# EDGAR Filing Document

**Accession Number:** 0001454889
**File Stem:** 0001193125-26-088515
**Filing Date:** 2026-3
**Character Count:** 2462929
**Document Hash:** 31dca94b59b7559fb3b64555de40ee4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-088515.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-088515

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB STRATEGIC TRUST
- **CENTRAL INDEX KEY:** 0001454889

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 549300NAZEQOIX80E226

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22311
- **FILM NUMBER:** 26715592

**BUSINESS ADDRESS:**
- **STREET 1:** 9800 SCHWAB WAY
- **CITY:** LONE TREE
- **STATE:** CO
- **ZIP:** 80124
- **BUSINESS PHONE:** 1-800-648-5300

**MAIL ADDRESS:**
- **STREET 1:** 9800 SCHWAB WAY
- **CITY:** LONE TREE
- **STATE:** CO
- **ZIP:** 80124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Schwab Strategic Trust
- **DATE OF NAME CHANGE:** 20090127

## Series and Classes Contracts Data

### Schwab U.S. TIPS ETF (Series ID: S000029407)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090317 | Schwab U.S. TIPS ETF | SCHP            |

### Schwab Short-Term U.S. Treasury ETF (Series ID: S000029408)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000090318 | Schwab Short-Term U.S. Treasury ETF | SCHO            |

### Schwab Intermediate-Term U.S. Treasury ETF (Series ID: S000029409)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000090319 | Schwab Intermediate-Term U.S. Treasury ETF | SCHR            |

### Schwab U.S. Aggregate Bond ETF (Series ID: S000033156)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000102078 | Schwab U.S. Aggregate Bond ETF | SCHZ            |

### Schwab 1-5 Year Corporate Bond ETF (Series ID: S000066660)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000214877 | Schwab 1-5 Year Corporate Bond ETF | SCHJ            |

### Schwab 5-10 Year Corporate Bond ETF (Series ID: S000066661)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000214878 | Schwab 5-10 Year Corporate Bond ETF | SCHI            |

### Schwab Long-Term U.S. Treasury ETF (Series ID: S000066662)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000214879 | Schwab Long-Term U.S. Treasury ETF | SCHQ            |

### Schwab Municipal Bond ETF (Series ID: S000077692)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000238180 | Schwab Municipal Bond ETF | SCMB            |

### Schwab Ultra-Short Income ETF (Series ID: S000085986)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000251386 | Schwab Ultra-Short Income ETF | SCUS            |

### Schwab Core Bond ETF (Series ID: S000089699)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000256323 | Schwab Core Bond ETF | SCCR            |

### Schwab Government Money Market ETF (Series ID: S000092777)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000260816 | Schwab Government Money Market ETF | SGVT            |

?xml version='1.0' encoding='ASCII'? N-CSR

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22311

------

Schwab Strategic Trust – Schwab Fixed-Income

ETFs, Schwab Core Bond ETF, Schwab Government

Money Market ETF and Schwab Ultra-Short Income

ETF

(Exact name of registrant as specified in charter)

------

9800 Schwab Way, Lone Tree, Colorado 80124

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

Schwab Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and

Schwab Ultra-Short Income ETF

9800 Schwab Way, Lone Tree, Colorado 80124

(Name and address of agent for service)

------

Registrant's telephone number, including area code: (800) 648-5300

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g29377g2img12039c391.jpg)

Annual Report \| December 31, 2025

Schwab U.S. TIPS ETF

Ticker Symbol: SCHP

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. TIPS ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 6.85% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The fund generally invests in securities that are

included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup>

which returned 7.01%. The fund does not seek to

track the regulatory index.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US Treasury Inflation-Linked Bond Index

(Series-L)<sup>SM</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup>

caused

the fund to experience higher than normal reporting deviations from the Bloomberg US Treasury Inflation-Linked Bond Index

(Series-L)<sup>SM</sup>

, and while that deviation reverses on the next business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US Treasury Inflation-Linked Bond Index

(Series-L)<sup>SM</sup>

, returns are consistent with expectations

■

Approximately two thirds of the fund's gains came from coupon income generated by the fund's holdings. Price appreciation also

contributed to fund performance, although to a smaller degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab U.S. TIPS ETF \| Annual Report

REG126640-01 00321751

------

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 (December 31, 2015 - December 31, 2025)

1,2

![](g29377g2lg_2mf1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. TIPS ETF (08/05/2010)<br>1,2<br>| 6.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;3.02% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| <br>Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<br>SM<br>| 7.01% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;3.08% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)

SM

are service marks of Bloomberg Finance L.P. and its affiliates, including

Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment

Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab U.S. TIPS ETF. Bloomberg does not guarantee the timeliness, accurateness, or

completeness of any data or information relating to Schwab U.S. TIPS ETF.

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.

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.

The Bloomberg US Aggregate Bond 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 Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)

SM

. The fund does not seek to track the regulatory index.

2Schwab U.S. TIPS ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $14631 |
| Number of Holdings | 49 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 23% |
| Advisory Fees Paid by the Fund | $3984990 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.1 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.3 Yrs |
| Qualified Interest Income | 100.00% |
| Business Interest Deduction (163j) | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g2img27c21a6a2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Less than 0.05%.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab U.S. TIPS ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab U.S. TIPS ETF \| Annual Report

------

![](g29377g3img21bac72b1.jpg)

Annual Report \| December 31, 2025

Schwab Short-Term U.S. Treasury ETF

Ticker Symbol: SCHO

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Short-Term U.S. Treasury ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 5.10% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The fund generally invests in securities that are

included in the Bloomberg US Treasury 1-3 Year Index which returned 5.17%. The fund does not seek to track the regulatory index.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US Treasury 1-3 Year Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US Treasury 1-3 Year Index caused the fund to experience

higher than normal reporting deviations from the Bloomberg US Treasury 1-3 Year Index, and while that deviation reverses on

the next business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US Treasury 1-3 Year Index, returns are consistent

with expectations

■

More than half of the fund's gains came from coupon income generated by the fund's holdings. Price appreciation also contributed

to fund performance, although to a smaller degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Short-Term U.S. Treasury ETF \| Annual Report

REG126638-01 00321748

------

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 (December 31, 2015 - December 31, 2025)

1,2

![](g29377g3lg_2mf2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Short-Term U.S. Treasury ETF (08/05/2010)<br>1,2<br>| 5.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.78% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| Bloomberg US Treasury 1-3 Year Index | 5.17% | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US Treasury 1-3 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services

Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does

not approve, endorse, review, or recommend Schwab Short-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data

or information relating to Schwab Short-Term U.S. Treasury ETF.

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.

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.

The Bloomberg US Aggregate Bond 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 Bloomberg US Treasury 1-3 Year Index. The fund does not seek to track the regulatory index.

2Schwab Short-Term U.S. Treasury ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $11905 |
| Number of Holdings | 97 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 67% |
| Advisory Fees Paid by the Fund | $3377895 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 2.0 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 1.9 Yrs |
| Qualified Interest Income | 100.00% |
| Business Interest Deduction (163j) | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g3img41e821662.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab Short-Term U.S. Treasury ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Short-Term U.S. Treasury ETF \| Annual Report

------

![](g29377g4img8080e00a1.jpg)

Annual Report \| December 31, 2025

Schwab Intermediate-Term U.S. Treasury ETF

Ticker Symbol: SCHR

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Intermediate-Term U.S. Treasury ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 7.37% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The fund generally invests in securities that are

included in the Bloomberg US Treasury 3-10 Year Index which returned 7.51%. The fund does not seek to track the regulatory index.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US Treasury 3-10 Year Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US Treasury 3-10 Year Index caused the fund to experience

higher than normal reporting deviations from the Bloomberg US Treasury 3-10 Year Index, and while that deviation reverses on

the next business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US Treasury 3-10 Year Index, returns are consistent

with expectations

■

Slightly more than half of the fund's gains came from price appreciation. Coupon income generated by the fund's holdings also

contributed to fund performance, although to a smaller degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Intermediate-Term U.S. Treasury ETF \| Annual Report

REG126635-01 00321744

------

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 (December 31, 2015 - December 31, 2025)

1,2

![](g29377g4lg_2mf3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Intermediate-Term U.S. Treasury ETF (08/05/2010)<br>1,2<br>| 7.37% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| Bloomberg US Treasury 3-10 Year Index | 7.51% | &nbsp;&nbsp;&nbsp;&nbsp;-0.19% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US Treasury 3-10 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services

Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does

not approve, endorse, review, or recommend Schwab Intermediate-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of

any data or information relating to Schwab Intermediate-Term U.S. Treasury ETF.

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.

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.

The Bloomberg US Aggregate Bond 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 Bloomberg US Treasury 3-10 Year Index. The fund does not seek to track the regulatory index.

2Schwab Intermediate-Term U.S. Treasury ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $12200 |
| Number of Holdings | 102 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 42% |
| Advisory Fees Paid by the Fund | $3300354 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 5.6 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 4.9 Yrs |
| Qualified Interest Income | 100.00% |
| Business Interest Deduction (163j) | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g4imgd99f138b2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab Intermediate-Term U.S. Treasury ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Intermediate-Term U.S. Treasury ETF \| Annual Report

------

![](g29377g5img91385b851.jpg)

Annual Report \| December 31, 2025

Schwab Long-Term U.S. Treasury ETF

Ticker Symbol: SCHQ

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Long-Term U.S. Treasury ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 5.33% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The fund generally invests in securities that are

included in the Bloomberg US Long Treasury Index which returned 5.59%. The fund does not seek to track the regulatory index.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US Long Treasury Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US Long Treasury Index caused the fund to experience higher

than normal reporting deviations from the Bloomberg US Long Treasury Index, and while that deviation reverses on the next

business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US Long Treasury Index, returns are consistent with

expectations

■

Approximately three quarters of the fund's gains came from coupon income generated by the fund's holdings. Price appreciation

also contributed to fund performance, although to a smaller degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Long-Term U.S. Treasury ETF \| Annual Report

REG126636-01 00321746

------

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.

T

o obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 10, 2019 - December 31, 2025)

1,2

![](g29377g5lg_2mf7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception\* |
| Fund: Schwab Long-Term U.S. Treasury ETF (10/10/2019)<br>1,2<br>| 5.33% | &nbsp;&nbsp;&nbsp;&nbsp;-7.32% | &nbsp;&nbsp;&nbsp;&nbsp;-4.21% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Bloomberg US Long Treasury Index | 5.59% | &nbsp;&nbsp;&nbsp;&nbsp;-7.23% | &nbsp;&nbsp;&nbsp;&nbsp;-4.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US Long Treasury Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services

Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does

not approve, endorse, review, or recommend Schwab Long-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data

or information relating to Schwab Long-Term U.S. Treasury ETF.

\*

Inception (10/10/2019) represents the date that the shares began trading in the secondary market.

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.

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.

The Bloomberg US Aggregate Bond 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 Bloomberg US Long Treasury Index. The fund does not seek to track the regulatory index.

2Schwab Long-Term U.S. Treasury ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $1002 |
| Number of Holdings | 97 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 19% |
| Advisory Fees Paid by the Fund | $252131 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 21.9 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 13.9 Yrs |
| Qualified Interest Income | 100.00% |
| Business Interest Deduction (163j) | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g5imge934afe82.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Less than 0.05%.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab Long-Term U.S. Treasury ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Long-Term U.S. Treasury ETF \| Annual Report

------

![](g29377g6img6b68da701.jpg)

Annual Report \| December 31, 2025

Schwab U.S. Aggregate Bond ETF

Ticker Symbol: SCHZ

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Aggregate Bond ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 7.19% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index returned 7.30%.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US Aggregate Bond Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US Aggregate Bond Index caused the fund to experience higher

than normal reporting deviations from the Bloomberg US Aggregate Bond Index, and while that deviation reverses on the next

business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US Aggregate Bond Index, returns are consistent

with expectations

■

Slightly more than half of the fund's gains came from coupon income generated by the fund's holdings. Price appreciation also

contributed to fund performance, although to a smaller degree.

■

The fund held positions in TBAs, or "to be announced" securities, which are mortgage-backed bonds that settle on a forward date.

The fund's average month-end position in these securities was 1.2%, with a minimum exposure of 0.9% and a maximum exposure

of 1.6% over the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab U.S. Aggregate Bond ETF \| Annual Report

REG126639-01 00321750

------

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 (December 31, 2015 - December 31, 2025)

1,2

![](g29377g6lg_2mf4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. Aggregate Bond ETF (07/14/2011)<br>1,2<br>| 7.19% | &nbsp;&nbsp;&nbsp;&nbsp;-0.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Bloomberg US Aggregate Bond Index | 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services

Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does

not approve, endorse, review, or recommend Schwab U.S. Aggregate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or

information relating to Schwab U.S. Aggregate Bond ETF.

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.

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.

2Schwab U.S. Aggregate Bond ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $9526 |
| Number of Holdings | 11735 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 37% |
| Advisory Fees Paid by the Fund | $2636488 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 8.0 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 5.8 Yrs |
| Qualified Interest Income | 93.25% |
| Business Interest Deduction (163j) | 99.92% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g6img6379bdf02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab U.S. Aggregate Bond ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab U.S. Aggregate Bond ETF \| Annual Report

------

![](g29377g7img9e938c731.jpg)

Annual Report \| December 31, 2025

Schwab 1-5 Year Corporate Bond ETF

Ticker Symbol: SCHJ

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab 1-5 Year Corporate Bond ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 6.77% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The fund generally invests in securities that are

included in the Bloomberg US 1-5 Year Corporate Bond Index which returned 6.81%. The fund does not seek to track the regulatory

index.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US 1-5 Year Corporate Bond Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US 1-5 Year Corporate Bond Index caused the fund to

experience higher than normal reporting deviations from the Bloomberg US 1-5 Year Corporate Bond Index, and while that

deviation reverses on the next business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US 1-5 Year Corporate Bond Index, returns are

consistent with expectations

■

Approximately two thirds of the fund's gains came from coupon income generated by the fund's holdings. Price appreciation also

contributed to fund performance, although to a smaller degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab 1-5 Year Corporate Bond ETF \| Annual Report

REG126633-01 00321741

------

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 (October 10, 2019 - December 31, 2025)

1,2

![](g29377g7lg_2mf5.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception\* |
| Fund: Schwab 1-5 Year Corporate Bond ETF (10/10/2019)<br>1,2<br>| 6.77% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Bloomberg US 1-5 Year Corporate Bond Index | 6.81% | &nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;2.77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US 1-5 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index

Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and

Bloomberg does not approve, endorse, review, or recommend Schwab 1-5 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or

completeness of any data or information relating to Schwab 1-5 Year Corporate Bond ETF.

\*

Inception (10/10/2019) represents the date that the shares began trading in the secondary market.

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.

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.

The Bloomberg US Aggregate Bond 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 Bloomberg US 1-5 Year Corporate Bond Index. The fund does not seek to track the regulatory index.

2Schwab 1-5 Year Corporate Bond ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $674 |
| Number of Holdings<br>(excludes derivatives)<br>| 3135 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 38% |
| Advisory Fees Paid by the Fund | $166281 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 2.9 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 2.6 Yrs |
| Qualified Interest Income | 82.04% |
| Business Interest Deduction (163j) | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g7img7f07f4372.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Excludes derivatives.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab 1-5 Year Corporate Bond ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab 1-5 Year Corporate Bond ETF \| Annual Report

------

![](g29377g8img5db2a9541.jpg)

Annual Report \| December 31, 2025

Schwab 5-10 Year Corporate Bond ETF

Ticker Symbol: SCHI

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab 5-10 Year Corporate Bond ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 9.42% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The fund generally invests in securities that are

included in the Bloomberg US 5-10 Year Corporate Bond Index which returned 9.58%. The fund does not seek to track the

regulatory index.

■

The last trading day of the year introduced performance reporting variations due to a timing difference between the closing time of

prices used to calculate the fund's NAV relative to the prices used by the Bloomberg US 5-10 Year Corporate Bond Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The difference in process between the fund and the Bloomberg US 5-10 Year Corporate Bond Index caused the fund to

experience higher than normal reporting deviations from the Bloomberg US 5-10 Year Corporate Bond Index, and while that

deviation reverses on the next business day, reporting period results were impacted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Adjusting for the difference in process between the fund and the Bloomberg US 5-10 Year Corporate Bond Index, returns are

consistent with expectations

■

Approximately half of the fund's gains came from coupon income generated by the fund's holdings with the other half coming from

price appreciation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab 5-10 Year Corporate Bond ETF \| Annual Report

REG126634-01 00321742

------

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 (October 10, 2019 - December 31, 2025)

1,2

![](g29377g8lg_2mf6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception\* |
| Fund: Schwab 5-10 Year Corporate Bond ETF (10/10/2019)<br>1,2<br>| 9.42% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;-0.36% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Bloomberg US 5-10 Year Corporate Bond Index | 9.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;2.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 — Bloomberg®

and Bloomberg US 5-10 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index

Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and

Bloomberg does not approve, endorse, review, or recommend Schwab 5-10 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or

completeness of any data or information relating to Schwab 5-10 Year Corporate Bond ETF.

\*

Inception (10/10/2019) represents the date that the shares began trading in the secondary market.

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.

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.

The Bloomberg US Aggregate Bond 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 Bloomberg US 5-10 Year Corporate Bond Index. The fund does not seek to track the regulatory index.

2Schwab 5-10 Year Corporate Bond ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $9809 |
| Number of Holdings<br>(excludes derivatives)<br>| 2323 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 22% |
| Advisory Fees Paid by the Fund | $2605179 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.3 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.0 Yrs |
| Qualified Interest Income | 85.18% |
| Business Interest Deduction (163j) | 99.64% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g8img3df1dfac2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Excludes derivatives.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab 5-10 Year Corporate Bond ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab 5-10 Year Corporate Bond ETF \| Annual Report

------

![](g29377g9img9f62f9a51.jpg)

Annual Report \| December 31, 2025

Schwab Municipal Bond ETF

Ticker Symbol: SCMB

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Municipal Bond ETF | $3 | &nbsp;&nbsp;0.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 3.70% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg Municipal Bond Index, which serves as the fund's regulatory index

and provides a broad measure of market performance, returned 4.25%. The fund generally invests in securities that are included in

the ICE AMT-Free Core U.S. National Municipal Index which returned 3.73%. The fund does not seek to track the regulatory index.

Differences between the return of the fund and the return of the ICE AMT-Free Core U.S. National Municipal Index may be

attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

■

The fund was modestly overweight to securities with intermediate maturities and higher credit ratings (and was correspondingly

underweight to securities with longer maturities and lower credit ratings) compared to the ICE AMT-Free Core U.S. National

Municipal Index. This selection of securities largely tracked the broader market and resulted in similar performance to the ICE

AMT-Free Core U.S. National Municipal Index over the reporting period.

■

Coupon income generated by the fund's holdings contributed to fund performance while negative price returns detracted from

fund performance, although to a smaller degree

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Municipal Bond ETF \| Annual Report

REG126637-01 00321747

------

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 (October 12, 2022 - December 31, 2025)

1,2

![](g29377g9lg_2mf8.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund and Inception Date | 1 Year | Since Inception\* |
| Fund: Schwab Municipal Bond ETF (10/12/2022)<br>1,2<br>| 3.70% | &nbsp;&nbsp;&nbsp;&nbsp;4.23% |
| Bloomberg Municipal Bond Index<br>3<br>| 4.25% | &nbsp;&nbsp;&nbsp;&nbsp;4.61% |
| ICE AMT-Free Core U.S. National Municipal Index | 3.73% | &nbsp;&nbsp;&nbsp;&nbsp;4.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

"ICE®

" is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Core U.S. National Municipal Index

("Index") for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab Municipal Bond ETF. The Schwab

Municipal Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and

its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab Municipal Bond ETF.

\*

Inception (10/12/2022) represents the date that the shares began trading in the secondary market.

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.

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.

The Bloomberg Municipal Bond 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 ICE AMT-Free Core U.S. National Municipal Index. The fund does not seek to track the regulatory index.

2Schwab Municipal Bond ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $2766 |
| Number of Holdings | 5629 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 17% |
| Advisory Fees Paid by the Fund | $517889 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.6 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.8 Yrs |
| Tax Exempt Income Distribution | 99.98% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g9img8a6ed4772.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Municipal Bond ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Municipal Bond ETF \| Annual Report

------

![](g29377g10img4ad1eb871.jpg)

Annual Report \| December 31, 2025

Schwab Core Bond ETF

Ticker Symbol: SCCR

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of February 5, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Core Bond ETF | $15<br>\*<br>| &nbsp;&nbsp;0.16%<br>\*\*<br>|

---

\*

For the period from 02/05/2025 (commencement of operations) through 12/31/2025. Expenses for a full reporting period would be higher than the figure shown.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the reporting period of February 5, 2025<sup>1</sup>

, through December 31, 2025, the fund's NAV return was 7.14% (for an explanation of

NAV returns, please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index returned 6.47% for the

reporting period.

■

Top contributors to relative return:

&nbsp;&nbsp;&nbsp;&nbsp;

● An overweight to taxable municipal bond securities

&nbsp;&nbsp;&nbsp;&nbsp;

● An overweight to mortgage-backed securities

&nbsp;&nbsp;&nbsp;&nbsp;

● An underweight to 25–30-year maturity securities and an overweight to 10-15-year maturity securities

■

Top detractors from relative return:

&nbsp;&nbsp;&nbsp;&nbsp;

● No exposure to commercial mortgage-backed securities and asset-backed securities which generated positive returns

&nbsp;&nbsp;&nbsp;&nbsp;

● Security selection within the credit sector

&nbsp;&nbsp;&nbsp;&nbsp;

● An overweight to corporate bonds in the information technology sector

■

More than half of the fund's gains came from coupon income generated by the fund's holdings. Price appreciation also contributed

to fund performance, although to a smaller degree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Inception represents the date that the shares began trading in the secondary market.

Schwab Core Bond ETF \| Annual Report

REG129744-00 00321749

------

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 5, 2025 - December 31, 2025)

1,2

![](g29377g10lg_2mfb.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund and Inception Date | Since Inception\* |
| Fund: Schwab Core Bond ETF (02/05/2025)<br>1,2<br>| 7.14% |
| Bloomberg US Aggregate Bond Index | 6.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

\*

Inception (02/05/2025) represents the date that the shares began trading in the secondary market.

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.

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.

2Schwab Core Bond ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $1096 |
| Number of Holdings | 458 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 96% |
| Advisory Fees Paid by the Fund | $721766 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 8.0 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 5.8 Yrs |
| Qualified Interest Income | 97.17% |
| Business Interest Deduction (163j) | 98.76% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g10img1b0453a92.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab Core Bond ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Core Bond ETF \| Annual Report

------

![](g29377g11img73ac3da11.jpg)

Annual Report \| December 31, 2025

Schwab Ultra-Short Income ETF

Ticker Symbol: SCUS

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of January 1, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Ultra-Short Income ETF | $14 | &nbsp;&nbsp;0.14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended December 31, 2025, the fund's NAV return was 4.64% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory

index and provides a broad measure of market performance, returned 7.30%. The ICE BofA US 3-Month Treasury Bill Index which

returned 4.18%, is the fund's additional index, and is more representative of the fund's investment universe than the regulatory

index.

■

For the first eight months of the reporting period, the fund's duration was relatively short at approximately four months

■

Starting in late August, three-year corporate bonds were added to the portfolio to extend duration to over eight months as Federal

Reserve rate cut expectations increased

■

As of the end of the reporting period, 8.3% of the fund was invested in repurchase agreements secured by collateral other than

cash and government securities, such as debt securities and equity securities (alternative collateral). These repurchase

agreements benefitted the fund by providing the fund with price stability and higher yield relative to other securities of similar

maturities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Ultra-Short Income ETF \| Annual Report

REG126660-01 00321772

------

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 (August 13, 2024 - December 31, 2025)

1,2

![](g29377g11lg_2mf0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund and Inception Date | 1 Year | Since Inception\* |
| Fund: Schwab Ultra-Short Income ETF (08/13/2024)<br>1,2<br>| 4.64% | &nbsp;&nbsp;&nbsp;&nbsp;4.78% |
| Bloomberg US Aggregate Bond Index<br>3<br>| 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;4.24% |
| ICE BofA US 3-Month Treasury Bill Index | 4.18% | &nbsp;&nbsp;&nbsp;&nbsp;4.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

\*

Inception (08/13/2024) represents the date that the shares began trading in the secondary market.

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.

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.

The Bloomberg US Aggregate Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The ICE BofA US 3-Month Treasury

Bill Index is the fund's additional index and is more representative of the fund's investment universe than the regulatory index.

2Schwab Ultra-Short Income ETF \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $184 |
| Number of Holdings | 173 |
| Portfolio Turnover Rate | 50% |
| Advisory Fees Paid by the Fund | $146233 |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 0.7 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 0.6 Yrs |
| Qualified Interest Income | 64.31% |
| Business Interest Deduction (163j) | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g29377g11imgb66c94942.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Ultra-Short Income ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab ETFs' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Ultra-Short Income ETF \| Annual Report

------

![](g29377g12imgba6fcad51.jpg)

Annual Report \| December 31, 2025

Schwab Government Money Market ETF

Ticker Symbol: SGVT

Principal U.S. Listing Exchange: NYSE Arca, Inc.

------

This annual shareholder report contains important information about the fund for the period of June 12, 2025, to December 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED December 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Government Money Market ETF | $16<br>\*<br>| &nbsp;&nbsp;0.28%<br>\*\*<br>|

---

\*

For the period from 06/12/2025 (commencement of operations) through 12/31/2025. Expenses for a full reporting period would be higher than the figure shown.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $457 |
| Number of Holdings | 199 |
| Advisory Fees Paid by the Fund | $310588 |
| Weighted Average Maturity | 38 Days |
| 30-Day SEC Yield | 3.54% |
| Business Interest Deduction (163j) | 100.00% |
| Qualified Interest Income | 97.30% |

---

Portfolio Composition by Security Type % of Investments

![](g29377g12img64206ee52.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio Composition By Effective Maturity % of Investments

![](g29377g12imge7f33f433.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

You could lose money by investing in the fund. Because the share price and net asset value (NAV) of the fund will fluctuate, when you sell your shares they may be worth

more or less than what you originally paid for them. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other

government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial

support to the fund at any time.

Portfolio holdings may have changed since the report date.

Schwab Government Money Market ETF \| Annual Report

REG129745-00 00321752

------

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 Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds 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

orders@mysummaryprospectus.com

.

2Schwab Government Money Market 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. Eleven series have a fiscal year-end of December 31, seven series have a fiscal year-end of the last day of February, two series have a fiscal year end of March 31, and fourteen series have a fiscal year-end of August 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-two 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 Fees<sup>1</sup> | (a) Audit Fees<sup>1</sup> | (b) Audit-Related Fees | (b) Audit-Related Fees | (c) Tax Fees<sup>2</sup> | (c) Tax Fees<sup>2</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 | Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 | Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 | Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 |
| $650550 | $601700 | $0 | $0 | $111690 | $101835 | $0 | $0 |

---

<sup>1</sup> 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.

<sup>2</sup> 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.<br>|
| **(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: $1,966,481 | 2024: $1,874,341 |

---

**(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 Kimberly S. Patmore, Michael J. Beer and J. Derek Penn.

#### 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)](g46056imgbe209bb51.jpg)

**Annual Holdings and Financial Statements** \| December 31, 2025

Schwab Fixed-Income ETFs

------

---

| | |
|:---|:---|
| Schwab U.S. TIPS ETF | **SCHP** |
| Schwab Short-Term U.S. Treasury ETF | **SCHO** |
| Schwab Intermediate-Term U.S. Treasury ETF | **SCHR** |
| Schwab Long-Term U.S. Treasury ETF | **SCHQ** |
| Schwab U.S. Aggregate Bond ETF | **SCHZ** |
| Schwab 1-5 Year Corporate Bond ETF | **SCHJ** |
| Schwab 5-10 Year Corporate Bond ETF | **SCHI** |
| Schwab Municipal Bond ETF | **SCMB** |

---

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_9e8f8ca3-8b20-4616-864b-1dd5124c3f0b_1)**<br> **[Management Investment Companies](#xx_9e8f8ca3-8b20-4616-864b-1dd5124c3f0b_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_9e8f8ca3-8b20-4616-864b-1dd5124c3f0b_1) <br>|  |
| [Schwab U.S. TIPS ETF](#xx_9e8f8ca3-8b20-4616-864b-1dd5124c3f0b_1) | 2 |
| [Schwab Short-Term U.S.](#xx_72adf28c-8082-442a-8edd-b5020dacf516_1)[Treasury ETF](#xx_72adf28c-8082-442a-8edd-b5020dacf516_1) | 7 |
| [Schwab Intermediate-Term U.S.](#xx_aa14d08a-fb85-4846-a490-d51bffdb9129_1)[Treasury ETF](#xx_aa14d08a-fb85-4846-a490-d51bffdb9129_1) | 13 |
| [Schwab Long-Term U.S.](#xx_2b5e4168-d8eb-4f73-b8be-a38bdec52972_1)[Treasury ETF](#xx_2b5e4168-d8eb-4f73-b8be-a38bdec52972_1) | 19 |
| [Schwab U.S.](#xx_72128959-5866-490b-a98a-3915db17d8e0_1)[Aggregate Bond ETF](#xx_72128959-5866-490b-a98a-3915db17d8e0_1) | 25 |
| [Schwab 1-5](#xx_a579f0f4-86cf-4430-ac53-dbebd9a094dd_1)[Year Corporate Bond ETF&nbsp;&nbsp;&nbsp;&nbsp;](#xx_a579f0f4-86cf-4430-ac53-dbebd9a094dd_1)  | 115 |
| [Schwab 5-10](#xx_10c68c0d-5409-4d2c-ab78-1ce4c9847263_1)[Year Corporate Bond ETF](#xx_10c68c0d-5409-4d2c-ab78-1ce4c9847263_1) | 153 |
| [Schwab Municipal Bond ETF](#xx_a0b2ca2d-d42c-4fae-806f-be75bd42f215_1)  | 184 |
| [Financial Notes](#xx_f5bc2062-d2a5-404e-9344-7cee02f9e77a_1) | 322 |
| [Report of Independent Registered Public Accounting Firm](#xx_7abf2e33-a91b-4d77-9d66-0cd46442999b_1) | 335 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_092da166-e17f-4a85-93bc-6397e73cfabc_1)**<br> **[Management Investment Companies](#xx_092da166-e17f-4a85-93bc-6397e73cfabc_1)**<br>| 336 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_1dab8666-1128-47b1-9572-af9b168c4e0b_1)**<br> **[Companies](#xx_1dab8666-1128-47b1-9572-af9b168c4e0b_1)**<br>| 337 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_5693592c-53d1-4779-b0ec-d6bbebdf37a8_1)**<br> **[Management Investment Companies](#xx_5693592c-53d1-4779-b0ec-d6bbebdf37a8_1)**<br>| 338 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_bbd623c4-22ee-46f9-bb5f-53f8afa5e4d1_1)**<br> **[Contract](#xx_bbd623c4-22ee-46f9-bb5f-53f8afa5e4d1_1)**<br>| 339  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**1**

------

Schwab U.S. TIPS ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.81 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp; $31.42 | &nbsp;&nbsp; $31.03 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 1.11 | 0.77 | 0.75 | 1.81 | 1.47 |
| Net realized and unrealized gains (losses) | 0.64 | &nbsp;&nbsp; (0.27)<br>| 0.23 | &nbsp;&nbsp; (5.47)<br>| 0.30 |
| Total from investment operations | 1.75 | 0.50 | 0.98 | &nbsp;&nbsp; (3.66)<br>| 1.77 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.38)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $26.49 | &nbsp;&nbsp; $25.81 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $25.89 | &nbsp;&nbsp; $31.42 |
| Total return | 6.85<br> %<br>| 1.95<br> %<br>| 3.87<br> %<br>| &nbsp;&nbsp; (11.96<br> %)<br>| 5.80<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>4</sup><br>| 0.05 %<sup>5,6</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 4.17<br> %<br>| 2.95<br> %<br>| 2.88<br> %<br>| 6.34<br> %<br>| 4.69<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $14631 | &nbsp;&nbsp; $11489 | &nbsp;&nbsp; $11420 | &nbsp;&nbsp; $13832 | &nbsp;&nbsp; $21304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> 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. 

<sup>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Effective September 25, 2023, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2023, is a blended ratio.

<sup>5</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

**2**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. TIPS ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). The maturity date shown for all the securities is the final legal maturity. Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these instruments is generally lower at issuance than typical bonds or notes. Over the life of an inflation-indexed instrument interest will be paid based on a principal value, which is adjusted for any inflation or deflation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.6% OF NET ASSETS | **TREASURIES** 99.6% OF NET ASSETS | **TREASURIES** 99.6% OF NET ASSETS |
| **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** |
| 0.38%, 01/15/27  | 344815807 | 340706913 |
| 2.38%, 01/15/27  | 173742172 | 175245216 |
| 0.13%, 04/15/27  | 438033254 | 430221238 |
| 0.38%, 07/15/27  | 388723555 | 384311659 |
| 1.63%, 10/15/27  | 439248970 | 442714337 |
| 0.50%, 01/15/28  | 396510313 | 389663412 |
| 1.75%, 01/15/28  | 164034835 | 165328955 |
| 1.25%, 04/15/28  | 433451114 | 431841840 |
| 3.63%, 04/15/28  | 167571687 | 175924130 |
| 0.75%, 07/15/28  | 344370589 | 340435156 |
| 2.38%, 10/15/28  | 446239518 | 459757228 |
| 0.88%, 01/15/29  | 297253736 | 292858126 |
| 2.50%, 01/15/29  | 151643136 | 156624780 |
| 2.13%, 04/15/29  | 454492019 | 464389265 |
| 3.88%, 04/15/29  | 192844237 | 207880302 |
| 0.25%, 07/15/29  | 350566756 | 337980919 |
| 1.63%, 10/15/29  | 473430739 | 478303146 |
| 0.13%, 01/15/30  | 395964960 | 375776726 |
| 1.63%, 04/15/30  | 490828112 | 493546219 |
| 0.13%, 07/15/30  | 435985038 | 411759311 |
| 1.13%, 10/15/30  | 503006436 | 495647452 |
| 0.13%, 01/15/31  | 449669598 | 419462054 |
| 0.13%, 07/15/31  | 457869836 | 424513469 |
| 0.13%, 01/15/32  | 497584569 | 454862406 |
| 3.38%, 04/15/32  | 70551160 | 77926727 |
| 0.63%, 07/15/32  | 516357764 | 484742675 |
| 1.13%, 01/15/33  | 510727233 | 490311780 |
| 1.38%, 07/15/33  | 500330762 | 487953980 |
| 1.75%, 01/15/34  | 528945088 | 526172569 |
| 1.88%, 07/15/34  | 549128216 | 551559482 |
| 2.13%, 01/15/35  | 576813601 | 587244006 |
| 1.88%, 07/15/35  | 598085883 | 596635345 |
| 2.13%, 02/15/40  | 89332832 | 88492300 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.13%, 02/15/41  | 133426666 | 130663440 |
| 0.75%, 02/15/42  | 209007037 | 162769476 |
| 0.63%, 02/15/43  | 169037743 | 125806543 |
| 1.38%, 02/15/44  | 231757030 | 194050625 |
| 0.75%, 02/15/45  | 256319591 | 186829530 |
| 1.00%, 02/15/46  | 131245663 | 98909212 |
| 0.88%, 02/15/47  | 160584888 | 115744288 |
| 1.00%, 02/15/48  | 116369741 | 84966435 |
| 1.00%, 02/15/49  | 105832390 | 76100971 |
| 0.25%, 02/15/50  | 164837509 | 94802337 |
| 0.13%, 02/15/51  | 161975740 | 87413480 |
| 0.13%, 02/15/52  | 194460910 | 102675186 |
| 1.50%, 02/15/53  | 176355353 | 137366076 |
| 2.13%, 02/15/54  | 179344877 | 161112802 |
| 2.38%, 02/15/55  | 175361338 | 166292614 |
| **Total Treasuries** <br>**(Cost $15,221,917,519)** | **Total Treasuries** <br>**(Cost $15,221,917,519)** | **14566296138** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.74% *(a)*<br>| 341562 | 341562 |
| **Total Short-Term Investments** <br>**(Cost $341,562)** | **Total Short-Term Investments** <br>**(Cost $341,562)** | **341562** |
| **Total Investments in Securities** <br>**(Cost $15,222,259,081)** | **Total Investments in Securities** <br>**(Cost $15,222,259,081)** | **14566637700** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The rate shown is the annualized 7-day yield.

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $14566296138 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14566296138 |
| Short-Term Investments<sup>1</sup> <br>| 341562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 341562 |
| **Total** | **$341562** | &nbsp;&nbsp; **$14566296138** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14566637700** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**3**

------

Schwab U.S. TIPS ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $15,222,259,081) |  | $14566637700 |
| Receivables: |  |  |
| Investments sold |  | 235121127 |
| Interest |  | 64501339 |
| Dividends | + | 56525 |
| **Total assets** |  | **14866316691** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 234497466 |
| Management fees | + | 373927 |
| **Total liabilities** |  | **234871393** |
| **Net assets** |  | **$14631445298** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $16561307110 |
| Total distributable loss | + | (1929861812)<br>|
| **Net assets** |  | **$14631445298** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $14631445298 |  | &nbsp;&nbsp;&nbsp;&nbsp; 552300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $26.49 |

---

*See financial notes*

**4**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. TIPS ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $556998578 |
| Dividends received from securities - unaffiliated issuers  | + | 554747 |
| **Total investment income**  |  | **557553325** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 3984990 |
| **Total expenses** | – | **3984990** |
| **Net investment income** |  | **553568335** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (201010146)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 28130922 |
| **Net realized losses** |  | **(172879224)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **454953785** |
| **Net realized and unrealized gains** |  | **282074561** |
| **Increase in net assets resulting from operations** |  | **$835642896** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**5**

------

Schwab U.S. TIPS ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $553568335 | &nbsp;&nbsp;&nbsp; $333559040 |
| Net realized losses |  | (172879224)<br>| &nbsp;&nbsp;&nbsp; (249856390)<br>|
| Net change in unrealized appreciation (depreciation) | + | 454953785 | &nbsp;&nbsp;&nbsp; 117034861 |
| **Increase in net assets resulting from operations** |  | **$835642896** | &nbsp;&nbsp;&nbsp; **$200737511** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($552426290)**<br>| &nbsp;&nbsp;&nbsp; **($333819075)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 187800000 | &nbsp;&nbsp;&nbsp; $5007462941 | &nbsp;&nbsp;&nbsp; 119700000 | &nbsp;&nbsp;&nbsp; $3132767936 |
| Shares redeemed | + | (80700000)<br>| &nbsp;&nbsp;&nbsp; (2148288688)<br>| &nbsp;&nbsp;&nbsp; (112400000)<br>| &nbsp;&nbsp;&nbsp; (2931011084)<br>|
| **Net transactions in fund shares**  |  | **107100000** | &nbsp;&nbsp;&nbsp; **$2859174253** | &nbsp;&nbsp;&nbsp; **7300000** | &nbsp;&nbsp;&nbsp; **$201756852** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 445200000 | &nbsp;&nbsp;&nbsp; $11489054439 | &nbsp;&nbsp;&nbsp; 437900000 | &nbsp;&nbsp;&nbsp; $11420379151 |
| Total increase | + | 107100000 | &nbsp;&nbsp;&nbsp; 3142390859 | &nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; 68675288 |
| **End of period** |  | **552300000** | &nbsp;&nbsp;&nbsp; **$14631445298** | &nbsp;&nbsp;&nbsp; **445200000** | &nbsp;&nbsp;&nbsp; **$11489054439** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). 

*See financial notes*

**6**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Short-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.14 | &nbsp;&nbsp; $24.22 | &nbsp;&nbsp; $24.12 | &nbsp;&nbsp; $25.42 | &nbsp;&nbsp; $25.70 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.99 | 1.03 | 0.91 | 0.34 | 0.11 |
| Net realized and unrealized gains (losses) | 0.22 | &nbsp;&nbsp; (0.08)<br>| 0.10 | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total from investment operations | 1.21 | 0.95 | 1.01 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.17)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $24.36 | &nbsp;&nbsp; $24.14 | &nbsp;&nbsp; $24.22 | &nbsp;&nbsp; $24.12 | &nbsp;&nbsp; $25.42 |
| Total return | 5.10<br> %<br>| 4.04<br> %<br>| 4.26<br> %<br>| &nbsp;&nbsp; (3.85<br> %)<br>| &nbsp;&nbsp; (0.66<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>4,5</sup><br>| 0.05 %<sup>6</sup><br>|
| Net investment income (loss) | 4.06<br> %<br>| 4.25<br> %<br>| 3.78<br> %<br>| 1.39<br> %<br>| 0.41<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $11905 | &nbsp;&nbsp; $11230 | &nbsp;&nbsp; $11900 | &nbsp;&nbsp; $10256 | &nbsp;&nbsp; $8956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> 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. 

<sup>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**7**

------

Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.3% OF NET ASSETS | **TREASURIES** 99.3% OF NET ASSETS | **TREASURIES** 99.3% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 6.63%, 02/15/27  | 6926500 | 7175284 |
| 6.38%, 08/15/27  | 8808700 | 9211114 |
| 6.13%, 11/15/27  | 18858500 | 19757596 |
| 5.50%, 08/15/28  | 11237600 | 11791322 |
| 5.25%, 11/15/28  | 18750000 | 19614349 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 4.00%, 01/15/27  | 121234100 | 121837725 |
| 1.50%, 01/31/27  | 183561500 | 179671134 |
| 4.13%, 01/31/27  | 167155800 | 168236195 |
| 2.25%, 02/15/27  | 108113000 | 106621992 |
| 4.13%, 02/15/27  | 128803300 | 129663487 |
| 1.13%, 02/28/27  | 33163800 | 32274377 |
| 1.88%, 02/28/27  | 121211900 | 118986243 |
| 4.13%, 02/28/27  | 167105200 | 168244022 |
| 4.25%, 03/15/27  | 134436700 | 135589212 |
| 0.63%, 03/31/27  | 53806200 | 51951199 |
| 2.50%, 03/31/27  | 122566100 | 121079251 |
| 3.88%, 03/31/27  | 166662500 | 167407681 |
| 4.50%, 04/15/27  | 140612700 | 142361950 |
| 0.50%, 04/30/27  | 75791100 | 72886527 |
| 2.75%, 04/30/27  | 116963900 | 115839713 |
| 3.75%, 04/30/27  | 167280700 | 167822807 |
| 2.38%, 05/15/27  | 130650600 | 128693101 |
| 4.50%, 05/15/27  | 139288500 | 141149144 |
| 0.50%, 05/31/27  | 75641700 | 72564081 |
| 2.63%, 05/31/27  | 115470300 | 114103363 |
| 3.88%, 05/31/27  | 167050700 | 167921602 |
| 4.63%, 06/15/27  | 140625800 | 142894347 |
| 0.50%, 06/30/27  | 88387500 | 84587589 |
| 3.25%, 06/30/27  | 113958400 | 113586497 |
| 3.75%, 06/30/27  | 167289500 | 167945994 |
| 4.38%, 07/15/27  | 139612100 | 141482525 |
| 0.38%, 07/31/27  | 104982000 | 100019606 |
| 2.75%, 07/31/27  | 110997300 | 109759192 |
| 3.88%, 07/31/27  | 167293700 | 168290034 |
| 2.25%, 08/15/27  | 105362000 | 103332707 |
| 3.75%, 08/15/27  | 140138300 | 140742983 |
| 0.50%, 08/31/27  | 90092400 | 85796866 |
| 3.13%, 08/31/27  | 107699900 | 107091783 |
| 3.63%, 08/31/27  | 167293900 | 167672670 |
| 3.38%, 09/15/27  | 140625400 | 140388952 |
| 0.38%, 09/30/27  | 115613200 | 109599545 |
| 3.50%, 09/30/27  | 167297600 | 167359417 |
| 4.13%, 09/30/27  | 106680900 | 107839252 |
| 3.88%, 10/15/27  | 140625900 | 141589764 |
| 0.50%, 10/31/27  | 111819300 | 105968042 |
| 3.50%, 10/31/27  | 167292900 | 167348174 |
| 4.13%, 10/31/27  | 104258000 | 105428734 |
| 2.25%, 11/15/27  | 107090100 | 104732597 |
| 4.13%, 11/15/27  | 140501300 | 142128417 |
| 0.63%, 11/30/27  | 120027800 | 113761077 |
| 3.38%, 11/30/27  | 167297000 | 166989575 |
| 3.88%, 11/30/27  | 101182600 | 101915638 |
| 4.00%, 12/15/27  | 140625000 | 142011844 |
| 0.63%, 12/31/27  | 133281300 | 126015043 |
| 3.38%, 12/31/27  | 167231000 | 166910910 |
| 3.88%, 12/31/27  | 104258000 | 105051904 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.25%, 01/15/28  | 140623900 | 142716510 |
| 0.75%, 01/31/28  | 147816200 | 139777290 |
| 3.50%, 01/31/28  | 104233900 | 104270017 |
| 2.75%, 02/15/28  | 145014700 | 142855315 |
| 4.25%, 02/15/28  | 140620200 | 142794638 |
| 1.13%, 02/29/28  | 150316600 | 142992709 |
| 4.00%, 02/29/28  | 103892400 | 104991405 |
| 3.88%, 03/15/28  | 140620900 | 141767593 |
| 1.25%, 03/31/28  | 135977200 | 129447140 |
| 3.63%, 03/31/28  | 104258000 | 104558148 |
| 3.75%, 04/15/28  | 140621600 | 141377765 |
| 1.25%, 04/30/28  | 149293400 | 141855080 |
| 3.50%, 04/30/28  | 104225600 | 104223985 |
| 2.88%, 05/15/28  | 151309600 | 149190872 |
| 3.75%, 05/15/28  | 140624500 | 141413136 |
| 1.25%, 05/31/28  | 149418100 | 141692900 |
| 3.63%, 05/31/28  | 100105500 | 100381241 |
| 3.88%, 06/15/28  | 140625800 | 141842438 |
| 1.25%, 06/30/28  | 137865700 | 130500349 |
| 4.00%, 06/30/28  | 104258000 | 105485617 |
| 3.88%, 07/15/28  | 140626500 | 141837407 |
| 1.00%, 07/31/28  | 145309400 | 136359591 |
| 4.13%, 07/31/28  | 104258000 | 105827573 |
| 2.88%, 08/15/28  | 153391900 | 150967004 |
| 3.63%, 08/15/28  | 140624300 | 140999668 |
| 1.13%, 08/31/28  | 145425200 | 136632574 |
| 4.38%, 08/31/28  | 111225300 | 113594588 |
| 3.38%, 09/15/28  | 140623500 | 140069992 |
| 1.25%, 09/30/28  | 147559500 | 138833348 |
| 4.63%, 09/30/28  | 118805800 | 122180811 |
| 3.50%, 10/15/28  | 140624300 | 140498793 |
| 1.38%, 10/31/28  | 138257100 | 130275034 |
| 4.88%, 10/31/28  | 125737100 | 130212335 |
| 3.13%, 11/15/28  | 144828400 | 143227626 |
| 3.50%, 11/15/28  | 140625000 | 140477006 |
| 1.50%, 11/30/28  | 137936200 | 130198200 |
| 4.38%, 11/30/28  | 133114400 | 136146107 |
| 3.50%, 12/15/28  | 140570000 | 140421742 |
| 1.38%, 12/31/28  | 135722000 | 127428599 |
| 3.75%, 12/31/28  | 140560000 | 141377300 |
| **Total Treasuries** <br>**(Cost $11,744,655,432)** | **Total Treasuries** <br>**(Cost $11,744,655,432)** | **11822395595** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.2% OF NET ASSETS | **Short-Term Investments** 0.2% OF NET ASSETS | **Short-Term Investments** 0.2% OF NET ASSETS |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.74% *(a)*<br>| 27951503 | 27951503 |
| **Total Short-Term Investments** <br>**(Cost $27,951,503)** | **Total Short-Term Investments** <br>**(Cost $27,951,503)** | **27951503** |
| **Total Investments in Securities** <br>**(Cost $11,772,606,935)** | **Total Investments in Securities** <br>**(Cost $11,772,606,935)** | **11850347098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The rate shown is the annualized 7-day yield.

