
Leidos Holdings, Inc.
79,264
13,879,126
ManpowerGroup, Inc.
272,389
7,618,720
Maximus, Inc.
55,747
4,215,031
Paychex, Inc.
97,548
9,135,370
Republic Services, Inc.
56,230
12,876,670
Robert Half, Inc.
233,056
5,691,228
Science Applications International
Corp.
63,592
5,866,998
SS&C Technologies Holdings, Inc.
105,508
7,943,697
TransUnion
58,455
4,591,640
Veralto Corp.
63,188
6,156,407
Verisk Analytics, Inc.
33,432
6,939,480
Waste Management, Inc.
136,378
32,845,278
 
213,064,077
 
Consumer Discretionary Distribution & Retail 4.0%
Academy Sports & Outdoors, Inc.
135,287
8,134,807
Advance Auto Parts, Inc.
207,780
11,047,663
Amazon.com, Inc. *
1,530,987
321,507,270
American Eagle Outfitters, Inc.
327,085
8,036,478
Asbury Automotive Group, Inc. *
31,931
6,826,209
AutoNation, Inc. *
59,218
11,556,985
AutoZone, Inc. *
3,287
12,344,591
Bath & Body Works, Inc.
238,077
5,418,633
Best Buy Co., Inc.
388,491
24,074,787
Burlington Stores, Inc. *
17,304
5,310,079
CarMax, Inc. *
208,074
8,982,555
Dick's Sporting Goods, Inc.
42,426
8,639,206
eBay, Inc.
374,112
33,991,816
Gap, Inc.
271,262
7,606,187
Genuine Parts Co.
120,164
14,330,759
Group 1 Automotive, Inc.
23,222
7,564,334
Home Depot, Inc.
406,533
154,775,244
Kohl's Corp.
1,195,748
19,574,395
Lithia Motors, Inc.
45,119
12,614,370
LKQ Corp.
457,168
15,136,833
Lowe's Cos., Inc.
393,990
104,237,934
Macy's, Inc.
1,080,450
21,371,301
Murphy USA, Inc.
19,178
7,493,612
O'Reilly Automotive, Inc. *
232,308
21,809,075
Penske Automotive Group, Inc.
27,428
4,320,459
Pool Corp.
18,915
4,297,110
QVC Group, Inc. *(a)(b)
654,324
1,976,058
Ross Stores, Inc.
113,644
23,369,752
Signet Jewelers Ltd.
77,473
7,452,128
TJX Cos., Inc.
330,931
53,498,305
Tractor Supply Co.
236,779
12,274,623
Ulta Beauty, Inc. *
20,874
14,294,306
Williams-Sonoma, Inc.
48,532
9,980,606
 
983,848,470
 
Consumer Durables & Apparel 1.6%
Brunswick Corp.
126,373
10,061,818
Capri Holdings Ltd. *
401,343
8,231,545
Carter's, Inc.
121,227
4,067,166
Crocs, Inc. *
50,230
4,556,363
Deckers Outdoor Corp. *
59,291
6,953,056
DR Horton, Inc.
290,134
46,534,592
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hasbro, Inc.
114,153
11,368,497
KB Home
99,270
6,311,587
Leggett & Platt, Inc.
537,465
6,277,591
Lennar Corp., Class A
310,458
35,503,977
M/I Homes, Inc. *
34,729
4,937,075
Mattel, Inc. *
248,580
4,213,431
Meritage Homes Corp.
111,254
8,390,777
Mohawk Industries, Inc. *
99,460
12,459,354
Newell Brands, Inc.
1,919,183
8,732,283
NIKE, Inc., Class B
832,799
51,783,442
NVR, Inc. *
2,233
16,787,225
Polaris, Inc.
136,068
8,264,770
PulteGroup, Inc.
212,076
29,096,827
PVH Corp.
136,249
9,346,681
Ralph Lauren Corp.
19,413
7,039,154
Somnigroup International, Inc.
61,168
5,475,148
Tapestry, Inc.
112,589
17,504,212
Taylor Morrison Home Corp. *
144,747
9,537,380
Toll Brothers, Inc.
84,395
13,270,270
TopBuild Corp. *
13,844
6,206,265
Tri Pointe Homes, Inc. *
170,576
7,897,669
VF Corp.
773,143
15,014,437
Whirlpool Corp. (b)
175,850
12,033,415
 
387,856,007
 
Consumer Services 1.2%
ADT, Inc.
598,946
4,803,547
Aramark
147,604
6,177,227
Booking Holdings, Inc.
6,985
29,611,860
Caesars Entertainment, Inc. *
308,541
7,728,952
Carnival Corp.
177,452
5,598,611
Chipotle Mexican Grill, Inc. *
223,291
8,310,891
Darden Restaurants, Inc.
58,044
12,412,709
Domino's Pizza, Inc.
13,493
5,431,068
Expedia Group, Inc.
37,433
8,073,924
Flutter Entertainment PLC *
32,356
3,434,266
Hilton Worldwide Holdings, Inc.
38,185
11,905,319
Las Vegas Sands Corp.
121,560
6,894,883
Marriott International, Inc., Class A
42,662
14,578,885
Marriott Vacations Worldwide Corp.
70,423
4,578,199
McDonald's Corp.
226,529
77,259,981
MGM Resorts International *
268,653
9,902,550
Penn Entertainment, Inc. *
300,795
4,704,434
Royal Caribbean Cruises Ltd.
15,906
4,946,130
Service Corp. International
77,424
6,517,552
Starbucks Corp.
485,870
47,624,977
Texas Roadhouse, Inc.
24,402
4,462,394
Vail Resorts, Inc.
30,693
4,168,416
Yum! Brands, Inc.
97,886
16,460,510
 
305,587,285
 
Consumer Staples Distribution & Retail 3.2%
Albertsons Cos., Inc., Class A
724,081
12,961,050
Andersons, Inc.
141,804
9,258,383
BJ's Wholesale Club Holdings, Inc. *
72,117
7,124,438
Casey's General Stores, Inc.
21,300
14,603,067
Costco Wholesale Corp.
134,352
135,801,658
Dollar General Corp.
349,322
54,578,069
Dollar Tree, Inc. *
248,592
31,441,916
Kroger Co.
893,498
60,972,304
Performance Food Group Co. *
174,355
16,922,896
Sprouts Farmers Market, Inc. *
39,809
2,940,691
Sysco Corp.
317,178
28,913,947
Target Corp.
771,437
87,781,816
U.S. Foods Holding Corp. *
223,580
21,600,064
United Natural Foods, Inc. *
320,944
12,263,270
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
23
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Walmart, Inc.
2,329,858
298,105,331
 
795,268,900
 
Energy 9.8%
Antero Resources Corp. *
263,372
9,694,723
APA Corp.
833,226
25,305,074
Baker Hughes Co.
627,719
40,964,942
California Resources Corp.
103,872
6,111,829
Cheniere Energy, Inc.
101,921
24,025,837
Chevron Corp.
2,147,075
400,987,727
Chord Energy Corp.
78,280
8,483,204
CNX Resources Corp. *
169,530
7,082,963
ConocoPhillips
1,507,551
171,046,736
Coterra Energy, Inc.
665,120
20,346,021
Devon Energy Corp.
1,059,342
46,113,157
Diamondback Energy, Inc.
94,099
16,380,754
EOG Resources, Inc.
539,751
66,972,304
EQT Corp.
302,631
18,587,596
Expand Energy Corp.
233,096
25,155,720
Exxon Mobil Corp.
4,269,061
651,031,803
Halliburton Co.
931,079
33,518,844
Helmerich & Payne, Inc.
196,139
6,908,016
HF Sinclair Corp.
514,594
25,734,846
Kinder Morgan, Inc.
1,367,961
45,512,063
Marathon Petroleum Corp.
750,038
148,665,032
Matador Resources Co.
92,716
4,765,602
Murphy Oil Corp.
300,469
9,960,547
NOV, Inc.
474,496
9,613,289
Occidental Petroleum Corp.
895,071
47,510,369
ONEOK, Inc.
319,870
26,475,640
Ovintiv, Inc.
591,138
29,905,671
Patterson-UTI Energy, Inc.
694,474
5,909,974
PBF Energy, Inc., Class A
670,739
23,878,308
Peabody Energy Corp.
359,081
11,325,415
Phillips 66
756,668
116,776,572
Range Resources Corp.
182,748
7,543,837
SLB Ltd.
1,154,640
59,279,218
SM Energy Co.
481,002
11,125,576
Targa Resources Corp.
79,031
18,635,510
TechnipFMC PLC
178,146
11,812,861
Valero Energy Corp.
814,404
166,659,635
Williams Cos., Inc.
491,779
36,745,727
World Kinect Corp.
544,596
13,587,670
 
2,410,140,612
 
Equity Real Estate Investment Trusts (REITs) 1.5%
Alexandria Real Estate Equities, Inc.
130,252
7,038,818
American Tower Corp.
140,231
26,904,720
AvalonBay Communities, Inc.
49,064
8,695,613
BXP, Inc.
128,405
7,393,560
Camden Property Trust
45,161
4,892,743
Crown Castle, Inc.
225,603
20,200,493
Digital Realty Trust, Inc.
102,744
18,206,237
Equinix, Inc.
18,383
17,909,821
Equity Residential
183,008
11,567,936
Essex Property Trust, Inc.
23,327
5,950,951
Extra Space Storage, Inc.
46,781
7,065,334
Gaming & Leisure Properties, Inc.
95,288
4,660,536
Healthpeak Properties, Inc.
391,279
6,917,813
Host Hotels & Resorts, Inc.
504,064
9,874,614
Invitation Homes, Inc.
204,691
5,391,561
Iron Mountain, Inc.
98,837
10,707,012
Kimco Realty Corp.
256,536
6,041,423
Lamar Advertising Co., Class A
36,826
5,072,413
Mid-America Apartment
Communities, Inc.
49,096
6,571,990
SECURITY
NUMBER
OF SHARES
VALUE ($)
Prologis, Inc.
219,259
31,259,756
Public Storage
39,991
12,279,636
Realty Income Corp.
179,502
12,026,634
Regency Centers Corp.
65,148
5,146,692
SBA Communications Corp.
32,911
6,620,377
Simon Property Group, Inc.
95,387
19,444,640
Sun Communities, Inc.
51,123
6,976,244
UDR, Inc.
138,540
5,195,250
Ventas, Inc.
167,744
14,452,823
VICI Properties, Inc.
250,075
7,554,766
Vornado Realty Trust
107,012
2,951,391
Welltower, Inc.
102,946
21,322,175
Weyerhaeuser Co.
829,417
20,345,599
WP Carey, Inc.
87,522
6,533,517
 
363,173,088
 
Financial Services 6.5%
Affiliated Managers Group, Inc.
29,630
9,072,113
AGNC Investment Corp.
424,296
4,756,358
Ally Financial, Inc.
537,966
21,217,379
American Express Co.
177,681
54,885,661
Ameriprise Financial, Inc.
43,290
20,351,495
Annaly Capital Management, Inc.
431,776
10,034,474
Apollo Global Management, Inc.
49,077
5,133,454
Bank of New York Mellon Corp.
405,774
48,327,683
Berkshire Hathaway, Inc., Class B *
737,971
372,638,457
Blackrock, Inc.
46,556
49,499,736
Blackstone, Inc.
129,805
14,715,993
Block, Inc. *
169,642
10,806,195
Bread Financial Holdings, Inc.
109,598
7,766,114
Capital One Financial Corp.
501,633
98,139,480
Carlyle Group, Inc.
121,185
6,300,408
Charles Schwab Corp. (c)
342,945
32,648,364
CME Group, Inc.
81,313
25,979,504
Corebridge Financial, Inc.
273,750
7,073,700
Corpay, Inc. *
31,477
10,233,173
Equitable Holdings, Inc.
141,629
5,696,318
Evercore, Inc., Class A
22,428
6,926,664
Fidelity National Information Services,
Inc.
362,442
18,470,044
Fiserv, Inc. *
237,778
14,811,192
Franklin Resources, Inc.
407,612
10,818,023
Global Payments, Inc.
278,864
21,321,941
Goldman Sachs Group, Inc.
153,379
131,839,987
Intercontinental Exchange, Inc.
135,785
22,286,392
Invesco Ltd.
444,560
11,674,146
Jack Henry & Associates, Inc.
27,908
4,533,934
Jackson Financial, Inc., Class A
76,774
8,405,218
Jefferies Financial Group, Inc.
108,538
4,819,087
KKR & Co., Inc.
94,388
8,275,940
LPL Financial Holdings, Inc.
22,814
6,852,869
Mastercard, Inc., Class A
106,152
54,902,876
MGIC Investment Corp.
182,199
4,833,740
Moody's Corp.
27,454
13,111,756
Morgan Stanley
563,491
93,826,886
MSCI, Inc.
10,943
6,257,536
Nasdaq, Inc.
97,927
8,576,447
Northern Trust Corp.
104,675
14,977,946
OneMain Holdings, Inc.
241,764
13,301,855
PayPal Holdings, Inc.
581,074
26,851,430
PROG Holdings, Inc.
199,039
7,008,163
Raymond James Financial, Inc.
64,521
9,876,875
Rithm Capital Corp.
574,006
5,768,760
S&P Global, Inc.
69,605
30,757,057
SEI Investments Co.
66,673
5,421,848
SLM Corp.
231,972
4,347,155
Starwood Property Trust, Inc.
276,175
4,918,677
See financial notes
24
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
State Street Corp.
239,655
30,824,426
StoneX Group, Inc. *
48,438
6,175,845
Synchrony Financial
648,692
44,831,104
T. Rowe Price Group, Inc.
255,848
24,210,896
Visa, Inc., Class A
242,159
77,524,782
Voya Financial, Inc.
66,972
4,479,087
Western Union Co.
845,700
8,144,091
 
1,587,240,734
 
Food, Beverage & Tobacco 3.5%
Altria Group, Inc.
1,116,903
77,110,983
Archer-Daniels-Midland Co.
1,295,421
89,435,866
Brown-Forman Corp., Class B
202,226
5,836,242
Bunge Global SA
486,039
58,640,605
Campbell's Co.
211,311
5,694,831
Coca-Cola Co.
1,103,618
90,011,084
Conagra Brands, Inc.
803,850
15,474,113
Constellation Brands, Inc., Class A
117,810
18,597,487
Darling Ingredients, Inc. *
166,198
8,835,086
Flowers Foods, Inc.
301,655
2,980,351
General Mills, Inc.
587,709
26,582,078
Hershey Co.
64,885
15,331,028
Hormel Foods Corp.
305,084
7,810,150
Ingredion, Inc.
67,565
7,936,185
J.M. Smucker Co.
122,768
14,234,950
Keurig Dr. Pepper, Inc.
679,298
20,569,143
Kraft Heinz Co.
1,297,896
31,941,221
Lamb Weston Holdings, Inc.
103,487
4,987,039
McCormick & Co., Inc. - Non Voting
Shares
122,835
8,726,198
Molson Coors Beverage Co., Class B
258,918
12,684,393
Mondelez International, Inc., Class A
846,919
52,153,272
Monster Beverage Corp. *
142,711
12,173,248
PepsiCo, Inc.
748,464
127,044,279
Philip Morris International, Inc.
519,098
96,983,079
Post Holdings, Inc. *
40,229
4,276,343
Tyson Foods, Inc., Class A
744,053
48,356,005
 
864,405,259
 
Health Care Equipment & Services 5.8%
Abbott Laboratories
617,616
71,859,622
Align Technology, Inc. *
46,896
8,914,930
AMN Healthcare Services, Inc. *
215,592
4,199,732
Baxter International, Inc.
717,549
14,616,473
Becton Dickinson & Co.
164,478
29,027,077
Boston Scientific Corp. *
183,608
14,110,275
Cardinal Health, Inc.
97,661
22,386,831
Cencora, Inc.
47,341
17,617,480
Centene Corp. *
1,788,686
80,276,228
Cigna Group
471,018
136,510,437
Community Health Systems, Inc. *
1,378,898
4,770,987
Cooper Cos., Inc. *
80,653
6,748,237
CVS Health Corp.
2,932,285
234,289,571
DaVita, Inc. *
56,600
8,846,580
Dentsply Sirona, Inc.
444,671
6,527,770
Edwards Lifesciences Corp. *
175,627
15,186,467
Elevance Health, Inc.
330,358
105,714,560
Encompass Health Corp.
38,667
4,171,396
GE HealthCare Technologies, Inc.
223,679
18,849,429
HCA Healthcare, Inc.
115,953
61,420,304
Henry Schein, Inc. *
145,069
11,952,235
Hologic, Inc. *
166,407
12,540,432
Humana, Inc.
250,077
47,649,672
IDEXX Laboratories, Inc. *
11,554
7,587,858
Intuitive Surgical, Inc. *
27,990
14,093,245
Labcorp Holdings, Inc.
117,519
33,977,093
SECURITY
NUMBER
OF SHARES
VALUE ($)
McKesson Corp.
40,458
39,947,015
Molina Healthcare, Inc. *
79,695
12,277,015
Quest Diagnostics, Inc.
80,220
16,999,420
QuidelOrtho Corp. *
146,451
3,330,296
ResMed, Inc.
29,623
7,591,190
Solventum Corp. *
179,222
13,298,272
STERIS PLC
33,885
8,550,880
Stryker Corp.
74,829
28,993,244
Teleflex, Inc.
38,308
4,675,874
Tenet Healthcare Corp. *
69,428
16,620,369
UnitedHealth Group, Inc.
792,276
232,350,783
Universal Health Services, Inc.,
Class B
76,227
15,710,385
Zimmer Biomet Holdings, Inc.
141,685
13,947,471
 
1,408,137,135
 
Household & Personal Products 1.2%
Church & Dwight Co., Inc.
100,054
10,491,663
Clorox Co.
59,382
7,551,015
Colgate-Palmolive Co.
326,644
32,383,486
Estee Lauder Cos., Inc., Class A
191,874
21,004,447
Kenvue, Inc.
1,172,427
22,416,804
Kimberly-Clark Corp.
182,587
20,347,495
Procter & Gamble Co.
1,143,164
191,137,021
 
305,331,931
 
Insurance 2.4%
Aflac, Inc.
341,864
38,606,701
Allstate Corp.
187,271
40,173,375
American Financial Group, Inc.
76,227
10,136,666
American International Group, Inc.
790,067
63,592,493
Aon PLC, Class A
75,331
25,271,291
Arthur J Gallagher & Co.
38,215
8,720,663
Assurant, Inc.
26,767
6,145,436
Brown & Brown, Inc.
49,145
3,529,594
Chubb Ltd.
148,786
50,715,196
Cincinnati Financial Corp.
88,163
14,456,969
CNO Financial Group, Inc.
121,099
5,063,149
F&G Annuities & Life, Inc.
11,172
253,046
Fidelity National Financial, Inc.
195,892
10,358,769
First American Financial Corp.
126,921
8,898,431
Genworth Financial, Inc., Class A *
626,403
5,286,841
Globe Life, Inc.
39,777
5,778,007
Hartford Insurance Group, Inc.
161,775
22,782,773
Lincoln National Corp.
218,067
7,479,698
Loews Corp.
103,706
11,409,734
Markel Group, Inc. *
5,941
12,312,544
Marsh & McLennan Cos., Inc.
151,662
28,321,362
MetLife, Inc.
492,694
35,508,457
Old Republic International Corp.
235,054
10,076,765
Primerica, Inc.
15,869
4,025,331
Principal Financial Group, Inc.
199,684
19,053,847
Progressive Corp.
154,226
32,951,927
Prudential Financial, Inc.
294,668
28,989,438
Reinsurance Group of America, Inc.,
Class A
32,699
7,054,155
Travelers Cos., Inc.
133,017
41,054,367
Unum Group
117,360
8,418,233
W.R. Berkley Corp.
111,685
8,007,814
Willis Towers Watson PLC
41,493
12,662,419
 
587,095,491
 
Materials 4.1%
Air Products & Chemicals, Inc.
87,227
24,045,867
Albemarle Corp.
108,687
19,419,106
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
25
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Alcoa Corp.
334,085
20,739,997
Alpha Metallurgical Resources, Inc. *
31,846
5,179,752
Amcor PLC
384,540
18,623,272
AptarGroup, Inc.
34,085
4,898,355
Ashland, Inc.
85,710
5,344,876
Avery Dennison Corp.
49,731
9,764,682
Axalta Coating Systems Ltd. *
144,824
4,838,570
Ball Corp.
257,410
17,279,933
Celanese Corp.
256,442
12,806,713
CF Industries Holdings, Inc.
210,093
20,912,657
Chemours Co.
405,579
7,397,761
Cleveland-Cliffs, Inc. *
1,646,202
17,548,513
Commercial Metals Co.
172,308
12,630,176
Corteva, Inc.
384,214
30,783,226
CRH PLC
392,252
47,062,395
Crown Holdings, Inc.
93,909
10,761,971
Dow, Inc.
2,239,149
68,809,049
DuPont de Nemours, Inc.
581,802
29,113,372
Eagle Materials, Inc.
21,107
4,723,747
Eastman Chemical Co.
203,581
15,372,401
Ecolab, Inc.
65,321
20,141,730
FMC Corp.
335,921
4,951,476
Freeport-McMoRan, Inc.
857,396
58,371,520
Graphic Packaging Holding Co.
365,749
4,473,110
Huntsman Corp.
794,491
10,050,311
International Flavors & Fragrances,
Inc.
197,737
16,259,914
International Paper Co.
536,579
23,368,015
Linde PLC
146,432
74,399,171
Louisiana-Pacific Corp.
58,865
4,988,220
LyondellBasell Industries NV, Class A
694,516
39,948,560
Martin Marietta Materials, Inc.
17,468
11,818,325
Mosaic Co.
793,874
22,101,452
Newmont Corp.
455,578
59,225,140
Nucor Corp.
420,859
74,441,540
O-I Glass, Inc. *
374,175
5,013,945
Olin Corp.
511,838
12,985,330
Packaging Corp. of America
62,525
14,514,554
PPG Industries, Inc.
175,156
21,591,480
Reliance, Inc.
74,085
23,384,189
RPM International, Inc.
64,355
7,344,193
Sealed Air Corp.
125,278
5,246,643
Sherwin-Williams Co.
48,697
17,657,045
Solstice Advanced Materials, Inc.
62,223
4,885,128
Sonoco Products Co.
150,147
8,478,801
Steel Dynamics, Inc.
199,244
38,479,994
Vulcan Materials Co.
36,789
11,404,590
Westlake Corp.
57,720
6,082,534
 
1,009,663,301
 
Media & Entertainment 7.0%
Alphabet, Inc., Class A
1,717,285
535,380,772
Alphabet, Inc., Class C
1,382,942
430,689,627
Charter Communications, Inc.,
Class A *
236,081
55,391,685
Electronic Arts, Inc.
110,342
22,131,295
Fox Corp., Class A
318,849
17,963,953
Lionsgate Studios Corp. *
32,862
295,758
Meta Platforms, Inc., Class A
455,173
295,034,035
Netflix, Inc. *
597,994
57,550,942
News Corp., Class A
365,284
8,872,748
Nexstar Media Group, Inc.
52,024
13,059,064
Omnicom Group, Inc.
335,154
28,585,285
Optimum Communications, Inc.,
Class A *
3,494,596
5,032,218
Paramount Skydance Corp., Class B
1,095,394
14,798,773
Sirius XM Holdings, Inc.
338,271
7,428,431
SECURITY
NUMBER
OF SHARES
VALUE ($)
Take-Two Interactive Software, Inc. *
24,115
5,099,840
TEGNA, Inc.
277,008
5,803,318
Versant Media Group, Inc. *
228,106
7,600,492
Walt Disney Co.
842,992
89,390,872
Warner Bros Discovery, Inc. *
3,641,581
102,583,337
 
1,702,692,445
 
Pharmaceuticals, Biotechnology & Life Sciences 6.9%
AbbVie, Inc.
641,037
148,771,867
Agilent Technologies, Inc.
112,422
13,645,782
Amgen, Inc.
281,925
109,432,008
Avantor, Inc. *
573,261
5,188,012
Biogen, Inc. *
179,480
34,427,854
Bristol-Myers Squibb Co.
2,433,162
151,756,314
Charles River Laboratories
International, Inc. *
29,895
5,335,959
Danaher Corp.
192,010
40,444,986
Elanco Animal Health, Inc. *
357,810
9,446,184
Eli Lilly & Co.
61,430
64,623,746
Gilead Sciences, Inc.
657,549
97,941,924
Illumina, Inc. *
58,278
7,836,060
IQVIA Holdings, Inc. *
87,303
15,610,649
Jazz Pharmaceuticals PLC *
42,944
8,160,219
Johnson & Johnson
1,214,429
301,700,596
Merck & Co., Inc.
1,565,017
193,780,405
Mettler-Toledo International, Inc. *
6,223
8,504,912
Moderna, Inc. *
866,719
46,430,137
Organon & Co.
937,643
6,835,417
Pfizer, Inc.
6,867,207
189,878,273
Regeneron Pharmaceuticals, Inc.
55,394
43,299,828
Revvity, Inc.
71,462
7,025,429
Thermo Fisher Scientific, Inc.
142,331
74,170,107
United Therapeutics Corp. *
13,794
6,950,797
Vertex Pharmaceuticals, Inc. *
48,402
24,047,566
Viatris, Inc.
2,574,900
38,443,257
Waters Corp. *
44,707
14,278,522
West Pharmaceutical Services, Inc.
24,459
6,220,902
Zoetis, Inc.
127,590
16,727,049
 
1,690,914,761
 
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A *
158,958
23,471,738
Cushman & Wakefield Ltd. *
323,864
4,343,016
Jones Lang LaSalle, Inc. *
43,560
13,745,358
 
41,560,112
 
Semiconductors & Semiconductor Equipment 5.7%
Advanced Micro Devices, Inc. *
215,103
43,065,771
Analog Devices, Inc.
160,610
57,143,432
Applied Materials, Inc.
303,363
112,942,045
Broadcom, Inc.
383,023
122,394,999
First Solar, Inc. *
24,124
4,757,253
Intel Corp. *
6,935,311
316,319,535
KLA Corp.
26,504
40,406,673
Lam Research Corp.
405,820
94,917,240
Marvell Technology, Inc.
103,130
8,424,690
Microchip Technology, Inc.
322,948
24,104,839
Micron Technology, Inc.
553,003
228,041,847
NVIDIA Corp.
555,435
98,417,528
ON Semiconductor Corp. *
275,556
18,318,963
Qnity Electronics, Inc.
209,089
26,504,121
Qorvo, Inc. *
118,321
9,808,811
QUALCOMM, Inc.
486,952
69,322,487
Skyworks Solutions, Inc.
168,755
10,054,423
Teradyne, Inc.
78,222
25,033,387
See financial notes
26
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Texas Instruments, Inc.
378,556
80,295,513
 
1,390,273,557
 
Software & Services 3.7%
Accenture PLC, Class A
294,822
61,535,248
Adobe, Inc. *
137,509
36,083,737
Akamai Technologies, Inc. *
98,931
9,733,821
Amdocs Ltd.
105,091
7,335,352
ASGN, Inc. *
92,395
3,963,745
Autodesk, Inc. *
25,373
6,238,459
Cadence Design Systems, Inc. *
27,705
8,350,287
Cognizant Technology Solutions Corp.,
Class A
493,153
31,773,848
DXC Technology Co. *
807,581
10,167,445
EPAM Systems, Inc. *
29,418
4,147,938
Fortinet, Inc. *
83,530
6,601,376
Gartner, Inc. *
24,068
3,783,490
Gen Digital, Inc.
293,800
6,631,066
GoDaddy, Inc., Class A *
40,375
3,519,085
International Business Machines
Corp.
325,611
78,215,018
Intuit, Inc.
38,720
15,837,641
Kyndryl Holdings, Inc. *
232,895
2,871,595
Microsoft Corp.
1,252,009
491,714,015
Oracle Corp.
411,260
59,797,204
Palo Alto Networks, Inc. *
28,936
4,309,149
Roper Technologies, Inc.
23,566
8,241,737
Salesforce, Inc.
156,295
30,444,703
ServiceNow, Inc. *
32,770
3,539,488
Synopsys, Inc. *
20,176
8,352,864
Trimble, Inc. *
75,860
5,072,758
Zoom Communications, Inc., Class A *
66,921
4,948,139
 
913,209,208
 
Technology Hardware & Equipment 6.9%
Amphenol Corp., Class A
182,810
26,701,229
Apple, Inc.
3,736,433
987,090,870
Arista Networks, Inc. *
67,409
8,999,101
Arrow Electronics, Inc. *
144,986
22,061,070
Avnet, Inc.
314,766
20,724,193
CDW Corp.
82,225
10,084,074
Ciena Corp. *
56,540
19,715,498
Cisco Systems, Inc.
2,057,413
163,482,037
Corning, Inc.
354,167
53,259,633
Dell Technologies, Inc., Class C
122,885
18,196,811
F5, Inc. *
17,882
4,852,460
Flex Ltd. *
247,561
15,601,294
Hewlett Packard Enterprise Co.
1,801,578
38,679,880
HP, Inc.
1,445,029
27,441,101
Insight Enterprises, Inc. *
43,935
3,671,209
Jabil, Inc.
74,828
19,828,672
Keysight Technologies, Inc. *
62,178
19,109,165
Motorola Solutions, Inc.
30,351
14,637,073
NetApp, Inc.
102,850
10,185,235
Ralliant Corp.
18,578
852,544
Sandisk Corp. *
26,757
17,000,327
Sanmina Corp. *
60,128
9,335,473
Seagate Technology Holdings PLC
112,871
46,033,309
TD SYNNEX Corp.
95,486
14,973,160
TE Connectivity PLC
141,617
32,593,153
Teledyne Technologies, Inc. *
13,180
8,976,898
Vishay Intertechnology, Inc.
280,185
5,245,063
Western Digital Corp.
188,401
52,695,760
Xerox Holdings Corp.
1,645,539
2,961,970
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zebra Technologies Corp., Class A *
24,842
5,563,614
 
1,680,551,876
 
Telecommunication Services 3.3%
AT&T, Inc.
8,575,513
240,200,119
Comcast Corp., Class A
5,736,244
177,594,114
Liberty Global Ltd., Class C *
659,942
8,117,287
Liberty Latin America Ltd., Class C *
714,629
5,674,154
Lumen Technologies, Inc. *
6,177,505
43,922,061
Telephone & Data Systems, Inc.
126,124
5,644,049
T-Mobile U.S., Inc.
202,436
43,946,831
Verizon Communications, Inc.
5,496,879
275,613,513
 
800,712,128
 
Transportation 2.3%
Alaska Air Group, Inc. *
95,450
4,925,220
Avis Budget Group, Inc. *(b)
71,399
6,954,976
CH Robinson Worldwide, Inc.
117,827
21,827,452
CSX Corp.
1,393,484
59,487,832
Delta Air Lines, Inc.
85,374
5,609,072
Expeditors International of
Washington, Inc.
150,112
21,770,743
FedEx Corp.
283,128
109,570,536
GXO Logistics, Inc. *
111,558
7,009,189
Hertz Global Holdings, Inc. *(b)
831,554
3,775,255
Hub Group, Inc., Class A
121,313
5,224,951
JB Hunt Transport Services, Inc.
74,297
17,341,663
Knight-Swift Transportation Holdings,
Inc.
213,338
13,423,227
Landstar System, Inc.
46,060
7,505,477
Matson, Inc.
50,769
8,434,254
Norfolk Southern Corp.
147,461
46,411,875
Old Dominion Freight Line, Inc.
81,174
16,482,381
Ryder System, Inc.
69,707
15,444,283
Uber Technologies, Inc. *
86,826
6,548,417
U-Haul Holding Co., Non Voting
Shares
88,500
4,173,660
Union Pacific Corp.
334,116
88,534,058
United Parcel Service, Inc., Class B
850,465
98,619,921
 
569,074,442
 
Utilities 3.4%
AES Corp.
1,151,719
19,901,704
Alliant Energy Corp.
132,497
9,584,833
Ameren Corp.
138,391
15,676,932
American Electric Power Co., Inc.
310,095
41,496,913
American Water Works Co., Inc.
73,683
10,023,098
Atmos Energy Corp.
51,329
9,587,744
CenterPoint Energy, Inc.
369,876
16,089,606
CMS Energy Corp.
168,046
13,119,351
Consolidated Edison, Inc.
253,230
28,493,440
Constellation Energy Corp.
60,992
20,120,041
Dominion Energy, Inc.
665,018
41,989,237
DTE Energy Co.
115,485
17,119,496
Duke Energy Corp.
527,485
69,021,412
Edison International
467,257
34,922,788
Entergy Corp.
244,786
26,219,028
Essential Utilities, Inc.
124,226
4,965,313
Evergy, Inc.
191,801
16,046,072
Eversource Energy
271,915
20,722,642
Exelon Corp.
782,665
38,718,438
FirstEnergy Corp.
413,527
21,156,041
National Fuel Gas Co.
56,472
5,140,646
NextEra Energy, Inc.
750,809
70,403,360
NiSource, Inc.
236,165
11,170,605
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
27
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
NRG Energy, Inc.
91,528
16,379,851
OGE Energy Corp.
138,661
6,813,802
PG&E Corp.
1,565,915
29,752,385
Pinnacle West Capital Corp.
90,148
9,041,844
Portland General Electric Co.
95,958
5,177,894
PPL Corp.
501,853
19,562,230
Public Service Enterprise Group, Inc.
255,700
22,008,099
Sempra
337,262
32,468,213
Southern Co.
578,590
56,343,094
UGI Corp.
283,174
10,593,539
Vistra Corp.
108,101
18,797,683
WEC Energy Group, Inc.
157,156
18,380,966
Xcel Energy, Inc.
333,146
27,771,051
 
834,779,391
Total Common Stocks
(Cost $17,649,345,689)
24,423,493,296
 
 
 
 
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
 
Money Market Funds 0.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.63% (d)
20,444,617
20,444,617
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.63% (d)(e)
20,883,735
20,883,735
 
41,328,352
Total Short-Term Investments
(Cost $41,328,352)
41,328,352
Total Investments in Securities
(Cost $17,690,674,041)
24,464,821,648
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
03/20/26
114
39,267,300
(100,509
)
 
*
Non-income producing security.
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(b)
All or a portion of this security is on loan. Securities on loan were valued at
$20,232,864.
(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 February 28, 2026. 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 February 28, 2026, 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
2/28/26
BALANCE
OF SHARES
HELD AT
2/28/26
DIVIDENDS
RECEIVED
COMMON STOCKS 0.1% OF NET ASSETS
 
Consumer Discretionary Distribution & Retail 0.0%
QVC Group, Inc.(a),(b),*
$—
$5,802,294
($19,436
)
$4,907
($4,614,719
)
$1,976,058
654,324
$—
 
Financial Services 0.1%
Charles Schwab Corp.(c)
22,979,080
7,960,235
(3,100,185
)
560,446
4,248,788
32,648,364
342,945
365,130
Total
$22,979,080
$13,762,529
($3,119,621
)
$565,353
($365,931
)
$34,624,422
$365,130
 
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.
(b)
All or a portion of this security is on loan. Securities on loan were valued at $20,232,864.
(c)
Issuer is affiliated with the fund’s investment adviser.
*
Non-income producing security.
See financial notes
28
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
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
$24,423,493,296
$—
$—
$24,423,493,296
Short-Term Investments1
41,328,352
—
—
41,328,352
Liabilities
Futures Contracts2
(100,509
)
—
—
(100,509
)
Total
$24,464,721,139
$—
$—
$24,464,721,139
 
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 | Annual Holdings and Financial Statements
29
Schwab Fundamental U.S. Large Company ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - affiliated issuers (cost $30,142,672) including securities on loan of $530,916
 
$34,624,422
Investments in securities, at value - unaffiliated issuers (cost $17,660,531,369) including securities on loan of $19,701,948
 
24,430,197,226
Cash
 
79,631
Deposit with broker for futures contracts
 
3,870,959
Receivables:
 
Dividends
 
39,392,999
Fund shares sold
 
5,806,526
Income from securities on loan
+
12,193
Total assets
 
24,513,983,956
 
Liabilities
Collateral held for securities on loan
 
20,883,735
Payables:
 