*See financial notes*

**8**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $11822395595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11822395595 |
| Short-Term Investments<sup>1</sup> <br>| 27951503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27951503 |
| **Total** | **$27951503** | &nbsp;&nbsp; **$11822395595** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$11850347098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**9**

------

Schwab Short-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $11,772,606,935) |  | $11850347098 |
| Receivables: |  |  |
| Investments sold |  | 1027971504 |
| Interest |  | 81846215 |
| Fund shares sold |  | 19488727 |
| Dividends | + | 49951 |
| **Total assets** |  | **12979703495** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 594433956 |
| Fund shares redeemed |  | 479909888 |
| Management fees | + | 301665 |
| **Total liabilities** |  | **1074645509** |
| **Net assets** |  | **$11905057986** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $12368999550 |
| Total distributable loss | + | (463941564)<br>|
| **Net assets** |  | **$11905057986** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $11905057986 |  | &nbsp;&nbsp;&nbsp;&nbsp; 488700000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $24.36 |

---

*See financial notes*

**10**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Short-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $460143260 |
| Dividends received from securities - unaffiliated issuers  | + | 548234 |
| **Total investment income**  |  | **460691494** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 3377895 |
| **Total expenses** | – | **3377895** |
| **Net investment income** |  | **457313599** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (2524993)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 38237105 |
| **Net realized gains** |  | **35712112** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **71348826** |
| **Net realized and unrealized gains** |  | **107060938** |
| **Increase in net assets resulting from operations** |  | **$564374537** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**11**

------

Schwab Short-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $457313599 | &nbsp;&nbsp;&nbsp; $466787995 |
| Net realized gains (losses) |  | 35712112 | &nbsp;&nbsp;&nbsp; (43072014)<br>|
| Net change in unrealized appreciation (depreciation) | + | 71348826 | &nbsp;&nbsp;&nbsp; (5425306)<br>|
| **Increase in net assets resulting from operations** |  | **$564374537** | &nbsp;&nbsp;&nbsp; **$418290675** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($457262100)**<br>| &nbsp;&nbsp;&nbsp; **($466133505)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 314400000 | &nbsp;&nbsp;&nbsp; $7652525628 | &nbsp;&nbsp;&nbsp; 103700000 | &nbsp;&nbsp;&nbsp; $2516459367 |
| Shares redeemed | + | (291000000)<br>| &nbsp;&nbsp;&nbsp; (7084635712)<br>| &nbsp;&nbsp;&nbsp; (129800000)<br>| &nbsp;&nbsp;&nbsp; (3138896435)<br>|
| **Net transactions in fund shares**  |  | **23400000** | &nbsp;&nbsp;&nbsp; **$567889916** | &nbsp;&nbsp;&nbsp; **(26100000)**<br>| &nbsp;&nbsp;&nbsp; **($622437068)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 465300000 | &nbsp;&nbsp;&nbsp; $11230055633 | &nbsp;&nbsp;&nbsp; 491400000 | &nbsp;&nbsp;&nbsp; $11900335531 |
| Total increase (decrease) | + | 23400000 | &nbsp;&nbsp;&nbsp; 675002353 | &nbsp;&nbsp;&nbsp; (26100000)<br>| &nbsp;&nbsp;&nbsp; (670279898)<br>|
| **End of period** |  | **488700000** | &nbsp;&nbsp;&nbsp; **$11905057986** | &nbsp;&nbsp;&nbsp; **465300000** | &nbsp;&nbsp;&nbsp; **$11230055633** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). 

*See financial notes*

**12**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Intermediate-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp; $28.08 | &nbsp;&nbsp; $29.11 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.97 | 0.92 | 0.79 | 0.56 | 0.28 |
| Net realized and unrealized gains (losses) | 0.80 | &nbsp;&nbsp; (0.59)<br>| 0.25 | &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (1.03)<br>|
| Total from investment operations | 1.77 | 0.33 | 1.04 | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (0.75)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $25.07 | &nbsp;&nbsp; $24.27 | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $24.61 | &nbsp;&nbsp; $28.08 |
| Total return | 7.37<br> %<br>| 1.33<br> %<br>| 4.29<br> %<br>| &nbsp;&nbsp; (10.63<br> %)<br>| &nbsp;&nbsp; (2.57<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>4,5</sup><br>| 0.05 %<sup>6</sup><br>|
| Net investment income (loss) | 3.90<br> %<br>| 3.76<br> %<br>| 3.20<br> %<br>| 2.18<br> %<br>| 0.97<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp; 88<br> %<br>| &nbsp;&nbsp; 56<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $12200 | &nbsp;&nbsp; $10078 | &nbsp;&nbsp; $7878 | &nbsp;&nbsp; $7555 | &nbsp;&nbsp; $3712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> 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. 

<sup>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**13**

------

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.2% OF NET ASSETS | **TREASURIES** 99.2% OF NET ASSETS | **TREASURIES** 99.2% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 5.25%, 02/15/29  | 15916800 | 16738642 |
| 6.13%, 08/15/29  | 7754800 | 8411200 |
| 6.25%, 05/15/30  | 12486400 | 13768345 |
| 5.38%, 02/15/31  | 15637800 | 16814906 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 2.63%, 02/15/29  | 115913800 | 112719772 |
| 1.88%, 02/28/29  | 94360600 | 89633124 |
| 4.25%, 02/28/29  | 223470800 | 228041895 |
| 2.38%, 03/31/29  | 90794000 | 87493139 |
| 4.13%, 03/31/29  | 229808400 | 233699355 |
| 2.88%, 04/30/29  | 83515400 | 81682479 |
| 4.63%, 04/30/29  | 135851200 | 140273197 |
| 2.38%, 05/15/29  | 95555600 | 91905185 |
| 2.75%, 05/31/29  | 78392800 | 76298129 |
| 4.50%, 05/31/29  | 136033000 | 139965646 |
| 3.25%, 06/30/29  | 77397600 | 76529323 |
| 4.25%, 06/30/29  | 135190000 | 138072656 |
| 2.63%, 07/31/29  | 71355000 | 69026722 |
| 4.00%, 07/31/29  | 135442200 | 137213567 |
| 1.63%, 08/15/29  | 88204800 | 82359538 |
| 3.13%, 08/31/29  | 70281000 | 69099281 |
| 3.63%, 08/31/29  | 135739000 | 135742176 |
| 3.50%, 09/30/29  | 135511000 | 134914955 |
| 3.88%, 09/30/29  | 69422800 | 70020558 |
| 4.00%, 10/31/29  | 67687400 | 68581727 |
| 4.13%, 10/31/29  | 135646200 | 137978962 |
| 1.75%, 11/15/29  | 66043400 | 61683512 |
| 3.88%, 11/30/29  | 66698400 | 67258680 |
| 4.13%, 11/30/29  | 135744000 | 138098629 |
| 3.88%, 12/31/29  | 67527600 | 68104887 |
| 4.38%, 12/31/29  | 135745000 | 139381894 |
| 3.50%, 01/31/30  | 66009600 | 65637755 |
| 4.25%, 01/31/30  | 135742000 | 138774205 |
| 1.50%, 02/15/30  | 112307400 | 103171653 |
| 4.00%, 02/28/30  | 202858400 | 205446853 |
| 3.63%, 03/31/30  | 67377600 | 67257681 |
| 4.00%, 03/31/30  | 135660000 | 137400586 |
| 3.50%, 04/30/30  | 67173600 | 66696667 |
| 3.88%, 04/30/30  | 135745000 | 136822802 |
| 0.63%, 05/15/30  | 154994200 | 136043788 |
| 3.75%, 05/31/30  | 66171600 | 66342369 |
| 4.00%, 05/31/30  | 135742000 | 137471000 |
| 3.75%, 06/30/30  | 66609400 | 66780799 |
| 3.88%, 06/30/30  | 135745000 | 136773051 |
| 3.88%, 07/31/30  | 135745000 | 136751780 |
| 4.00%, 07/31/30  | 66740400 | 67592575 |
| 0.63%, 08/15/30  | 201876400 | 175685319 |
| 3.63%, 08/31/30  | 125744000 | 125300337 |
| 4.13%, 08/31/30  | 69799800 | 71031397 |
| 3.63%, 09/30/30  | 125744000 | 125274849 |
| 4.63%, 09/30/30  | 71430000 | 74241256 |
| 3.63%, 10/31/30  | 129743000 | 129217580 |
| 4.88%, 10/31/30  | 72194000 | 75852611 |
| 0.88%, 11/15/30  | 210911400 | 184394986 |
| 3.50%, 11/30/30  | 135287000 | 133951325 |
| 4.38%, 11/30/30  | 75559200 | 77746835 |
| 3.63%, 12/31/30  | 142000000 | 141351016 |
| 3.75%, 12/31/30  | 76164600 | 76221571 |
| 4.00%, 01/31/31  | 76093800 | 76988891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.13%, 02/15/31  | 203136600 | 178865677 |
| 4.25%, 02/28/31  | 78102800 | 79912083 |
| 4.13%, 03/31/31  | 81815200 | 83224459 |
| 4.63%, 04/30/31  | 84939400 | 88425975 |
| 1.63%, 05/15/31  | 199790400 | 179015795 |
| 4.63%, 05/31/31  | 84179400 | 87634493 |
| 4.25%, 06/30/31  | 84899400 | 86841745 |
| 4.13%, 07/31/31  | 84634400 | 86018680 |
| 1.25%, 08/15/31  | 218968400 | 190809874 |
| 3.75%, 08/31/31  | 84946400 | 84683160 |
| 3.63%, 09/30/31  | 84934400 | 84106944 |
| 4.13%, 10/31/31  | 84857400 | 86184816 |
| 1.38%, 11/15/31  | 214214800 | 186640771 |
| 4.13%, 11/30/31  | 84946400 | 86248382 |
| 4.50%, 12/31/31  | 84804400 | 87786598 |
| 4.38%, 01/31/32  | 84937400 | 87327216 |
| 1.88%, 02/15/32  | 201512400 | 179783096 |
| 4.13%, 02/29/32  | 84948400 | 86170306 |
| 4.13%, 03/31/32  | 84947000 | 86142051 |
| 4.00%, 04/30/32  | 84948000 | 85525638 |
| 2.88%, 05/15/32  | 195876000 | 184729363 |
| 4.13%, 05/31/32  | 84949000 | 86090426 |
| 4.00%, 06/30/32  | 84947000 | 85470979 |
| 4.00%, 07/31/32  | 84950000 | 85430961 |
| 2.75%, 08/15/32  | 188001200 | 175304276 |
| 3.88%, 08/31/32  | 84947000 | 84750823 |
| 3.88%, 09/30/32  | 84949000 | 84725992 |
| 3.75%, 10/31/32  | 84953000 | 84052804 |
| 4.13%, 11/15/32  | 191136200 | 193380789 |
| 3.75%, 11/30/32  | 85165000 | 84222368 |
| 3.88%, 12/31/32  | 90000000 | 89655469 |
| 3.50%, 02/15/33  | 190579200 | 185268310 |
| 3.38%, 05/15/33  | 190436200 | 183163860 |
| 3.88%, 08/15/33  | 209846000 | 208208068 |
| 4.50%, 11/15/33  | 219556400 | 226810390 |
| 4.00%, 02/15/34  | 230012800 | 229418056 |
| 4.38%, 05/15/34  | 231051800 | 236281819 |
| 3.88%, 08/15/34  | 230988800 | 227537481 |
| 4.25%, 11/15/34  | 231285800 | 233880179 |
| 4.63%, 02/15/35  | 233272000 | 242265453 |
| 4.25%, 05/15/35  | 231283000 | 233332237 |
| 4.25%, 08/15/35  | 231283000 | 233015749 |
| 4.00%, 11/15/35  | 158619000 | 156380410 |
| **Total Treasuries** <br>**(Cost $12,020,623,693)** | **Total Treasuries** <br>**(Cost $12,020,623,693)** | **12102457639** |

---

*See financial notes*

**14**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.2% OF NET ASSETS | **Short-Term Investments** 0.2% OF NET ASSETS | **Short-Term Investments** 0.2% OF NET ASSETS |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class <br>3.74% *(a)*<br>| 20774235 | 20774235 |
| **Total Short-Term Investments** <br>**(Cost $20,774,235)** | **Total Short-Term Investments** <br>**(Cost $20,774,235)** | **20774235** |
| **Total Investments in Securities** <br>**(Cost $12,041,397,928)** | **Total Investments in Securities** <br>**(Cost $12,041,397,928)** | **12123231874** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The rate shown is the annualized 7-day yield.

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $12102457639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12102457639 |
| Short-Term Investments<sup>1</sup> <br>| 20774235 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20774235 |
| **Total** | **$20774235** | &nbsp;&nbsp; **$12102457639** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$12123231874** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**15**

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $12,041,397,928) |  | $12123231874 |
| Receivables: |  |  |
| Investments sold |  | 881185971 |
| Interest |  | 95398741 |
| Fund shares sold |  | 17549870 |
| Dividends |  | 30751 |
| Income from securities on loan |  | 24443 |
| Other assets | + | 20469 |
| **Total assets** |  | **13117442119** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 488730265 |
| Fund shares redeemed |  | 428718238 |
| Management fees |  | 309132 |
| Due to custodian  | + | 20469 |
| **Total liabilities** |  | **917778104** |
| **Net assets** |  | **$12199664015** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $12858003277 |
| Total distributable loss | + | (658339262)<br>|
| **Net assets** |  | **$12199664015** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $12199664015 |  | &nbsp;&nbsp;&nbsp;&nbsp; 486600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.07 |

---

*See financial notes*

**16**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $431353077 |
| Dividends received from securities - unaffiliated issuers  |  | 515167 |
| Securities on loan, net | + | 31400 |
| **Total investment income**  |  | **431899644** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 3300354 |
| **Total expenses** | – | **3300354** |
| **Net investment income** |  | **428599290** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (34648133)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 31506562 |
| **Net realized losses** |  | **(3141571)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **340685732** |
| **Net realized and unrealized gains** |  | **337544161** |
| **Increase in net assets resulting from operations** |  | **$766143451** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**17**

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $428599290 | &nbsp;&nbsp;&nbsp; $333374796 |
| Net realized losses |  | (3141571)<br>| &nbsp;&nbsp;&nbsp; (96891897)<br>|
| Net change in unrealized appreciation (depreciation) | + | 340685732 | &nbsp;&nbsp;&nbsp; (153836310)<br>|
| **Increase in net assets resulting from operations** |  | **$766143451** | &nbsp;&nbsp;&nbsp; **$82646589** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($428517250)**<br>| &nbsp;&nbsp;&nbsp; **($332975855)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 216900000 | &nbsp;&nbsp;&nbsp; $5426655959 | &nbsp;&nbsp;&nbsp; 135400000 | &nbsp;&nbsp;&nbsp; $3362757740 |
| Shares redeemed | + | (145500000)<br>| &nbsp;&nbsp;&nbsp; (3642599446)<br>| &nbsp;&nbsp;&nbsp; (37100000)<br>| &nbsp;&nbsp;&nbsp; (912891109)<br>|
| **Net transactions in fund shares**  |  | **71400000** | &nbsp;&nbsp;&nbsp; **$1784056513** | &nbsp;&nbsp;&nbsp; **98300000** | &nbsp;&nbsp;&nbsp; **$2449866631** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 415200000 | &nbsp;&nbsp;&nbsp; $10077981301 | &nbsp;&nbsp;&nbsp; 316900000 | &nbsp;&nbsp;&nbsp; $7878443936 |
| Total increase | + | 71400000 | &nbsp;&nbsp;&nbsp; 2121682714 | &nbsp;&nbsp;&nbsp; 98300000 | &nbsp;&nbsp;&nbsp; 2199537365 |
| **End of period** |  | **486600000** | &nbsp;&nbsp;&nbsp; **$12199664015** | &nbsp;&nbsp;&nbsp; **415200000** | &nbsp;&nbsp;&nbsp; **$10077981301** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). 

*See financial notes*

**18**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Long-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $31.47 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $35.28 | &nbsp;&nbsp; $51.26 | &nbsp;&nbsp; $54.87 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 1.46 | 1.45 | 1.40 | 1.12 | 0.86 |
| Net realized and unrealized gains (losses) | 0.20 <br><sup>2</sup><br>| &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (0.28 )<sup>2</sup><br>| &nbsp;&nbsp; (16.08)<br>| &nbsp;&nbsp; (3.60)<br>|
| Total from investment operations | 1.66 | &nbsp;&nbsp; (2.16)<br>| 1.12 | &nbsp;&nbsp; (14.96)<br>| &nbsp;&nbsp; (2.74)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.87)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $31.69 | &nbsp;&nbsp; $31.47 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $35.28 | &nbsp;&nbsp; $51.26 |
| Total return | 5.33<br> %<br>| &nbsp;&nbsp; (6.30<br> %)<br>| 3.29<br> %<br>| &nbsp;&nbsp; (29.42<br> %)<br>| &nbsp;&nbsp; (4.96<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>3,4</sup><br>| 0.05 %<sup>5</sup><br>|
| Net investment income (loss) | 4.58<br> %<br>| 4.34<br> %<br>| 4.11<br> %<br>| 2.83<br> %<br>| 1.70<br> %<br>|
| Portfolio turnover rate<sup>6</sup> <br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 68<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1002 | &nbsp;&nbsp; $708 | &nbsp;&nbsp; $621 | &nbsp;&nbsp; $189 | &nbsp;&nbsp; $100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>3</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>6</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**19**

------

Schwab Long-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.0% OF NET ASSETS | **TREASURIES** 99.0% OF NET ASSETS | **TREASURIES** 99.0% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 4.50%, 02/15/36  | 2876900 | 2970872 |
| 4.75%, 02/15/37  | 1710700 | 1792856 |
| 5.00%, 05/15/37  | 2208400 | 2364904 |
| 4.38%, 02/15/38  | 2323900 | 2345587 |
| 4.50%, 05/15/38  | 2630400 | 2683600 |
| 3.50%, 02/15/39  | 2695400 | 2457772 |
| 4.25%, 05/15/39  | 4000300 | 3920266 |
| 4.50%, 08/15/39  | 4274400 | 4284023 |
| 4.38%, 11/15/39  | 4597000 | 4536791 |
| 4.63%, 02/15/40  | 4632400 | 4685686 |
| 1.13%, 05/15/40  | 13749200 | 8733636 |
| 4.38%, 05/15/40  | 4484600 | 4411310 |
| 1.13%, 08/15/40  | 16816000 | 10571383 |
| 3.88%, 08/15/40  | 4457500 | 4130521 |
| 1.38%, 11/15/40  | 18771200 | 12193017 |
| 4.25%, 11/15/40  | 4425700 | 4273008 |
| 1.88%, 02/15/41  | 20687600 | 14461541 |
| 4.75%, 02/15/41  | 4692500 | 4779071 |
| 2.25%, 05/15/41  | 16857500 | 12407617 |
| 4.38%, 05/15/41  | 4332700 | 4222974 |
| 1.75%, 08/15/41  | 24070900 | 16253254 |
| 3.75%, 08/15/41  | 4383100 | 3952747 |
| 2.00%, 11/15/41  | 21498000 | 15012417 |
| 3.13%, 11/15/41  | 4602600 | 3807290 |
| 2.38%, 02/15/42  | 16487000 | 12139833 |
| 3.13%, 02/15/42  | 4871000 | 4009156 |
| 3.00%, 05/15/42  | 4530400 | 3647322 |
| 3.25%, 05/15/42  | 14301200 | 11934540 |
| 2.75%, 08/15/42  | 5225900 | 4035942 |
| 3.38%, 08/15/42  | 13317600 | 11259333 |
| 2.75%, 11/15/42  | 7659600 | 5889070 |
| 4.00%, 11/15/42  | 13399200 | 12286250 |
| 3.13%, 02/15/43  | 6574600 | 5321712 |
| 3.88%, 02/15/43  | 13403300 | 12065034 |
| 2.88%, 05/15/43  | 10348100 | 8037556 |
| 3.88%, 05/15/43  | 13353500 | 11982190 |
| 3.63%, 08/15/43  | 7446300 | 6431116 |
| 4.38%, 08/15/43  | 14437400 | 13794709 |
| 3.75%, 11/15/43  | 7608800 | 6670511 |
| 4.75%, 11/15/43  | 14439100 | 14444008 |
| 3.63%, 02/15/44  | 8045300 | 6910038 |
| 4.50%, 02/15/44  | 14430300 | 13966600 |
| 3.38%, 05/15/44  | 7510400 | 6201380 |
| 4.63%, 05/15/44  | 14439800 | 14181527 |
| 3.13%, 08/15/44  | 9672800 | 7660778 |
| 4.13%, 08/15/44  | 14440300 | 13257849 |
| 3.00%, 11/15/44  | 8278500 | 6406489 |
| 4.63%, 11/15/44  | 14435100 | 14147328 |
| 2.50%, 02/15/45  | 11238200 | 7961928 |
| 4.75%, 02/15/45  | 14425100 | 14351487 |
| 3.00%, 05/15/45  | 5128700 | 3948071 |
| 5.00%, 05/15/45  | 14439400 | 14825206 |
| 2.88%, 08/15/45  | 6788600 | 5093428 |
| 4.88%, 08/15/45  | 14435000 | 14576290 |
| 3.00%, 11/15/45  | 4321900 | 3302663 |
| 4.63%, 11/15/45  | 9971500 | 9743613 |
| 2.50%, 02/15/46  | 8204700 | 5714001 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.50%, 05/15/46  | 8286200 | 5748671 |
| 2.25%, 08/15/46  | 11371400 | 7483531 |
| 2.88%, 11/15/46  | 4132800 | 3051953 |
| 3.00%, 02/15/47  | 8223900 | 6193155 |
| 3.00%, 05/15/47  | 6653000 | 4996569 |
| 2.75%, 08/15/47  | 11029700 | 7882507 |
| 2.75%, 11/15/47  | 11222900 | 7994159 |
| 3.00%, 02/15/48  | 12575900 | 9362297 |
| 3.13%, 05/15/48  | 13603500 | 10339433 |
| 3.00%, 08/15/48  | 15051600 | 11151184 |
| 3.38%, 11/15/48  | 15085700 | 11941439 |
| 3.00%, 02/15/49  | 16150900 | 11906225 |
| 2.88%, 05/15/49  | 15760300 | 11314586 |
| 2.25%, 08/15/49  | 14958600 | 9390236 |
| 2.38%, 11/15/49  | 13894000 | 8931097 |
| 2.00%, 02/15/50  | 17460100 | 10245552 |
| 1.25%, 05/15/50  | 20576400 | 9859332 |
| 1.38%, 08/15/50  | 23146300 | 11394030 |
| 1.63%, 11/15/50  | 22784600 | 11974848 |
| 1.88%, 02/15/51  | 25412800 | 14210477 |
| 2.38%, 05/15/51  | 25519800 | 16095652 |
| 2.00%, 08/15/51  | 25366700 | 14544807 |
| 1.88%, 11/15/51  | 23718900 | 13124516 |
| 2.25%, 02/15/52  | 21655800 | 13151829 |
| 2.88%, 05/15/52  | 20408500 | 14271150 |
| 3.00%, 08/15/52  | 19481800 | 13962000 |
| 4.00%, 11/15/52  | 19591200 | 16998851 |
| 3.63%, 02/15/53  | 19467500 | 15767848 |
| 3.63%, 05/15/53  | 19554700 | 15826274 |
| 4.13%, 08/15/53  | 21647800 | 19173370 |
| 4.75%, 11/15/53  | 22689400 | 22279827 |
| 4.25%, 02/15/54  | 23720600 | 21456995 |
| 4.63%, 05/15/54  | 23722800 | 22857881 |
| 4.25%, 08/15/54  | 23725500 | 21466979 |
| 4.50%, 11/15/54  | 23723800 | 22388824 |
| 4.63%, 02/15/55  | 23721300 | 22865687 |
| 4.75%, 05/15/55  | 23718100 | 23323258 |
| 4.75%, 08/15/55  | 23720600 | 23338667 |
| 4.63%, 11/15/55  | 16157700 | 15576162 |
| **Total Treasuries** <br>**(Cost $1,042,351,102)** | **Total Treasuries** <br>**(Cost $1,042,351,102)** | **991290959** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS | **Short-Term Investments** 0.0% OF NET ASSETS |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.74% *(a)*<br>| 949 | 949 |
| **Total Short-Term Investments** <br>**(Cost $949)** | **Total Short-Term Investments** <br>**(Cost $949)** | **949** |
| **Total Investments in Securities** <br>**(Cost $1,042,352,051)** | **Total Investments in Securities** <br>**(Cost $1,042,352,051)** | **991291908** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The rate shown is the annualized 7-day yield.

*See financial notes*

**20**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Long-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $991290959 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $991290959 |
| Short-Term Investments<sup>1</sup> <br>| 949 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 949 |
| **Total** | **$949** | &nbsp;&nbsp; **$991290959** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$991291908** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**21**

------

Schwab Long-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,042,352,051) |  | $991291908 |
| Receivables: |  |  |
| Investments sold |  | 11640074 |
| Interest |  | 10226906 |
| Dividends | + | 2615 |
| **Total assets** |  | **1013161503** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 11629395 |
| Management fees | + | 25272 |
| **Total liabilities** |  | **11654667** |
| **Net assets** |  | **$1001506836** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1109326391 |
| Total distributable loss | + | (107819555)<br>|
| **Net assets** |  | **$1001506836** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1001506836 |  | &nbsp;&nbsp;&nbsp;&nbsp; 31600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $31.69 |

---

*See financial notes*

**22**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Long-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $38659112 |
| Dividends received from securities - unaffiliated issuers  | + | 77007 |
| **Total investment income**  |  | **38736119** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 252131 |
| **Total expenses** | – | **252131** |
| **Net investment income** |  | **38483988** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (16222404)<br>|
| Net realized losses on sales of in-kind redemptions - unaffiliated issuers  | + | (1375165)<br>|
| **Net realized losses** |  | **(17597569)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **14286351** |
| **Net realized and unrealized losses** |  | **(3311218)**<br>|
| **Increase in net assets resulting from operations** |  | **$35172770** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**23**

------

Schwab Long-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $38483988 | &nbsp;&nbsp;&nbsp; $30990933 |
| Net realized losses |  | (17597569)<br>| &nbsp;&nbsp;&nbsp; (1403729)<br>|
| Net change in unrealized appreciation (depreciation) | + | 14286351 | &nbsp;&nbsp;&nbsp; (79253789)<br>|
| **Increase (decrease) in net assets resulting from operations** |  | **$35172770** | &nbsp;&nbsp;&nbsp; **($49666585)**<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($38449565)**<br>| &nbsp;&nbsp;&nbsp; **($31021445)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 23700000 | &nbsp;&nbsp;&nbsp; $758894899 | &nbsp;&nbsp;&nbsp; 17150000 | &nbsp;&nbsp;&nbsp; $578721402 |
| Shares redeemed | + | (14600000)<br>| &nbsp;&nbsp;&nbsp; (462142070)<br>| &nbsp;&nbsp;&nbsp; (12350000)<br>| &nbsp;&nbsp;&nbsp; (410782549)<br>|
| **Net transactions in fund shares**  |  | **9100000** | &nbsp;&nbsp;&nbsp; **$296752829** | &nbsp;&nbsp;&nbsp; **4800000** | &nbsp;&nbsp;&nbsp; **$167938853** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 22500000 | &nbsp;&nbsp;&nbsp; $708030802 | &nbsp;&nbsp;&nbsp; 17700000 | &nbsp;&nbsp;&nbsp; $620779979 |
| Total increase | + | 9100000 | &nbsp;&nbsp;&nbsp; 293476034 | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 87250823 |
| **End of period** |  | **31600000** | &nbsp;&nbsp;&nbsp; **$1001506836** | &nbsp;&nbsp;&nbsp; **22500000** | &nbsp;&nbsp;&nbsp; **$708030802** |

---

*See financial notes*

**24**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $22.71 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $22.85 | &nbsp;&nbsp; $26.96 | &nbsp;&nbsp; $28.03 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.93 | 0.89 | 0.75 | 0.56 | 0.48 |
| Net realized and unrealized gains (losses) | 0.68 | &nbsp;&nbsp; (0.60)<br>| 0.49 | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (0.96)<br>|
| Total from investment operations | 1.61 | 0.29 | 1.24 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (0.48)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.59)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $23.37 | &nbsp;&nbsp; $22.71 | &nbsp;&nbsp; $23.32 | &nbsp;&nbsp; $22.85 | &nbsp;&nbsp; $26.96 |
| Total return | 7.19<br> %<br>| 1.26<br> %<br>| 5.53<br> %<br>| &nbsp;&nbsp; (13.09<br> %)<br>| &nbsp;&nbsp; (1.74<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>4,5</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 4.04<br> %<br>| 3.87<br> %<br>| 3.28<br> %<br>| 2.29<br> %<br>| 1.76<br> %<br>|
| Portfolio turnover rate<sup>6,7</sup> <br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $9526 | &nbsp;&nbsp; $8441 | &nbsp;&nbsp; $7584 | &nbsp;&nbsp; $6805 | &nbsp;&nbsp; $9074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> 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. 

<sup>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

<sup>7</sup> Portfolio turnover rate Includes to-be-announced (TBA) transactions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**25**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and if the coupon rate is not available, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 23.5% OF NET ASSETS | **CORPORATES** 23.5% OF NET ASSETS | **CORPORATES** 23.5% OF NET ASSETS |
| **Financial Institutions 7.7%** | **Financial Institutions 7.7%** | **Financial Institutions 7.7%** |
| ***Banking 5.2%***  | ***Banking 5.2%***  | ***Banking 5.2%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 4.75%, 06/09/27 *(a)* | 260000 | 262287 |
| 7.10%, 11/15/27 *(a)* | 140000 | 147142 |
| 2.20%, 11/02/28 *(a)* | 355000 | 336046 |
| 6.99%, 06/13/29 *(a)(b)* | 400000 | 422347 |
| 6.85%, 01/03/30 *(a)(b)* | 270000 | 286529 |
| 8.00%, 11/01/31  | 840000 | 954026 |
| 5.55%, 07/31/33 *(a)(b)* | 290000 | 292178 |
| 6.18%, 07/26/35 *(a)(b)* | 300000 | 311268 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 2.55%, 03/04/27 *(a)* | 630000 | 621141 |
| 3.30%, 05/03/27 *(a)* | 570000 | 566453 |
| 5.85%, 11/05/27 *(a)* | 500000 | 517429 |
| 5.10%, 02/16/28 *(a)(b)* | 510000 | 516059 |
| 5.04%, 07/26/28 *(a)(b)* | 250000 | 254234 |
| 4.73%, 04/25/29 *(a)(b)* | 400000 | 406268 |
| 4.05%, 05/03/29 *(a)* | 340000 | 341174 |
| 4.35%, 07/20/29 *(a)(b)* | 440000 | 443295 |
| 5.28%, 07/27/29 *(a)(b)* | 435000 | 448212 |
| 5.53%, 04/25/30 *(a)(b)* | 355000 | 370527 |
| 5.09%, 01/30/31 *(a)(b)* | 400000 | 412623 |
| 5.02%, 04/25/31 *(a)(b)* | 435000 | 448419 |
| 6.49%, 10/30/31 *(a)(b)* | 405000 | 442672 |
| 4.99%, 05/26/33 *(a)(b)* | 215000 | 218813 |
| 4.92%, 07/20/33 *(a)(b)* | 510000 | 519185 |
| 4.42%, 08/03/33 *(a)(b)* | 400000 | 397378 |
| 5.04%, 05/01/34 *(a)(b)* | 375000 | 384645 |
| 5.63%, 07/28/34 *(a)(b)* | 265000 | 277243 |
| 5.92%, 04/25/35 *(a)(b)* | 205000 | 218134 |
| 5.28%, 07/26/35 *(a)(b)* | 550000 | 567344 |
| 5.44%, 01/30/36 *(a)(b)* | 350000 | 363881 |
| 5.67%, 04/25/36 *(a)(b)* | 400000 | 422723 |
| 4.80%, 10/24/36 *(a)(b)* | 600000 | 593386 |
| 4.05%, 12/03/42  | 330000 | 284980 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| 3.30%, 05/03/27 *(a)* | 225000 | 223816 |
| **Associated Banc-Corp.** | **Associated Banc-Corp.** | **Associated Banc-Corp.** |
| 6.46%, 08/29/30 *(a)(b)* | 205000 | 213136 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| 4.75%, 01/18/27  | 250000 | 252442 |
| 4.90%, 07/16/27  | 250000 | 254352 |
| 3.92%, 09/30/27  | 315000 | 316100 |
| 4.36%, 06/18/28  | 250000 | 253303 |
| 3.92%, 12/08/28  | 250000 | 250855 |
| 4.62%, 12/16/29  | 250000 | 255348 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 6.14%, 09/14/28 *(a)(b)* | 200000 | 207273 |
| 5.38%, 03/13/29  | 400000 | 414839 |
| 7.88%, 11/15/34 *(a)(b)* | 200000 | 233015 |
| 6.03%, 03/13/35 *(a)(b)* | 200000 | 213204 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4.25%, 04/11/27  | 600000 | 601503 |
| 5.29%, 08/18/27  | 600000 | 611278 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.80%, 02/23/28  | 400000 | 397076 |
| 4.18%, 03/24/28 *(a)(b)* | 200000 | 200173 |
| 4.38%, 04/12/28  | 600000 | 603280 |
| 5.37%, 07/15/28 *(a)(b)* | 400000 | 407783 |
| 5.59%, 08/08/28  | 600000 | 622215 |
| 6.61%, 11/07/28  | 400000 | 426897 |
| 3.31%, 06/27/29  | 600000 | 583266 |
| 5.54%, 03/14/30 *(a)(b)* | 400000 | 414226 |
| 3.49%, 05/28/30  | 600000 | 578721 |
| 4.55%, 11/06/30  | 400000 | 400664 |
| 2.75%, 12/03/30  | 400000 | 364459 |
| 2.96%, 03/25/31  | 200000 | 185960 |
| 5.44%, 07/15/31  | 400000 | 420735 |
| 3.23%, 11/22/32 *(a)(b)* | 400000 | 366844 |
| 6.92%, 08/08/33  | 200000 | 221917 |
| 6.94%, 11/07/33  | 600000 | 687593 |
| 6.35%, 03/14/34  | 400000 | 431433 |
| 6.03%, 01/17/35  | 200000 | 214664 |
| 5.13%, 11/06/35  | 400000 | 400897 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 3.25%, 10/21/27 *(a)* | 835000 | 827775 |
| 4.18%, 11/25/27 *(a)* | 650000 | 651391 |
| 3.82%, 01/20/28 *(a)(b)* | 810000 | 808183 |
| 2.55%, 02/04/28 *(a)(b)* | 685000 | 674123 |
| 3.71%, 04/24/28 *(a)(b)* | 700000 | 697077 |
| 4.38%, 04/27/28 *(a)(b)* | 760000 | 763264 |
| 3.59%, 07/21/28 *(a)(b)* | 675000 | 670528 |
| 4.95%, 07/22/28 *(a)(b)* | 900000 | 912814 |
| 6.20%, 11/10/28 *(a)(b)* | 655000 | 680745 |
| 3.42%, 12/20/28 *(a)(b)* | 1845000 | 1823872 |
| 4.98%, 01/24/29 *(a)(b)* | 750000 | 764110 |
| 3.97%, 03/05/29 *(a)(b)* | 810000 | 808864 |
| 5.20%, 04/25/29 *(a)(b)* | 1105000 | 1132487 |
| 4.62%, 05/09/29 *(a)(b)* | 500000 | 506754 |
| 2.09%, 06/14/29 *(a)(b)* | 900000 | 858598 |
| 4.27%, 07/23/29 *(a)(b)* | 850000 | 854060 |
| 5.82%, 09/15/29 *(a)(b)* | 880000 | 918000 |
| 3.97%, 02/07/30 *(a)(b)* | 955000 | 950263 |
| 3.19%, 07/23/30 *(a)(b)* | 810000 | 782607 |
| 2.88%, 10/22/30 *(a)(b)* | 580000 | 552145 |
| 5.16%, 01/24/31 *(a)(b)* | 795000 | 821146 |
| 2.50%, 02/13/31 *(a)(b)* | 1040000 | 969331 |
| 2.59%, 04/29/31 *(a)(b)* | 800000 | 745787 |
| 1.90%, 07/23/31 *(a)(b)* | 845000 | 759496 |
| 1.92%, 10/24/31 *(a)(b)* | 845000 | 755921 |
| 2.65%, 03/11/32 *(a)(b)* | 635000 | 583554 |
| 2.69%, 04/22/32 *(a)(b)* | 1300000 | 1193203 |
| 2.30%, 07/21/32 *(a)(b)* | 1125000 | 1006118 |
| 2.57%, 10/20/32 *(a)(b)* | 950000 | 857074 |
| 2.97%, 02/04/33 *(a)(b)* | 1150000 | 1052319 |
| 4.57%, 04/27/33 *(a)(b)* | 1145000 | 1142888 |
| 5.02%, 07/22/33 *(a)(b)* | 1500000 | 1531090 |
| 5.29%, 04/25/34 *(a)(b)* | 1545000 | 1594600 |
| 5.87%, 09/15/34 *(a)(b)* | 1085000 | 1158655 |
| 5.47%, 01/23/35 *(a)(b)* | 1520000 | 1584500 |
| 5.43%, 08/15/35 *(a)(b)* | 660000 | 675380 |
| 5.52%, 10/25/35 *(a)(b)* | 1025000 | 1051684 |
| 5.51%, 01/24/36 *(a)(b)* | 1085000 | 1133608 |
| 5.74%, 02/12/36 *(a)(b)* | 750000 | 782381 |
| 5.46%, 05/09/36 *(a)(b)* | 635000 | 661341 |

---

*See financial notes*

**26**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.48%, 09/21/36 *(a)(b)* | 550000 | 483524 |
| 6.11%, 01/29/37  | 645000 | 696038 |
| 3.85%, 03/08/37 *(a)(b)* | 700000 | 660742 |
| 4.24%, 04/24/38 *(a)(b)* | 600000 | 560068 |
| 7.75%, 05/14/38  | 495000 | 602394 |
| 4.08%, 04/23/40 *(a)(b)* | 465000 | 415554 |
| 2.68%, 06/19/41 *(a)(b)* | 1595000 | 1176785 |
| 5.88%, 02/07/42  | 485000 | 516104 |
| 3.31%, 04/22/42 *(a)(b)* | 1095000 | 864491 |
| 5.00%, 01/21/44  | 650000 | 628191 |
| 4.88%, 04/01/44  | 240000 | 228140 |
| 4.75%, 04/21/45  | 200000 | 180608 |
| 4.44%, 01/20/48 *(a)(b)* | 615000 | 534228 |
| 3.95%, 01/23/49 *(a)(b)* | 500000 | 400077 |
| 4.33%, 03/15/50 *(a)(b)* | 745000 | 626745 |
| 4.08%, 03/20/51 *(a)(b)* | 1670000 | 1341200 |
| 2.83%, 10/24/51 *(a)(b)* | 555000 | 353221 |
| 3.48%, 03/13/52 *(a)(b)* | 400000 | 288866 |
| 2.97%, 07/21/52 *(a)(b)* | 580000 | 380472 |
| **Bank of America NA** | **Bank of America NA** | **Bank of America NA** |
| 6.00%, 10/15/36  | 505000 | 549134 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 2.65%, 03/08/27  | 440000 | 433836 |
| 5.37%, 06/04/27  | 170000 | 173557 |
| 4.70%, 09/14/27 *(a)* | 330000 | 334451 |
| 5.20%, 02/01/28 *(a)* | 350000 | 358996 |
| 4.06%, 09/22/28 *(a)(b)* | 220000 | 220152 |
| 5.72%, 09/25/28 *(a)* | 240000 | 250365 |
| 5.00%, 01/27/29 *(a)(b)* | 250000 | 254797 |
| 4.64%, 09/10/30 *(a)(b)* | 200000 | 202745 |
| 5.51%, 06/04/31 *(a)* | 250000 | 263207 |
| 4.35%, 09/22/31 *(a)(b)* | 290000 | 289710 |
| 3.80%, 12/15/32 *(a)(b)* | 404000 | 399487 |
| 3.09%, 01/10/37 *(a)(b)* | 400000 | 360046 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 2.05%, 01/26/27 *(a)* | 250000 | 245465 |
| 3.25%, 05/16/27 *(a)* | 355000 | 352637 |
| 3.40%, 01/29/28 *(a)* | 360000 | 357490 |
| 3.44%, 02/07/28 *(a)(b)* | 405000 | 403110 |
| 3.85%, 04/28/28  | 375000 | 376189 |
| 4.44%, 06/09/28 *(a)(b)* | 220000 | 221725 |
| 3.99%, 06/13/28 *(a)(b)* | 280000 | 280309 |
| 1.65%, 07/14/28 *(a)* | 245000 | 232680 |
| 5.80%, 10/25/28 *(a)(b)* | 400000 | 413619 |
| 3.00%, 10/30/28 *(a)* | 380000 | 370319 |
| 3.85%, 04/26/29 *(a)* | 255000 | 255658 |
| 3.30%, 08/23/29 *(a)* | 330000 | 320861 |
| 6.32%, 10/25/29 *(a)(b)* | 330000 | 350595 |
| 4.98%, 03/14/30 *(a)(b)* | 330000 | 339730 |
| 4.60%, 07/26/30 *(a)(b)* | 160000 | 162946 |
| 1.65%, 01/28/31 *(a)* | 345000 | 305342 |
| 1.80%, 07/28/31 *(a)* | 345000 | 303984 |
| 2.50%, 01/26/32 *(a)(c)* | 140000 | 127790 |
| 4.29%, 06/13/33 *(a)(b)* | 385000 | 380111 |
| 5.83%, 10/25/33 *(a)(b)* | 500000 | 539714 |
| 4.71%, 02/01/34 *(a)(b)* | 215000 | 215974 |
| 4.97%, 04/26/34 *(a)(b)* | 375000 | 382596 |
| 6.47%, 10/25/34 *(a)(b)* | 340000 | 380462 |
| 5.19%, 03/14/35 *(a)(b)* | 400000 | 413336 |
| 5.23%, 11/20/35 *(a)(b)* | 50000 | 51813 |
| 5.32%, 06/06/36 *(a)(b)* | 245000 | 253991 |
| 5.61%, 07/21/39 *(a)(b)* | 90000 | 94532 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 1.95%, 02/02/27  | 315000 | 308785 |
| 2.95%, 03/11/27  | 460000 | 455201 |
| 5.25%, 06/12/28  | 215000 | 221679 |
| 4.40%, 09/08/28 *(a)(b)* | 300000 | 301781 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.04%, 09/15/28 *(a)(b)* | 290000 | 290082 |
| 4.93%, 02/14/29 *(a)(b)* | 200000 | 203913 |
| 5.45%, 08/01/29  | 250000 | 260444 |
| 4.85%, 02/01/30  | 365000 | 373859 |
| 5.13%, 02/14/31 *(a)(b)* | 200000 | 206119 |
| 2.15%, 08/01/31  | 425000 | 378896 |
| 4.34%, 09/15/31 *(a)(b)* | 250000 | 249282 |
| 2.45%, 02/02/32  | 325000 | 290472 |
| 4.74%, 11/10/32 *(a)(b)* | 50000 | 50613 |
| 5.65%, 02/01/34  | 295000 | 313664 |
| 4.59%, 05/04/37 *(a)(b)* | 375000 | 365794 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| 5.13%, 06/11/30 *(a)* | 155000 | 155785 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 4.34%, 01/10/28 *(a)* | 425000 | 426083 |
| 5.67%, 03/12/28 *(a)(b)* | 380000 | 386869 |
| 4.84%, 05/09/28 *(a)* | 600000 | 604945 |
| 5.50%, 08/09/28 *(a)(b)* | 600000 | 613073 |
| 4.84%, 09/10/28 *(a)(b)* | 265000 | 268190 |
| 7.39%, 11/02/28 *(a)(b)* | 430000 | 454659 |
| 5.09%, 02/25/29 *(a)(b)* | 400000 | 407608 |
| 4.97%, 05/16/29 *(a)(b)* | 610000 | 620298 |
| 6.49%, 09/13/29 *(a)(b)* | 330000 | 348902 |
| 4.48%, 11/11/29 *(a)(b)* | 440000 | 442669 |
| 5.69%, 03/12/30 *(a)(b)* | 650000 | 676672 |
| 5.09%, 06/20/30 *(a)(b)* | 545000 | 554509 |
| 4.94%, 09/10/30 *(a)(b)* | 425000 | 433336 |
| 5.37%, 02/25/31 *(a)(b)* | 550000 | 568551 |
| 2.65%, 06/24/31 *(a)(b)* | 290000 | 268502 |
| 2.67%, 03/10/32 *(a)(b)* | 300000 | 273342 |
| 2.89%, 11/24/32 *(a)(b)* | 285000 | 259230 |
| 5.75%, 08/09/33 *(a)(b)* | 425000 | 446711 |
| 7.44%, 11/02/33 *(a)(b)* | 600000 | 686896 |
| 6.22%, 05/09/34 *(a)(b)* | 610000 | 656639 |
| 7.12%, 06/27/34 *(a)(b)* | 410000 | 459553 |
| 6.69%, 09/13/34 *(a)(b)* | 415000 | 459882 |
| 5.34%, 09/10/35 *(a)(b)* | 575000 | 584556 |
| 3.56%, 09/23/35 *(a)(b)* | 300000 | 283410 |
| 5.79%, 02/25/36 *(a)(b)* | 780000 | 817575 |
| 3.81%, 03/10/42 *(a)(b)* | 255000 | 204907 |
| 3.33%, 11/24/42 *(a)(b)* | 240000 | 185232 |
| 5.25%, 08/17/45  | 455000 | 437837 |
| 5.86%, 08/11/46 *(a)(b)* | 370000 | 379586 |
| 4.95%, 01/10/47  | 475000 | 437099 |
| 6.04%, 03/12/55 *(a)(b)* | 300000 | 315766 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 3.45%, 04/07/27 *(a)* | 465000 | 462769 |
| 5.24%, 06/28/27  | 330000 | 336413 |
| 4.86%, 01/13/28 *(a)(b)* | 250000 | 252021 |
| 5.00%, 04/28/28 *(a)* | 400000 | 409277 |
| 4.24%, 09/08/28 *(a)(b)* | 250000 | 251041 |
| 5.99%, 10/03/28 *(a)* | 250000 | 262637 |
| 4.86%, 03/30/29 *(a)(b)* | 310000 | 315177 |
| 5.26%, 04/08/29 *(a)* | 385000 | 398932 |
| 4.63%, 09/11/30 *(a)(b)* | 250000 | 253600 |
| 5.25%, 01/13/31 *(a)(b)* | 250000 | 258111 |
| 4.58%, 09/08/31 *(a)(b)* | 300000 | 302420 |
| 3.60%, 04/07/32 *(a)* | 300000 | 286177 |
| 6.09%, 10/03/33 *(a)* | 365000 | 397037 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 4.10%, 02/09/27 *(a)* | 300000 | 300249 |
| 3.75%, 03/09/27 *(a)* | 370000 | 369008 |
| 3.65%, 05/11/27 *(a)* | 300000 | 298699 |
| 3.80%, 01/31/28 *(a)* | 545000 | 542897 |
| 4.93%, 05/10/28 *(a)(b)* | 525000 | 531410 |
| 5.47%, 02/01/29 *(a)(b)* | 250000 | 256870 |
| 6.31%, 06/08/29 *(a)(b)* | 500000 | 524869 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**27**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.70%, 02/01/30 *(a)(b)* | 250000 | 259998 |
| 3.27%, 03/01/30 *(a)(b)* | 450000 | 437014 |
| 5.25%, 07/26/30 *(a)(b)* | 125000 | 128960 |
| 5.46%, 07/26/30 *(a)(b)* | 270000 | 279967 |
| 4.49%, 09/11/31 *(a)(b)* | 370000 | 369545 |
| 7.62%, 10/30/31 *(a)(b)* | 500000 | 565228 |
| 2.36%, 07/29/32 *(a)(b)* | 395000 | 346284 |
| 2.62%, 11/02/32 *(a)(b)* | 230000 | 206541 |
| 6.70%, 11/29/32 *(a)* | 275000 | 304693 |
| 5.27%, 05/10/33 *(a)(b)* | 320000 | 328541 |
| 5.82%, 02/01/34 *(a)(b)* | 310000 | 324909 |
| 6.38%, 06/08/34 *(a)(b)* | 500000 | 541069 |
| 7.96%, 11/02/34 *(a)(b)* | 280000 | 330348 |
| 6.05%, 02/01/35 *(a)(b)* | 345000 | 367227 |
| 5.88%, 07/26/35 *(a)(b)* | 275000 | 289645 |
| 6.18%, 01/30/36 *(a)(b)* | 500000 | 522857 |
| 5.20%, 09/11/36 *(a)(b)* | 440000 | 438062 |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| 4.65%, 09/13/28 *(a)* | 395000 | 400917 |
| 2.70%, 02/06/30 *(a)* | 285000 | 268795 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 4.58%, 05/29/27 *(a)* | 755000 | 762984 |
| 5.80%, 09/29/28 *(a)* | 715000 | 750089 |
| 4.84%, 08/06/29 *(a)* | 525000 | 537265 |
| 4.91%, 05/29/30 *(a)* | 740000 | 761453 |
| 5.57%, 04/30/34 *(a)* | 455000 | 481968 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 4.45%, 09/29/27  | 1050000 | 1056992 |
| 3.89%, 01/10/28 *(a)(b)* | 860000 | 858568 |
| 6.63%, 01/15/28  | 155000 | 163480 |
| 3.07%, 02/24/28 *(a)(b)* | 845000 | 835658 |
| 4.64%, 05/07/28 *(a)(b)* | 785000 | 791451 |
| 4.66%, 05/24/28 *(a)(b)* | 335000 | 338072 |
| 3.67%, 07/24/28 *(a)(b)* | 830000 | 825216 |
| 4.13%, 07/25/28  | 620000 | 620189 |
| 3.52%, 10/27/28 *(a)(b)* | 755000 | 748586 |
| 4.79%, 03/04/29 *(a)(b)* | 715000 | 725701 |
| 4.08%, 04/23/29 *(a)(b)* | 615000 | 614738 |
| 5.17%, 02/13/30 *(a)(b)* | 940000 | 964865 |
| 3.98%, 03/20/30 *(a)(b)* | 820000 | 813250 |
| 4.54%, 09/19/30 *(a)(b)* | 750000 | 755995 |
| 2.98%, 11/05/30 *(a)(b)* | 705000 | 671858 |
| 2.67%, 01/29/31 *(a)(b)* | 795000 | 744810 |
| 4.41%, 03/31/31 *(a)(b)* | 1200000 | 1200090 |
| 4.95%, 05/07/31 *(a)(b)* | 550000 | 561788 |
| 2.57%, 06/03/31 *(a)(b)* | 1095000 | 1014875 |
| 4.50%, 09/11/31 *(a)(b)* | 890000 | 892801 |
| 2.56%, 05/01/32 *(a)(b)* | 1045000 | 948753 |
| 6.63%, 06/15/32  | 260000 | 288204 |
| 2.52%, 11/03/32 *(a)(b)* | 575000 | 515532 |
| 3.06%, 01/25/33 *(a)(b)* | 890000 | 815722 |
| 5.88%, 02/22/33  | 200000 | 213963 |
| 3.79%, 03/17/33 *(a)(b)* | 915000 | 872762 |
| 4.91%, 05/24/33 *(a)(b)* | 700000 | 708439 |
| 6.00%, 10/31/33  | 225000 | 242346 |
| 6.27%, 11/17/33 *(a)(b)* | 755000 | 822695 |
| 6.17%, 05/25/34 *(a)(b)* | 995000 | 1059424 |
| 5.59%, 11/19/34 *(a)(b)* | 420000 | 430928 |
| 5.83%, 02/13/35 *(a)(b)* | 740000 | 770180 |
| 5.45%, 06/11/35 *(a)(b)* | 670000 | 693708 |
| 6.02%, 01/24/36 *(a)(b)* | 940000 | 986290 |
| 5.33%, 03/27/36 *(a)(b)* | 650000 | 665206 |
| 6.13%, 08/25/36  | 245000 | 261145 |
| 5.17%, 09/11/36 *(a)(b)* | 960000 | 970500 |
| 3.88%, 01/24/39 *(a)(b)* | 310000 | 274423 |
| 8.13%, 07/15/39  | 605000 | 776856 |
| 5.41%, 09/19/39 *(a)(b)* | 425000 | 428296 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.32%, 03/26/41 *(a)(b)* | 455000 | 455671 |
| 5.88%, 01/30/42  | 295000 | 310675 |
| 2.90%, 11/03/42 *(a)(b)* | 460000 | 339818 |
| 6.68%, 09/13/43  | 300000 | 333989 |
| 5.30%, 05/06/44  | 250000 | 242972 |
| 4.65%, 07/30/45  | 285000 | 256844 |
| 4.75%, 05/18/46  | 625000 | 549227 |
| 4.28%, 04/24/48 *(a)(b)* | 280000 | 236116 |
| 4.65%, 07/23/48 *(a)* | 750000 | 661821 |
| 5.61%, 03/04/56 *(a)(b)* | 675000 | 672712 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 5.84%, 01/23/30 *(a)(b)* | 350000 | 365314 |
| 2.50%, 02/06/30 *(a)* | 305000 | 284067 |
| 3.25%, 04/30/30 *(a)* | 425000 | 406399 |
| 5.25%, 03/05/31 *(a)(b)* | 50000 | 51379 |
| 5.72%, 07/23/32 *(a)(b)* | 350000 | 367460 |
| 2.64%, 09/30/32 *(a)* | 145000 | 125359 |
| 6.65%, 04/25/35 *(a)(b)* | 310000 | 341132 |
| 5.64%, 05/21/37 *(a)(b)* | 220000 | 223841 |
| **Comerica Bank** | **Comerica Bank** | **Comerica Bank** |
| 5.33%, 08/25/33 *(a)(b)* | 250000 | 252251 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| 4.00%, 02/01/29 *(a)* | 215000 | 213027 |
| 5.98%, 01/30/30 *(a)(b)* | 250000 | 260902 |
| **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
| 4.42%, 03/14/28  | 275000 | 278609 |
| 4.15%, 10/01/30  | 250000 | 250622 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| 5.04%, 03/05/27  | 250000 | 253654 |
| 3.96%, 10/17/28  | 250000 | 251134 |
| 4.80%, 01/09/29  | 325000 | 332646 |
| 4.49%, 10/17/29  | 250000 | 254538 |
| 5.25%, 05/24/41  | 440000 | 442317 |
| 5.75%, 12/01/43  | 265000 | 267462 |
| 5.25%, 08/04/45  | 540000 | 508992 |
| **Credit Suisse USA LLC** | **Credit Suisse USA LLC** | **Credit Suisse USA LLC** |
| 7.13%, 07/15/32  | 340000 | 388810 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 2.55%, 01/07/28 *(a)(b)* | 450000 | 442713 |
| 5.71%, 02/08/28 *(a)(b)* | 265000 | 269293 |
| 5.37%, 01/10/29 *(a)(b)* | 375000 | 382824 |
| 6.72%, 01/18/29 *(a)(b)* | 425000 | 445120 |
| 5.41%, 05/10/29  | 400000 | 415724 |
| 6.82%, 11/20/29 *(a)(b)* | 325000 | 346576 |
| 5.00%, 09/11/30 *(a)(b)* | 450000 | 457100 |
| 5.30%, 05/09/31 *(a)(b)* | 400000 | 410032 |
| 5.88%, 07/08/31 *(a)(b)* | 265000 | 275379 |
| 4.95%, 08/04/31 *(a)(b)* | 500000 | 505437 |
| 3.55%, 09/18/31 *(a)(b)* | 510000 | 485839 |
| 4.47%, 12/10/31 *(a)(b)* | 310000 | 308948 |
| 3.73%, 01/14/32 *(a)(b)* | 450000 | 425925 |
| 3.04%, 05/28/32 *(a)(b)* | 350000 | 321584 |
| 4.88%, 12/01/32 *(a)(b)* | 345000 | 346754 |
| 3.74%, 01/07/33 *(a)(b)* | 385000 | 357916 |
| 7.08%, 02/10/34 *(a)(b)* | 435000 | 478671 |
| 5.40%, 09/11/35 *(a)(b)* | 380000 | 387972 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 2.55%, 05/05/27 *(a)* | 300000 | 294420 |
| 3.95%, 03/14/28 *(a)* | 115000 | 114858 |
| 4.06%, 04/25/28 *(a)(b)* | 400000 | 399607 |
| 6.36%, 10/27/28 *(a)(b)* | 225000 | 234253 |
| 6.34%, 07/27/29 *(a)(b)* | 500000 | 526700 |
| 4.77%, 07/28/30 *(a)(b)* | 225000 | 227801 |
| 4.90%, 09/06/30 *(a)(b)* | 45000 | 45759 |
| 5.63%, 01/29/32 *(a)(b)* | 300000 | 314938 |

---

*See financial notes*

**28**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.34%, 04/25/33 *(a)(b)* | 175000 | 171285 |
| 8.25%, 03/01/38  | 295000 | 362556 |
| **Fifth Third Bank NA** | **Fifth Third Bank NA** | **Fifth Third Bank NA** |
| 2.25%, 02/01/27 *(a)* | 250000 | 245629 |
| 4.97%, 01/28/28 *(a)(b)* | 250000 | 252382 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 5.60%, 09/05/35 *(a)(b)* | 235000 | 234834 |
| 6.25%, 03/12/40 *(a)(b)* | 295000 | 300852 |
| **First Horizon Bank** | **First Horizon Bank** | **First Horizon Bank** |
| 5.75%, 05/01/30 *(a)* | 315000 | 325993 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| 6.13%, 03/09/28  | 220000 | 228099 |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| 5.72%, 12/11/30 *(a)(b)* | 265000 | 270777 |
| **Goldman Sachs Capital I** | **Goldman Sachs Capital I** | **Goldman Sachs Capital I** |
| 6.35%, 02/15/34  | 440000 | 468646 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 5.95%, 01/15/27  | 305000 | 311189 |
| 3.85%, 01/26/27 *(a)* | 845000 | 844514 |
| 2.64%, 02/24/28 *(a)(b)* | 975000 | 959941 |
| 3.62%, 03/15/28 *(a)(b)* | 1035000 | 1029547 |
| 4.94%, 04/23/28 *(a)(b)* | 805000 | 814294 |
| 3.69%, 06/05/28 *(a)(b)* | 805000 | 801111 |
| 4.48%, 08/23/28 *(a)(b)* | 805000 | 810772 |
| 3.81%, 04/23/29 *(a)(b)* | 810000 | 805371 |
| 4.22%, 05/01/29 *(a)(b)* | 1110000 | 1112386 |
| 4.15%, 10/21/29 *(a)(b)* | 805000 | 805002 |
| 6.48%, 10/24/29 *(a)(b)* | 875000 | 928717 |
| 2.60%, 02/07/30 *(a)* | 665000 | 625180 |
| 3.80%, 03/15/30 *(a)* | 715000 | 703921 |
| 5.73%, 04/25/30 *(a)(b)* | 710000 | 742016 |
| 5.05%, 07/23/30 *(a)(b)* | 750000 | 768698 |
| 4.69%, 10/23/30 *(a)(b)* | 945000 | 958373 |
| 5.21%, 01/28/31 *(a)(b)* | 500000 | 516533 |
| 5.22%, 04/23/31 *(a)(b)* | 750000 | 774813 |
| 4.37%, 10/21/31 *(a)(b)* | 750000 | 748437 |
| 1.99%, 01/27/32 *(a)(b)* | 765000 | 679699 |
| 2.62%, 04/22/32 *(a)(b)* | 985000 | 898723 |
| 2.38%, 07/21/32 *(a)(b)* | 1265000 | 1133617 |
| 2.65%, 10/21/32 *(a)(b)* | 1010000 | 912111 |
| 6.13%, 02/15/33  | 370000 | 405306 |
| 3.10%, 02/24/33 *(a)(b)* | 1165000 | 1073094 |
| 6.56%, 10/24/34 *(a)(b)* | 460000 | 513010 |
| 5.85%, 04/25/35 *(a)(b)* | 715000 | 760631 |
| 5.33%, 07/23/35 *(a)(b)* | 885000 | 909555 |
| 5.02%, 10/23/35 *(a)(b)* | 1000000 | 1005817 |
| 5.54%, 01/28/36 *(a)(b)* | 925000 | 960810 |
| 6.45%, 05/01/36  | 265000 | 291242 |
| 4.94%, 10/21/36 *(a)(b)* | 1000000 | 993378 |
| 6.75%, 10/01/37  | 1630000 | 1821512 |
| 4.02%, 10/31/38 *(a)(b)* | 840000 | 755410 |
| 4.41%, 04/23/39 *(a)(b)* | 350000 | 323609 |
| 6.25%, 02/01/41  | 750000 | 821991 |
| 3.21%, 04/22/42 *(a)(b)* | 680000 | 524631 |
| 2.91%, 07/21/42 *(a)(b)* | 655000 | 480989 |
| 3.44%, 02/24/43 *(a)(b)* | 730000 | 571538 |
| 4.80%, 07/08/44 *(a)* | 560000 | 518914 |
| 5.15%, 05/22/45  | 585000 | 548601 |
| 4.75%, 10/21/45 *(a)* | 525000 | 475921 |
| 5.56%, 11/19/45 *(a)(b)* | 900000 | 901280 |
| 5.73%, 01/28/56 *(a)(b)* | 995000 | 1008596 |
| **HSBC Bank USA NA** | **HSBC Bank USA NA** | **HSBC Bank USA NA** |
| 5.88%, 11/01/34  | 85000 | 90479 |
| 5.63%, 08/15/35  | 350000 | 364995 |
| 7.00%, 01/15/39  | 275000 | 321033 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 4.04%, 03/13/28 *(a)(b)* | 800000 | 799129 |
| 5.60%, 05/17/28 *(a)(b)* | 610000 | 621836 |
| 4.76%, 06/09/28 *(a)(b)* | 890000 | 897901 |
| 5.21%, 08/11/28 *(a)(b)* | 700000 | 712110 |
| 2.01%, 09/22/28 *(a)(b)* | 660000 | 637231 |
| 7.39%, 11/03/28 *(a)(b)* | 690000 | 729728 |
| 5.13%, 11/19/28 *(a)(b)* | 400000 | 407544 |
| 4.90%, 03/03/29 *(a)(b)* | 450000 | 456638 |
| 6.16%, 03/09/29 *(a)(b)* | 730000 | 760134 |
| 4.58%, 06/19/29 *(a)(b)* | 985000 | 994359 |
| 2.21%, 08/17/29 *(a)(b)* | 710000 | 675283 |
| 5.55%, 03/04/30 *(a)(b)* | 480000 | 497764 |
| 4.95%, 03/31/30  | 700000 | 717885 |
| 3.97%, 05/22/30 *(a)(b)* | 910000 | 899338 |
| 5.29%, 11/19/30 *(a)(b)* | 650000 | 671037 |
| 5.13%, 03/03/31 *(a)(b)* | 500000 | 512474 |
| 5.24%, 05/13/31 *(a)(b)* | 650000 | 669928 |
| 2.85%, 06/04/31 *(a)(b)* | 480000 | 448800 |
| 2.36%, 08/18/31 *(a)(b)* | 350000 | 318487 |
| 4.62%, 11/06/31 *(a)(b)* | 690000 | 692234 |
| 5.73%, 05/17/32 *(a)(b)* | 405000 | 427072 |
| 2.80%, 05/24/32 *(a)(b)* | 1025000 | 937664 |
| 2.87%, 11/22/32 *(a)(b)* | 525000 | 477035 |
| 4.76%, 03/29/33 *(a)(b)* | 495000 | 493105 |
| 5.40%, 08/11/33 *(a)(b)* | 765000 | 793373 |
| 8.11%, 11/03/33 *(a)(b)* | 540000 | 633491 |
| 6.25%, 03/09/34 *(a)(b)* | 830000 | 903516 |
| 6.55%, 06/20/34 *(a)(b)* | 510000 | 552818 |
| 7.40%, 11/13/34 *(a)(b)* | 235000 | 268418 |
| 5.72%, 03/04/35 *(a)(b)* | 350000 | 369258 |
| 5.87%, 11/18/35 *(a)(b)* | 600000 | 626944 |
| 5.45%, 03/03/36 *(a)(b)* | 700000 | 723332 |
| 6.50%, 05/02/36  | 745000 | 818776 |
| 5.79%, 05/13/36 *(a)(b)* | 710000 | 750380 |
| 5.74%, 09/10/36 *(a)(b)* | 450000 | 463295 |
| 5.13%, 11/06/36 *(a)(b)* | 690000 | 691757 |
| 6.50%, 09/15/37  | 695000 | 758940 |
| 6.80%, 06/01/38  | 475000 | 531810 |
| 6.10%, 01/14/42  | 200000 | 215831 |
| 6.33%, 03/09/44 *(a)(b)* | 790000 | 865800 |
| 5.25%, 03/14/44  | 490000 | 477486 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| 5.29%, 03/04/27  | 330000 | 335228 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 4.44%, 08/04/28 *(a)(b)* | 325000 | 326975 |
| 6.21%, 08/21/29 *(a)(b)* | 400000 | 419732 |
| 2.55%, 02/04/30 *(a)* | 350000 | 326624 |
| 5.02%, 05/17/33 *(a)(b)* | 115000 | 116435 |
| 5.71%, 02/02/35 *(a)(b)* | 325000 | 340048 |
| 2.49%, 08/15/36 *(a)(b)* | 350000 | 303705 |
| 6.14%, 11/18/39 *(a)(b)* | 200000 | 208890 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| 4.87%, 04/12/28 *(a)(b)* | 330000 | 332925 |
| 4.55%, 05/17/28 *(a)(b)* | 330000 | 332077 |
| 5.65%, 01/10/30 *(a)* | 250000 | 262131 |
| **Independent Bank Corp.** | **Independent Bank Corp.** | **Independent Bank Corp.** |
| 7.25%, 04/01/35 *(a)(b)* | 170000 | 177850 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 3.95%, 03/29/27  | 545000 | 544864 |
| 4.02%, 03/28/28 *(a)(b)* | 400000 | 400144 |
| 4.55%, 10/02/28  | 430000 | 435520 |
| 4.05%, 04/09/29  | 355000 | 353566 |
| 5.34%, 03/19/30 *(a)(b)* | 410000 | 423125 |
| 5.07%, 03/25/31 *(a)(b)* | 325000 | 333158 |
| 2.73%, 04/01/32 *(a)(b)* | 250000 | 230265 |
| 4.25%, 03/28/33 *(a)(b)* | 425000 | 417882 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**29**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.11%, 09/11/34 *(a)(b)* | 350000 | 378606 |
| 5.55%, 03/19/35 *(a)(b)* | 495000 | 515542 |
| 5.53%, 03/25/36 *(a)(b)* | 320000 | 332593 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 8.00%, 04/29/27  | 275000 | 290016 |
| 4.25%, 10/01/27  | 503000 | 506896 |
| 3.63%, 12/01/27 *(a)* | 345000 | 343446 |
| 5.04%, 01/23/28 *(a)(b)* | 780000 | 788178 |
| 3.78%, 02/01/28 *(a)(b)* | 890000 | 888029 |
| 2.95%, 02/24/28 *(a)(b)* | 710000 | 701636 |
| 5.57%, 04/22/28 *(a)(b)* | 700000 | 714087 |
| 4.32%, 04/26/28 *(a)(b)* | 960000 | 963898 |
| 3.54%, 05/01/28 *(a)(b)* | 850000 | 845400 |
| 2.18%, 06/01/28 *(a)(b)* | 500000 | 487698 |
| 4.98%, 07/22/28 *(a)(b)* | 705000 | 715550 |
| 4.85%, 07/25/28 *(a)(b)* | 1060000 | 1073933 |
| 4.51%, 10/22/28 *(a)(b)* | 620000 | 626301 |
| 3.51%, 01/23/29 *(a)(b)* | 760000 | 752963 |
| 4.92%, 01/24/29 *(a)(b)* | 480000 | 489086 |
| 4.01%, 04/23/29 *(a)(b)* | 770000 | 769531 |
| 2.07%, 06/01/29 *(a)(b)* | 600000 | 573045 |
| 4.20%, 07/23/29 *(a)(b)* | 685000 | 687313 |
| 5.30%, 07/24/29 *(a)(b)* | 760000 | 782831 |
| 6.09%, 10/23/29 *(a)(b)* | 595000 | 626972 |
| 4.45%, 12/05/29 *(a)(b)* | 825000 | 833753 |
| 5.01%, 01/23/30 *(a)(b)* | 685000 | 702643 |
| 5.58%, 04/22/30 *(a)(b)* | 845000 | 881809 |
| 3.70%, 05/06/30 *(a)(b)* | 775000 | 763682 |
| 4.57%, 06/14/30 *(a)(b)* | 560000 | 566780 |
| 5.00%, 07/22/30 *(a)(b)* | 850000 | 872789 |
| 8.75%, 09/01/30  | 490000 | 578023 |
| 2.74%, 10/15/30 *(a)(b)* | 1125000 | 1067577 |
| 4.60%, 10/22/30 *(a)(b)* | 665000 | 674473 |
| 5.14%, 01/24/31 *(a)(b)* | 750000 | 775352 |
| 4.49%, 03/24/31 *(a)(b)* | 910000 | 918164 |
| 2.52%, 04/22/31 *(a)(b)* | 825000 | 768558 |
| 5.10%, 04/22/31 *(a)(b)* | 725000 | 749059 |
| 2.96%, 05/13/31 *(a)(b)* | 700000 | 661279 |
| 4.26%, 10/22/31 *(a)(b)* | 500000 | 498415 |
| 1.76%, 11/19/31 *(a)(b)* | 530000 | 471155 |
| 1.95%, 02/04/32 *(a)(b)* | 925000 | 825245 |
| 2.58%, 04/22/32 *(a)(b)* | 1100000 | 1005800 |
| 2.55%, 11/08/32 *(a)(b)* | 800000 | 721988 |
| 2.96%, 01/25/33 *(a)(b)* | 1285000 | 1179713 |
| 4.59%, 04/26/33 *(a)(b)* | 780000 | 783969 |
| 4.91%, 07/25/33 *(a)(b)* | 1375000 | 1401985 |
| 5.72%, 09/14/33 *(a)(b)* | 1010000 | 1070620 |
| 5.35%, 06/01/34 *(a)(b)* | 1300000 | 1352011 |
| 6.25%, 10/23/34 *(a)(b)* | 900000 | 988761 |
| 5.34%, 01/23/35 *(a)(b)* | 770000 | 798686 |
| 5.77%, 04/22/35 *(a)(b)* | 875000 | 932761 |
| 5.29%, 07/22/35 *(a)(b)* | 1050000 | 1084108 |
| 4.95%, 10/22/35 *(a)(b)* | 805000 | 813289 |
| 5.50%, 01/24/36 *(a)(b)* | 885000 | 926242 |
| 5.57%, 04/22/36 *(a)(b)* | 1110000 | 1165485 |
| 5.58%, 07/23/36 *(a)(b)* | 1090000 | 1129665 |
| 4.81%, 10/22/36 *(a)(b)* | 750000 | 745368 |
| 6.40%, 05/15/38  | 760000 | 860395 |
| 3.88%, 07/24/38 *(a)(b)* | 870000 | 782013 |
| 5.50%, 10/15/40  | 350000 | 365592 |
| 3.11%, 04/22/41 *(a)(b)* | 510000 | 401271 |
| 5.60%, 07/15/41  | 525000 | 547729 |
| 2.53%, 11/19/41 *(a)(b)* | 665000 | 478994 |
| 5.40%, 01/06/42  | 350000 | 356454 |
| 3.16%, 04/22/42 *(a)(b)* | 650000 | 504763 |
| 5.63%, 08/16/43  | 505000 | 519196 |
| 4.85%, 02/01/44  | 450000 | 426482 |
| 4.95%, 06/01/45  | 555000 | 523538 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.53%, 11/29/45 *(a)(b)* | 785000 | 796936 |
| 4.26%, 02/22/48 *(a)(b)* | 595000 | 505476 |
| 4.03%, 07/24/48 *(a)(b)* | 520000 | 424880 |
| 3.96%, 11/15/48 *(a)(b)* | 1110000 | 894494 |
| 3.90%, 01/23/49 *(a)(b)* | 715000 | 570970 |
| 3.11%, 04/22/51 *(a)(b)* | 730000 | 496930 |
| 3.33%, 04/22/52 *(a)(b)* | 1150000 | 815593 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 5.85%, 11/15/27 *(a)* | 385000 | 396799 |
| 4.39%, 12/14/27  | 250000 | 251433 |
| 3.90%, 04/13/29  | 255000 | 250371 |
| 4.90%, 08/08/32  | 325000 | 324445 |
| 5.00%, 01/26/33 *(a)* | 200000 | 202057 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 2.25%, 04/06/27  | 245000 | 239524 |
| 4.10%, 04/30/28  | 250000 | 250337 |
| 2.55%, 10/01/29  | 320000 | 302370 |
| 4.79%, 06/01/33 *(a)(b)* | 150000 | 150012 |
| 6.40%, 03/06/35 *(a)(b)* | 295000 | 320637 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 3.75%, 01/11/27  | 420000 | 419442 |
| 5.46%, 01/05/28 *(a)(b)* | 545000 | 552508 |
| 3.75%, 03/18/28 *(a)(b)* | 400000 | 398635 |
| 4.38%, 03/22/28  | 430000 | 432702 |
| 4.55%, 08/16/28  | 465000 | 471043 |
| 3.57%, 11/07/28 *(a)(b)* | 595000 | 590340 |
| 5.09%, 11/26/28 *(a)(b)* | 400000 | 407720 |
| 5.87%, 03/06/29 *(a)(b)* | 270000 | 280019 |
| 4.82%, 06/13/29 *(a)(b)* | 370000 | 376202 |
| 5.72%, 06/05/30 *(a)(b)* | 400000 | 418772 |
| 4.43%, 11/04/31 *(a)(b)* | 400000 | 398880 |
| 4.98%, 08/11/33 *(a)(b)* | 280000 | 284863 |
| 7.95%, 11/15/33 *(a)(b)* | 305000 | 355778 |
| 5.68%, 01/05/35 *(a)(b)* | 705000 | 742947 |
| 5.59%, 11/26/35 *(a)(b)* | 230000 | 240685 |
| 6.07%, 06/13/36 *(a)(b)* | 440000 | 463117 |
| 4.94%, 11/04/36 *(a)(b)* | 400000 | 395979 |
| 5.30%, 12/01/45  | 255000 | 241758 |
| 3.37%, 12/14/46 *(a)(b)* | 460000 | 341053 |
| 4.34%, 01/09/48  | 445000 | 367341 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 4.55%, 08/16/28 *(a)(b)* | 125000 | 125759 |
| 7.41%, 10/30/29 *(a)(b)* | 330000 | 358204 |
| 5.18%, 07/08/31 *(a)(b)* | 220000 | 225926 |
| 6.08%, 03/13/32 *(a)(b)* | 260000 | 276737 |
| 5.05%, 01/27/34 *(a)(b)* | 365000 | 367528 |
| 5.40%, 07/30/35 *(a)(b)* | 240000 | 242673 |
| 5.39%, 01/16/36 *(a)(b)* | 250000 | 254319 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| 3.40%, 08/17/27  | 265000 | 261728 |
| 4.70%, 01/27/28 *(a)* | 460000 | 466538 |
| 4.76%, 07/06/28 *(a)(b)* | 250000 | 252346 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 3.68%, 02/22/27  | 400000 | 399285 |
| 3.29%, 07/25/27  | 525000 | 520639 |
| 2.34%, 01/19/28 *(a)(b)* | 490000 | 481463 |
| 3.96%, 03/02/28  | 435000 | 435529 |
| 4.05%, 09/11/28  | 25000 | 25093 |
| 5.35%, 09/13/28 *(a)(b)* | 500000 | 511361 |
| 5.42%, 02/22/29 *(a)(b)* | 395000 | 406216 |
| 3.74%, 03/07/29  | 550000 | 545395 |
| 3.20%, 07/18/29  | 520000 | 502922 |
| 2.56%, 02/25/30  | 450000 | 421194 |
| 5.26%, 04/17/30 *(a)(b)* | 230000 | 237106 |
| 2.05%, 07/17/30  | 415000 | 377014 |
| 5.20%, 01/16/31 *(a)(b)* | 350000 | 360961 |

---

*See financial notes*

**30**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.48%, 02/22/31 *(a)(b)* | 200000 | 208518 |
| 5.16%, 04/24/31 *(a)(b)* | 300000 | 309495 |
| 4.53%, 09/12/31 *(a)(b)* | 300000 | 301683 |
| 2.31%, 07/20/32 *(a)(b)* | 530000 | 472862 |
| 2.49%, 10/13/32 *(a)(b)* | 320000 | 286830 |
| 2.85%, 01/19/33 *(a)(b)* | 350000 | 317555 |
| 4.32%, 04/19/33 *(a)(b)* | 280000 | 275443 |
| 5.13%, 07/20/33 *(a)(b)* | 405000 | 416207 |
| 5.47%, 09/13/33 *(a)(b)* | 200000 | 209460 |
| 5.44%, 02/22/34 *(a)(b)* | 250000 | 261703 |
| 5.41%, 04/19/34 *(a)(b)* | 290000 | 303200 |
| 5.43%, 04/17/35 *(a)(b)* | 365000 | 379777 |
| 5.57%, 01/16/36 *(a)(b)* | 330000 | 345383 |
| 5.62%, 04/24/36 *(a)(b)* | 460000 | 481896 |
| 5.19%, 09/12/36 *(a)(b)* | 300000 | 305152 |
| 4.29%, 07/26/38  | 275000 | 260347 |
| 4.15%, 03/07/39  | 285000 | 265401 |
| 3.75%, 07/18/39  | 585000 | 510764 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 3.66%, 02/28/27  | 300000 | 299229 |
| 3.17%, 09/11/27  | 485000 | 479551 |
| 4.02%, 03/05/28  | 390000 | 391453 |
| 5.67%, 05/27/29 *(a)(b)* | 395000 | 409293 |
| 5.78%, 07/06/29 *(a)(b)* | 510000 | 530372 |
| 4.25%, 09/11/29 *(a)(b)* | 440000 | 441533 |
| 5.38%, 05/26/30 *(a)(b)* | 275000 | 284529 |
| 3.15%, 07/16/30 *(a)(b)* | 425000 | 409006 |
| 2.87%, 09/13/30 *(a)(b)* | 200000 | 190070 |
| 2.59%, 05/25/31 *(a)(b)* | 265000 | 245903 |
| 4.71%, 07/08/31 *(a)(b)* | 200000 | 202586 |
| 2.20%, 07/10/31 *(a)(b)* | 710000 | 646089 |
| 1.98%, 09/08/31 *(a)(b)* | 375000 | 336481 |
| 2.56%, 09/13/31  | 330000 | 295398 |
| 2.26%, 07/09/32 *(a)(b)* | 285000 | 253726 |
| 5.67%, 09/13/33 *(a)(b)* | 270000 | 286320 |
| 5.75%, 05/27/34 *(a)(b)* | 200000 | 211917 |
| 5.75%, 07/06/34 *(a)(b)* | 390000 | 413207 |
| 5.58%, 05/26/35 *(a)(b)* | 205000 | 214701 |
| 5.59%, 07/10/35 *(a)(b)* | 300000 | 314331 |
| 5.42%, 05/13/36 *(a)(b)* | 300000 | 311075 |
| 5.32%, 07/08/36 *(a)(b)* | 200000 | 205622 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 3.63%, 01/20/27  | 910000 | 907630 |
| 3.95%, 04/23/27  | 600000 | 599664 |
| 2.48%, 01/21/28 *(a)(b)* | 775000 | 762688 |
| 5.65%, 04/13/28 *(a)(b)* | 345000 | 351892 |
| 4.21%, 04/20/28 *(a)(b)* | 675000 | 676565 |
| 3.59%, 07/22/28 *(a)(b)* | 850000 | 844356 |
| 6.30%, 10/18/28 *(a)(b)* | 645000 | 670135 |
| 3.77%, 01/24/29 *(a)(b)* | 905000 | 900107 |
| 5.12%, 02/01/29 *(a)(b)* | 650000 | 663503 |
| 4.99%, 04/12/29 *(a)(b)* | 570000 | 581451 |
| 5.16%, 04/20/29 *(a)(b)* | 900000 | 920687 |
| 5.45%, 07/20/29 *(a)(b)* | 750000 | 774173 |
| 4.13%, 10/18/29 *(a)(b)* | 500000 | 499766 |
| 6.41%, 11/01/29 *(a)(b)* | 495000 | 524647 |
| 5.17%, 01/16/30 *(a)(b)* | 685000 | 703919 |
| 4.43%, 01/23/30 *(a)(b)* | 955000 | 960601 |
| 5.66%, 04/18/30 *(a)(b)* | 785000 | 818281 |
| 5.04%, 07/19/30 *(a)(b)* | 685000 | 702719 |
| 4.65%, 10/18/30 *(a)(b)* | 875000 | 885864 |
| 5.23%, 01/15/31 *(a)(b)* | 750000 | 773493 |
| 2.70%, 01/22/31 *(a)(b)* | 1030000 | 967069 |
| 3.62%, 04/01/31 *(a)(b)* | 905000 | 879596 |
| 5.19%, 04/17/31 *(a)(b)* | 760000 | 783668 |
| 4.36%, 10/22/31 *(a)(b)* | 750000 | 747823 |
| 1.79%, 02/13/32 *(a)(b)* | 1075000 | 945048 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 7.25%, 04/01/32  | 345000 | 397646 |
| 1.93%, 04/28/32 *(a)(b)* | 945000 | 829553 |
| 2.24%, 07/21/32 *(a)(b)* | 1110000 | 986109 |
| 2.51%, 10/20/32 *(a)(b)* | 785000 | 704623 |
| 2.94%, 01/21/33 *(a)(b)* | 900000 | 821743 |
| 4.89%, 07/20/33 *(a)(b)* | 660000 | 669533 |
| 6.34%, 10/18/33 *(a)(b)* | 950000 | 1041938 |
| 5.25%, 04/21/34 *(a)(b)* | 980000 | 1009311 |
| 5.42%, 07/21/34 *(a)(b)* | 730000 | 760070 |
| 6.63%, 11/01/34 *(a)(b)* | 650000 | 727053 |
| 5.47%, 01/18/35 *(a)(b)* | 780000 | 811045 |
| 5.83%, 04/19/35 *(a)(b)* | 945000 | 1005427 |
| 5.32%, 07/19/35 *(a)(b)* | 1000000 | 1030228 |
| 5.59%, 01/18/36 *(a)(b)* | 900000 | 941502 |
| 5.66%, 04/17/36 *(a)(b)* | 900000 | 946468 |
| 2.48%, 09/16/36 *(a)(b)* | 905000 | 796024 |
| 4.89%, 10/22/36 *(a)(b)* | 750000 | 743929 |
| 5.30%, 04/20/37 *(a)(b)* | 680000 | 692175 |
| 5.95%, 01/19/38 *(a)(b)* | 410000 | 432319 |
| 3.97%, 07/22/38 *(a)(b)* | 610000 | 549838 |
| 5.94%, 02/07/39 *(a)(b)* | 450000 | 473964 |
| 4.46%, 04/22/39 *(a)(b)* | 365000 | 343626 |
| 3.22%, 04/22/42 *(a)(b)* | 615000 | 481690 |
| 6.38%, 07/24/42  | 550000 | 612597 |
| 4.30%, 01/27/45  | 755000 | 653926 |
| 4.38%, 01/22/47  | 720000 | 622850 |
| 5.60%, 03/24/51 *(a)(b)* | 660000 | 661134 |
| 2.80%, 01/25/52 *(a)(b)* | 670000 | 426070 |
| 5.52%, 11/19/55 *(a)(b)* | 980000 | 970042 |
| **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** |
| 4.95%, 01/14/28 *(a)(b)* | 575000 | 580360 |
| 5.50%, 05/26/28 *(a)(b)* | 770000 | 785534 |
| 4.97%, 07/14/28 *(a)(b)* | 415000 | 420986 |
| 5.02%, 01/12/29 *(a)(b)* | 615000 | 626685 |
| **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** |
| 4.47%, 07/06/28 *(a)(b)* | 580000 | 584156 |
| 4.20%, 11/17/28 *(a)(b)* | 720000 | 722323 |
| 4.73%, 07/18/31 *(a)(b)* | 890000 | 902314 |
| 4.47%, 11/19/31 *(a)(b)* | 920000 | 922409 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| 3.91%, 06/09/27  | 555000 | 556209 |
| 4.50%, 10/26/27  | 250000 | 253330 |
| 4.94%, 01/12/28  | 380000 | 388232 |
| 4.31%, 06/13/28  | 255000 | 257715 |
| 4.90%, 06/13/28  | 480000 | 491719 |
| 4.79%, 01/10/29  | 355000 | 362953 |
| 4.53%, 06/13/30  | 250000 | 254516 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| 4.95%, 02/01/28 *(a)(b)* | 250000 | 252503 |
| 5.60%, 12/18/28  | 300000 | 313560 |
| 4.50%, 10/10/29  | 280000 | 283064 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 5.58%, 03/01/28 *(a)(b)* | 300000 | 305334 |
| 3.07%, 05/22/28 *(a)(b)* | 460000 | 454327 |
| 5.52%, 09/30/28 *(a)(b)* | 435000 | 446199 |
| 4.89%, 05/18/29 *(a)(b)* | 535000 | 544301 |
| 5.81%, 09/13/29 *(a)(b)* | 445000 | 463809 |
| 5.08%, 01/27/30 *(a)(b)* | 635000 | 649447 |
| 4.45%, 05/08/30 *(a)(b)* | 450000 | 451853 |
| 5.12%, 05/23/31 *(a)(b)* | 250000 | 256714 |
| 6.02%, 03/02/34 *(a)(b)* | 335000 | 359706 |
| 6.48%, 06/01/34 *(a)(b)* | 300000 | 315582 |
| 5.78%, 03/01/35 *(a)(b)* | 425000 | 450081 |
| 3.03%, 11/28/35 *(a)(b)* | 400000 | 368464 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**31**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 4.00%, 05/10/27 *(a)* | 310000 | 310925 |
| 3.65%, 08/03/28 *(a)* | 235000 | 234432 |
| 3.15%, 05/03/29 *(a)* | 165000 | 160816 |
| 1.95%, 05/01/30 *(a)* | 360000 | 329499 |
| 4.15%, 11/19/30  | 150000 | 150230 |
| 3.38%, 05/08/32 *(a)(b)* | 190000 | 187391 |
| 6.13%, 11/02/32 *(a)* | 220000 | 240206 |
| 5.12%, 11/19/40 *(a)(b)* | 230000 | 230464 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| 3.10%, 10/25/27 *(a)* | 695000 | 686929 |
| 3.25%, 01/22/28 *(a)* | 300000 | 296827 |
| 4.43%, 07/21/28 *(a)(b)* | 290000 | 292030 |
| 4.05%, 07/26/28  | 400000 | 400621 |
| 2.70%, 10/22/29  | 370000 | 349713 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 3.15%, 05/19/27 *(a)* | 230000 | 227869 |
| 5.30%, 01/21/28 *(a)(b)* | 300000 | 303986 |
| 5.35%, 12/02/28 *(a)(b)* | 380000 | 389790 |
| 3.45%, 04/23/29 *(a)* | 400000 | 393950 |
| 5.58%, 06/12/29 *(a)(b)* | 680000 | 705375 |
| 2.55%, 01/22/30 *(a)* | 600000 | 565036 |
| 5.49%, 05/14/30 *(a)(b)* | 365000 | 380261 |
| 2.31%, 04/23/32 *(a)(b)* | 310000 | 279854 |
| 4.81%, 10/21/32 *(a)(b)* | 570000 | 580623 |
| 4.63%, 06/06/33 *(a)(b)* | 225000 | 223440 |
| 6.04%, 10/28/33 *(a)(b)* | 450000 | 486683 |
| 5.07%, 01/24/34 *(a)(b)* | 505000 | 517192 |
| 5.94%, 08/18/34 *(a)(b)* | 335000 | 359931 |
| 6.88%, 10/20/34 *(a)(b)* | 765000 | 866351 |
| 5.68%, 01/22/35 *(a)(b)* | 400000 | 422283 |
| 5.40%, 07/23/35 *(a)(b)* | 450000 | 466382 |
| 5.58%, 01/29/36 *(a)(b)* | 500000 | 522065 |
| 5.37%, 07/21/36 *(a)(b)* | 565000 | 582107 |
| **Regions Bank** | **Regions Bank** | **Regions Bank** |
| 6.45%, 06/26/37  | 250000 | 270902 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 1.80%, 08/12/28 *(a)* | 215000 | 203579 |
| 5.72%, 06/06/30 *(a)(b)* | 200000 | 208582 |
| 5.50%, 09/06/35 *(a)(b)* | 310000 | 319672 |
| 7.38%, 12/10/37  | 125000 | 143152 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 4.88%, 01/19/27  | 350000 | 353655 |
| 3.63%, 05/04/27  | 400000 | 399585 |
| 4.24%, 08/03/27  | 350000 | 352481 |
| 6.00%, 11/01/27  | 460000 | 477664 |
| 4.90%, 01/12/28  | 240000 | 244975 |
| 4.72%, 03/27/28 *(a)(b)* | 250000 | 252216 |
| 5.20%, 08/01/28  | 325000 | 335358 |
| 4.52%, 10/18/28 *(a)(b)* | 250000 | 252467 |
| 4.00%, 11/03/28 *(a)(b)* | 225000 | 225295 |
| 4.97%, 01/24/29 *(a)(b)* | 600000 | 611197 |
| 4.95%, 02/01/29  | 295000 | 303010 |
| 4.50%, 08/06/29 *(a)(b)* | 350000 | 353454 |
| 4.97%, 08/02/30 *(a)(b)* | 400000 | 410011 |
| 4.65%, 10/18/30 *(a)(b)* | 640000 | 649109 |
| 5.15%, 02/04/31 *(a)(b)* | 500000 | 515030 |
| 4.97%, 05/02/31 *(a)(b)* | 285000 | 291751 |
| 4.70%, 08/06/31 *(a)(b)* | 300000 | 303912 |
| 2.30%, 11/03/31  | 425000 | 382685 |
| 4.31%, 11/03/31 *(a)(b)* | 250000 | 248935 |
| 3.88%, 05/04/32  | 405000 | 393532 |
| 5.00%, 02/01/33  | 545000 | 561295 |
| 5.00%, 05/02/33  | 300000 | 308148 |
| 5.15%, 02/01/34  | 445000 | 464550 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 4.40%, 07/13/27 *(a)* | 310000 | 311025 |
| 2.49%, 01/06/28 *(a)(b)* | 335000 | 329378 |
| 6.50%, 03/09/29 *(a)(b)* | 330000 | 344069 |
| 5.47%, 03/20/29 *(a)(b)* | 250000 | 255584 |
| 6.57%, 06/12/29 *(a)(b)* | 165000 | 172574 |
| 6.17%, 01/09/30 *(a)(b)* | 455000 | 474264 |
| 5.35%, 09/06/30 *(a)(b)* | 305000 | 312029 |
| 5.74%, 03/20/31 *(a)(b)* | 50000 | 51762 |
| 7.66%, 11/09/31 *(a)(b)* | 200000 | 224230 |
| 6.34%, 05/31/35 *(a)(b)* | 200000 | 214591 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.47%, 01/11/28 *(a)(b)* | 300000 | 294893 |
| 3.82%, 11/03/28 *(a)(b)* | 420000 | 417476 |
| 6.53%, 01/10/29 *(a)(b)* | 400000 | 418122 |
| 4.32%, 09/22/29 *(a)(b)* | 400000 | 400339 |
| 4.86%, 09/11/30 *(a)(b)* | 310000 | 313729 |
| 2.90%, 03/15/32 *(a)(b)* | 305000 | 280158 |
| 5.14%, 09/22/36 *(a)(b)* | 290000 | 288594 |
| **Simmons First National Corp.** | **Simmons First National Corp.** | **Simmons First National Corp.** |
| 6.25%, 10/01/35 *(a)(b)* | 175000 | 176821 |
| **Southstate Bank Corp.** | **Southstate Bank Corp.** | **Southstate Bank Corp.** |
| 7.00%, 06/13/35 *(a)(b)* | 170000 | 178541 |
| **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** |
| 4.78%, 11/23/29  | 295000 | 303646 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 4.99%, 03/18/27 *(a)* | 325000 | 329387 |
| 4.33%, 10/22/27 *(a)* | 425000 | 429526 |
| 2.20%, 02/07/28 *(a)(b)* | 135000 | 132599 |
| 4.54%, 02/28/28 *(a)* | 400000 | 406344 |
| 5.82%, 11/04/28 *(a)(b)* | 185000 | 191308 |
| 4.53%, 02/20/29 *(a)(b)* | 325000 | 329256 |
| 5.68%, 11/21/29 *(a)(b)* | 305000 | 319564 |
| 4.14%, 12/03/29 *(a)(b)* | 210000 | 211385 |
| 2.40%, 01/24/30  | 305000 | 288177 |
| 4.83%, 04/24/30 *(a)* | 305000 | 314106 |
| 2.20%, 03/03/31  | 330000 | 297287 |
| 3.15%, 03/30/31 *(a)(b)* | 115000 | 110958 |
| 2.62%, 02/07/33 *(a)(b)* | 195000 | 176387 |
| 4.42%, 05/13/33 *(a)(b)* | 210000 | 209177 |
| 4.16%, 08/04/33 *(a)(b)* | 250000 | 245230 |
| 4.82%, 01/26/34 *(a)(b)* | 340000 | 344768 |
| 5.16%, 05/18/34 *(a)(b)* | 240000 | 248238 |
| 3.03%, 11/01/34 *(a)(b)* | 325000 | 306882 |
| 6.12%, 11/21/34 *(a)(b)* | 150000 | 162329 |
| 5.15%, 02/28/36 *(a)(b)* | 335000 | 343181 |
| 4.78%, 10/23/36 *(a)(b)* | 200000 | 199210 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 3.45%, 01/11/27  | 310000 | 308556 |
| 2.17%, 01/14/27  | 300000 | 294729 |
| 3.36%, 07/12/27  | 600000 | 595837 |
| 5.52%, 01/13/28  | 500000 | 515232 |
| 3.54%, 01/17/28  | 375000 | 372070 |
| 5.80%, 07/13/28  | 300000 | 312823 |
| 5.72%, 09/14/28  | 395000 | 411652 |
| 1.90%, 09/17/28  | 430000 | 406443 |
| 4.31%, 10/16/28  | 250000 | 251974 |
| 5.32%, 07/09/29  | 450000 | 466002 |
| 3.04%, 07/16/29  | 790000 | 759084 |
| 2.72%, 09/27/29 *(c)* | 330000 | 312932 |
| 5.71%, 01/13/30  | 535000 | 563096 |
| 2.75%, 01/15/30  | 520000 | 490177 |
| 2.13%, 07/08/30  | 490000 | 446474 |
| 2.14%, 09/23/30  | 300000 | 271187 |
| 4.66%, 07/08/31 *(a)(b)* | 200000 | 202098 |
| 5.42%, 07/09/31  | 340000 | 355936 |