Investments bought
 
26,786,708
Management fees
 
4,624,648
Variation margin on futures contracts
+
249,842
Total liabilities
 
52,544,933
Net assets
 
$24,461,439,023
 
Net Assets by Source
Capital received from investors
 
$18,534,057,309
Total distributable earnings
+
5,927,381,714
Net assets
 
$24,461,439,023
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$24,461,439,023
 
842,550,000
$29.03
 
 
 
 
See financial notes
30
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Large Company ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers
 
$400,943,038
Dividends received from securities - affiliated issuers
 
365,130
Other Interest
 
100,401
Securities on loan, net
+
289,069
Total investment income
 
401,697,638
 
Expenses
Management fees
 
49,612,661
Total expenses
–
49,612,661
Net investment income
 
352,084,977
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - affiliated issuers
 
4,948
Net realized losses on sales of securities - unaffiliated issuers
 
(166,201,651
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
560,405
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
1,117,121,187
Net realized gains on futures contracts
+
5,688,858
Net realized gains
 
957,173,747
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
(365,931
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
2,571,168,112
Net change in unrealized appreciation (depreciation) on futures contracts
+
615,010
Net change in unrealized appreciation (depreciation)
 
2,571,417,191
Net realized and unrealized gains
 
3,528,590,938
Increase in net assets resulting from operations
 
$3,880,675,915
See financial notes
Schwab Fundamental Index ETFs | Annual 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 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$352,084,977
$296,711,332
Net realized gains
 
957,173,747
528,326,029
Net change in unrealized appreciation (depreciation)
+
2,571,417,191
1,645,045,836
Increase in net assets resulting from operations
 
$3,880,675,915
$2,470,083,197
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($341,222,185
)
($293,269,930
)
 
TRANSACTIONS IN FUND SHARES1
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
187,450,000
$4,817,486,289
114,750,000
$2,638,592,951
Shares redeemed
+
(81,200,000
)
(2,033,911,112
)
(51,950,000
)
(1,185,208,710
)
Net transactions in fund shares
 
106,250,000
$2,783,575,177
62,800,000
$1,453,384,241
 
SHARES OUTSTANDING AND NET ASSETS1
 
3/1/25-2/28/26
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
+
106,250,000
6,323,028,907
62,800,000
3,630,197,508
End of period
 
842,550,000
$24,461,439,023
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 notes
32
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF   
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
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
 
Per-Share Data
Net asset value at beginning of period
$29.11
$27.64
$25.59
$26.51
$24.38
Income (loss) from investment operations:
Net investment income (loss)3
0.40
0.39
0.37
0.38
0.33
Net realized and unrealized gains (losses)
5.26
1.54
2.06
(0.98
)
2.12
Total from investment operations
5.66
1.93
2.43
(0.60
)
2.45
Less distributions:
Distributions from net investment income
(0.38
)
(0.46
)
(0.38
)
(0.32
)
(0.32
)
Net asset value at end of period
$34.39
$29.11
$27.64
$25.59
$26.51
Total return
19.63
%
6.98
%
9.66
%
(2.13
%)
10.06
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%
0.25
%
0.25
%
0.25
%4
0.25
%
Net investment income (loss)
1.33
%
1.34
%
1.48
%
1.54
%
1.21
%
Portfolio turnover rate5
26
%
26
%
21
%
24
%
25
%
Net assets, end of period (x 1,000,000)
$9,826
$9,082
$7,958
$6,433
$4,843
 
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.
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
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 | Annual Holdings and Financial Statements
33
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.9% OF NET ASSETS
 
Automobiles & Components 1.5%
Dauch Corp. *
3,139,145
20,718,357
Dorman Products, Inc. *
56,265
6,631,393
Fox Factory Holding Corp. *
389,050
6,551,602
Gentherm, Inc. *
218,746
7,168,306
LCI Industries
192,700
25,667,640
Patrick Industries, Inc.
164,054
20,308,245
Phinia, Inc.
282,495
20,517,612
Rivian Automotive, Inc., Class A *
295,724
4,533,449
Standard Motor Products, Inc.
183,391
7,276,955
Visteon Corp.
124,323
11,893,981
Winnebago Industries, Inc.
530,630
21,166,831
 
152,434,371
 
Banks 7.1%
Ameris Bancorp
146,231
11,356,299
Associated Banc-Corp.
492,197
12,998,923
Atlantic Union Bankshares Corp.
356,492
13,211,593
Axos Financial, Inc. *
91,027
7,902,964
Bancorp, Inc. *
64,180
3,368,808
Bank of Hawaii Corp.
120,523
9,132,028
Bank OZK
376,569
17,533,053
BankUnited, Inc.
417,084
19,477,823
Banner Corp.
97,563
5,741,583
Beacon Financial Corp.
273,539
8,135,050
BOK Financial Corp.
71,900
9,039,268
Capitol Federal Financial, Inc.
552,238
3,965,069
Cathay General Bancorp
241,320
11,996,017
City Holding Co.
31,626
3,794,171
Columbia Banking System, Inc.
728,993
20,739,851
Commerce Bancshares, Inc.
236,351
12,051,537
Community Financial System, Inc.
118,966
7,203,391
Cullen/Frost Bankers, Inc.
117,289
16,211,686
Customers Bancorp, Inc. *
98,722
6,657,812
CVB Financial Corp.
418,958
8,056,562
Dime Community Bancshares, Inc.
131,363
4,249,593
Eagle Bancorp, Inc.
295,417
7,518,363
Eastern Bankshares, Inc.
198,700
3,886,572
Enterprise Financial Services Corp.
84,910
4,848,361
FB Financial Corp.
66,493
3,636,502
First Bancorp/Southern Pines NC
80,138
4,551,037
First Busey Corp.
192,471
4,881,065
First Commonwealth Financial Corp.
289,346
5,072,235
First Financial Bancorp
317,759
8,919,495
First Financial Bankshares, Inc.
165,145
5,107,935
First Hawaiian, Inc.
475,658
11,777,292
First Interstate BancSystem, Inc.,
Class A
347,381
12,022,856
First Merchants Corp.
168,046
6,567,238
FNB Corp.
1,073,416
18,237,338
Fulton Financial Corp.
512,255
10,475,615
Glacier Bancorp, Inc.
230,708
10,494,907
Hancock Whitney Corp.
229,684
15,115,504
Hilltop Holdings, Inc.
287,383
10,756,746
Home BancShares, Inc.
432,889
11,887,132
Hope Bancorp, Inc.
669,044
7,533,435
Independent Bank Corp.
112,818
8,807,701
International Bancshares Corp.
123,323
8,276,206
Lakeland Financial Corp.
51,876
3,013,477
Mechanics Bancorp, Class A
287,910
4,105,597
National Bank Holdings Corp., Class A
88,806
3,551,352
NBT Bancorp, Inc.
116,201
4,964,107
Northwest Bancshares, Inc.
486,444
6,056,228
SECURITY
NUMBER
OF SHARES
VALUE ($)
OceanFirst Financial Corp.
237,550
4,290,153
Old National Bancorp
668,256
15,436,714
Park National Corp.
29,717
4,889,338
Pathward Financial, Inc.
47,694
4,330,138
Pinnacle Financial Partners, Inc.
130,248
11,821,308
Preferred Bank
39,673
3,480,116
Prosperity Bancshares, Inc.
249,249
17,539,652
Provident Financial Services, Inc.
320,828
6,750,221
Renasant Corp.
176,204
6,634,081
S&T Bancorp, Inc.
115,504
4,829,222
Seacoast Banking Corp. of Florida
142,763
4,442,785
ServisFirst Bancshares, Inc.
66,060
5,351,521
Simmons First National Corp., Class A
586,251
11,672,257
Southside Bancshares, Inc.
125,524
3,931,412
Southstate Bank Corp.
203,366
20,066,123
Texas Capital Bancshares, Inc. *
98,228
9,361,128
Towne Bank
169,236
5,798,025
TriCo Bancshares
78,905
3,770,081
Triumph Financial, Inc. *
59,598
3,329,144
Trustmark Corp.
165,584
7,052,223
UMB Financial Corp.
108,388
12,560,001
United Bankshares, Inc.
375,208
15,496,090
United Community Banks, Inc.
280,331
9,018,248
Valley National Bancorp
1,648,601
20,788,859
WaFd, Inc.
299,998
9,347,938
WesBanco, Inc.
245,622
8,564,839
Westamerica BanCorp
65,589
3,322,083
Western Alliance Bancorp
243,291
19,541,133
Wintrust Financial Corp.
128,680
18,537,641
WSFS Financial Corp.
151,832
9,642,850
 
696,482,701
 
Capital Goods 13.7%
AAON, Inc.
56,000
5,667,200
AAR Corp. *
121,840
14,275,993
Advanced Drainage Systems, Inc.
156,545
26,822,420
Aebi Schmidt Holding AG
91,498
1,319,401
AeroVironment, Inc. *
18,420
4,646,445
Alamo Group, Inc.
39,290
8,389,594
Albany International Corp., Class A
146,219
8,429,525
American Woodmark Corp. *
179,361
8,985,986
API Group Corp. *
439,274
19,530,122
Apogee Enterprises, Inc.
207,452
8,260,739
Applied Industrial Technologies, Inc.
78,940
22,306,865
Arcosa, Inc.
147,825
15,888,231
Armstrong World Industries, Inc.
64,936
11,266,396
Astec Industries, Inc.
158,760
9,857,408
ATI, Inc. *
194,006
31,737,442
Atmus Filtration Technologies, Inc.
141,655
9,140,997
Axon Enterprise, Inc. *
5,147
2,791,733
AZZ, Inc.
63,032
8,571,091
BlueLinx Holdings, Inc. *
200,911
13,244,053
BWX Technologies, Inc.
104,421
21,508,638
Carpenter Technology Corp.
44,466
17,700,581
Chart Industries, Inc. *
43,187
8,952,665
Columbus McKinnon Corp.
298,724
5,669,782
Comfort Systems USA, Inc.
28,285
40,429,730
Construction Partners, Inc., Class A *
40,145
5,394,284
Core & Main, Inc., Class A *
379,426
20,549,712
Crane Co.
70,694
14,176,268
CSW Industrials, Inc.
17,092
5,030,688
Curtiss-Wright Corp.
48,952
34,282,554
DNOW, Inc. *
1,058,494
12,469,059
Douglas Dynamics, Inc.
117,726
5,405,978
Ducommun, Inc. *
47,512
5,872,008
DXP Enterprises, Inc. *
43,847
6,071,494
Dycom Industries, Inc. *
70,426
29,580,329
See financial notes
34
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Enerpac Tool Group Corp.
92,461
3,772,409
EnerSys
179,552
29,832,565
Enpro, Inc.
38,200
9,880,430
Esab Corp.
101,373
12,790,231
ESCO Technologies, Inc.
33,083
9,173,585
Everus Construction Group, Inc. *
154,786
18,708,984
Federal Signal Corp.
90,009
10,479,748
Flowserve Corp.
347,623
30,771,588
Franklin Electric Co., Inc.
117,107
11,666,199
FTAI Aviation Ltd.
66,091
20,210,628
GATX Corp.
95,856
17,653,800
Gibraltar Industries, Inc. *
147,522
6,709,301
GrafTech International Ltd. *
938,725
6,524,139
Granite Construction, Inc.
128,138
17,229,435
Greenbrier Cos., Inc.
229,847
12,967,968
Griffon Corp.
116,848
9,960,124
Hayward Holdings, Inc. *
450,296
7,204,736
HEICO Corp.
53,248
17,010,606
Helios Technologies, Inc.
129,041
9,203,204
Herc Holdings, Inc.
160,643
22,456,285
Hexcel Corp.
219,076
20,306,154
Hillman Solutions Corp. *
838,666
6,877,061
Insteel Industries, Inc.
147,541
5,500,328
Janus International Group, Inc. *
563,789
3,923,971
JBT Marel Corp.
70,407
10,842,678
JELD-WEN Holding, Inc. *(a)
3,157,602
6,188,900
Kadant, Inc.
19,501
6,614,154
Kennametal, Inc.
646,624
26,046,015
Kratos Defense & Security Solutions,
Inc. *
99,666
8,589,216
Lennox International, Inc.
36,262
20,667,164
Lindsay Corp.
31,012
4,177,316
Manitowoc Co., Inc. *
583,030
8,599,693
Masterbrand, Inc. *
1,118,447
11,318,684
McGrath RentCorp
64,153
7,117,775
Mercury Systems, Inc. *
98,360
8,756,991
Miller Industries, Inc.
93,228
3,918,373
Modine Manufacturing Co. *
79,486
18,063,194
Moog, Inc., Class A
75,570
25,499,585
Mueller Water Products, Inc., Class A
304,734
9,120,689
MYR Group, Inc. *
57,266
15,459,529
Nextpower, Inc., Class A *
65,841
6,919,889
NPK International, Inc. *
387,942
5,598,003
Primoris Services Corp.
144,249
21,741,209
Proto Labs, Inc. *
105,260
6,534,541
Quanex Building Products Corp.
388,514
7,976,192
RBC Bearings, Inc. *
20,386
11,740,705
Simpson Manufacturing Co., Inc.
87,662
16,968,733
SiteOne Landscape Supply, Inc. *
126,884
18,130,455
SPX Technologies, Inc. *
42,394
9,620,894
Standex International Corp.
28,087
7,358,794
Sterling Infrastructure, Inc. *
28,818
12,337,850
Tennant Co.
80,950
4,940,379
Terex Corp.
606,163
41,697,953
Titan International, Inc. *
591,849
5,758,691
Titan Machinery, Inc. *
332,056
6,471,771
Trex Co., Inc. *
241,469
10,001,646
Trinity Industries, Inc.
448,760
15,338,617
Tutor Perini Corp.
244,942
18,461,279
V2X, Inc. *
71,977
5,020,396
Valmont Industries, Inc.
55,368
25,465,404
Vertiv Holdings Co., Class A
125,964
32,106,964
VSE Corp.
25,706
5,837,061
Wabash National Corp.
1,014,841
10,300,636
Watts Water Technologies, Inc.,
Class A
49,296
16,205,567
Woodward, Inc.
86,893
33,606,737
Worthington Enterprises, Inc.
127,626
7,148,332
SECURITY
NUMBER
OF SHARES
VALUE ($)
Zurn Elkay Water Solutions Corp.
186,321
9,498,645
 
1,348,806,189
 
Commercial & Professional Services 4.6%
ACCO Brands Corp.
2,055,810
8,367,147
Alight, Inc., Class A
3,538,935
3,113,201
Amentum Holdings, Inc. *
321,289
9,596,902
Barrett Business Services, Inc.
81,482
2,262,755
Brady Corp., Class A
137,217
12,670,618
BrightView Holdings, Inc. *
455,083
6,275,595
Brink's Co.
148,434
17,332,638
Casella Waste Systems, Inc., Class A *
53,835
5,015,269
CBIZ, Inc. *
104,484
2,992,422
Civeo Corp. *
157,464
4,360,178
Clarivate PLC *
2,281,777
5,248,087
Clean Harbors, Inc. *
91,145
26,723,714
Conduent, Inc. *
4,928,873
7,196,155
CoreCivic, Inc. *
715,617
12,652,109
CSG Systems International, Inc.
101,488
8,108,891
Deluxe Corp.
572,048
15,874,332
Ennis, Inc.
212,295
4,481,547
Enviri Corp. *
628,679
11,900,893
ExlService Holdings, Inc. *
229,905
7,184,531
Exponent, Inc.
77,082
5,610,028
FTI Consulting, Inc. *
112,581
18,510,568
GEO Group, Inc. *
676,149
10,169,281
Healthcare Services Group, Inc. *
688,564
14,990,038
HNI Corp.
420,452
18,903,522
Huron Consulting Group, Inc. *
34,070
4,817,498
ICF International, Inc.
81,380
6,765,119
Insperity, Inc.
175,417
3,896,012
Interface, Inc.
233,777
7,361,638
Kelly Services, Inc., Class A
1,412,947
13,719,715
Kforce, Inc.
225,647
6,096,982
Korn Ferry
240,966
15,101,339
MillerKnoll, Inc.
804,684
16,206,336
MSA Safety, Inc.
62,924
12,295,979
OPENLANE, Inc. *
429,715
12,251,175
Parsons Corp. *
125,616
8,290,656
Paycom Software, Inc.
46,491
5,849,963
Pitney Bowes, Inc.
490,507
5,263,140
Resources Connection, Inc.
912,306
3,430,271
Rollins, Inc.
260,796
15,879,868
Tetra Tech, Inc.
476,793
17,088,261
TriNet Group, Inc.
198,541
7,560,441
TrueBlue, Inc. *(a)
1,461,577
6,182,471
TTEC Holdings, Inc. *
1,507,177
3,767,942
UL Solutions, Inc., Class A
58,966
4,951,375
UniFirst Corp.
70,703
16,602,478
Verra Mobility Corp. *
183,815
3,071,549
Vestis Corp. *
1,904,216
14,986,180
 
450,976,809
 
Consumer Discretionary Distribution & Retail 4.5%
1-800-Flowers.com, Inc., Class A *(b)
676,628
2,354,665
Abercrombie & Fitch Co., Class A *
183,206
17,917,547
America's Car-Mart, Inc. *
111,290
2,221,348
Arko Corp.
697,588
4,485,491
Boot Barn Holdings, Inc. *
54,042
10,225,827
Buckle, Inc.
169,220
9,061,731
Caleres, Inc.
673,531
8,008,284
Camping World Holdings, Inc., Class A
220,611
1,835,484
Coupang, Inc. *
751,893
14,346,119
Designer Brands, Inc., Class A
1,588,114
11,307,372
Dillard's, Inc., Class A
17,573
10,592,829
Etsy, Inc. *
267,959
14,705,590
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
35
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Five Below, Inc. *
137,850
30,813,611
Floor & Decor Holdings, Inc., Class A *
203,269
14,043,855
GameStop Corp., Class A *
686,394
16,494,048
Genesco, Inc. *
271,914
7,406,937
Gold.com, Inc.
661,262
38,002,727
Haverty Furniture Cos., Inc.
215,878
5,140,055
MarineMax, Inc. *
337,707
10,300,064
Monro, Inc.
441,478
9,505,021
National Vision Holdings, Inc. *
495,187
13,355,193
Ollie's Bargain Outlet Holdings, Inc. *
110,984
11,886,386
OneWater Marine, Inc., Class A *
217,650
2,477,945
Petco Health & Wellness Co., Inc. *
1,584,954
4,041,633
RH *
90,540
15,003,383
Sally Beauty Holdings, Inc. *
1,211,289
19,465,414
Shoe Carnival, Inc.
219,597
4,433,663
Sleep Number Corp. *(b)
788,597
4,865,644
Sonic Automotive, Inc., Class A
158,335
9,930,771
Stitch Fix, Inc., Class A *
865,020
2,880,517
Upbound Group, Inc.
635,573
13,633,041
Urban Outfitters, Inc. *
285,844
18,922,873
Valvoline, Inc. *
546,991
20,676,260
Victoria's Secret & Co. *
641,966
40,251,268
Wayfair, Inc., Class A *
133,849
10,216,694
Zumiez, Inc. *
341,014
8,941,387
 
439,750,677
 
Consumer Durables & Apparel 3.3%
Acushnet Holdings Corp.
92,288
9,443,831
Beazer Homes USA, Inc. *
375,817
9,613,399
Callaway Golf Co. *
1,061,281
14,921,611
Cavco Industries, Inc. *
23,216
13,401,668
Century Communities, Inc.
329,094
22,124,989
Champion Homes, Inc. *
166,446
15,559,372
Columbia Sportswear Co.
239,306
14,822,614
Ethan Allen Interiors, Inc.
200,292
4,562,652
G-III Apparel Group Ltd.
486,268
14,874,938
GoPro, Inc., Class A *
5,458,159
5,282,406
Green Brick Partners, Inc. *
112,945
8,319,529
Helen of Troy Ltd. *
556,691
9,820,029
Hooker Furnishings Corp.
306,578
4,396,328
Hovnanian Enterprises, Inc., Class A *
42,693
5,363,095
Installed Building Products, Inc.
46,239
15,155,295
Kontoor Brands, Inc.
153,890
10,035,167
La-Z-Boy, Inc.
319,921
11,427,578
Levi Strauss & Co., Class A
356,273
7,895,010
LGI Homes, Inc. *
233,846
12,136,607
Malibu Boats, Inc., Class A *
227,395
6,608,099
MasterCraft Boat Holdings, Inc. *
190,306
4,130,592
Movado Group, Inc.
218,316
5,446,984
Oxford Industries, Inc. (a)
173,394
6,864,668
SharkNinja, Inc. *
102,810
12,632,265
Smith & Wesson Brands, Inc.
789,133
9,390,683
Sonos, Inc. *
532,960
8,207,584
Steven Madden Ltd.
477,444
17,235,728
Sturm Ruger & Co., Inc.
198,346
7,426,074
Under Armour, Inc., Class A *
3,042,942
22,578,630
Wolverine World Wide, Inc.
406,063
7,175,133
YETI Holdings, Inc. *
258,884
11,315,820
 
328,168,378
 
Consumer Services 3.7%
Airbnb, Inc., Class A *
89,376
12,075,591
BJ's Restaurants, Inc. *
103,308
3,924,671
Bloomin' Brands, Inc.
1,431,723
8,762,145
Boyd Gaming Corp.
250,409
20,841,541
Bright Horizons Family Solutions, Inc. *
73,815
5,500,694
SECURITY
NUMBER
OF SHARES
VALUE ($)
Brightstar Lottery PLC
701,140
9,507,458
Brinker International, Inc. *
43,809
6,492,494
Cheesecake Factory, Inc. (b)
102,016
6,608,596
Chegg, Inc. *
3,614,106
2,375,552
Choice Hotels International, Inc.
47,993
5,056,063
Churchill Downs, Inc.
103,959
9,556,951
Covista, Inc. *
98,913
9,693,474
Cracker Barrel Old Country Store,
Inc. (b)
293,388
9,599,655
Dave & Buster's Entertainment, Inc. *
312,951
4,606,639
Dine Brands Global, Inc.
211,025
6,533,334
DoorDash, Inc., Class A *
79,411
14,013,659
Frontdoor, Inc. *
126,462
8,671,499
Golden Entertainment, Inc.
149,192
4,311,649
Graham Holdings Co., Class B
14,868
15,659,126
Grand Canyon Education, Inc. *
84,916
13,507,588
H&R Block, Inc.
322,666
9,880,033
Hilton Grand Vacations, Inc. *
310,821
13,974,512
Hyatt Hotels Corp., Class A
45,933
7,418,179
Jack in the Box, Inc.
394,727
6,678,781
Laureate Education, Inc. *
654,305
21,160,224
Matthews International Corp., Class A
281,178
7,431,535
Papa John's International, Inc.
94,489
2,962,230
Perdoceo Education Corp.
199,405
6,650,157
Planet Fitness, Inc., Class A *
76,431
6,278,807
Red Rock Resorts, Inc., Class A
140,560
8,510,908
Six Flags Entertainment Corp. *
289,929
4,937,491
Strategic Education, Inc.
109,403
9,001,679
Stride, Inc. *
70,187
5,922,379
Travel & Leisure Co.
354,023
26,091,495
United Parks & Resorts, Inc. *
145,941
5,077,287
Wendy's Co. (b)
1,128,582
8,644,938
Wingstop, Inc.
14,039
3,643,261
Wyndham Hotels & Resorts, Inc.
217,870
17,821,766
Wynn Resorts Ltd.
118,174
12,785,245
 
362,169,286
 
Consumer Staples Distribution & Retail 0.8%
Chefs' Warehouse, Inc. *
64,663
4,616,291
Grocery Outlet Holding Corp. *
753,540
7,444,975
Ingles Markets, Inc., Class A
306,662
26,096,936
Maplebear, Inc. *
81,474
3,056,090
PriceSmart, Inc.
141,976
21,952,329
Village Super Market, Inc., Class A
122,532
4,797,128
Weis Markets, Inc.
200,834
13,608,512
 
81,572,261
 
Energy 5.7%
Antero Midstream Corp.
649,960
14,611,101
Archrock, Inc.
401,575
14,187,645
Bristow Group, Inc. *
113,608
5,419,102
Cactus, Inc., Class A
126,324
6,821,496
Comstock Resources, Inc. *
257,685
5,053,203
Core Laboratories, Inc.
240,516
4,230,676
Core Natural Resources, Inc.
224,636
18,438,123
Crescent Energy Co., Class A
2,387,581
27,839,194
CVR Energy, Inc. *
369,575
8,928,932
Delek U.S. Holdings, Inc.
862,412
32,866,521
Dorian LPG Ltd.
267,375
9,890,201
DT Midstream, Inc.
135,480
18,810,043
Expro Group Holdings NV *
454,739
8,121,639
Green Plains, Inc. *
1,357,022
18,631,912
Gulfport Energy Corp. *
72,830
15,196,708
Helix Energy Solutions Group, Inc. *
870,252
7,997,616
International Seaways, Inc.
220,158
16,628,534
Kodiak Gas Services, Inc.
109,038
5,950,204
See financial notes
36
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kosmos Energy Ltd. *
6,621,153
15,427,286
Liberty Energy, Inc.
1,405,796
39,488,810
Magnolia Oil & Gas Corp., Class A
701,777
19,523,436
Nabors Industries Ltd. *
305,299
23,849,958
New Fortress Energy, Inc. *
2,906,373
3,167,947
Noble Corp. PLC
400,619
18,200,121
Northern Oil & Gas, Inc.
470,772
12,988,599
Oceaneering International, Inc. *
302,533
10,739,921
Oil States International, Inc. *
747,643
9,786,647
Par Pacific Holdings, Inc. *
649,616
27,719,115
Permian Resources Corp.
1,041,123
19,042,140
ProPetro Holding Corp. *
1,351,952
16,399,178
REX American Resources Corp. *
153,843
5,470,657
RPC, Inc.
821,064
4,770,382
Select Water Solutions, Inc.
608,862
8,323,143
Summit Midstream Corp. *
145,381
4,290,193
Talos Energy, Inc. *
1,044,066
12,789,808
Texas Pacific Land Corp.
25,016
13,115,639
Tidewater, Inc. *
75,145
5,968,016
Valaris Ltd. *
130,768
12,534,113
W&T Offshore, Inc.
1,881,812
4,986,802
Weatherford International PLC
267,413
28,201,375
 
556,406,136
 
Equity Real Estate Investment Trusts (REITs) 7.3%
Acadia Realty Trust
202,487
4,236,028
Agree Realty Corp.
94,213
7,582,262
Alexander & Baldwin, Inc.
214,262
4,454,507
American Assets Trust, Inc.
226,859
4,428,288
American Healthcare REIT, Inc.
147,717
7,716,736
American Homes 4 Rent, Class A
489,585
14,687,550
Americold Realty Trust, Inc.
1,295,084
17,341,175
Apple Hospitality REIT, Inc.
919,182
11,269,171
Brandywine Realty Trust
2,272,293
7,248,615
Brixmor Property Group, Inc.
754,333
22,833,660
Broadstone Net Lease, Inc.
456,351
8,848,646
CareTrust REIT, Inc.
121,697
4,943,332
Centerspace
56,009
3,522,966
COPT Defense Properties
351,906
11,183,573
Cousins Properties, Inc.
521,238
12,071,872
CubeSmart
398,963
16,413,338
DiamondRock Hospitality Co.
681,942
6,846,698
Diversified Healthcare Trust
2,722,005
18,400,754
Douglas Emmett, Inc.
909,633
8,996,270
Easterly Government Properties, Inc.
199,380
4,641,566
EastGroup Properties, Inc.
51,983
10,204,783
Empire State Realty Trust, Inc., Class A
949,928
5,585,577
EPR Properties
211,745
12,579,770
Equity LifeStyle Properties, Inc.
244,332
16,409,337
Essential Properties Realty Trust, Inc.
159,735
5,421,406
Federal Realty Investment Trust
198,013
21,537,874
First Industrial Realty Trust, Inc.
204,336
12,901,775
Four Corners Property Trust, Inc.
144,834
3,696,164
Global Net Lease, Inc.
747,298
7,039,547
Healthcare Realty Trust, Inc.
1,128,905
20,828,297
Highwoods Properties, Inc.
498,831
11,218,709
Hudson Pacific Properties, Inc. *
646,634
4,681,630
Independence Realty Trust, Inc.
366,101
6,066,294
Innovative Industrial Properties, Inc.
74,318
3,935,881
InvenTrust Properties Corp.
166,309
5,188,841
JBG SMITH Properties
647,286
9,845,220
Kilroy Realty Corp.
499,416
14,892,585
Kite Realty Group Trust
428,850
11,171,543
Lineage, Inc.
156,618
6,346,161
LTC Properties, Inc.
105,127
4,171,439
LXP Industrial Trust
211,064
10,460,332
Macerich Co.
727,735
14,896,735
SECURITY
NUMBER
OF SHARES
VALUE ($)
Medical Properties Trust, Inc.
4,158,022
23,950,207
National Health Investors, Inc.
80,480
6,765,954
National Storage Affiliates Trust
151,233
5,296,180
NNN REIT, Inc.
348,617
15,799,322
Omega Healthcare Investors, Inc.
445,790
21,518,283
Outfront Media, Inc.
566,317
16,315,593
Park Hotels & Resorts, Inc.
1,572,233
17,781,955
Peakstone Realty Trust
528,756
11,029,850
Pebblebrook Hotel Trust
797,391
10,230,527
Phillips Edison & Co., Inc.
230,625
9,058,950
Piedmont Realty Trust, Inc., Class A *
1,357,121
10,300,548
Rayonier, Inc.
1,208,210
25,964,433
Rexford Industrial Realty, Inc.
275,518
10,323,659
RLJ Lodging Trust
1,292,662
10,367,149
Ryman Hospitality Properties, Inc.
88,474
8,736,808
Sabra Health Care REIT, Inc.
625,440
12,852,792
Service Properties Trust (a)
5,241,703
12,055,917
Sila Realty Trust, Inc.
140,388
3,612,183
SL Green Realty Corp.
302,642
11,152,358
STAG Industrial, Inc.
338,854
13,289,854
Summit Hotel Properties, Inc.
633,811
2,858,488
Sunstone Hotel Investors, Inc.
938,526
8,709,521
Tanger, Inc.
201,977
7,485,268
Terreno Realty Corp.
94,740
6,258,524
Urban Edge Properties
369,369
7,849,091
Veris Residential, Inc.
257,641
4,856,533
Xenia Hotels & Resorts, Inc.
465,751
7,116,675
 
718,283,529
 
Financial Services 6.4%
Acadian Asset Management, Inc.
158,681
8,546,559
Adamas Trust, Inc.
802,143
6,609,658
Apollo Commercial Real Estate
Finance, Inc.
811,415
8,600,999
Arbor Realty Trust, Inc. (b)
995,502
7,894,331
ARES Management Corp., Class A
101,617
11,382,120
Artisan Partners Asset Management,
Inc., Class A
277,995
11,197,639
BGC Group, Inc., Class A
633,065
6,026,779
Blackstone Mortgage Trust, Inc.,
Class A
796,464
15,300,073
BRC Group Holdings, Inc. *(b)
875,428
5,646,511
BrightSpire Capital, Inc.
962,012
5,589,290
Chimera Investment Corp.
814,645
11,087,318
Claros Mortgage Trust, Inc. *
2,182,782
5,216,849
Cohen & Steers, Inc.
62,544
4,182,317
Coinbase Global, Inc., Class A *
21,137
3,716,941
Credit Acceptance Corp. *
25,646
12,135,174
DigitalBridge Group, Inc.
956,747
14,781,741
Donnelley Financial Solutions, Inc. *
122,342
6,087,738
Enact Holdings, Inc.
92,068
3,852,125
Encore Capital Group, Inc. *
214,414
14,642,332
Enova International, Inc. *
95,650
13,300,132
Essent Group Ltd.
248,829
15,138,756
Euronet Worldwide, Inc. *
178,816
12,436,653
EZCORP, Inc., Class A *
265,241
7,036,844
FactSet Research Systems, Inc.
51,668
11,202,139
Federal Agricultural Mortgage Corp.,
Class C
22,485
3,544,985
Federated Hermes, Inc.
349,281
19,563,229
FirstCash Holdings, Inc.
95,321
18,376,936
Franklin BSP Realty Trust, Inc.
384,158
3,507,362
Green Dot Corp., Class A *
430,081
4,971,736
Hamilton Lane, Inc., Class A
26,865
2,819,213
Houlihan Lokey, Inc.
77,901
12,757,847
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
37
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Interactive Brokers Group, Inc.,
Class A
138,877
9,886,654
Janus Henderson Group PLC
454,853
23,697,841
KKR Real Estate Finance Trust, Inc.
445,626
3,097,101
Ladder Capital Corp.
474,045
4,915,847
LendingClub Corp. *
274,754
4,096,582
loanDepot, Inc., Class A *
1,905,166
3,943,694
MarketAxess Holdings, Inc.
56,324
10,814,208
MFA Financial, Inc.
548,069
5,540,978
Moelis & Co., Class A
233,477
13,859,195
Morningstar, Inc.
31,901
5,842,349
Navient Corp.
1,533,048
13,475,492
NCR Atleos Corp. *
524,410
23,220,875
Nelnet, Inc., Class A
37,714
4,882,454
NMI Holdings, Inc., Class A *
156,601
6,155,985
Oppenheimer Holdings, Inc., Class A
62,464
5,390,019
Paysafe Ltd. *
392,280
2,455,673
PennyMac Financial Services, Inc.
156,226
14,361,856
PennyMac Mortgage Investment Trust
560,445
6,871,056
Piper Sandler Cos.
34,744
10,268,589
PJT Partners, Inc., Class A
24,218
3,576,514
PRA Group, Inc. *
334,812
5,273,289
Radian Group, Inc.
547,732
18,907,709
Ready Capital Corp.
1,560,227
2,886,420
Redwood Trust, Inc.
786,557
4,758,670
Regional Management Corp.
114,811
3,653,286
Rocket Cos., Inc., Class A
1,776,499
32,314,517
Shift4 Payments, Inc., Class A *(b)
36,994
1,630,326
Stifel Financial Corp.
277,416
20,542,655
Toast, Inc., Class A *
159,179
4,347,178
TPG RE Finance Trust, Inc.
421,712
3,567,683
TPG, Inc.
121,246
5,264,501
Tradeweb Markets, Inc., Class A
65,791
8,109,070
Two Harbors Investment Corp.
373,546
3,858,730
Victory Capital Holdings, Inc., Class A
111,529
7,715,576
Virtu Financial, Inc., Class A
381,826
15,811,415
Virtus Investment Partners, Inc.
28,713
3,972,731
Walker & Dunlop, Inc.
154,034
7,087,104
WEX, Inc. *
108,524
16,190,696
World Acceptance Corp. *
26,723
3,604,398
 
633,001,242
 
Food, Beverage & Tobacco 1.7%
B&G Foods, Inc.
2,164,276
11,492,306
Boston Beer Co., Inc., Class A *
43,630
9,894,411
Calavo Growers, Inc.
199,058
5,342,717
Cal-Maine Foods, Inc.
153,726
13,391,072
Coca-Cola Consolidated, Inc.
105,840
21,422,016
Fresh Del Monte Produce, Inc.
517,763
22,227,566
Hain Celestial Group, Inc. *(a)
4,271,644
3,414,752
J&J Snack Foods Corp.
54,031
4,703,939
John B Sanfilippo & Son, Inc.
79,234
6,545,521
Marzetti Co.
55,965
9,197,288
MGP Ingredients, Inc.
110,749
2,104,231
Nomad Foods Ltd.
1,046,999
11,485,579
Pilgrim's Pride Corp.
183,675
7,927,413
Seaboard Corp.
3,879
19,909,743
Seneca Foods Corp., Class A *
48,881
6,793,481
Simply Good Foods Co. *
233,690
3,986,751
Universal Corp.
243,429
13,079,440
 