---

*See financial notes*

**32**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.22%, 09/17/31  | 375000 | 333166 |
| 5.77%, 01/13/33  | 600000 | 639307 |
| 4.95%, 07/08/33 *(a)(b)* | 290000 | 295397 |
| 5.81%, 09/14/33  | 455000 | 487434 |
| 5.56%, 07/09/34  | 365000 | 383828 |
| 5.63%, 01/15/35  | 320000 | 339236 |
| 5.25%, 07/08/36 *(a)(b)* | 270000 | 276876 |
| 2.30%, 01/12/41  | 230000 | 161858 |
| 2.93%, 09/17/41  | 360000 | 265038 |
| 3.05%, 01/14/42  | 235000 | 180538 |
| 6.18%, 07/13/43  | 180000 | 195175 |
| 5.84%, 07/09/44  | 300000 | 309927 |
| 5.80%, 07/08/46 *(a)(b)* | 360000 | 364852 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 3.95%, 12/01/27 *(a)* | 465000 | 463312 |
| 5.15%, 03/19/29 *(a)* | 330000 | 334716 |
| 5.02%, 07/29/29 *(a)(b)* | 150000 | 151951 |
| 5.45%, 03/06/31 *(a)(b)* | 240000 | 246177 |
| 2.88%, 10/28/31 *(a)* | 405000 | 363550 |
| 6.00%, 07/29/36 *(a)(b)* | 270000 | 277474 |
| **Synovus Bank** | **Synovus Bank** | **Synovus Bank** |
| 5.63%, 02/15/28 *(a)* | 320000 | 326827 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 1.95%, 01/12/27  | 275000 | 269896 |
| 2.80%, 03/10/27  | 390000 | 384956 |
| 4.98%, 04/05/27  | 200000 | 202605 |
| 4.11%, 06/08/27  | 75000 | 75206 |
| 4.69%, 09/15/27  | 575000 | 582541 |
| 5.16%, 01/10/28  | 450000 | 460625 |
| 4.86%, 01/31/28  | 205000 | 208481 |
| 4.57%, 06/02/28  | 250000 | 253172 |
| 5.52%, 07/17/28  | 425000 | 440688 |
| 4.11%, 10/13/28  | 300000 | 300754 |
| 4.99%, 04/05/29  | 460000 | 471996 |
| 4.78%, 12/17/29  | 250000 | 256030 |
| 4.81%, 06/03/30  | 360000 | 367531 |
| 2.00%, 09/10/31  | 300000 | 268177 |
| 2.45%, 01/12/32  | 325000 | 290637 |
| 5.30%, 01/30/32  | 210000 | 219504 |
| 3.20%, 03/10/32  | 510000 | 475504 |
| 4.46%, 06/08/32  | 710000 | 709419 |
| 5.15%, 09/10/34 *(a)(b)* | 410000 | 416251 |
| 4.93%, 10/15/35  | 360000 | 360134 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| 4.42%, 07/24/28 *(a)(b)* | 440000 | 442720 |
| 4.14%, 10/23/29 *(a)(b)* | 375000 | 374729 |
| 2.25%, 03/11/30 *(a)* | 585000 | 536425 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 1.13%, 08/03/27 *(a)* | 300000 | 287446 |
| 4.12%, 06/06/28 *(a)(b)* | 300000 | 300818 |
| 4.87%, 01/26/29 *(a)(b)* | 400000 | 406453 |
| 3.88%, 03/19/29 *(a)* | 205000 | 202509 |
| 1.89%, 06/07/29 *(a)(b)* | 375000 | 356406 |
| 7.16%, 10/30/29 *(a)(b)* | 470000 | 507263 |
| 5.44%, 01/24/30 *(a)(b)* | 400000 | 414230 |
| 1.95%, 06/05/30 *(a)* | 300000 | 272786 |
| 5.07%, 05/20/31 *(a)(b)* | 350000 | 359602 |
| 5.15%, 08/05/32 *(a)(b)* | 250000 | 258432 |
| 4.92%, 07/28/33 *(a)(b)* | 315000 | 317425 |
| 6.12%, 10/28/33 *(a)(b)* | 200000 | 216228 |
| 5.12%, 01/26/34 *(a)(b)* | 400000 | 407714 |
| 5.87%, 06/08/34 *(a)(b)* | 575000 | 612003 |
| 5.71%, 01/24/35 *(a)(b)* | 500000 | 526725 |
| 4.96%, 10/23/36 *(a)(b)* | 350000 | 346431 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 3.15%, 04/27/27 *(a)* | 400000 | 396910 |
| 2.22%, 01/27/28 *(a)(b)* | 310000 | 304490 |
| 3.90%, 04/26/28 *(a)* | 445000 | 445769 |
| 4.55%, 07/22/28 *(a)(b)* | 610000 | 615225 |
| 4.65%, 02/01/29 *(a)(b)* | 400000 | 405109 |
| 5.78%, 06/12/29 *(a)(b)* | 550000 | 571901 |
| 3.00%, 07/30/29 *(a)* | 315000 | 303598 |
| 5.38%, 01/23/30 *(a)(b)* | 465000 | 481701 |
| 1.38%, 07/22/30 *(a)* | 560000 | 495871 |
| 5.10%, 07/23/30 *(a)(b)* | 505000 | 520185 |
| 5.05%, 02/12/31 *(a)(b)* | 320000 | 329052 |
| 5.08%, 05/15/31 *(a)(b)* | 270000 | 278470 |
| 2.68%, 01/27/33 *(a)(b)* | 250000 | 225605 |
| 4.97%, 07/22/33 *(a)(b)* | 420000 | 424000 |
| 5.85%, 10/21/33 *(a)(b)* | 440000 | 471292 |
| 4.84%, 02/01/34 *(a)(b)* | 630000 | 634995 |
| 5.84%, 06/12/34 *(a)(b)* | 555000 | 592608 |
| 5.68%, 01/23/35 *(a)(b)* | 580000 | 613036 |
| 5.42%, 02/12/36 *(a)(b)* | 390000 | 405306 |
| 2.49%, 11/03/36 *(a)(b)* | 455000 | 397710 |
| **U.S. Bank NA** | **U.S. Bank NA** | **U.S. Bank NA** |
| 4.73%, 05/15/28 *(a)(b)* | 250000 | 252583 |
| **UBS AG** | **UBS AG** | **UBS AG** |
| 5.00%, 07/09/27  | 250000 | 255052 |
| 4.86%, 01/10/28 *(a)(b)* | 250000 | 252123 |
| 7.50%, 02/15/28  | 250000 | 268587 |
| 5.65%, 09/11/28  | 530000 | 553300 |
| 4.50%, 06/26/48  | 295000 | 257905 |
| **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
| 4.88%, 05/15/45  | 620000 | 573243 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| 5.50%, 08/01/35  | 280000 | 288923 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| 4.10%, 03/25/29 *(a)* | 165000 | 162409 |
| 5.78%, 09/11/35 *(a)(b)* | 210000 | 210158 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 4.30%, 07/22/27  | 710000 | 713174 |
| 4.90%, 01/24/28 *(a)(b)* | 820000 | 827243 |
| 3.53%, 03/24/28 *(a)(b)* | 1175000 | 1167397 |
| 5.71%, 04/22/28 *(a)(b)* | 910000 | 928911 |
| 3.58%, 05/22/28 *(a)(b)* | 970000 | 963972 |
| 2.39%, 06/02/28 *(a)(b)* | 970000 | 948159 |
| 4.81%, 07/25/28 *(a)(b)* | 900000 | 910337 |
| 4.15%, 01/24/29 *(a)* | 750000 | 752023 |
| 4.97%, 04/23/29 *(a)(b)* | 770000 | 784838 |
| 5.57%, 07/25/29 *(a)(b)* | 1370000 | 1418489 |
| 4.08%, 09/15/29 *(a)(b)* | 440000 | 439716 |
| 6.30%, 10/23/29 *(a)(b)* | 825000 | 871989 |
| 7.95%, 11/15/29  | 350000 | 392129 |
| 5.20%, 01/23/30 *(a)(b)* | 750000 | 772687 |
| 2.88%, 10/30/30 *(a)(b)* | 1085000 | 1033036 |
| 5.24%, 01/24/31 *(a)(b)* | 750000 | 776653 |
| 2.57%, 02/11/31 *(a)(b)* | 1060000 | 990900 |
| 4.48%, 04/04/31 *(a)(b)* | 700000 | 704843 |
| 5.15%, 04/23/31 *(a)(b)* | 955000 | 985972 |
| 3.35%, 03/02/33 *(a)(b)* | 1185000 | 1106384 |
| 4.90%, 07/25/33 *(a)(b)* | 1375000 | 1397169 |
| 5.39%, 04/24/34 *(a)(b)* | 1185000 | 1232270 |
| 5.56%, 07/25/34 *(a)(b)* | 1305000 | 1369712 |
| 6.49%, 10/23/34 *(a)(b)* | 1055000 | 1169365 |
| 5.50%, 01/23/35 *(a)(b)* | 1040000 | 1085613 |
| 5.38%, 02/07/35  | 235000 | 247480 |
| 5.21%, 12/03/35 *(a)(b)* | 750000 | 767049 |
| 5.61%, 04/23/36 *(a)(b)* | 900000 | 944168 |
| 4.89%, 09/15/36 *(a)(b)* | 580000 | 578341 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**33**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.07%, 04/30/41 *(a)(b)* | 1100000 | 854389 |
| 5.38%, 11/02/43  | 550000 | 533682 |
| 5.61%, 01/15/44  | 755000 | 748889 |
| 4.65%, 11/04/44  | 765000 | 670372 |
| 3.90%, 05/01/45  | 665000 | 540403 |
| 4.90%, 11/17/45  | 600000 | 540200 |
| 4.40%, 06/14/46  | 605000 | 505624 |
| 4.75%, 12/07/46  | 525000 | 461429 |
| 5.01%, 04/04/51 *(a)(b)* | 1640000 | 1500815 |
| 4.61%, 04/25/53 *(a)(b)* | 1055000 | 908611 |
| 5.95%, 12/01/86  | 135000 | 141400 |
| **Wells Fargo Bank NA** | **Wells Fargo Bank NA** | **Wells Fargo Bank NA** |
| 5.85%, 02/01/37  | 350000 | 370566 |
| 6.60%, 01/15/38  | 310000 | 346798 |
| **Western Alliance Bank** | **Western Alliance Bank** | **Western Alliance Bank** |
| 6.54%, 11/15/35 *(a)(b)* | 120000 | 120628 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 3.35%, 03/08/27  | 375000 | 373397 |
| 4.04%, 08/26/27  | 325000 | 326653 |
| 5.46%, 11/18/27  | 350000 | 360790 |
| 3.40%, 01/25/28  | 440000 | 436643 |
| 5.54%, 11/17/28  | 350000 | 366141 |
| 1.95%, 11/20/28  | 275000 | 260893 |
| 5.05%, 04/16/29  | 245000 | 253483 |
| 2.65%, 01/16/30  | 250000 | 237575 |
| 4.35%, 07/01/30  | 50000 | 50564 |
| 2.15%, 06/03/31  | 375000 | 338900 |
| 5.41%, 08/10/33 *(a)(b)* | 250000 | 258392 |
| 6.82%, 11/17/33  | 280000 | 313320 |
| 4.11%, 07/24/34 *(a)(b)* | 280000 | 275686 |
| 2.67%, 11/15/35 *(a)(b)* | 630000 | 570527 |
| 5.62%, 11/20/35 *(a)(b)* | 470000 | 485940 |
| 3.02%, 11/18/36 *(a)(b)* | 350000 | 316158 |
| 4.42%, 07/24/39  | 280000 | 259823 |
| 2.96%, 11/16/40  | 430000 | 328622 |
| 3.13%, 11/18/41 *(c)* | 375000 | 284677 |
| **Wintrust Financial Corp.** | **Wintrust Financial Corp.** | **Wintrust Financial Corp.** |
| 4.85%, 06/06/29  | 210000 | 209405 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| 3.25%, 10/29/29 *(a)* | 300000 | 282746 |
|  |  | **492780740** |
| ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 3.30%, 06/15/30 *(a)* | 195000 | 186043 |
| 5.50%, 08/20/34 *(a)* | 140000 | 143548 |
| 5.50%, 02/15/36 *(a)* | 130000 | 130093 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 5.70%, 12/15/28 *(a)* | 175000 | 183672 |
| 5.15%, 05/15/33 *(a)* | 345000 | 358629 |
| 5.20%, 04/15/35 *(a)* | 200000 | 204496 |
| **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** |
| 4.60%, 01/15/31 *(a)* | 120000 | 120790 |
| 6.38%, 11/15/33 *(a)* | 180000 | 197919 |
| 5.15%, 08/12/35 *(a)* | 150000 | 150315 |
| 5.80%, 05/21/54 *(a)* | 220000 | 216416 |
| 6.00%, 12/15/54 *(a)(b)* | 170000 | 168765 |
| **ARES Management Corp.** | **ARES Management Corp.** | **ARES Management Corp.** |
| 6.38%, 11/10/28 *(a)* | 245000 | 259455 |
| 5.60%, 10/11/54 *(a)* | 100000 | 94616 |
| **BGC Group, Inc.** | **BGC Group, Inc.** | **BGC Group, Inc.** |
| 8.00%, 05/25/28 *(a)* | 75000 | 80178 |
| 6.60%, 06/10/29 *(a)* | 170000 | 177612 |
| 6.15%, 04/02/30 *(a)* | 200000 | 207280 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 4.60%, 07/26/27 *(a)* | 225000 | 228199 |
| 5.00%, 03/14/34 *(a)* | 285000 | 294678 |
| 4.90%, 01/08/35 *(a)* | 175000 | 178840 |
| 5.25%, 03/14/54 *(a)* | 480000 | 460337 |
| 5.35%, 01/08/55 *(a)* | 395000 | 384312 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 3.20%, 03/15/27  | 185000 | 183929 |
| 3.25%, 04/30/29 *(a)* | 400000 | 392175 |
| 2.40%, 04/30/30 *(a)* | 430000 | 402853 |
| 1.90%, 01/28/31 *(a)* | 510000 | 458611 |
| 2.10%, 02/25/32 *(a)* | 280000 | 247401 |
| 4.75%, 05/25/33 *(a)* | 350000 | 358122 |
| **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** |
| 5.00%, 12/06/34 *(a)* | 200000 | 201867 |
| 4.95%, 02/15/36 *(a)* | 150000 | 148997 |
| **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
| 3.13%, 06/10/31 *(a)* | 175000 | 158625 |
| 4.38%, 02/15/32 *(a)* | 150000 | 142705 |
| 6.25%, 04/18/34 *(a)* | 300000 | 309966 |
| 4.13%, 10/07/51 *(a)* | 170000 | 119198 |
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| 4.65%, 11/15/30 *(a)* | 180000 | 181496 |
| 5.80%, 04/24/35 *(a)* | 200000 | 209454 |
| 5.30%, 01/15/36 *(a)* | 120000 | 120017 |
| 6.08%, 09/15/55 *(a)* | 230000 | 235559 |
| **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** |
| 6.09%, 06/14/33 *(a)* | 345000 | 369599 |
| **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** |
| 2.34%, 01/30/32 *(a)* | 180000 | 157974 |
| **Brookfield Finance LLC/Brookfield Finance, Inc.** | **Brookfield Finance LLC/Brookfield Finance, Inc.** | **Brookfield Finance LLC/Brookfield Finance, Inc.** |
| 3.45%, 04/15/50 *(a)* | 205000 | 141333 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(a)* | 345000 | 344204 |
| 4.85%, 03/29/29 *(a)* | 340000 | 345584 |
| 4.35%, 04/15/30 *(a)* | 250000 | 251043 |
| 2.72%, 04/15/31 *(a)* | 150000 | 137457 |
| 6.35%, 01/05/34 *(a)* | 200000 | 217423 |
| 5.68%, 01/15/35 *(a)* | 125000 | 129473 |
| 5.33%, 01/15/36 *(a)* | 190000 | 190451 |
| 4.70%, 09/20/47 *(a)* | 290000 | 250930 |
| 3.50%, 03/30/51 *(a)* | 225000 | 156476 |
| 3.63%, 02/15/52 *(a)* | 130000 | 91708 |
| 5.97%, 03/04/54 *(a)* | 330000 | 333034 |
| 5.81%, 03/03/55 *(a)* | 145000 | 143123 |
| **Carlyle Group, Inc.** | **Carlyle Group, Inc.** | **Carlyle Group, Inc.** |
| 5.05%, 09/19/35 *(a)* | 230000 | 227128 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.65%, 01/12/27 *(a)* | 200000 | 199595 |
| 1.63%, 12/15/30 *(a)* | 160000 | 142042 |
| 3.00%, 03/16/32 *(a)* | 100000 | 92521 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 3.20%, 03/02/27 *(a)(d)* | 165000 | 163769 |
| 2.45%, 03/03/27 *(a)(d)* | 410000 | 403928 |
| 3.30%, 04/01/27 *(a)(d)* | 220000 | 218713 |
| 3.20%, 01/25/28 *(a)(d)* | 190000 | 187447 |
| 2.00%, 03/20/28 *(a)(d)* | 335000 | 322396 |
| 4.00%, 02/01/29 *(a)(d)* | 150000 | 150575 |
| 5.64%, 05/19/29 *(a)(b)(d)* | 325000 | 337460 |
| 3.25%, 05/22/29 *(a)(d)* | 175000 | 170522 |
| 2.75%, 10/01/29 *(a)(d)* | 135000 | 128723 |
| 6.20%, 11/17/29 *(a)(b)(d)* | 350000 | 370415 |
| 4.63%, 03/22/30 *(a)(d)* | 150000 | 153471 |
| 1.65%, 03/11/31 *(a)(d)* | 195000 | 171241 |
| 2.30%, 05/13/31 *(a)(d)* | 220000 | 199340 |
| 4.34%, 11/14/31 *(a)(b)(d)* | 275000 | 274659 |

---

*See financial notes*

**34**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.95%, 12/01/31 *(a)(d)* | 225000 | 197161 |
| 2.90%, 03/03/32 *(a)(d)* | 265000 | 242895 |
| 5.85%, 05/19/34 *(a)(b)(d)* | 385000 | 412493 |
| 6.14%, 08/24/34 *(a)(b)(d)* | 375000 | 409096 |
| 4.91%, 11/14/36 *(a)(b)(d)* | 250000 | 248806 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 3.75%, 06/15/28 *(a)* | 170000 | 170265 |
| 4.40%, 03/15/30 *(a)* | 125000 | 126915 |
| 2.65%, 03/15/32 *(a)* | 225000 | 206069 |
| 5.30%, 09/15/43 *(a)* | 250000 | 250947 |
| 4.15%, 06/15/48 *(a)* | 255000 | 213521 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| 3.50%, 04/06/27 *(a)* | 113000 | 112488 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| 1.60%, 10/30/30 *(a)* | 250000 | 222028 |
| 2.95%, 08/12/51 *(a)* | 155000 | 98236 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 3.10%, 09/15/27 *(a)* | 200000 | 197630 |
| 4.00%, 09/15/27 *(a)* | 450000 | 451294 |
| 3.63%, 09/01/28 *(a)* | 290000 | 288073 |
| 3.95%, 12/01/28 *(a)* | 180000 | 180520 |
| 4.35%, 06/15/29 *(a)* | 380000 | 384189 |
| 2.10%, 06/15/30 *(a)* | 380000 | 349128 |
| 4.20%, 03/15/31 *(a)* | 200000 | 200197 |
| 5.25%, 06/15/31 *(a)* | 445000 | 466346 |
| 1.85%, 09/15/32 *(a)* | 450000 | 384071 |
| 4.60%, 03/15/33 *(a)* | 470000 | 475963 |
| 2.65%, 09/15/40 *(a)* | 385000 | 285863 |
| 4.25%, 09/21/48 *(a)* | 375000 | 312570 |
| 3.00%, 06/15/50 *(a)* | 360000 | 236264 |
| 4.95%, 06/15/52 *(a)* | 460000 | 422356 |
| 3.00%, 09/15/60 *(a)* | 505000 | 302598 |
| 5.20%, 06/15/62 *(a)* | 335000 | 307224 |
| **Invesco Finance PLC** | **Invesco Finance PLC** | **Invesco Finance PLC** |
| 5.38%, 11/30/43  | 230000 | 221137 |
| **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** |
| 5.45%, 09/10/34 *(a)* | 220000 | 223884 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 4.85%, 01/15/27  | 200000 | 201428 |
| 6.45%, 06/08/27  | 100000 | 103263 |
| 5.88%, 07/21/28 *(a)* | 165000 | 171614 |
| 4.15%, 01/23/30  | 555000 | 547893 |
| 2.63%, 10/15/31 *(a)* | 360000 | 319672 |
| 2.75%, 10/15/32 *(a)* | 245000 | 213393 |
| 6.20%, 04/14/34 *(a)* | 450000 | 475540 |
| 6.25%, 01/15/36  | 170000 | 180348 |
| 6.50%, 01/20/43  | 115000 | 119728 |
| **KKR & Co., Inc.** | **KKR & Co., Inc.** | **KKR & Co., Inc.** |
| 5.10%, 08/07/35 *(a)* | 260000 | 260206 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 4.50%, 09/19/28 *(a)* | 235000 | 236975 |
| 4.38%, 03/11/29 *(a)* | 160000 | 160433 |
| **Legg Mason, Inc.** | **Legg Mason, Inc.** | **Legg Mason, Inc.** |
| 5.63%, 01/15/44  | 161000 | 161478 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 5.70%, 05/20/27 *(a)* | 170000 | 173366 |
| 4.90%, 04/03/28 *(a)* | 265000 | 268947 |
| 6.75%, 11/17/28 *(a)* | 200000 | 213535 |
| 5.20%, 03/15/30 *(a)* | 225000 | 230422 |
| 5.15%, 06/15/30 *(a)* | 170000 | 173590 |
| 6.00%, 05/20/34 *(a)* | 150000 | 157785 |
| 5.65%, 03/15/35 *(a)* | 210000 | 215412 |
| **Marex Group PLC** | **Marex Group PLC** | **Marex Group PLC** |
| 6.40%, 11/04/29 *(a)* | 260000 | 269861 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 5.35%, 06/28/28 *(a)* | 250000 | 258120 |
| 1.65%, 01/15/31 *(a)* | 250000 | 221777 |
| 5.55%, 02/15/34 *(a)* | 380000 | 399490 |
| 2.50%, 12/21/40 *(a)* | 200000 | 142456 |
| 3.25%, 04/28/50 *(a)* | 175000 | 121357 |
| 3.95%, 03/07/52 *(a)* | 110000 | 84164 |
| 5.95%, 08/15/53 *(a)* | 225000 | 233973 |
| 6.10%, 06/28/63 *(a)* | 240000 | 251460 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 2.33%, 01/22/27  | 500000 | 491256 |
| 5.39%, 07/06/27  | 900000 | 916029 |
| 6.07%, 07/12/28  | 200000 | 208739 |
| 2.17%, 07/14/28  | 300000 | 285568 |
| 3.10%, 01/16/30  | 650000 | 617639 |
| 2.68%, 07/16/30  | 400000 | 369827 |
| 2.61%, 07/14/31  | 400000 | 361623 |
| 3.00%, 01/22/32  | 310000 | 281679 |
| 6.18%, 01/18/33  | 240000 | 259608 |
| 6.09%, 07/12/33  | 200000 | 215686 |
| 5.78%, 07/03/34  | 345000 | 364476 |
| 5.04%, 06/10/36 *(a)(b)* | 220000 | 217524 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.65%, 04/01/30 *(a)* | 225000 | 229207 |
| 4.90%, 09/11/35 *(a)* | 190000 | 188969 |
| 4.95%, 07/15/46  | 210000 | 192501 |
| 3.75%, 04/01/51 *(a)* | 260000 | 191446 |
| 5.65%, 09/11/55 *(a)* | 250000 | 244889 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 125000 | 122462 |
| **TPG Operating Group II LP** | **TPG Operating Group II LP** | **TPG Operating Group II LP** |
| 5.88%, 03/05/34 *(a)* | 210000 | 219627 |
| 5.38%, 01/15/36 *(a)* | 150000 | 149706 |
|  |  | **36767299** |
| ***Finance Companies 0.3%***  | ***Finance Companies 0.3%***  | ***Finance Companies 0.3%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 6.10%, 01/15/27 *(a)* | 300000 | 305855 |
| 6.45%, 04/15/27 *(a)* | 175000 | 179837 |
| 3.65%, 07/21/27 *(a)* | 480000 | 477158 |
| 4.63%, 10/15/27 *(a)* | 225000 | 226995 |
| 3.88%, 01/23/28 *(a)* | 300000 | 298612 |
| 4.88%, 04/01/28 *(a)* | 250000 | 254272 |
| 5.75%, 06/06/28 *(a)* | 190000 | 196880 |
| 3.00%, 10/29/28 *(a)* | 1050000 | 1018588 |
| 5.10%, 01/19/29 *(a)* | 200000 | 204606 |
| 4.63%, 09/10/29 *(a)* | 350000 | 353756 |
| 6.15%, 09/30/30 *(a)* | 310000 | 332071 |
| 4.38%, 11/15/30 *(a)* | 180000 | 179621 |
| 5.38%, 12/15/31 *(a)* | 300000 | 311293 |
| 3.30%, 01/30/32 *(a)* | 1255000 | 1161437 |
| 3.40%, 10/29/33 *(a)* | 475000 | 429775 |
| 5.30%, 01/19/34 *(a)* | 150000 | 153698 |
| 4.95%, 09/10/34 *(a)* | 300000 | 299914 |
| 5.00%, 11/15/35 *(a)* | 180000 | 178170 |
| 3.85%, 10/29/41 *(a)* | 460000 | 376543 |
| 6.95%, 03/10/55 *(a)(b)* | 200000 | 210090 |
| 6.50%, 01/31/56 *(a)(b)* | 290000 | 299613 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 2.20%, 01/15/27 *(a)* | 150000 | 147024 |
| 3.63%, 04/01/27 *(a)* | 150000 | 148939 |
| 3.63%, 12/01/27 *(a)* | 199000 | 196874 |
| 5.85%, 12/15/27 *(a)* | 200000 | 205862 |
| 5.30%, 02/01/28 *(a)* | 125000 | 127331 |
| 2.10%, 09/01/28 *(a)* | 200000 | 188482 |
| 4.63%, 10/01/28 *(a)* | 200000 | 200916 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**35**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 10/01/29 *(a)* | 250000 | 239022 |
| 3.00%, 02/01/30 *(a)* | 300000 | 281581 |
| 3.13%, 12/01/30 *(a)* | 265000 | 245818 |
| 5.20%, 07/15/31 *(a)* | 150000 | 152509 |
| 2.88%, 01/15/32 *(a)* | 300000 | 269252 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 5.20%, 12/08/28 *(a)(e)* | 120000 | 120002 |
| 6.90%, 04/13/29 *(a)* | 355000 | 373086 |
| 5.88%, 08/30/30 *(a)* | 120000 | 121343 |
| 6.70%, 07/29/31 *(a)* | 350000 | 369949 |
| 6.55%, 03/15/32 *(a)* | 150000 | 154877 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 7.00%, 01/15/27  | 335000 | 343384 |
| 2.88%, 06/15/27 *(a)* | 160000 | 156714 |
| 2.88%, 06/15/28 *(a)* | 350000 | 334731 |
| 5.88%, 03/01/29 *(a)* | 315000 | 323330 |
| 5.95%, 07/15/29 *(a)* | 210000 | 215795 |
| 5.50%, 09/01/30 *(a)* | 300000 | 302321 |
| 5.10%, 01/15/31 *(a)* | 190000 | 187576 |
| 3.20%, 11/15/31 *(a)* | 305000 | 270983 |
| 5.80%, 03/08/32 *(a)* | 250000 | 252626 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.70%, 03/15/28 *(a)* | 275000 | 278612 |
| 5.45%, 09/09/28 *(a)(e)* | 170000 | 171383 |
| 4.85%, 01/15/29 *(a)(e)* | 180000 | 178006 |
| 6.35%, 08/15/29 *(a)* | 225000 | 231945 |
| 5.60%, 02/15/30 *(a)* | 235000 | 236274 |
| 5.80%, 09/09/30 *(a)(e)* | 205000 | 207213 |
| 5.15%, 01/15/31 *(a)(e)* | 150000 | 147256 |
| 6.20%, 03/21/32 *(a)* | 200000 | 205396 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| 5.95%, 03/15/30 *(a)* | 145000 | 144923 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| 5.20%, 09/15/28 *(a)* | 90000 | 89584 |
| 7.00%, 02/15/29 *(a)* | 85000 | 87787 |
| **Barings Private Credit Corp.** | **Barings Private Credit Corp.** | **Barings Private Credit Corp.** |
| 6.15%, 06/11/30 *(a)(e)* | 110000 | 109750 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 3.25%, 03/15/27 *(a)* | 300000 | 295014 |
| 4.95%, 09/26/27 *(a)* | 145000 | 145809 |
| 7.30%, 11/27/28 *(a)* | 200000 | 212225 |
| 4.00%, 01/15/29 *(a)* | 250000 | 242991 |
| 5.60%, 11/22/29 *(a)* | 300000 | 302889 |
| 5.25%, 04/01/30 *(a)* | 150000 | 149138 |
| 5.05%, 09/10/30 *(a)* | 150000 | 147779 |
| 6.25%, 01/25/31 *(a)* | 100000 | 103187 |
| 6.00%, 01/29/32 *(a)* | 350000 | 355604 |
| 6.00%, 11/22/34 *(a)(c)* | 200000 | 202240 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 2.13%, 02/15/27 *(a)* | 230000 | 223855 |
| 5.88%, 11/15/27 *(a)* | 115000 | 117437 |
| 5.35%, 04/13/28 *(a)* | 290000 | 292667 |
| 2.85%, 09/30/28 *(a)* | 245000 | 231733 |
| 5.30%, 06/30/30 *(a)* | 250000 | 249093 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 275000 | 268766 |
| 3.13%, 04/13/27 *(a)* | 220000 | 214952 |
| 2.88%, 06/11/28 *(a)* | 250000 | 236213 |
| 5.95%, 03/15/29 *(a)* | 200000 | 201922 |
| 6.20%, 07/15/30 *(a)* | 100000 | 101373 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 4.70%, 02/08/27 *(a)* | 150000 | 149703 |
| 7.75%, 09/16/27 *(a)* | 150000 | 156029 |
| 7.95%, 06/13/28 *(a)* | 200000 | 211605 |
| 7.75%, 01/15/29 *(a)* | 150000 | 158709 |
| 6.60%, 09/15/29 *(a)* | 200000 | 205837 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.80%, 03/15/30 *(a)* | 490000 | 489582 |
| 6.65%, 03/15/31 *(a)* | 250000 | 257819 |
| **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** |
| 2.50%, 01/15/27 *(a)* | 100000 | 97413 |
| 6.10%, 03/15/28 *(a)(e)* | 200000 | 201214 |
| 6.75%, 04/04/29 *(a)* | 235000 | 240468 |
| **Capital Southwest Corp.** | **Capital Southwest Corp.** | **Capital Southwest Corp.** |
| 5.95%, 09/18/30 *(a)* | 175000 | 176391 |
| **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** |
| 6.75%, 02/18/30 *(a)* | 225000 | 230618 |
| **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** |
| 7.20%, 06/15/29 *(a)* | 115000 | 118695 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 285000 | 277106 |
| 3.25%, 07/15/27 *(a)* | 145000 | 139931 |
| 3.13%, 10/12/28 *(a)* | 210000 | 193867 |
| 7.88%, 01/15/29 *(a)* | 115000 | 119297 |
| 6.88%, 08/15/29 *(a)* | 255000 | 257388 |
| 6.13%, 01/15/30 *(a)(c)* | 125000 | 123170 |
| 6.13%, 01/15/31 *(a)* | 120000 | 117193 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 3.85%, 03/30/27 *(a)* | 200000 | 199443 |
| 3.50%, 03/15/28 *(a)* | 150000 | 148002 |
| 4.55%, 11/07/28 *(a)* | 105000 | 105922 |
| 4.70%, 04/01/29 *(a)* | 255000 | 258073 |
| 4.00%, 06/30/30 *(a)* | 200000 | 197197 |
| 1.90%, 06/01/31 *(a)* | 125000 | 109589 |
| 3.50%, 06/01/32 *(a)* | 125000 | 116831 |
| 5.45%, 09/15/33 *(a)* | 140000 | 145122 |
| 6.05%, 03/15/34 *(a)* | 245000 | 260787 |
| 6.90%, 05/01/34 *(a)* | 150000 | 168474 |
| 5.20%, 03/15/44 *(a)* | 100000 | 94639 |
| 3.10%, 06/01/51 *(a)* | 295000 | 187209 |
| 6.05%, 06/05/54 *(a)* | 205000 | 207741 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| 6.38%, 03/11/27  | 130000 | 132886 |
| 5.65%, 09/09/30 *(a)* | 180000 | 180892 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 5.88%, 05/06/28 *(a)(e)* | 100000 | 101926 |
| 6.25%, 05/06/30 *(a)(c)(e)* | 150000 | 153103 |
| 5.88%, 01/31/31 *(a)(e)* | 150000 | 150475 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| 2.05%, 02/15/27 *(a)* | 180000 | 174748 |
| 7.05%, 12/05/28 *(a)* | 100000 | 105567 |
| 6.00%, 07/15/29 *(a)* | 200000 | 204592 |
| **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** |
| 5.45%, 08/15/28 *(a)(e)* | 150000 | 151032 |
| 5.80%, 09/12/29 *(a)* | 300000 | 304301 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| 3.38%, 01/20/27 *(a)* | 225000 | 222065 |
| 6.00%, 06/16/30 *(a)* | 100000 | 101379 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.45%, 01/14/28 *(a)(c)* | 200000 | 202440 |
| 4.90%, 09/11/28 *(a)(e)* | 355000 | 353064 |
| 6.75%, 01/30/29 *(a)(c)* | 230000 | 240260 |
| 6.25%, 09/30/29 *(a)(c)* | 120000 | 124340 |
| 5.45%, 11/15/30 *(a)(e)* | 150000 | 149587 |
| 5.95%, 04/14/32 *(a)* | 200000 | 203228 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| 6.50%, 06/04/27 *(a)* | 175000 | 178799 |
| 5.40%, 08/15/28 *(a)* | 100000 | 100522 |
| 6.95%, 03/01/29 *(a)* | 100000 | 104507 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| 4.50%, 02/11/27 *(a)* | 150000 | 149995 |
| 6.15%, 05/17/29 *(a)* | 200000 | 205931 |

---

*See financial notes*

**36**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.25%, 05/31/30 *(a)(e)* | 150000 | 151006 |
| 6.13%, 02/05/31 *(a)(e)* | 120000 | 119320 |
| **New Mountain Finance Corp.** | **New Mountain Finance Corp.** | **New Mountain Finance Corp.** |
| 6.20%, 10/15/27  | 85000 | 86496 |
| **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** |
| 5.13%, 09/25/28 *(a)(e)* | 90000 | 89880 |
| 5.75%, 02/01/30 *(a)* | 135000 | 134959 |
| **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** |
| 6.65%, 03/15/30 *(a)* | 75000 | 76939 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| 2.70%, 01/15/27 *(a)* | 195000 | 190888 |
| 7.10%, 02/15/29 *(a)(c)* | 60000 | 61911 |
| 6.34%, 02/27/30 *(a)(c)* | 100000 | 100777 |
| **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** |
| 8.40%, 11/14/28 *(a)* | 145000 | 156390 |
| 6.50%, 07/23/29 *(a)* | 120000 | 123569 |
| 6.19%, 07/15/30 *(a)(e)* | 120000 | 120681 |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.50%, 03/11/29 *(a)* | 215000 | 222902 |
| 5.75%, 01/15/30 *(a)* | 150000 | 152126 |
| 6.13%, 07/15/30 *(a)* | 250000 | 256713 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 6.95%, 08/14/28 *(a)* | 25000 | 26227 |
| 6.13%, 03/01/29 *(a)(c)* | 50000 | 51656 |
| 5.63%, 08/15/30 *(a)* | 100000 | 101131 |
|  |  | **32102401** |
| ***Financial Other 0.0%***  | ***Financial Other 0.0%***  | ***Financial Other 0.0%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| 0.95%, 08/01/27 *(a)* | 234000 | 224229 |
| **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** |
| 6.15%, 01/15/31 *(a)* | 170000 | 174832 |
| 6.38%, 07/01/34 *(a)* | 340000 | 346507 |
| 6.75%, 07/15/35 *(a)* | 160000 | 167613 |
| **J Paul Getty Trust** | **J Paul Getty Trust** | **J Paul Getty Trust** |
| 4.91%, 04/01/35 *(a)* | 150000 | 153013 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 3.70%, 07/18/27  | 143000 | 142392 |
| 5.00%, 09/13/27 *(c)* | 150000 | 152635 |
| 4.65%, 09/10/29  | 200000 | 203251 |
| 4.45%, 09/09/30  | 150000 | 150305 |
| 2.25%, 03/09/31  | 190000 | 171148 |
| 5.20%, 09/13/32  | 200000 | 206705 |
| 5.40%, 02/25/35  | 150000 | 154865 |
|  |  | **2247495** |
| ***Insurance 1.2%***  | ***Insurance 1.2%***  | ***Insurance 1.2%***  |
| **ACE Capital Trust II** | **ACE Capital Trust II** | **ACE Capital Trust II** |
| 9.70%, 04/01/30  | 205000 | 246628 |
| **Aegon Ltd.** | **Aegon Ltd.** | **Aegon Ltd.** |
| 5.50%, 04/11/48 *(a)(b)* | 385000 | 389712 |
| **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** |
| 6.63%, 06/15/36  | 265000 | 292110 |
| 6.75%, 12/15/37  | 230000 | 253704 |
| 4.50%, 05/15/42 *(a)* | 135000 | 115882 |
| 4.75%, 03/15/44 *(a)* | 125000 | 109462 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| 3.60%, 04/01/30 *(a)* | 250000 | 246177 |
| 4.00%, 10/15/46 *(a)* | 150000 | 120791 |
| 4.75%, 01/15/49 *(a)* | 205000 | 180910 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| 3.63%, 05/15/30 *(a)* | 100000 | 97729 |
| 4.90%, 09/15/44 *(a)* | 105000 | 95871 |
| 3.25%, 08/15/51 *(a)* | 215000 | 144771 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 5.05%, 06/24/29 *(a)* | 150000 | 155105 |
| 1.45%, 12/15/30 *(a)* | 215000 | 187772 |
| 5.25%, 03/30/33 *(a)* | 200000 | 208207 |
| 5.35%, 06/01/33  | 104000 | 107979 |
| 5.55%, 05/09/35  | 200000 | 210128 |
| 5.95%, 04/01/36  | 150000 | 161276 |
| 4.50%, 06/15/43  | 120000 | 105099 |
| 4.20%, 12/15/46 *(a)* | 201000 | 165672 |
| 3.85%, 08/10/49 *(a)* | 150000 | 114626 |
| 6.50%, 05/15/67 *(a)(b)* | 155000 | 163208 |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| 5.25%, 04/02/30 *(a)* | 100000 | 104843 |
| 5.00%, 09/23/35 *(a)* | 100000 | 98395 |
| 4.50%, 06/15/47 *(a)* | 170000 | 143176 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 4.85%, 05/07/30 *(a)* | 225000 | 230659 |
| 3.40%, 06/30/30 *(a)* | 100000 | 96556 |
| 5.13%, 03/27/33 *(a)* | 250000 | 257442 |
| 3.88%, 01/15/35 *(a)* | 190000 | 177644 |
| 5.45%, 05/07/35 *(a)* | 200000 | 208475 |
| 4.50%, 07/16/44 *(a)* | 300000 | 264771 |
| 4.80%, 07/10/45 *(a)* | 100000 | 90636 |
| 4.75%, 04/01/48 *(a)* | 280000 | 249090 |
| 4.38%, 06/30/50 *(a)* | 300000 | 251129 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 5.00%, 06/15/27 *(a)* | 220000 | 221769 |
| 5.75%, 10/01/29 *(a)* | 150000 | 155350 |
| 6.00%, 07/15/35 *(a)* | 200000 | 203067 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| 8.21%, 01/01/27  | 230000 | 238909 |
| 4.50%, 12/15/28 *(a)* | 100000 | 101277 |
| 3.75%, 05/02/29 *(a)* | 100000 | 98960 |
| 2.80%, 05/15/30 *(a)* | 335000 | 316309 |
| 6.25%, 09/30/40  | 150000 | 164007 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.85%, 05/28/27 *(a)* | 150000 | 147796 |
| 2.05%, 08/23/31 *(a)* | 200000 | 176721 |
| 5.00%, 09/12/32 *(a)* | 155000 | 158964 |
| 5.35%, 02/28/33 *(a)* | 200000 | 208419 |
| 2.90%, 08/23/51 *(a)* | 245000 | 152948 |
| 3.90%, 02/28/52 *(a)* | 260000 | 194893 |
| **Aon Global Ltd.** | **Aon Global Ltd.** | **Aon Global Ltd.** |
| 4.60%, 06/14/44 *(a)* | 180000 | 157560 |
| 4.75%, 05/15/45 *(a)* | 230000 | 204779 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.13%, 03/01/27 *(a)* | 175000 | 177222 |
| 5.15%, 03/01/29 *(a)* | 255000 | 262511 |
| 5.30%, 03/01/31 *(a)* | 150000 | 156502 |
| 5.45%, 03/01/34 *(a)* | 595000 | 618999 |
| 5.75%, 03/01/54 *(a)* | 570000 | 567935 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| 5.03%, 12/15/46 *(a)* | 150000 | 140124 |
| **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
| 7.35%, 05/01/34  | 75000 | 86982 |
| 3.64%, 06/30/50 *(a)* | 320000 | 238283 |
| **Arch Capital Group U.S., Inc.** | **Arch Capital Group U.S., Inc.** | **Arch Capital Group U.S., Inc.** |
| 5.14%, 11/01/43  | 175000 | 166409 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 4.60%, 12/15/27 *(a)* | 200000 | 202290 |
| 4.85%, 12/15/29 *(a)* | 50000 | 51182 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**37**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 02/15/32 *(a)* | 200000 | 204710 |
| 5.50%, 03/02/33 *(a)* | 255000 | 265740 |
| 6.50%, 02/15/34 *(a)* | 125000 | 137821 |
| 5.45%, 07/15/34 *(a)* | 205000 | 212804 |
| 5.15%, 02/15/35 *(a)* | 500000 | 505688 |
| 3.50%, 05/20/51 *(a)* | 310000 | 216728 |
| 3.05%, 03/09/52 *(a)* | 240000 | 152236 |
| 5.75%, 03/02/53 *(a)* | 190000 | 186608 |
| 6.75%, 02/15/54 *(a)* | 200000 | 221010 |
| 5.55%, 02/15/55 *(a)* | 400000 | 383958 |
| **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** |
| 5.75%, 07/01/30 *(a)* | 130000 | 135682 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 4.90%, 03/27/28 *(a)* | 100000 | 101365 |
| 3.70%, 02/22/30 *(a)* | 155000 | 150606 |
| 2.65%, 01/15/32 *(a)* | 100000 | 88724 |
| 5.55%, 02/15/36 *(a)* | 90000 | 91639 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 6.13%, 09/15/28 *(a)* | 145000 | 152395 |
| 3.15%, 06/15/31 *(a)* | 100000 | 94410 |
| 3.60%, 09/15/51 *(a)* | 160000 | 112817 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 4.13%, 01/12/28 *(a)* | 415000 | 414710 |
| 6.15%, 04/03/30 *(a)* | 125000 | 132740 |
| 3.50%, 01/15/31 *(a)* | 200000 | 189151 |
| 6.65%, 02/01/33 *(a)* | 125000 | 135615 |
| 5.88%, 01/15/34 *(a)* | 200000 | 207641 |
| 3.95%, 05/25/51 *(a)* | 150000 | 105031 |
| 3.45%, 05/15/52 *(a)* | 145000 | 92009 |
| 6.25%, 04/01/54 *(a)* | 355000 | 346667 |
| 6.63%, 10/15/54 *(a)(b)* | 225000 | 224743 |
| 6.63%, 05/19/55 *(a)* | 230000 | 234468 |
| 6.88%, 06/28/55 *(a)(b)* | 100000 | 99959 |
| **AXA SA** | **AXA SA** | **AXA SA** |
| 8.60%, 12/15/30  | 300000 | 352227 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| 3.90%, 07/15/29 *(a)* | 125000 | 123793 |
| 4.90%, 01/15/40 *(a)(b)* | 165000 | 159180 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| 4.00%, 12/06/27 *(a)* | 115000 | 114921 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.30%, 03/15/27 *(a)* | 250000 | 246174 |
| 1.85%, 03/12/30 *(a)* | 185000 | 169990 |
| 1.45%, 10/15/30 *(a)* | 345000 | 307890 |
| 2.88%, 03/15/32 *(a)(c)* | 275000 | 256502 |
| 5.75%, 01/15/40  | 250000 | 271601 |
| 4.40%, 05/15/42  | 190000 | 174739 |
| 4.30%, 05/15/43  | 115000 | 102362 |
| 4.20%, 08/15/48 *(a)* | 655000 | 546719 |
| 4.25%, 01/15/49 *(a)* | 600000 | 504681 |
| 2.85%, 10/15/50 *(a)* | 540000 | 348062 |
| 2.50%, 01/15/51 *(a)* | 335000 | 200858 |
| 3.85%, 03/15/52 *(a)* | 840000 | 647610 |
| **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** |
| 4.50%, 02/11/43  | 50000 | 47008 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| 3.70%, 06/22/27 *(a)* | 250000 | 247336 |
| 5.63%, 05/15/30 *(a)(c)* | 200000 | 202970 |
| 4.70%, 06/22/47 *(a)* | 305000 | 224438 |
| 3.85%, 12/22/51 *(a)* | 160000 | 96468 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 4.70%, 06/23/28 *(a)* | 150000 | 151835 |
| 4.50%, 03/15/29 *(a)* | 115000 | 115414 |
| 4.90%, 06/23/30 *(a)* | 230000 | 233406 |
| 2.38%, 03/15/31 *(a)* | 200000 | 179508 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.20%, 03/17/32 *(a)* | 185000 | 178989 |
| 5.25%, 06/23/32 *(a)* | 150000 | 153437 |
| 5.65%, 06/11/34 *(a)* | 100000 | 103364 |
| 5.55%, 06/23/35 *(a)* | 340000 | 349115 |
| 4.95%, 03/17/52 *(a)* | 200000 | 174741 |
| 6.25%, 06/23/55 *(a)* | 300000 | 312228 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 4.25%, 12/15/27 *(a)* | 730000 | 725859 |
| 2.45%, 07/15/28 *(a)* | 675000 | 631966 |
| 4.63%, 12/15/29 *(a)* | 955000 | 926520 |
| 3.38%, 02/15/30 *(a)* | 630000 | 580445 |
| 3.00%, 10/15/30 *(a)* | 685000 | 613320 |
| 2.50%, 03/01/31 *(a)* | 705000 | 608508 |
| 2.63%, 08/01/31 *(a)* | 400000 | 343909 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 4.65%, 08/15/29 *(a)* | 200000 | 204587 |
| 1.38%, 09/15/30 *(a)* | 350000 | 308505 |
| 5.00%, 03/15/34 *(a)* | 330000 | 337854 |
| 4.90%, 08/15/35 *(a)* | 370000 | 371999 |
| 6.70%, 05/15/36  | 20000 | 22930 |
| 6.00%, 05/11/37  | 300000 | 326422 |
| 6.50%, 05/15/38  | 120000 | 136164 |
| 4.15%, 03/13/43  | 150000 | 129557 |
| 4.35%, 11/03/45 *(a)* | 400000 | 348909 |
| 2.85%, 12/15/51 *(a)* | 265000 | 169069 |
| 3.05%, 12/15/61 *(a)* | 360000 | 221371 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.92%, 05/15/28  | 165000 | 175881 |
| 6.13%, 11/01/34  | 60000 | 64652 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 3.45%, 08/15/27 *(a)* | 220000 | 217926 |
| 3.90%, 05/01/29 *(a)* | 180000 | 178281 |
| 2.05%, 08/15/30 *(a)* | 160000 | 144041 |
| 5.50%, 06/15/33 *(a)* | 215000 | 223171 |
| 5.20%, 08/15/35 *(a)* | 150000 | 150825 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 5.25%, 05/30/29 *(a)* | 230000 | 233629 |
| 6.45%, 06/15/34 *(a)* | 150000 | 158800 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.65%, 04/05/27 *(a)* | 400000 | 397790 |
| 3.85%, 04/05/29 *(a)* | 400000 | 394193 |
| 3.90%, 04/05/32 *(a)* | 520000 | 493910 |
| 5.75%, 01/15/34 *(a)* | 220000 | 230186 |
| 4.35%, 04/05/42 *(a)* | 150000 | 128216 |
| 4.40%, 04/05/52 *(a)* | 350000 | 283940 |
| 6.88%, 12/15/52 *(a)(b)* | 300000 | 307417 |
| 6.38%, 09/15/54 *(a)(b)* | 340000 | 343047 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 3.65%, 12/01/27 *(a)* | 545000 | 542641 |
| 4.10%, 03/01/28 *(a)* | 350000 | 350677 |
| 4.00%, 09/15/28 *(a)* | 220000 | 219734 |
| 5.15%, 06/15/29 *(a)* | 175000 | 180499 |
| 2.88%, 09/15/29 *(a)* | 210000 | 200172 |
| 4.75%, 02/15/30 *(a)* | 225000 | 229534 |
| 2.25%, 05/15/30 *(a)* | 350000 | 321463 |
| 2.55%, 03/15/31 *(a)* | 355000 | 324263 |
| 4.95%, 11/01/31 *(a)* | 200000 | 204468 |
| 4.10%, 05/15/32 *(a)* | 100000 | 97368 |
| 4.60%, 09/15/32 *(a)* | 220000 | 219739 |
| 5.50%, 10/15/32 *(a)* | 200000 | 210671 |
| 4.75%, 02/15/33 *(a)* | 330000 | 331462 |
| 5.38%, 06/15/34 *(a)* | 300000 | 310207 |
| 5.95%, 12/15/34  | 280000 | 299178 |
| 5.20%, 02/15/35 *(a)* | 300000 | 306575 |
| 5.00%, 01/15/36 *(a)* | 290000 | 288440 |
| 5.85%, 01/15/36  | 100000 | 106227 |

---

*See financial notes*

**38**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.38%, 06/15/37  | 65000 | 70792 |
| 4.63%, 05/15/42  | 255000 | 229440 |
| 4.65%, 01/15/43  | 300000 | 269005 |
| 5.10%, 01/15/44  | 240000 | 226319 |
| 4.65%, 08/15/44 *(a)* | 265000 | 233727 |
| 4.38%, 12/01/47 *(a)* | 410000 | 340519 |
| 4.55%, 03/01/48 *(a)* | 250000 | 212749 |
| 3.70%, 09/15/49 *(a)* | 285000 | 210117 |
| 3.13%, 05/15/50 *(a)* | 300000 | 196592 |
| 3.60%, 03/15/51 *(a)* | 365000 | 260503 |
| 4.55%, 05/15/52 *(a)* | 260000 | 215338 |
| 6.10%, 10/15/52 *(a)* | 215000 | 221720 |
| 5.13%, 02/15/53 *(a)* | 310000 | 280044 |
| 5.65%, 06/15/54 *(a)* | 320000 | 311302 |
| 5.70%, 02/15/55 *(a)* | 400000 | 390593 |
| 5.70%, 09/15/55 *(a)* | 150000 | 147239 |
| 5.85%, 11/01/64 *(a)* | 240000 | 235812 |
| **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
| 6.25%, 05/28/29 *(a)* | 255000 | 267032 |
| **Enstar Finance LLC** | **Enstar Finance LLC** | **Enstar Finance LLC** |
| 5.50%, 01/15/42 *(a)(b)* | 200000 | 197788 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 4.95%, 06/01/29 *(a)* | 150000 | 151346 |
| 3.10%, 09/01/31 *(a)* | 185000 | 166263 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 4.35%, 04/20/28 *(a)* | 300000 | 301294 |
| 5.59%, 01/11/33 *(a)* | 150000 | 156623 |
| 5.00%, 04/20/48 *(a)* | 450000 | 404106 |
| 6.70%, 03/28/55 *(a)(b)* | 100000 | 104412 |
| **Essent Group Ltd.** | **Essent Group Ltd.** | **Essent Group Ltd.** |
| 6.25%, 07/01/29 *(a)* | 150000 | 156749 |
| **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** |
| 4.87%, 06/01/44  | 160000 | 141778 |
| 3.50%, 10/15/50 *(a)* | 290000 | 202218 |
| 3.13%, 10/15/52 *(a)* | 345000 | 219115 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 7.40%, 01/13/28 *(a)* | 150000 | 157149 |
| 6.50%, 06/04/29 *(a)* | 150000 | 156309 |
| 6.25%, 10/04/34 *(a)* | 205000 | 208841 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 4.85%, 04/17/28 *(a)* | 265000 | 268832 |
| 4.63%, 04/29/30 *(a)* | 300000 | 301225 |
| 5.63%, 08/16/32 *(a)* | 225000 | 234910 |
| 6.00%, 12/07/33 *(a)* | 200000 | 212356 |
| 5.75%, 05/20/35 *(a)* | 160000 | 166660 |
| 6.35%, 03/22/54 *(a)* | 250000 | 258915 |
| 6.10%, 03/15/55 *(a)* | 255000 | 256077 |
| 6.50%, 05/20/55 *(a)* | 230000 | 243511 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 3.40%, 06/15/30 *(a)* | 200000 | 191061 |
| 2.45%, 03/15/31 *(a)* | 200000 | 178690 |
| 3.20%, 09/17/51 *(a)* | 245000 | 155664 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 150000 | 145176 |
| 2.40%, 08/15/31 *(a)* | 200000 | 174723 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.55%, 09/15/28 *(a)* | 165000 | 166647 |
| 2.15%, 08/15/30 *(a)* | 150000 | 135814 |
| 4.80%, 06/15/32 *(a)* | 150000 | 151257 |
| 5.85%, 09/15/34 *(a)* | 145000 | 152434 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| 2.50%, 09/01/30 *(a)* | 115000 | 104635 |
| 5.50%, 09/01/35 *(a)* | 150000 | 152442 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** |
| 2.80%, 08/19/29 *(a)* | 165000 | 157886 |
| 5.95%, 10/15/36  | 170000 | 183490 |
| 6.10%, 10/01/41  | 150000 | 160390 |
| 4.40%, 03/15/48 *(a)* | 150000 | 127494 |
| 3.60%, 08/19/49 *(a)* | 390000 | 288958 |
| 2.90%, 09/15/51 *(a)* | 125000 | 79924 |
| **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** |
| 7.25%, 09/15/28 *(a)* | 140000 | 150164 |
| 4.70%, 10/01/30 *(a)* | 90000 | 89378 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 1.35%, 02/03/27 *(a)* | 270000 | 262128 |
| 3.95%, 03/15/27 *(a)* | 150000 | 149690 |
| 5.75%, 03/01/28 *(a)* | 100000 | 103125 |
| 5.75%, 12/01/28 *(a)* | 130000 | 135272 |
| 3.70%, 03/23/29 *(a)* | 275000 | 269996 |
| 3.13%, 08/15/29 *(a)* | 145000 | 139119 |
| 4.88%, 04/01/30 *(a)* | 165000 | 167374 |
| 5.38%, 04/15/31 *(a)* | 550000 | 568656 |
| 2.15%, 02/03/32 *(a)(c)* | 305000 | 264582 |
| 5.88%, 03/01/33 *(a)* | 250000 | 262847 |
| 5.95%, 03/15/34 *(a)* | 250000 | 262657 |
| 5.55%, 05/01/35 *(a)* | 220000 | 224759 |
| 4.63%, 12/01/42 *(a)* | 125000 | 107737 |
| 4.95%, 10/01/44 *(a)* | 250000 | 220982 |
| 4.80%, 03/15/47 *(a)* | 150000 | 127451 |
| 3.95%, 08/15/49 *(a)* | 150000 | 111125 |
| 5.50%, 03/15/53 *(a)* | 225000 | 204849 |
| 5.75%, 04/15/54 *(a)* | 300000 | 282863 |
| 6.00%, 05/01/55 *(a)* | 100000 | 97364 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 5.17%, 06/08/27 *(a)* | 145000 | 146867 |
| 3.13%, 11/23/31 *(a)* | 150000 | 136474 |
| 5.67%, 06/08/32 *(a)* | 95000 | 98779 |
| 4.00%, 11/23/51 *(a)* | 90000 | 62889 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| 2.40%, 09/30/30 *(a)* | 295000 | 264344 |
| 3.80%, 02/23/32 *(a)(c)* | 100000 | 92569 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.80%, 03/01/28 *(a)* | 250000 | 248763 |
| 3.05%, 01/15/30 *(a)* | 195000 | 185960 |
| 3.40%, 01/15/31 *(a)* | 150000 | 142687 |
| 5.85%, 03/15/34 *(a)* | 100000 | 105040 |
| 5.35%, 11/15/35 *(a)* | 150000 | 151430 |
| 6.30%, 10/09/37  | 150000 | 161385 |
| 7.00%, 06/15/40  | 150000 | 169046 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 3.20%, 05/15/30 *(a)* | 165000 | 158062 |
| 6.00%, 02/01/35  | 110000 | 118655 |
| 4.13%, 05/15/43 *(a)* | 150000 | 127983 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 2.48%, 05/19/27 *(a)* | 130000 | 127531 |
| 4.06%, 02/24/32 *(a)(b)* | 300000 | 299070 |
| 3.70%, 03/16/32 *(a)* | 205000 | 196670 |
| 4.99%, 12/11/35 *(a)* | 310000 | 309905 |
| 5.38%, 03/04/46  | 185000 | 182601 |
| **Markel Group, Inc.** | **Markel Group, Inc.** | **Markel Group, Inc.** |
| 3.50%, 11/01/27 *(a)* | 165000 | 163744 |
| 3.35%, 09/17/29 *(a)* | 110000 | 106461 |
| 5.00%, 04/05/46  | 100000 | 90144 |
| 4.30%, 11/01/47 *(a)* | 100000 | 80567 |
| 5.00%, 05/20/49 *(a)* | 260000 | 230034 |
| 4.15%, 09/17/50 *(a)* | 200000 | 154769 |
| 3.45%, 05/07/52 *(a)* | 240000 | 162743 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**39**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.55%, 11/08/27 *(a)* | 300000 | 303791 |
| 4.38%, 03/15/29 *(a)* | 510000 | 515498 |
| 4.65%, 03/15/30 *(a)* | 300000 | 306091 |
| 2.25%, 11/15/30 *(a)* | 290000 | 265011 |
| 4.85%, 11/15/31 *(a)* | 300000 | 307731 |
| 5.75%, 11/01/32 *(a)* | 150000 | 160822 |
| 5.40%, 09/15/33 *(a)* | 200000 | 210249 |
| 5.00%, 03/15/35 *(a)* | 600000 | 608260 |
| 4.75%, 03/15/39 *(a)* | 205000 | 197872 |
| 5.35%, 11/15/44 *(a)* | 75000 | 73438 |
| 4.35%, 01/30/47 *(a)* | 200000 | 169914 |
| 4.20%, 03/01/48 *(a)* | 180000 | 148429 |
| 4.90%, 03/15/49 *(a)* | 375000 | 339652 |
| 2.90%, 12/15/51 *(a)* | 195000 | 123439 |
| 5.45%, 03/15/53 *(a)* | 155000 | 150645 |
| 5.70%, 09/15/53 *(a)* | 300000 | 301888 |
| 5.45%, 03/15/54 *(a)* | 175000 | 169734 |
| 5.40%, 03/15/55 *(a)* | 500000 | 481544 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| 4.40%, 03/15/27 *(a)* | 150000 | 149873 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 4.55%, 03/23/30 *(a)* | 375000 | 383078 |
| 6.50%, 12/15/32  | 270000 | 303262 |
| 5.38%, 07/15/33 *(a)* | 150000 | 158254 |
| 6.38%, 06/15/34  | 250000 | 279889 |
| 5.30%, 12/15/34 *(a)* | 50000 | 52063 |
| 5.70%, 06/15/35  | 390000 | 417172 |
| 5.88%, 02/06/41  | 235000 | 247161 |
| 4.13%, 08/13/42  | 290000 | 247400 |
| 4.88%, 11/13/43  | 225000 | 209942 |
| 4.72%, 12/15/44  | 260000 | 235193 |
| 4.05%, 03/01/45  | 260000 | 215312 |
| 4.60%, 05/13/46 *(a)* | 335000 | 299691 |
| 5.00%, 07/15/52 *(a)* | 305000 | 279100 |
| 5.25%, 01/15/54 *(a)* | 235000 | 223705 |
| 6.35%, 03/15/55 *(a)(b)* | 250000 | 263585 |
| 6.40%, 12/15/66 *(a)* | 420000 | 440692 |
| 10.75%, 08/01/69 *(a)(b)* | 225000 | 299860 |
| **MGIC Investment Corp.** | **MGIC Investment Corp.** | **MGIC Investment Corp.** |
| 5.25%, 08/15/28 *(a)* | 430000 | 430297 |
| **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** |
| 6.75%, 05/15/87 *(b)* | 160000 | 159367 |
| **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
| 6.00%, 08/15/29 *(a)* | 50000 | 51901 |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| 5.75%, 03/28/34 *(a)* | 160000 | 166553 |
| 3.85%, 06/11/51 *(a)* | 190000 | 137756 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 3.70%, 07/02/29 *(a)* | 200000 | 195285 |
| 4.50%, 10/01/50 *(a)(b)* | 150000 | 141269 |
| **Primerica, Inc.** | **Primerica, Inc.** | **Primerica, Inc.** |
| 2.80%, 11/19/31 *(a)* | 200000 | 181769 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 3.70%, 05/15/29 *(a)* | 170000 | 167309 |
| 2.13%, 06/15/30 *(a)* | 260000 | 236955 |
| 4.63%, 09/15/42  | 135000 | 121420 |
| 4.35%, 05/15/43  | 195000 | 167801 |
| 4.30%, 11/15/46 *(a)* | 175000 | 147381 |
| 5.50%, 03/15/53 *(a)* | 50000 | 48854 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 4.00%, 03/01/29 *(a)* | 205000 | 205576 |
| 6.63%, 03/01/29  | 185000 | 199428 |
| 3.20%, 03/26/30 *(a)* | 255000 | 246742 |
| 3.00%, 03/15/32 *(a)* | 150000 | 138663 |
| 6.25%, 12/01/32  | 210000 | 232419 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 06/15/33 *(a)* | 50000 | 51347 |
| 4.35%, 04/25/44  | 200000 | 174033 |
| 3.70%, 01/26/45  | 150000 | 118014 |
| 4.13%, 04/15/47 *(a)* | 350000 | 289809 |
| 4.20%, 03/15/48 *(a)* | 270000 | 224280 |
| 3.95%, 03/26/50 *(a)* | 150000 | 117921 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 3.88%, 03/27/28 *(a)* | 292000 | 292214 |
| 2.10%, 03/10/30 *(a)* | 150000 | 139340 |
| 5.75%, 07/15/33  | 220000 | 237290 |
| 5.20%, 03/14/35 *(a)* | 45000 | 46195 |
| 5.70%, 12/14/36  | 110000 | 116662 |
| 6.63%, 12/01/37  | 150000 | 170907 |
| 3.00%, 03/10/40 *(a)* | 255000 | 198637 |
| 4.60%, 05/15/44  | 200000 | 178780 |
| 4.50%, 09/15/47 *(a)(b)* | 345000 | 341751 |
| 3.91%, 12/07/47 *(a)* | 260000 | 204978 |
| 4.42%, 03/27/48 *(a)* | 200000 | 168356 |
| 5.70%, 09/15/48 *(a)(b)* | 415000 | 419679 |
| 3.94%, 12/07/49 *(a)* | 355000 | 275467 |
| 4.35%, 02/25/50 *(a)* | 250000 | 207843 |
| 3.70%, 10/01/50 *(a)(b)* | 305000 | 284110 |
| 3.70%, 03/13/51 *(a)* | 455000 | 339727 |
| 5.13%, 03/01/52 *(a)(b)* | 350000 | 347061 |
| 6.00%, 09/01/52 *(a)(b)* | 300000 | 309872 |
| 6.75%, 03/01/53 *(a)(b)* | 170000 | 181747 |
| 6.50%, 03/15/54 *(a)(b)* | 210000 | 221800 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.13%, 04/14/30  | 300000 | 287396 |
| 3.63%, 03/24/32 *(a)* | 110000 | 104394 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| 4.88%, 03/15/27 *(a)* | 145000 | 145556 |
| 6.20%, 05/15/29 *(a)* | 230000 | 241118 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 3.90%, 05/15/29 *(a)* | 200000 | 197753 |
| 3.15%, 06/15/30 *(a)* | 295000 | 279457 |
| 6.00%, 09/15/33 *(a)* | 150000 | 160028 |
| 5.75%, 09/15/34 *(a)* | 200000 | 208563 |
| 6.65%, 09/15/55 *(a)(b)* | 205000 | 211813 |
| **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** |
| 3.45%, 07/01/27 *(a)* | 205000 | 203283 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 3.60%, 04/15/29 *(a)* | 260000 | 254774 |
| 5.80%, 04/01/35 *(a)* | 115000 | 120281 |
| **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** |
| 5.90%, 04/15/35 *(a)* | 10000 | 10496 |
| 5.38%, 03/01/49 *(a)* | 100000 | 92339 |
| **SiriusPoint Ltd.** | **SiriusPoint Ltd.** | **SiriusPoint Ltd.** |
| 7.00%, 04/05/29 *(a)* | 165000 | 175042 |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| 3.60%, 11/15/31 *(a)* | 190000 | 168389 |
| **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** |
| 8.00%, 11/30/39  | 121000 | 151487 |
| **Travelers Cos., Inc.** | **Travelers Cos., Inc.** | **Travelers Cos., Inc.** |
| 5.05%, 07/24/35 *(a)* | 100000 | 101756 |
| 6.75%, 06/20/36  | 50000 | 57541 |
| 6.25%, 06/15/37  | 285000 | 317254 |
| 5.35%, 11/01/40  | 250000 | 254008 |
| 4.60%, 08/01/43  | 240000 | 215945 |
| 4.30%, 08/25/45 *(a)* | 115000 | 98190 |
| 3.75%, 05/15/46 *(a)* | 225000 | 177396 |
| 4.00%, 05/30/47 *(a)* | 190000 | 154283 |
| 4.05%, 03/07/48 *(a)* | 200000 | 162214 |
| 4.10%, 03/04/49 *(a)* | 200000 | 162635 |
| 2.55%, 04/27/50 *(a)* | 225000 | 136530 |

---

*See financial notes*

**40**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.05%, 06/08/51 *(a)* | 275000 | 182532 |
| 5.45%, 05/25/53 *(a)* | 225000 | 222081 |
| 5.70%, 07/24/55 *(a)* | 100000 | 102306 |
| **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** |
| 6.38%, 03/15/33  | 185000 | 208297 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 3.45%, 01/15/27  | 250000 | 249009 |
| 3.38%, 04/15/27  | 230000 | 228750 |
| 4.60%, 04/15/27 *(a)* | 200000 | 201768 |
| 3.70%, 05/15/27 *(a)* | 125000 | 124823 |
| 2.95%, 10/15/27  | 365000 | 359946 |
| 5.25%, 02/15/28 *(a)* | 325000 | 334087 |
| 3.85%, 06/15/28  | 350000 | 349546 |
| 4.40%, 06/15/28 *(a)* | 200000 | 202281 |
| 3.88%, 12/15/28  | 250000 | 249874 |
| 4.25%, 01/15/29 *(a)* | 315000 | 317201 |
| 4.70%, 04/15/29 *(a)* | 130000 | 132601 |
| 4.00%, 05/15/29 *(a)* | 300000 | 299762 |
| 2.88%, 08/15/29  | 340000 | 326597 |
| 4.80%, 01/15/30 *(a)* | 400000 | 409793 |
| 5.30%, 02/15/30 *(a)* | 400000 | 417203 |
| 2.00%, 05/15/30  | 400000 | 364987 |
| 4.65%, 01/15/31 *(a)* | 235000 | 239954 |
| 4.90%, 04/15/31 *(a)* | 300000 | 308126 |
| 2.30%, 05/15/31 *(a)* | 425000 | 383512 |
| 4.95%, 01/15/32 *(a)* | 400000 | 410487 |
| 4.20%, 05/15/32 *(a)* | 455000 | 449468 |
| 5.35%, 02/15/33 *(a)* | 580000 | 604683 |
| 4.50%, 04/15/33 *(a)* | 530000 | 526250 |
| 5.00%, 04/15/34 *(a)* | 395000 | 401670 |
| 5.15%, 07/15/34 *(a)* | 580000 | 594772 |
| 5.30%, 06/15/35 *(a)* | 290000 | 300440 |
| 4.63%, 07/15/35  | 310000 | 306013 |
| 5.80%, 03/15/36  | 275000 | 293677 |
| 6.50%, 06/15/37  | 175000 | 196115 |
| 6.63%, 11/15/37  | 250000 | 281899 |
| 6.88%, 02/15/38  | 300000 | 347259 |
| 3.50%, 08/15/39 *(a)* | 405000 | 337880 |
| 2.75%, 05/15/40 *(a)* | 300000 | 224585 |
| 5.70%, 10/15/40 *(a)* | 85000 | 88236 |
| 5.95%, 02/15/41 *(a)* | 125000 | 131654 |
| 3.05%, 05/15/41 *(a)* | 445000 | 337455 |
| 4.63%, 11/15/41 *(a)* | 173000 | 158654 |
| 4.38%, 03/15/42 *(a)* | 175000 | 154022 |
| 3.95%, 10/15/42 *(a)* | 185000 | 153371 |
| 4.25%, 03/15/43 *(a)* | 250000 | 214907 |
| 5.50%, 07/15/44 *(a)* | 450000 | 446629 |
| 4.75%, 07/15/45  | 585000 | 526476 |
| 4.20%, 01/15/47 *(a)* | 220000 | 180557 |
| 4.25%, 04/15/47 *(a)* | 235000 | 193892 |
| 3.75%, 10/15/47 *(a)* | 300000 | 229256 |
| 4.25%, 06/15/48 *(a)* | 400000 | 327461 |
| 4.45%, 12/15/48 *(a)* | 350000 | 294360 |
| 3.70%, 08/15/49 *(a)* | 365000 | 271129 |
| 2.90%, 05/15/50 *(a)* | 395000 | 252651 |
| 3.25%, 05/15/51 *(a)* | 585000 | 395827 |
| 4.75%, 05/15/52 *(a)* | 585000 | 505961 |
| 5.88%, 02/15/53 *(a)* | 600000 | 605986 |
| 5.05%, 04/15/53 *(a)* | 585000 | 528761 |
| 5.38%, 04/15/54 *(a)* | 530000 | 500690 |
| 5.63%, 07/15/54 *(a)* | 815000 | 799966 |
| 5.95%, 06/15/55 *(a)* | 245000 | 251939 |
| 3.88%, 08/15/59 *(a)* | 390000 | 280286 |
| 3.13%, 05/15/60 *(a)* | 420000 | 254505 |
| 4.95%, 05/15/62 *(a)* | 300000 | 259935 |
| 6.05%, 02/15/63 *(a)* | 450000 | 460396 |
| 5.20%, 04/15/63 *(a)* | 555000 | 497448 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 04/15/64 *(a)* | 345000 | 324314 |
| 5.75%, 07/15/64 *(a)* | 565000 | 551792 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| 4.00%, 06/15/29 *(a)* | 170000 | 168421 |
| 5.25%, 12/15/35 *(a)* | 90000 | 89401 |
| 5.75%, 08/15/42  | 150000 | 149125 |
| 4.50%, 12/15/49 *(a)* | 150000 | 121007 |
| 4.13%, 06/15/51 *(a)* | 185000 | 140282 |
| 6.00%, 06/15/54 *(a)* | 100000 | 98953 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 5.70%, 07/15/43  | 175000 | 174352 |
| 4.80%, 06/15/46  | 100000 | 88814 |
| 4.70%, 01/23/48 *(a)(b)* | 195000 | 184772 |
| **W.R. Berkley Corp.** | **W.R. Berkley Corp.** | **W.R. Berkley Corp.** |
| 4.75%, 08/01/44  | 100000 | 89723 |
| 4.00%, 05/12/50 *(a)* | 150000 | 115056 |
| 3.55%, 03/30/52 *(a)* | 150000 | 105295 |
| 3.15%, 09/30/61 *(a)* | 125000 | 74710 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.65%, 06/15/27 *(a)* | 225000 | 226776 |
| 4.50%, 09/15/28 *(a)* | 150000 | 151142 |
| 2.95%, 09/15/29 *(a)* | 260000 | 247609 |
| 4.55%, 03/15/31 *(a)* | 220000 | 220470 |
| 5.35%, 05/15/33 *(a)* | 250000 | 258033 |
| 5.15%, 03/15/36 *(a)* | 90000 | 90086 |
| 5.05%, 09/15/48 *(a)* | 160000 | 143711 |
| 3.88%, 09/15/49 *(a)* | 255000 | 189603 |
| 5.90%, 03/05/54 *(a)* | 180000 | 179878 |
| **XL Group Ltd.** | **XL Group Ltd.** | **XL Group Ltd.** |
| 5.25%, 12/15/43  | 235000 | 223189 |
|  |  | **109380339** |
| ***REITs 0.6%***  | ***REITs 0.6%***  | ***REITs 0.6%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.90%, 10/01/30 *(a)* | 280000 | 262330 |
| 2.60%, 06/15/33 *(a)* | 75000 | 64804 |
| 5.63%, 06/15/34 *(a)* | 150000 | 157035 |
| 5.60%, 06/15/35 *(a)* | 100000 | 104844 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.95%, 01/15/28 *(a)* | 150000 | 149287 |
| 4.50%, 07/30/29 *(a)* | 160000 | 160197 |
| 2.75%, 12/15/29 *(a)* | 200000 | 187817 |
| 4.70%, 07/01/30 *(a)* | 120000 | 120687 |
| 4.90%, 12/15/30 *(a)* | 250000 | 253485 |
| 3.38%, 08/15/31 *(a)* | 230000 | 215070 |
| 2.00%, 05/18/32 *(a)* | 240000 | 203103 |
| 1.88%, 02/01/33 *(a)* | 350000 | 286767 |
| 2.95%, 03/15/34 *(a)* | 300000 | 257188 |
| 4.75%, 04/15/35 *(a)* | 150000 | 144635 |
| 5.50%, 10/01/35 *(a)* | 160000 | 162703 |
| 5.25%, 05/15/36 *(a)* | 125000 | 123730 |
| 4.85%, 04/15/49 *(a)* | 170000 | 144173 |
| 4.00%, 02/01/50 *(a)* | 240000 | 179353 |
| 3.00%, 05/18/51 *(a)* | 240000 | 146880 |
| 3.55%, 03/15/52 *(a)* | 300000 | 204066 |
| 5.15%, 04/15/53 *(a)* | 250000 | 218457 |
| 5.63%, 05/15/54 *(a)* | 180000 | 168720 |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| 3.38%, 02/01/31 *(a)* | 20000 | 18244 |
| 6.15%, 10/01/34 *(a)* | 150000 | 152398 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 4.25%, 02/15/28 *(a)* | 225000 | 225596 |
| 4.90%, 02/15/29 *(a)* | 135000 | 137266 |
| 2.38%, 07/15/31 *(a)* | 390000 | 348849 |
| 3.63%, 04/15/32 *(a)* | 150000 | 141910 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**41**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 02/01/34 *(a)* | 150000 | 155184 |
| 3.38%, 07/15/51 *(a)* | 215000 | 145531 |
| 4.30%, 04/15/52 *(a)* | 125000 | 99347 |
| **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** |
| 5.41%, 09/12/34 *(a)* | 265000 | 259046 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 3.35%, 05/15/27 *(a)* | 200000 | 198543 |
| 3.20%, 01/15/28 *(a)* | 150000 | 147930 |
| 3.30%, 06/01/29 *(a)* | 230000 | 224115 |
| 2.30%, 03/01/30 *(a)* | 250000 | 231835 |
| 4.35%, 12/01/30 *(a)* | 120000 | 120306 |
| 2.45%, 01/15/31 *(a)* | 200000 | 183069 |
| 2.05%, 01/15/32 *(a)* | 210000 | 184424 |
| 5.30%, 12/07/33 *(a)* | 185000 | 193070 |
| 5.35%, 06/01/34 *(a)* | 100000 | 104039 |
| 5.00%, 08/01/35 *(a)* | 120000 | 121464 |
| 3.90%, 10/15/46 *(a)* | 180000 | 144096 |
| 4.35%, 04/15/48 *(a)* | 205000 | 174394 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 6.75%, 12/01/27 *(a)* | 150000 | 157052 |
| 4.50%, 12/01/28 *(a)* | 300000 | 302031 |
| 3.40%, 06/21/29 *(a)* | 350000 | 338876 |
| 2.90%, 03/15/30 *(a)* | 265000 | 248417 |
| 3.25%, 01/30/31 *(a)* | 383000 | 359216 |
| 2.55%, 04/01/32 *(a)* | 350000 | 305696 |
| 2.45%, 10/01/33 *(a)* | 240000 | 198861 |
| 6.50%, 01/15/34 *(a)* | 100000 | 107821 |
| 5.75%, 01/15/35 *(a)* | 250000 | 257272 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 3.90%, 03/15/27 *(a)* | 150000 | 149695 |
| 4.13%, 05/15/29 *(a)* | 280000 | 278858 |
| 4.05%, 07/01/30 *(a)* | 225000 | 221943 |
| 2.50%, 08/16/31 *(a)* | 225000 | 202390 |
| 5.20%, 04/01/32 *(a)* | 125000 | 128075 |
| 4.85%, 02/15/33 *(a)* | 120000 | 120340 |
| 5.50%, 02/15/34 *(a)* | 170000 | 175550 |
| 5.75%, 02/15/35 *(a)* | 100000 | 105144 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| 2.60%, 09/15/31 *(a)* | 125000 | 110704 |
| 5.00%, 11/01/32 *(a)* | 100000 | 100297 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 4.10%, 10/15/28 *(a)* | 265000 | 266238 |
| 3.15%, 07/01/29 *(a)* | 116000 | 112041 |
| 2.80%, 05/15/30 *(a)* | 250000 | 236104 |
| 4.90%, 01/15/34 *(a)* | 100000 | 101371 |
| 3.35%, 11/01/49 *(a)* | 130000 | 91696 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.00%, 01/15/29 *(a)* | 150000 | 140100 |
| 4.50%, 10/15/30 *(a)* | 120000 | 119509 |
| 2.75%, 04/15/31 *(a)* | 150000 | 136922 |
| 2.90%, 12/01/33 *(a)* | 100000 | 85454 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.25%, 07/15/30 *(a)* | 165000 | 169518 |
| 5.88%, 10/01/34 *(a)* | 150000 | 156885 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 2.25%, 12/15/28 *(a)* | 25000 | 23754 |
| 4.38%, 02/15/29 *(a)* | 118000 | 118362 |
| 3.00%, 02/15/30 *(a)* | 175000 | 165954 |
| 2.00%, 02/15/31 *(a)(c)* | 275000 | 243312 |
| 5.13%, 11/01/35 *(a)* | 130000 | 130269 |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| 3.70%, 08/15/27 *(a)* | 370000 | 368194 |
| 5.55%, 01/15/28 *(a)* | 300000 | 308381 |
| 4.45%, 07/15/28 *(a)* | 50000 | 50358 |
| 3.60%, 07/01/29 *(a)* | 375000 | 367625 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 4.30%, 03/15/27 *(a)* | 200000 | 200388 |
| 3.95%, 01/15/28 *(a)* | 105000 | 104452 |
| 2.63%, 11/01/31 *(a)* | 255000 | 229401 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 4.50%, 06/01/27 *(a)* | 225000 | 225393 |
| 4.95%, 04/15/28 *(a)* | 175000 | 176452 |
| 3.75%, 08/15/29 *(a)* | 210000 | 203665 |
| 4.75%, 11/15/30 *(a)* | 170000 | 168789 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 3.25%, 08/01/27 *(a)* | 275000 | 272459 |
| 3.50%, 03/01/28 *(a)* | 200000 | 198163 |
| 4.15%, 12/01/28 *(a)* | 80000 | 80443 |
| 3.00%, 07/01/29 *(a)* | 250000 | 241086 |
| 2.50%, 02/15/30 *(a)* | 155000 | 145501 |
| 4.95%, 06/15/32 *(a)* | 150000 | 153414 |
| 4.65%, 09/15/34 *(a)* | 150000 | 148632 |
| 4.50%, 07/01/44 *(a)* | 225000 | 200566 |
| 4.50%, 06/01/45 *(a)* | 210000 | 183950 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| 2.95%, 07/15/31 *(a)* | 215000 | 196430 |
| 5.40%, 12/01/35 *(a)* | 120000 | 120476 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 3.63%, 05/01/27 *(a)* | 180000 | 179295 |
| 1.70%, 03/01/28 *(a)* | 100000 | 94975 |
| 4.00%, 03/01/29 *(a)* | 270000 | 268068 |
| 3.00%, 01/15/30 *(a)* | 150000 | 142491 |
| 1.65%, 01/15/31 *(a)* | 150000 | 130980 |
| 2.65%, 03/15/32 *(a)* | 250000 | 223114 |
| 5.50%, 04/01/34 *(a)* | 75000 | 77751 |
| 5.38%, 04/01/35 *(a)* | 75000 | 77284 |
| 4.88%, 02/15/36 *(a)* | 110000 | 108026 |
| 4.50%, 03/15/48 *(a)* | 114000 | 96942 |
| 2.65%, 09/01/50 *(a)* | 100000 | 60273 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 3.88%, 12/15/27 *(a)* | 200000 | 199534 |
| 5.70%, 04/01/28 *(a)* | 250000 | 258428 |
| 3.90%, 04/01/29 *(a)* | 200000 | 197660 |
| 4.00%, 06/15/29 *(a)* | 150000 | 148638 |
| 5.50%, 07/01/30 *(a)* | 200000 | 208285 |
| 2.20%, 10/15/30 *(a)* | 325000 | 294246 |
| 2.55%, 06/01/31 *(a)* | 150000 | 135682 |
| 2.35%, 03/15/32 *(a)* | 200000 | 175144 |
| 4.95%, 01/15/33 *(a)* | 240000 | 242726 |
| 5.40%, 02/01/34 *(a)* | 230000 | 236394 |
| 5.40%, 06/15/35 *(a)* | 150000 | 153938 |
| **Federal Realty OP LP** | **Federal Realty OP LP** | **Federal Realty OP LP** |
| 3.25%, 07/15/27 *(a)* | 200000 | 197718 |
| 5.38%, 05/01/28 *(a)* | 145000 | 148679 |
| 3.20%, 06/15/29 *(a)* | 215000 | 207623 |
| 4.50%, 12/01/44 *(a)* | 200000 | 174963 |
| **First Industrial LP** | **First Industrial LP** | **First Industrial LP** |
| 5.25%, 01/15/31 *(a)* | 150000 | 153260 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 3.75%, 07/01/27 *(a)* | 225000 | 223618 |
| 3.10%, 02/15/30 *(a)* | 405000 | 384549 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 1.35%, 02/01/27 *(a)* | 175000 | 169986 |
| 3.50%, 07/15/29 *(a)* | 260000 | 252916 |
| 3.00%, 01/15/30 *(a)* | 300000 | 284433 |
| 5.25%, 12/15/32 *(a)* | 200000 | 205148 |
| 4.75%, 01/15/33 *(a)* | 150000 | 149289 |
| 5.38%, 02/15/35 *(a)* | 25000 | 25555 |
| 6.75%, 02/01/41 *(a)* | 295000 | 324323 |

---

*See financial notes*

**42**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 3.88%, 03/01/27 *(a)* | 25000 | 24847 |
| 4.13%, 03/15/28 *(a)* | 220000 | 218045 |
| 4.20%, 04/15/29 *(a)* | 200000 | 196890 |
| 3.05%, 02/15/30 *(a)* | 35000 | 32582 |
| 2.60%, 02/01/31 *(a)* | 160000 | 143507 |
| 5.35%, 01/15/33 *(a)* | 110000 | 110096 |
| 7.65%, 02/01/34 *(a)* | 105000 | 119956 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 4.25%, 12/15/28 *(a)* | 120000 | 120136 |
| 3.38%, 12/15/29 *(a)* | 200000 | 191898 |
| 3.50%, 09/15/30 *(a)* | 320000 | 305323 |
| 5.70%, 06/15/32 *(a)* | 150000 | 156667 |
| 5.70%, 07/01/34 *(a)* | 150000 | 155119 |
| 5.50%, 04/15/35 *(a)* | 200000 | 202644 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.30%, 11/15/28 *(a)* | 150000 | 142656 |
| 5.45%, 08/15/30 *(a)* | 150000 | 156043 |
| 2.00%, 08/15/31 *(a)* | 225000 | 196775 |
| 4.15%, 04/15/32 *(a)* | 200000 | 194288 |
| 4.95%, 01/15/33 *(a)* | 180000 | 182747 |
| 5.50%, 08/15/33 *(a)* | 30000 | 31110 |
| 2.70%, 01/15/34 *(a)* | 250000 | 213978 |
| 4.88%, 02/01/35 *(a)* | 100000 | 98825 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 4.75%, 12/15/28 *(a)* | 115000 | 115613 |
| 4.25%, 08/15/29 *(a)* | 100000 | 98079 |
| 3.05%, 02/15/30 *(a)* | 150000 | 139453 |
| 2.50%, 11/15/32 *(a)* | 190000 | 158666 |
| 2.65%, 11/15/33 *(a)* | 100000 | 82145 |
| 5.88%, 10/15/35 *(a)* | 120000 | 120710 |
| 6.25%, 01/15/36 *(a)* | 150000 | 155323 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 1.90%, 03/01/28 *(a)* | 250000 | 240215 |
| 3.20%, 04/01/32 *(a)* | 150000 | 139346 |
| 4.60%, 02/01/33 *(a)* | 150000 | 149949 |
| 6.40%, 03/01/34 *(a)* | 185000 | 204247 |
| 4.85%, 03/01/35 *(a)* | 100000 | 99609 |
| 5.30%, 02/01/36 *(a)* | 140000 | 143514 |
| 4.25%, 04/01/45 *(a)(c)* | 150000 | 126358 |
| 4.13%, 12/01/46 *(a)* | 90000 | 74117 |
| 4.45%, 09/01/47 *(a)* | 200000 | 170832 |
| 3.70%, 10/01/49 *(a)* | 150000 | 111526 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| 4.95%, 12/15/31 *(a)* | 10000 | 10172 |
| 5.20%, 08/15/32 *(a)* | 90000 | 92171 |
| 5.50%, 03/01/34 *(a)* | 100000 | 103277 |
| **Kite Realty Group Trust** | **Kite Realty Group Trust** | **Kite Realty Group Trust** |
| 4.75%, 09/15/30 *(a)* | 150000 | 151768 |
| **Lineage OP LP** | **Lineage OP LP** | **Lineage OP LP** |
| 5.25%, 07/15/30 *(a)(e)* | 175000 | 176706 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 2.70%, 09/15/30 *(a)* | 260000 | 238499 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 3.60%, 06/01/27 *(a)* | 180000 | 179516 |
| 4.20%, 06/15/28 *(a)* | 225000 | 225966 |
| 3.95%, 03/15/29 *(a)* | 50000 | 49736 |
| 2.75%, 03/15/30 *(a)* | 100000 | 94595 |
| 1.70%, 02/15/31 *(a)* | 150000 | 131499 |
| 5.30%, 02/15/32 *(a)* | 80000 | 83462 |
| 4.65%, 01/15/33 *(a)* | 120000 | 119837 |
| 5.00%, 03/15/34 *(a)* | 80000 | 80941 |
| 4.95%, 03/01/35 *(a)* | 150000 | 151252 |
| 2.88%, 09/15/51 *(a)* | 150000 | 95388 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| 3.00%, 02/01/31 *(a)* | 200000 | 181641 |
| 5.35%, 02/01/33 *(a)* | 100000 | 99925 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 3.50%, 10/15/27 *(a)* | 135000 | 133872 |
| 4.30%, 10/15/28 *(a)* | 150000 | 150964 |
| 2.50%, 04/15/30 *(a)* | 100000 | 92868 |
| 5.60%, 10/15/33 *(a)* | 150000 | 156830 |
| 5.50%, 06/15/34 *(a)* | 200000 | 207234 |
| 4.80%, 10/15/48 *(a)* | 135000 | 118908 |
| 3.10%, 04/15/50 *(a)* | 70000 | 45385 |
| 3.50%, 04/15/51 *(a)* | 205000 | 144447 |
| 3.00%, 04/15/52 *(a)* | 135000 | 84533 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 4.50%, 04/01/27 *(a)* | 200000 | 200729 |
| 4.75%, 01/15/28 *(a)* | 143000 | 144227 |
| 3.63%, 10/01/29 *(a)* | 340000 | 329165 |
| 5.20%, 07/01/30 *(a)* | 170000 | 173054 |
| 3.38%, 02/01/31 *(a)* | 225000 | 210443 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| 2.63%, 11/15/31 *(a)* | 100000 | 89716 |
| 5.25%, 08/15/32 *(a)* | 100000 | 102296 |
| 4.95%, 01/15/35 *(a)* | 100000 | 98759 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 6.88%, 07/15/29 *(a)* | 125000 | 132980 |
| 3.15%, 08/15/30 *(a)* | 145000 | 133604 |
| 2.75%, 04/01/32 *(a)* | 55000 | 47384 |
| 5.63%, 01/15/33 *(a)* | 120000 | 121540 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 2.13%, 04/15/27 *(a)* | 50000 | 48956 |
| 4.88%, 06/15/28 *(a)* | 360000 | 368650 |
| 3.88%, 09/15/28 *(a)* | 130000 | 129707 |
| 4.38%, 02/01/29 *(a)* | 100000 | 101021 |
| 2.88%, 11/15/29 *(a)* | 275000 | 263016 |
| 2.25%, 04/15/30 *(a)* | 350000 | 324984 |
| 1.75%, 07/01/30 *(a)* | 100000 | 90024 |
| 1.25%, 10/15/30 *(a)* | 255000 | 223486 |
| 1.63%, 03/15/31 *(a)* | 195000 | 170624 |
| 2.25%, 01/15/32 *(a)* | 150000 | 132877 |
| 4.63%, 01/15/33 *(a)* | 245000 | 247353 |
| 4.75%, 06/15/33 *(a)* | 235000 | 237184 |
| 5.13%, 01/15/34 *(a)* | 200000 | 205543 |
| 5.00%, 03/15/34 *(a)* | 150000 | 152932 |
| 5.00%, 01/31/35 *(a)* | 220000 | 223232 |
| 5.25%, 05/15/35 *(a)* | 235000 | 242645 |
| 4.38%, 09/15/48 *(a)* | 145000 | 122223 |
| 3.05%, 03/01/50 *(a)* | 160000 | 106889 |
| 3.00%, 04/15/50 *(a)* | 250000 | 165007 |
| 2.13%, 10/15/50 *(a)* | 330000 | 178101 |
| 5.25%, 06/15/53 *(a)* | 295000 | 280678 |
| 5.25%, 03/15/54 *(a)* | 300000 | 285415 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 3.09%, 09/15/27 *(a)* | 250000 | 247190 |
| 1.85%, 05/01/28 *(a)* | 25000 | 23871 |
| 1.95%, 11/09/28 *(a)* | 150000 | 142143 |
| 5.13%, 01/15/29 *(a)* | 255000 | 263597 |
| 3.39%, 05/01/29 *(a)* | 175000 | 171359 |
| 4.38%, 07/01/30 *(a)* | 125000 | 126119 |
| 2.30%, 05/01/31 *(a)* | 290000 | 262492 |
| 2.25%, 11/09/31 *(a)* | 210000 | 187438 |
| 5.10%, 08/01/33 *(a)* | 300000 | 310906 |
| 5.35%, 08/01/53 *(a)* | 175000 | 169253 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 3.00%, 01/15/27 *(a)* | 225000 | 223068 |
| 3.95%, 08/15/27 *(a)* | 275000 | 275164 |
| 3.40%, 01/15/28 *(a)* | 160000 | 158335 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**43**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.65%, 01/15/28 *(a)* | 200000 | 198794 |
| 2.20%, 06/15/28 *(a)* | 265000 | 254415 |
| 3.25%, 06/15/29 *(a)* | 170000 | 165334 |
| 4.00%, 07/15/29 *(a)* | 115000 | 114487 |
| 3.10%, 12/15/29 *(a)* | 300000 | 288834 |
| 3.40%, 01/15/30 *(a)* | 250000 | 243203 |
| 4.85%, 03/15/30 *(a)* | 200000 | 205420 |
| 3.25%, 01/15/31 *(a)* | 395000 | 376117 |
| 3.20%, 02/15/31 *(a)* | 305000 | 289354 |
| 5.63%, 10/13/32 *(a)* | 295000 | 313241 |
| 2.85%, 12/15/32 *(a)* | 300000 | 269350 |
| 4.90%, 07/15/33 *(a)* | 200000 | 203013 |
| 5.13%, 02/15/34 *(a)* | 200000 | 205067 |
| 4.65%, 03/15/47 *(a)* | 235000 | 207698 |
| 5.38%, 09/01/54 *(a)* | 150000 | 144823 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 3.60%, 02/01/27 *(a)* | 170000 | 169304 |
| 4.13%, 03/15/28 *(a)* | 165000 | 165547 |
| 2.95%, 09/15/29 *(a)* | 210000 | 201484 |
| 3.70%, 06/15/30 *(a)* | 50000 | 49013 |
| 5.25%, 01/15/34 *(a)* | 225000 | 231498 |
| 5.10%, 01/15/35 *(a)* | 75000 | 76014 |
| 4.40%, 02/01/47 *(a)* | 150000 | 128453 |
| 4.65%, 03/15/49 *(a)* | 210000 | 182966 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 2.13%, 12/01/30 *(a)* | 50000 | 44766 |
| 2.15%, 09/01/31 *(a)* | 200000 | 175368 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 3.90%, 10/15/29 *(a)* | 130000 | 127482 |
| 3.20%, 12/01/31 *(a)* | 250000 | 228864 |
| **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** |
| 2.80%, 06/15/31 *(a)(c)* | 295000 | 271527 |
| 2.85%, 01/15/32 *(a)* | 210000 | 189075 |
| 6.10%, 04/01/34 *(a)* | 170000 | 180440 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 1.38%, 01/15/27 *(a)* | 100000 | 97431 |
| 3.38%, 06/15/27 *(a)* | 250000 | 248365 |
| 3.38%, 12/01/27 *(a)* | 175000 | 173713 |
| 1.75%, 02/01/28 *(a)* | 300000 | 287680 |
| 2.45%, 09/13/29 *(a)* | 440000 | 415988 |
| 2.65%, 07/15/30 *(a)* | 200000 | 187601 |
| 4.38%, 10/01/30 *(a)* | 210000 | 211705 |
| 2.20%, 02/01/31 *(a)* | 200000 | 180985 |
| 2.25%, 01/15/32 *(a)* | 125000 | 110396 |
| 2.65%, 02/01/32 *(a)* | 250000 | 225271 |
| 5.50%, 03/08/33 *(a)* | 200000 | 210867 |
| 6.25%, 01/15/34 *(a)* | 160000 | 175770 |
| 4.75%, 09/26/34 *(a)* | 245000 | 243899 |
| 5.13%, 10/01/35 *(a)* | 240000 | 243786 |
| 6.75%, 02/01/40 *(a)* | 195000 | 224231 |
| 4.75%, 03/15/42 *(a)* | 340000 | 313685 |
| 4.25%, 10/01/44 *(a)* | 145000 | 122229 |
| 4.25%, 11/30/46 *(a)* | 175000 | 146171 |
| 3.25%, 09/13/49 *(a)* | 465000 | 320739 |
| 3.80%, 07/15/50 *(a)* | 225000 | 169328 |
| 5.85%, 03/08/53 *(a)* | 190000 | 193345 |
| 6.65%, 01/15/54 *(a)* | 200000 | 223958 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 4.50%, 03/15/28 *(a)* | 110000 | 110377 |
| 4.63%, 03/15/29 *(a)* | 100000 | 99647 |
| 5.40%, 04/30/30 *(a)(e)* | 140000 | 142591 |
| 2.75%, 11/18/30 *(a)* | 145000 | 132022 |
| 2.70%, 12/01/31 *(a)* | 150000 | 132487 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.30%, 11/01/28 *(a)* | 150000 | 142790 |
| 2.70%, 07/15/31 *(a)* | 300000 | 273017 |
| 4.20%, 04/15/32 *(a)* | 175000 | 169940 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 3.88%, 07/15/27 *(a)* | 150000 | 149270 |
| 2.75%, 09/01/31 *(a)* | 140000 | 126701 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.50%, 01/15/28 *(a)* | 145000 | 143438 |
| 4.40%, 01/26/29 *(a)* | 205000 | 206039 |
| 3.20%, 01/15/30 *(a)* | 150000 | 144241 |
| 3.00%, 08/15/31 *(a)* | 285000 | 263972 |
| 2.10%, 08/01/32 *(a)* | 100000 | 85524 |
| 1.90%, 03/15/33 *(a)* | 150000 | 123953 |
| 5.13%, 09/01/34 *(a)* | 205000 | 207388 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 3.85%, 04/01/27 *(a)* | 100000 | 99796 |
| 4.00%, 03/01/28 *(a)* | 200000 | 199774 |
| 4.40%, 01/15/29 *(a)* | 250000 | 251238 |
| 3.00%, 01/15/30 *(a)* | 170000 | 161882 |
| 4.75%, 11/15/30 *(a)* | 200000 | 202828 |
| 2.50%, 09/01/31 *(a)* | 50000 | 44956 |
| 5.63%, 07/01/34 *(a)* | 150000 | 156853 |
| 5.00%, 01/15/35 *(a)* | 135000 | 135338 |
| 5.00%, 02/15/36 *(a)* | 150000 | 149079 |
| 5.70%, 09/30/43 *(a)* | 150000 | 150971 |
| 4.38%, 02/01/45 *(a)* | 130000 | 109212 |
| 4.88%, 04/15/49 *(a)* | 210000 | 183810 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.70%, 02/15/27 *(a)* | 100000 | 98700 |
| 4.25%, 04/15/28 *(a)* | 265000 | 266853 |
| 4.13%, 03/15/29 *(a)* | 300000 | 300685 |
| 3.10%, 01/15/30 *(a)* | 150000 | 143927 |
| 4.50%, 07/01/30 *(a)* | 275000 | 278089 |
| 2.75%, 01/15/31 *(a)* | 265000 | 246560 |
| 2.80%, 06/01/31 *(a)* | 200000 | 185487 |
| 2.75%, 01/15/32 *(a)* | 90000 | 81998 |
| 3.85%, 06/15/32 *(a)* | 200000 | 193147 |
| 5.13%, 07/01/35 *(a)* | 200000 | 204415 |
| 6.50%, 03/15/41 *(a)* | 260000 | 290258 |
| 4.95%, 09/01/48 *(a)* | 250000 | 232716 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 3.85%, 07/15/29 *(a)* | 115000 | 113397 |
| 4.65%, 07/15/30 *(a)* | 120000 | 120940 |
| 2.40%, 02/01/31 *(a)* | 235000 | 211929 |
| 2.45%, 02/01/32 *(a)* | 140000 | 123488 |
| 2.25%, 04/01/33 *(a)* | 200000 | 168868 |
|  |  | **60707156** |
|  |  | **733985430** |
| **Industrial 13.5%** | **Industrial 13.5%** | **Industrial 13.5%** |
| ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 1.85%, 05/15/27 *(a)* | 300000 | 292483 |
| 4.30%, 06/11/28 *(a)* | 245000 | 247577 |
| 4.60%, 02/08/29 *(a)* | 290000 | 295266 |
| 2.05%, 05/15/30 *(a)* | 165000 | 151806 |
| 4.75%, 02/08/31 *(a)* | 100000 | 102677 |
| 4.90%, 10/11/32 *(a)* | 160000 | 164896 |
| 4.80%, 03/03/33 *(a)* | 150000 | 152902 |
| 4.85%, 02/08/34 *(a)* | 345000 | 351108 |
| 2.70%, 05/15/40 *(a)* | 175000 | 131530 |
| 2.80%, 05/15/50 *(a)* | 300000 | 192011 |