172,918,226
 
Health Care Equipment & Services 4.1%
Acadia Healthcare Co., Inc. *
740,387
17,354,671
Accendra Health, Inc. *(a)
2,860,755
6,923,027
AdaptHealth Corp. *
1,036,138
9,480,663
SECURITY
NUMBER
OF SHARES
VALUE ($)
Addus HomeCare Corp. *
45,739
4,735,359
agilon health, Inc. *
4,584,563
2,701,683
Astrana Health, Inc. *
172,477
3,506,457
Avanos Medical, Inc. *
418,168
5,896,169
BrightSpring Health Services, Inc. *
151,591
6,280,415
Brookdale Senior Living, Inc. *
986,842
15,098,683
Chemed Corp.
39,331
16,126,103
Claritev Corp. *
164,778
2,219,560
Clover Health Investments Corp. *
1,115,874
2,332,177
Concentra Group Holdings Parent, Inc.
810,624
19,422,551
CONMED Corp.
115,087
5,294,002
Cross Country Healthcare, Inc. *
610,321
5,309,793
Dexcom, Inc. *
253,231
18,594,752
Embecta Corp.
587,067
6,023,307
Enhabit, Inc. *
603,516
8,213,853
Enovis Corp. *
368,431
9,383,938
Ensign Group, Inc.
79,035
16,926,926
Envista Holdings Corp. *
881,422
25,746,337
Evolent Health, Inc., Class A *
589,034
1,914,361
Fulgent Genetics, Inc. *
190,789
2,924,795
Globus Medical, Inc., Class A *
135,715
12,955,354
Haemonetics Corp. *
130,835
8,284,472
HealthEquity, Inc. *
65,112
4,980,417
ICU Medical, Inc. *
64,376
9,693,738
Insulet Corp. *
14,520
3,580,777
Integer Holdings Corp. *
79,169
6,862,369
Integra LifeSciences Holdings Corp. *
787,274
8,959,178
Lantheus Holdings, Inc. *
70,546
5,284,601
LivaNova PLC *
107,587
7,595,642
Masimo Corp. *
69,963
12,268,012
Merit Medical Systems, Inc. *
73,486
5,671,649
National HealthCare Corp.
55,927
9,144,064
Neogen Corp. *
772,382
8,673,850
OmniAb, Inc., Class A *(c)
9,356
0
OmniAb, Inc., Class B *(c)
9,356
0
Omnicell, Inc. *
172,864
7,104,710
Option Care Health, Inc. *
483,528
15,695,319
Pediatrix Medical Group, Inc. *
609,695
12,102,446
Penumbra, Inc. *
16,866
5,808,482
Privia Health Group, Inc. *
166,585
3,956,394
RadNet, Inc. *
64,493
4,502,256
Select Medical Holdings Corp.
538,359
8,059,234
Surgery Partners, Inc. *
293,107
4,543,158
Teladoc Health, Inc. *
753,186
3,961,758
Varex Imaging Corp. *
399,929
5,267,065
Veeva Systems, Inc., Class A *
59,580
10,844,156
Waystar Holding Corp. *
85,126
2,183,482
 
400,392,165
 
Household & Personal Products 1.5%
BellRing Brands, Inc. *
85,083
1,564,676
Central Garden & Pet Co. *
51,995
2,037,684
Central Garden & Pet Co., Class A *
355,409
12,275,827
Coty, Inc., Class A *
2,356,839
5,915,666
Edgewell Personal Care Co.
520,352
11,832,804
elf Beauty, Inc. *
43,869
4,038,141
Energizer Holdings, Inc.
458,025
9,888,760
Herbalife Ltd. *
1,563,623
30,521,921
Interparfums, Inc.
35,115
3,538,890
Medifast, Inc. *(a)
569,866
6,000,689
Nu Skin Enterprises, Inc., Class A (a)
1,865,643
15,820,653
Reynolds Consumer Products, Inc.
251,496
6,239,616
Spectrum Brands Holdings, Inc.
316,284
24,790,340
USANA Health Sciences, Inc. *
225,971
4,862,896
WD-40 Co.
19,913
4,743,276
 
144,071,839
 
See financial notes
38
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Insurance 1.4%
AMERISAFE, Inc.
98,034
3,189,046
Brighthouse Financial, Inc. *
134,405
8,061,612
CNA Financial Corp.
90,795
4,359,976
Employers Holdings, Inc.
149,124
6,166,277
Erie Indemnity Co., Class A
34,303
9,242,600
Hanover Insurance Group, Inc.
111,286
20,101,590
Horace Mann Educators Corp.
118,908
5,173,687
Kemper Corp.
293,856
9,497,426
Kinsale Capital Group, Inc.
10,302
4,014,380
Mercury General Corp.
89,880
8,141,330
ProAssurance Corp. *
154,418
3,790,962
RLI Corp.
172,128
10,727,017
Safety Insurance Group, Inc.
72,595
5,635,550
Selective Insurance Group, Inc.
170,635
14,340,166
Stewart Information Services Corp.
200,402
14,226,538
White Mountains Insurance Group Ltd.
6,929
15,385,914
 
142,054,071
 
Materials 6.1%
AdvanSix, Inc.
388,403
6,925,226
Ardagh Metal Packaging SA
955,053
4,632,007
Avient Corp.
470,389
19,318,876
Balchem Corp.
43,474
7,887,488
Cabot Corp.
251,707
19,164,971
Clearwater Paper Corp. *
354,611
5,315,619
Coeur Mining, Inc. *
511,303
13,881,877
Compass Minerals International, Inc. *
424,752
10,703,750
Ecovyst, Inc. *
1,094,998
12,340,628
Element Solutions, Inc.
653,581
22,934,157
Ferroglobe PLC
1,098,356
5,612,599
Greif, Inc., Class A
260,633
18,940,200
Hawkins, Inc.
35,304
5,263,826
HB Fuller Co.
276,393
18,164,548
Hecla Mining Co.
928,856
23,137,803
Ingevity Corp. *
239,527
17,253,130
Innospec, Inc.
125,042
9,575,716
Kaiser Aluminum Corp.
112,848
14,686,039
Knife River Corp. *
148,580
13,220,648
Koppers Holdings, Inc.
221,539
8,374,174
LSB Industries, Inc. *
437,198
5,080,241
Magnera Corp. *
259,146
3,355,941
Materion Corp.
74,561
12,157,917
Mativ Holdings, Inc.
947,186
10,267,496
Metallus, Inc. *
451,108
7,668,836
Minerals Technologies, Inc.
209,307
14,781,260
Myers Industries, Inc.
291,654
6,524,300
NewMarket Corp.
20,923
13,098,007
Orion SA
833,860
4,744,663
Quaker Chemical Corp.
61,696
9,071,163
Rayonier Advanced Materials, Inc. *
1,251,198
11,848,845
Royal Gold, Inc.
56,302
16,878,777
Ryerson Holding Corp.
1,184,756
30,993,217
Scotts Miracle-Gro Co.
193,519
13,569,552
Sensient Technologies Corp.
111,343
11,304,655
Silgan Holdings, Inc.
425,958
20,467,282
Southern Copper Corp.
174,058
37,996,754
Stepan Co.
233,263
11,870,754
SunCoke Energy, Inc.
1,115,789
6,359,997
Sylvamo Corp.
277,574
12,851,676
Tredegar Corp. *
423,516
3,887,877
TriMas Corp.
191,146
7,469,986
Trinseo PLC (a)
1,658,138
381,372
Tronox Holdings PLC
3,873,269
28,972,052
Warrior Met Coal, Inc.
300,985
25,053,991
SECURITY
NUMBER
OF SHARES
VALUE ($)
Worthington Steel, Inc.
415,095
17,251,348
 
601,241,241
 
Media & Entertainment 3.4%
Advantage Solutions, Inc. *
2,441,045
1,274,958
AMC Networks, Inc., Class A *(a)
1,521,962
12,434,430
Angi, Inc. *
36,201
281,644
Cable One, Inc. *
86,665
8,315,507
Cargurus, Inc. *
195,681
6,007,407
Cars.com, Inc. *
388,294
3,316,031
Cinemark Holdings, Inc.
174,724
4,934,206
Clear Channel Outdoor Holdings, Inc. *
2,927,357
7,025,657
EchoStar Corp., Class A *
399,141
46,112,760
EW Scripps Co., Class A *(a)
3,508,877
14,561,840
Gray Media, Inc. (a)
3,608,936
18,730,378
IAC, Inc. *
281,245
10,777,308
iHeartMedia, Inc., Class A *
4,775,467
15,615,777
John Wiley & Sons, Inc., Class A
254,652
7,899,305
Liberty Broadband Corp., Class C *
135,563
7,403,095
Liberty Media Corp.-Liberty Formula
One, Class C *
152,459
13,963,720
Lionsgate Studios Corp. *
129,840
1,168,560
Live Nation Entertainment, Inc. *
35,242
5,714,138
Match Group, Inc.
502,665
15,884,214
New York Times Co., Class A
272,573
21,748,600
Pinterest, Inc., Class A *
335,082
5,739,955
Roku, Inc. *
99,233
9,765,519
Scholastic Corp.
325,009
11,300,563
Shutterstock, Inc.
188,389
3,164,935
Sinclair, Inc.
1,360,124
22,224,426
Snap, Inc., Class A *
796,434
4,149,421
Thryv Holdings, Inc. *
627,926
1,456,788
TKO Group Holdings, Inc.
29,397
6,581,106
Trade Desk, Inc., Class A *
126,863
3,021,877
TripAdvisor, Inc. *
442,773
4,476,435
USA TODAY Co., Inc. *
1,660,561
9,880,338
Warner Music Group Corp., Class A
165,089
4,721,545
Yelp, Inc. *
367,547
8,192,622
Ziff Davis, Inc. *
385,059
10,427,398
ZoomInfo Technologies, Inc. *
615,999
3,825,354
 
332,097,817
 
Pharmaceuticals, Biotechnology & Life Sciences 2.6%
Amneal Pharmaceuticals, Inc. *
402,348
5,556,426
Azenta, Inc. *
128,166
3,457,919
BioMarin Pharmaceutical, Inc. *
238,156
14,701,370
Bio-Rad Laboratories, Inc., Class A *
61,175
17,033,567
Bio-Techne Corp.
195,960
11,561,640
Bruker Corp.
317,889
12,750,528
Collegium Pharmaceutical, Inc. *
92,320
3,846,974
Corcept Therapeutics, Inc. *
76,036
2,714,485
Emergent BioSolutions, Inc. *
992,477
8,088,688
Exact Sciences Corp. *
109,177
11,286,718
Exelixis, Inc. *
365,960
16,124,198
Fortrea Holdings, Inc. *
1,880,996
20,164,277
Halozyme Therapeutics, Inc. *
117,010
8,135,705
Incyte Corp. *
267,313
27,070,788
Innoviva, Inc. *
262,666
6,030,811
Ironwood Pharmaceuticals, Inc. *
3,118,051
10,663,734
Medpace Holdings, Inc. *
14,002
6,325,544
Myriad Genetics, Inc. *
507,158
2,337,998
Neurocrine Biosciences, Inc. *
91,610
12,115,422
Pacira BioSciences, Inc. *
154,653
3,388,447
Prestige Consumer Healthcare, Inc. *
130,341
9,032,631
Repligen Corp. *
37,710
4,854,408
Royalty Pharma PLC, Class A
516,299
23,858,177
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
39
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sotera Health Co. *
269,706
4,382,723
Supernus Pharmaceuticals, Inc. *
113,557
6,214,975
 
251,698,153
 
Real Estate Management & Development 1.4%
Compass, Inc., Class A *
6,325,627
61,674,863
CoStar Group, Inc. *
237,246
10,588,289
eXp World Holdings, Inc.
1,130,457
7,879,285
Kennedy-Wilson Holdings, Inc.
728,755
7,928,854
Marcus & Millichap, Inc.
141,582
3,739,181
Newmark Group, Inc., Class A
416,541
6,048,175
Opendoor Technologies, Inc. *
5,810,321
31,491,940
Zillow Group, Inc., Class C *
204,998
9,147,011
 
138,497,598
 
Semiconductors & Semiconductor Equipment 4.0%
Allegro MicroSystems, Inc. *
187,573
6,840,787
Alpha & Omega Semiconductor Ltd. *
137,820
2,895,598
Amkor Technology, Inc.
775,641
37,091,153
Axcelis Technologies, Inc. *
92,999
7,682,647
Cirrus Logic, Inc. *
156,750
22,120,560
Cohu, Inc. *
274,150
8,279,330
Diodes, Inc. *
299,763
20,452,829
Enphase Energy, Inc. *
310,617
13,129,781
Entegris, Inc.
216,769
28,711,054
FormFactor, Inc. *
174,526
17,257,131
GLOBALFOUNDRIES, Inc. *
280,742
13,349,282
Ichor Holdings Ltd. *
252,925
12,026,584
Lattice Semiconductor Corp. *
105,172
10,056,547
MACOM Technology Solutions
Holdings, Inc. *
29,663
7,359,983
MaxLinear, Inc. *
312,596
5,448,548
MKS, Inc.
185,195
45,272,770
Monolithic Power Systems, Inc.
20,109
22,979,359
Onto Innovation, Inc. *
62,511
13,495,500
Penguin Solutions, Inc. *
200,413
4,164,582
Photronics, Inc. *
329,674
12,339,698
Power Integrations, Inc.
181,145
8,680,468
Rambus, Inc. *
75,062
7,480,679
Semtech Corp. *
76,285
6,882,433
Silicon Laboratories, Inc. *
103,107
21,088,475
Synaptics, Inc. *
135,259
11,018,198
Ultra Clean Holdings, Inc. *
315,582
19,149,516
Universal Display Corp.
55,992
5,973,786
 
391,227,278
 
Software & Services 2.5%
ACI Worldwide, Inc. *
217,042
8,612,227
Alarm.com Holdings, Inc. *
72,191
3,454,339
AppLovin Corp., Class A *
22,387
9,733,196
Blackbaud, Inc. *
76,323
3,704,719
CCC Intelligent Solutions Holdings,
Inc. *
554,139
3,230,630
Commvault Systems, Inc. *
43,700
3,717,996
Consensus Cloud Solutions, Inc. *
133,929
4,028,584
Crowdstrike Holdings, Inc., Class A *
9,688
3,603,742
Datadog, Inc., Class A *
25,049
2,804,486
DigitalOcean Holdings, Inc. *
93,258
5,228,044
Docusign, Inc. *
50,242
2,264,407
Dolby Laboratories, Inc., Class A
182,102
12,122,530
Dropbox, Inc., Class A *
514,083
12,846,934
Dynatrace, Inc. *
106,470
3,824,402
Fair Isaac Corp. *
10,259
14,458,624
Globant SA *
104,508
5,200,318
Guidewire Software, Inc. *
34,006
4,941,752
SECURITY
NUMBER
OF SHARES
VALUE ($)
HubSpot, Inc. *
6,930
1,833,054
InterDigital, Inc.
27,562
10,102,300
LiveRamp Holdings, Inc. *
217,820
5,918,170
Manhattan Associates, Inc. *
42,326
5,732,210
NCR Voyix Corp. *
969,069
7,403,687
Okta, Inc. *
73,048
5,295,980
Palantir Technologies, Inc., Class A *
48,520
6,656,459
Progress Software Corp. *
109,074
4,568,019
PTC, Inc. *
69,947
10,953,001
Qualys, Inc. *
50,124
4,634,966
Snowflake, Inc., Class A *
27,415
4,616,960
SPS Commerce, Inc. *
33,008
1,865,282
Teradata Corp. *
527,291
16,604,394
Twilio, Inc., Class A *
123,476
14,935,657
Tyler Technologies, Inc. *
19,919
7,065,070
Unisys Corp. *
1,004,652
2,441,304
Unity Software, Inc. *
353,279
6,440,276
VeriSign, Inc.
70,439
16,055,866
Workday, Inc., Class A *
69,876
9,346,614
 
246,246,199
 
Technology Hardware & Equipment 6.1%
Advanced Energy Industries, Inc.
68,916
23,126,142
Badger Meter, Inc.
24,704
3,765,631
Belden, Inc.
103,769
14,870,098
Benchmark Electronics, Inc.
275,374
15,919,371
Calix, Inc. *
96,061
4,973,078
Cognex Corp.
393,007
21,379,581
Coherent Corp. *
173,585
44,946,364
Crane NXT Co.
109,311
5,278,628
CTS Corp.
107,874
5,680,645
ePlus, Inc.
127,046
10,247,530
Ingram Micro Holding Corp.
330,554
6,839,162
IPG Photonics Corp. *
153,435
20,187,443
Itron, Inc. *
99,668
9,363,809
Kimball Electronics, Inc. *
261,996
6,547,280
Knowles Corp. *
360,404
9,792,177
Littelfuse, Inc.
72,193
25,445,145
Lumentum Holdings, Inc. *
151,896
106,465,425
Methode Electronics, Inc.
902,734
7,637,130
NETGEAR, Inc. *
190,509
3,928,296
NetScout Systems, Inc. *
356,667
10,418,243
Novanta, Inc. *
40,016
5,379,351
OSI Systems, Inc. *
30,366
8,660,383
PC Connection, Inc.
111,810
6,814,819
Plexus Corp. *
104,726
20,330,458
Pure Storage, Inc., Class A *
105,499
6,775,146
Rogers Corp. *
94,439
10,183,357
ScanSource, Inc. *
275,549
10,134,692
Super Micro Computer, Inc. *
458,547
14,852,337
TTM Technologies, Inc. *
327,548
34,143,604
Viasat, Inc. *
1,012,664
46,359,758
Viavi Solutions, Inc. *
723,453
21,493,789
Vistance Networks, Inc. *
2,190,940
38,494,816
Vontier Corp.
435,333
17,813,826
 
598,247,514
 
Telecommunication Services 0.5%
Array Digital Infrastructure, Inc.
67,515
3,290,006
Cogent Communications Holdings, Inc.
188,424
3,534,834
GCI Liberty, Inc., Class C *
10,675
420,062
IDT Corp., Class B
68,296
3,479,681
IHS Holding Ltd. *
1,121,436
8,971,488
Iridium Communications, Inc.
392,116
9,391,178
Shenandoah Telecommunications Co.
336,765
4,590,107
See financial notes
40
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Uniti Group, Inc.
1,635,468
11,971,626
 
45,648,982
 
Transportation 3.0%
Allegiant Travel Co. *
115,898
11,838,981
American Airlines Group, Inc. *
1,342,437
17,545,652
ArcBest Corp.
246,837
25,340,286
Covenant Logistics Group, Inc.,
Class A
146,638
4,317,023
Forward Air Corp. *
227,852
5,762,377
Genco Shipping & Trading Ltd.
370,580
8,912,449
Global Ship Lease, Inc., Class A
199,251
8,185,231
Heartland Express, Inc.
435,794
4,806,808
JetBlue Airways Corp. *
2,414,194
13,374,635
Kirby Corp. *
158,831
20,616,264
Marten Transport Ltd.
550,928
7,487,111
RXO, Inc. *
783,279
12,501,133
Saia, Inc. *
61,894
25,091,209
Schneider National, Inc., Class B
347,482
9,861,539
SkyWest, Inc. *
150,106
15,623,032
Southwest Airlines Co.
474,571
23,377,367
Sun Country Airlines Holdings, Inc. *
263,774
5,191,072
United Airlines Holdings, Inc. *
178,599
18,985,074
Werner Enterprises, Inc.
716,457
25,140,476
XPO, Inc. *
143,172
30,133,411
 
294,091,130
 
Utilities 3.0%
American States Water Co.
71,928
5,360,794
Avista Corp.
353,847
14,373,265
Black Hills Corp.
304,945
22,462,249
California Water Service Group
139,764
6,300,561
Chesapeake Utilities Corp.
41,304
5,616,105
Clearway Energy, Inc., Class C
282,127
10,808,285
H2O America
98,507
5,298,692
Hawaiian Electric Industries, Inc. *
1,509,006
23,374,503
IDACORP, Inc.
127,334
18,332,276
MDU Resources Group, Inc.
668,786
13,830,494
MGE Energy, Inc.
75,431
6,186,851
New Jersey Resources Corp.
309,802
16,803,660
Northwest Natural Holding Co.
176,368
9,354,559
Northwestern Energy Group, Inc.
245,515
17,176,229
ONE Gas, Inc.
215,692
18,860,108
Ormat Technologies, Inc.
103,944
10,778,993
Otter Tail Corp.
131,990
11,232,349
Southwest Gas Holdings, Inc.
259,141
22,848,462
SECURITY
NUMBER
OF SHARES
VALUE ($)
Spire, Inc.
208,857
19,133,390
Talen Energy Corp. *
32,970
12,230,881
TXNM Energy, Inc.
292,360
17,255,087
Unitil Corp.
70,721
3,699,416
 
291,317,209
Total Common Stocks
(Cost $7,990,273,846)
9,817,801,001
 
 
 
 
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS
 
Money Market Funds 0.4%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (d)
8,024,142
8,024,142
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (d)(e)
33,165,162
33,165,162
 
41,189,304
Total Short-Term Investments
(Cost $41,189,304)
41,189,304
Total Investments in Securities
(Cost $8,031,463,150)
9,858,990,305
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 2000 Index, e-mini,
expires 03/20/26
71
9,353,185
(82,025
)
 
*
Non-income producing security.
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(b)
All or a portion of this security is on loan. Securities on loan were valued at
$32,253,647.
(c)
Fair valued using significant unobservable inputs.
(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 February 28, 2026. 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 February 28, 2026, 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
2/28/26
BALANCE
OF SHARES
HELD AT
2/28/26
DIVIDENDS
RECEIVED
COMMON STOCKS 1.1% OF NET ASSETS
 
Capital Goods 0.1%
JELD-WEN Holding, Inc.(a),*
$—
$8,637,857
($1,436,838
)
($317,176
)
($7,994,972
)
$6,188,900
3,157,602
$—
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
41
Schwab Fundamental U.S. Small Company ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
2/28/26
BALANCE
OF SHARES
HELD AT
2/28/26
DIVIDENDS
RECEIVED
Commercial & Professional Services 0.0%
TrueBlue, Inc.(a),*
$—
$8,162,567
($429,581
)
($15,684
)
($2,544,818
)
$6,182,471
1,461,577
$—
 
Consumer Durables & Apparel 0.1%
Oxford Industries, Inc.(a)
—
4,445,230
(904,113
)
(120,086
)
(2,235,830
)
6,864,668
173,394
369,719
 
Consumer Services 0.0%
Cracker Barrel Old Country Store, Inc.(b)
16,173,738
4,137,880
(7,478,302
)
(7,028,990
)
3,795,329
—
—
327,565
 
Equity Real Estate Investment Trusts (REITs) 0.1%
Service Properties Trust(a)
—
4,585,149
(2,230,274
)
(1,154,138
)
(2,129,994
)
12,055,917
5,241,703
202,699
 
Food, Beverage & Tobacco 0.0%
Hain Celestial Group, Inc.(a),*
—
7,243,363
(441,934
)
(76,986
)
(4,372,303
)
3,414,752
4,271,644
—
 
Health Care Equipment & Services 0.1%
Accendra Health, Inc.(a),*
—
10,776,515
(2,070,135
)
(880,673
)
(13,438,800
)
6,923,027
2,860,755
—
 
Household & Personal Products 0.2%
Medifast, Inc.(a),*
—
7,844,171
(438,551
)
(19,483
)
(1,749,287
)
6,000,689
569,866
—
Nu Skin Enterprises, Inc., Class A(a)
—
16,837,868
(1,158,742
)
91,299
(1,699,450
)
15,820,653
1,865,643
289,648
 
21,821,342
 
Materials 0.0%
Trinseo PLC(a)
—
3,280,231
(902,985
)
(84,111
)
(4,052,962
)
381,372
1,658,138
8,216
 
Media & Entertainment 0.5%
AMC Networks, Inc., Class A(a),*
—
10,547,565
(681,072
)
57,707
436,271
12,434,430
1,521,962
—
EW Scripps Co., Class A(a),*
—
12,224,385
(768,003
)
55,338
2,731,008
14,561,840
3,508,877
—
Gray Media, Inc.(a)
—
17,252,772
(1,122,223
)
46,201
1,085,968
18,730,378
3,608,936
471,587
 
45,726,648
Total
$16,173,738
$115,975,553
($20,062,753
)
($9,446,782
)
($32,169,840
)
$109,559,097
$1,669,434
 
(a)
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.
(b)
All or a portion of this security is on loan. Securities on loan were valued at $32,253,647.
*
Non-income producing security.
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$9,417,408,836
$—
$—
$9,417,408,836
Health Care Equipment & Services
400,392,165
—
0
*
400,392,165
Short-Term Investments1
41,189,304
—
—
41,189,304
Liabilities
Futures Contracts2
(82,025
)
—
—
(82,025
)
Total
$9,858,908,280
$—
$0
$9,858,908,280
 
*
Level 3 amount shown includes securities determined to have no value.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
42
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - affiliated issuers (cost $185,978,267)
 
$109,559,097
Investments in securities, at value - unaffiliated issuers (cost $7,845,484,883) including securities on loan of $32,253,647
 
9,749,431,208
Deposit with broker for futures contracts
 
1,980,702
Receivables:
 
Dividends
 
7,079,690
Income from securities on loan
 
34,870
Foreign tax reclaims
+
457
Total assets
 
9,868,086,024
 
Liabilities
Collateral held for securities on loan
 
33,165,162
Payables:
 
Investments bought
 
6,357,622
Management fees
 
1,881,467
Variation margin on futures contracts
+
243,753
Total liabilities
 
41,648,004
Net assets
 
$9,826,438,020
 
Net Assets by Source
Capital received from investors
 
$9,491,754,239
Total distributable earnings
+
334,683,781
Net assets
 
$9,826,438,020
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$9,826,438,020
 
285,700,000
$34.39
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
43
Schwab Fundamental U.S. Small Company ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $29,972)
 
$135,891,286
Dividends received from securities - affiliated issuers
 
1,669,434
Other Interest
 
57,380
Securities on loan, net
+
1,202,958
Total investment income
 
138,821,058
 
Expenses
Management fees
 
21,849,389
Total expenses
–
21,849,389
Net investment income
 
116,971,669
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated issuers
 
(9,549,139
)
Net realized losses on sales of securities - unaffiliated issuers
 
(241,100,530
)
Net realized gains on sales of in-kind redemptions - affiliated issuers
 
102,357
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
1,072,444,800
Net realized gains on futures contracts
+
2,146,566
Net realized gains
 
824,044,054
Net change in unrealized appreciation (depreciation) on securities - affiliated issuers
 
(32,169,840
)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
656,980,053
Net change in unrealized appreciation (depreciation) on futures contracts
+
404,067
Net change in unrealized appreciation (depreciation)
 
625,214,280
Net realized and unrealized gains
 
1,449,258,334
Increase in net assets resulting from operations
 
$1,566,230,003
See financial notes
44
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental U.S. Small Company ETF
Statement of Changes in Net Assets
For the current and prior report periods 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$116,971,669
$117,890,554
Net realized gains
 
824,044,054
139,412,957
Net change in unrealized appreciation (depreciation)
+
625,214,280
309,962,717
Increase in net assets resulting from operations
 
$1,566,230,003
$567,266,228
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($111,205,320
)
($137,775,070
)
 
TRANSACTIONS IN FUND SHARES1
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
65,550,000
$1,912,229,859
69,800,000
$1,987,701,631
Shares redeemed
+
(91,800,000
)
(2,622,682,120
)
(45,850,000
)
(1,293,604,949
)
Net transactions in fund shares
 
(26,250,000
)
($710,452,261
)
23,950,000
$694,096,682
 
SHARES OUTSTANDING AND NET ASSETS1
 
3/1/25-2/28/26
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)
+
(26,250,000
)
744,572,422
23,950,000
1,123,587,840
End of period
 
285,700,000
$9,826,438,020
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 notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
45
Schwab Fundamental International Equity ETF   
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/23
3/1/21–
2/28/22
 
Per-Share Data
Net asset value at beginning of period
$35.53
$34.11
$30.98
$32.25
$30.94
Income (loss) from investment operations:
Net investment income (loss)1
1.26
1.15
1.06
1.03
1.04
Net realized and unrealized gains (losses)
17.61
1.60
3.22
(1.40
)
1.42
Total from investment operations
18.87
2.75
4.28
(0.37
)
2.46
Less distributions:
Distributions from net investment income
(1.55
)
(1.33
)
(1.15
)
(0.90
)
(1.15
)
Net asset value at end of period
$52.85
$35.53
$34.11
$30.98
$32.25
Total return
54.06
%
8.24
%
14.06
%
(0.91
%)
7.95
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.25
%
0.25
%
0.25
%
0.25
%2
0.25
%
Net investment income (loss)
2.99
%
3.24
%
3.31
%
3.50
%
3.16
%
Portfolio turnover rate3
11
%
12
%
11
%
15
%
15
%
Net assets, end of period (x 1,000,000)
$23,376
$14,103
$12,251
$9,343
$7,382
 
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
46
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 98.1% OF NET ASSETS
 
Australia 4.6%
AGL Energy Ltd.
1,387,321
9,777,991
Ampol Ltd.
599,762
12,040,435
ANZ Group Holdings Ltd.
2,059,939
58,779,357
APA Group
1,016,243
6,662,877
Aristocrat Leisure Ltd.
170,839
5,853,665
Aurizon Holdings Ltd.
3,393,017
10,034,842
BHP Group Ltd.
6,357,968
264,656,122
BlueScope Steel Ltd.
1,026,633
20,485,646
Brambles Ltd.
743,243
13,284,180
Coles Group Ltd.
1,202,445
17,618,330
Commonwealth Bank of Australia
557,978
69,436,442
Computershare Ltd.
167,759
3,704,962
CSL Ltd.
155,661
16,280,357
Downer EDI Ltd.
1,355,147
8,295,756
Dyno Nobel Ltd.
2,451,053
5,799,188
Endeavour Group Ltd.
2,361,374
6,579,879
Fortescue Ltd.
2,562,584
38,606,417
Goodman Group
206,834
4,265,764
Insurance Australia Group Ltd.
1,226,481
5,821,186
JB Hi-Fi Ltd.
102,010
5,970,641
Lendlease Corp. Ltd.
1,412,500
4,227,797
Macquarie Group Ltd.
141,625
21,546,340
Medibank Pvt Ltd.
2,170,529
6,775,106
Metcash Ltd.
2,437,488
5,732,352
Mineral Resources Ltd. *
211,856
9,206,713
National Australia Bank Ltd.
1,527,480
53,361,157
Northern Star Resources Ltd.
398,840
8,606,587
Orica Ltd.
407,230
7,086,990
Origin Energy Ltd.
1,187,380
10,281,167
QBE Insurance Group Ltd.
796,411
12,333,132
Ramsay Health Care Ltd.
254,302
7,805,506
Rio Tinto Ltd.
591,670
70,555,319
Santos Ltd.
3,524,957
16,981,534
Scentre Group
2,139,996
5,825,762
Sonic Healthcare Ltd.
625,386
10,620,589
South32 Ltd.
6,623,030
21,711,556
Stockland
1,537,322
5,598,377
Suncorp Group Ltd.
729,481
7,605,622
Telstra Group Ltd.
3,779,420
13,951,835
Transurban Group
1,042,991
10,658,746
Viva Energy Group Ltd.
3,241,537
4,088,845
Wesfarmers Ltd.
548,833
31,141,447
Westpac Banking Corp.
1,889,023
57,267,883
Whitehaven Coal Ltd.
1,959,205
10,904,539
Woodside Energy Group Ltd.
2,061,722
41,595,503
Woolworths Group Ltd.
1,224,040
31,403,244
Worley Ltd.
826,041
6,675,612
 
1,077,503,297
 
Austria 0.4%
ams-OSRAM AG *
499,309
5,560,863
BAWAG Group AG
45,462
7,085,363
Erste Group Bank AG
169,048
20,099,218
OMV AG
439,018
28,405,507
Raiffeisen Bank International AG
218,084
10,881,605
voestalpine AG
346,477
19,857,010
Wienerberger AG
161,134
5,288,977
 
97,178,543
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Belgium 0.6%
Ageas SA
135,077
10,031,635
Anheuser-Busch InBev SA
786,784
63,930,758
KBC Group NV
148,103
20,074,531
Proximus SADP
673,594
5,555,259
Syensqo SA
107,511
6,140,004
UCB SA
31,533
9,393,387
Umicore SA
1,015,302
21,601,787
 
136,727,361
 
Canada 8.1%
Agnico Eagle Mines Ltd.
111,349
27,973,390
Algonquin Power & Utilities Corp.
945,457
6,613,381
Alimentation Couche-Tard, Inc.
916,530
55,629,544
AltaGas Ltd.
277,509
9,433,088
ARC Resources Ltd.
568,953
10,554,321
Atco Ltd., Class I
154,841
7,363,704
B2Gold Corp.
1,678,901
10,315,790
Bank of Montreal
374,693
53,932,605
Bank of Nova Scotia
1,036,048
78,608,532
Barrick Mining Corp.
1,345,769
68,292,461
Bausch Health Cos., Inc. *
1,277,325
7,576,756
BCE, Inc.
897,884
23,601,673
Brookfield Corp.
811,526
35,594,446
Canadian Imperial Bank of Commerce
538,153
54,369,690
Canadian National Railway Co.
327,423
36,747,911
Canadian Natural Resources Ltd.
2,253,673
98,600,776
Canadian Pacific Kansas City Ltd.
273,716
23,970,846
Canadian Tire Corp. Ltd., Class A
103,809
14,563,021
Capital Power Corp.
103,181
4,844,139
CCL Industries, Inc., Class B
97,835
6,806,163
Cenovus Energy, Inc.
2,869,030
63,929,187
CGI, Inc.
150,693
11,022,571
Constellation Software, Inc.
2,096
3,873,816
Dollarama, Inc.
47,887
7,051,118
Element Fleet Management Corp.
177,338
4,224,593
Emera, Inc.
208,925
10,871,729
Empire Co. Ltd., Class A
265,607
9,421,906
Enbridge, Inc.
1,529,538
81,274,054
Fairfax Financial Holdings Ltd.
12,812
22,054,752
Finning International, Inc.
164,471
11,089,748
First Quantum Minerals Ltd. *
630,443
18,878,390
Fortis, Inc.
328,067
18,875,549
Franco-Nevada Corp.
27,122
7,581,472
George Weston Ltd.
197,664
14,510,481
Gildan Activewear, Inc.
115,053
7,842,855
Great-West Lifeco, Inc. (a)
152,645
7,375,668
Hydro One Ltd.
170,526
7,329,423
iA Financial Corp., Inc.
60,849
6,921,220
Imperial Oil Ltd.
193,898
22,683,159
Intact Financial Corp.
72,732
14,044,046
Keyera Corp.
194,355
7,418,793
Kinross Gold Corp.
773,142
28,582,190
Linamar Corp.
104,191
7,181,872
Loblaw Cos. Ltd.
462,859
21,455,399
Lundin Mining Corp.
493,026
15,710,606
Magna International, Inc. (a)
884,103
55,755,178
Manulife Financial Corp.
987,603
35,170,934
Methanex Corp.
123,715
6,242,671
Metro, Inc.
210,614
15,008,670
National Bank of Canada
165,379
23,084,064
Nutrien Ltd.
952,178
71,623,669
Open Text Corp.
216,448
5,362,597
Pembina Pipeline Corp.
456,546
20,068,140
Power Corp. of Canada
388,588
19,522,711
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
47
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Quebecor, Inc., Class B
173,721
7,185,249
Restaurant Brands International, Inc.
149,003
10,691,376
Rogers Communications, Inc.,
Class B
580,872
23,186,327
Royal Bank of Canada
641,229
107,229,606
Saputo, Inc.
336,173
10,732,098
Shopify, Inc., Class A *
33,646
4,062,387
Sun Life Financial, Inc.
304,138
19,936,164
Suncor Energy, Inc.
1,902,042
107,454,879
TC Energy Corp.
583,947
37,528,287
Teck Resources Ltd., Class B
615,160
36,133,349
TELUS Corp.
752,393
10,316,200
TFI International, Inc.
78,545
9,385,547
Thomson Reuters Corp.
41,002
3,948,229
Toromont Industries Ltd.
48,368
7,507,795
Toronto-Dominion Bank
1,071,347
104,381,412
Tourmaline Oil Corp.
272,441
12,792,552
Vermilion Energy, Inc.
563,116
6,048,795
Waste Connections, Inc.
66,392
11,426,619
West Fraser Timber Co. Ltd.
197,288
13,099,975
Wheaton Precious Metals Corp.
45,357
7,391,942
Whitecap Resources, Inc.
1,444,377
14,424,178
WSP Global, Inc.
44,916
7,609,884
 
1,890,908,318
 
China 0.1%
China Gas Holdings Ltd.
5,866,033
6,074,400
Kingboard Holdings Ltd.
1,896,023
9,821,705
SITC International Holdings Co. Ltd.
1,456,052
6,213,511
 
22,109,616
 
Denmark 0.8%
AP Moller - Maersk AS, Class A
10,762
26,360,778
AP Moller - Maersk AS, Class B (a)
15,522
38,449,328
Carlsberg AS, Class B
85,382
13,266,053
Coloplast AS, Class B
47,049
3,628,305
Danske Bank AS
277,078
14,453,769
DSV AS
97,543
25,210,426
Genmab AS *
18,565
5,423,104
ISS AS
168,227
5,981,523
Novo Nordisk AS, Class B
876,163
32,939,187
Novonesis Novozymes B, Class B
82,640
4,903,812
Orsted AS *
354,039
8,392,201
Pandora AS
42,012
3,319,532
Vestas Wind Systems AS
458,185
11,762,350
 
194,090,368
 
Finland 1.1%
Elisa OYJ
113,222
5,807,113
Fortum OYJ
596,008
13,940,432
Kesko OYJ, B Shares
360,682
8,883,384
Kone OYJ, B Shares
174,680
13,203,787
Metso OYJ
342,419
7,158,029
Neste OYJ
1,301,852
32,555,715
Nokia OYJ
5,704,786
43,673,905
Nordea Bank Abp
2,491,898
48,398,938
Outokumpu OYJ
1,936,987
13,093,081
Sampo OYJ, A Shares
1,585,116
17,570,082
Stora Enso OYJ, R Shares
1,096,389
14,893,301
UPM-Kymmene OYJ
692,767
22,068,296
Wartsila OYJ Abp
213,017
9,280,691
 
250,526,754
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
France 7.6%
Accor SA
86,566
5,034,791
Air Liquide SA
261,680
55,070,037
Alstom SA *
385,903
12,889,936
Arkema SA
158,358
11,582,998
AXA SA
1,222,984
59,867,309
Ayvens SA
654,717
8,348,665
BNP Paribas SA
1,005,627
113,391,359
Bollore SE
742,064
4,342,225
Bouygues SA
299,965
18,657,610
Bureau Veritas SA
163,183
5,668,358
Capgemini SE
150,723
19,032,682
Carrefour SA
2,399,844
45,463,451
Cie de Saint-Gobain SA
408,698
41,615,098
Cie Generale des Etablissements
Michelin SCA
1,097,057
44,558,165
Credit Agricole SA
578,190
12,823,939
Danone SA
450,979
38,678,695
Dassault Systemes SE
165,342
3,621,319
Eiffage SA
153,630
26,519,362
Elis SA
161,997
5,194,890
Emeis SA *
363,972
6,609,429
Engie SA
2,099,619
71,718,070
EssilorLuxottica SA
95,555
25,407,473
Forvia SE *
1,060,287
15,122,724
Hermes International SCA
3,406
8,239,982
Kering SA
86,633
29,244,027
Legrand SA
107,810
19,583,766
L'Oreal SA
94,914
44,534,625
LVMH Moet Hennessy Louis Vuitton
SE
120,670
77,520,703
Orange SA
4,207,945
90,373,774
Pernod Ricard SA
171,388
15,836,526
Publicis Groupe SA
147,884
13,168,836
Renault SA
611,313
23,176,273
Rexel SA
509,635
22,185,644
Rubis SCA
157,737
6,823,838
Safran SA
67,177
26,967,407
Sanofi SA
923,895
89,667,301
Schneider Electric SE
197,840
64,634,282
SCOR SE
219,652
8,013,704
SEB SA
58,768
3,618,553
Societe Generale SA
889,786
77,595,142
Sodexo SA
89,459
4,900,966
Teleperformance SE
107,236
6,518,067
Thales SA
33,350
10,037,033
TotalEnergies SE
4,357,289
346,132,208
Unibail-Rodamco-Westfield *
77,877
9,760,428
Valeo SE
958,162
13,903,703
Veolia Environnement SA
764,628
32,464,562
Vinci SA
427,209
70,995,114
Worldline SA *(a)
1,141,787
2,109,115
 
1,769,224,164
 
Germany 6.9%
adidas AG
107,613
20,100,686
Allianz SE
219,508
99,055,980
Aumovio SE *
90,807
4,535,230
Aurubis AG
67,440
13,759,447
BASF SE
1,921,124
110,464,829
Bayer AG
2,943,977
146,024,846
Bayerische Motoren Werke AG
759,758
80,249,778
Beiersdorf AG
42,675
5,424,094
BioNTech SE, ADR *
212,116
23,381,547
Brenntag SE
187,053
11,550,640
Commerzbank AG
392,501
16,057,712
See financial notes
48
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Continental AG
214,022
18,477,119
Daimler Truck Holding AG
499,820
25,393,621
Deutsche Bank AG
970,214
34,703,890
Deutsche Boerse AG
42,000
11,524,579
Deutsche Lufthansa AG
1,445,200
15,507,291
Deutsche Post AG
1,500,419
88,754,411
Deutsche Telekom AG
3,872,094
155,852,064
E.ON SE
2,206,302
51,266,033
Evonik Industries AG
591,075
10,321,681
Freenet AG
130,448
4,263,273
Fresenius Medical Care AG
379,460
17,674,725
Fresenius SE & Co. KGaA
627,934
37,737,354
FUCHS SE
37,961
1,380,473
GEA Group AG
82,386
6,410,302
Hannover Rueck SE
22,316
6,792,645
Hapag-Lloyd AG (a)
65,314
10,079,095
Heidelberg Materials AG
103,053
23,063,440
Henkel AG & Co. KGaA
71,364
6,466,916
Infineon Technologies AG
565,304
30,586,107
K&S AG
438,724
7,764,843
KION Group AG
115,735
7,925,604
Lanxess AG
291,496
6,580,519
Mercedes-Benz Group AG
2,288,669
159,431,695
Merck KGaA
81,290
12,314,122
MTU Aero Engines AG
12,408
5,353,157
Muenchener
Rueckversicherungs-Gesellschaft
AG in Muenchen
59,924
39,309,969
Puma SE
216,486
6,073,177
Rheinmetall AG
4,269
8,384,721
RWE AG
341,159
21,969,068
SAP SE
211,950
42,782,641
Schaeffler AG
866,458
10,598,562
Siemens AG
340,427
99,440,513
Siemens Energy AG
134,941
26,519,626
Siemens Healthineers AG
129,146
6,425,622
Symrise AG
61,614
5,643,764
thyssenkrupp AG
2,022,165
25,176,934
Tkms AG& Co. KGaA *
102,297
11,589,042
Volkswagen AG
149,404
17,957,657
Vonovia SE
300,969
10,195,111
Zalando SE *
174,370
4,271,983
 
1,622,568,138
 
Hong Kong 1.0%
AIA Group Ltd.
5,951,416
66,041,038
CK Asset Holdings Ltd.
2,430,564
15,468,059
CLP Holdings Ltd.
1,798,634
17,061,632
HKT Trust & HKT Ltd.
3,227,588
5,091,750
Hong Kong & China Gas Co. Ltd.
7,572,221
7,366,850
Hong Kong Exchanges & Clearing Ltd.
131,424
7,039,836
Link REIT
1,294,283
6,413,379
New World Development Co. Ltd. *(a)
10,510,569
14,592,507
Pacific Basin Shipping Ltd.
20,193,459
8,932,246
Sun Hung Kai Properties Ltd.
1,093,663
20,413,160
Swire Pacific Ltd., A Shares
576,768
6,204,819
Swire Pacific Ltd., B Shares
1,774,552
3,137,507
Techtronic Industries Co. Ltd.
820,697
13,387,743
WH Group Ltd.
21,236,090
26,714,283
Yue Yuen Industrial Holdings Ltd.
2,586,466
6,146,955
 
224,011,764
 
Indonesia 0.1%
Jardine Matheson Holdings Ltd.
242,357
19,994,453
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ireland 0.9%
AIB Group PLC
744,587
7,780,336
Allegion PLC
35,086
5,654,109
Bank of Ireland Group PLC
470,153
9,178,740
DCC PLC
219,988
15,335,296
ICON PLC *
46,004
4,974,873
James Hardie Industries PLC, CDI *
265,856
6,483,401
Kerry Group PLC, Class A
101,195
8,996,917
Kingspan Group PLC
84,410
8,406,566
Medtronic PLC
844,489
82,472,796
Perrigo Co. PLC
279,429
3,694,051
Ryanair Holdings PLC
364,426
11,798,219
Smurfit WestRock PLC (b)
77,595
3,604,344
Smurfit WestRock PLC (b)
350,457
16,474,984
Trane Technologies PLC
43,501
20,111,382
 
204,966,014
 
Isle Of Man 0.0%
Entain PLC
602,111
4,654,669
 
Israel 0.6%
Bank Hapoalim BM
619,287
15,601,920
Bank Leumi Le-Israel BM
678,042
16,385,808
Check Point Software Technologies
Ltd. *
31,036
4,719,644
ICL Group Ltd.
1,247,370
5,892,022
Israel Discount Bank Ltd., A Shares
653,501
7,901,581
Mizrahi Tefahot Bank Ltd.
74,685
5,588,244
Oil Refineries Ltd.
15,737,667
5,124,837
Teva Pharmaceutical Industries Ltd.,
ADR *
1,043,139
35,320,687
ZIM Integrated Shipping Services
Ltd. (a)
1,231,467
35,503,194
 
132,037,937
 
Italy 2.0%
A2A SpA
2,090,678
6,119,322
Banco BPM SpA
505,177
7,476,659
BPER Banca SpA
525,339
7,449,417
Enel SpA
8,286,385
99,735,415
Eni SpA
5,039,294
116,951,152
Generali
860,350
36,731,888
Intesa Sanpaolo SpA
6,758,033
46,558,699
Leonardo SpA
133,934
8,982,120
Moncler SpA
85,149
5,875,292
Poste Italiane SpA
257,826
6,925,446
Prysmian SpA
129,067
15,619,918
Snam SpA
1,291,984
10,052,688
Telecom Italia SpA *
34,398,020
25,838,469
Terna - Rete Elettrica Nazionale
698,066
8,406,909
UniCredit SpA
783,610
66,994,350
Unipol Assicurazioni SpA
284,075
7,097,221
 
476,814,965
 
Japan 23.8%
Advantest Corp.
105,920
18,215,866
Aeon Co. Ltd.
1,826,282
26,044,624
AGC, Inc.
563,720
25,022,127
Air Water, Inc.
416,736
5,790,929
Aisin Corp.
1,412,055
25,138,875
Ajinomoto Co., Inc.
528,737
16,824,758
Alfresa Holdings Corp.
684,197
11,740,360
Alps Alpine Co. Ltd.
524,273
7,872,910
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
49
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Amada Co. Ltd.
409,499
6,826,076
ANA Holdings, Inc.
353,868
7,713,132
Asahi Group Holdings Ltd.
1,830,930
19,930,604
Asahi Kasei Corp.
3,096,907
36,587,638
Astellas Pharma, Inc.
1,982,991
33,042,441
Bandai Namco Holdings, Inc.
324,205
8,812,977
Bridgestone Corp.
1,779,580
43,268,443
Brother Industries Ltd.
527,877
10,927,772
Canon, Inc.
1,006,279
30,692,718
Central Japan Railway Co.
762,104
22,493,356
Chubu Electric Power Co., Inc.
1,748,502
29,538,344
Chugai Pharmaceutical Co. Ltd.
194,729
13,040,139
Chugoku Electric Power Co., Inc.
826,263
5,760,687
Coca-Cola Bottlers Japan Holdings,
Inc.
290,724
7,679,396
COMSYS Holdings Corp.
237,870
8,778,908
Cosmo Energy Holdings Co. Ltd.
395,155
12,191,908
Dai Nippon Printing Co. Ltd.
634,922
13,216,951
Daifuku Co. Ltd.
190,633
7,902,493
Dai-ichi Life Holdings, Inc.
2,619,545
27,030,181
Daiichi Sankyo Co. Ltd.
584,744
11,475,777
Daikin Industries Ltd.
270,207
34,467,077
Daito Trust Construction Co. Ltd.
516,512
11,909,964
Daiwa House Industry Co. Ltd.
958,884
34,658,014
Daiwa Securities Group, Inc.
744,387
7,847,949
Daiwabo Holdings Co. Ltd.
236,408
4,845,512
Denso Corp.
2,994,574
43,156,391
Dentsu Group, Inc.
311,811
5,842,774
DIC Corp.
228,523
6,482,808
Disco Corp.
15,976
7,725,784
Dowa Holdings Co. Ltd.
170,437
12,608,790
East Japan Railway Co.
867,300
21,442,934
Ebara Corp.
307,394
10,911,626
Eisai Co. Ltd.
333,820
11,206,089
Electric Power Development Co. Ltd.
557,977
13,330,692
ENEOS Holdings, Inc.
9,964,518
94,970,074
EXEO Group, Inc.
359,104
6,884,216
FANUC Corp.
506,203
23,062,430
Fast Retailing Co. Ltd.
47,094
20,822,410
Fuji Electric Co. Ltd.
139,835
12,458,638
FUJIFILM Holdings Corp.
1,337,147
27,783,538
Fujikura Ltd.
88,653
15,198,063
Fujitsu Ltd.
1,332,213
30,616,367
Furukawa Electric Co. Ltd.
104,971
18,893,099
Hankyu Hanshin Holdings, Inc.
229,385
6,692,385
Hanwa Co. Ltd.
174,321
10,015,432
Haseko Corp.
409,437
8,953,197
Hitachi Construction Machinery Co.
Ltd.
160,111
7,206,405
Hitachi Ltd.
2,830,259
94,737,765
Honda Motor Co. Ltd.
11,381,990
115,514,896
Hoya Corp.
101,374
18,352,833
Idemitsu Kosan Co. Ltd.
3,547,028
33,874,259
IHI Corp.
414,449
11,422,732
Iida Group Holdings Co. Ltd.
455,454
8,112,843
Inpex Corp.
1,637,982
39,867,616
Isetan Mitsukoshi Holdings Ltd.
288,606
5,693,556
Isuzu Motors Ltd.
1,203,198
22,491,807
ITOCHU Corp.
7,355,141
106,941,041
Iwatani Corp.
412,500
5,440,112
Japan Airlines Co. Ltd.
344,283
7,118,306
Japan Post Bank Co. Ltd.
914,221
17,924,295
Japan Post Holdings Co. Ltd.
2,308,349
30,102,793
Japan Post Insurance Co. Ltd.
261,212
8,536,132
Japan Tobacco, Inc.
841,751
32,279,028
JFE Holdings, Inc.
2,547,095
35,899,968
JTEKT Corp.
885,960
12,194,895
Kajima Corp.
452,870
20,716,718
SECURITY
NUMBER
OF SHARES
VALUE ($)
Kaneka Corp.
194,029
6,560,635
Kansai Electric Power Co., Inc.
1,578,768
28,546,755
Kao Corp.
429,957
18,379,715
Kawasaki Heavy Industries Ltd.
123,560
14,447,320
Kawasaki Kisen Kaisha Ltd.
387,563
6,238,244
KDDI Corp.
3,449,164
59,008,596
Keyence Corp.
39,258
16,610,943
Kikkoman Corp.
542,884
5,215,859
Kintetsu Group Holdings Co. Ltd.
251,065
5,313,171
Kirin Holdings Co. Ltd.
1,180,081
20,461,036
Kobe Steel Ltd.
1,079,752
15,733,776
Koito Manufacturing Co. Ltd.
489,505
8,844,795
Komatsu Ltd.
1,077,772
52,002,283
Konica Minolta, Inc.
1,810,218
6,919,700
K's Holdings Corp.
513,217
5,639,223
Kubota Corp.
1,712,829
34,843,522
Kuraray Co. Ltd.
707,407
8,362,015
Kyocera Corp.
1,750,980
30,993,327
Kyushu Electric Power Co., Inc.
1,083,889
13,982,081
Lixil Corp.
875,674
10,292,149
LY Corp.
1,817,008
4,527,245
Makita Corp.
252,398
9,788,758
Marubeni Corp.
2,261,183
87,014,812
MatsukiyoCocokara & Co.
351,647
5,831,315
Mazda Motor Corp. (a)
3,431,170
30,515,161
Medipal Holdings Corp.
752,513
14,782,753
MEIJI Holdings Co. Ltd.
542,619
13,996,008
Minebea Mitsumi, Inc.
543,891
11,719,131
MISUMI Group, Inc.
351,412
7,085,636
Mitsubishi Chemical Group Corp.
4,760,242
35,383,576
Mitsubishi Corp.
5,103,307
172,915,895
Mitsubishi Electric Corp.
2,187,595
83,944,798
Mitsubishi Estate Co. Ltd.
845,811
28,593,694
Mitsubishi Gas Chemical Co., Inc.
409,279
11,440,151
Mitsubishi HC Capital, Inc.
1,093,632
10,605,341
Mitsubishi Heavy Industries Ltd.
1,160,472
37,268,897
Mitsubishi Materials Corp.
505,992
19,465,095
Mitsubishi Motors Corp.
2,363,238
6,495,215
Mitsubishi UFJ Financial Group, Inc.
4,094,707
77,855,166
Mitsui & Co. Ltd.
3,509,351
131,989,810
Mitsui Chemicals, Inc.
922,980
14,070,087
Mitsui Fudosan Co. Ltd.
1,889,293
25,491,085
Mitsui Kinzoku Co. Ltd.
115,377
27,276,638
Mitsui OSK Lines Ltd.
430,820
15,999,323
Mizuho Financial Group, Inc.
1,188,647
54,443,649
MS&AD Insurance Group Holdings,
Inc.
898,524
25,184,570
Murata Manufacturing Co. Ltd.
1,823,509
47,980,624
Nagase & Co. Ltd.
229,121
7,270,235
NEC Corp.
876,683
24,336,552
NGK Insulators Ltd.
475,362
13,966,280
NH Foods Ltd.
260,646
11,935,041
Nichirei Corp.
385,269
5,242,620
NIDEC Corp.
954,284
15,048,501
Nikon Corp. (a)
577,982
7,392,987
Nintendo Co. Ltd.
414,141
23,860,357
Nippon Express Holdings, Inc.
768,479
18,950,483
Nippon Paper Industries Co. Ltd.
665,896
5,621,463
Nippon Sanso Holdings Corp.
129,491
4,970,630
Nippon Steel Corp. (a)
12,523,207
51,015,274
Nippon Yusen KK
774,422
26,631,684
Nissan Motor Co. Ltd. *
14,971,921
41,542,586
Nisshin Seifun Group, Inc.
502,660
7,031,606
Nissin Foods Holdings Co. Ltd.
221,305
4,672,034
Nissui Corp.
656,116
6,509,679
Niterra Co. Ltd.
196,579
9,950,769
Nitori Holdings Co. Ltd.
413,420
8,282,964
Nitto Denko Corp.
633,209
14,750,880
See financial notes
50
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nomura Holdings, Inc.
1,647,901
15,331,153
Nomura Research Institute Ltd.
184,722
5,166,892
NSK Ltd.
1,403,784
12,664,402
NTT, Inc.
55,309,990
54,309,185
Obayashi Corp.
777,554
21,993,137
Oji Holdings Corp.
2,115,888
13,342,461
Olympus Corp.
802,753
7,856,567
Omron Corp.
307,132
10,921,998
Ono Pharmaceutical Co. Ltd.
607,680
10,409,865
ORIX Corp.
906,546
32,185,649
Osaka Gas Co. Ltd.
613,540
25,606,576
Otsuka Corp.
255,776
5,158,934
Otsuka Holdings Co. Ltd.
369,126
25,321,630
Pan Pacific International Holdings
Corp.
1,043,851
6,953,435
Panasonic Holdings Corp.
5,042,828
81,944,946
Persol Holdings Co. Ltd.
2,902,558
4,644,093
Recruit Holdings Co. Ltd.
550,562
24,212,386
Renesas Electronics Corp.
1,140,190
21,682,781
Rengo Co. Ltd.
773,541
7,731,694
Resona Holdings, Inc.
1,116,311
13,660,286
Resonac Holdings Corp.
332,128
25,378,940
Ricoh Co. Ltd.
1,523,529
14,344,837
Rohm Co. Ltd.
509,427
9,384,225
Ryohin Keikaku Co. Ltd.
241,464
5,563,145
Sankyu, Inc.
89,581
5,763,594
Sanwa Holdings Corp.
157,876
4,180,364
Secom Co. Ltd.
365,816
14,147,619
Seiko Epson Corp.
662,090
8,979,828
Sekisui Chemical Co. Ltd. (a)
615,474
12,019,729
Sekisui House Ltd.
1,047,116
25,660,630
Seven & i Holdings Co. Ltd. (a)
3,548,824
49,905,160
SG Holdings Co. Ltd. (a)
904,368
9,187,047
Shimadzu Corp.
210,537
5,878,180
Shimamura Co. Ltd.
223,865
5,156,244
Shimano, Inc.
70,372
7,554,426
Shimizu Corp.
611,618
13,683,790
Shin-Etsu Chemical Co. Ltd.
1,518,822
60,003,805
Shionogi & Co. Ltd.
560,924
13,163,975
Shiseido Co. Ltd.
592,210
12,517,489
SMC Corp.
40,693
19,657,749
SoftBank Corp.
29,218,810
40,012,692
SoftBank Group Corp.
2,248,780
58,896,791
Sojitz Corp.
426,082
19,322,085
Sompo Holdings, Inc.
588,898
23,555,920
Sony Financial Group, Inc. *
2,433,202
2,492,035
Sony Group Corp.
2,936,559
68,521,277
Stanley Electric Co. Ltd.
224,963
4,755,023
Subaru Corp.
1,375,150
26,128,951
SUMCO Corp.
813,726
9,524,959
Sumitomo Chemical Co. Ltd.
5,427,136
19,803,615
Sumitomo Corp.
1,533,618
65,450,740
Sumitomo Electric Industries Ltd.
1,223,673
81,316,941
Sumitomo Forestry Co. Ltd.
879,844
9,552,189
Sumitomo Heavy Industries Ltd.
371,293
14,680,491
Sumitomo Metal Mining Co. Ltd.
482,637
39,028,292
Sumitomo Mitsui Financial Group,
Inc.
2,091,650
80,343,475
Sumitomo Mitsui Trust Group, Inc.
352,743
12,388,086
Sumitomo Realty & Development Co.
Ltd.
406,958
13,783,788
Sumitomo Rubber Industries Ltd.
491,088
8,749,151
Suntory Beverage & Food Ltd.
180,816
5,694,618
Suzuken Co. Ltd.
201,922
8,543,774
Suzuki Motor Corp.
2,390,751
36,299,601
Sysmex Corp.
322,726
3,042,771
T&D Holdings, Inc.
214,111
5,779,111
Taiheiyo Cement Corp.
253,480
7,294,704
SECURITY
NUMBER
OF SHARES
VALUE ($)
Taisei Corp.
166,972
21,753,150
Taiyo Yuden Co. Ltd.
232,010
7,127,109
Takeda Pharmaceutical Co. Ltd.
2,014,788
75,094,004
TDK Corp.
1,483,015
23,030,071
Teijin Ltd.
729,576
8,100,689
Terumo Corp.
628,573
8,495,046
TIS, Inc.
175,414
3,622,320
Tobu Railway Co. Ltd.
259,265
5,224,325
Toho Gas Co. Ltd.
159,499
5,749,626
Tohoku Electric Power Co., Inc.
1,525,698
12,659,995
Tokio Marine Holdings, Inc.
858,645
35,896,723
Tokyo Electric Power Co. Holdings,
Inc. *
6,564,826
29,450,787
Tokyo Electron Ltd.
197,256
55,604,398
Tokyo Gas Co. Ltd.
614,090
30,113,518
Tokyu Corp.
536,576
6,865,080
Tokyu Fudosan Holdings Corp.
756,525
7,610,072
TOPPAN Holdings, Inc.
382,620
13,148,159
Toray Industries, Inc.
2,752,604
23,625,232
Tosoh Corp.
681,906
11,921,617
TOTO Ltd.
246,531
9,652,804
Toyo Seikan Group Holdings Ltd.
272,849
7,130,337
Toyo Suisan Kaisha Ltd.
74,000
5,827,574
Toyota Boshoku Corp.
298,994
6,130,215
Toyota Industries Corp.
138,631
17,963,203
Toyota Motor Corp.
10,838,848
265,547,437
Toyota Tsusho Corp.
1,230,111
55,058,547
Tsuruha Holdings, Inc. (a)
351,892
5,916,519
UBE Corp.
312,701
5,785,344
Unicharm Corp.
958,321
6,564,767
West Japan Railway Co.
455,029
9,775,291
Yakult Honsha Co. Ltd.
253,570
4,246,333
Yamada Holdings Co. Ltd.
2,388,043
8,880,690
Yamaha Corp.
791,196
6,136,995
Yamaha Motor Co. Ltd.
2,086,727
16,613,622
Yamato Holdings Co. Ltd. (a)
800,281
9,810,971
Yamazaki Baking Co. Ltd.
233,224
5,241,845
Yaskawa Electric Corp. (a)
209,326
7,394,286
Yokogawa Electric Corp.
197,869
7,914,760
Yokohama Rubber Co. Ltd.
219,826
11,097,957
 
5,565,788,190
 
Jersey 1.4%
Aptiv PLC *
380,976
28,016,975
Experian PLC
259,425
9,717,115
Glencore PLC *
39,335,106
282,400,845
International Workplace Group PLC
1,521,663
4,553,948
WPP PLC
2,571,572
9,507,707
 
334,196,590
 
Luxembourg 0.7%
Aperam SA
155,401
8,150,271
ArcelorMittal SA
1,506,730
98,698,727
B&M European Value Retail SA
2,338,407
6,004,791
Eurofins Scientific SE
102,222
8,226,472
Millicom International Cellular SA
151,182
11,019,656
SES SA, Class A
1,086,558
8,114,338
Subsea 7 SA
259,358
7,491,704
Tenaris SA
377,868
10,314,961
 
158,020,920
 
Mauritius 0.0%
Golden Agri-Resources Ltd.
29,132,595
6,564,248
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
51
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Netherlands 2.8%
Aalberts NV
129,355
5,379,132
ABN AMRO Bank NV, GDR
697,536
23,356,756
AerCap Holdings NV
99,804
14,914,710
Airbus SE
158,799
34,543,899
Akzo Nobel NV
360,315
25,363,780
ASM International NV
7,967
6,718,222
ASML Holding NV
59,616
86,817,333
ASR Nederland NV
70,051
5,081,655
Ferrari NV
14,148
5,368,842
Heineken Holding NV
170,162
14,706,635
Heineken NV
244,229
22,653,660
IMCD NV (a)
34,731
3,337,962
ING Groep NV, Series N
2,325,413
67,624,516
Iveco Group NV
276,644
6,255,034
Koninklijke Ahold Delhaize NV
1,823,060
89,909,400
Koninklijke KPN NV
3,285,142
18,621,965
Koninklijke Philips NV
797,848
25,509,884
Magnum Ice Cream Co. NV *
301,190
4,757,982
NN Group NV
213,023
17,430,081
NXP Semiconductors NV
99,254
22,531,651
Prosus NV *
100,428
5,159,214
Randstad NV
298,263
9,800,591
SBM Offshore NV
192,455
7,403,208
Signify NV
339,651
7,908,233
Stellantis NV
10,881,369
89,175,437
STMicroelectronics NV
779,985
26,158,974
Universal Music Group NV
173,611
3,917,217
Wolters Kluwer NV
69,506
5,588,678
 
655,994,651
 
New Zealand 0.0%
Fletcher Building Ltd. *
2,956,634
6,227,189
Spark New Zealand Ltd.
3,519,087
4,814,512
 
11,041,701
 
Norway 0.8%
Aker BP ASA
560,846
16,872,425
DNB Bank ASA
558,710
17,706,715
Equinor ASA
2,551,571
75,527,403
Mowi ASA
345,913
8,152,048
Norsk Hydro ASA
2,408,262
22,312,130
Orkla ASA
540,167
7,387,025
Telenor ASA
802,518
14,872,067
Var Energi ASA
1,314,429
4,903,513
Yara International ASA
507,663
25,651,566
 
193,384,892
 
Poland 0.4%
Bank Polska Kasa Opieki SA
98,237
6,219,811
KGHM Polska Miedz SA *
195,892
18,395,803
ORLEN SA
1,377,263
44,201,636
PGE Polska Grupa Energetyczna SA *
2,399,908
7,580,637
Powszechna Kasa Oszczednosci Bank
Polski SA
262,997
6,806,349
Powszechny Zaklad Ubezpieczen SA
634,546
12,013,685
Tauron Polska Energia SA *
2,418,091
7,959,568
 
103,177,489
 
Portugal 0.2%
EDP SA
3,854,134
20,550,406
Galp Energia SGPS SA
657,164
14,137,148
SECURITY
NUMBER
OF SHARES
VALUE ($)
Jeronimo Martins SGPS SA
279,331
7,341,486
 
42,029,040
 
Republic of Korea 10.0%
BNK Financial Group, Inc.
583,035
8,077,781
CJ CheilJedang Corp.
36,163
5,379,828
CJ Corp.
86,163
13,087,671
DB Insurance Co. Ltd.
59,295
7,547,386
Doosan Enerbility Co. Ltd. *
175,573
12,974,216
E-MART, Inc.
133,845
9,769,708
GS Holdings Corp.
444,042
21,206,594
Hana Financial Group, Inc.
300,606
25,452,771
Hankook Tire & Technology Co. Ltd.
173,098
8,772,224
Hanwha Corp. *
77,348
7,344,968
Hanwha Solutions Corp. *
232,690
8,573,215
HD Hyundai Co. Ltd.
80,493
16,367,190
HMM Co. Ltd.
784,317
11,640,715
Hyundai Engineering & Construction
Co. Ltd.
185,547
21,244,067
Hyundai Glovis Co. Ltd.
71,613
14,412,210
Hyundai Mobis Co. Ltd.
132,563
47,643,428
Hyundai Motor Co.
267,526
125,347,601
Hyundai Steel Co.
604,754
19,548,878
KB Financial Group, Inc.
315,976
34,925,397
Kia Corp.
530,315
75,759,286
Korea Electric Power Corp.
485,589
19,747,623
Korea Gas Corp.
210,509
6,029,177
Korea Zinc Co. Ltd.
9,416
13,287,786
Korean Air Lines Co. Ltd. *
505,691
9,878,288
KT Corp.
151,451
6,717,118
KT&G Corp.
88,310
10,012,764
Kumho Petrochemical Co. Ltd. *
57,311
6,111,580
LG Chem Ltd.
120,380
34,938,234
LG Corp.
101,818
7,623,079
LG Display Co. Ltd. *
1,265,614
12,616,548
LG Electronics, Inc.
505,540
51,204,156
LG H&H Co. Ltd.
27,552
5,113,927
LG Innotek Co. Ltd.
51,915
11,512,607
LG Uplus Corp.
983,903
11,313,003
Lotte Chemical Corp.
111,639
7,442,600
NAVER Corp.
55,951
9,898,873
POSCO Holdings, Inc.
295,814
84,929,567
Samsung C&T Corp.
96,551
23,525,287
Samsung Electro-Mechanics Co. Ltd.
72,366
22,562,496
Samsung Electronics Co. Ltd.
7,350,655
1,106,302,960
Samsung Fire & Marine Insurance Co.
Ltd.
23,292
8,581,689
Samsung SDI Co. Ltd. *
72,521
23,493,073
Samsung SDS Co. Ltd.
62,259
8,439,698
Shinhan Financial Group Co. Ltd.
562,653
37,901,339
SK Hynix, Inc.
252,342
186,120,863
SK Innovation Co. Ltd.
134,185
11,912,009
SK Telecom Co. Ltd.
315,675
17,511,898
SK, Inc.
181,824
50,685,731
S-Oil Corp. *
142,982
10,933,625
Woori Financial Group, Inc.
867,587
21,712,292
 
2,333,135,024
 
Singapore 0.6%
DBS Group Holdings Ltd.
734,538
33,171,372
Keppel Ltd.
692,279
7,158,959
Olam Group Ltd.
6,753,941
4,885,841
Oversea-Chinese Banking Corp. Ltd.
1,787,762
30,289,552
Singapore Airlines Ltd.
1,660,502
9,425,943
Singapore Telecommunications Ltd.
3,984,531
15,877,010
United Overseas Bank Ltd.
797,001
23,295,353
See financial notes
52
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wilmar International Ltd.
5,841,711
16,257,124
 
140,361,154
 
South Africa 0.1%
Valterra Platinum Ltd.
109,616
12,703,565
 
Spain 2.8%
Acerinox SA
369,117
5,896,598
ACS Actividades de Construccion y
Servicios SA
159,244
20,606,930
Aena SME SA
194,776
6,133,355
Amadeus IT Group SA
105,564
6,573,484
Banco Bilbao Vizcaya Argentaria SA
4,221,194
98,433,307
Banco de Sabadell SA
2,837,892
10,749,045
Banco Santander SA
14,856,406
189,266,987
CaixaBank SA
1,401,761
17,411,227
Cellnex Telecom SA *
129,949
4,931,267
Endesa SA
337,514
13,776,244
Grifols SA
329,433
4,134,662
Iberdrola SA
3,514,069
83,188,698
Industria de Diseno Textil SA
452,874
30,382,134
International Consolidated Airlines
Group SA
1,841,264
10,488,634
Mapfre SA
1,170,853
5,460,585
Naturgy Energy Group SA
145,705
4,531,374
Redeia Corp. SA
353,225
6,560,241
Repsol SA
3,603,934
80,911,979
Telefonica SA
9,830,757
44,687,633
 
644,124,384
 
Sweden 1.8%
Alfa Laval AB
117,615
6,974,046
Assa Abloy AB, B Shares
460,061
19,661,685
Atlas Copco AB, A Shares
828,946
17,920,103
Atlas Copco AB, B Shares
542,307
10,208,902
Boliden AB *
362,297
28,806,759
Electrolux AB, B Shares *
818,611
6,929,877
Epiroc AB, A Shares
223,186
6,725,808
Epiroc AB, B Shares
156,802
4,084,019
Essity AB, B Shares
560,594
17,850,581
H & M Hennes & Mauritz AB,
B Shares
654,307
13,974,349
Hexagon AB, B Shares
744,843
8,494,707
Husqvarna AB, B Shares
882,454
4,254,511
Sandvik AB
615,955
27,266,246
Securitas AB, B Shares
500,418
8,912,860
Skandinaviska Enskilda Banken AB,
A Shares
878,395
18,770,039
Skanska AB, B Shares
458,371
14,123,106
SKF AB, B Shares
456,426
13,132,378
SSAB AB, A Shares
463,264
4,144,556
SSAB AB, B Shares
1,599,835
14,163,857
Svenska Handelsbanken AB,
A Shares
865,772
13,875,228
Swedbank AB, A Shares
630,327
24,297,623
Tele2 AB, B Shares
573,101
12,119,308
Telefonaktiebolaget LM Ericsson,
B Shares
3,063,033
35,493,106
Telia Co. AB
2,756,245
14,162,161
Trelleborg AB, B Shares
147,852
6,485,916
Volvo AB, A Shares
189,738
7,402,276
Volvo AB, B Shares
1,385,646
54,027,693
Volvo Car AB, B Shares *(a)
2,216,893
6,110,670
 