---

*See financial notes*

**44**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 4.65%, 06/01/27 *(a)* | 200000 | 201363 |
| 5.05%, 06/01/32 *(a)* | 195000 | 196493 |
| 5.45%, 12/01/44 *(a)* | 105000 | 96015 |
| 5.65%, 06/01/52 *(a)* | 130000 | 117562 |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| 3.38%, 11/01/28 *(a)* | 285000 | 277683 |
| 3.75%, 10/01/30 *(a)* | 310000 | 297776 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.55%, 11/29/27 *(a)* | 325000 | 338488 |
| 4.25%, 07/16/29  | 250000 | 250452 |
| 6.80%, 11/29/32 *(a)* | 325000 | 364292 |
| 6.00%, 06/17/34 *(a)* | 100000 | 107766 |
| 7.00%, 10/15/39  | 215000 | 243005 |
| 6.75%, 03/01/41 *(f)* | 125000 | 136882 |
| 6.35%, 06/17/54 *(a)* | 125000 | 131789 |
| **Barrick Mining Corp.** | **Barrick Mining Corp.** | **Barrick Mining Corp.** |
| 5.25%, 04/01/42  | 25000 | 24567 |
| **Barrick North America Finance LLC** | **Barrick North America Finance LLC** | **Barrick North America Finance LLC** |
| 5.70%, 05/30/41  | 345000 | 351803 |
| 5.75%, 05/01/43  | 200000 | 203560 |
| **Barrick PD Australia Finance Pty. Ltd.** | **Barrick PD Australia Finance Pty. Ltd.** | **Barrick PD Australia Finance Pty. Ltd.** |
| 5.95%, 10/15/39  | 330000 | 347422 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 4.75%, 02/28/28 *(a)* | 335000 | 340458 |
| 5.10%, 09/08/28 *(a)* | 270000 | 277994 |
| 5.00%, 02/21/30 *(a)* | 300000 | 309399 |
| 5.25%, 09/08/30 *(a)* | 370000 | 385648 |
| 4.90%, 02/28/33 *(a)* | 300000 | 306311 |
| 5.25%, 09/08/33 *(a)* | 400000 | 415800 |
| 5.30%, 02/21/35 *(a)* | 385000 | 398035 |
| 5.00%, 02/15/36 *(a)* | 150000 | 151975 |
| 4.13%, 02/24/42  | 275000 | 237922 |
| 5.00%, 09/30/43  | 745000 | 708793 |
| 5.50%, 09/08/53 *(a)* | 240000 | 238997 |
| 5.75%, 09/05/55 *(a)* | 310000 | 316623 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 4.00%, 07/01/29 *(a)* | 170000 | 168344 |
| 5.00%, 06/30/32 *(a)* | 115000 | 117171 |
| **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** |
| 3.88%, 11/02/27 *(a)* | 200000 | 198124 |
| 5.50%, 11/02/47 *(a)* | 200000 | 179596 |
| **CF Industries, Inc.** | **CF Industries, Inc.** | **CF Industries, Inc.** |
| 5.15%, 03/15/34  | 170000 | 171024 |
| 5.30%, 11/26/35 *(a)* | 310000 | 309302 |
| 4.95%, 06/01/43  | 235000 | 210518 |
| 5.38%, 03/15/44  | 250000 | 234496 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 11/30/28 *(a)* | 75000 | 76143 |
| 7.38%, 11/01/29  | 129000 | 142288 |
| 2.10%, 11/15/30 *(a)* | 250000 | 221503 |
| 4.80%, 01/15/31 *(a)* | 220000 | 218859 |
| 6.30%, 03/15/33 *(a)* | 190000 | 201558 |
| 5.15%, 02/15/34 *(a)* | 190000 | 188970 |
| 4.25%, 10/01/34 *(a)* | 160000 | 146405 |
| 5.35%, 03/15/35 *(a)* | 195000 | 193313 |
| 5.65%, 03/15/36 *(a)* | 190000 | 189475 |
| 9.40%, 05/15/39  | 150000 | 193585 |
| 5.25%, 11/15/41 *(a)* | 235000 | 212911 |
| 4.38%, 11/15/42 *(a)* | 450000 | 356584 |
| 4.63%, 10/01/44 *(a)* | 310000 | 250219 |
| 5.55%, 11/30/48 *(a)* | 280000 | 246451 |
| 4.80%, 05/15/49 *(a)* | 280000 | 220233 |
| 3.60%, 11/15/50 *(a)* | 350000 | 226395 |
| 6.90%, 05/15/53 *(a)* | 270000 | 277121 |
| 5.60%, 02/15/54 *(a)* | 195000 | 169738 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| 4.73%, 11/15/28 *(a)(e)* | 248000 | 251049 |
| 5.32%, 11/15/38 *(a)* | 200000 | 200486 |
| 5.42%, 11/15/48 *(a)* | 116000 | 110398 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 4.50%, 12/01/28 *(a)* | 150000 | 151367 |
| 5.00%, 08/01/29 *(a)* | 50000 | 51067 |
| 5.75%, 03/08/33 *(a)* | 150000 | 157530 |
| 5.63%, 02/20/34 *(a)* | 315000 | 325312 |
| 4.80%, 09/01/42 *(a)* | 200000 | 177487 |
| 4.65%, 10/15/44 *(a)* | 285000 | 241981 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 3.25%, 12/01/27 *(a)* | 350000 | 347450 |
| 4.80%, 03/24/30 *(a)* | 50000 | 51309 |
| 1.30%, 01/30/31 *(a)* | 310000 | 269593 |
| 2.13%, 02/01/32 *(a)* | 305000 | 269278 |
| 5.00%, 09/01/35 *(a)* | 150000 | 153077 |
| 5.50%, 12/08/41  | 20000 | 20475 |
| 3.95%, 12/01/47 *(a)* | 125000 | 101123 |
| 2.13%, 08/15/50 *(a)* | 345000 | 191809 |
| 2.70%, 12/15/51 *(a)* | 260000 | 161123 |
| 2.75%, 08/18/55 *(a)* | 264000 | 158956 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 2.30%, 07/15/30 *(a)* | 195000 | 180459 |
| 4.80%, 05/15/33 *(a)* | 250000 | 249826 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.00%, 09/01/27 *(a)* | 300000 | 300549 |
| 4.13%, 03/01/28 *(a)* | 185000 | 184567 |
| 4.38%, 08/01/28 *(a)* | 210000 | 210090 |
| 5.25%, 09/01/29 *(a)* | 150000 | 152669 |
| 4.25%, 03/01/30 *(a)* | 190000 | 188614 |
| 4.63%, 08/01/30 *(a)* | 275000 | 277218 |
| 5.40%, 11/14/34 *(a)* | 200000 | 206581 |
| 5.45%, 03/15/43 *(a)* | 325000 | 315250 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 7.75%, 11/15/29  | 275000 | 310464 |
| 8.88%, 05/15/31  | 60000 | 72860 |
| **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** |
| 5.75%, 06/09/35 *(a)* | 300000 | 310325 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| 4.45%, 09/26/28 *(a)* | 100000 | 100763 |
| 5.00%, 09/26/48 *(a)* | 250000 | 221442 |
| **International Paper Co.** | **International Paper Co.** | **International Paper Co.** |
| 5.00%, 09/15/35 *(a)* | 200000 | 198654 |
| 7.30%, 11/15/39  | 100000 | 116860 |
| 6.00%, 11/15/41 *(a)* | 180000 | 186605 |
| 4.80%, 06/15/44 *(a)* | 135000 | 119007 |
| 5.15%, 05/15/46 *(a)* | 165000 | 151606 |
| 4.40%, 08/15/47 *(a)* | 250000 | 205386 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 6.25%, 07/15/33 *(a)* | 205000 | 224100 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| 1.10%, 08/10/30 *(a)* | 210000 | 184421 |
| 3.55%, 11/07/42 *(a)* | 200000 | 160332 |
| 2.00%, 08/10/50 *(a)* | 300000 | 160018 |
| **Lubrizol Corp.** | **Lubrizol Corp.** | **Lubrizol Corp.** |
| 6.50%, 10/01/34  | 215000 | 242690 |
| **LYB International Finance BV** | **LYB International Finance BV** | **LYB International Finance BV** |
| 5.25%, 07/15/43  | 225000 | 194524 |
| 4.88%, 03/15/44 *(a)* | 345000 | 287052 |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| 3.50%, 03/02/27 *(a)* | 340000 | 338401 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| 2.25%, 10/01/30 *(a)* | 105000 | 93636 |
| 5.13%, 01/15/31 *(a)* | 150000 | 150707 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**45**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.63%, 05/15/33 *(a)* | 120000 | 121852 |
| 5.50%, 03/01/34 *(a)* | 195000 | 192983 |
| 6.15%, 05/15/35 *(a)* | 125000 | 128467 |
| 5.88%, 01/15/36 *(a)* | 300000 | 299049 |
| 3.38%, 10/01/40 *(a)* | 255000 | 185264 |
| 4.20%, 10/15/49 *(a)* | 350000 | 251532 |
| 4.20%, 05/01/50 *(a)* | 360000 | 257175 |
| 3.63%, 04/01/51 *(a)* | 355000 | 229362 |
| 3.80%, 10/01/60 *(a)* | 150000 | 93663 |
| **LyondellBasell Industries NV** | **LyondellBasell Industries NV** | **LyondellBasell Industries NV** |
| 4.63%, 02/26/55 *(a)* | 300000 | 227375 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 4.05%, 11/15/27 *(a)* | 250000 | 250095 |
| 4.35%, 01/15/29 *(a)* | 150000 | 150457 |
| 4.60%, 11/15/30 *(a)* | 120000 | 120358 |
| 5.45%, 11/15/33 *(a)* | 220000 | 226371 |
| 4.88%, 11/15/41 *(a)* | 110000 | 99426 |
| 5.63%, 11/15/43 *(a)* | 215000 | 207445 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| 2.70%, 03/18/31 *(a)* | 175000 | 160237 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| 2.60%, 07/15/32 *(a)(c)* | 200000 | 182285 |
| 4.88%, 03/15/42 *(a)* | 300000 | 287939 |
| 5.45%, 06/09/44 *(a)* | 100000 | 99629 |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 3.25%, 05/13/30 *(a)* | 245000 | 237407 |
| 5.35%, 03/15/34 *(a)* | 300000 | 314460 |
| 4.20%, 05/13/50 *(a)* | 100000 | 81831 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 4.30%, 05/23/27 *(a)* | 175000 | 176232 |
| 3.95%, 05/01/28 *(a)* | 200000 | 200048 |
| 2.70%, 06/01/30 *(a)* | 230000 | 216650 |
| 4.65%, 06/01/30 *(a)* | 150000 | 153200 |
| 3.13%, 04/01/32 *(a)* | 200000 | 186043 |
| 6.40%, 12/01/37  | 110000 | 123413 |
| 5.20%, 08/01/43 *(a)* | 125000 | 121797 |
| 4.40%, 05/01/48 *(a)* | 95000 | 81137 |
| 3.85%, 04/01/52 *(a)* | 195000 | 149362 |
| 2.98%, 12/15/55 *(a)* | 150000 | 93501 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 4.90%, 03/27/28 *(a)* | 200000 | 203676 |
| 4.20%, 04/01/29 *(a)* | 290000 | 289747 |
| 5.40%, 06/21/34 *(a)* | 150000 | 154815 |
| 4.13%, 03/15/35 *(a)* | 470000 | 434959 |
| 5.88%, 12/01/36  | 185000 | 194331 |
| 6.13%, 01/15/41 *(a)* | 300000 | 313000 |
| 4.90%, 06/01/43 *(a)* | 200000 | 182151 |
| 5.25%, 01/15/45 *(a)* | 175000 | 163686 |
| 5.00%, 04/01/49 *(a)* | 215000 | 192900 |
| 3.95%, 05/13/50 *(a)* | 210000 | 159568 |
| 5.80%, 03/27/53 *(a)* | 200000 | 200038 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 3.40%, 12/15/27 *(a)* | 200000 | 198189 |
| 5.20%, 08/15/35 *(a)* | 150000 | 152527 |
| 4.05%, 12/15/49 *(a)* | 235000 | 186704 |
| 3.05%, 10/01/51 *(a)* | 300000 | 195410 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 3.75%, 03/15/28 *(a)* | 275000 | 274588 |
| 2.80%, 08/15/29 *(a)* | 150000 | 143453 |
| 2.55%, 06/15/30 *(a)* | 100000 | 93191 |
| 4.38%, 03/15/31 *(a)* | 210000 | 209885 |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| 2.75%, 05/17/31 *(a)* | 240000 | 216438 |
| **Reliance, Inc.** | **Reliance, Inc.** | **Reliance, Inc.** |
| 2.15%, 08/15/30 *(a)* | 150000 | 135905 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** |
| 7.25%, 03/15/31  | 201000 | 229012 |
| 6.13%, 12/15/33  | 250000 | 273984 |
| 5.75%, 06/01/35  | 100000 | 106643 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| 7.13%, 07/15/28  | 250000 | 269097 |
| 5.20%, 11/02/40  | 350000 | 349974 |
| 2.75%, 11/02/51 *(a)* | 300000 | 186438 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 4.50%, 03/14/28 *(a)* | 200000 | 202388 |
| 4.88%, 03/14/30 *(a)* | 640000 | 657824 |
| 5.00%, 03/14/32 *(a)* | 335000 | 345761 |
| 5.00%, 03/09/33 *(a)* | 200000 | 205559 |
| 5.25%, 03/14/35 *(a)* | 610000 | 629074 |
| 4.75%, 03/22/42 *(a)* | 150000 | 140091 |
| 4.13%, 08/21/42 *(a)* | 220000 | 189405 |
| 5.13%, 03/09/53 *(a)* | 325000 | 303443 |
| 5.75%, 03/14/55 *(a)* | 500000 | 510011 |
| 5.88%, 03/14/65 *(a)* | 225000 | 232374 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 3.75%, 03/15/27 *(a)* | 230000 | 229011 |
| 2.95%, 01/15/32 *(a)* | 210000 | 190393 |
| 5.25%, 06/01/45 *(a)* | 90000 | 85362 |
| 4.25%, 01/15/48 *(a)* | 100000 | 81991 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 3.45%, 06/01/27 *(a)* | 450000 | 446876 |
| 4.55%, 03/01/28 *(a)* | 120000 | 121442 |
| 4.30%, 08/15/28 *(a)* | 150000 | 151081 |
| 2.95%, 08/15/29 *(a)* | 200000 | 191849 |
| 2.30%, 05/15/30 *(a)* | 200000 | 184457 |
| 4.50%, 08/15/30 *(a)* | 150000 | 151492 |
| 4.80%, 09/01/31 *(a)* | 100000 | 102375 |
| 2.20%, 03/15/32 *(a)* | 115000 | 100848 |
| 5.15%, 08/15/35 *(a)* | 150000 | 152860 |
| 4.55%, 08/01/45 *(a)* | 125000 | 107139 |
| 4.50%, 06/01/47 *(a)* | 405000 | 346038 |
| 3.80%, 08/15/49 *(a)* | 160000 | 120216 |
| 3.30%, 05/15/50 *(a)* | 215000 | 146922 |
| 2.90%, 03/15/52 *(a)* | 150000 | 92743 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.44%, 04/03/34 *(a)* | 430000 | 445264 |
| 5.78%, 04/03/54 *(a)* | 300000 | 301600 |
| **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** |
| 5.42%, 01/15/35 *(a)* | 300000 | 309444 |
| 5.19%, 01/15/36 *(a)* | 250000 | 252027 |
| **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
| 7.50%, 07/27/35  | 275000 | 324078 |
| 6.75%, 04/16/40  | 350000 | 395050 |
| 5.25%, 11/08/42  | 375000 | 359091 |
| 5.88%, 04/23/45  | 525000 | 539471 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 1.65%, 10/15/27 *(a)* | 125000 | 120215 |
| 4.00%, 12/15/28 *(a)* | 200000 | 199913 |
| 3.45%, 04/15/30 *(a)* | 230000 | 222404 |
| 3.25%, 01/15/31 *(a)* | 150000 | 142690 |
| 5.38%, 08/15/34 *(a)* | 100000 | 103663 |
| 5.25%, 05/15/35 *(a)* | 130000 | 132926 |
| 3.25%, 10/15/50 *(a)* | 185000 | 126697 |
| 5.75%, 05/15/55 *(a)* | 100000 | 99745 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 2.50%, 09/15/28 *(a)* | 125000 | 118274 |
| 6.00%, 01/15/29 *(a)* | 575000 | 592137 |
| 5.00%, 01/15/30 *(a)* | 325000 | 325500 |
| 3.75%, 01/15/31 *(a)* | 380000 | 358498 |
| 3.13%, 01/15/32 *(a)* | 520000 | 464629 |

---

*See financial notes*

**46**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Suzano Netherlands BV** | **Suzano Netherlands BV** | **Suzano Netherlands BV** |
| 5.50%, 01/15/36 *(a)* | 300000 | 297246 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 3.75%, 07/08/30 *(a)* | 440000 | 424064 |
| 6.13%, 06/12/33 *(a)* | 550000 | 588653 |
| 8.25%, 01/17/34  | 200000 | 240938 |
| 6.88%, 11/21/36  | 250000 | 282317 |
| 6.88%, 11/10/39  | 300000 | 340233 |
| 6.40%, 06/28/54 *(a)* | 525000 | 535518 |
| **Vale SA** | **Vale SA** | **Vale SA** |
| 5.63%, 09/11/42  | 210000 | 212250 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 3.38%, 06/15/30 *(a)* | 220000 | 210106 |
| 5.55%, 11/15/35 *(a)* | 180000 | 180220 |
| 2.88%, 08/15/41 *(a)* | 130000 | 89259 |
| 5.00%, 08/15/46 *(a)* | 210000 | 180959 |
| 4.38%, 11/15/47 *(a)* | 140000 | 108927 |
| 3.13%, 08/15/51 *(a)* | 175000 | 105850 |
| 6.38%, 11/15/55 *(a)* | 180000 | 177446 |
| 3.38%, 08/15/61 *(a)* | 110000 | 64848 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 8.20%, 01/15/30  | 190000 | 216411 |
| 7.95%, 02/15/31  | 115000 | 131623 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 4.00%, 11/15/29 *(a)* | 225000 | 222840 |
| 4.00%, 04/15/30 *(a)* | 260000 | 256452 |
| 7.38%, 03/15/32  | 185000 | 210856 |
| 3.38%, 03/09/33 *(a)* | 135000 | 123552 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 3.90%, 06/01/28 *(a)* | 250000 | 248914 |
| 4.90%, 03/15/29 *(a)* | 335000 | 341379 |
| 4.20%, 06/01/32 *(a)* | 255000 | 247968 |
| 3.00%, 06/15/33 *(a)* | 250000 | 223056 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| 2.63%, 08/15/31 *(a)(e)* | 190000 | 170948 |
|  |  | **55265529** |
| ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 2.88%, 10/15/27 *(a)* | 300000 | 295043 |
| 3.38%, 03/01/29 *(a)* | 250000 | 245169 |
| 2.38%, 08/26/29 *(a)* | 430000 | 405615 |
| 3.05%, 04/15/30 *(a)* | 190000 | 181629 |
| 5.70%, 03/15/37  | 205000 | 216477 |
| 3.88%, 06/15/44  | 225000 | 182111 |
| 3.13%, 09/19/46 *(a)* | 200000 | 138642 |
| 3.63%, 10/15/47 *(a)* | 260000 | 193706 |
| 4.00%, 09/14/48 *(a)* | 375000 | 295831 |
| 3.25%, 08/26/49 *(a)* | 300000 | 206408 |
| 3.70%, 04/15/50 *(a)* | 255000 | 188050 |
| **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** |
| 3.80%, 04/03/28 *(a)* | 350000 | 351463 |
| 4.38%, 05/08/42  | 150000 | 133948 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| 2.15%, 12/15/30 *(a)* | 215000 | 193299 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.45%, 03/21/27 *(a)* | 220000 | 222982 |
| 5.80%, 03/21/34 *(a)* | 225000 | 235541 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| 3.50%, 10/01/29 *(a)* | 185000 | 180386 |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 3.55%, 10/01/27 *(a)* | 100000 | 99135 |
| 5.41%, 07/01/32 *(a)* | 215000 | 224067 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 4.50%, 05/15/28 *(a)* | 160000 | 161009 |
| 5.63%, 05/26/33 *(a)* | 180000 | 188192 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 4.80%, 03/17/28  | 325000 | 329634 |
| 5.10%, 03/17/30 *(a)* | 200000 | 205391 |
| 2.63%, 06/19/30 *(a)* | 150000 | 139095 |
| 2.69%, 05/25/31 *(a)* | 380000 | 347710 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 5.05%, 04/05/27 *(a)* | 200000 | 202822 |
| 3.80%, 11/15/27  | 225000 | 224888 |
| 4.38%, 06/12/28 *(a)* | 260000 | 262604 |
| 3.90%, 11/15/28 *(a)* | 200000 | 199840 |
| 5.05%, 04/05/29 *(a)* | 150000 | 154450 |
| 4.35%, 06/01/29 *(a)* | 140000 | 141437 |
| 2.80%, 02/15/30 *(a)* | 385000 | 365766 |
| 4.13%, 11/15/30 *(a)* | 200000 | 199012 |
| 2.20%, 09/15/31 *(a)* | 270000 | 241271 |
| 4.40%, 02/15/33 *(a)* | 300000 | 296884 |
| 5.25%, 04/05/34 *(a)* | 330000 | 343453 |
| 5.00%, 01/15/35 *(a)* | 225000 | 229455 |
| 4.63%, 02/15/36 *(a)* | 500000 | 490302 |
| 5.38%, 11/15/54 *(a)* | 195000 | 189584 |
| 5.30%, 11/15/55 *(a)* | 400000 | 382428 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 4.60%, 04/07/27  | 200000 | 201402 |
| 4.70%, 04/07/28 *(a)* | 200000 | 202449 |
| 4.95%, 04/07/30 *(a)* | 285000 | 291622 |
| 5.40%, 04/07/35 *(a)* | 260000 | 268300 |
| 7.13%, 07/15/36  | 160000 | 184363 |
| 4.75%, 09/22/46 *(a)* | 150000 | 131930 |
| **AptarGroup, Inc.** | **AptarGroup, Inc.** | **AptarGroup, Inc.** |
| 4.75%, 03/30/31 *(a)* | 180000 | 181407 |
| 3.60%, 03/15/32 *(a)* | 170000 | 159005 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 2.65%, 04/30/30 *(a)* | 225000 | 210084 |
| 2.25%, 02/15/32 *(a)* | 85000 | 74755 |
| 5.75%, 03/15/33 *(a)* | 210000 | 223127 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 1.65%, 01/15/27 *(a)* | 200000 | 195027 |
| 5.50%, 04/15/28 *(a)* | 130000 | 134053 |
| 5.80%, 06/15/31 *(a)* | 310000 | 327456 |
| 5.65%, 01/15/34 *(a)* | 210000 | 219122 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 2.70%, 02/01/27 *(a)* | 300000 | 295701 |
| 2.80%, 03/01/27 *(a)* | 130000 | 128005 |
| 5.04%, 05/01/27 *(a)* | 550000 | 555706 |
| 6.26%, 05/01/27 *(a)* | 320000 | 328437 |
| 3.25%, 02/01/28 *(a)* | 335000 | 329460 |
| 3.25%, 03/01/28 *(a)* | 115000 | 112883 |
| 3.45%, 11/01/28 *(a)* | 235000 | 230218 |
| 3.20%, 03/01/29 *(a)* | 320000 | 310315 |
| 6.30%, 05/01/29 *(a)* | 450000 | 478059 |
| 2.95%, 02/01/30 *(a)* | 200000 | 189609 |
| 5.15%, 05/01/30 *(a)* | 1215000 | 1248727 |
| 3.63%, 02/01/31 *(a)* | 465000 | 446946 |
| 6.39%, 05/01/31 *(a)* | 315000 | 341986 |
| 6.13%, 02/15/33  | 140000 | 151409 |
| 3.60%, 05/01/34 *(a)* | 315000 | 286646 |
| 6.53%, 05/01/34 *(a)* | 795000 | 880576 |
| 3.25%, 02/01/35 *(a)* | 250000 | 219210 |
| 6.63%, 02/15/38  | 130000 | 144890 |
| 3.55%, 03/01/38 *(a)* | 135000 | 113752 |
| 3.50%, 03/01/39 *(a)* | 165000 | 134742 |
| 6.88%, 03/15/39  | 120000 | 135081 |
| 5.88%, 02/15/40  | 160000 | 165114 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**47**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.71%, 05/01/40 *(a)* | 875000 | 894322 |
| 3.38%, 06/15/46 *(a)* | 145000 | 102543 |
| 3.65%, 03/01/47 *(a)* | 115000 | 83878 |
| 3.63%, 03/01/48 *(a)* | 115000 | 82082 |
| 3.85%, 11/01/48 *(a)* | 145000 | 107050 |
| 3.90%, 05/01/49 *(a)* | 265000 | 197511 |
| 3.75%, 02/01/50 *(a)* | 400000 | 291662 |
| 5.81%, 05/01/50 *(a)* | 1595000 | 1571115 |
| 6.86%, 05/01/54 *(a)* | 795000 | 892667 |
| 3.83%, 03/01/59 *(a)* | 110000 | 76611 |
| 3.95%, 08/01/59 *(a)* | 300000 | 212656 |
| 5.93%, 05/01/60 *(a)* | 1045000 | 1025895 |
| 7.01%, 05/01/64 *(a)* | 450000 | 510784 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 3.75%, 12/01/27 *(a)* | 235000 | 233960 |
| 5.25%, 09/15/35 *(a)* | 310000 | 316619 |
| 5.55%, 09/15/40 *(a)* | 150000 | 152112 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.49%, 02/15/27 *(a)* | 149000 | 146599 |
| 2.72%, 02/15/30 *(a)* | 625000 | 588831 |
| 2.70%, 02/15/31 *(a)(e)* | 260000 | 241023 |
| 5.90%, 03/15/34 *(a)* | 245000 | 263016 |
| 3.38%, 04/05/40 *(a)* | 460000 | 371767 |
| 3.58%, 04/05/50 *(a)(e)* | 425000 | 313546 |
| 6.20%, 03/15/54 *(a)* | 174000 | 188198 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| 1.70%, 01/08/27  | 265000 | 259742 |
| 4.50%, 01/08/27  | 200000 | 201596 |
| 5.00%, 05/14/27  | 250000 | 254187 |
| 3.60%, 08/12/27  | 200000 | 199736 |
| 1.10%, 09/14/27  | 285000 | 273261 |
| 4.40%, 10/15/27  | 200000 | 202537 |
| 4.60%, 11/15/27  | 300000 | 305028 |
| 4.40%, 03/03/28  | 100000 | 101162 |
| 4.10%, 08/15/28  | 220000 | 221475 |
| 3.95%, 11/14/28  | 320000 | 320792 |
| 4.85%, 02/27/29  | 185000 | 190194 |
| 4.38%, 08/16/29  | 275000 | 279076 |
| 4.70%, 11/15/29  | 275000 | 282297 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 2.60%, 09/19/29 *(a)* | 150000 | 143102 |
| 2.60%, 04/09/30 *(a)* | 335000 | 317053 |
| 1.90%, 03/12/31 *(a)* | 240000 | 216240 |
| 5.20%, 05/15/35 *(a)* | 510000 | 529613 |
| 5.30%, 09/15/35  | 165000 | 173354 |
| 6.05%, 08/15/36  | 145000 | 161109 |
| 5.20%, 05/27/41  | 285000 | 287595 |
| 3.80%, 08/15/42  | 520000 | 436823 |
| 4.30%, 05/15/44 *(a)* | 175000 | 153513 |
| 3.25%, 09/19/49 *(a)* | 305000 | 217370 |
| 3.25%, 04/09/50 *(a)* | 350000 | 249673 |
| 5.50%, 05/15/55 *(a)(c)* | 95000 | 95953 |
| 4.75%, 05/15/64 *(a)* | 125000 | 110099 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| 4.50%, 10/08/27 *(a)* | 150000 | 150957 |
| 4.75%, 03/21/28 *(a)* | 150000 | 151801 |
| 4.55%, 04/10/28 *(a)* | 235000 | 236708 |
| 5.50%, 01/12/29 *(a)* | 250000 | 258138 |
| 5.10%, 04/20/29 *(a)* | 150000 | 153382 |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| 3.85%, 11/15/27 *(a)* | 225000 | 224238 |
| **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** |
| 4.40%, 02/09/31 *(a)* | 200000 | 200155 |
| 5.40%, 05/21/34 *(a)* | 200000 | 207779 |
| 5.50%, 01/09/35 *(a)* | 400000 | 417239 |
| 5.00%, 02/09/36 *(a)* | 200000 | 200884 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.88%, 01/09/55 *(a)* | 200000 | 205032 |
| 5.60%, 02/09/56 *(a)* | 200000 | 196838 |
| **CRH SMW Finance DAC** | **CRH SMW Finance DAC** | **CRH SMW Finance DAC** |
| 5.20%, 05/21/29 *(a)* | 200000 | 206561 |
| 5.13%, 01/09/30 *(a)* | 450000 | 463904 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 5.38%, 10/16/29  | 150000 | 157516 |
| 3.10%, 04/15/30 *(a)* | 270000 | 260298 |
| 7.13%, 03/03/31  | 160000 | 181906 |
| 5.45%, 01/16/35 *(a)* | 315000 | 332498 |
| 3.90%, 06/09/42 *(a)* | 410000 | 353311 |
| 2.88%, 09/07/49 *(a)* | 170000 | 114178 |
| 3.75%, 04/15/50 *(a)* | 305000 | 239056 |
| 5.70%, 01/19/55 *(a)* | 225000 | 232921 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 2.95%, 11/04/29 *(a)* | 160000 | 153102 |
| 5.38%, 10/15/35  | 120000 | 125527 |
| 5.38%, 03/01/41 *(a)* | 90000 | 90495 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| 2.50%, 07/01/31 *(a)* | 250000 | 227131 |
| 5.00%, 03/15/36 *(a)* | 230000 | 225394 |
| **Eaton Capital ULC** | **Eaton Capital ULC** | **Eaton Capital ULC** |
| 4.45%, 05/09/30 *(a)* | 200000 | 202203 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 3.10%, 09/15/27 *(a)* | 215000 | 212759 |
| 4.35%, 05/18/28 *(a)* | 25000 | 25305 |
| 4.00%, 11/02/32  | 230000 | 225528 |
| 4.15%, 03/15/33 *(a)* | 300000 | 295403 |
| 4.15%, 11/02/42  | 325000 | 281499 |
| 3.92%, 09/15/47 *(a)* | 145000 | 116172 |
| 4.70%, 08/23/52 *(a)(c)* | 305000 | 272068 |
| **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** |
| 5.98%, 02/11/35 *(a)* | 200000 | 212375 |
| 5.40%, 01/09/38 *(a)* | 390000 | 383572 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 1.80%, 10/15/27 *(a)* | 120000 | 116137 |
| 2.00%, 12/21/28 *(a)* | 270000 | 256307 |
| 1.95%, 10/15/30 *(a)* | 125000 | 113549 |
| 2.20%, 12/21/31 *(a)* | 300000 | 267817 |
| 5.00%, 03/15/35 *(a)* | 125000 | 128307 |
| 5.25%, 11/15/39  | 100000 | 102123 |
| 2.75%, 10/15/50 *(a)* | 255000 | 162326 |
| 2.80%, 12/21/51 *(a)* | 310000 | 197685 |
| **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** |
| 4.35%, 03/15/31 *(a)* | 220000 | 219249 |
| 5.00%, 10/03/34 *(a)* | 225000 | 227182 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| 3.50%, 10/01/30 *(a)* | 200000 | 190740 |
| 2.80%, 01/15/32 *(a)* | 150000 | 134234 |
| **Fortive Corp.** | **Fortive Corp.** | **Fortive Corp.** |
| 4.30%, 06/15/46 *(a)* | 160000 | 132035 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 3.25%, 09/15/29 *(a)* | 200000 | 192386 |
| 4.00%, 03/25/32 *(a)* | 110000 | 105510 |
| 5.88%, 06/01/33 *(a)* | 175000 | 185192 |
| 4.50%, 03/25/52 *(a)* | 170000 | 137056 |
| **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
| 4.55%, 05/15/32 *(a)* | 200000 | 202156 |
| **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** |
| 4.42%, 11/15/35  | 425000 | 415208 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 3.50%, 04/01/27 *(a)* | 210000 | 209609 |
| 2.63%, 11/15/27 *(a)* | 150000 | 147446 |
| 3.75%, 05/15/28 *(a)* | 300000 | 300761 |

---

*See financial notes*

**48**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.63%, 04/01/30 *(a)* | 300000 | 294628 |
| 2.25%, 06/01/31 *(a)* | 150000 | 136411 |
| 4.95%, 08/15/35 *(a)* | 200000 | 204199 |
| 4.25%, 04/01/40 *(a)* | 210000 | 192612 |
| 2.85%, 06/01/41 *(a)* | 125000 | 94231 |
| 3.60%, 11/15/42 *(a)* | 200000 | 162201 |
| 4.25%, 04/01/50 *(a)* | 200000 | 169016 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 4.30%, 07/29/30 *(a)* | 335000 | 337841 |
| 6.75%, 03/15/32  | 340000 | 385163 |
| 4.90%, 01/29/36 *(a)* | 300000 | 304774 |
| 5.88%, 01/14/38  | 200000 | 217110 |
| 6.88%, 01/10/39  | 245000 | 289017 |
| 4.50%, 03/11/44  | 150000 | 135360 |
| 4.35%, 05/01/50 *(a)* | 190000 | 162059 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.25%, 08/01/28 *(a)* | 150000 | 154289 |
| 5.35%, 08/01/33 *(a)* | 210000 | 217856 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 4.20%, 02/15/27 *(a)* | 255000 | 254283 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 1.10%, 03/01/27 *(a)* | 275000 | 266683 |
| 4.65%, 07/30/27 *(a)* | 400000 | 405160 |
| 4.95%, 02/15/28 *(a)* | 150000 | 153253 |
| 4.25%, 01/15/29 *(a)* | 250000 | 252022 |
| 2.70%, 08/15/29 *(a)* | 250000 | 238671 |
| 4.88%, 09/01/29 *(a)* | 85000 | 87386 |
| 4.70%, 02/01/30 *(a)* | 275000 | 281075 |
| 1.95%, 06/01/30 *(a)* | 300000 | 273902 |
| 1.75%, 09/01/31 *(a)* | 220000 | 192351 |
| 4.95%, 09/01/31 *(a)* | 140000 | 144807 |
| 4.75%, 02/01/32 *(a)* | 190000 | 193910 |
| 5.00%, 02/15/33 *(a)* | 385000 | 396498 |
| 4.50%, 01/15/34 *(a)* | 290000 | 287506 |
| 5.00%, 03/01/35 *(a)* | 365000 | 371907 |
| 5.70%, 03/15/36  | 100000 | 106434 |
| 5.70%, 03/15/37  | 235000 | 249323 |
| 5.38%, 03/01/41  | 110000 | 113638 |
| 3.81%, 11/21/47 *(a)* | 200000 | 156695 |
| 2.80%, 06/01/50 *(a)* | 250000 | 163575 |
| 5.25%, 03/01/54 *(a)* | 610000 | 576461 |
| 5.35%, 03/01/64 *(a)* | 190000 | 180687 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 6.75%, 01/15/28  | 125000 | 131669 |
| 3.00%, 01/15/29 *(a)* | 200000 | 194099 |
| 4.85%, 10/15/31 *(a)* | 215000 | 220892 |
| 4.55%, 11/15/32 *(a)* | 150000 | 150706 |
| 5.95%, 02/01/37  | 190000 | 205499 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 3.15%, 08/15/27 *(a)* | 105000 | 103625 |
| 3.50%, 02/15/28 *(a)* | 190000 | 188125 |
| 2.30%, 03/15/31 *(a)* | 145000 | 132100 |
| 4.80%, 11/15/35 *(a)* | 120000 | 119306 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 3.48%, 12/01/27 *(a)* | 210000 | 207865 |
| 2.04%, 08/16/28 *(a)* | 115000 | 108963 |
| 5.35%, 01/15/30 *(a)* | 100000 | 103379 |
| 4.20%, 05/01/30 *(a)* | 250000 | 247762 |
| 5.75%, 01/15/35 *(a)* | 150000 | 158769 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 3.00%, 05/01/30 *(a)* | 250000 | 236661 |
| 2.63%, 06/15/31 *(a)* | 190000 | 173773 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| 4.88%, 09/15/41 *(a)* | 185000 | 179613 |
| 3.90%, 09/01/42 *(a)* | 350000 | 296108 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.20%, 06/15/27 *(a)* | 200000 | 203313 |
| 5.40%, 08/14/28 *(a)* | 150000 | 155101 |
| 5.18%, 06/15/29 *(a)* | 220000 | 227519 |
| 5.31%, 06/15/31 *(a)* | 150000 | 157049 |
| 5.70%, 08/14/33 *(a)* | 250000 | 265145 |
| 5.45%, 06/15/34 *(a)* | 200000 | 208254 |
| 5.70%, 06/15/54 *(a)* | 150000 | 150635 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 4.50%, 01/08/27  | 180000 | 181479 |
| 1.70%, 01/11/27  | 20000 | 19595 |
| 4.85%, 03/05/27  | 220000 | 222842 |
| 1.75%, 03/09/27  | 150000 | 146562 |
| 4.90%, 06/11/27  | 170000 | 172916 |
| 4.20%, 07/15/27  | 250000 | 251941 |
| 2.80%, 09/08/27  | 300000 | 295587 |
| 4.15%, 09/15/27  | 395000 | 398066 |
| 3.05%, 01/06/28  | 250000 | 246937 |
| 4.75%, 01/20/28  | 325000 | 331414 |
| 4.90%, 03/03/28  | 255000 | 261214 |
| 1.50%, 03/06/28  | 185000 | 176419 |
| 4.25%, 06/05/28  | 405000 | 409753 |
| 4.95%, 07/14/28  | 400000 | 410838 |
| 4.50%, 01/16/29  | 250000 | 254020 |
| 3.45%, 03/07/29  | 375000 | 370101 |
| 3.35%, 04/18/29  | 270000 | 265100 |
| 4.85%, 06/11/29  | 200000 | 205669 |
| 2.80%, 07/18/29  | 325000 | 312646 |
| 4.85%, 10/11/29  | 175000 | 180809 |
| 2.45%, 01/09/30  | 300000 | 283677 |
| 4.55%, 06/05/30  | 230000 | 234014 |
| 4.70%, 06/10/30  | 250000 | 256364 |
| 4.38%, 10/15/30  | 170000 | 171861 |
| 1.45%, 01/15/31  | 200000 | 176231 |
| 4.90%, 03/07/31  | 270000 | 278799 |
| 2.00%, 06/17/31  | 20000 | 17871 |
| 4.40%, 09/08/31  | 350000 | 353427 |
| 3.90%, 06/07/32  | 150000 | 147068 |
| 5.15%, 09/08/33  | 215000 | 225497 |
| 5.10%, 04/11/34  | 325000 | 336188 |
| 5.05%, 06/12/34  | 275000 | 284041 |
| **Johnson Controls International PLC** | **Johnson Controls International PLC** | **Johnson Controls International PLC** |
| 6.00%, 01/15/36  | 187000 | 201998 |
| 4.63%, 07/02/44 *(a)* | 130000 | 115805 |
| 4.50%, 02/15/47 *(a)* | 110000 | 94607 |
| 4.95%, 07/02/64 *(a)(g)* | 170000 | 146700 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 5.50%, 04/19/29 *(a)* | 250000 | 260380 |
| 1.75%, 09/15/30 *(a)* | 185000 | 165071 |
| 2.00%, 09/16/31 *(a)* | 100000 | 88133 |
| 4.90%, 12/01/32 *(a)* | 135000 | 137447 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 4.63%, 06/15/28 *(a)* | 195000 | 196119 |
| 2.80%, 03/01/31 *(a)* | 185000 | 169526 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 5.40%, 01/15/27  | 250000 | 253620 |
| 4.40%, 06/15/28 *(a)* | 620000 | 624913 |
| 5.05%, 06/01/29 *(a)* | 225000 | 231207 |
| 2.90%, 12/15/29 *(a)* | 65000 | 61754 |
| 1.80%, 01/15/31 *(a)* | 290000 | 256126 |
| 5.25%, 06/01/31 *(a)* | 185000 | 192542 |
| 5.40%, 07/31/33 *(a)* | 455000 | 474397 |
| 5.35%, 06/01/34 *(a)* | 285000 | 295146 |
| 4.85%, 04/27/35 *(a)* | 100000 | 99888 |
| 6.15%, 12/15/40  | 100000 | 108986 |
| 5.05%, 04/27/45 *(a)* | 150000 | 143579 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**49**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.60%, 07/31/53 *(a)* | 150000 | 148935 |
| 5.50%, 08/15/54 *(a)* | 180000 | 176197 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| 3.50%, 11/15/27 *(a)* | 190000 | 187202 |
| 4.40%, 03/15/29 *(a)* | 176000 | 174244 |
| 3.50%, 11/15/51 *(a)* | 150000 | 98652 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| 1.70%, 08/01/27 *(a)* | 265000 | 255914 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 5.10%, 11/15/27 *(a)* | 315000 | 322697 |
| 4.15%, 08/15/28 *(a)* | 150000 | 151025 |
| 4.50%, 02/15/29 *(a)* | 175000 | 177843 |
| 1.85%, 06/15/30 *(a)* | 170000 | 154198 |
| 4.40%, 08/15/30 *(a)* | 220000 | 222198 |
| 4.70%, 12/15/31 *(a)* | 155000 | 158977 |
| 3.90%, 06/15/32 *(a)* | 300000 | 294162 |
| 5.25%, 01/15/33 *(a)* | 300000 | 315497 |
| 4.75%, 02/15/34 *(a)* | 300000 | 304295 |
| 4.80%, 08/15/34 *(a)* | 250000 | 252737 |
| 3.60%, 03/01/35 *(a)* | 150000 | 138631 |
| 5.00%, 08/15/35 *(a)* | 220000 | 224346 |
| 4.50%, 05/15/36 *(a)* | 160000 | 156997 |
| 6.15%, 09/01/36  | 200000 | 222717 |
| 5.72%, 06/01/40  | 190000 | 204596 |
| 4.07%, 12/15/42  | 400000 | 341819 |
| 3.80%, 03/01/45 *(a)* | 350000 | 281150 |
| 4.70%, 05/15/46 *(a)* | 425000 | 385300 |
| 2.80%, 06/15/50 *(a)* | 165000 | 104673 |
| 4.09%, 09/15/52 *(a)* | 465000 | 369069 |
| 4.15%, 06/15/53 *(a)* | 350000 | 279730 |
| 5.70%, 11/15/54 *(a)* | 300000 | 302864 |
| 5.20%, 02/15/55 *(a)* | 135000 | 127174 |
| 4.30%, 06/15/62 *(a)* | 290000 | 229145 |
| 5.90%, 11/15/63 *(a)* | 245000 | 253368 |
| 5.20%, 02/15/64 *(a)* | 225000 | 208732 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 3.45%, 06/01/27 *(a)* | 140000 | 139174 |
| 3.50%, 12/15/27 *(a)* | 150000 | 148882 |
| 2.50%, 03/15/30 *(a)* | 150000 | 139825 |
| 2.40%, 07/15/31 *(a)* | 300000 | 270729 |
| 5.15%, 12/01/34 *(a)* | 225000 | 229801 |
| 4.25%, 12/15/47 *(a)* | 200000 | 165211 |
| 3.20%, 07/15/51 *(a)* | 275000 | 185438 |
| 5.50%, 12/01/54 *(a)* | 200000 | 193106 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 1.50%, 02/15/28 *(a)* | 225000 | 213124 |
| 2.00%, 10/01/30 *(a)* | 180000 | 160885 |
| 2.00%, 02/15/31 *(a)* | 150000 | 132708 |
| 4.50%, 05/15/47 *(a)* | 175000 | 148615 |
| 3.13%, 02/15/51 *(a)* | 85000 | 56000 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| 5.85%, 09/18/28 *(a)* | 160000 | 166471 |
| 3.63%, 05/15/30 *(a)* | 175000 | 169806 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.60%, 09/15/28 *(a)* | 240000 | 248621 |
| 5.80%, 09/15/33 *(a)* | 185000 | 196292 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 3.20%, 02/01/27 *(a)* | 325000 | 322809 |
| 3.25%, 01/15/28 *(a)* | 450000 | 444299 |
| 4.60%, 02/01/29 *(a)* | 245000 | 248855 |
| 4.40%, 05/01/30 *(a)* | 255000 | 257235 |
| 4.65%, 07/15/30 *(a)* | 115000 | 117072 |
| 4.70%, 03/15/33 *(a)* | 330000 | 333385 |
| 4.90%, 06/01/34 *(a)* | 255000 | 258721 |
| 5.25%, 07/15/35 *(a)* | 150000 | 155477 |
| 5.15%, 05/01/40 *(a)* | 50000 | 49740 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.05%, 11/15/40  | 100000 | 98835 |
| 4.75%, 06/01/43  | 250000 | 230260 |
| 3.85%, 04/15/45 *(a)* | 255000 | 204453 |
| 4.03%, 10/15/47 *(a)* | 685000 | 550998 |
| 5.25%, 05/01/50 *(a)* | 300000 | 283312 |
| 4.95%, 03/15/53 *(a)* | 310000 | 279803 |
| 5.20%, 06/01/54 *(a)* | 410000 | 383787 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 4.55%, 04/15/28 *(a)* | 230000 | 231439 |
| 2.75%, 11/15/31 *(a)* | 180000 | 162179 |
| 5.65%, 05/15/33 *(a)* | 150000 | 156543 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| 4.60%, 05/15/28 *(a)* | 100000 | 101240 |
| 3.10%, 03/01/30 *(a)* | 235000 | 223729 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 2.29%, 04/05/27 *(a)* | 250000 | 245041 |
| 5.25%, 08/16/28 *(a)* | 200000 | 206222 |
| 2.57%, 02/15/30 *(a)* | 450000 | 421437 |
| 5.13%, 09/04/35 *(a)* | 150000 | 153008 |
| 3.11%, 02/15/40 *(a)* | 265000 | 208633 |
| 3.36%, 02/15/50 *(a)* | 250000 | 177871 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 5.50%, 06/15/27 *(a)* | 100000 | 102091 |
| 3.95%, 08/15/29 *(a)* | 175000 | 173527 |
| 3.88%, 06/01/30 *(a)* | 100000 | 98263 |
| 5.70%, 06/15/34 *(a)* | 285000 | 299662 |
| 7.00%, 12/01/36  | 155000 | 175993 |
| 4.30%, 07/15/47 *(a)* | 200000 | 162800 |
| 4.40%, 01/30/48 *(a)* | 135000 | 110660 |
| 5.95%, 06/15/54 *(a)* | 215000 | 218185 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 3.25%, 03/01/27 *(a)* | 145000 | 144006 |
| 4.25%, 09/15/27 *(a)* | 350000 | 352371 |
| 3.25%, 06/14/29 *(a)* | 370000 | 360222 |
| 4.50%, 09/15/29 *(a)* | 280000 | 283989 |
| 4.20%, 11/21/34 *(a)* | 200000 | 194245 |
| 6.25%, 05/15/38  | 75000 | 82897 |
| 4.45%, 11/21/44 *(a)* | 190000 | 166775 |
| 4.10%, 03/01/47 *(a)* | 215000 | 176823 |
| 4.00%, 06/14/49 *(a)* | 225000 | 180915 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 4.50%, 07/01/29 *(a)* | 325000 | 326561 |
| **Precision Castparts Corp.** | **Precision Castparts Corp.** | **Precision Castparts Corp.** |
| 3.90%, 01/15/43 *(a)* | 175000 | 146229 |
| 4.38%, 06/15/45 *(a)* | 129000 | 112677 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.05%, 04/15/28 *(a)* | 400000 | 413907 |
| 6.30%, 02/15/30 *(a)* | 275000 | 291625 |
| 6.40%, 04/15/33 *(a)* | 410000 | 441097 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 3.38%, 11/15/27 *(a)* | 300000 | 298012 |
| 3.95%, 05/15/28 *(a)* | 195000 | 195372 |
| 4.88%, 04/01/29 *(a)* | 250000 | 256220 |
| 2.30%, 03/01/30 *(a)* | 65000 | 60448 |
| 4.75%, 07/15/30 *(a)* | 150000 | 153642 |
| 1.45%, 02/15/31 *(a)* | 275000 | 239941 |
| 1.75%, 02/15/32 *(a)* | 250000 | 215775 |
| 2.38%, 03/15/33 *(a)* | 215000 | 187826 |
| 5.00%, 12/15/33 *(a)* | 150000 | 155204 |
| 5.00%, 04/01/34 *(a)* | 260000 | 266741 |
| 5.20%, 11/15/34 *(a)* | 100000 | 103600 |
| 5.15%, 03/15/35 *(a)* | 225000 | 232481 |
| 6.20%, 03/01/40  | 100000 | 110483 |
| 5.70%, 05/15/41 *(a)* | 75000 | 78889 |
| 3.05%, 03/01/50 *(a)* | 380000 | 257608 |