420,372,370
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Switzerland 4.6%
ABB Ltd.
498,930
46,594,048
Adecco Group AG
544,039
15,251,909
Alcon AG
160,827
13,982,047
Amrize Ltd. *
181,741
11,624,523
Barry Callebaut AG
4,022
7,557,103
Bucher Industries AG
9,195
4,567,310
Chocoladefabriken Lindt & Spruengli
AG
27
4,451,726
Chocoladefabriken Lindt & Spruengli
AG, Participation Certificates
291
4,790,404
Cie Financiere Richemont SA, Class A
157,709
32,247,240
Coca-Cola HBC AG
128,002
8,277,634
DSM-Firmenich AG
129,865
9,267,364
Garmin Ltd.
47,721
12,065,300
Geberit AG
10,782
9,084,892
Givaudan SA
2,190
8,804,993
Holcim AG *
305,052
28,115,319
Julius Baer Group Ltd.
108,053
9,216,926
Kuehne & Nagel International AG
59,460
13,866,655
Logitech International SA
81,339
7,492,432
Lonza Group AG
19,235
13,411,101
Nestle SA
1,468,866
160,399,671
Novartis AG
945,725
160,479,959
Partners Group Holding AG
4,900
5,462,922
Roche Holding AG
457,939
218,534,052
Roche Holding AG, Bearer Shares
20,456
10,144,878
Sandoz Group AG
245,784
21,738,805
Schindler Holding AG
7,432
2,720,380
Schindler Holding AG, Participation
Certificates
16,409
6,264,459
SGS SA
53,095
6,696,853
Sika AG
60,563
12,560,690
Sonova Holding AG
17,747
4,659,150
Sunrise Communications AG, Class A
92,574
5,912,795
Swatch Group AG
92,513
4,616,929
Swatch Group AG, Bearer Shares
40,944
10,477,575
Swiss Life Holding AG
13,155
15,076,805
Swiss Re AG
112,783
19,937,389
Swisscom AG
22,153
20,783,290
Transocean Ltd. *
1,366,114
8,852,419
UBS Group AG
1,192,580
49,638,497
Zurich Insurance Group AG
79,379
59,927,765
 
1,065,554,209
 
United Kingdom 13.2%
3i Group PLC
166,281
7,426,542
Aberdeen Group PLC
2,517,602
7,439,764
Admiral Group PLC
120,367
4,796,562
Anglo American PLC
1,928,045
95,935,791
Anglogold Ashanti PLC
161,670
20,656,576
Antofagasta PLC
215,087
12,341,927
ARM Holdings PLC, ADR *
17,087
2,177,738
Ashtead Group PLC
310,983
22,268,052
Associated British Foods PLC
422,185
11,221,577
AstraZeneca PLC
462,889
96,722,647
Aviva PLC
2,049,406
18,901,511
BAE Systems PLC
1,468,113
41,686,728
Balfour Beatty PLC
683,990
6,984,285
Barclays PLC
12,951,912
78,855,623
Barratt Redrow PLC
2,037,972
10,003,557
Bellway PLC
207,927
7,788,188
Berkeley Group Holdings PLC
113,353
6,589,662
BP PLC
35,211,096
226,117,271
British American Tobacco PLC
2,285,082
142,549,002
BT Group PLC
17,038,949
49,664,548
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
53
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Bunzl PLC
355,525
10,486,998
Burberry Group PLC *
560,762
8,768,044
Centrica PLC
7,814,305
20,922,572
CK Hutchison Holdings Ltd.
7,133,502
58,730,340
Coca-Cola Europacific Partners PLC
105,431
11,642,745
Compass Group PLC
759,430
23,258,724
Croda International PLC
131,776
5,481,520
Currys PLC
4,964,640
10,752,952
Diageo PLC
1,401,808
31,332,467
Drax Group PLC
671,265
8,005,013
Firstgroup PLC
1,661,188
4,104,958
GSK PLC
3,371,416
99,764,676
Haleon PLC
5,217,024
28,455,895
Hays PLC
6,671,481
3,638,016
HSBC Holdings PLC
12,440,627
233,090,630
Imperial Brands PLC
868,374
38,818,868
Inchcape PLC
645,581
7,711,744
Informa PLC
528,028
5,950,439
Intertek Group PLC
95,940
6,090,741
Investec PLC
619,675
5,348,641
ITV PLC
5,710,406
6,130,365
J Sainsbury PLC
6,164,509
28,924,664
JD Sports Fashion PLC
4,277,316
4,714,370
Johnson Matthey PLC
627,713
16,979,837
Kingfisher PLC
5,265,390
26,227,879
Legal & General Group PLC
5,039,262
18,380,662
Lloyds Banking Group PLC
49,454,861
68,118,544
London Stock Exchange Group PLC
107,166
12,765,421
M&G PLC
4,877,469
20,833,208
Marks & Spencer Group PLC
2,425,384
12,929,094
Melrose Industries PLC
1,059,227
8,057,427
Mondi PLC
836,359
9,976,051
National Grid PLC
3,003,055
56,160,999
NatWest Group PLC
5,716,208
47,571,088
Next PLC
64,567
11,736,314
Pearson PLC
527,553
6,807,556
Persimmon PLC
706,493
14,304,650
Phoenix Group Holdings PLC
531,950
5,485,429
Prudential PLC
1,493,200
22,835,672
Reckitt Benckiser Group PLC
434,502
38,040,882
RELX PLC
455,655
15,829,714
Rentokil Initial PLC
1,222,783
7,499,790
Rio Tinto PLC
1,809,165
178,411,443
Rolls-Royce Holdings PLC
501,555
8,991,994
RS Group PLC
550,348
5,153,508
Sage Group PLC
350,998
3,878,066
Serco Group PLC
1,723,533
6,979,414
Severn Trent PLC
172,083
7,588,505
Shell PLC
11,825,978
488,668,893
Smith & Nephew PLC
657,918
12,131,430
Smiths Group PLC
231,067
8,530,665
SSE PLC
770,862
27,868,388
St. James's Place PLC
289,513
5,254,680
Standard Chartered PLC
1,764,632
43,463,433
Taylor Wimpey PLC
6,594,536
10,023,034
Tesco PLC
11,236,040
72,600,808
Travis Perkins PLC
837,776
7,861,904
Unilever PLC
1,280,601
94,125,505
United Utilities Group PLC
456,853
8,556,024
Vodafone Group PLC
89,197,335
137,309,876
Whitbread PLC
180,713
6,316,946
 
3,086,507,666
 
United States 0.1%
Aegon Ltd.
829,507
6,301,454
Autoliv, Inc.
71,925
8,524,551
Coronado Global Resources, Inc., CDI
27,569,519
6,188,938
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lululemon Athletica, Inc. *
51,893
9,609,027
 
30,623,970
Total Common Stocks
(Cost $13,881,457,756)
22,926,896,424
 
PREFERRED STOCKS 1.5% OF NET ASSETS
 
Germany 0.7%
Bayerische Motoren Werke AG
158,566
16,643,762
Dr. Ing hc F Porsche AG (a)
96,084
4,695,547
FUCHS SE
61,492
2,668,909
Henkel AG & Co. KGaA
115,982
11,390,668
Porsche Automobil Holding SE
218,466
9,293,681
Volkswagen AG
1,075,726
128,535,130
 
173,227,697
 
Italy 0.1%
Telecom Italia SpA - RSP *(a)
19,952,741
17,475,477
 
Republic of Korea 0.7%
Hanwha Corp. *
74,135
2,891,188
Hyundai Motor Co.
50,353
11,253,729
Hyundai Motor Co. 2nd
80,710
18,150,633
LG Chem Ltd.
21,144
2,954,427
Samsung Electronics Co. Ltd.
1,235,818
123,538,845
Samsung Fire & Marine Insurance Co.
Ltd.
1,986
568,119
 
159,356,941
 
Spain 0.0%
Grifols SA, B Shares
301,174
2,727,423
Total Preferred Stocks
(Cost $240,884,019)
352,787,538
 
WARRANTS 0.0% OF NET ASSETS
 
Canada 0.0%
Constellation Software, Inc.
expires 03/31/40 *(c)
1,396
7,104
Total Warrants
(Cost $0)
7,104
 
 
 
 
SHORT-TERM INVESTMENTS 1.2% OF NET ASSETS
 
Money Market Funds 1.2%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.63% (d)
31,850,338
31,850,338
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.63% (d)(e)
247,435,082
247,435,082
 
279,285,420
Total Short-Term Investments
(Cost $279,285,420)
279,285,420
Total Investments in Securities
(Cost $14,401,627,195)
23,558,976,486
 
See financial notes
54
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
03/20/26
597
94,478,235
5,499,411
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$234,304,180.
(b)
Security is traded on separate exchanges for the same issuer.
(c)
Fair valued using significant unobservable inputs.
(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
CDI —
CHESS Depositary Interest
GDR —
Global Depositary Receipt
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
 
 
% OF NET ASSETS
SECTOR WEIGHTINGS (a)
Financials
16.4
%
Industrials
15.7
%
Materials
12.2
%
Consumer Discretionary
11.8
%
Information Technology
10.0
%
Energy
10.0
%
Consumer Staples
7.2
%
Health Care
6.7
%
Communication Services
4.6
%
Utilities
4.0
%
Real Estate
1.0
%
Short-Term Investments
1.2
%
Total
100.8
%
 
(a)
Excludes derivatives.
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
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
$22,926,896,424
$—
$—
$22,926,896,424
Preferred Stocks1
352,787,538
—
—
352,787,538
Warrants
Canada
—
—
7,104
7,104
Short-Term Investments1
279,285,420
—
—
279,285,420
Futures Contracts2
5,499,411
—
—
5,499,411
Total
$23,564,468,793
$—
$7,104
$23,564,475,897
 
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 | Annual Holdings and Financial Statements
55
Schwab Fundamental International Equity ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - unaffiliated issuers (cost $14,401,627,195) including securities on loan of $234,304,180
 
$23,558,976,486
Foreign currency, at value (cost $9,634,091)
 
9,675,128
Deposit with broker for futures contracts
 
6,881,331
Receivables:
 
Fund shares sold
 
95,130,972
Dividends
 
32,774,741
Foreign tax reclaims
 
18,007,233
Income from securities on loan
+
245,877
Total assets
 
23,721,691,768
 
Liabilities
Collateral held for securities on loan
 
247,435,082
Payables:
 
Investments bought
 
93,917,166
Management fees
 
4,253,859
Variation margin on futures contracts
+
241,786
Total liabilities
 
345,847,893
Net assets
 
$23,375,843,875
 
Net Assets by Source
Capital received from investors
 
$14,689,958,571
Total distributable earnings
+
8,685,885,304
Net assets
 
$23,375,843,875
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$23,375,843,875
 
442,300,000
$52.85
 
 
 
 
See financial notes
56
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Equity ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $53,253,699)
 
$562,548,871
Other Interest
 
245,772
Interest received from securities - unaffiliated issuers
 
7,354
Securities on loan, net
+
3,750,694
Total investment income
 
566,552,691
 
Expenses
Management fees
 
43,565,942
Professional fees
+
41,128
1
Total expenses
 
43,607,070
Expense reduction
–
41,128
1
Net expenses
–
43,565,942
Net investment income
 
522,986,749
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated issuers
 
174,521,992
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
654,310,290
Net realized gains on futures contracts
 
19,929,500
Net realized gains on foreign currency transactions
+
2,245,615
Net realized gains
 
851,007,397
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
6,572,968,921
Net change in unrealized appreciation (depreciation) on futures contracts
 
3,786,041
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
2,101,949
Net change in unrealized appreciation (depreciation)
 
6,578,856,911
Net realized and unrealized gains
 
7,429,864,308
Increase in net assets resulting from operations
 
$7,952,851,057
 
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
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
57
Schwab Fundamental International Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$522,986,749
$433,886,305
Net realized gains
 
851,007,397
160,247,386
Net change in unrealized appreciation (depreciation)
+
6,578,856,911
443,597,453
Increase in net assets resulting from operations
 
$7,952,851,057
$1,037,731,144
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($650,252,050
)
($508,351,970
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
68,100,000
$2,926,201,091
41,600,000
$1,453,453,151
Shares redeemed
+
(22,700,000
)
(955,553,897
)
(3,900,000
)
(131,729,313
)
Net transactions in fund shares
 
45,400,000
$1,970,647,194
37,700,000
$1,321,723,838
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-2/28/26
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
+
45,400,000
9,273,246,201
37,700,000
1,851,103,012
End of period
 
442,300,000
$23,375,843,875
396,900,000
$14,102,597,674
See financial notes
58
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF   
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/23
3/1/21–
2/28/22
 
Per-Share Data
Net asset value at beginning of period
$35.69
$34.37
$32.72
$35.86
$36.11
Income (loss) from investment operations:
Net investment income (loss)1
1.13
0.96
0.85
0.80
0.73
Net realized and unrealized gains (losses)
15.64
1.59
1.80
(3.32
)
(0.01
)
Total from investment operations
16.77
2.55
2.65
(2.52
)
0.72
Less distributions:
Distributions from net investment income
(1.72
)
(1.23
)
(1.00
)
(0.62
)
(0.97
)
Net asset value at end of period
$50.74
$35.69
$34.37
$32.72
$35.86
Total return
47.78
%
7.50
%
8.23
%
(6.91
%)
1.86
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.39
%
0.39
%
0.39
%
0.39
%2
0.39
%
Net investment income (loss)
2.67
%
2.71
%
2.56
%
2.53
%
1.90
%
Portfolio turnover rate3
29
%
33
%
22
%
30
%
28
%
Net assets, end of period (x 1,000,000)
$3,430
$3,141
$3,206
$2,850
$2,686
 
1
Calculated based on the average shares outstanding during the period.
2
Ratio includes less than 0.005% of non-routine proxy expenses.
3
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
59
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.1% OF NET ASSETS
 
Australia 5.0%
Accent Group Ltd. (a)
732,527
605,561
ALS Ltd.
198,140
3,617,659
Amotiv Ltd.
124,557
701,248
AMP Ltd.
2,213,733
2,050,902
Ansell Ltd.
141,854
3,281,455
ARB Corp. Ltd.
36,812
674,216
ASX Ltd.
57,786
2,180,957
Austal Ltd. *
241,550
889,967
Bank of Queensland Ltd.
498,514
2,486,863
Bapcor Ltd. (b)
629,106
390,049
Bapcor Ltd. *(b)(c)
462,578
286,801
Beach Energy Ltd.
2,795,031
2,181,108
Bega Cheese Ltd.
358,487
1,604,388
Bendigo & Adelaide Bank Ltd.
357,438
2,728,140
Breville Group Ltd. (a)
40,141
912,833
CAR Group Ltd.
56,323
1,064,476
Challenger Ltd.
218,746
1,392,092
Champion Iron Ltd.
605,804
2,318,370
Charter Hall Group
155,944
2,452,717
Cleanaway Waste Management Ltd.
1,355,691
2,463,640
Cochlear Ltd.
15,092
2,140,416
Credit Corp. Group Ltd.
83,515
724,917
Dexus
498,720
2,384,821
Domino's Pizza Enterprises Ltd.
74,316
1,076,703
Eagers Automotive Ltd.
220,268
3,767,377
Elders Ltd.
352,628
1,824,441
Evolution Mining Ltd.
636,674
7,522,774
Flight Centre Travel Group Ltd. (a)
91,117
837,656
G8 Education Ltd.
1,298,579
310,020
GPT Group
697,100
2,513,750
GrainCorp Ltd., Class A
698,135
3,064,760
Harvey Norman Holdings Ltd.
590,438
2,423,668
Healius Ltd.
2,766,679
1,350,597
Helia Group Ltd.
321,237
1,378,156
IDP Education Ltd. (a)
195,171
648,153
IGO Ltd. *
545,455
3,350,754
Iluka Resources Ltd.
661,540
3,182,265
Inghams Group Ltd. (a)
643,382
944,523
Insignia Financial Ltd. *
512,836
1,706,757
IPH Ltd. (a)
221,005
563,847
IRESS Ltd.
145,048
771,129
Lottery Corp. Ltd.
509,995
2,002,599
Lynas Rare Earths Ltd. *
150,095
2,030,200
Magellan Financial Group Ltd.
266,869
1,608,959
Mirvac Group
2,783,246
4,066,136
Monadelphous Group Ltd.
99,625
2,301,038
Myer Holdings Ltd. *
2,266,490
605,705
New Hope Corp. Ltd.
926,375
3,096,250
nib holdings Ltd.
440,990
2,014,481
Nickel Industries Ltd. *
2,731,058
1,965,752
Nine Entertainment Co. Holdings Ltd.
2,685,440
2,019,037
NRW Holdings Ltd.
621,568
2,896,962
Nufarm Ltd. *
1,020,973
1,498,849
Orora Ltd.
1,772,064
2,702,524
Perenti Ltd.
1,554,682
2,603,669
Perpetual Ltd.
91,283
1,206,080
Perseus Mining Ltd.
670,748
2,868,052
PLS Group Ltd. *
1,561,770
5,776,448
Premier Investments Ltd.
77,053
738,015
Qantas Airways Ltd.
389,701
2,763,319
Qube Holdings Ltd.
919,599
3,283,316
Ramelius Resources Ltd.
526,627
1,722,631
SECURITY
NUMBER
OF SHARES
VALUE ($)
REA Group Ltd. (a)
6,408
759,847
Reece Ltd. (a)
281,203
3,138,254
Region Group
615,810
1,013,760
Regis Resources Ltd.
565,175
3,802,168
Reliance Worldwide Corp. Ltd.
637,960
1,513,959
Sandfire Resources Ltd. *
209,249
3,010,760
SEEK Ltd.
119,428
1,409,428
Service Stream Ltd.
548,883
813,616
SGH Ltd.
75,100
2,499,385
Sigma Healthcare Ltd.
657,408
1,330,545
Sims Ltd.
418,510
6,549,597
Stanmore Resources Ltd.
575,778
1,083,267
Steadfast Group Ltd.
345,933
1,084,729
Super Retail Group Ltd.
225,346
2,494,007
Tabcorp Holdings Ltd.
3,389,170
2,584,363
TPG Telecom Ltd.
638,652
1,793,234
Treasury Wine Estates Ltd.
764,931
2,474,882
Ventia Services Group Pty. Ltd.
520,097
2,171,993
Vicinity Ltd.
2,158,010
3,767,870
 
169,836,612
 
Austria 0.7%
ANDRITZ AG
54,687
4,749,047
EVN AG
33,770
1,180,219
Kontron AG (a)
32,451
899,634
Lenzing AG *(a)
30,721
886,858
Mayr Melnhof Karton AG
33,215
3,917,774
Oesterreichische Post AG
29,995
1,243,070
Palfinger AG
25,385
1,161,418
Strabag SE
24,058
2,704,183
Telekom Austria AG
124,222
1,400,688
UNIQA Insurance Group AG
98,627
1,949,355
Verbund AG
18,460
1,314,282
Vienna Insurance Group AG Wiener
Versicherung Gruppe
35,436
2,757,210
 
24,163,738
 
Belgium 1.0%
Ackermans & van Haaren NV
14,291
4,903,406
Aedifica SA
13,969
1,297,190
Azelis Group NV
140,085
1,388,520
Barco NV
73,817
950,869
Bekaert SA
86,783
4,482,831
Cofinimmo SA
16,711
1,829,034
Colruyt Group NV
73,882
2,992,075
Deme Group NV
5,606
1,305,268
D'ieteren Group
8,022
1,737,087
Elia Group SA
19,389
3,085,922
Fagron
36,084
969,250
KBC Ancora
10,578
940,455
Lotus Bakeries NV
72
894,310
Melexis NV
15,900
1,067,253
Ontex Group NV *(a)
191,330
1,048,192
Solvay SA
77,849
2,547,921
Tessenderlo Group SA
33,122
1,051,982
Titan SA
14,853
934,719
Warehouses De Pauw CVA
38,947
1,197,443
 
34,623,727
 
Canada 9.1%
Advantage Energy Ltd. *
154,817
1,185,093
Aecon Group, Inc.
121,074
3,374,288
Air Canada *
192,930
2,918,316
Alamos Gold, Inc., Class A
87,010
4,716,537
Algoma Steel Group, Inc.
573,147
2,626,512
See financial notes
60
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Allied Properties Real Estate
Investment Trust
128,221
894,073
Altus Group Ltd.
17,457
597,878
Aris Mining Corp. *
117,726
2,667,253
Aritzia, Inc. *
23,785
2,106,355
Athabasca Oil Corp. *
438,827
2,837,888
AtkinsRealis Group, Inc.
69,786
4,837,971
ATS Corp. *
50,067
1,598,723
Badger Infrastructure Solutions Ltd.
20,980
1,124,646
Baytex Energy Corp.
1,637,887
6,292,868
Birchcliff Energy Ltd.
434,231
2,180,945
Bird Construction, Inc. (a)
40,142
936,553
Bombardier, Inc., Class B *
26,548
5,487,125
Boralex, Inc., Class A (a)
70,340
1,431,711
Boyd Group, Inc.
12,846
2,242,552
Brookfield Business Corp., Class A
56,434
1,941,477
Brookfield Infrastructure Corp.,
Class A (a)
112,836
5,627,529
Brookfield Renewable Corp. (a)
103,872
4,433,324
Brookfield Wealth Solutions Ltd. *
21,710
965,437
BRP, Inc.
57,948
4,249,279
CAE, Inc. *
131,716
3,906,524
Cameco Corp.
36,734
4,346,617
Canaccord Genuity Group, Inc.
116,615
1,144,902
Canada Goose Holdings, Inc. *
60,721
747,966
Canada Packers, Inc.
17,864
246,770
Canadian Apartment Properties REIT
79,602
2,202,720
Canadian Solar, Inc. *(a)
177,313
3,140,213
Canadian Utilities Ltd., Class A
125,374
4,372,945
Canfor Corp. *
335,487
3,382,297
Capstone Copper Corp. *
181,981
1,882,723
Cardinal Energy Ltd. (a)
156,231
1,130,623
Cargojet, Inc.
15,898
1,112,283
Cascades, Inc.
318,615
2,810,381
Celestica, Inc. *
24,978
6,937,102
Centerra Gold, Inc.
308,829
6,492,010
CES Energy Solutions Corp.
224,255
2,767,322
Chartwell Retirement Residences
98,931
1,611,795
Chemtrade Logistics Income Fund
206,060
2,331,272
China Gold International Resources
Corp. Ltd.
149,088
3,907,243
Choice Properties Real Estate
Investment Trust
125,691
1,461,641
Cogeco Communications, Inc.
69,475
3,686,044
Colliers International Group, Inc.
13,853
1,643,346
Crombie Real Estate Investment Trust
95,374
1,144,054
Definity Financial Corp.
28,810
1,442,348
Descartes Systems Group, Inc. *
10,598
701,068
DPM Metals, Inc.
104,045
4,505,552
Dream Industrial Real Estate
Investment Trust
106,079
1,032,906
E-L Financial Corp. Ltd.
59,583
756,665
Eldorado Gold Corp.
108,125
5,022,340
Enerflex Ltd.
152,034
3,412,223
Enghouse Systems Ltd.
43,384
563,036
EQB, Inc.
14,104
1,192,560
Equinox Gold Corp. *
236,267
4,434,824
ERO Copper Corp. *
54,175
1,853,434
Exchange Income Corp.
39,062
3,112,702
First Capital Real Estate Investment
Trust
134,908
2,115,835
First Majestic Silver Corp.
116,781
3,736,718
FirstService Corp.
12,808
2,018,515
Fortuna Mining Corp. *
191,534
2,617,732
GFL Environmental, Inc.
51,662
2,283,378
Gibson Energy, Inc.
209,083
4,493,326
goeasy Ltd.
10,319
812,446
SECURITY
NUMBER
OF SHARES
VALUE ($)
Granite Real Estate Investment Trust
29,419
1,983,844
H&R Real Estate Investment Trust
324,256
2,479,738
Hudbay Minerals, Inc.
246,153
6,975,704
IAMGOLD Corp. *
222,755
5,481,290
IGM Financial, Inc.
73,229
3,643,597
International Petroleum Corp. *
73,155
1,668,621
Killam Apartment Real Estate
Investment Trust
52,729
653,386
Labrador Iron Ore Royalty Corp. (a)
37,112
849,534
Lassonde Industries, Inc., Class A
5,109
906,535
Laurentian Bank of Canada
65,179
1,920,698
Leon's Furniture Ltd.
36,131
754,755
Maple Leaf Foods, Inc.
88,609
1,821,102
Mullen Group Ltd. (a)
172,693
2,184,224
New Gold, Inc. *
202,229
2,716,454
NFI Group, Inc. *
101,287
1,266,227
North West Co., Inc.
62,125
2,549,956
Northland Power, Inc.
306,442
4,911,700
Northwest Healthcare Properties Real
Estate Investment Trust
183,494
785,721
OceanaGold Corp.
126,892
5,397,225
Onex Corp.
14,141
1,051,671
OR Royalties, Inc.
27,693
1,312,313
Pan American Silver Corp.
118,405
8,124,310
Paramount Resources Ltd., Class A
99,917
1,978,047
Parex Resources, Inc.
362,161
5,666,690
Pason Systems, Inc.
83,588
756,910
Peyto Exploration & Development
Corp. (a)
129,421
2,508,045
Precision Drilling Corp. *
30,574
2,652,429
Premium Brands Holdings Corp.
48,037
3,733,843
RB Global, Inc.
33,161
3,341,022
Richelieu Hardware Ltd.
59,723
1,906,617
RioCan Real Estate Investment Trust
252,679
3,655,356
Russel Metals, Inc.
140,468
4,947,819
Sagicor Financial Co. Ltd.
191,417
1,333,330
Secure Waste Infrastructure Corp.
318,595
4,419,707
Sienna Senior Living, Inc.
55,703
958,981
SmartCentres Real Estate Investment
Trust
74,829
1,523,629
Spin Master Corp.
55,598
784,736
SSR Mining, Inc. *
225,503
7,253,596
Stantec, Inc.
39,244
3,634,210
Stella-Jones, Inc.
56,900
3,905,421
Superior Plus Corp.
493,902
2,379,247
Tamarack Valley Energy Ltd.
368,161
2,750,714
Teekay Tankers Ltd., Class A
29,927
2,342,386
TMX Group Ltd.
62,905
2,122,124
Torex Gold Resources, Inc.
74,725
4,553,576
TransAlta Corp. (a)
261,278
3,592,010
Transcontinental, Inc., Class A
196,310
3,348,001
Winpak Ltd.
30,208
1,067,142
 
312,344,927
 
China 1.2%
Alibaba Health Information Technology
Ltd. *
1,834,540
1,308,685
Bosideng International Holdings Ltd.
4,242,597
2,635,979
Budweiser Brewing Co. APAC Ltd.
1,856,378
1,848,748
China Medical System Holdings Ltd.
1,396,816
2,607,150
China Water Affairs Group Ltd.
1,784,070
1,199,697
Chow Tai Fook Jewellery Group Ltd.
1,649,936
2,767,418
FIH Mobile Ltd. *
1,069,831
3,019,869
GCL Technology Holdings Ltd. *
26,287,407
4,032,765
Hopson Development Holdings Ltd. *
4,076,300
1,678,015
JOYY, Inc., ADR
64,649
3,857,606
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
61
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lee & Man Paper Manufacturing Ltd.
3,832,666
1,896,207
Sino Biopharmaceutical Ltd.
5,267,819
4,074,366
Towngas Smart Energy Co. Ltd. *
1,552,943
772,288
VSTECS Holdings Ltd.
1,594,606
1,620,669
Want Want China Holdings Ltd.
4,480,386
2,806,631
Xinyi Glass Holdings Ltd. (a)
2,730,452
3,623,312
 
39,749,405
 
Cyprus 0.1%
Frontline PLC
117,899
4,474,267
 
Denmark 1.3%
AL Sydbank
24,466
2,188,331
Alm Brand AS
681,021
1,768,201
D/S Norden AS
102,821
4,604,847
Demant AS *(a)
45,301
1,408,855
Dfds AS *
123,623
2,027,824
FLSmidth & Co. AS
39,493
3,498,076
GN Store Nord AS *(a)
148,936
2,203,914
H Lundbeck AS
298,324
1,826,339
Jyske Bank AS
24,325
3,646,059
Matas AS (a)
39,759
694,903
Netcompany Group AS *
19,392
990,438
NKT AS *
18,415
2,384,812
NTG Nordic Transport Group AS *
20,319
547,149
Per Aarsleff Holding AS
16,292
2,059,671
Ringkjoebing Landbobank AS
4,231
1,105,222
Rockwool AS, B Shares
105,105
3,480,524
Royal Unibrew AS
30,246
2,977,759
Scandinavian Tobacco Group AS,
A Shares
163,396
2,675,067
Schouw & Co. AS
18,775
2,008,640
Tryg AS
156,383
3,870,034
 
45,966,665
 
Finland 1.2%
Hiab OYJ, B shares
17,332
997,410
Huhtamaki OYJ
113,758
4,249,698
Kalmar OYJ, B Shares
50,468
2,899,532
Kemira OYJ
141,884
3,434,211
Kojamo OYJ *
64,215
747,193
Konecranes OYJ
40,318
4,774,628
Mandatum OYJ
263,454
2,125,163
Metsa Board OYJ, B Shares
425,234
1,579,525
Nokian Renkaat OYJ (a)
371,171
4,676,039
Olvi OYJ, Class A
18,046
734,023
Orion OYJ, B Shares
49,141
3,928,008
Sanoma OYJ
103,396
1,118,250
Terveystalo OYJ
103,695
1,141,073
TietoEVRY OYJ
201,609
4,517,995
Tokmanni Group Corp.
89,383
846,387
Valmet OYJ
131,790
4,430,060
 
42,199,195
 
France 3.7%
Aeroports de Paris SA
16,270
2,274,463
Air France-KLM *
277,154
4,025,000
Alten SA
40,802
3,061,517
Amundi SA
49,422
4,729,476
Beneteau SACA
68,771
652,019
BioMerieux
18,023
2,127,976
Carmila SA *
51,119
1,117,797
Cie de L'Odet SE
1,010
1,571,725
Clariane SE *
960,103
4,613,727
SECURITY
NUMBER
OF SHARES
VALUE ($)
Coface SA
98,616
1,823,387
Constellium SE, Class A *
315,569
7,854,512
Covivio SA
35,179
2,581,453
Criteo SA, ADR *
80,131
1,431,941
Dassault Aviation SA
4,302
1,719,876
Derichebourg SA
270,919
3,014,814
Edenred SE
131,237
3,037,051
Eramet SA (a)
22,191
1,551,094
Eurazeo SE
18,530
1,089,981
FDJ UNITED
64,688
1,959,837
Fnac Darty SA
77,815
3,252,417
Gaztransport Et Technigaz SA
8,155
1,854,470
Gecina SA
25,889
2,397,993
Getlink SE
112,240
2,441,051
ICADE
71,924
1,819,001
ID Logistics Group SACA *
1,655
782,601
Imerys SA
83,656
2,419,930
Ipsen SA
23,209
4,524,214
IPSOS SA
58,576
2,383,278
JCDecaux SE
117,403
2,431,355
Klepierre SA
109,896
4,621,846
Mercialys SA
63,802
923,559
Metropole Television SA
100,621
1,375,742
Nexans SA
30,876
4,458,483
Nexity SA *
274,877
3,094,559
Opmobility
178,718
3,593,541
Pierre Et Vacances SA *
376,467
822,315
Remy Cointreau SA
23,435
1,153,827
Sartorius Stedim Biotech
7,034
1,520,654
Societe BIC SA
36,671
2,355,382
SOITEC *
23,634
1,141,301
Sopra Steria Group
19,226
2,978,259
SPIE SA
85,502
5,299,992
Stef SA
6,377
942,672
Television Francaise 1 SA
217,880
1,870,215
Trigano SA
11,678
2,316,421
Ubisoft Entertainment SA *
306,079
1,504,818
Vallourec SACA
175,357
4,091,191
Verallia SA
87,506
2,001,277
Vicat SACA
29,611
2,489,274
Virbac SACA
2,646
1,155,929
Vivendi SE *
440,996
1,146,546
 
125,401,759
 
Germany 3.2%
AIXTRON SE
57,187
1,863,572
Auto1 Group SE *
58,139
1,180,689
Bechtle AG
90,374
3,649,298
Bilfinger SE
24,114
3,390,944
CANCOM SE
39,299
1,106,648
Carl Zeiss Meditec AG, Bearer Shares
27,443
878,741
Ceconomy AG *
507,395
2,707,848
Cewe Stiftung & Co. KGaA
7,030
831,692
CTS Eventim AG & Co. KGaA
7,331
595,946
Delivery Hero SE *
49,891
1,157,804
Deutsche Pfandbriefbank AG
306,929
1,301,709
Deutz AG
228,692
3,375,209
Duerr AG
81,641
2,356,822
DWS Group GmbH & Co. KGaA
20,819
1,476,089
Fielmann Group AG
14,900
813,650
Fraport AG Frankfurt Airport Services
Worldwide *
17,183
1,688,974
Gerresheimer AG (a)
48,249
965,601
Grenke AG
42,597
738,320
Hella GmbH & Co. KGaA
7,305
696,039
HelloFresh SE *
334,568
1,907,573
Hensoldt AG
11,142
978,759
See financial notes
62
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
HOCHTIEF AG
5,204
2,535,165
Hornbach Holding AG & Co. KGaA
26,597
2,700,665
HUGO BOSS AG (a)
55,394
2,444,791
Jenoptik AG
53,252
1,769,293
JOST Werke SE
19,123
1,519,535
Kloeckner & Co. SE
576,652
7,503,002
Knorr-Bremse AG
40,487
5,330,036
Krones AG
11,683
1,834,618
LEG Immobilien SE
34,575
2,890,248
Mutares SE & Co. KGaA (a)
28,931
1,067,464
Nemetschek SE
6,366
509,608
Nordex SE *
39,314
2,001,546
Rational AG
1,280
1,116,092
SAF-Holland SE
70,907
1,664,352
Salzgitter AG
131,220
8,451,513
Scout24 SE
14,970
1,277,025
Siltronic AG (a)
33,348
2,260,067
Sixt SE
13,373
1,038,949
Stabilus SE
63,859
1,426,537
Stroeer SE & Co. KGaA
20,294
829,055
Suedzucker AG (a)
166,468
1,991,039
TAG Immobilien AG
94,371
1,842,951
Talanx AG
29,624
3,742,546
TeamViewer SE *
73,683
404,017
Traton SE (a)
96,691
4,114,438
TUI AG
295,732
2,821,300
United Internet AG
152,926
5,055,674
Wacker Chemie AG
43,991
4,196,767
Wacker Neuson SE
44,150
1,086,867
Wuestenrot & Wuerttembergische AG
64,597
1,263,026
 
110,350,113
 
Guernsey 0.0%
Burford Capital Ltd.
75,661
639,834
 
Hong Kong 2.8%
ASMPT Ltd.
344,165
4,932,262
Bank of East Asia Ltd.
1,144,422
2,226,767
Brightoil Petroleum Holdings Ltd. *(c)
2,380,161
0
Cathay Pacific Airways Ltd.
1,139,827
2,048,793
CK Infrastructure Holdings Ltd.
121,326
1,030,677
Crystal International Group Ltd.
947,096
902,037
CTF Services Ltd.
987,518
1,128,643
Dah Sing Financial Holdings Ltd.
253,169
1,376,835
DFI Retail Group Holdings Ltd.
492,002
2,061,488
Fortune Real Estate Investment Trust
1,208,937
840,768
Futu Holdings Ltd., ADR *
10,528
1,566,988
Galaxy Entertainment Group Ltd.
739,701
3,949,031
Grand Pharmaceutical Group Ltd. (a)
946,742
947,692
Hang Lung Group Ltd.
1,350,162
2,899,807
Hang Lung Properties Ltd.
1,332,371
1,749,321
Henderson Land Development Co. Ltd.
919,443
4,165,742
HK Electric Investments & HK Electric
Investments Ltd.
1,822,092
1,632,910
HKBN Ltd. (a)
1,643,627
1,548,619
Hongkong Land Holdings Ltd.
695,812
6,032,690
Hysan Development Co. Ltd.
579,316
1,616,010
Johnson Electric Holdings Ltd.
781,040
3,099,337
Kerry Properties Ltd.
962,230
3,102,400
Kingboard Laminates Holdings Ltd.
1,335,380
4,035,768
Luk Fook Holdings International Ltd.
629,408
2,370,494
Man Wah Holdings Ltd.
2,296,979
1,497,618
Melco Resorts & Entertainment Ltd.,
ADR *
208,155
1,236,441
MTR Corp. Ltd.
980,584
4,680,939
Nine Dragons Paper Holdings Ltd. *
5,675,583
6,406,857
SECURITY
NUMBER
OF SHARES
VALUE ($)
PAX Global Technology Ltd.
1,457,654
907,522
PCCW Ltd.
5,393,765
4,095,928
Sino Land Co. Ltd.
1,788,508
2,922,104
Skyworth Group Ltd. *
4,139,712
3,715,191
Stella International Holdings Ltd.
715,500
1,381,212
Swire Properties Ltd.
605,953
2,091,590
United Laboratories International
Holdings Ltd.
791,118
1,314,796
Vitasoy International Holdings Ltd.
764,425
695,807
VTech Holdings Ltd.
325,443
2,685,623
Wharf Holdings Ltd.
598,164
1,980,587
Wharf Real Estate Investment Co. Ltd.
1,392,325
5,144,135
 
96,021,429
 
Indonesia 0.1%
First Pacific Co. Ltd.
4,455,856
3,600,162
 
Ireland 0.6%
Alkermes PLC *
41,981
1,263,628
Cairn Homes PLC
416,986
1,174,492
Cimpress PLC *
19,428
1,419,215
Dole PLC
151,733
2,433,797
Glanbia PLC
278,989
5,764,542
Glenveagh Properties PLC *
542,875
1,445,393
Grafton Group PLC, CDI
303,323
4,036,428
Greencore Group PLC
845,444
3,068,973
 
20,606,468
 
Israel 1.9%
Alony Hetz Properties & Investments
Ltd.
99,968
1,173,337
Azrieli Group Ltd.
7,470
1,072,367
Bezeq The Israeli Telecommunication
Corp. Ltd.
1,579,950
4,164,858
Cellcom Israel Ltd.
115,413
1,344,678
Clal Insurance Enterprises Holdings
Ltd.
29,140
2,172,941
Delek Automotive Systems Ltd.
97,882
612,514
Delek Group Ltd.
13,239
4,047,589
Delta Galil Ltd.
13,050
632,657
Elbit Systems Ltd.
5,815
4,449,138
Elco Ltd.
13,483
652,788
Electra Ltd.
23,980
726,586
Equital Ltd. *
22,975
1,055,926
Fattal Holdings 1998 Ltd. *
4,302
843,839
FIBI Holdings Ltd.
21,681
2,262,594
First International Bank of Israel Ltd.
27,375
2,351,281
Formula Systems 1985 Ltd.
9,814
1,139,674
Harel Insurance Investments &
Financial Services Ltd.
50,147
2,631,024
Inmode Ltd. *
50,019
687,761
Isracard Ltd.
213,398
1,014,803
Israel Corp. Ltd.
13,311
3,429,482
Mivne Real Estate KD Ltd.
185,724
769,469
Nice Ltd. *
25,240
2,857,799
Nova Ltd. *
2,861
1,255,578
Partner Communications Co. Ltd.
108,517
1,326,632
Paz Retail & Energy Ltd.
5,584
1,370,109
Phoenix Financial Ltd.
78,817
4,022,109
Plus500 Ltd.
69,983
3,771,071
Rami Levy Chain Stores Hashikma
Marketing 2006 Ltd.
7,991
1,024,569
Shikun & Binui Ltd. *
157,635
830,069
Shufersal Ltd.
173,635
2,431,172
Strauss Group Ltd.
36,711
1,616,977
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
63
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Taboola.com Ltd. *
199,135
631,258
Tower Semiconductor Ltd. *
57,569
7,269,226
 
65,641,875
 
Italy 2.0%
ACEA SpA
53,108
1,650,386
Amplifon SpA
79,489
1,236,509
Azimut Holding SpA
83,921
3,476,912
Banca Generali SpA
26,266
1,701,023
Banca Mediolanum SpA
175,281
3,774,847
Banca Monte dei Paschi di Siena SpA
271,363
2,658,666
Banca Popolare di Sondrio SpA
140,800
2,859,373
BFF Bank SpA *
117,265
523,913
Buzzi SpA
60,076
3,474,237
Danieli & C Officine Meccaniche SpA
13,473
1,072,170
De' Longhi SpA
52,876
2,433,549
DiaSorin SpA
13,282
1,116,563
Enav SpA
199,348
1,298,067
ERG SpA
46,567
1,371,243
FinecoBank Banca Fineco SpA
151,167
3,567,873
Hera SpA
956,022
4,995,960
Infrastrutture Wireless Italiane SpA (a)
106,448
1,130,520
Interpump Group SpA
48,262
2,228,034
Iren SpA
938,835
3,150,308
Italgas SpA
401,763
5,189,517
Lottomatica Group SpA
35,085
850,867
Nexi SpA (a)
468,389
1,923,428
OVS SpA
220,794
1,294,073
Piaggio & C SpA (a)
359,134
768,766
Pirelli & C SpA
423,947
3,190,533
PRADA SpA
255,773
1,455,086
Recordati Industria Chimica e
Farmaceutica SpA
36,337
2,077,368
Reply SpA
8,426
902,336
Saipem SpA
1,069,713
4,510,210
Salvatore Ferragamo SpA *
111,505
888,664
Sesa SpA
8,202
747,129
SOL SpA
14,944
910,450
Technogym SpA
47,341
1,039,657
Webuild SpA
192,797
752,108
 
70,220,345
 
Japan 32.1%
& ST HD Co. Ltd. (a)
54,182
1,039,739
77 Bank Ltd.
34,791
2,192,084
ABC-Mart, Inc. (a)
89,279
1,500,230
Acom Co. Ltd.
379,443
1,245,813
Activia Properties, Inc.
1,090
1,043,049
ADEKA Corp.
147,242
4,522,180
Advance Residence Investment Corp.
1,083
1,193,121
AEON Financial Service Co. Ltd. (a)
182,134
2,059,033
AEON REIT Investment Corp.
1,150
1,006,918
Aica Kogyo Co. Ltd.
81,581
2,076,037
Aichi Steel Corp.
76,735
1,722,698
Ain Holdings, Inc.
56,445
2,230,685
Aisan Industry Co. Ltd.
76,943
1,131,536
ALSOK Co. Ltd.
494,267
4,055,443
Amano Corp.
61,431
1,612,847
Anritsu Corp.
152,696
2,960,517
AOKI Holdings, Inc.
68,847
800,808
Aoyama Trading Co. Ltd.
77,756
1,313,821
Aozora Bank Ltd.
90,021
1,628,883
Arata Corp.
139,749
2,756,938
ARCLANDS Corp. (a)
111,729
1,399,788
Arcs Co. Ltd. (a)
171,468
4,272,285
ARE Holdings, Inc.
126,884
3,701,884
SECURITY
NUMBER
OF SHARES
VALUE ($)
Artience Co. Ltd.
82,573
2,324,473
As One Corp.
51,173
745,839
Asahi Intecc Co. Ltd.
66,266
1,428,672
Asics Corp.
132,836
4,078,884
ASKUL Corp.
79,544
663,864
Autobacs Seven Co. Ltd.
172,214
1,960,123
Azbil Corp.
357,825
3,332,442
BayCurrent, Inc.
21,801
629,070
Belc Co. Ltd.
27,915
1,442,908
Bic Camera, Inc. (a)
180,731
2,088,897
BIPROGY, Inc.
70,538
2,144,717
Blue Zones Holdings Co. Ltd.
24,702
1,523,653
BML, Inc.
57,777
1,611,650
Bunka Shutter Co. Ltd.
93,584
1,291,145
Calbee, Inc.
109,107
2,158,729
Canon Marketing Japan, Inc.
78,788
3,534,547
Capcom Co. Ltd.
63,712
1,466,243
Casio Computer Co. Ltd.
377,286
3,797,630
CCI Group, Inc.
213,240
1,439,583
Chiba Bank Ltd.
306,258
4,564,691
Chudenko Corp.
46,866
1,542,938
Chugin Financial Group, Inc.
86,169
1,772,777
Chugoku Marine Paints Ltd.
35,763
1,081,194
Citizen Watch Co. Ltd.
374,493
4,588,664
CKD Corp.
78,487
2,795,117
Colowide Co. Ltd. (a)
59,735
717,394
Cosmos Pharmaceutical Corp.
56,187
2,496,880
Create SD Holdings Co. Ltd.
59,800
1,302,290
Credit Saison Co. Ltd.
126,584
3,869,072
CyberAgent, Inc.
390,153
3,443,592
Daicel Corp.
484,989
5,092,967
Dai-Dan Co. Ltd.
87,456
2,055,811
Daido Steel Co. Ltd.
431,376
6,587,032
Daihen Corp.
22,703
2,123,067
Daiichikosho Co. Ltd.
98,927
1,100,315
Daio Paper Corp.
363,951
2,736,772
Daiseki Co. Ltd.
35,272
893,520
Daishi Hokuetsu Financial Group, Inc.
146,294
1,912,481
Daiwa House REIT Investment Corp. (a)
2,165
1,844,323
Daiwa Office Investment Corp.
333
778,511
Daiwa Securities Living Investments
Corp.
1,073
796,546
DCM Holdings Co. Ltd. (a)
259,211
2,829,115
DeNA Co. Ltd. (a)
51,431
876,262
Denka Co. Ltd.
274,878
6,477,349
Dexerials Corp.
88,332
1,463,949
DMG Mori Co. Ltd.
143,260
2,840,884
Doutor Nichires Holdings Co. Ltd. (a)
51,693
991,976
DTS Corp.
140,718
1,030,204
Duskin Co. Ltd.
58,827
1,628,881
DyDo Group Holdings, Inc. (a)
38,526
641,586
Eagle Industry Co. Ltd.
52,109
1,143,144
Earth Corp.
31,768
1,033,668
EDION Corp.
307,469
4,421,252
Elecom Co. Ltd.
58,606
673,429
Exedy Corp.
70,966
2,818,185
Ezaki Glico Co. Ltd.
87,136
3,385,537
FCC Co. Ltd.
73,319
1,815,071
Ferrotec Corp.
72,566
2,951,443
Food & Life Cos. Ltd.
35,132
2,264,875
FP Corp.
60,399
1,092,115
Frontier Real Estate Investment Corp.
1,269
727,465
Fuji Co. Ltd.
84,463
1,132,846
Fuji Corp.
125,744
4,905,727
Fuji Media Holdings, Inc.
85,542
1,962,055
Fuji Oil Co. Ltd.
88,838
2,269,245
Fuji Seal International, Inc.
70,213
1,295,202
Fukuda Denshi Co. Ltd.
26,218
1,691,051
See financial notes
64
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Fukuoka Financial Group, Inc.
101,470
4,447,457
Fukuyama Transporting Co. Ltd.
79,050
2,835,420
Furukawa Co. Ltd.
48,619
1,818,639
Fuyo General Lease Co. Ltd.
97,765
2,909,311
Glory Ltd.
103,433
2,754,680
GLP J-Reit (a)
1,657
1,485,861
GMO internet group, Inc.
39,544
759,093
Goldwin, Inc.
62,405
986,089
GS Yuasa Corp.
186,022
6,624,707
GungHo Online Entertainment, Inc.
67,326
1,107,833
Gunma Bank Ltd.
159,665
2,313,289
H.U. Group Holdings, Inc.
133,241
2,865,802
H2O Retailing Corp.
212,539
3,337,322
Hachijuni Nagano Bank Ltd.
172,893
2,302,841
Hakuhodo DY Holdings, Inc.
529,297
3,969,939
Hamakyorex Co. Ltd.
100,347
1,260,403
Hamamatsu Photonics KK
294,806
3,820,912
Happinet Corp.
56,948
1,161,757
Hazama Ando Corp.
241,420
3,310,682
Heiwa Corp.
71,199
920,286
Heiwado Co. Ltd. (a)
126,787
2,440,320
Hikari Tsushin, Inc.
10,295
2,915,241
Hino Motors Ltd. *
1,296,259
3,794,334
Hirogin Holdings, Inc.
162,646
2,017,383
Hirose Electric Co. Ltd.
24,068
3,597,289
Hisamitsu Pharmaceutical Co., Inc.
49,074
1,895,380
Hogy Medical Co. Ltd.
20,912
898,764
Hokkaido Electric Power Co., Inc. (a)
663,453
5,229,008
Hokuetsu Corp. (a)
222,251
1,476,216
Hokuhoku Financial Group, Inc.
72,028
2,883,888
Hokuriku Electric Power Co. (a)
493,124
3,498,061
Horiba Ltd.
38,051
5,129,116
Hoshizaki Corp.
74,255
2,613,966
Hosiden Corp.
126,072
2,375,685
House Foods Group, Inc.
105,777
2,091,488
Hulic Co. Ltd.
385,368
5,106,974
Hyakugo Bank Ltd.
159,311
1,734,691
Ibiden Co. Ltd.
211,883
12,943,015
IDOM, Inc. (a)
169,978
1,667,935
Iino Kaiun Kaisha Ltd.
136,423
1,454,014
Inaba Denki Sangyo Co. Ltd.
189,777
3,495,300
Inabata & Co. Ltd.
165,648
4,620,638
Industrial & Infrastructure Fund
Investment Corp.
1,107
1,077,752
INFRONEER Holdings, Inc. (a)
426,331
7,151,711
Internet Initiative Japan, Inc.
92,739
1,353,143
Invincible Investment Corp.
1,990
845,073
Ito En Ltd.
105,293
2,048,198
Itochu Enex Co. Ltd.
166,128
2,218,587
Itoham Yonekyu Holdings, Inc.
104,312
4,309,447
Iyogin Holdings, Inc.
106,962
2,325,246
Izumi Co. Ltd. (a)
466,323
3,100,357
J Front Retailing Co. Ltd. (a)
234,103
3,868,604
Jaccs Co. Ltd.
43,502
1,234,356
JAFCO Group Co. Ltd.
73,264
1,161,666
Japan Airport Terminal Co. Ltd.
21,556
736,459
Japan Aviation Electronics Industry
Ltd.
123,042
2,130,232
Japan Excellent, Inc.
742
725,247
Japan Exchange Group, Inc.
313,255
4,284,747
Japan Hotel REIT Investment Corp.
1,336
725,654
Japan Lifeline Co. Ltd.
74,193
758,444
Japan Logistics Fund, Inc.
1,071
712,056
Japan Metropolitan Fund Invest (a)
3,461
2,697,862
Japan Petroleum Exploration Co. Ltd.
298,758
4,563,893
Japan Prime Realty Investment Corp.
1,807
1,233,795
Japan Real Estate Investment Corp.
3,024
2,519,919
Japan Steel Works Ltd.
35,571
2,328,491
SECURITY
NUMBER
OF SHARES
VALUE ($)
Japan Wool Textile Co. Ltd.
96,304
1,292,895
Jeol Ltd.
41,137
1,814,903
JGC Holdings Corp.
401,147
6,364,395
Joyful Honda Co. Ltd.
89,189
1,260,785
Juroku Financial Group, Inc.
25,341
1,671,816
JVCKenwood Corp.
218,917
1,823,549
Kadokawa Corp.
68,804
1,276,262
Kaga Electronics Co. Ltd.
124,667
3,481,493
Kagome Co. Ltd.
86,370
1,603,757
Kakaku.com, Inc.
54,240
598,073
Kaken Pharmaceutical Co. Ltd.
40,705
1,156,296
Kamigumi Co. Ltd.
111,301
4,146,207
Kanadevia Corp.
378,831
2,639,988
Kanamoto Co. Ltd.
85,921
2,399,459
Kandenko Co. Ltd.
113,081
5,059,945
Kanematsu Corp.
333,974
5,261,227
Kansai Paint Co. Ltd.
243,176
4,305,130
Katitas Co. Ltd.
45,840
1,049,659
Kato Sangyo Co. Ltd.
87,447
3,831,145
KDX Realty Investment Corp.
987
1,074,716
Keihan Holdings Co. Ltd.
91,048
2,020,697
Keikyu Corp.
196,632
1,970,413
Keio Corp.
98,312
2,642,853
Keisei Electric Railway Co. Ltd.
245,294
2,130,464
Kewpie Corp.
151,158
4,335,536
Kinden Corp.
120,865
6,571,030
Kitz Corp.
143,639
1,989,095
Kiyo Bank Ltd.
37,418
1,026,973
Kobayashi Pharmaceutical Co. Ltd.
43,589
1,627,695
Kobe Bussan Co. Ltd.
64,941
1,541,530
Koei Tecmo Holdings Co. Ltd.
50,290
581,093
Kohnan Shoji Co. Ltd. (a)
63,878
1,769,559
Kokusai Electric Corp.
72,761
3,012,503
Kokuyo Co. Ltd.
446,874
2,635,591
Komeri Co. Ltd.
85,011
1,995,615
Konami Group Corp.
25,334
3,380,030
Konoike Transport Co. Ltd.
59,439
1,332,500
Kose Holdings Corp. (a)
52,270
2,087,452
Kraftia Corp.
67,495
4,567,396
Kumagai Gumi Co. Ltd.
268,077
3,468,474
Kumiai Chemical Industry Co. Ltd. (a)
165,464
777,906
Kurabo Industries Ltd.
24,478
1,575,686
Kureha Corp.
79,991
2,513,088
Kurita Water Industries Ltd.
104,580
5,836,385
Kusuri No. Aoki Holdings Co. Ltd.
40,567
1,055,976
KYB Corp.
92,151
3,122,362
Kyokuto Kaihatsu Kogyo Co. Ltd.
60,181
1,349,134
Kyoritsu Maintenance Co. Ltd.
33,541
574,145
Kyoto Financial Group, Inc.
79,712
1,979,461
Kyowa Kirin Co. Ltd.
202,317
3,738,572
Kyushu Financial Group, Inc.
238,909
2,047,464
Kyushu Railway Co.
133,954
3,401,080
Lasertec Corp.
10,737
2,314,859
Leopalace21 Corp.
217,475
1,036,358
Life Corp. (a)
132,503
2,307,610
Lintec Corp.
88,251
3,086,312
Lion Corp.
317,680
3,740,943
M3, Inc.
161,871
1,781,229
Mabuchi Motor Co. Ltd.
236,099
2,782,528
Macnica Holdings, Inc.
285,947
5,070,580
Makino Milling Machine Co. Ltd.
20,870
1,554,640
Maruha Nichiro Corp.
491,787
4,994,256
Marui Group Co. Ltd.
107,079
2,176,901
Maruichi Steel Tube Ltd.
303,047
3,154,212
Maruwa Co. Ltd.
2,773
1,088,419
Maruzen Showa Unyu Co. Ltd.
23,506
1,380,625
Max Co. Ltd.
25,715
1,146,366
McDonald's Holdings Co. Japan Ltd.
67,600
3,217,089
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
65
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
MCJ Co. Ltd.
129,648
1,903,303
Mebuki Financial Group, Inc.
498,358
4,286,916
Megmilk Snow Brand Co. Ltd.
181,092
4,059,709
Meidensha Corp.
42,526
2,130,045
Meiko Electronics Co. Ltd.
15,967
2,245,863
MEITEC Group Holdings, Inc.
65,505
1,442,893
Menicon Co. Ltd.
96,248
1,171,313
Milbon Co. Ltd.
36,634
659,588
Mirait One Corp.
196,159
5,103,589
Mitsubishi Logisnext Co. Ltd.
57,881
566,112
Mitsubishi Logistics Corp.
313,170
2,874,444
Mitsubishi Pencil Co. Ltd.
49,411
776,018
Mitsuboshi Belting Ltd.
33,999
935,313
Mitsui E&S Co. Ltd.
79,626
4,016,874
Mitsui Fudosan Accommodations Fund,
Inc. (a)
981
866,485
Mitsui High-Tec, Inc.
137,621
773,058
Mitsui-Soko Holdings Co. Ltd.
91,122
2,182,259
Mitsuuroko Group Holdings Co. Ltd.
85,068
1,278,812
Miura Co. Ltd.
79,193
1,635,852
MIXI, Inc.
46,900
806,575
Mizuho Leasing Co. Ltd.
182,518
1,787,478
Mizuno Corp.
72,331
1,883,270
Mochida Pharmaceutical Co. Ltd.
40,078
1,017,834
Modec, Inc.
20,509
1,764,201
MonotaRO Co. Ltd.
66,986
892,646
Morinaga & Co. Ltd.
102,256
1,892,514
Morinaga Milk Industry Co. Ltd.
179,834
5,714,373
Morita Holdings Corp.
54,024
1,035,323
Musashi Seimitsu Industry Co. Ltd.
70,010
1,401,321
Nabtesco Corp.
164,691
5,361,885
Nagoya Railroad Co. Ltd. (a)
339,629
4,011,375
Nakanishi, Inc.
50,253
876,148
Nankai Electric Railway Co. Ltd.
122,873
2,451,557
Nexon Co. Ltd.
191,142
4,065,861
Nextage Co. Ltd.
75,793
1,871,462
NHK Spring Co. Ltd.
298,856
5,761,771
Nichias Corp.
68,001
4,181,762
Nichicon Corp.
114,083
1,576,154
Nichiha Corp.
53,259
1,267,300
Nifco, Inc.
118,978
4,224,910
Nihon Kohden Corp.
220,245
2,454,612
Nihon M&A Center Holdings, Inc.
198,206
917,492
Nihon Parkerizing Co. Ltd.
136,741
1,399,597
Nikkon Holdings Co. Ltd. (a)
97,733
2,472,668
Nippn Corp.
146,966
2,698,809
Nippon Building Fund, Inc.
3,172
2,952,068
Nippon Densetsu Kogyo Co. Ltd.
60,982
2,070,166
Nippon Electric Glass Co. Ltd.
122,271
5,387,364
Nippon Gas Co. Ltd.
100,267
2,006,303
Nippon Kayaku Co. Ltd.
255,834
3,285,490
Nippon Light Metal Holdings Co. Ltd.
282,425
5,643,978
Nippon Paint Holdings Co. Ltd.
586,073
4,343,228
Nippon Prologis REIT, Inc.
2,642
1,550,086
Nippon Shinyaku Co. Ltd.
95,278
3,139,216
Nippon Shokubai Co. Ltd.
261,838
4,267,393
Nippon Soda Co. Ltd.
77,107
2,066,887
Nippon Television Holdings, Inc.
139,371
3,035,141
Nipro Corp.
297,648
3,032,244
Nishimatsu Construction Co. Ltd.
53,646
2,360,939
Nishimatsuya Chain Co. Ltd.
66,842
947,883
Nishi-Nippon Financial Holdings, Inc.
78,908
2,251,121
Nishi-Nippon Railroad Co. Ltd.
146,449
3,052,330
Nissan Chemical Corp.
116,829
5,318,198
Nisshin Oillio Group Ltd.
68,113
2,661,261
Nisshinbo Holdings, Inc.
489,588
5,500,319
Nitto Boseki Co. Ltd.
19,747
3,187,346
Nitto Kogyo Corp.
46,696
1,453,595
SECURITY
NUMBER
OF SHARES
VALUE ($)
NOF Corp.
166,654
3,349,625
Nojima Corp.
303,080
2,273,221
NOK Corp.
228,426
4,867,723
Nomura Co. Ltd. (a)
124,177
1,166,011
Nomura Real Estate Holdings, Inc. (a)
598,214
4,454,276
Nomura Real Estate Master Fund,
Inc. (a)
2,304
2,463,011
Noritake Co. Ltd.
43,603
1,954,978
North Pacific Bank Ltd.
225,894
1,588,673
NS Solutions Corp. (a)
46,226
1,190,255
NSD Co. Ltd.
40,456
738,897
NTN Corp.
1,760,531
4,769,925
NTT UD REIT Investment Corp.
740
686,796
Obic Co. Ltd.
56,260
1,513,480
Odakyu Electric Railway Co. Ltd.
305,655
3,509,282
Okamura Corp.
127,190
2,227,302
OKUMA Corp.
77,174
2,305,952
Okumura Corp.
52,740
2,469,364
Open House Group Co. Ltd.
85,417
6,330,022
Open Up Group, Inc.
64,688
793,037
Oracle Corp. Japan
13,948
842,642
Organo Corp.
10,631
1,181,411
Oriental Land Co. Ltd.
175,594
3,167,159
Orix JREIT, Inc. (a)
2,704
1,802,955
Osaka Soda Co. Ltd.
81,218
1,224,578
OSG Corp.
118,872
2,228,208
PALTAC Corp.
115,014
3,726,122
Park24 Co. Ltd.
115,483
1,664,287
Penta-Ocean Construction Co. Ltd.
449,355
6,140,585
Pigeon Corp.
154,430
1,705,778
Pilot Corp.
47,060
1,470,955
Pola Orbis Holdings, Inc.
134,134
1,183,902
Prima Meat Packers Ltd.
98,709
1,837,932
Raito Kogyo Co. Ltd.
64,493
1,798,988
Rakuten Group, Inc. *
132,955
705,204
Relo Group, Inc.
78,269
965,547
Resorttrust, Inc.
90,790
1,125,244
Ricoh Leasing Co. Ltd.
21,549
884,734
Rinnai Corp.
124,766
3,254,904
Rohto Pharmaceutical Co. Ltd.
150,567
2,355,066
Round One Corp.
91,722
630,965
Saizeriya Co. Ltd.
25,325
1,137,090
Sakata INX Corp.
89,120
1,529,810
Sakata Seed Corp.
33,046
933,437
San-A Co. Ltd. (a)
79,243
1,575,978
San-Ai Obbli Co. Ltd.
233,848
3,844,918
Sangetsu Corp.
71,110
1,528,096
San-In Godo Bank Ltd.
105,762
1,199,031
Sanken Electric Co. Ltd. *
23,067
1,140,902
Sanki Engineering Co. Ltd.
50,131
2,530,231
Sankyo Co. Ltd.
115,828
1,635,873
Santen Pharmaceutical Co. Ltd.
404,791
4,533,400
Sanyo Denki Co. Ltd.
37,466
1,226,269
Sapporo Holdings Ltd.
206,053
2,342,636
Sawai Group Holdings Co. Ltd.
140,137
2,083,318
SBI Holdings, Inc.
140,902
3,023,358
SCREEN Holdings Co. Ltd.
54,321
7,976,358
Sega Sammy Holdings, Inc.
136,363
2,283,998
Seibu Holdings, Inc.
83,282
2,475,122
Seiko Group Corp.
33,284
2,824,743
Seino Holdings Co. Ltd. (a)
268,385
4,582,099
Seiren Co. Ltd.
60,958
1,419,262
Sekisui House Reit, Inc.
1,959
1,180,733
Senko Group Holdings Co. Ltd.
237,180
2,991,240
Seria Co. Ltd.
84,500
2,348,951
Seven Bank Ltd.
630,375
1,214,923
Sharp Corp. *
495,863
2,045,703
Shibuya Corp.
45,556
1,086,925
See financial notes
66
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Shiga Bank Ltd.
18,256
1,057,065
Shikoku Electric Power Co., Inc.
398,846
4,524,300
Shinmaywa Industries Ltd.
114,642
1,999,489
Ship Healthcare Holdings, Inc.
150,761
2,648,276
Shizuoka Financial Group, Inc.
239,904
4,831,117
SHO-BOND Holdings Co. Ltd.
136,686
1,286,971
SKY Perfect JSAT Holdings, Inc.
126,976
2,334,976
Skylark Holdings Co. Ltd.
141,567
3,258,875
Socionext, Inc.
130,383
1,689,864
Sotetsu Holdings, Inc.
97,653
1,839,535
Square Enix Holdings Co. Ltd.
183,140
3,019,977
Starts Corp., Inc.
46,772
1,599,760
Sugi Holdings Co. Ltd.
147,758
3,397,606
Sumitomo Bakelite Co. Ltd.
88,776
3,422,532
Sumitomo Densetsu Co. Ltd.
16,567
1,030,364
Sumitomo Osaka Cement Co. Ltd.
86,620
2,575,437
Sumitomo Pharma Co. Ltd. *
165,975
2,683,240
Sumitomo Warehouse Co. Ltd.
79,100
2,049,380
Sundrug Co. Ltd.
126,240
3,413,837
Suruga Bank Ltd.
85,710
1,165,491
SWCC Corp.
24,290
2,403,718
T Hasegawa Co. Ltd.
36,938
690,613
Tadano Ltd.
243,211
2,294,634
Taihei Dengyo Kaisha Ltd.
84,779
1,702,368
Taikisha Ltd.
77,634
1,951,727
Taiyo Holdings Co. Ltd.
45,938
1,580,355
Takara Holdings, Inc.
306,178
3,192,684
Takara Standard Co. Ltd.
104,280
2,030,496
Takasago International Corp.
135,291
1,199,313
Takasago Thermal Engineering Co. Ltd.
73,959
2,482,275
Takashimaya Co. Ltd. (a)
445,291
5,644,393
Takeuchi Manufacturing Co. Ltd. (a)
38,644
1,856,397
Takuma Co. Ltd.
84,500
1,650,761
TBS Holdings, Inc.
65,585
2,482,673
THK Co. Ltd.
126,024
4,550,183
TKC Corp.
31,499
813,073
Toa Corp.
78,453
2,125,580
Toagosei Co. Ltd.
195,297
2,404,858
Tocalo Co. Ltd.
60,594
1,212,850
Toda Corp.
347,718
3,631,412
Toei Co. Ltd.
19,371
669,998
Toho Co. Ltd.
204,985
2,054,774
Toho Holdings Co. Ltd.
116,600
3,610,212
Tokai Carbon Co. Ltd.
527,218
3,760,174
TOKAI Holdings Corp.
254,828
1,978,232
Tokai Rika Co. Ltd.
167,921
3,619,242
Token Corp.
16,189
1,558,499
Tokuyama Corp.
151,555
4,344,981
Tokyo Century Corp.
290,185
4,243,346
Tokyo Kiraboshi Financial Group, Inc.
18,556
1,390,586
Tokyo Metro Co. Ltd. (a)
160,373
1,717,493
Tokyo Ohka Kogyo Co. Ltd.
62,085
3,666,445
Tokyo Seimitsu Co. Ltd.
30,420
3,370,799
Tokyo Steel Manufacturing Co. Ltd.
189,801
1,969,432
Tokyo Tatemono Co. Ltd.
185,414
5,194,561
Tomy Co. Ltd.
71,016
1,307,286
Topre Corp.
157,071
3,033,269
Toshiba TEC Corp.
57,907
1,222,121
Totetsu Kogyo Co. Ltd.
39,589
1,475,792
Towa Pharmaceutical Co. Ltd.
42,132
1,190,086
Toyo Tire Corp.
184,356
5,699,833
Toyoda Gosei Co. Ltd.
197,322
6,434,372
Transcosmos, Inc.
62,838
1,644,152
Trend Micro, Inc.
60,039
1,999,698
Trusco Nakayama Corp.
108,864
1,759,256
TS Tech Co. Ltd.
241,260
3,113,007
TSI Holdings Co. Ltd. (a)
140,692
1,037,223
Tsubakimoto Chain Co.
169,548
2,904,986
SECURITY
NUMBER
OF SHARES
VALUE ($)
Tsumura & Co.
66,346
1,780,559
TV Asahi Holdings Corp.
71,231
1,539,821
Tv Tokyo Holdings Corp.
27,420
782,425
UACJ Corp.
337,230
5,972,400
Ulvac, Inc.
64,568
4,334,172
United Super Markets Holdings, Inc.
371,164
2,161,013
United Urban Investment Corp.
1,535
1,822,828
Ushio, Inc.
110,399
2,274,096
USS Co. Ltd.
187,567
2,285,644
UT Group Co. Ltd.
695,466
957,727
Valor Holdings Co. Ltd.
188,438
4,532,168
Wacoal Holdings Corp.
49,442
1,438,054
Wacom Co. Ltd.
197,186
1,107,652
YAMABIKO Corp.
76,085
1,871,362
Yamaguchi Financial Group, Inc.
95,494
1,683,263
Yamato Kogyo Co. Ltd.
26,834
2,235,236
Yamazen Corp.
183,579
1,806,100
Yellow Hat Ltd.
118,755
1,337,967
Yodoko Ltd.
163,377
1,510,027
Yokogawa Bridge Holdings Corp.
67,923
1,396,527
Yokohama Financial Group, Inc.
525,629
5,689,755
Yoshinoya Holdings Co. Ltd. (a)
64,064
1,269,175
Yuasa Trading Co. Ltd.
54,948
2,280,628
Yurtec Corp.
75,036
1,554,789
Zenkoku Hosho Co. Ltd.
61,776
1,272,516
Zensho Holdings Co. Ltd.
37,091
2,358,857
Zeon Corp.
261,177
3,581,617
ZOZO, Inc.
134,656
982,374
 
1,101,142,591
 
Jersey 0.3%
CVC Capital Partners PLC
43,066
614,753
Man Group PLC
1,462,453
5,265,467
TP ICAP Group PLC
808,031
2,748,482
 
8,628,702
 
Luxembourg 0.4%
Allegro.eu SA *
152,372
1,183,739
Aroundtown SA *
621,385
2,242,094
Befesa SA
43,078
1,729,315
InPost SA *
53,947
968,168
RTL Group SA (a)
74,772
3,279,725
Samsonite Group SA
1,071,957
2,636,673
Spotify Technology SA *
4,530
2,332,678
 
14,372,392
 
Macau 0.1%
Sands China Ltd.
725,475
1,642,536
 
Netherlands 1.8%
Adyen NV *
2,381
2,796,629
Arcadis NV
47,289
1,670,557
Basic-Fit NV *
39,176
1,454,261
BE Semiconductor Industries NV
16,179
3,618,023
Brembo NV
188,486
2,238,807
Cementir Holding NV
46,323
874,003
Corbion NV
69,602
1,600,027
CTP NV
43,095
914,863
Davide Campari-Milano NV
320,427
2,412,978
Eurocommercial Properties NV
28,406
954,184
Euronext NV
16,497
2,726,922
Ferrovial SE
54,958
4,098,385
Flow Traders Ltd. *
39,861
1,243,428
Fugro NV
163,661
2,077,272
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
67
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
JDE Peet's NV
141,318
5,289,278
Koninklijke BAM Groep NV
408,650
4,605,397
Koninklijke Heijmans NV
21,569
2,272,887
Koninklijke Vopak NV
44,283
2,428,113
MFE-MediaForEurope NV, Class A
418,292
1,528,057
MFE-MediaForEurope NV, Class B
138,355
653,423
OCI NV *
403,508
1,724,648
Pepco Group NV
188,498
1,554,351
Qiagen NV
85,108
4,216,436
RHI Magnesita NV
27,453
1,234,612
Technip Energies NV
92,337
3,992,397
TKH Group NV
54,807
2,528,892
Van Lanschot Kempen NV
19,801
1,320,916
 
62,029,746
 
New Zealand 0.7%
a2 Milk Co. Ltd.
320,518
2,221,374
Air New Zealand Ltd.
3,460,696
1,152,508
Auckland International Airport Ltd.
253,125
1,391,291
Chorus Ltd.
315,350
1,812,783
Contact Energy Ltd.
576,693
3,214,754
EBOS Group Ltd.
187,062
2,689,427
Fisher & Paykel Healthcare Corp. Ltd.
141,754
3,478,933
Freightways Group Ltd.
94,080
810,096
Genesis Energy Ltd.
954,842
1,312,062
Mercury NZ Ltd.
396,004
1,518,406
Meridian Energy Ltd.
759,938
2,580,964
SKYCITY Entertainment Group Ltd. *
1,868,988
936,441
Xero Ltd. *
9,194
544,742
 
23,663,781
 
Norway 1.9%
AF Gruppen ASA
43,298
862,920
Aker Solutions ASA
409,024
1,763,635
Atea ASA *
107,536
1,632,245
Austevoll Seafood ASA
147,799
1,524,069
Bluenord ASA *
15,592
839,143
Bonheur ASA
29,289
777,374
Borregaard ASA
62,742
1,166,017
DNO ASA
1,702,610
2,915,416
DOF Group ASA
93,297
1,241,554
Elkem ASA
1,023,965
3,287,141
Europris ASA
154,394
1,480,095
Gjensidige Forsikring ASA
93,332
2,633,160
Hoegh Autoliners ASA
195,463
2,722,355
Kongsberg Gruppen ASA
65,431
2,653,445
Leroy Seafood Group ASA
375,309
1,960,693
MPC Container Ships ASA
874,764
2,044,984
Norconsult Norge AS
207,359
884,939
Nordic Semiconductor ASA *
59,137
890,779
Norwegian Air Shuttle ASA
664,904
1,161,244
Odfjell Drilling Ltd.
115,082
1,282,264
Opera Ltd., ADR
39,833
638,921
Salmar ASA
34,161
2,043,182
Scatec ASA *
73,053
941,440
SFL Corp. Ltd.
168,428
1,854,392
SpareBank 1 Nord Norge
107,271
1,796,457
SpareBank 1 SMN
81,564
1,830,462
SpareBank 1 Sor-Norge ASA
131,856
2,931,396
Sparebanken Norge
91,004
1,967,222
Stolt-Nielsen Ltd.
46,839
1,659,212
Storebrand ASA
175,642
3,326,959
TGS ASA
257,262
3,053,049
TOMRA Systems ASA
97,809
1,209,067
Veidekke ASA
129,829
2,685,722
SECURITY
NUMBER
OF SHARES
VALUE ($)
Wallenius Wilhelmsen ASA
486,447
6,723,966
 