---

*See financial notes*

**50**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 3.50%, 03/01/29 *(a)* | 145000 | 142788 |
| 1.75%, 08/15/31 *(a)* | 160000 | 140129 |
| 4.20%, 03/01/49 *(a)* | 185000 | 154035 |
| 2.80%, 08/15/61 *(a)* | 190000 | 109658 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 3.50%, 03/15/27 *(a)* | 335000 | 333373 |
| 3.13%, 05/04/27 *(a)* | 390000 | 385998 |
| 7.20%, 08/15/27  | 100000 | 105094 |
| 4.13%, 11/16/28 *(a)* | 955000 | 958608 |
| 5.75%, 01/15/29 *(a)* | 150000 | 156998 |
| 7.50%, 09/15/29  | 255000 | 284006 |
| 2.25%, 07/01/30 *(a)* | 270000 | 248830 |
| 6.00%, 03/15/31 *(a)* | 300000 | 323379 |
| 1.90%, 09/01/31 *(a)* | 425000 | 373184 |
| 2.38%, 03/15/32 *(a)* | 175000 | 155960 |
| 5.15%, 02/27/33 *(a)* | 350000 | 362625 |
| 6.10%, 03/15/34 *(a)* | 525000 | 575074 |
| 5.40%, 05/01/35  | 225000 | 236732 |
| 6.05%, 06/01/36  | 125000 | 136228 |
| 6.13%, 07/15/38  | 165000 | 180886 |
| 4.45%, 11/16/38 *(a)* | 200000 | 188137 |
| 5.70%, 04/15/40  | 225000 | 235906 |
| 4.88%, 10/15/40 *(e)* | 150000 | 145207 |
| 4.70%, 12/15/41  | 110000 | 102913 |
| 4.50%, 06/01/42  | 1025000 | 926406 |
| 4.80%, 12/15/43 *(a)* | 130000 | 119311 |
| 4.15%, 05/15/45 *(a)* | 175000 | 146312 |
| 3.75%, 11/01/46 *(a)* | 350000 | 272240 |
| 4.35%, 04/15/47 *(a)* | 270000 | 228772 |
| 4.05%, 05/04/47 *(a)* | 185000 | 149497 |
| 4.63%, 11/16/48 *(a)* | 490000 | 427720 |
| 3.13%, 07/01/50 *(a)* | 350000 | 235612 |
| 2.82%, 09/01/51 *(a)* | 325000 | 203034 |
| 3.03%, 03/15/52 *(a)* | 330000 | 215320 |
| 5.38%, 02/27/53 *(a)* | 335000 | 321802 |
| 6.40%, 03/15/54 *(a)* | 520000 | 572238 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| 3.25%, 03/01/27 *(a)* | 75000 | 74469 |
| 4.10%, 03/01/48 *(a)* | 90000 | 74119 |
| 3.10%, 05/01/50 *(a)* | 200000 | 135770 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 2.25%, 02/01/27 *(a)* | 95000 | 93208 |
| 4.60%, 09/01/29 *(a)* | 260000 | 262346 |
| 3.13%, 05/01/30 *(a)* | 230000 | 217707 |
| 2.85%, 02/01/32 *(a)(c)* | 140000 | 126451 |
| 5.00%, 09/01/34 *(a)* | 200000 | 198386 |
| 5.75%, 11/01/40 *(a)* | 160000 | 161395 |
| **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** |
| 4.60%, 06/15/28 *(a)* | 220000 | 220364 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 6.00%, 03/06/28 *(a)* | 170000 | 176546 |
| 4.25%, 11/15/28 *(a)* | 150000 | 150308 |
| 2.30%, 03/15/30 *(a)* | 265000 | 242865 |
| 3.00%, 05/15/32 *(a)* | 105000 | 95139 |
| 5.20%, 09/01/40  | 115000 | 112149 |
| 4.85%, 11/15/48 *(a)* | 150000 | 132013 |
| 2.75%, 11/15/50 *(a)* | 220000 | 130655 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 3.65%, 03/15/27 *(a)* | 290000 | 288500 |
| 3.38%, 03/01/28 *(a)* | 225000 | 221807 |
| 3.90%, 09/17/29 *(a)* | 225000 | 221854 |
| 2.45%, 03/15/31 *(a)* | 150000 | 136075 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.50%, 12/15/28 *(a)* | 150000 | 151401 |
| 4.13%, 04/01/32 *(a)* | 105000 | 100931 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 3.80%, 03/21/29 *(a)* | 200000 | 198746 |
| 5.25%, 03/03/33 *(a)* | 200000 | 208516 |
| 5.10%, 06/13/34 *(a)* | 175000 | 179387 |
| 4.65%, 11/01/44 *(a)* | 100000 | 90545 |
| **Trane Technologies Holdco, Inc.** | **Trane Technologies Holdco, Inc.** | **Trane Technologies Holdco, Inc.** |
| 3.75%, 08/21/28 *(a)* | 280000 | 279232 |
| 5.75%, 06/15/43  | 150000 | 156242 |
| 4.30%, 02/21/48 *(a)* | 190000 | 159044 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 3.13%, 08/15/27 *(a)* | 215000 | 213120 |
| 4.50%, 02/09/31 *(a)* | 170000 | 172001 |
| 2.50%, 02/04/32 *(a)* | 225000 | 201825 |
| 5.00%, 05/09/35 *(a)* | 115000 | 116588 |
| 7.13%, 10/01/37  | 160000 | 189037 |
| **Valmont Industries, Inc.** | **Valmont Industries, Inc.** | **Valmont Industries, Inc.** |
| 5.00%, 10/01/44 *(a)* | 135000 | 124351 |
| 5.25%, 10/01/54 *(a)* | 100000 | 93100 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.35%, 09/18/28 *(a)* | 235000 | 242360 |
| 5.45%, 09/18/33 *(a)* | 200000 | 208949 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.40%, 04/01/28 *(a)* | 155000 | 148685 |
| 2.95%, 04/01/31 *(a)* | 200000 | 183603 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 3.90%, 04/01/27 *(a)* | 200000 | 200054 |
| 4.95%, 12/01/29 *(a)* | 20000 | 20534 |
| 3.50%, 06/01/30 *(a)* | 265000 | 256876 |
| 5.35%, 12/01/34 *(a)* | 230000 | 238624 |
| 4.50%, 06/15/47 *(a)* | 235000 | 201332 |
| 4.70%, 03/01/48 *(a)* | 190000 | 166629 |
| 5.70%, 12/01/54 *(a)* | 225000 | 224739 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 4.25%, 12/01/28 *(a)* | 215000 | 216647 |
| 3.50%, 05/01/29 *(a)* | 204000 | 200638 |
| 2.60%, 02/01/30 *(a)* | 200000 | 188686 |
| 2.20%, 01/15/32 *(a)* | 250000 | 220983 |
| 3.20%, 06/01/32 *(a)* | 210000 | 195486 |
| 5.00%, 03/01/34 *(a)* | 200000 | 204217 |
| 5.25%, 09/01/35 *(a)* | 150000 | 155400 |
| 3.05%, 04/01/50 *(a)* | 175000 | 117155 |
| 2.95%, 01/15/52 *(a)(c)* | 300000 | 194356 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 4.95%, 07/03/27 *(a)* | 155000 | 157604 |
| 3.15%, 11/15/27 *(a)* | 310000 | 306624 |
| 1.15%, 03/15/28 *(a)* | 280000 | 264086 |
| 4.50%, 03/15/28 *(a)* | 300000 | 304092 |
| 3.88%, 01/15/29 *(a)* | 250000 | 249829 |
| 4.88%, 02/15/29 *(a)* | 200000 | 205335 |
| 2.00%, 06/01/29 *(a)* | 5000 | 4679 |
| 4.63%, 02/15/30 *(a)* | 270000 | 275186 |
| 1.50%, 03/15/31 *(a)* | 295000 | 257740 |
| 4.95%, 07/03/31 *(a)* | 235000 | 243314 |
| 4.80%, 03/15/32 *(a)* | 225000 | 230287 |
| 4.15%, 04/15/32 *(a)* | 230000 | 228090 |
| 4.63%, 02/15/33 *(a)* | 195000 | 197811 |
| 4.88%, 02/15/34 *(a)* | 375000 | 385170 |
| 4.95%, 03/15/35 *(a)* | 500000 | 508133 |
| 4.10%, 03/01/45 *(a)* | 215000 | 181603 |
| 4.15%, 07/15/49 *(a)* | 200000 | 165573 |
| 2.50%, 11/15/50 *(a)* | 225000 | 134555 |
| 5.35%, 10/15/54 *(a)* | 395000 | 384884 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 4.70%, 09/15/28 *(a)(f)* | 460000 | 466165 |
| 4.90%, 05/29/30 *(a)* | 150000 | 153498 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**51**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.61%, 03/11/34 *(a)* | 45000 | 47328 |
| 5.50%, 05/29/35 *(a)* | 200000 | 208694 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| 4.45%, 09/15/34 *(a)* | 175000 | 173587 |
| 4.60%, 06/15/45 *(a)* | 240000 | 216696 |
| 3.75%, 05/15/46 *(a)* | 245000 | 193965 |
| 4.20%, 05/15/47 *(a)* | 140000 | 118077 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 1.95%, 01/30/28 *(a)* | 205000 | 196849 |
| 2.25%, 01/30/31 *(a)* | 150000 | 136146 |
| 4.38%, 11/01/46 *(a)* | 115000 | 97642 |
|  |  | **123589308** |
| ***Communications 1.8%***  | ***Communications 1.8%***  | ***Communications 1.8%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 3.63%, 04/22/29 *(a)* | 335000 | 328011 |
| 2.88%, 05/07/30 *(a)* | 545000 | 513345 |
| 5.00%, 01/20/33 *(a)* | 200000 | 203234 |
| 6.38%, 03/01/35  | 315000 | 346706 |
| 6.13%, 11/15/37  | 240000 | 258117 |
| 6.13%, 03/30/40  | 690000 | 735064 |
| 4.38%, 07/16/42  | 385000 | 335306 |
| 4.38%, 04/22/49 *(a)* | 210000 | 176093 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 2.75%, 01/15/27 *(a)* | 120000 | 118424 |
| 3.13%, 01/15/27 *(a)* | 150000 | 148648 |
| 3.65%, 03/15/27 *(a)* | 225000 | 224025 |
| 3.55%, 07/15/27 *(a)* | 360000 | 357545 |
| 3.60%, 01/15/28 *(a)* | 300000 | 297255 |
| 1.50%, 01/31/28 *(a)* | 250000 | 237244 |
| 5.50%, 03/15/28 *(a)* | 150000 | 154320 |
| 5.25%, 07/15/28 *(a)* | 200000 | 205648 |
| 5.80%, 11/15/28 *(a)* | 280000 | 292385 |
| 5.20%, 02/15/29 *(a)* | 135000 | 138998 |
| 3.95%, 03/15/29 *(a)* | 310000 | 307518 |
| 3.80%, 08/15/29 *(a)* | 400000 | 393996 |
| 2.90%, 01/15/30 *(a)* | 255000 | 242238 |
| 5.00%, 01/31/30 *(a)* | 175000 | 179292 |
| 2.10%, 06/15/30 *(a)* | 200000 | 181687 |
| 1.88%, 10/15/30 *(a)* | 400000 | 357323 |
| 2.70%, 04/15/31 *(a)* | 220000 | 202032 |
| 2.30%, 09/15/31 *(a)* | 200000 | 177850 |
| 4.05%, 03/15/32 *(a)* | 250000 | 243515 |
| 4.70%, 12/15/32 *(a)* | 260000 | 260489 |
| 5.65%, 03/15/33 *(a)* | 255000 | 268824 |
| 5.55%, 07/15/33 *(a)* | 350000 | 367081 |
| 5.90%, 11/15/33 *(a)* | 40000 | 42796 |
| 5.45%, 02/15/34 *(a)* | 50000 | 51942 |
| 5.40%, 01/31/35 *(a)* | 275000 | 283223 |
| 3.70%, 10/15/49 *(a)* | 235000 | 174584 |
| 3.10%, 06/15/50 *(a)* | 455000 | 299618 |
| 2.95%, 01/15/51 *(a)* | 390000 | 248227 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.13%, 12/01/29 *(a)* | 340000 | 348812 |
| 5.38%, 12/01/31 *(a)* | 300000 | 311028 |
| 5.50%, 12/01/34 *(a)* | 495000 | 508997 |
| 5.95%, 12/01/54 *(a)* | 180000 | 178373 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 3.80%, 02/15/27 *(a)* | 150000 | 149758 |
| 4.25%, 03/01/27 *(a)* | 470000 | 471181 |
| 2.30%, 06/01/27 *(a)* | 720000 | 704017 |
| 1.65%, 02/01/28 *(a)* | 700000 | 667339 |
| 4.10%, 02/15/28 *(a)* | 395000 | 395524 |
| 4.35%, 03/01/29 *(a)* | 850000 | 854615 |
| 4.30%, 02/15/30 *(a)* | 1070000 | 1072412 |
| 4.70%, 08/15/30 *(a)* | 425000 | 432201 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.75%, 06/01/31 *(a)* | 900000 | 826910 |
| 2.25%, 02/01/32 *(a)* | 785000 | 689384 |
| 4.55%, 11/01/32 *(a)* | 340000 | 338118 |
| 2.55%, 12/01/33 *(a)* | 1131000 | 965806 |
| 5.40%, 02/15/34 *(a)* | 790000 | 819441 |
| 4.50%, 05/15/35 *(a)* | 795000 | 764224 |
| 5.38%, 08/15/35 *(a)* | 325000 | 333178 |
| 4.90%, 11/01/35 *(a)* | 370000 | 365842 |
| 5.25%, 03/01/37 *(a)* | 380000 | 385016 |
| 4.90%, 08/15/37 *(a)* | 239000 | 232661 |
| 6.30%, 01/15/38  | 150000 | 163143 |
| 6.55%, 02/15/39  | 145000 | 159524 |
| 4.85%, 03/01/39 *(a)* | 350000 | 333069 |
| 6.00%, 08/15/40 *(a)* | 155000 | 161861 |
| 5.35%, 09/01/40  | 175000 | 172113 |
| 6.38%, 03/01/41  | 100000 | 106761 |
| 3.50%, 06/01/41 *(a)* | 715000 | 561932 |
| 5.55%, 08/15/41  | 185000 | 184119 |
| 5.15%, 03/15/42  | 210000 | 200566 |
| 4.30%, 12/15/42 *(a)* | 450000 | 379921 |
| 3.10%, 02/01/43 *(a)* | 215000 | 157751 |
| 4.65%, 06/01/44 *(a)* | 185000 | 160807 |
| 4.80%, 06/15/44 *(a)* | 50000 | 43958 |
| 4.35%, 06/15/45 *(a)* | 265000 | 218899 |
| 4.85%, 07/15/45 *(a)* | 50000 | 44408 |
| 5.55%, 11/01/45 *(a)* | 320000 | 308385 |
| 4.75%, 05/15/46 *(a)* | 600000 | 520441 |
| 5.15%, 11/15/46 *(a)* | 200000 | 183099 |
| 5.65%, 02/15/47 *(a)* | 260000 | 262086 |
| 5.45%, 03/01/47 *(a)* | 133000 | 125681 |
| 4.50%, 03/09/48 *(a)* | 535000 | 442047 |
| 4.55%, 03/09/49 *(a)* | 309000 | 255813 |
| 5.15%, 02/15/50 *(a)* | 215000 | 193090 |
| 3.65%, 06/01/51 *(a)* | 875000 | 615900 |
| 3.30%, 02/01/52 *(a)* | 280000 | 182545 |
| 3.50%, 09/15/53 *(a)* | 2245000 | 1503535 |
| 5.70%, 11/01/54 *(a)* | 485000 | 465124 |
| 3.55%, 09/15/55 *(a)* | 2190000 | 1460535 |
| 6.05%, 08/15/56 *(a)* | 400000 | 402331 |
| 5.70%, 03/01/57 *(a)* | 165000 | 158464 |
| 3.80%, 12/01/57 *(a)* | 1780000 | 1225106 |
| 3.65%, 09/15/59 *(a)* | 1880000 | 1241725 |
| 3.85%, 06/01/60 *(a)* | 440000 | 302512 |
| 3.50%, 02/01/61 *(a)* | 350000 | 223423 |
| **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** |
| 2.15%, 02/15/32 *(a)* | 235000 | 203590 |
| 5.10%, 05/11/33 *(a)* | 325000 | 330053 |
| 5.20%, 02/15/34 *(a)* | 210000 | 213660 |
| 4.46%, 04/01/48 *(a)* | 400000 | 330488 |
| 4.30%, 07/29/49 *(a)* | 180000 | 142202 |
| 3.65%, 08/15/52 *(a)* | 160000 | 112673 |
| 5.55%, 02/15/54 *(a)(c)* | 220000 | 209605 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 5.13%, 12/04/28 *(a)* | 150000 | 154034 |
| 9.63%, 12/15/30 *(f)* | 795000 | 970601 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 3.75%, 02/15/28 *(a)* | 500000 | 493220 |
| 4.20%, 03/15/28 *(a)* | 315000 | 313613 |
| 2.25%, 01/15/29 *(a)* | 370000 | 346479 |
| 5.05%, 03/30/29 *(a)* | 375000 | 379586 |
| 6.10%, 06/01/29 *(a)* | 400000 | 417622 |
| 2.80%, 04/01/31 *(a)* | 470000 | 423333 |
| 2.30%, 02/01/32 *(a)* | 315000 | 271164 |
| 4.40%, 04/01/33 *(a)* | 290000 | 273901 |
| 6.65%, 02/01/34 *(a)* | 255000 | 269124 |
| 6.55%, 06/01/34 *(a)* | 450000 | 473983 |

---

*See financial notes*

**52**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.38%, 10/23/35 *(a)* | 680000 | 702306 |
| 5.85%, 12/01/35 *(a)* | 370000 | 369759 |
| 5.38%, 04/01/38 *(a)* | 315000 | 290488 |
| 3.50%, 06/01/41 *(a)* | 450000 | 320035 |
| 3.50%, 03/01/42 *(a)* | 380000 | 263332 |
| 6.48%, 10/23/45 *(a)* | 1000000 | 940092 |
| 5.38%, 05/01/47 *(a)* | 795000 | 655389 |
| 5.75%, 04/01/48 *(a)* | 755000 | 649614 |
| 5.13%, 07/01/49 *(a)* | 420000 | 329058 |
| 4.80%, 03/01/50 *(a)* | 810000 | 610374 |
| 3.70%, 04/01/51 *(a)* | 610000 | 384713 |
| 3.90%, 06/01/52 *(a)* | 705000 | 455869 |
| 5.25%, 04/01/53 *(a)* | 460000 | 364279 |
| 6.83%, 10/23/55 *(a)* | 145000 | 139286 |
| 6.70%, 12/01/55 *(a)* | 220000 | 211107 |
| 3.85%, 04/01/61 *(a)* | 540000 | 322362 |
| 4.40%, 12/01/61 *(a)* | 450000 | 294200 |
| 3.95%, 06/30/62 *(a)* | 420000 | 252525 |
| 5.50%, 04/01/63 *(a)* | 300000 | 236798 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 2.35%, 01/15/27 *(a)* | 450000 | 443351 |
| 3.30%, 02/01/27 *(a)* | 380000 | 378001 |
| 3.30%, 04/01/27 *(a)* | 200000 | 198693 |
| 3.15%, 02/15/28 *(a)* | 350000 | 344649 |
| 3.55%, 05/01/28 *(a)* | 200000 | 198388 |
| 4.15%, 10/15/28 *(a)* | 750000 | 754076 |
| 4.55%, 01/15/29 *(a)* | 250000 | 253750 |
| 2.65%, 02/01/30 *(a)* | 525000 | 495403 |
| 3.40%, 04/01/30 *(a)* | 500000 | 485204 |
| 4.25%, 10/15/30 *(a)* | 425000 | 425267 |
| 1.95%, 01/15/31 *(a)* | 475000 | 423738 |
| 1.50%, 02/15/31 *(a)* | 505000 | 439164 |
| 5.50%, 11/15/32 *(a)* | 330000 | 349079 |
| 4.25%, 01/15/33  | 570000 | 557576 |
| 4.65%, 02/15/33 *(a)* | 330000 | 331454 |
| 7.05%, 03/15/33  | 250000 | 286167 |
| 4.80%, 05/15/33 *(a)* | 300000 | 302977 |
| 5.30%, 06/01/34 *(a)* | 350000 | 361043 |
| 4.20%, 08/15/34 *(a)* | 340000 | 325343 |
| 5.30%, 05/15/35 *(a)(c)* | 200000 | 204994 |
| 5.65%, 06/15/35  | 300000 | 315166 |
| 4.40%, 08/15/35 *(a)* | 230000 | 220135 |
| 6.50%, 11/15/35  | 320000 | 355550 |
| 3.20%, 07/15/36 *(a)* | 315000 | 268718 |
| 5.17%, 01/15/37 *(a)(e)* | 381000 | 375927 |
| 6.45%, 03/15/37  | 265000 | 293389 |
| 6.95%, 08/15/37  | 150000 | 169806 |
| 3.90%, 03/01/38 *(a)* | 395000 | 344183 |
| 4.60%, 10/15/38 *(a)* | 300000 | 279755 |
| 6.55%, 07/01/39  | 190000 | 210887 |
| 3.25%, 11/01/39 *(a)* | 405000 | 316759 |
| 3.75%, 04/01/40 *(a)* | 350000 | 288539 |
| 4.65%, 07/15/42  | 195000 | 171139 |
| 4.75%, 03/01/44  | 240000 | 209486 |
| 4.60%, 08/15/45 *(a)* | 250000 | 212400 |
| 3.40%, 07/15/46 *(a)* | 520000 | 361338 |
| 4.00%, 08/15/47 *(a)* | 291000 | 220058 |
| 3.97%, 11/01/47 *(a)* | 608000 | 455474 |
| 4.00%, 03/01/48 *(a)* | 265000 | 199366 |
| 4.70%, 10/15/48 *(a)* | 600000 | 500751 |
| 4.00%, 11/01/49 *(a)* | 705000 | 520332 |
| 3.45%, 02/01/50 *(a)* | 585000 | 392165 |
| 2.80%, 01/15/51 *(a)* | 540000 | 313553 |
| 2.89%, 11/01/51 *(a)* | 1653000 | 968636 |
| 2.45%, 08/15/52 *(a)* | 480000 | 254356 |
| 4.05%, 11/01/52 *(a)* | 338000 | 247363 |
| 5.35%, 05/15/53 *(a)* | 495000 | 445014 |
| 5.65%, 06/01/54 *(a)* | 285000 | 267478 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.05%, 05/15/55 *(a)* | 200000 | 197851 |
| 2.94%, 11/01/56 *(a)* | 1773000 | 997435 |
| 4.95%, 10/15/58 *(a)* | 330000 | 274427 |
| 2.65%, 08/15/62 *(a)* | 430000 | 217018 |
| 2.99%, 11/01/63 *(a)* | 1195000 | 647755 |
| 5.50%, 05/15/64 *(a)* | 415000 | 370976 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 4.00%, 03/01/27 *(a)* | 185000 | 184732 |
| 2.90%, 03/15/27 *(a)* | 180000 | 177436 |
| 3.65%, 09/01/27 *(a)* | 320000 | 317562 |
| 5.00%, 01/11/28 *(a)* | 320000 | 325189 |
| 3.80%, 02/15/28 *(a)* | 300000 | 297753 |
| 4.80%, 09/01/28 *(a)* | 180000 | 182686 |
| 4.30%, 02/15/29 *(a)* | 165000 | 164781 |
| 5.60%, 06/01/29 *(a)* | 200000 | 207649 |
| 4.90%, 09/01/29 *(a)* | 185000 | 187993 |
| 3.10%, 11/15/29 *(a)* | 185000 | 176407 |
| 3.30%, 07/01/30 *(a)* | 270000 | 256181 |
| 2.25%, 01/15/31 *(a)* | 350000 | 313013 |
| 2.10%, 04/01/31 *(a)* | 300000 | 264918 |
| 2.50%, 07/15/31 *(a)* | 260000 | 232618 |
| 5.10%, 05/01/33 *(a)* | 230000 | 232081 |
| 5.80%, 03/01/34 *(a)* | 200000 | 209976 |
| 5.20%, 09/01/34 *(a)* | 200000 | 202169 |
| 2.90%, 04/01/41 *(a)* | 540000 | 394091 |
| 4.75%, 05/15/47 *(a)* | 140000 | 121457 |
| 5.20%, 02/15/49 *(a)* | 125000 | 112680 |
| 4.00%, 11/15/49 *(a)* | 140000 | 105280 |
| 4.15%, 07/01/50 *(a)* | 155000 | 120326 |
| 3.25%, 01/15/51 *(a)* | 255000 | 168527 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 8.75%, 06/15/30 *(f)* | 1100000 | 1284738 |
| 9.25%, 06/01/32  | 140000 | 174370 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| 1.85%, 02/15/31 *(a)* | 270000 | 260001 |
| 2.95%, 02/15/51 *(a)(c)* | 265000 | 245233 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 4.71%, 01/25/29 *(a)* | 560000 | 567279 |
| 3.50%, 04/08/30 *(a)* | 200000 | 194199 |
| 6.50%, 10/13/33 *(a)* | 400000 | 441464 |
| 5.48%, 01/25/39 *(a)* | 415000 | 416757 |
| 5.58%, 01/25/49 *(a)* | 390000 | 375230 |
| **Koninklijke KPN NV** | **Koninklijke KPN NV** | **Koninklijke KPN NV** |
| 8.38%, 10/01/30  | 275000 | 321082 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 3.50%, 08/15/27 *(a)* | 810000 | 808839 |
| 4.60%, 05/15/28 *(a)* | 500000 | 509543 |
| 4.30%, 08/15/29 *(a)* | 300000 | 303651 |
| 4.80%, 05/15/30 *(a)* | 320000 | 329695 |
| 4.20%, 11/15/30 *(a)* | 1230000 | 1232474 |
| 4.55%, 08/15/31 *(a)* | 325000 | 330973 |
| 3.85%, 08/15/32 *(a)* | 910000 | 883335 |
| 4.60%, 11/15/32 *(a)* | 1240000 | 1250447 |
| 4.95%, 05/15/33 *(a)* | 530000 | 546049 |
| 4.75%, 08/15/34 *(a)* | 695000 | 701277 |
| 4.88%, 11/15/35 *(a)* | 2000000 | 1998952 |
| 5.50%, 11/15/45 *(a)* | 1370000 | 1330777 |
| 4.45%, 08/15/52 *(a)* | 700000 | 570364 |
| 5.60%, 05/15/53 *(a)* | 695000 | 665746 |
| 5.40%, 08/15/54 *(a)* | 1000000 | 930393 |
| 5.63%, 11/15/55 *(a)* | 1970000 | 1892043 |
| 4.65%, 08/15/62 *(a)* | 455000 | 367488 |
| 5.75%, 05/15/63 *(a)* | 510000 | 490790 |
| 5.55%, 08/15/64 *(a)* | 1260000 | 1170869 |
| 5.75%, 11/15/65 *(a)* | 1360000 | 1299783 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**53**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NBCUniversal Media LLC** | **NBCUniversal Media LLC** | **NBCUniversal Media LLC** |
| 6.40%, 04/30/40  | 205000 | 223246 |
| 5.95%, 04/01/41  | 145000 | 148812 |
| 4.45%, 01/15/43  | 225000 | 191757 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.88%, 04/15/28  | 510000 | 520584 |
| 5.88%, 11/15/28  | 530000 | 557325 |
| 6.38%, 05/15/29  | 280000 | 299949 |
| 4.90%, 08/15/34 *(a)* | 300000 | 307509 |
| 5.40%, 08/15/54 *(a)* | 200000 | 194041 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 4.75%, 03/30/30 *(a)(e)* | 300000 | 303456 |
| 2.45%, 04/30/30 *(a)* | 175000 | 161860 |
| 4.20%, 06/01/30 *(a)* | 385000 | 382061 |
| 2.40%, 03/01/31 *(a)(e)* | 200000 | 180134 |
| 2.60%, 08/01/31 *(a)* | 260000 | 236035 |
| 5.30%, 11/01/34 *(a)* | 155000 | 158391 |
| 5.40%, 10/01/48 *(a)(c)(e)* | 240000 | 222222 |
| **Orange SA** | **Orange SA** | **Orange SA** |
| 9.00%, 03/01/31  | 775000 | 933680 |
| 5.38%, 01/13/42  | 250000 | 245104 |
| 5.50%, 02/06/44 *(a)* | 180000 | 177430 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 2.90%, 01/15/27 *(a)* | 160000 | 157423 |
| 3.38%, 02/15/28 *(a)* | 220000 | 213997 |
| 3.70%, 06/01/28 *(a)* | 220000 | 215482 |
| 4.20%, 06/01/29 *(a)* | 134000 | 130644 |
| 7.88%, 07/30/30  | 245000 | 265144 |
| 4.95%, 01/15/31 *(a)* | 350000 | 336493 |
| 4.20%, 05/19/32 *(a)* | 275000 | 248855 |
| 5.50%, 05/15/33  | 165000 | 157628 |
| 6.88%, 04/30/36  | 335000 | 331773 |
| 5.90%, 10/15/40 *(a)* | 150000 | 131014 |
| 4.85%, 07/01/42 *(a)* | 195000 | 144207 |
| 4.38%, 03/15/43  | 360000 | 251119 |
| 5.85%, 09/01/43 *(a)* | 375000 | 308837 |
| 5.25%, 04/01/44 *(a)* | 105000 | 79678 |
| 4.90%, 08/15/44 *(a)* | 225000 | 162465 |
| 4.60%, 01/15/45 *(a)* | 205000 | 143026 |
| 4.95%, 05/19/50 *(a)* | 355000 | 251290 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 3.20%, 03/15/27 *(a)* | 360000 | 356581 |
| 5.00%, 02/15/29 *(a)* | 370000 | 377225 |
| 3.80%, 03/15/32 *(a)* | 550000 | 518690 |
| 5.30%, 02/15/34 *(a)* | 300000 | 302465 |
| 7.50%, 08/15/38  | 100000 | 115719 |
| 4.50%, 03/15/42 *(a)* | 165000 | 141045 |
| 4.50%, 03/15/43 *(a)* | 115000 | 96496 |
| 5.45%, 10/01/43 *(a)* | 225000 | 212214 |
| 5.00%, 03/15/44 *(a)* | 305000 | 272224 |
| 4.30%, 02/15/48 *(a)* | 220000 | 174457 |
| 4.35%, 05/01/49 *(a)* | 195000 | 154442 |
| 3.70%, 11/15/49 *(a)* | 160000 | 114312 |
| 4.55%, 03/15/52 *(a)* | 600000 | 478666 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 6.88%, 11/15/28  | 725000 | 778414 |
| 8.75%, 03/15/32  | 575000 | 695869 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 3.70%, 04/14/27 *(a)* | 100000 | 99616 |
| 4.95%, 03/28/28 *(a)* | 300000 | 305813 |
| 5.40%, 06/12/29 *(a)* | 150000 | 155203 |
| 4.00%, 04/14/32 *(a)* | 150000 | 145543 |
| 5.60%, 06/12/34 *(a)* | 150000 | 156554 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| 7.13%, 02/15/28  | 180000 | 191373 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
| 4.10%, 03/08/27  | 350000 | 349940 |
| 7.05%, 06/20/36  | 560000 | 625824 |
| 5.21%, 03/08/47  | 795000 | 702430 |
| 4.90%, 03/06/48  | 400000 | 336492 |
| 5.52%, 03/01/49 *(a)(c)* | 450000 | 409938 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| 8.25%, 09/15/30  | 400000 | 459494 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 2.80%, 02/16/27 *(a)* | 190000 | 187304 |
| 3.70%, 09/15/27 *(a)* | 160000 | 158970 |
| 3.40%, 05/13/32 *(a)* | 320000 | 295450 |
| 4.60%, 11/16/48 *(a)* | 150000 | 127720 |
| 4.30%, 06/15/49 *(a)* | 100000 | 79557 |
| **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |
| 8.38%, 07/15/33  | 590000 | 681703 |
| **Time Warner Cable LLC** | **Time Warner Cable LLC** | **Time Warner Cable LLC** |
| 6.55%, 05/01/37  | 465000 | 474671 |
| 7.30%, 07/01/38  | 460000 | 494233 |
| 6.75%, 06/15/39  | 450000 | 455529 |
| 5.88%, 11/15/40 *(a)* | 375000 | 347375 |
| 5.50%, 09/01/41 *(a)* | 410000 | 359978 |
| 4.50%, 09/15/42 *(a)* | 335000 | 258262 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.75%, 04/15/27 *(a)* | 1200000 | 1196444 |
| 4.75%, 02/01/28 *(a)* | 500000 | 500611 |
| 2.05%, 02/15/28 *(a)* | 600000 | 576331 |
| 4.95%, 03/15/28 *(a)* | 295000 | 300683 |
| 4.80%, 07/15/28 *(a)* | 275000 | 280024 |
| 4.85%, 01/15/29 *(a)* | 460000 | 470012 |
| 2.63%, 02/15/29 *(a)* | 360000 | 344050 |
| 2.40%, 03/15/29 *(a)* | 200000 | 189467 |
| 3.38%, 04/15/29 *(a)* | 755000 | 736431 |
| 4.20%, 10/01/29 *(a)* | 200000 | 200423 |
| 3.88%, 04/15/30 *(a)* | 1870000 | 1838863 |
| 2.55%, 02/15/31 *(a)* | 800000 | 730994 |
| 2.88%, 02/15/31 *(a)* | 375000 | 348569 |
| 3.50%, 04/15/31 *(a)* | 775000 | 742272 |
| 2.25%, 11/15/31 *(a)* | 350000 | 310383 |
| 2.70%, 03/15/32 *(a)* | 300000 | 269866 |
| 5.13%, 05/15/32 *(a)* | 350000 | 360405 |
| 4.63%, 01/15/33 *(a)* | 250000 | 248762 |
| 5.20%, 01/15/33 *(a)* | 275000 | 284090 |
| 5.05%, 07/15/33 *(a)* | 730000 | 745256 |
| 6.70%, 12/15/33  | 210000 | 235652 |
| 5.75%, 01/15/34 *(a)* | 325000 | 344439 |
| 5.15%, 04/15/34 *(a)* | 350000 | 358151 |
| 4.70%, 01/15/35 *(a)* | 200000 | 196657 |
| 5.30%, 05/15/35 *(a)* | 290000 | 297570 |
| 4.95%, 11/15/35 *(a)* | 300000 | 298596 |
| 4.38%, 04/15/40 *(a)* | 595000 | 534069 |
| 3.00%, 02/15/41 *(a)* | 650000 | 484106 |
| 4.50%, 04/15/50 *(a)* | 905000 | 746238 |
| 3.30%, 02/15/51 *(a)* | 895000 | 598427 |
| 3.40%, 10/15/52 *(a)* | 900000 | 605686 |
| 5.65%, 01/15/53 *(a)* | 565000 | 547322 |
| 5.75%, 01/15/54 *(a)* | 475000 | 466498 |
| 6.00%, 06/15/54 *(a)* | 320000 | 325593 |
| 5.50%, 01/15/55 *(a)* | 200000 | 189628 |
| 5.25%, 06/15/55 *(a)* | 270000 | 246251 |
| 5.88%, 11/15/55 *(a)* | 395000 | 394564 |
| 5.70%, 01/15/56 *(a)* | 300000 | 292685 |
| 3.60%, 11/15/60 *(a)* | 545000 | 362616 |
| 5.80%, 09/15/62 *(a)* | 285000 | 280896 |

---

*See financial notes*

**54**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 2.95%, 06/15/27  | 295000 | 292050 |
| 7.00%, 03/01/32  | 190000 | 216467 |
| 4.38%, 08/16/41  | 150000 | 134574 |
| 4.13%, 12/01/41  | 95000 | 83083 |
| 4.13%, 06/01/44  | 300000 | 252179 |
| 3.00%, 07/30/46  | 190000 | 131625 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 4.13%, 03/16/27  | 460000 | 461276 |
| 2.10%, 03/22/28 *(a)* | 720000 | 691568 |
| 4.33%, 09/21/28  | 824000 | 831132 |
| 3.88%, 02/08/29 *(a)* | 265000 | 264085 |
| 4.02%, 12/03/29 *(a)* | 1132000 | 1124040 |
| 3.15%, 03/22/30 *(a)* | 425000 | 407124 |
| 1.50%, 09/18/30 *(a)* | 395000 | 348466 |
| 1.68%, 10/30/30 *(a)* | 398000 | 353163 |
| 7.75%, 12/01/30  | 150000 | 172024 |
| 1.75%, 01/20/31 *(a)* | 610000 | 536983 |
| 2.55%, 03/21/31 *(a)* | 1300000 | 1187568 |
| 2.36%, 03/15/32 *(a)* | 1315000 | 1159651 |
| 4.75%, 01/15/33 *(a)* | 610000 | 609685 |
| 5.05%, 05/09/33 *(a)* | 350000 | 359016 |
| 4.50%, 08/10/33  | 610000 | 600738 |
| 6.40%, 09/15/33  | 235000 | 259183 |
| 4.40%, 11/01/34 *(a)* | 700000 | 675939 |
| 4.78%, 02/15/35 *(a)* | 622000 | 613356 |
| 5.25%, 04/02/35 *(a)* | 650000 | 661242 |
| 4.27%, 01/15/36  | 450000 | 421852 |
| 5.00%, 01/15/36 *(a)* | 680000 | 674261 |
| 5.25%, 03/16/37  | 465000 | 468498 |
| 5.40%, 07/02/37 *(a)(e)* | 841000 | 850479 |
| 4.81%, 03/15/39  | 400000 | 380078 |
| 2.65%, 11/20/40 *(a)* | 905000 | 646586 |
| 3.40%, 03/22/41 *(a)* | 1090000 | 854049 |
| 2.85%, 09/03/41 *(a)* | 175000 | 126179 |
| 4.75%, 11/01/41  | 190000 | 173513 |
| 3.85%, 11/01/42 *(a)* | 206000 | 165355 |
| 6.55%, 09/15/43  | 235000 | 258507 |
| 5.75%, 11/30/45 *(a)* | 460000 | 456943 |
| 4.13%, 08/15/46  | 305000 | 244560 |
| 4.86%, 08/21/46  | 695000 | 618312 |
| 5.50%, 03/16/47  | 295000 | 284540 |
| 4.52%, 09/15/48  | 465000 | 389136 |
| 5.01%, 04/15/49  | 50000 | 44874 |
| 4.00%, 03/22/50 *(a)* | 415000 | 316405 |
| 2.88%, 11/20/50 *(a)* | 870000 | 539715 |
| 3.55%, 03/22/51 *(a)* | 500000 | 355756 |
| 3.88%, 03/01/52 *(a)* | 275000 | 204065 |
| 5.50%, 02/23/54 *(a)(c)* | 310000 | 297985 |
| 5.01%, 08/21/54  | 280000 | 245997 |
| 4.67%, 03/15/55  | 400000 | 331464 |
| 5.88%, 11/30/55 *(a)* | 1000000 | 988285 |
| 2.99%, 10/30/56 *(a)* | 1095000 | 652201 |
| 3.00%, 11/20/60 *(a)* | 625000 | 364766 |
| 3.70%, 03/22/61 *(a)* | 1080000 | 730325 |
| 6.00%, 11/30/65 *(a)* | 610000 | 602533 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 4.38%, 05/30/28  | 150000 | 152360 |
| 7.88%, 02/15/30  | 135000 | 153882 |
| 6.25%, 11/30/32  | 195000 | 212962 |
| 6.15%, 02/27/37  | 405000 | 440525 |
| 5.00%, 05/30/38  | 225000 | 221626 |
| 4.38%, 02/19/43  | 90000 | 76911 |
| 5.25%, 05/30/48  | 425000 | 392696 |
| 4.88%, 06/19/49  | 350000 | 304882 |
| 4.25%, 09/17/50  | 310000 | 242892 |
| 5.63%, 02/10/53 *(a)* | 260000 | 248923 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.75%, 06/28/54 *(a)* | 525000 | 509242 |
| 5.75%, 02/10/63 *(a)* | 145000 | 137897 |
| 5.88%, 06/28/64 *(a)* | 300000 | 290741 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 3.70%, 03/23/27  | 145000 | 144930 |
| 2.20%, 01/13/28  | 300000 | 291244 |
| 2.00%, 09/01/29 *(a)* | 625000 | 584472 |
| 3.80%, 03/22/30  | 375000 | 371888 |
| 2.65%, 01/13/31  | 650000 | 608154 |
| 6.55%, 03/15/33  | 130000 | 147029 |
| 6.20%, 12/15/34  | 200000 | 224748 |
| 6.40%, 12/15/35  | 275000 | 310803 |
| 6.15%, 03/01/37  | 105000 | 115852 |
| 6.65%, 11/15/37  | 365000 | 417336 |
| 4.63%, 03/23/40 *(a)* | 250000 | 239860 |
| 3.50%, 05/13/40 *(a)* | 525000 | 440100 |
| 6.15%, 02/15/41  | 245000 | 266606 |
| 5.40%, 10/01/43  | 190000 | 190126 |
| 4.75%, 09/15/44 *(a)* | 185000 | 169032 |
| 4.95%, 10/15/45 *(a)* | 135000 | 127016 |
| 7.75%, 12/01/45  | 325000 | 411955 |
| 4.75%, 11/15/46 *(a)* | 155000 | 140148 |
| 2.75%, 09/01/49 *(a)* | 635000 | 403195 |
| 4.70%, 03/23/50 *(a)* | 500000 | 448323 |
| 3.60%, 01/13/51 *(a)* | 805000 | 599243 |
| 3.80%, 05/13/60 *(a)* | 475000 | 347789 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| 3.38%, 07/08/30 *(a)* | 275000 | 260849 |
|  |  | **170559194** |
| ***Consumer Cyclical 1.7%***  | ***Consumer Cyclical 1.7%***  | ***Consumer Cyclical 1.7%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 3.40%, 12/06/27 *(a)* | 755000 | 748416 |
| 4.88%, 05/26/30 *(a)* | 305000 | 314259 |
| 2.13%, 02/09/31 *(a)* | 475000 | 430972 |
| 4.50%, 11/28/34 *(a)* | 270000 | 266574 |
| 5.25%, 05/26/35 *(a)* | 350000 | 364514 |
| 4.00%, 12/06/37 *(a)* | 355000 | 326385 |
| 2.70%, 02/09/41 *(a)* | 295000 | 216385 |
| 4.20%, 12/06/47 *(a)* | 530000 | 441396 |
| 3.15%, 02/09/51 *(a)* | 460000 | 312613 |
| 5.63%, 11/26/54 *(a)* | 200000 | 202452 |
| 4.40%, 12/06/57 *(a)* | 300000 | 249218 |
| 3.25%, 02/09/61 *(a)* | 310000 | 200963 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 3.30%, 04/13/27 *(a)* | 610000 | 607584 |
| 1.20%, 06/03/27 *(a)* | 300000 | 290053 |
| 3.15%, 08/22/27 *(a)* | 995000 | 988041 |
| 4.55%, 12/01/27 *(a)* | 500000 | 508629 |
| 1.65%, 05/12/28 *(a)* | 700000 | 668440 |
| 3.90%, 11/20/28 *(a)* | 760000 | 762471 |
| 3.45%, 04/13/29 *(a)* | 455000 | 449585 |
| 4.65%, 12/01/29 *(a)* | 590000 | 605758 |
| 1.50%, 06/03/30 *(a)* | 670000 | 603872 |
| 4.10%, 11/20/30 *(a)* | 760000 | 761023 |
| 2.10%, 05/12/31 *(a)* | 940000 | 849577 |
| 3.60%, 04/13/32 *(a)* | 785000 | 761594 |
| 4.70%, 12/01/32 *(a)* | 685000 | 704562 |
| 4.35%, 03/20/33 *(a)* | 460000 | 458815 |
| 4.80%, 12/05/34 *(a)* | 220000 | 226260 |
| 4.65%, 11/20/35 *(a)* | 1070000 | 1065403 |
| 3.88%, 08/22/37 *(a)* | 805000 | 738593 |
| 2.88%, 05/12/41 *(a)* | 600000 | 455391 |
| 4.95%, 12/05/44 *(a)* | 550000 | 529112 |
| 4.05%, 08/22/47 *(a)* | 1045000 | 858836 |
| 2.50%, 06/03/50 *(a)* | 800000 | 479216 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**55**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.10%, 05/12/51 *(a)* | 965000 | 648633 |
| 3.95%, 04/13/52 *(a)* | 700000 | 547190 |
| 5.45%, 11/20/55 *(a)* | 920000 | 898299 |
| 4.25%, 08/22/57 *(a)* | 810000 | 650239 |
| 2.70%, 06/03/60 *(a)* | 680000 | 385719 |
| 3.25%, 05/12/61 *(a)* | 600000 | 383898 |
| 4.10%, 04/13/62 *(a)* | 390000 | 299401 |
| 5.55%, 11/20/65 *(a)* | 610000 | 591846 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 2.35%, 01/08/27  | 200000 | 196965 |
| 4.90%, 03/12/27  | 210000 | 212330 |
| 4.55%, 07/09/27  | 260000 | 262585 |
| 4.90%, 07/09/27  | 205000 | 207929 |
| 4.45%, 10/22/27  | 200000 | 201845 |
| 3.50%, 02/15/28  | 200000 | 198056 |
| 2.00%, 03/24/28  | 310000 | 297095 |
| 5.13%, 07/07/28  | 335000 | 343652 |
| 4.25%, 09/01/28  | 330000 | 332002 |
| 5.65%, 11/15/28  | 295000 | 307759 |
| 2.25%, 01/12/29  | 350000 | 331426 |
| 4.90%, 03/13/29  | 200000 | 204402 |
| 4.40%, 09/05/29  | 200000 | 202054 |
| 4.60%, 04/17/30  | 235000 | 237599 |
| 4.50%, 09/04/30  | 190000 | 190699 |
| 5.85%, 10/04/30  | 75000 | 79698 |
| 1.80%, 01/13/31  | 200000 | 176511 |
| 5.05%, 07/10/31  | 300000 | 308318 |
| 4.85%, 10/23/31  | 230000 | 234574 |
| 5.15%, 07/09/32  | 220000 | 226136 |
| 4.90%, 01/10/34  | 250000 | 251275 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 3.25%, 03/01/32 *(a)* | 295000 | 275772 |
| 5.15%, 09/13/34 *(a)* | 200000 | 201976 |
| 4.40%, 10/01/46 *(a)* | 65000 | 52973 |
| 5.40%, 03/15/49 *(a)* | 80000 | 73688 |
| 3.10%, 12/01/51 *(a)* | 520000 | 334424 |
| 4.15%, 05/01/52 *(a)* | 250000 | 192539 |
| 5.75%, 09/13/54 *(a)* | 270000 | 260727 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 3.80%, 11/15/27 *(a)* | 210000 | 208557 |
| 1.95%, 08/01/28 *(a)* | 65000 | 61319 |
| 4.45%, 01/15/29 *(a)* | 180000 | 180581 |
| 4.75%, 06/01/30 *(a)* | 280000 | 282774 |
| 2.40%, 08/01/31 *(a)* | 150000 | 132685 |
| 3.85%, 03/01/32 *(a)* | 165000 | 155300 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 3.75%, 06/01/27 *(a)* | 200000 | 199307 |
| 6.25%, 11/01/28 *(a)* | 260000 | 274945 |
| 3.75%, 04/18/29 *(a)* | 210000 | 207035 |
| 5.10%, 07/15/29 *(a)* | 150000 | 154370 |
| 4.00%, 04/15/30 *(a)* | 280000 | 276758 |
| 1.65%, 01/15/31 *(a)* | 150000 | 131494 |
| 4.75%, 08/01/32 *(a)* | 225000 | 227263 |
| 4.75%, 02/01/33 *(a)* | 220000 | 220627 |
| 6.55%, 11/01/33 *(a)* | 200000 | 222601 |
| 5.40%, 07/15/34 *(a)* | 340000 | 352172 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 4.45%, 10/01/28 *(a)* | 195000 | 196816 |
| 1.95%, 10/01/30 *(a)* | 200000 | 179857 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 2.50%, 07/15/28 *(a)* | 200000 | 190857 |
| 3.88%, 08/15/30 *(a)* | 200000 | 192685 |
| 5.38%, 09/15/32 *(a)* | 100000 | 100671 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| 3.55%, 03/15/28 *(a)* | 195000 | 193518 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 2.65%, 07/01/27 *(a)* | 325000 | 318587 |
| 4.95%, 08/15/29 *(a)* | 150000 | 153567 |
| 5.40%, 08/15/34 *(a)* | 170000 | 175417 |
| 4.38%, 03/15/45 *(a)* | 150000 | 125745 |
| **California Endowment** | **California Endowment** | **California Endowment** |
| 2.50%, 04/01/51 *(a)* | 200000 | 118788 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 4.80%, 06/15/30 *(a)* | 250000 | 253601 |
| 2.50%, 04/01/31 *(a)* | 200000 | 181680 |
| 4.90%, 01/15/33 *(a)* | 230000 | 231246 |
| 5.95%, 08/15/34 *(a)* | 300000 | 320881 |
| 5.50%, 06/15/35 *(a)* | 250000 | 258420 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 12/01/29 *(a)* | 185000 | 180075 |
| 3.70%, 01/15/31 *(a)* | 220000 | 209609 |
| 5.85%, 08/01/34 *(a)* | 125000 | 127542 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 3.00%, 05/18/27 *(a)* | 525000 | 521587 |
| 1.38%, 06/20/27 *(a)* | 300000 | 290769 |
| 1.60%, 04/20/30 *(a)* | 400000 | 362578 |
| 1.75%, 04/20/32 *(a)* | 450000 | 390598 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.90%, 02/20/29 *(a)* | 170000 | 174652 |
| 1.50%, 09/01/30 *(a)(c)* | 250000 | 223229 |
| 4.70%, 02/15/31 *(a)* | 200000 | 204248 |
| 5.15%, 02/20/34 *(a)* | 200000 | 207294 |
| 5.30%, 05/09/35 *(a)* | 250000 | 259551 |
| 4.88%, 10/01/43 *(a)* | 165000 | 158336 |
| 2.60%, 09/01/50 *(a)* | 340000 | 206626 |
| 5.45%, 02/20/54 *(a)* | 335000 | 329944 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 3.85%, 05/01/27 *(a)* | 180000 | 179627 |
| 4.55%, 10/15/29 *(a)* | 390000 | 393800 |
| 6.30%, 10/10/33 *(a)* | 100000 | 108747 |
| 4.55%, 02/15/48 *(a)* | 85000 | 69658 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| 4.00%, 10/01/29 *(a)(e)* | 165000 | 161947 |
| 3.15%, 01/15/32 *(a)* | 215000 | 197814 |
| 4.10%, 01/15/52 *(a)* | 230000 | 168054 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 4.13%, 05/01/28 *(a)* | 160000 | 160338 |
| 5.20%, 07/05/28 *(a)* | 75000 | 76889 |
| 3.50%, 04/03/30 *(a)* | 300000 | 290226 |
| 5.00%, 11/01/32 *(a)* | 230000 | 233445 |
| 5.45%, 07/05/33 *(a)* | 300000 | 311501 |
| 4.13%, 04/03/50 *(a)* | 95000 | 74816 |
| 5.50%, 11/01/52 *(a)* | 130000 | 124289 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 4.20%, 05/15/28 *(a)* | 325000 | 325508 |
| 2.65%, 12/01/31 *(a)* | 260000 | 234881 |
| 3.38%, 12/01/51 *(a)(c)* | 165000 | 111064 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 1.40%, 10/15/27 *(a)* | 225000 | 215360 |
| 4.85%, 10/15/30 *(a)* | 160000 | 163512 |
| 5.00%, 10/15/34 *(a)* | 200000 | 202594 |
| 5.50%, 10/15/35 *(a)* | 200000 | 208370 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 3.60%, 06/05/27 *(a)* | 300000 | 298620 |
| 5.95%, 11/22/27 *(a)* | 175000 | 181162 |
| 4.25%, 03/06/29 *(a)* | 180000 | 180714 |
| 2.70%, 03/11/30 *(a)* | 200000 | 188022 |
| 2.60%, 05/10/31 *(a)* | 250000 | 228536 |
| 6.30%, 11/22/32 *(a)* | 205000 | 224129 |
| 5.13%, 11/06/35 *(a)* | 120000 | 120155 |