66,384,919
 
Poland 1.0%
Alior Bank SA
54,452
1,822,103
Asseco Poland SA
53,578
2,643,920
Bank Millennium SA *
292,807
1,421,151
Budimex SA
5,379
1,215,023
CD Projekt SA
11,186
759,896
Cyfrowy Polsat SA *
652,793
2,315,057
Dino Polska SA *
145,565
1,637,919
Enea SA
573,626
3,969,052
Eurocash SA *
386,637
685,041
Grupa Azoty SA *
208,931
970,779
Grupa Kety SA
8,499
2,573,977
Jastrzebska Spolka Weglowa SA *
383,472
2,913,084
KRUK SA
11,677
1,513,616
LPP SA
512
2,962,238
mBank SA *
4,923
1,424,131
Orange Polska SA
1,005,855
3,961,312
Santander Bank Polska SA
18,695
3,093,637
 
35,881,936
 
Portugal 0.4%
Banco Comercial Portugues SA,
Class R
3,787,402
3,987,045
Navigator Co. SA (a)
311,438
1,263,469
NOS SGPS SA
367,552
2,234,939
REN - Redes Energeticas Nacionais
SGPS SA
555,735
2,526,202
Sonae SGPS SA
2,165,290
5,151,465
 
15,163,120
 
Republic of Korea 9.2%
Amorepacific Corp.
34,149
3,594,132
Amorepacific Holdings Corp.
99,641
2,171,530
Asiana Airlines, Inc. *
419,923
2,265,278
BGF retail Co. Ltd.
23,045
1,999,316
BH Co. Ltd.
64,054
861,178
Binggrae Co. Ltd.
11,378
647,798
Celltrion, Inc.
24,770
4,106,809
Cheil Worldwide, Inc.
109,523
1,671,206
CJ ENM Co. Ltd. *
47,105
2,377,353
CJ Logistics Corp.
30,185
2,769,844
Coway Co. Ltd. *
62,415
3,553,555
Daeduck Electronics Co. Ltd.
52,587
2,288,458
Daesang Corp.
69,725
1,095,436
Daewoo Engineering & Construction
Co. Ltd. *
995,814
7,019,502
Daishin Securities Co. Ltd.
40,570
1,264,904
Daou Technology, Inc.
72,410
2,733,308
DB HiTek Co. Ltd.
43,159
2,871,266
DL E&C Co. Ltd. *
133,158
4,730,187
DL Holdings Co. Ltd. *
35,291
1,268,366
Dongjin Semichem Co. Ltd.
39,518
1,508,195
Dongwon Industries Co. Ltd.
26,012
775,749
Doosan Bobcat, Inc.
90,441
4,086,663
Doosan Co. Ltd.
7,831
6,957,260
DoubleDown Interactive Co. Ltd., ADR *
78,444
716,978
Ecopro BM Co. Ltd. *
9,249
1,424,159
Ecopro Co. Ltd. *
28,768
3,699,743
F&F Co. Ltd.
20,327
999,040
Gravity Co. Ltd., ADR
11,159
725,558
GS Engineering & Construction Corp.
301,029
4,687,556
GS Retail Co. Ltd.
124,327
1,901,421
See financial notes
68
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hanon Systems *
512,473
1,653,024
Hansol Chemical Co. Ltd.
8,392
1,971,843
Hanwha Aerospace Co. Ltd.
3,379
2,807,025
Hanwha Life Insurance Co. Ltd. *
456,439
1,572,232
Harim Holdings Co. Ltd.
598,940
6,728,447
HD Construction Equipment Co. Ltd.
50,977
4,986,071
HD Korea Shipbuilding & Offshore
Engineering Co. Ltd.
18,252
5,709,698
HDC Holdings Co. Ltd.
93,030
1,594,153
HDC Hyundai Development
Co-Engineering & Construction,
Class E
86,945
1,399,219
Hite Jinro Co. Ltd.
55,278
682,857
HL Mando Co. Ltd.
87,349
3,813,359
Hotel Shilla Co. Ltd. *
51,202
1,706,733
HS Hyosung Advanced Materials
Corp. *
7,911
1,380,369
HYBE Co. Ltd.
3,557
958,177
Hyosung TNC Corp.
15,094
4,464,718
Hyundai Department Store Co. Ltd.
30,420
2,326,173
Hyundai Elevator Co. Ltd.
15,294
1,049,369
Hyundai Green Food
91,651
1,015,584
Hyundai Marine & Fire Insurance Co.
Ltd. *
185,384
4,426,792
Hyundai Rotem Co. Ltd.
8,168
1,308,811
Hyundai Wia Corp.
79,576
5,603,788
iM Financial Group Co. Ltd.
385,156
4,923,892
Industrial Bank of Korea
269,636
4,826,644
JB Financial Group Co. Ltd.
174,615
3,854,033
Kakao Corp.
97,384
4,217,604
Kangwon Land, Inc.
76,395
1,011,696
KCC Corp.
8,101
3,666,146
KCC Glass Corp.
36,455
734,929
KEPCO Plant Service & Engineering Co.
Ltd. *
24,858
1,071,391
KIWOOM Securities Co. Ltd.
9,522
3,084,638
Kolon Industries, Inc.
93,492
4,393,507
Korea Aerospace Industries Ltd.
18,504
2,463,341
Korea Investment Holdings Co. Ltd.
34,683
6,232,572
Korea Petrochemical Ind Co. Ltd.
18,965
2,503,617
Korean Reinsurance Co.
272,355
2,635,510
Krafton, Inc. *
10,903
1,883,487
Kumho Tire Co., Inc. *
238,626
1,157,879
LF Corp.
75,571
1,184,655
LG Energy Solution Ltd. *
7,034
2,087,951
Lotte Chilsung Beverage Co. Ltd.
9,169
886,623
Lotte Corp.
94,069
2,337,829
LOTTE Fine Chemical Co. Ltd.
42,570
1,512,219
Lotte Rental Co. Ltd.
54,990
1,290,172
Lotte Shopping Co. Ltd.
71,252
5,334,613
LS Corp. *
34,707
6,864,193
LS Electric Co. Ltd.
5,116
2,798,952
LX International Corp.
197,539
5,849,956
LX Semicon Co. Ltd.
33,231
1,349,107
Macquarie Korea Infrastructure Fund
155,120
1,233,627
Meritz Financial Group, Inc. *
40,582
3,585,660
Mirae Asset Securities Co. Ltd.
174,569
8,737,552
Misto Holdings Corp.
40,861
1,391,859
NCSoft Corp.
19,443
3,122,234
Netmarble Corp.
17,682
646,558
NH Investment & Securities Co. Ltd.
117,980
2,911,568
NHN Corp. *
48,091
1,267,048
NongShim Co. Ltd. *
4,940
1,476,677
OCI Holdings Co. Ltd.
23,649
2,498,886
Orion Corp. *
23,429
2,172,700
Orion Holdings Corp. *
95,667
1,586,137
Otoki Corp.
4,097
1,132,122
SECURITY
NUMBER
OF SHARES
VALUE ($)
Pan Ocean Co. Ltd.
760,573
2,791,676
Poongsan Corp. *
26,652
2,145,500
Posco International Corp.
92,307
4,632,996
S-1 Corp.
32,938
2,010,397
Samsung Biologics Co. Ltd. *
550
679,805
Samsung E&A Co. Ltd.
267,839
6,777,435
Samsung Episholdings Co. Ltd. *
382
179,249
Samsung Heavy Industries Co. Ltd. *
105,753
2,128,293
Samsung Life Insurance Co. Ltd.
53,044
8,481,140
Samsung Securities Co. Ltd.
41,014
3,045,044
Samyang Biopharmaceuticals Corp. *
21,048
1,420,758
Samyang Holdings Corp.
19,455
1,007,576
SD Biosensor, Inc. *
158,862
932,079
SeAH Steel Holdings Corp.
5,567
549,540
Seegene, Inc.
69,315
1,264,872
SFA Engineering Corp.
50,744
1,192,316
Shinsegae, Inc.
23,835
6,105,803
SIMMTECH Co. Ltd.
46,828
1,757,881
SK Chemicals Co. Ltd.
27,121
1,297,132
SK Discovery Co. Ltd.
44,893
1,866,250
SK Gas Ltd.
4,964
804,040
SK Networks Co. Ltd.
591,744
2,365,331
SKC Co. Ltd. *
10,220
804,243
SL Corp. *
32,574
1,662,100
Soulbrain Co. Ltd.
5,183
1,605,163
Taihan Cable & Solution Co. Ltd. *
93,210
2,332,680
WONIK IPS Co. Ltd.
36,503
3,187,193
Youngone Corp.
37,931
2,555,102
Youngone Holdings Co. Ltd.
15,621
2,709,377
Yuhan Corp.
14,219
1,089,283
 
315,230,228
 
Singapore 2.0%
BW LPG Ltd.
171,335
3,092,293
CapitaLand Ascendas REIT
1,434,484
3,050,767
CapitaLand Ascott Trust
1,332,799
1,022,109
CapitaLand Integrated Commercial
Trust
1,812,720
3,511,218
CapitaLand Investment Ltd.
685,602
1,658,649
City Developments Ltd.
432,469
3,357,588
ComfortDelGro Corp. Ltd.
3,627,212
4,444,937
Frasers Logistics & Commercial Trust
1,791,623
1,402,306
Genting Singapore Ltd.
3,776,409
2,134,745
Grab Holdings Ltd., A Shares *
185,570
783,105
Hafnia Ltd.
376,269
2,809,737
Hutchison Port Holdings Trust,
U Shares
15,395,477
3,463,982
IGG, Inc.
1,597,293
645,276
Jardine Cycle & Carriage Ltd.
135,441
3,786,373
Keppel Infrastructure Trust
4,771,065
2,074,622
Mapletree Industrial Trust
828,336
1,335,973
Mapletree Logistics Trust
1,413,280
1,441,381
Mapletree Pan Asia Commercial Trust
1,090,864
1,224,672
Netlink NBN Trust
1,320,067
1,033,219
SATS Ltd.
410,711
1,272,868
Sea Ltd., ADR *
26,766
2,902,773
Seatrium Ltd.
458,564
870,106
Sembcorp Industries Ltd.
483,912
2,341,417
Sheng Siong Group Ltd.
454,027
944,058
Singapore Exchange Ltd.
262,618
3,778,826
Singapore Post Ltd.
2,974,030
881,734
Singapore Technologies Engineering
Ltd.
540,107
4,257,317
UOL Group Ltd.
438,783
3,913,090
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
69
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Venture Corp. Ltd.
415,741
5,137,393
 
68,572,534
 
Spain 1.4%
Abengoa SA, B Shares *(c)
192,522,094
0
Acciona SA
17,210
5,015,167
Atresmedia Corp. de Medios de
Comunicacion SA
118,404
724,162
Bankinter SA
287,409
4,810,200
CIE Automotive SA
48,770
1,831,132
Colonial SFL Socimi SA
171,107
1,151,549
Construcciones y Auxiliar de
Ferrocarriles SA
20,276
1,414,847
Corp. ACCIONA Energias Renovables
SA
38,576
1,006,582
Ebro Foods SA
75,706
1,730,515
EDP Renovaveis SA
145,563
2,296,133
Elecnor SA
33,167
1,127,816
Enagas SA
254,312
4,607,586
Faes Farma SA
182,188
1,118,569
Fluidra SA
55,963
1,498,593
Gestamp Automocion SA
539,763
2,036,805
Indra Sistemas SA
39,320
2,913,177
Linea Directa Aseguradora SA Cia de
Seguros y Reaseguros
764,026
1,142,041
Logista Integral SA
50,297
1,915,782
Merlin Properties Socimi SA
126,900
2,248,961
Puig Brands SA, Class B
38,602
745,646
Sacyr SA
497,669
2,665,344
Unicaja Banco SA
303,184
966,517
Vidrala SA
13,354
1,292,900
Viscofan SA
37,673
2,637,695
 
46,897,719
 
Sweden 3.0%
AAK AB
105,553
2,894,267
AcadeMedia AB
119,518
1,320,677
AddLife AB, B Shares
39,576
676,370
AddTech AB, B Shares
46,839
1,737,008
AFRY AB
114,618
1,716,234
Alleima AB
191,988
1,757,610
Ambea AB
56,022
807,180
Arjo AB, B Shares
266,557
799,441
Attendo AB
135,089
1,560,113
Avanza Bank Holding AB
19,133
701,270
Axfood AB (a)
85,133
3,104,289
Beijer Ref AB
107,641
1,689,906
Betsson AB, Class B
87,004
902,575
Bilia AB, A Shares
152,949
2,349,515
Billerud Aktiebolag
405,198
3,707,257
Bravida Holding AB
210,350
2,452,599
Castellum AB
205,343
2,734,462
Coffee Stain Group AB, B Shares *
106,436
196,036
Dometic Group AB
604,915
2,531,597
Electrolux Professional AB, B Shares
94,553
622,487
Elekta AB, B Shares (a)
414,249
2,665,213
Embracer Group AB *
91,620
538,290
EQT AB
76,799
2,384,169
Evolution AB
52,318
3,179,925
Fabege AB
105,694
985,178
Fastighets AB Balder, B Shares *
165,557
1,246,274
Getinge AB, B Shares
171,676
3,860,646
Granges AB
130,985
2,322,789
Hexpol AB
248,234
2,134,968
Holmen AB, B Shares
73,911
2,921,183
Indutrade AB
83,772
2,180,044
SECURITY
NUMBER
OF SHARES
VALUE ($)
Inwido AB
52,587
983,828
JM AB
116,022
1,728,255
Lagercrantz Group AB, B Shares
29,090
711,887
Lifco AB, B Shares
33,406
1,191,458
Lindab International AB
56,539
1,084,083
Loomis AB
76,738
3,893,629
MEKO AB
72,333
533,122
Mycronic AB
34,037
774,477
NCC AB, B Shares
141,502
3,456,547
New Wave Group AB, B Shares
61,828
705,815
Nibe Industrier AB, B Shares
912,182
3,747,765
Nolato AB, B Shares
125,589
724,504
Peab AB, B Shares
284,599
3,349,856
Ratos AB, B Shares
365,271
1,518,960
Saab AB, B Shares
64,865
4,697,403
Sagax AB, B Shares
31,964
676,648
Samhallsbyggnadsbolaget i Norden
AB *(a)
2,391,697
1,047,060
Scandic Hotels Group AB
159,004
1,504,992
Sinch AB *
620,852
1,580,583
Svenska Cellulosa AB SCA, B Shares
239,734
3,264,172
Sweco AB, B Shares
92,407
1,480,954
Swedish Orphan Biovitrum AB *
65,286
2,861,047
Thule Group AB
66,220
1,720,343
Wihlborgs Fastigheter AB
89,904
953,585
 
102,870,545
 
Switzerland 3.1%
Accelleron Industries AG
19,067
1,798,727
Allreal Holding AG
6,779
2,080,286
ALSO Holding AG
10,311
2,196,140
Aryzta AG *
25,909
1,869,774
Avolta AG *
65,950
4,352,074
Banque Cantonale Vaudoise
10,803
1,656,165
Belimo Holding AG
2,119
2,127,128
Bell Food Group AG
4,917
1,381,018
BeOne Medicines Ltd., Class H *
11,452
281,536
BKW AG
10,448
2,056,859
Bossard Holding AG, Class A
4,097
883,275
Burckhardt Compression Holding AG
1,022
764,125
Cembra Money Bank AG
15,004
1,943,175
Clariant AG *
399,771
4,379,521
Comet Holding AG
2,883
1,115,637
Daetwyler Holding AG
4,035
881,451
DKSH Holding AG
53,368
4,323,290
dormakaba Holding AG
17,708
1,323,984
Emmi AG
1,875
1,974,839
EMS-Chemie Holding AG
2,956
2,456,126
Flughafen Zurich AG
6,125
2,102,594
Forbo Holding AG
1,356
1,583,367
Galderma Group AG
7,502
1,423,239
Galenica AG
39,868
4,981,880
Georg Fischer AG
34,030
2,158,486
Helvetia Baloise Holding AG
31,050
8,074,898
Huber & Suhner AG
12,866
3,098,346
Inficon Holding AG
6,292
976,874
Interroll Holding AG
406
1,021,005
Kardex Holding AG
2,068
701,837
Landis & Gyr Group AG *
32,437
2,222,781
Luzerner Kantonalbank AG
7,200
969,924
Mobimo Holding AG
1,992
1,037,379
OC Oerlikon Corp. AG Pfaffikon
476,413
2,620,411
On Holding AG, Class A *
17,765
825,717
PSP Swiss Property AG
9,579
2,063,897
SFS Group AG
9,148
1,453,593
Siegfried Holding AG *
11,034
1,229,587
SIG Group AG *
212,187
3,454,367
See financial notes
70
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Softwareone Holding AG
132,404
1,162,979
St. Galler Kantonalbank AG
1,213
1,009,453
Stadler Rail AG
51,106
1,363,624
Straumann Holding AG
23,756
2,860,420
Sulzer AG
7,703
1,702,763
Swiss Prime Site AG
21,969
4,190,693
Swissquote Group Holding SA
1,239
663,442
Tecan Group AG
8,677
1,536,711
Temenos AG
18,472
1,717,376
Valiant Holding AG
7,859
1,706,590
VAT Group AG
5,990
4,238,682
Vontobel Holding AG
24,309
2,218,961
 
106,217,006
 
Taiwan 0.1%
FIT Hon Teng Ltd. *(a)
2,511,656
2,016,479
 
United Kingdom 7.3%
4imprint Group PLC
23,169
1,238,194
AG Barr PLC
73,077
683,808
Airtel Africa PLC
1,378,727
6,469,163
Allfunds Group PLC
227,884
2,266,853
Ashmore Group PLC
474,426
1,518,063
Autotrader Group PLC
187,966
1,245,611
Babcock International Group PLC
246,656
4,483,455
Beazley PLC
249,147
4,244,013
Big Yellow Group PLC
67,679
946,306
Bodycote PLC
244,339
2,562,311
Breedon Group PLC
353,891
1,702,371
Brightstar Lottery PLC
52,526
712,253
British Land Co. PLC
468,634
2,570,623
Carnival PLC, ADR
63,539
1,999,572
Chemring Group PLC
160,245
1,150,456
Clarkson PLC
20,896
1,196,788
Close Brothers Group PLC *
519,340
3,461,806
Coats Group PLC
1,542,003
1,934,244
Computacenter PLC
78,483
3,349,091
Convatec Group PLC
812,638
2,801,300
Cranswick PLC
52,397
3,825,169
CVS Group PLC
52,129
930,726
Derwent London PLC
55,182
1,345,796
Diploma PLC
27,843
2,124,351
Domino's Pizza Group PLC
418,892
1,130,863
Dr. Martens PLC
1,488,114
1,386,481
Dunelm Group PLC
102,556
1,389,844
easyJet PLC
487,525
3,041,300
Elementis PLC
541,720
1,209,003
Endava PLC, ADR *
84,103
393,602
Endeavour Mining PLC
100,272
7,216,114
Energean PLC
96,843
1,162,690
Frasers Group PLC *
223,253
2,116,074
Fresnillo PLC
92,428
5,268,826
Future PLC
129,796
725,239
Games Workshop Group PLC
9,747
2,344,368
Gamma Communications PLC
63,457
766,126
Genuit Group PLC
235,712
1,207,400
Genus PLC
37,105
1,454,171
Grainger PLC
317,949
820,735
Greggs PLC
106,286
2,263,475
Halma PLC
94,560
5,319,166
Harbour Energy PLC
1,203,935
4,101,607
Hikma Pharmaceuticals PLC
133,044
2,350,364
Hill & Smith PLC
51,717
1,654,835
Hilton Food Group PLC
193,838
1,378,602
Howden Joinery Group PLC
369,548
4,819,334
Hunting PLC
238,012
1,660,774
SECURITY
NUMBER
OF SHARES
VALUE ($)
Ibstock PLC
518,068
922,187
ICG PLC
121,776
2,748,887
IG Group Holdings PLC
288,669
5,049,192
IMI PLC
147,442
5,708,975
InterContinental Hotels Group PLC
29,467
4,051,712
J D Wetherspoon PLC
95,759
931,456
James Halstead PLC (a)
350,471
612,548
JET2 PLC
107,060
1,807,845
Johnson Service Group PLC
383,938
754,663
Just Group PLC
451,187
1,313,285
Keller Group PLC
128,919
3,492,500
Kier Group PLC
855,397
2,737,090
Lancashire Holdings Ltd.
138,239
1,245,231
Land Securities Group PLC
455,650
3,960,448
Lion Finance Group PLC
18,490
2,891,086
LondonMetric Property PLC
285,433
825,063
Marshalls PLC
409,066
988,843
Mitchells & Butlers PLC *
374,597
1,515,916
Mitie Group PLC
1,223,778
2,971,425
MONY Group PLC
513,429
1,187,280
Morgan Advanced Materials PLC
555,112
1,802,363
Morgan Sindall Group PLC
44,175
2,939,857
Ninety One PLC
360,954
1,210,299
Ocado Group PLC *
301,026
850,304
OSB Group PLC
385,810
3,166,675
Oxford Instruments PLC
30,948
1,098,452
Pagegroup PLC
716,104
1,804,223
Paragon Banking Group PLC
131,230
1,509,376
Pennon Group PLC
500,523
4,037,567
Pets at Home Group PLC
900,055
2,521,803
Polar Capital Holdings PLC
106,957
911,681
Premier Foods PLC
565,489
1,500,775
Primary Health Properties PLC
984,843
1,433,969
QinetiQ Group PLC
363,966
2,471,136
Quilter PLC
1,697,118
4,472,110
Renew Holdings PLC
84,485
1,058,620
Renishaw PLC
22,139
1,279,885
Rightmove PLC
152,829
919,277
Rotork PLC
482,654
2,503,471
RWS Holdings PLC
1,036,290
1,058,862
Safestore Holdings PLC
107,453
1,145,608
Savills PLC
184,611
2,516,749
Schroders PLC
784,529
6,180,890
Segro PLC
343,919
3,889,554
Senior PLC
497,640
2,060,679
Serica Energy PLC
506,876
1,645,748
Softcat PLC
47,862
733,568
Spirax Group PLC
38,952
4,139,768
Spire Healthcare Group PLC
304,731
831,682
SSP Group PLC
779,976
2,156,000
Tate & Lyle PLC
579,358
2,933,403
Telecom Plus PLC
58,694
1,081,082
THG PLC *
2,082,140
976,967
TORM PLC, Class A
93,699
2,743,746
Tritax Big Box REIT PLC
524,289
1,214,508
UNITE Group PLC
103,116
698,717
Vesuvius PLC
616,464
4,139,050
Victrex PLC
140,373
1,334,281
Vistry Group PLC *
466,375
4,370,312
Watches of Switzerland Group PLC *
301,027
2,068,096
Weir Group PLC
122,017
5,777,688
WH Smith PLC
118,564
1,095,898
Zigup PLC
635,766
3,508,770
 
251,452,417
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
71
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
United States 0.4%
Diversified Energy Co. (a)
136,078
1,891,702
Garrett Motion, Inc.
94,288
1,919,704
Kulicke & Soffa Industries, Inc.
67,988
4,740,123
SolarEdge Technologies, Inc. *
99,527
3,523,256
 
12,074,785
Total Common Stocks
(Cost $2,416,719,112)
3,400,081,957
 
PREFERRED STOCKS 0.5% OF NET ASSETS
 
Germany 0.4%
Draegerwerk AG & Co. KGaA
32,055
3,391,122
Jungheinrich AG
72,014
2,731,066
KSB SE & Co. KGaA
1,159
1,477,906
Sartorius AG
8,624
2,446,821
Sixt SE
17,933
1,160,308
STO SE & Co. KGaA
6,534
951,993
 
12,159,216
 
Italy 0.1%
Danieli & C Officine Meccaniche SpA -
RSP
32,660
1,819,339
 
Republic of Korea 0.0%
Daishin Securities Co. Ltd.
33,275
644,219
Total Preferred Stocks
(Cost $10,671,909)
14,622,774
 
RIGHTS 0.0% OF NET ASSETS
 
New Zealand 0.0%
Genesis Energy Ltd.
expires 03/17/26, strike NZD
2.05 *(c)
120,866
17,406
 
United Kingdom 0.0%
Greencore Group PLC
CVR *(c)
466,519
5,645
Total Rights
(Cost $13,159)
23,051
 
WARRANTS 0.0% OF NET ASSETS
 
Italy 0.0%
Webuild SpA
expires 08/02/30 *(a)(c)
9,734
37,973
Total Warrants
(Cost $0)
37,973
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 4.4% OF NET ASSETS
 
Money Market Funds 4.4%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.63% (d)
4,174,279
4,174,280
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.63% (d)(e)
147,546,651
147,546,651
 
151,720,931
Total Short-Term Investments
(Cost $151,720,931)
151,720,931
Total Investments in Securities
(Cost $2,579,125,111)
3,566,486,686
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI EAFE Index, expires
03/20/26
107
16,933,285
889,288
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$138,513,189.
(b)
Security is traded on separate exchanges for the same issuer.
(c)
Fair valued using significant unobservable inputs.
(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
CDI —
CHESS Depositary Interest
CVA —
Dutch Certificate
CVR —
Contingent Value Rights
REIT —
Real Estate Investment Trust
RSP —
Risparmio (Savings Shares)
NZD —
New Zealand Dollar
 
 
% OF NET ASSETS
SECTOR WEIGHTINGS (a)
Industrials
25.4
%
Materials
13.1
%
Consumer Discretionary
12.0
%
Financials
11.7
%
Consumer Staples
7.5
%
Information Technology
7.3
%
Real Estate
6.6
%
Health Care
4.7
%
Communication Services
4.3
%
Energy
3.9
%
Utilities
3.1
%
Short-Term Investments
4.4
%
Total
104.0
%
 
(a)
Excludes derivatives.
See financial notes
72
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
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
$3,087,326,197
$—
$—
$3,087,326,197
Australia
169,549,811
—
286,801
169,836,612
Hong Kong
96,021,429
—
0
*
96,021,429
Spain
46,897,719
—
0
*
46,897,719
Preferred Stocks1
14,622,774
—
—
14,622,774
Rights
New Zealand
—
—
17,406
17,406
United Kingdom
—
—
5,645
5,645
Warrants
Italy
—
—
37,973
37,973
Short-Term Investments1
151,720,931
—
—
151,720,931
Futures Contracts2
889,288
—
—
889,288
Total
$3,567,028,149
$—
$347,825
$3,567,375,974
 
*
Level 3 amount shown includes securities determined to have no value.
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 | Annual Holdings and Financial Statements
73
Schwab Fundamental International Small Equity ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - unaffiliated issuers (cost $2,579,125,111) including securities on loan of $138,513,189
 
$3,566,486,686
Foreign currency, at value (cost $2,357,704)
 
2,363,395
Deposit with broker for futures contracts
 
810,311
Receivables:
 
Dividends
 
6,665,475
Foreign tax reclaims
 
2,603,269
Income from securities on loan
+
90,454
Total assets
 
3,579,019,590
 
Liabilities
Collateral held for securities on loan
 
147,546,651
Payables:
 
Management fees
 
996,382
Investments bought
 
197,794
Variation margin on futures contracts
+
42,351
Total liabilities
 
148,783,178
Net assets
 
$3,430,236,412
 
Net Assets by Source
Capital received from investors
 
$2,599,234,730
Total distributable earnings
+
831,001,682
Net assets
 
$3,430,236,412
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$3,430,236,412
 
67,600,000
$50.74
 
 
 
 
See financial notes
74
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental International Small Equity ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $10,430,271)
 
$91,162,838
Other Interest
 
24,231
Securities on loan, net
+
1,427,626
Total investment income
 
92,614,695
 
Expenses
Management fees
 
11,767,393
Professional fees
+
25,577
1
Total expenses
 
11,792,970
Expense reduction
–
25,577
1
Net expenses
–
11,767,393
Net investment income
 
80,847,302
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated issuers
 
142,856,342
Net realized gains on sales of in-kind redemptions - unaffiliated issuers
 
249,850,848
Net realized gains on futures contracts
 
4,456,438
Net realized gains on foreign currency transactions
+
564,364
Net realized gains
 
397,727,992
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers
 
706,949,260
Net change in unrealized appreciation (depreciation) on futures contracts
 
447,571
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
206,691
Net change in unrealized appreciation (depreciation)
 
707,603,522
Net realized and unrealized gains
 
1,105,331,514
Increase in net assets resulting from operations
 
$1,186,178,816
 
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
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
75
Schwab Fundamental International Small Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$80,847,302
$87,712,293
Net realized gains
 
397,727,992
115,624,029
Net change in unrealized appreciation (depreciation)
+
707,603,522
27,964,719
Increase in net assets resulting from operations
 
$1,186,178,816
$231,301,041
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($115,290,900
)
($109,577,490
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
3,400,000
$145,279,182
3,900,000
$136,340,946
Shares redeemed
+
(23,800,000
)
(926,862,366
)
(9,200,000
)
(323,609,809
)
Net transactions in fund shares
 
(20,400,000
)
($781,583,184
)
(5,300,000
)
($187,268,863
)
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-2/28/26
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 increase (decrease)
+
(20,400,000
)
289,304,732
(5,300,000
)
(65,545,312
)
End of period
 
67,600,000
$3,430,236,412
88,000,000
$3,140,931,680
See financial notes
76
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF   
Financial Statements
FINANCIAL HIGHLIGHTS
 
 
3/1/25–
2/28/26
3/1/24–
2/28/25
3/1/23–
2/29/24
3/1/22–
2/28/23
3/1/21–
2/28/22
 
Per-Share Data
Net asset value at beginning of period
$30.29
$27.25
$25.28
$29.25
$29.64
Income (loss) from investment operations:
Net investment income (loss)1
1.24
1.30
1.20
1.55
1.36
Net realized and unrealized gains (losses)
10.37
3.14
2.06
(4.14
)
(0.41
)
Total from investment operations
11.61
4.44
3.26
(2.59
)
0.95
Less distributions:
Distributions from net investment income
(1.51
)
(1.40
)
(1.29
)
(1.39
)
(1.34
)
Other capital1,2
—
—
—
0.01
—
Net asset value at end of period
$40.39
$30.29
$27.25
$25.28
$29.25
Total return
39.10
%
16.43
%
13.17
%
(8.72
%)
2.97
%
Ratios/Supplemental Data
Ratios to average net assets:
Total expenses
0.39
%
0.39
%
0.39
%
0.39
%3
0.39
%
Net investment income (loss)
3.60
%
4.37
%
4.55
%
5.97
%
4.29
%
Portfolio turnover rate4
16
%
20
%
16
%
28
%
20
%
Net assets, end of period (x 1,000,000)
$9,416
$6,422
$5,458
$4,529
$4,826
 
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.
3
Ratio includes less than 0.005% of non-routine proxy expenses.
4
Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
77
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2026
   
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 94.6% OF NET ASSETS
 
Brazil 8.9%
Ambev SA
8,115,089
25,745,610
Axia Energia
1,360,919
16,259,324
B3 SA - Brasil Bolsa Balcao
4,822,965
16,834,084
Banco Bradesco SA
4,117,229
14,748,115
Banco do Brasil SA
9,939,283
52,231,941
Cia de Saneamento Basico do Estado
de Sao Paulo SABESP
506,320
15,193,500
Cia Energetica de Minas Gerais
811,805
2,471,024
Cia Paranaense de Energia - Copel
2,028,522
5,798,772
Cia Siderurgica Nacional SA *
8,447,935
14,199,733
Cosan SA *
6,491,242
7,961,608
Equatorial SA
1,771,892
14,549,391
Itau Unibanco Holding SA
837,065
7,113,261
Klabin SA
2,295,269
9,201,932
Localiza Rent a Car SA
1,186,343
11,742,329
Natura Cosmeticos SA *
1,132,199
2,011,238
Petroleo Brasileiro SA - Petrobras
22,752,686
189,577,988
Suzano SA
1,724,486
19,503,386
Telefonica Brasil SA
2,044,432
17,213,836
Ultrapar Participacoes SA
5,119,657
25,756,267
Vale SA
18,741,404
323,311,009
Vibra Energia SA
8,660,854
50,529,459
 
841,953,807
 
Chile 0.5%
Banco de Chile
50,778,316
10,456,102
Cencosud SA
3,259,003
10,168,400
Empresas Copec SA
1,896,911
15,629,432
Enel Americas SA
74,493,075
6,689,668
 
42,943,602
 
China 29.5%
Agricultural Bank of China Ltd.,
A Shares
9,176,600
8,560,136
Agricultural Bank of China Ltd.,
H Shares
53,972,355
36,638,674
Alibaba Group Holding Ltd.
16,004,110
292,373,237
Aluminum Corp. of China Ltd.,
A Shares
3,302,600
6,604,334
Aluminum Corp. of China Ltd.,
H Shares
8,655,990
15,647,322
Anhui Conch Cement Co. Ltd.,
A Shares
1,956,800
7,289,978
Anhui Conch Cement Co. Ltd.,
H Shares
5,430,702
17,009,671
ANTA Sports Products Ltd.
972,030
10,568,853
BAIC Motor Corp. Ltd., H Shares *
43,336,522
10,083,221
Baidu, Inc., A Shares *
3,450,596
54,567,954
Bank of Beijing Co. Ltd., A Shares
9,562,000
7,512,014
Bank of China Ltd., A Shares
5,040,700
3,879,213
Bank of China Ltd., H Shares
164,277,790
97,447,498
Bank of Communications Co. Ltd.,
A Shares
9,494,400
9,064,164
Bank of Communications Co. Ltd.,
H Shares
19,882,687
17,437,052
BOE Technology Group Co. Ltd.,
A Shares
17,498,400
11,426,027
BYD Co. Ltd., A Shares
171,800
2,236,613
BYD Co. Ltd., H Shares
1,302,393
15,809,236
CGN Power Co. Ltd., A Shares
2,516,100
1,448,585
SECURITY
NUMBER
OF SHARES
VALUE ($)
CGN Power Co. Ltd., H Shares
20,762,670
8,334,637
China CITIC Bank Corp. Ltd., A Shares
1,559,300
1,636,368
China CITIC Bank Corp. Ltd., H Shares
25,883,946
23,858,306
China Coal Energy Co. Ltd., A Shares
751,897
1,662,505
China Coal Energy Co. Ltd., H Shares
6,589,887
10,952,044
China Construction Bank Corp.,
A Shares
3,477,800
4,354,283
China Construction Bank Corp.,
H Shares
216,429,300
221,073,504
China Everbright Bank Co. Ltd.,
A Shares
13,545,600
6,396,791
China Everbright Bank Co. Ltd.,
H Shares (a)
28,564,753
12,014,349
China Hongqiao Group Ltd.
6,811,486
30,878,377
China Life Insurance Co. Ltd., A Shares
78,200
506,980
China Life Insurance Co. Ltd.,
H Shares
4,459,300
18,003,323
China Mengniu Dairy Co. Ltd.
6,952,617
14,381,384
China Merchants Bank Co. Ltd.,
A Shares
3,270,900
18,473,870
China Merchants Bank Co. Ltd.,
H Shares
5,740,797
35,844,432
China Minsheng Banking Corp. Ltd.,
A Shares
24,246,100
13,711,739
China Minsheng Banking Corp. Ltd.,
H Shares
35,837,867
18,555,431
China National Building Material Co.
Ltd., H Shares
51,365,388
44,653,278
China Pacific Insurance Group Co. Ltd.,
A Shares
820,500
4,880,497
China Pacific Insurance Group Co. Ltd.,
H Shares
4,059,145
18,650,329
China Petroleum & Chemical Corp.,
A Shares
12,619,100
11,881,734
China Petroleum & Chemical Corp.,
H Shares
163,363,480
113,821,771
China Railway Group Ltd., A Shares
9,259,500
8,502,507
China Railway Group Ltd., H Shares
23,841,555
15,757,923
China Resources Land Ltd.
8,048,142
32,698,165
China Shenhua Energy Co. Ltd.,
A Shares
720,600
4,438,566
China Shenhua Energy Co. Ltd.,
H Shares
6,496,326
37,339,455
China State Construction Engineering
Corp. Ltd., A Shares
22,797,800
16,747,207
China Tower Corp. Ltd., H Shares
11,051,086
15,752,652
China United Network Communications
Ltd., A Shares
12,440,700
8,921,314
China Vanke Co. Ltd., A Shares *
13,560,100
9,565,929
China Vanke Co. Ltd., H Shares *(a)
22,294,628
10,716,721
China Yongda Automobiles Services
Holdings Ltd.
34,708,013
6,744,460
CITIC Securities Co. Ltd., A Shares
1,681,800
6,709,159
CITIC Securities Co. Ltd., H Shares
1,703,857
6,112,159
COSCO SHIPPING Holdings Co. Ltd.,
A Shares
3,980,600
8,708,596
COSCO SHIPPING Holdings Co. Ltd.,
H Shares
10,999,503
21,346,108
CRRC Corp. Ltd., A Shares
3,130,700
2,870,192
CRRC Corp. Ltd., H Shares
8,241,509
6,110,948
Daqo New Energy Corp., ADR *
435,912
10,514,197
ENN Energy Holdings Ltd.
2,069,455
18,201,965
Geely Automobile Holdings Ltd.
8,165,566
16,859,034
Gree Electric Appliances, Inc. of
Zhuhai, A Shares
1,487,900
8,121,654
Haier Smart Home Co. Ltd., A Shares
1,276,000
4,779,723
Haier Smart Home Co. Ltd., H Shares
5,243,445
17,884,483
See financial notes
78
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Hello Group, Inc., ADR
1,073,169
6,943,403
Huaneng Power International, Inc.,
A Shares
1,578,000
1,665,193
Huaneng Power International, Inc.,
H Shares
10,118,781
7,800,445
Industrial & Commercial Bank of China
Ltd., A Shares
7,506,100
7,570,758
Industrial & Commercial Bank of China
Ltd., H Shares
131,969,578
108,819,670
Industrial Bank Co. Ltd., A Shares
8,208,700
21,906,936
iQIYI, Inc., ADR *
5,875,188
9,400,301
JD.com, Inc., ADR
3,744,967
99,353,974
Jiangxi Copper Co. Ltd., A Shares
1,010,700
8,550,049
Jiangxi Copper Co. Ltd., H Shares
7,049,753
41,097,235
JinkoSolar Holding Co. Ltd., ADR
365,121
9,233,910
KE Holdings, Inc., ADR
792,270
13,032,841
Kunlun Energy Co. Ltd.
19,550,438
20,969,705
Kweichow Moutai Co. Ltd., A Shares
42,100
8,928,325
Li Ning Co. Ltd.
4,487,817
12,920,442
Longfor Group Holdings Ltd.
14,843,079
18,880,824
Lufax Holding Ltd., ADR *
4,599,324
11,958,242
Meituan, B Shares *
1,670,771
17,333,223
Midea Group Co. Ltd., A Shares
1,398,800
16,033,120
NetEase, Inc.
1,129,451
25,874,935
PDD Holdings, Inc., ADR *
303,030
31,433,302
PetroChina Co. Ltd., A Shares
6,395,200
10,122,851
PetroChina Co. Ltd., H Shares
85,740,078
104,569,759
PICC Property & Casualty Co. Ltd.,
H Shares
13,777,253
28,515,654
Ping An Bank Co. Ltd., A Shares
5,477,100
8,701,539
Ping An Insurance Group Co. of China
Ltd., A Shares
3,890,800
35,778,188
Ping An Insurance Group Co. of China
Ltd., H Shares
14,521,421
126,238,519
Poly Developments & Holdings Group
Co. Ltd., A Shares
8,029,100
7,957,831
Postal Savings Bank of China Co. Ltd.,
A Shares
3,479,500
2,520,532
Postal Savings Bank of China Co. Ltd.,
H Shares
22,631,896
14,264,013
Shanghai Pudong Development Bank
Co. Ltd., A Shares
11,663,900
16,524,524
Shenzhou International Group Holdings
Ltd.
999,831
8,097,428
Sinopharm Group Co. Ltd., H Shares
10,244,267
27,685,969
Sunac China Holdings Ltd. *
42,696,165
6,822,959
Tencent Holdings Ltd.
2,416,145
160,002,443
Vipshop Holdings Ltd., ADR
1,652,730
28,790,557
Weichai Power Co. Ltd., A Shares
1,913,000
7,768,103
Weichai Power Co. Ltd., H Shares
4,102,056
17,106,431
Xiaomi Corp., B Shares *
6,913,610
30,846,377
Yankuang Energy Group Co. Ltd.,
A Shares
1,093,855
2,825,156
Yankuang Energy Group Co. Ltd.,
H Shares
9,632,900
17,240,861
Zhongsheng Group Holdings Ltd. (a)
7,971,061
10,557,224
Zijin Mining Group Co. Ltd., A Shares
2,121,300
12,228,340
Zijin Mining Group Co. Ltd., H Shares
4,741,416
27,276,864
ZTO Express Cayman, Inc.
471,397
11,540,628
 
2,779,222,414
 
Colombia 0.2%
Ecopetrol SA, ADR (a)
1,236,585
14,702,996
Grupo Cibest SA
293,381
6,407,781
 
21,110,777
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Czech Republic 0.1%
CEZ AS
233,933
13,282,902
 
Greece 0.3%
Alpha Bank SA
1,099,633
4,829,813
Motor Oil Hellas Corinth Refineries SA
349,479
15,135,267
National Bank of Greece SA
735,040
11,963,477
 
31,928,557
 
Hong Kong 2.3%
BOC Hong Kong Holdings Ltd.
4,137,275
23,748,413
China Everbright Environment Group
Ltd.
16,569,068
10,845,308
China Overseas Land & Investment
Ltd.
20,497,052
37,602,539
China Resources Power Holdings Co.
Ltd.
5,224,547
12,476,690
China Taiping Insurance Holdings Co.
Ltd.
4,428,693
12,942,723
CITIC Ltd.
38,233,118
61,195,277
CSPC Pharmaceutical Group Ltd.
12,852,774
16,266,942
Lenovo Group Ltd.
19,630,828
24,418,856
Orient Overseas International Ltd.
703,467
13,444,937
 
212,941,685
 
Hungary 0.6%
MOL Hungarian Oil & Gas PLC
3,203,381
35,410,904
OTP Bank Nyrt
183,635
22,618,216
 
58,029,120
 
India 9.2%
Axis Bank Ltd.
1,852,482
28,179,331
Bajaj Finserv Ltd.
388,255
8,507,138
Bharat Petroleum Corp. Ltd.
8,049,404
34,099,452
Bharti Airtel Ltd.
1,119,070
23,116,673
Coal India Ltd.
3,142,965
14,877,706
GAIL India Ltd.
6,815,968
12,701,239
Grasim Industries Ltd.
432,132
13,298,890
HCL Technologies Ltd.
886,716
13,539,107
HDFC Bank Ltd.
4,781,794
46,660,943
Hindalco Industries Ltd.
3,281,650
33,355,318
Hindustan Petroleum Corp. Ltd.
3,772,588
18,194,012
Hindustan Unilever Ltd.
373,027
9,586,836
ICICI Bank Ltd.
2,740,672
41,539,552
Indian Oil Corp. Ltd.
14,243,884
29,351,627
IndusInd Bank Ltd. *
944,113
9,928,746
Infosys Ltd.
2,977,094
42,544,289
ITC Ltd.
5,636,342
19,428,772
JSW Steel Ltd.
999,250
13,891,004
Kotak Mahindra Bank Ltd.
2,680,249
12,232,197
Kwality Wall's India Ltd. *
348,274
99,992
Larsen & Toubro Ltd.
614,534
28,899,420
Mahindra & Mahindra Ltd.
439,106
16,397,892
Maruti Suzuki India Ltd.
84,108
13,735,371
NTPC Ltd.
6,388,955
26,819,548
Oil & Natural Gas Corp. Ltd.
11,518,773
35,413,647
Power Finance Corp. Ltd.
2,912,038
13,245,230
Power Grid Corp. of India Ltd.
4,669,532
15,328,789
Rajesh Exports Ltd. *
8,628,666
13,639,697
Reliance Industries Ltd.
5,170,518
79,220,511
Shriram Finance Ltd.
1,303,362
15,463,914
State Bank of India
2,917,133
38,532,240
Steel Authority of India Ltd.
6,063,442
11,044,344
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
79
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Sun Pharmaceutical Industries Ltd.
438,903
8,379,929
Tata Consultancy Services Ltd.
730,197
21,168,399
Tata Motors Ltd. *
1,968,564
10,933,792
Tata Motors Passenger Vehicles Ltd.
2,889,315
12,152,583
Tata Steel Ltd.
17,968,817
41,937,527
Tech Mahindra Ltd.
604,141
9,016,668
Vedanta Ltd.
3,439,294
27,158,614
Wipro Ltd.
3,411,777
7,536,370
 
871,157,309
 
Indonesia 1.4%
Alamtri Resources Indonesia Tbk. PT
71,706,248
10,008,507
Astra International Tbk. PT
62,021,973
24,694,105
Bank Central Asia Tbk. PT
26,328,473
11,267,927
Bank Mandiri Persero Tbk. PT
54,892,132
17,271,458
Bank Rakyat Indonesia Persero Tbk.
PT
99,888,832
23,296,471
Telkom Indonesia Persero Tbk. PT,
Class B
142,121,500
30,009,550
United Tractors Tbk. PT
6,693,801
11,419,189
 
127,967,207
 
Kuwait 0.5%
Kuwait Finance House KSCP
5,020,505
13,156,734
Mobile Telecommunications Co. KSCP
6,808,981
12,028,904
National Bank of Kuwait SAKP
5,990,099
18,411,549
 
43,597,187
 
Malaysia 1.0%
Axiata Group Bhd.
14,862,372
8,708,869
CIMB Group Holdings Bhd.
6,700,724
13,845,752
Malayan Banking Bhd.
7,541,858
23,181,861
Public Bank Bhd.
13,150,900
16,662,538
Sime Darby Bhd.
21,117,700
13,242,660
Tenaga Nasional Bhd.
5,195,000
19,199,203
 
94,840,883
 
Mexico 4.2%
America Movil SAB de CV, Series B
53,510,512
69,632,707
Cemex SAB de CV, Series CPO
41,435,276
51,920,525
Fomento Economico Mexicano SAB de
CV
4,145,109
46,553,578
Grupo Bimbo SAB de CV, Series A
3,628,679
13,176,791
Grupo Comercial Chedraui SA de CV
1,768,964
11,354,434
Grupo Financiero Banorte SAB de CV,
O Shares
4,338,945
49,524,899
Grupo Mexico SAB de CV, Series B
5,753,682
73,243,576
Grupo Televisa SAB, Series CPO
30,663,245
18,338,068
Orbia Advance Corp. SAB de CV *
10,741,320
12,741,505
Sigma Foods SAB de CV, A Shares
16,903,558
19,009,871
Wal-Mart de Mexico SAB de CV
8,555,861
27,717,290
 
393,213,244
 
Netherlands 0.4%
JBS NV *
2,217,151
37,055,196
 
Qatar 0.6%
Ooredoo QPSC
2,463,873
9,169,316
Qatar Fuel QSC
2,534,405
10,301,893
Qatar Islamic Bank QPSC
1,331,044
8,664,033
SECURITY
NUMBER
OF SHARES
VALUE ($)
Qatar National Bank QPSC
5,260,811
27,886,199
 
56,021,441
 
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
553,445
14,902,542
Riyad Bank
1,108,439
8,209,346
Saudi Arabian Mining Co. *
581,378
10,880,785
Saudi Arabian Oil Co.
9,682,683
64,432,474
Saudi Basic Industries Corp.
2,590,677
37,434,934
Saudi Electricity Co.
2,990,387
10,794,700
Saudi National Bank
1,802,733
20,031,969
Saudi Telecom Co.
2,705,387
30,163,236
 
196,849,986
 
South Africa 6.4%
Absa Group Ltd.
1,953,269
33,291,778
Bid Corp. Ltd.
513,021
13,541,112
Bidvest Group Ltd.
729,425
11,570,442
FirstRand Ltd.
7,360,353
45,866,085
Gold Fields Ltd.
712,328
41,550,192
Impala Platinum Holdings Ltd.
3,792,456
84,264,358
MTN Group Ltd.
4,960,932
64,692,361
Nedbank Group Ltd.
1,135,872
22,478,384
Sanlam Ltd.
2,301,976
15,355,666
Sappi Ltd. *
5,389,206
5,738,781
Sasol Ltd. *
7,792,561
71,137,870
Shoprite Holdings Ltd.
805,533
13,386,498
Sibanye Stillwater Ltd. *
12,306,543
54,120,183
Standard Bank Group Ltd.
2,320,726
46,848,995
Valterra Platinum Ltd.
555,237
65,033,976
Vodacom Group Ltd.
1,231,691
12,592,769
 
601,469,450
 
Taiwan 20.6%
Acer, Inc.
10,060,470
8,832,043
ASE Technology Holding Co. Ltd.
6,368,000
79,061,869
Asustek Computer, Inc.
1,264,100
21,546,929
AUO Corp.
37,408,496
19,896,224
Catcher Technology Co. Ltd.
1,222,000
7,497,773
Cathay Financial Holding Co. Ltd.
9,356,994
23,893,897
Chailease Holding Co. Ltd.
2,846,884
9,486,269
China Steel Corp.
37,100,088
24,665,241
Chunghwa Telecom Co. Ltd.
5,230,764
22,457,543
Compal Electronics, Inc.
26,800,000
27,176,957
CTBC Financial Holding Co. Ltd.
20,869,809
37,378,563
Delta Electronics, Inc.
1,140,696
52,263,474
See financial notes
80
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
SECURITY
NUMBER
OF SHARES
VALUE ($)
Eva Airways Corp.
7,100,000
8,644,388
Evergreen Marine Corp. Taiwan Ltd.
8,850,000
55,860,113
Far Eastern New Century Corp.
9,915,061
9,149,138
First Financial Holding Co. Ltd.
11,024,057
10,560,998
Formosa Chemicals & Fibre Corp.
17,972,882
29,368,395
Formosa Plastics Corp.
17,245,476
28,511,312
Fubon Financial Holding Co. Ltd.
8,663,049
26,146,526
Hon Hai Precision Industry Co. Ltd.
33,893,928
263,888,517
Innolux Corp.
49,375,444
42,397,293
Inventec Corp.
7,295,646
10,811,048
KGI Financial Holding Co. Ltd.
22,412,823
15,762,438
Lite-On Technology Corp., ADR
2,813,229
15,593,497
MediaTek, Inc.
1,203,046
74,971,147
Mega Financial Holding Co. Ltd.
8,095,788
10,518,221
Micro-Star International Co. Ltd.
2,155,000
6,511,054
Nan Ya Plastics Corp.
17,756,588
52,226,932
Novatek Microelectronics Corp.
960,000
12,088,046
Pegatron Corp.
11,692,234
27,534,497
Pou Chen Corp.
9,940,000
9,888,725
Powertech Technology, Inc.
2,026,000
16,747,557
Quanta Computer, Inc.
2,879,058
26,889,411
Realtek Semiconductor Corp.
446,000
6,880,555
Synnex Technology International Corp.
5,037,178
11,604,021
Taiwan Mobile Co. Ltd.
2,556,530
8,805,452
Taiwan Semiconductor Manufacturing
Co. Ltd.
8,699,352
556,060,595
TCC Group Holdings Co. Ltd.
15,224,760
12,877,949
TS Financial Holding Co. Ltd.
14,823,000
12,158,175
Unimicron Technology Corp.
1,924,817
29,694,639
Uni-President Enterprises Corp.
8,283,796
19,242,421
United Microelectronics Corp.
24,174,931
50,656,515
Wan Hai Lines Ltd.
4,245,000
10,391,144
Wistron Corp.
5,991,934
26,109,481
WPG Holdings Ltd.
7,692,880
17,253,584
WT Microelectronics Co. Ltd.
2,003,000
11,808,401
Yageo Corp.
1,898,752
18,129,124
Yang Ming Marine Transport Corp.
14,376,000
26,438,833
Yuanta Financial Holding Co. Ltd.
15,652,587
24,649,151
Zhen Ding Technology Holding Ltd.
1,986,000
13,298,965
 
1,944,285,040
 
Thailand 3.0%
Advanced Info Service PCL NVDR
926,300
11,323,597
Bangkok Bank PCL NVDR
3,404,100
19,437,920
Banpu PCL NVDR
94,800,600
17,383,414
Charoen Pokphand Foods PCL NVDR
16,888,100
11,409,043
CP ALL PCL NVDR
6,474,200
10,778,184
Kasikornbank PCL NVDR
4,483,400
28,990,298
PTT Exploration & Production PCL
NVDR
4,007,300
17,661,255
PTT Global Chemical PCL NVDR
18,728,800
17,020,704
PTT PCL NVDR
70,620,500
84,058,501
SCB X PCL NVDR
4,683,800
22,375,560
Siam Cement PCL NVDR
3,292,600
23,832,556
Thai Oil PCL NVDR
9,465,287
16,671,207
 
280,942,239
 
Turkey 1.6%
Akbank TAS
9,334,899
19,146,757
BIM Birlesik Magazalar AS
1,036,219
15,737,027
Eregli Demir ve Celik Fabrikalari TAS
19,795,881
14,709,940
KOC Holding AS
6,336,222
28,774,699
Turk Hava Yollari AO
2,313,890
16,188,541
Turkcell Iletisim Hizmetleri AS
3,587,284
9,451,358
Turkiye Is Bankasi AS, Class C
28,963,668
11,143,383
Turkiye Petrol Rafinerileri AS
5,009,515
24,903,879
SECURITY
NUMBER
OF SHARES
VALUE ($)
Yapi ve Kredi Bankasi AS *
13,240,895
13,044,430
 
153,100,014
 
United Arab Emirates 0.9%
Dubai Electricity & Water Authority
PJSC
10,442,758
8,530,387
Emaar Properties PJSC
3,889,140
17,155,401
Emirates NBD Bank PJSC
1,821,426
16,366,573
Emirates Telecommunications Group
Co. PJSC
5,545,353
30,621,710
First Abu Dhabi Bank PJSC
1,953,117
10,434,209
 
83,108,280
 
United States 0.3%
Yum China Holdings, Inc.
482,013
26,467,334
Total Common Stocks
(Cost $5,766,280,631)
8,911,487,674
 
PREFERRED STOCKS 5.0% OF NET ASSETS
 
Brazil 4.6%
Axia Energia, Class B
265,468
3,460,994
Axia Energia, Class C *
415,768
4,786,519
Banco Bradesco SA
13,998,574
57,731,988
Cia Energetica de Minas Gerais
5,068,947
11,930,190
Gerdau SA
9,103,742
37,261,019
Itau Unibanco Holding SA
9,094,084
82,954,800
Klabin SA
3
2
Localiza Rent a Car SA *
44,377
422,366
Metalurgica Gerdau SA
14,493,168
26,395,661
Petroleo Brasileiro SA - Petrobras
26,597,147
203,977,067
 
428,920,606
 
Chile 0.3%
Sociedad Quimica y Minera de Chile
SA, B Shares *
376,460
28,725,241
 
Colombia 0.1%
Grupo Cibest SA
557,957
9,452,580
 
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 $294,466,085)
467,098,427
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
81
Schwab Fundamental Emerging Markets Equity ETF
Portfolio Holdings  as of February 28, 2026 (continued)
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
SHORT-TERM INVESTMENTS 0.9% OF NET ASSETS
 
Money Market Funds 0.9%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (d)
60,476,158
60,476,158
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.63% (d)(e)
27,494,941
27,494,941
 
87,971,099
Total Short-Term Investments
(Cost $87,971,099)
87,971,099
Total Investments in Securities
(Cost $6,148,717,815)
9,466,557,200
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
MSCI Emerging Markets Index,
expires 03/20/26
459
36,804,915
1,732,348
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$25,765,662.
(b)
Fair valued using significant unobservable inputs.
(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
24.0
%
Information Technology
17.4
%
Materials
16.2
%
Energy
13.2
%
Consumer Discretionary
8.5
%
Communication Services
7.0
%
Industrials
4.9
%
Consumer Staples
3.5
%
Utilities
2.7
%
Real Estate
1.6
%
Other (b)
0.6
%
Short-Term Investments
0.9
%
Total
100.5
%
 
(a)
Excludes derivatives.
(b)
Includes holdings within sectors that are less than 1.0% of net assets.
The following is a summary of the inputs used to value the fund’s investments as of February 28, 2026: 
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
$8,911,487,674
$—
$—
$8,911,487,674
Russia
—
—
0
*
0
Preferred Stocks1
467,098,427
—
—
467,098,427
Russia
—
—
0
*
0
Short-Term Investments1
87,971,099
—
—
87,971,099
Futures Contracts2
1,732,348
—
—
1,732,348
Total
$9,468,289,548
$—
$0
$9,468,289,548
 
*
Level 3 amount shown includes securities determined to have no value.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
See financial notes
82
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Statement of Assets and Liabilities
As of February 28, 2026 
Assets
Investments in securities, at value - unaffiliated issuers (cost $6,148,717,815) including securities on loan of $25,765,662
 
$9,466,557,200
Foreign currency, at value (cost $8,819,007)
 
8,833,626
Deposit with broker for futures contracts
 
2,791,817
Receivables:
 
Dividends
 
22,329,462
Income from securities on loan
+
206,083
Total assets
 
9,500,718,188
 
Liabilities
Collateral held for securities on loan
 
27,494,941
Payables:
 
Foreign capital gains tax
 
37,315,171
Investments bought
 
17,272,202
Management fees
 
2,735,601
Variation margin on futures contracts
+
96,390
Total liabilities
 
84,914,305
Net assets
 
$9,415,803,883
 
Net Assets by Source
Capital received from investors
 
$6,740,108,543
Total distributable earnings
+
2,675,695,340
Net assets
 
$9,415,803,883
 
Net Asset Value (NAV)
Net Assets
÷
Shares
Outstanding
=
NAV
$9,415,803,883
 
233,100,000
$40.39
 
 
 
 
See financial notes
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
83
Schwab Fundamental Emerging Markets Equity ETF
Statement of Operations
For the period March 1, 2025 through February 28, 2026
Investment Income
Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $35,524,350)
 
$296,590,543
Other Interest
 
84,100
Securities on loan, net
+
2,732,972
Total investment income
 
299,407,615
 
Expenses
Management fees
 
29,196,001
Total expenses
–
29,196,001
Net investment income
 
270,211,614
 
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $2,902,677)
 
207,327,581
Net realized gains on futures contracts
 
15,240,227
Net realized gains on foreign currency transactions
+
262,449
Net realized gains
 
222,830,257
Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax liability
of ($13,503,105))
 
2,052,361,879
Net change in unrealized appreciation (depreciation) on futures contracts
 
1,680,785
Net change in unrealized appreciation (depreciation) on foreign currency translations
+
975,710
Net change in unrealized appreciation (depreciation)
 
2,055,018,374
Net realized and unrealized gains
 
2,277,848,631
Increase in net assets resulting from operations
 
$2,548,060,245
See financial notes
84
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
Schwab Fundamental Emerging Markets Equity ETF
Statement of Changes in Net Assets
For the current and prior report periods 
OPERATIONS
 
3/1/25-2/28/26
3/1/24-2/28/25
Net investment income
 
$270,211,614
$266,937,827
Net realized gains
 
222,830,257
70,973,514
Net change in unrealized appreciation (depreciation)
+
2,055,018,374
564,589,289
Increase in net assets resulting from operations
 
$2,548,060,245
$902,500,630
 
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions
 
($329,191,660
)
($288,706,850
)
 
TRANSACTIONS IN FUND SHARES
 
3/1/25-2/28/26
3/1/24-2/28/25
 
 
SHARES
VALUE
SHARES
VALUE
Shares sold
 
21,100,000
$774,763,824
11,700,000
$350,045,130
Net transactions in fund shares
 
21,100,000
$774,763,824
11,700,000
$350,045,130
 
SHARES OUTSTANDING AND NET ASSETS
 
3/1/25-2/28/26
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
+
21,100,000
2,993,632,409
11,700,000
963,838,910
End of period
 
233,100,000
$9,415,803,883
212,000,000
$6,422,171,474
See financial notes
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Financial Notes
1. Business Structure of the Funds:
Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted: 
SCHWAB STRATEGIC TRUST
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 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 net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (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 net asset value 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 (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).
During this reporting period, the funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The adoption of ASU 2023-09 did not result in any material changes to each fund’s financial statement presentation or disclosure.
The funds may invest in mutual funds and exchange-traded funds, 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 has designated authority to a Valuation Designee, the funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 each 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. 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 net asset values.
● 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
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Financial Notes (continued)
2. Significant Accounting Policies (continued): 
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, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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 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
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Financial Notes (continued)
2. Significant Accounting Policies (continued): 
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 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 February 28, 2026, the funds had securities on loan, all of which were classified as common stocks, preferred stocks, and warrants. The value of securities on loan and the related collateral as of February 28, 2026, 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. These capital gain taxes, if any, are paid by the funds and are disclosed in each fund’s Statement of Operations in Net realized gain (losses) on securities — unaffiliated issuers (net of foreign capital gains tax paid). Foreign capital gain taxes accrued as of February 28, 2026, if any, are reflected in each fund’s Statement of Assets and Liabilities.
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.
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Financial Notes (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), 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.
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. Foreign withholding tax expensed during the period, if any, is disclosed in Dividends received from securities — unaffiliated issuers (net of foreign withholding tax) in the Statement of Operations and is representative of taxes paid during the period.
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 February 28, 2026, 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.
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Financial Notes (continued)
2. Significant Accounting Policies (continued): 
(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. The funds did not pay any federal taxes during the period.
(i) Foreign Taxes:
Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on investment 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 a fund invests. These foreign taxes, if any, are paid by the funds and are disclosed in each fund’s Statement of Operations and Statement of Assets and Liabilities.
(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.
 
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
%
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Financial Notes (continued)
3. Affiliates and Affiliated Transactions (continued): 
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 Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and Schwab Fundamental Emerging Markets Equity ETF, 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.
During the period ended February 28, 2026, 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 $25,577, respectively, as shown as Professional fees in each fund’s Statement of Operations.
During the period ended February 28, 2026, the Schwab Fundamental International Equity ETF and Schwab Fundamental International Small Equity ETF recovered previously withheld foreign taxes from Finland and Poland. The payments received by each fund amounted to $1,984,209 and $903,815, respectively which includes $401,604 and $199,558, respectively, of interest income and is recorded as Dividends received from securities — unaffiliated issuers in each fund’s Statement of Operations. The investment adviser paid upfront professional fees associated with recovering these foreign taxes in the amount of $160,376 and $61,822, respectively, which was reimbursed to the investment adviser by each fund and is also recorded as Dividends received from securities — unaffiliated issuers in each fund’s Statement of Operations. The Schwab Fundamental Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.
As of February 28, 2026, the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and 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 of Trustees 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 February 28, 2026, 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
$44,523,511
$28,942,657
($1,247,435
)
Schwab Fundamental U.S. Large Company ETF
1,016,666,585
603,264,452
(31,716,654
)
Schwab Fundamental U.S. Small Company ETF
417,624,777
450,148,387
(69,322,158
)
Schwab Fundamental International Equity ETF
490,397,831
468,084,008
28,860,038
Schwab Fundamental International Small Equity ETF
237,968,771
185,498,360
45,932,426
Schwab Fundamental Emerging Markets Equity ETF
56,324,538
54,038,014
(305,895
)
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 of Trustees. The funds had no interfund borrowing or lending activity during the period.
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Financial Notes (continued)
 4. Board of Trustees:
The Board of Trustees 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.
 
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), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. 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, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. 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 February 28, 2026, 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
$4,751
$4,751
Schwab Fundamental International Equity ETF
Futures Contracts1
5,499,411
5,499,411
Schwab Fundamental International Small Equity ETF
Futures Contracts1
889,288
889,288
Schwab Fundamental Emerging Markets Equity ETF
Futures Contracts1
1,732,348
1,732,348
 
 
 
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.
 
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Financial Notes (continued)
6. Derivatives (continued): 
Liability Derivatives
 
 
Schwab Fundamental U.S. Large Company ETF
Futures Contracts1
($100,509
)
($100,509
)
Schwab Fundamental U.S. Small Company ETF
Futures Contracts1
(82,025
)
(82,025
)
 
 
 
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.
The effects of the derivative contracts in the Statement of Operations for the period ended February 28, 2026, were: 
 
EQUITY CONTRACTS
TOTAL
Net Realized Gains (Losses)
 
 
Schwab Fundamental U.S. Broad Market ETF
Futures Contracts1
$242,449
$242,449
Schwab Fundamental U.S. Large Company ETF
Futures Contracts1
5,688,858
5,688,858
Schwab Fundamental U.S. Small Company ETF
Futures Contracts1
2,146,566
2,146,566
Schwab Fundamental International Equity ETF
Futures Contracts1
19,929,500
19,929,500
Schwab Fundamental International Small Equity ETF
Futures Contracts1
4,456,438
4,456,438
Schwab Fundamental Emerging Markets Equity ETF
Futures Contracts1
15,240,227
15,240,227
 
 
 
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
$29,095
$29,095
Schwab Fundamental U.S. Large Company ETF
Futures Contracts1
615,010
615,010
Schwab Fundamental U.S. Small Company ETF
Futures Contracts1
404,067
404,067
Schwab Fundamental International Equity ETF
Futures Contracts1
3,786,041
3,786,041
Schwab Fundamental International Small Equity ETF
Futures Contracts1
447,571
447,571
Schwab Fundamental Emerging Markets Equity ETF
Futures Contracts1
1,680,785
1,680,785
 
 
 
1
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.
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Financial Notes (continued)
6. Derivatives (continued): 
During the period ended February 28, 2026, 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
$1,412,555
4
Schwab Fundamental U.S. Large Company ETF
30,342,288
95
Schwab Fundamental U.S. Small Company ETF
14,220,483
122
Schwab Fundamental International Equity ETF
100,981,470
748
Schwab Fundamental International Small Equity ETF
21,381,320
161
Schwab Fundamental Emerging Markets Equity ETF
38,278,345
595
 
7. Purchases and Sales of Investment Securities:
For the period ended February 28, 2026, 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
$137,613,999
$120,559,132
Schwab Fundamental U.S. Large Company ETF
2,677,661,685
2,359,683,200
Schwab Fundamental U.S. Small Company ETF
2,570,874,909
2,285,701,078
Schwab Fundamental International Equity ETF
2,666,236,988
1,979,743,607
Schwab Fundamental International Small Equity ETF
886,308,004
883,265,787
Schwab Fundamental Emerging Markets Equity ETF
1,819,080,559
1,202,955,590
 
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 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 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 February 28, 2026, were as follows: 
 
IN-KIND PURCHASES
OF SECURITIES
IN-KIND SALES
OF SECURITIES
Schwab Fundamental U.S. Broad Market ETF
$186,475,895
$115,171,200
Schwab Fundamental U.S. Large Company ETF
4,524,828,480
1,948,904,256
Schwab Fundamental U.S. Small Company ETF
1,825,326,168
2,556,223,195
Schwab Fundamental International Equity ETF
2,063,551,483
924,759,948
Schwab Fundamental International Small Equity ETF
31,307,184
831,684,971
Schwab Fundamental Emerging Markets Equity ETF
87,649,315
—
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Financial Notes (continued)
8. In-Kind Transactions: (continued): 
For the period ended February 28, 2026, 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. The net realized gains or losses on sales of in-kind redemptions for the period ended February 28, 2026, if any, are disclosed in each fund’s Statement of Operations.
 
9. Federal Income Taxes:
As of February 28, 2026, 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
$823,657,351
$383,175,850
($37,583,889
)
$345,591,961
Schwab Fundamental U.S. Large Company ETF
17,855,849,151
7,418,825,814
(809,953,826
)
6,608,871,988
Schwab Fundamental U.S. Small Company ETF
8,149,670,715
2,623,944,800
(914,707,235
)
1,709,237,565
Schwab Fundamental International Equity ETF
14,906,703,870
9,418,303,741
(760,531,714
)
8,657,772,027
Schwab Fundamental International Small Equity ETF
2,681,628,946
1,143,278,199
(257,531,171
)
885,747,028
Schwab Fundamental Emerging Markets Equity ETF
6,444,637,369
3,512,737,823
(489,085,644
)
3,023,652,179
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, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. 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.
As of February 28, 2026, the components of distributable earnings on a tax basis were as follows: 
 
UNDISTRIBUTED
ORDINARY
INCOME
NET UNREALIZED
APPRECIATION
(DEPRECIATION)
ON INVESTMENTS
NET OTHER UNREALIZED
APPRECIATION
(DEPRECIATION)
CAPITAL LOSS
CARRYFORWARDS
AND OTHER LOSSES
TOTAL
Schwab Fundamental U.S. Broad Market ETF
$2,914,173
$345,591,961
$—
($28,912,883
)
$319,593,251
Schwab Fundamental U.S. Large Company ETF
64,030,370
6,608,871,988
—
(745,520,644
)
5,927,381,714
Schwab Fundamental U.S. Small Company ETF
10,283,926
1,709,237,565
—
(1,384,837,710
)
334,683,781
Schwab Fundamental International Equity ETF
109,379,441
8,657,772,027
2,128,816
(83,394,980
)
8,685,885,304
Schwab Fundamental International Small Equity ETF
24,242,931
885,747,028
253,699
(79,241,976
)
831,001,682
Schwab Fundamental Emerging Markets Equity ETF
29,005,913
3,023,652,179
(36,263,542
)
(340,699,210
)
2,675,695,340
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, 2026, the funds had capital loss carryforwards available as follows: 
 
 
Schwab Fundamental U.S. Broad Market ETF
$28,912,883
Schwab Fundamental U.S. Large Company ETF
745,520,644
Schwab Fundamental U.S. Small Company ETF
1,384,837,710
Schwab Fundamental International Equity ETF
83,394,980
Schwab Fundamental International Small Equity ETF
79,241,976
Schwab Fundamental Emerging Markets Equity ETF
340,699,210
96
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Schwab Fundamental Index ETFs
Financial Notes (continued)
9. Federal Income Taxes (continued): 
For the fiscal year ended February 28, 2026, the funds had capital loss carryforwards utilized 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
177,504,065
Schwab Fundamental International Small Equity ETF
124,937,624
Schwab Fundamental Emerging Markets Equity ETF
176,741,351
The tax basis components of distributions paid during the current and prior fiscal years were as follows: 
 
CURRENT FISCAL YEAR END DISTRIBUTIONS
PRIOR FISCAL YEAR END DISTRIBUTIONS
 
ORDINARY
INCOME
ORDINARY
INCOME
Schwab Fundamental U.S. Broad Market
ETF
$16,729,780
$14,326,670
Schwab Fundamental U.S. Large Company
ETF
341,222,185
293,269,930
Schwab Fundamental U.S. Small Company
ETF
111,205,320
137,775,070
Schwab Fundamental International Equity
ETF
650,252,050
508,351,970
Schwab Fundamental International Small
Equity ETF
115,290,900
109,577,490
Schwab Fundamental Emerging Markets
Equity ETF
329,191,660
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.
Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.
As of February 28, 2026, 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. During the fiscal year ended February 28, 2026, the funds did not incur any interest or penalties.
 
10. Share Splits:
Effective September 25, 2024, the Board of Trustees 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
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97
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Financial Notes (continued)
10. Share Splits (continued): 
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.
98
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Schwab Fundamental Index ETFs
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Schwab Strategic Trust and Shareholders of 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:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of 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”), six of the funds constituting Schwab Strategic Trust, as of February 28, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Denver, Colorado
April 16, 2026
We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.
Schwab Fundamental Index ETFs | Annual Holdings and Financial Statements
99
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
  
Not applicable.
100
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Proxy Disclosures for Open-End Management Investment Companies
  
Not applicable.
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101
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).
102
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Statement Regarding Basis for Approval of Investment Advisory Contract
  
Not applicable.
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103
(CHARLES SCHWAB ASSET MANAGMENT LOGO) 
MFR79815-12
00323323