---

*See financial notes*

**56**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 07/15/42 *(a)* | 300000 | 248822 |
| 3.65%, 05/10/51 *(a)* | 345000 | 252914 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 4.63%, 08/01/27 *(a)* | 225000 | 226740 |
| 3.80%, 02/15/28 *(a)* | 280000 | 278573 |
| 3.25%, 02/15/30 *(a)* | 400000 | 383787 |
| 2.95%, 03/15/31 *(a)* | 255000 | 237239 |
| 5.40%, 02/15/35 *(a)* | 75000 | 77007 |
| **Ford Foundation** | **Ford Foundation** | **Ford Foundation** |
| 2.42%, 06/01/50 *(a)* | 155000 | 93770 |
| 2.82%, 06/01/70 *(a)* | 225000 | 128092 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 6.63%, 10/01/28  | 200000 | 211794 |
| 9.63%, 04/22/30 *(a)* | 200000 | 231911 |
| 7.45%, 07/16/31  | 265000 | 293204 |
| 3.25%, 02/12/32 *(a)* | 680000 | 599973 |
| 6.10%, 08/19/32 *(a)* | 610000 | 628986 |
| 4.75%, 01/15/43  | 455000 | 360331 |
| 7.40%, 11/01/46  | 125000 | 135048 |
| 5.29%, 12/08/46 *(a)* | 385000 | 320401 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 4.27%, 01/09/27 *(a)* | 310000 | 308620 |
| 5.80%, 03/05/27 *(a)* | 425000 | 430295 |
| 5.85%, 05/17/27 *(a)* | 450000 | 456904 |
| 4.95%, 05/28/27 *(a)* | 450000 | 451691 |
| 4.13%, 08/17/27 *(a)* | 495000 | 491696 |
| 3.82%, 11/02/27 *(a)* | 325000 | 320194 |
| 7.35%, 11/04/27 *(a)* | 505000 | 527398 |
| 2.90%, 02/16/28 *(a)* | 265000 | 255181 |
| 5.92%, 03/20/28 *(a)* | 250000 | 255900 |
| 6.80%, 05/12/28 *(a)* | 470000 | 490459 |
| 6.80%, 11/07/28 *(a)* | 450000 | 472052 |
| 2.90%, 02/10/29 *(a)* | 225000 | 211509 |
| 5.80%, 03/08/29 *(a)* | 460000 | 470223 |
| 5.11%, 05/03/29 *(a)* | 560000 | 561271 |
| 5.30%, 09/06/29 *(a)* | 265000 | 266831 |
| 5.88%, 11/07/29 *(a)* | 350000 | 359263 |
| 7.35%, 03/06/30 *(a)* | 330000 | 354316 |
| 7.20%, 06/10/30 *(a)* | 350000 | 375133 |
| 5.73%, 09/05/30 *(a)* | 370000 | 376082 |
| 4.00%, 11/13/30 *(a)* | 635000 | 599285 |
| 6.05%, 03/05/31 *(a)* | 380000 | 390452 |
| 3.63%, 06/17/31 *(a)* | 200000 | 183336 |
| 6.05%, 11/05/31 *(a)* | 280000 | 286847 |
| 6.53%, 03/19/32 *(a)* | 200000 | 209292 |
| 7.12%, 11/07/33 *(a)* | 340000 | 365586 |
| 6.13%, 03/08/34 *(a)* | 475000 | 482859 |
| 6.50%, 02/07/35 *(a)* | 365000 | 378447 |
| 5.87%, 10/31/35 *(a)* | 245000 | 242348 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 4.20%, 10/01/27 *(a)* | 295000 | 295454 |
| 6.80%, 10/01/27 *(a)* | 300000 | 312271 |
| 5.35%, 04/15/28 *(a)* | 200000 | 204986 |
| 5.00%, 10/01/28 *(a)* | 300000 | 305594 |
| 5.40%, 10/15/29 *(a)* | 375000 | 388611 |
| 5.63%, 04/15/30 *(a)* | 200000 | 208437 |
| 5.60%, 10/15/32 *(a)* | 480000 | 502334 |
| 5.00%, 04/01/35  | 350000 | 343538 |
| 6.60%, 04/01/36 *(a)* | 435000 | 473694 |
| 5.15%, 04/01/38 *(a)* | 325000 | 312862 |
| 6.25%, 10/02/43  | 430000 | 436707 |
| 5.20%, 04/01/45  | 365000 | 328003 |
| 6.75%, 04/01/46 *(a)* | 225000 | 240897 |
| 5.40%, 04/01/48 *(a)* | 215000 | 195363 |
| 5.95%, 04/01/49 *(a)* | 280000 | 272092 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 4.35%, 01/17/27 *(a)* | 455000 | 455877 |
| 2.35%, 02/26/27 *(a)* | 275000 | 269538 |
| 5.00%, 04/09/27 *(a)* | 400000 | 404390 |
| 5.40%, 05/08/27  | 300000 | 305008 |
| 5.35%, 07/15/27  | 300000 | 305396 |
| 2.70%, 08/20/27 *(a)* | 300000 | 293368 |
| 3.85%, 01/05/28 *(a)* | 200000 | 198991 |
| 6.00%, 01/09/28 *(a)* | 300000 | 310131 |
| 5.05%, 04/04/28  | 350000 | 356498 |
| 2.40%, 04/10/28 *(a)* | 325000 | 313004 |
| 5.80%, 06/23/28 *(a)* | 270000 | 279852 |
| 2.40%, 10/15/28 *(a)* | 395000 | 376833 |
| 4.20%, 10/27/28  | 500000 | 500939 |
| 5.80%, 01/07/29 *(a)* | 500000 | 521496 |
| 5.65%, 01/17/29 *(a)* | 150000 | 155422 |
| 4.30%, 04/06/29 *(a)* | 350000 | 349370 |
| 5.55%, 07/15/29 *(a)* | 140000 | 145179 |
| 4.90%, 10/06/29 *(a)* | 200000 | 203305 |
| 5.35%, 01/07/30 *(a)* | 350000 | 361471 |
| 5.85%, 04/06/30 *(a)* | 250000 | 262798 |
| 3.60%, 06/21/30 *(a)* | 410000 | 395107 |
| 5.45%, 07/15/30 *(a)* | 250000 | 259754 |
| 2.35%, 01/08/31 *(a)* | 325000 | 292203 |
| 5.75%, 02/08/31 *(a)* | 205000 | 215653 |
| 2.70%, 06/10/31 *(a)* | 450000 | 407778 |
| 5.60%, 06/18/31 *(a)* | 250000 | 260648 |
| 3.10%, 01/12/32 *(a)* | 475000 | 433411 |
| 5.63%, 04/04/32 *(a)* | 235000 | 244842 |
| 6.40%, 01/09/33 *(a)* | 395000 | 426709 |
| 6.10%, 01/07/34 *(a)* | 500000 | 530251 |
| 5.95%, 04/04/34 *(a)* | 300000 | 314398 |
| 5.45%, 09/06/34 *(a)* | 225000 | 228476 |
| 5.90%, 01/07/35 *(a)* | 350000 | 364752 |
| 6.15%, 07/15/35 *(a)* | 200000 | 210969 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 6.50%, 11/01/28 *(a)* | 80000 | 84616 |
| 4.95%, 08/15/29 *(a)* | 325000 | 330559 |
| 1.88%, 11/01/30 *(a)* | 230000 | 202154 |
| 2.75%, 02/01/32 *(a)* | 295000 | 261283 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 5.75%, 06/01/28 *(a)* | 360000 | 369619 |
| 5.30%, 01/15/29 *(a)* | 260000 | 264852 |
| 4.00%, 01/15/30 *(a)* | 200000 | 194230 |
| 4.00%, 01/15/31 *(a)* | 325000 | 311248 |
| 3.25%, 01/15/32 *(a)* | 235000 | 212702 |
| 5.25%, 02/15/33 *(a)* | 180000 | 180575 |
| 6.75%, 12/01/33 *(a)* | 220000 | 238969 |
| 5.63%, 09/15/34 *(a)* | 25000 | 25374 |
| 5.75%, 11/01/37 *(a)* | 200000 | 199052 |
| 6.25%, 09/15/54 *(a)* | 120000 | 119296 |
| **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** |
| 4.63%, 07/28/45 *(a)(c)* | 125000 | 100903 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 2.50%, 04/15/27 *(a)* | 240000 | 236377 |
| 2.88%, 04/15/27 *(a)* | 245000 | 242560 |
| 4.88%, 06/25/27 *(a)* | 250000 | 254316 |
| 2.80%, 09/14/27 *(a)* | 150000 | 147764 |
| 0.90%, 03/15/28 *(a)* | 215000 | 202742 |
| 1.50%, 09/15/28 *(a)* | 325000 | 306649 |
| 3.75%, 09/15/28 *(a)* | 150000 | 150121 |
| 3.90%, 12/06/28 *(a)* | 300000 | 301266 |
| 4.90%, 04/15/29 *(a)* | 250000 | 257346 |
| 2.95%, 06/15/29 *(a)* | 590000 | 571190 |
| 4.75%, 06/25/29 *(a)* | 300000 | 307786 |
| 2.70%, 04/15/30 *(a)* | 450000 | 425812 |
| 3.95%, 09/15/30 *(a)* | 265000 | 264232 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**57**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.38%, 03/15/31 *(a)* | 425000 | 369263 |
| 4.85%, 06/25/31 *(a)* | 325000 | 336182 |
| 1.88%, 09/15/31 *(a)* | 340000 | 299507 |
| 3.25%, 04/15/32 *(a)* | 400000 | 376744 |
| 4.50%, 09/15/32 *(a)* | 450000 | 455880 |
| 4.95%, 06/25/34 *(a)* | 450000 | 460273 |
| 4.65%, 09/15/35 *(a)* | 290000 | 287626 |
| 5.88%, 12/16/36  | 900000 | 974717 |
| 3.30%, 04/15/40 *(a)* | 435000 | 356045 |
| 5.40%, 09/15/40 *(a)* | 206000 | 213034 |
| 5.95%, 04/01/41 *(a)* | 250000 | 267802 |
| 4.20%, 04/01/43 *(a)* | 250000 | 216757 |
| 4.88%, 02/15/44 *(a)* | 225000 | 210283 |
| 4.40%, 03/15/45 *(a)* | 325000 | 282456 |
| 4.25%, 04/01/46 *(a)* | 480000 | 406677 |
| 3.90%, 06/15/47 *(a)* | 360000 | 286601 |
| 4.50%, 12/06/48 *(a)* | 430000 | 371504 |
| 3.13%, 12/15/49 *(a)* | 450000 | 307057 |
| 3.35%, 04/15/50 *(a)* | 430000 | 303736 |
| 2.38%, 03/15/51 *(a)* | 375000 | 215349 |
| 2.75%, 09/15/51 *(a)* | 300000 | 185715 |
| 3.63%, 04/15/52 *(a)* | 495000 | 361653 |
| 4.95%, 09/15/52 *(a)* | 300000 | 274746 |
| 5.30%, 06/25/54 *(a)* | 435000 | 416333 |
| 3.50%, 09/15/56 *(a)* | 377000 | 263257 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.53%, 03/10/27 *(a)* | 380000 | 373803 |
| 4.44%, 07/08/28 *(a)* | 280000 | 282639 |
| 4.69%, 07/08/30 *(a)* | 350000 | 354288 |
| 2.97%, 03/10/32 *(a)* | 310000 | 283488 |
| 5.34%, 07/08/35 *(a)* | 250000 | 255590 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.75%, 01/30/27 *(a)* | 225000 | 228605 |
| 5.05%, 03/30/28 *(a)* | 50000 | 50944 |
| 4.38%, 09/15/28 *(a)* | 205000 | 205631 |
| 5.25%, 06/30/29 *(a)* | 175000 | 180209 |
| 5.75%, 04/23/30 *(a)(g)* | 160000 | 167393 |
| 5.75%, 03/30/32 *(a)* | 275000 | 288629 |
| 5.50%, 06/30/34 *(a)* | 100000 | 103283 |
| 5.40%, 12/15/35 *(a)* | 120000 | 120471 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| 3.38%, 01/14/30 *(a)(c)* | 250000 | 243349 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 5.90%, 06/01/27 *(a)* | 435000 | 443599 |
| 5.63%, 06/15/28 *(a)* | 315000 | 323211 |
| 3.90%, 08/08/29 *(a)* | 355000 | 346054 |
| 6.00%, 08/15/29 *(a)* | 190000 | 198468 |
| 6.20%, 08/15/34 *(a)* | 190000 | 200078 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 3.80%, 09/15/27 *(a)* | 150000 | 149304 |
| 4.25%, 05/15/29 *(a)* | 185000 | 184450 |
| 3.50%, 05/30/30 *(a)* | 90000 | 86489 |
| 2.60%, 01/15/32 *(a)* | 135000 | 120095 |
| 5.25%, 05/15/49 *(a)* | 200000 | 180813 |
| 3.55%, 01/15/52 *(a)* | 100000 | 68044 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 5.00%, 06/15/27 *(a)* | 185000 | 186507 |
| 4.75%, 11/29/27 *(a)* | 250000 | 252254 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 5.75%, 06/15/28 *(a)* | 290000 | 299845 |
| 6.25%, 06/15/33 *(a)(c)* | 200000 | 214336 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 3.10%, 05/03/27 *(a)* | 510000 | 504539 |
| 3.95%, 10/15/27  | 190000 | 190291 |
| 1.30%, 04/15/28 *(a)* | 350000 | 330215 |
| 1.70%, 09/15/28 *(a)* | 200000 | 188542 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 10/15/28 *(a)* | 220000 | 220494 |
| 6.50%, 03/15/29  | 176000 | 188782 |
| 3.65%, 04/05/29 *(a)* | 547000 | 540062 |
| 4.50%, 04/15/30 *(a)* | 415000 | 420485 |
| 1.70%, 10/15/30 *(a)* | 345000 | 306561 |
| 4.25%, 03/15/31 *(a)* | 320000 | 318809 |
| 2.63%, 04/01/31 *(a)* | 525000 | 481834 |
| 3.75%, 04/01/32 *(a)* | 445000 | 426903 |
| 4.50%, 10/15/32 *(a)* | 380000 | 378304 |
| 5.00%, 04/15/33 *(a)* | 425000 | 435628 |
| 5.15%, 07/01/33 *(a)* | 225000 | 232515 |
| 4.85%, 10/15/35 *(a)* | 450000 | 446590 |
| 5.50%, 10/15/35  | 65000 | 67911 |
| 5.00%, 04/15/40 *(a)* | 100000 | 97022 |
| 2.80%, 09/15/41 *(a)* | 130000 | 93429 |
| 4.65%, 04/15/42 *(a)* | 150000 | 135857 |
| 4.38%, 09/15/45 *(a)* | 195000 | 163258 |
| 3.70%, 04/15/46 *(a)* | 400000 | 302809 |
| 4.05%, 05/03/47 *(a)* | 460000 | 363970 |
| 4.55%, 04/05/49 *(a)* | 180000 | 150640 |
| 5.13%, 04/15/50 *(a)* | 130000 | 117648 |
| 3.00%, 10/15/50 *(a)* | 545000 | 346189 |
| 3.50%, 04/01/51 *(a)* | 175000 | 121577 |
| 4.25%, 04/01/52 *(a)* | 465000 | 366371 |
| 5.63%, 04/15/53 *(a)* | 465000 | 451475 |
| 5.75%, 07/01/53 *(a)* | 165000 | 163223 |
| 4.45%, 04/01/62 *(a)* | 405000 | 317600 |
| 5.80%, 09/15/62 *(a)* | 415000 | 406251 |
| 5.85%, 04/01/63 *(a)* | 150000 | 147240 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 2.45%, 06/15/30 *(a)* | 125000 | 116167 |
| 5.50%, 03/21/33 *(a)* | 330000 | 345891 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 4.20%, 07/15/27  | 120000 | 120478 |
| 5.00%, 10/15/27 *(a)* | 250000 | 254464 |
| 4.65%, 12/01/28 *(a)* | 215000 | 218877 |
| 4.90%, 04/15/29 *(a)* | 200000 | 204595 |
| 4.88%, 05/15/29 *(a)* | 175000 | 178846 |
| 4.80%, 03/15/30 *(a)* | 150000 | 153275 |
| 4.63%, 06/15/30 *(a)* | 500000 | 507689 |
| 2.85%, 04/15/31 *(a)* | 395000 | 366718 |
| 4.50%, 10/15/31 *(a)* | 150000 | 150517 |
| 3.50%, 10/15/32 *(a)* | 485000 | 453113 |
| 5.30%, 05/15/34 *(a)* | 335000 | 345962 |
| 5.35%, 03/15/35 *(a)* | 325000 | 334518 |
| 5.25%, 10/15/35 *(a)* | 180000 | 182603 |
| 5.50%, 04/15/37 *(a)* | 500000 | 512037 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.50%, 03/01/27 *(a)* | 250000 | 248996 |
| 3.50%, 07/01/27 *(a)* | 250000 | 248820 |
| 3.80%, 04/01/28 *(a)* | 350000 | 349633 |
| 4.80%, 08/14/28 *(a)* | 150000 | 153234 |
| 5.00%, 05/17/29 *(a)* | 150000 | 154451 |
| 2.63%, 09/01/29 *(a)* | 300000 | 286179 |
| 2.13%, 03/01/30 *(a)* | 305000 | 281823 |
| 4.60%, 05/15/30 *(a)* | 150000 | 152669 |
| 3.60%, 07/01/30 *(a)* | 350000 | 343562 |
| 4.40%, 02/12/31 *(a)* | 160000 | 161325 |
| 4.60%, 09/09/32 *(a)* | 290000 | 295596 |
| 4.95%, 08/14/33 *(a)* | 130000 | 134196 |
| 4.95%, 03/03/35 *(a)* | 265000 | 268288 |
| 4.70%, 12/09/35 *(a)* | 225000 | 223816 |
| 5.00%, 02/13/36 *(a)* | 220000 | 222066 |
| 6.30%, 10/15/37  | 280000 | 311966 |
| 6.30%, 03/01/38  | 310000 | 343225 |
| 5.70%, 02/01/39  | 163000 | 171323 |
| 4.88%, 07/15/40  | 260000 | 250093 |

---

*See financial notes*

**58**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.70%, 02/15/42  | 150000 | 122708 |
| 3.63%, 05/01/43  | 165000 | 130755 |
| 4.60%, 05/26/45 *(a)* | 225000 | 198252 |
| 4.88%, 12/09/45 *(a)* | 570000 | 519208 |
| 4.45%, 03/01/47 *(a)* | 190000 | 162767 |
| 4.45%, 09/01/48 *(a)* | 255000 | 215956 |
| 3.63%, 09/01/49 *(a)* | 545000 | 401214 |
| 4.20%, 04/01/50 *(a)* | 265000 | 213712 |
| 5.15%, 09/09/52 *(a)* | 250000 | 232330 |
| 5.45%, 08/14/53 *(a)* | 155000 | 150527 |
| **MercadoLibre, Inc.** | **MercadoLibre, Inc.** | **MercadoLibre, Inc.** |
| 3.13%, 01/14/31 *(a)(c)* | 245000 | 226752 |
| 4.90%, 01/15/33 *(a)* | 230000 | 227867 |
| **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
| 8.50%, 01/18/31  | 450000 | 533367 |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.13%, 06/06/27 *(a)* | 155000 | 156074 |
| **Nature Conservancy** | **Nature Conservancy** | **Nature Conservancy** |
| 3.96%, 03/01/52 *(a)* | 160000 | 125250 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| 2.75%, 03/27/27 *(a)* | 260000 | 257079 |
| 2.85%, 03/27/30 *(a)* | 500000 | 477160 |
| 3.25%, 03/27/40 *(a)* | 300000 | 243504 |
| 3.63%, 05/01/43 *(a)(c)* | 125000 | 100666 |
| 3.88%, 11/01/45 *(a)* | 310000 | 250083 |
| 3.38%, 11/01/46 *(a)* | 255000 | 189405 |
| 3.38%, 03/27/50 *(a)* | 450000 | 322894 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| 3.00%, 05/15/30 *(a)* | 250000 | 236877 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 3.60%, 09/01/27 *(a)* | 250000 | 248610 |
| 4.35%, 06/01/28 *(a)* | 259000 | 261119 |
| 3.90%, 06/01/29 *(a)* | 270000 | 267888 |
| 1.75%, 03/15/31 *(a)* | 250000 | 219170 |
| 5.00%, 08/19/34 *(a)* | 270000 | 272205 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 2.00%, 02/04/27  | 50000 | 49081 |
| 5.00%, 05/13/27  | 160000 | 162705 |
| 4.25%, 06/23/27  | 120000 | 120982 |
| 4.45%, 08/06/27  | 275000 | 278241 |
| 4.60%, 01/10/28  | 200000 | 203829 |
| 4.55%, 03/03/28  | 200000 | 203407 |
| 4.00%, 08/08/28  | 145000 | 146021 |
| 4.00%, 11/07/28  | 120000 | 120578 |
| 4.60%, 01/31/29  | 200000 | 203887 |
| 4.00%, 09/26/29  | 150000 | 150356 |
| 5.00%, 03/22/34  | 255000 | 264099 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 5.00%, 01/15/27 *(a)* | 135000 | 136017 |
| 7.88%, 06/15/32  | 120000 | 140826 |
| 6.38%, 05/15/33  | 155000 | 170169 |
| 6.00%, 02/15/35  | 125000 | 134504 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| 5.50%, 06/13/30 *(a)* | 150000 | 152599 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 2.95%, 06/15/30 *(a)* | 200000 | 190152 |
| 5.00%, 06/15/32 *(a)* | 150000 | 154248 |
| **Rockefeller Foundation** | **Rockefeller Foundation** | **Rockefeller Foundation** |
| 2.49%, 10/01/50 *(a)* | 285000 | 172954 |
| **Rollins, Inc.** | **Rollins, Inc.** | **Rollins, Inc.** |
| 5.25%, 02/24/35 *(a)* | 210000 | 214792 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| 1.88%, 04/15/31 *(a)* | 250000 | 220287 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
| 7.50%, 10/15/27  | 240000 | 253609 |
| 5.38%, 01/15/36 *(a)* | 530000 | 532729 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 2.30%, 03/08/27 *(a)(g)* | 300000 | 292758 |
| 5.40%, 08/08/28 *(a)(g)* | 580000 | 591123 |
| 2.85%, 03/08/29 *(a)(g)* | 315000 | 298582 |
| 4.38%, 06/18/30 *(a)(g)* | 300000 | 295833 |
| 3.25%, 08/08/31 *(a)(g)* | 95000 | 87639 |
| **Sekisui House U.S., Inc.** | **Sekisui House U.S., Inc.** | **Sekisui House U.S., Inc.** |
| 3.85%, 01/15/30 *(a)* | 120000 | 115612 |
| 2.50%, 01/15/31 *(a)* | 220000 | 195631 |
| 6.00%, 01/15/43 *(a)* | 150000 | 140411 |
| 3.97%, 08/06/61 *(a)* | 190000 | 127881 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 4.85%, 02/08/27 *(a)* | 250000 | 252237 |
| 2.00%, 03/12/27 *(a)* | 250000 | 244358 |
| 3.50%, 03/01/28 *(a)* | 160000 | 158375 |
| 4.50%, 05/15/28 *(a)* | 200000 | 202106 |
| 4.00%, 11/15/28 *(a)* | 250000 | 249809 |
| 3.55%, 08/15/29 *(a)* | 355000 | 348872 |
| 2.25%, 03/12/30 *(a)* | 220000 | 203031 |
| 4.80%, 05/15/30 *(a)* | 100000 | 102154 |
| 2.55%, 11/15/30 *(a)* | 375000 | 346833 |
| 4.90%, 02/15/31 *(a)* | 145000 | 149175 |
| 3.00%, 02/14/32 *(a)* | 300000 | 276662 |
| 4.80%, 02/15/33 *(a)* | 190000 | 192457 |
| 5.00%, 02/15/34 *(a)* | 150000 | 153021 |
| 5.40%, 05/15/35 *(a)(c)* | 100000 | 103992 |
| 4.30%, 06/15/45 *(a)* | 200000 | 166529 |
| 3.75%, 12/01/47 *(a)* | 185000 | 138236 |
| 4.50%, 11/15/48 *(a)* | 285000 | 238181 |
| 4.45%, 08/15/49 *(a)* | 305000 | 252427 |
| 3.35%, 03/12/50 *(a)* | 130000 | 88772 |
| 3.50%, 11/15/50 *(a)* | 350000 | 245673 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 4.13%, 07/15/27 *(a)* | 245000 | 244987 |
| 3.05%, 03/15/32 *(a)* | 290000 | 264528 |
| 5.50%, 03/11/35 *(a)* | 250000 | 255896 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 1.95%, 01/15/27 *(a)* | 300000 | 294682 |
| 4.35%, 06/15/28 *(a)* | 175000 | 177071 |
| 3.38%, 04/15/29 *(a)* | 345000 | 338968 |
| 2.35%, 02/15/30 *(a)* | 110000 | 103007 |
| 2.65%, 09/15/30 *(a)* | 195000 | 183070 |
| 4.50%, 09/15/32 *(a)* | 375000 | 378961 |
| 6.35%, 11/01/32  | 150000 | 166636 |
| 4.40%, 01/15/33 *(a)* | 180000 | 180093 |
| 4.50%, 09/15/34 *(a)* | 95000 | 94111 |
| 5.25%, 02/15/36 *(a)* | 140000 | 143972 |
| 6.50%, 10/15/37  | 165000 | 187139 |
| 7.00%, 01/15/38  | 270000 | 315884 |
| 4.00%, 07/01/42  | 390000 | 329965 |
| 3.63%, 04/15/46  | 200000 | 153168 |
| 3.90%, 11/15/47 *(a)* | 240000 | 188772 |
| 2.95%, 01/15/52 *(a)* | 300000 | 191803 |
| 4.80%, 01/15/53 *(a)* | 385000 | 342920 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 1.15%, 05/15/28 *(a)* | 100000 | 94018 |
| 3.88%, 04/15/30 *(a)* | 250000 | 249098 |
| 4.50%, 04/15/50 *(a)* | 150000 | 129814 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 4.88%, 03/15/27 *(a)* | 240000 | 241811 |
| 4.35%, 02/15/28 *(a)* | 120000 | 120530 |
| 3.80%, 11/01/29 *(a)* | 245000 | 240951 |
| 5.60%, 06/15/35 *(a)(c)* | 140000 | 144959 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**59**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 4.19%, 06/30/27 *(a)* | 310000 | 311920 |
| 3.67%, 07/20/28  | 250000 | 249386 |
| 2.76%, 07/02/29  | 220000 | 211182 |
| 5.12%, 07/13/33 *(a)* | 305000 | 317141 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 3.20%, 01/11/27  | 390000 | 387676 |
| 5.00%, 03/19/27  | 275000 | 279017 |
| 3.05%, 03/22/27  | 550000 | 545375 |
| 1.15%, 08/13/27  | 350000 | 335988 |
| 4.55%, 09/20/27  | 440000 | 445547 |
| 4.35%, 10/08/27  | 370000 | 373793 |
| 5.45%, 11/10/27  | 125000 | 128716 |
| 3.05%, 01/11/28  | 250000 | 246495 |
| 4.63%, 01/12/28  | 325000 | 330096 |
| 1.90%, 04/06/28  | 215000 | 206208 |
| 4.05%, 09/05/28  | 240000 | 241254 |
| 5.25%, 09/11/28  | 250000 | 258713 |
| 4.65%, 01/05/29  | 265000 | 269959 |
| 3.65%, 01/08/29  | 200000 | 198102 |
| 5.05%, 05/16/29  | 340000 | 350860 |
| 4.45%, 06/29/29  | 200000 | 202525 |
| 4.55%, 08/09/29  | 250000 | 254178 |
| 4.95%, 01/09/30  | 245000 | 252484 |
| 2.15%, 02/13/30  | 275000 | 255230 |
| 3.38%, 04/01/30  | 600000 | 583496 |
| 4.80%, 05/15/30  | 200000 | 205231 |
| 4.55%, 05/17/30  | 200000 | 203500 |
| 5.55%, 11/20/30  | 300000 | 317511 |
| 1.65%, 01/10/31  | 315000 | 278494 |
| 5.10%, 03/21/31  | 255000 | 264886 |
| 1.90%, 09/12/31  | 185000 | 162617 |
| 4.60%, 10/10/31  | 200000 | 203001 |
| 4.65%, 09/03/32  | 210000 | 212014 |
| 4.70%, 01/12/33  | 250000 | 253222 |
| 4.80%, 01/05/34  | 265000 | 270413 |
| 5.35%, 01/09/35  | 200000 | 209601 |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| 1.75%, 11/01/30 *(a)* | 200000 | 177323 |
| 5.25%, 05/15/33 *(a)* | 200000 | 207000 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.30%, 01/15/30 *(a)* | 350000 | 352064 |
| 4.15%, 01/15/31 *(a)* | 290000 | 288759 |
| 4.80%, 09/15/34 *(a)* | 450000 | 449200 |
| 4.80%, 09/15/35 *(a)* | 370000 | 367557 |
| 5.35%, 09/15/54 *(a)* | 250000 | 237552 |
| **UL Solutions, Inc.** | **UL Solutions, Inc.** | **UL Solutions, Inc.** |
| 6.50%, 10/20/28 *(a)(e)* | 90000 | 95166 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 4.75%, 02/15/28 *(a)* | 585000 | 590952 |
| 4.95%, 02/15/30 *(a)* | 300000 | 303723 |
| 5.13%, 11/15/31 *(a)* | 200000 | 202650 |
| 5.13%, 05/15/32 *(a)* | 430000 | 433114 |
| 5.63%, 04/01/35 *(a)* | 250000 | 255586 |
| 5.63%, 05/15/52 *(a)* | 335000 | 313754 |
| 6.13%, 04/01/54 *(a)* | 150000 | 149686 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 5.88%, 04/05/27  | 100000 | 102951 |
| 4.10%, 04/28/27  | 250000 | 251795 |
| 3.95%, 09/09/27 *(a)* | 300000 | 301815 |
| 3.90%, 04/15/28 *(a)* | 200000 | 201069 |
| 3.70%, 06/26/28 *(a)* | 550000 | 551462 |
| 1.50%, 09/22/28 *(a)* | 235000 | 222299 |
| 3.25%, 07/08/29 *(a)* | 350000 | 344708 |
| 2.38%, 09/24/29 *(a)* | 85000 | 80656 |
| 7.55%, 02/15/30  | 150000 | 170855 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 04/15/30 *(a)* | 90000 | 90840 |
| 4.35%, 04/28/30 *(a)* | 145000 | 147404 |
| 1.80%, 09/22/31 *(a)* | 690000 | 614891 |
| 4.15%, 09/09/32 *(a)* | 365000 | 367455 |
| 4.10%, 04/15/33 *(a)* | 410000 | 409337 |
| 4.90%, 04/28/35 *(a)* | 450000 | 463162 |
| 5.25%, 09/01/35  | 465000 | 492464 |
| 6.50%, 08/15/37  | 285000 | 329629 |
| 6.20%, 04/15/38  | 200000 | 225970 |
| 3.95%, 06/28/38 *(a)* | 210000 | 194996 |
| 5.63%, 04/01/40  | 170000 | 180999 |
| 5.00%, 10/25/40  | 305000 | 310557 |
| 5.63%, 04/15/41  | 200000 | 211817 |
| 2.50%, 09/22/41 *(a)* | 250000 | 180940 |
| 4.00%, 04/11/43 *(a)* | 160000 | 138569 |
| 4.30%, 04/22/44 *(a)* | 165000 | 147789 |
| 3.63%, 12/15/47 *(a)* | 150000 | 116369 |
| 4.05%, 06/29/48 *(a)* | 560000 | 466691 |
| 2.95%, 09/24/49 *(a)* | 220000 | 149201 |
| 2.65%, 09/22/51 *(a)* | 350000 | 220689 |
| 4.50%, 09/09/52 *(a)* | 245000 | 216125 |
| 4.50%, 04/15/53 *(a)* | 495000 | 437990 |
|  |  | **161125218** |
| ***Consumer Non-Cyclical 3.5%***  | ***Consumer Non-Cyclical 3.5%***  | ***Consumer Non-Cyclical 3.5%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| 1.15%, 01/30/28 *(a)* | 160000 | 152156 |
| 1.40%, 06/30/30 *(a)* | 100000 | 89527 |
| 4.75%, 11/30/36 *(a)* | 500000 | 502850 |
| 6.15%, 11/30/37  | 190000 | 212638 |
| 6.00%, 04/01/39  | 180000 | 198067 |
| 5.30%, 05/27/40  | 220000 | 227444 |
| 4.75%, 04/15/43 *(a)* | 275000 | 260026 |
| 4.90%, 11/30/46 *(a)* | 925000 | 871050 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 4.80%, 03/15/27 *(a)* | 685000 | 692401 |
| 4.65%, 03/15/28 *(a)* | 375000 | 381358 |
| 4.25%, 11/14/28 *(a)* | 590000 | 596537 |
| 4.80%, 03/15/29 *(a)* | 700000 | 717489 |
| 3.20%, 11/21/29 *(a)* | 1865000 | 1809284 |
| 4.88%, 03/15/30 *(a)* | 300000 | 309165 |
| 4.95%, 03/15/31 *(a)* | 555000 | 574217 |
| 5.05%, 03/15/34 *(a)* | 860000 | 884274 |
| 4.55%, 03/15/35 *(a)* | 550000 | 542338 |
| 5.20%, 03/15/35 *(a)* | 265000 | 274306 |
| 4.50%, 05/14/35 *(a)* | 730000 | 717353 |
| 4.30%, 05/14/36 *(a)* | 380000 | 364757 |
| 4.05%, 11/21/39 *(a)* | 1170000 | 1045019 |
| 4.63%, 10/01/42 *(a)* | 195000 | 177875 |
| 4.40%, 11/06/42  | 750000 | 669436 |
| 5.35%, 03/15/44 *(a)* | 225000 | 222393 |
| 4.85%, 06/15/44 *(a)* | 325000 | 301315 |
| 4.75%, 03/15/45 *(a)* | 283000 | 257937 |
| 4.70%, 05/14/45 *(a)* | 810000 | 732386 |
| 4.45%, 05/14/46 *(a)* | 610000 | 530202 |
| 4.88%, 11/14/48 *(a)* | 595000 | 542471 |
| 4.25%, 11/21/49 *(a)* | 1725000 | 1422902 |
| 5.40%, 03/15/54 *(a)* | 900000 | 875564 |
| 5.60%, 03/15/55 *(a)* | 85000 | 85281 |
| 5.50%, 03/15/64 *(a)* | 450000 | 437756 |
| **AdventHealth Obligated Group** | **AdventHealth Obligated Group** | **AdventHealth Obligated Group** |
| 2.80%, 11/15/51 *(a)* | 120000 | 74760 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| 4.74%, 12/01/30 *(a)* | 145000 | 145641 |
| 5.43%, 03/01/32 *(a)* | 100000 | 102568 |

---

*See financial notes*

**60**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.76%, 12/01/34 *(a)* | 160000 | 165154 |
| 3.63%, 03/01/49 *(a)* | 190000 | 130360 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| 3.83%, 08/15/28 *(a)* | 100000 | 99882 |
| 2.21%, 06/15/30 *(a)* | 100000 | 92263 |
| 4.27%, 08/15/48 *(a)* | 115000 | 96715 |
| 3.39%, 10/15/49 *(a)* | 155000 | 111732 |
| 3.01%, 06/15/50 *(a)* | 120000 | 79015 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 2.75%, 09/15/29 *(a)* | 225000 | 214960 |
| 2.10%, 06/04/30 *(a)* | 150000 | 137093 |
| 2.30%, 03/12/31 *(a)* | 305000 | 276250 |
| 4.75%, 09/09/34 *(a)* | 175000 | 174834 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| 6.88%, 05/01/29  | 150000 | 162322 |
| **AHS Hospital Corp.** | **AHS Hospital Corp.** | **AHS Hospital Corp.** |
| 5.02%, 07/01/45  | 130000 | 120914 |
| 2.78%, 07/01/51 *(a)* | 200000 | 124277 |
| **Allina Health System** | **Allina Health System** | **Allina Health System** |
| 3.89%, 04/15/49 *(a)* | 90000 | 69979 |
| 2.90%, 11/15/51 *(a)* | 90000 | 57019 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 6.20%, 11/01/28 *(a)* | 165000 | 174206 |
| 4.80%, 02/14/29 *(a)* | 695000 | 707236 |
| 3.40%, 05/06/30 *(a)* | 365000 | 351531 |
| 4.50%, 08/06/30 *(a)* | 170000 | 171308 |
| 2.45%, 02/04/32 *(a)* | 560000 | 495548 |
| 6.88%, 11/01/33 *(a)* | 70000 | 79142 |
| 5.63%, 02/06/35 *(a)* | 170000 | 176796 |
| 5.25%, 08/06/35 *(a)* | 150000 | 151960 |
| 5.80%, 02/14/39 *(a)* | 630000 | 649430 |
| 3.40%, 02/04/41 *(a)* | 455000 | 351898 |
| 4.25%, 08/09/42  | 275000 | 229658 |
| 4.50%, 05/02/43  | 300000 | 256505 |
| 5.38%, 01/31/44  | 430000 | 415365 |
| 3.88%, 09/16/46 *(a)* | 505000 | 380124 |
| 5.95%, 02/14/49 *(a)* | 780000 | 780769 |
| 4.45%, 05/06/50 *(a)* | 160000 | 128281 |
| 3.70%, 02/04/51 *(a)* | 400000 | 283113 |
| 4.00%, 02/04/61 *(a)* | 295000 | 213433 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.20%, 02/21/27 *(a)* | 475000 | 466049 |
| 3.20%, 11/02/27 *(a)* | 200000 | 197605 |
| 5.15%, 03/02/28 *(a)* | 1050000 | 1074531 |
| 1.65%, 08/15/28 *(a)* | 325000 | 306400 |
| 3.00%, 02/22/29 *(a)* | 250000 | 242329 |
| 4.05%, 08/18/29 *(a)* | 445000 | 444739 |
| 2.45%, 02/21/30 *(a)* | 400000 | 373300 |
| 5.25%, 03/02/30 *(a)* | 750000 | 778188 |
| 2.30%, 02/25/31 *(a)* | 380000 | 344709 |
| 2.00%, 01/15/32 *(a)* | 335000 | 292095 |
| 3.35%, 02/22/32 *(a)* | 360000 | 339349 |
| 4.20%, 03/01/33 *(a)* | 260000 | 254274 |
| 5.25%, 03/02/33 *(a)* | 1400000 | 1450502 |
| 6.38%, 06/01/37  | 150000 | 166582 |
| 6.40%, 02/01/39  | 125000 | 138418 |
| 3.15%, 02/21/40 *(a)* | 440000 | 347121 |
| 5.75%, 03/15/40  | 100000 | 104264 |
| 2.80%, 08/15/41 *(a)* | 230000 | 168518 |
| 4.95%, 10/01/41  | 140000 | 132572 |
| 5.15%, 11/15/41 *(a)* | 221000 | 213965 |
| 5.65%, 06/15/42 *(a)* | 115000 | 116676 |
| 5.60%, 03/02/43 *(a)* | 850000 | 855043 |
| 4.40%, 05/01/45 *(a)* | 670000 | 574002 |
| 4.56%, 06/15/48 *(a)* | 440000 | 376471 |
| 3.38%, 02/21/50 *(a)* | 440000 | 313771 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.66%, 06/15/51 *(a)* | 1125000 | 963767 |
| 3.00%, 01/15/52 *(a)* | 320000 | 206899 |
| 4.20%, 02/22/52 *(a)* | 305000 | 242176 |
| 4.88%, 03/01/53 *(a)* | 315000 | 277344 |
| 5.65%, 03/02/53 *(a)* | 1260000 | 1235650 |
| 2.77%, 09/01/53 *(a)* | 257000 | 153079 |
| 4.40%, 02/22/62 *(a)* | 365000 | 285529 |
| 5.75%, 03/02/63 *(a)* | 850000 | 830657 |
| **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** |
| 4.70%, 02/01/36 *(a)* | 1495000 | 1480650 |
| 4.90%, 02/01/46 *(a)* | 2630000 | 2433646 |
| **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
| 4.70%, 02/01/36 *(a)* | 392000 | 387500 |
| 4.63%, 02/01/44  | 210000 | 188758 |
| 4.90%, 02/01/46 *(a)* | 425000 | 392448 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.75%, 01/23/29 *(a)* | 900000 | 918611 |
| 3.50%, 06/01/30 *(a)* | 455000 | 444450 |
| 4.90%, 01/23/31 *(a)* | 250000 | 259194 |
| 5.00%, 06/15/34 *(a)* | 330000 | 341350 |
| 5.88%, 06/15/35  | 115000 | 125421 |
| 4.38%, 04/15/38 *(a)* | 315000 | 299889 |
| 8.20%, 01/15/39  | 345000 | 445461 |
| 5.45%, 01/23/39 *(a)* | 600000 | 621102 |
| 8.00%, 11/15/39  | 140000 | 178016 |
| 4.95%, 01/15/42  | 490000 | 469705 |
| 4.60%, 04/15/48 *(a)* | 240000 | 211892 |
| 4.44%, 10/06/48 *(a)* | 555000 | 477671 |
| 5.55%, 01/23/49 *(a)* | 1200000 | 1198483 |
| 4.50%, 06/01/50 *(a)* | 205000 | 184821 |
| 4.75%, 04/15/58 *(a)* | 220000 | 191823 |
| 5.80%, 01/23/59 *(a)* | 620000 | 632530 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 3.25%, 03/27/30 *(a)* | 250000 | 241618 |
| 2.90%, 03/01/32 *(a)* | 135000 | 124145 |
| 4.50%, 08/15/33 *(a)* | 150000 | 150255 |
| 5.38%, 09/15/35  | 220000 | 231767 |
| 4.54%, 03/26/42  | 160000 | 144395 |
| 4.02%, 04/16/43  | 110000 | 92203 |
| 3.75%, 09/15/47 *(a)* | 190000 | 147475 |
| 4.50%, 03/15/49 *(a)* | 50000 | 42885 |
| 2.70%, 09/15/51 *(a)(c)* | 250000 | 153825 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 4.08%, 11/15/28 *(a)* | 250000 | 251235 |
| 2.53%, 11/15/29 *(a)* | 270000 | 255284 |
| 4.29%, 11/15/30 *(a)* | 250000 | 250638 |
| 4.92%, 11/15/35 *(a)* | 250000 | 250600 |
| 3.11%, 11/15/39 *(a)* | 220000 | 175427 |
| 3.95%, 11/15/46  | 350000 | 284535 |
| 4.85%, 11/15/53  | 135000 | 122061 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.80%, 02/26/27 *(a)* | 350000 | 354060 |
| 4.88%, 03/03/28 *(a)* | 330000 | 337172 |
| 1.75%, 05/28/28 *(a)* | 350000 | 334301 |
| 4.85%, 02/26/29 *(a)* | 460000 | 472306 |
| 4.90%, 03/03/30 *(a)* | 200000 | 206633 |
| 4.90%, 02/26/31 *(a)* | 300000 | 310590 |
| 2.25%, 05/28/31 *(a)* | 240000 | 218345 |
| 5.00%, 02/26/34 *(a)* | 500000 | 517818 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 3.13%, 06/12/27 *(a)* | 175000 | 173690 |
| 4.00%, 01/17/29 *(a)* | 260000 | 260673 |
| 1.38%, 08/06/30 *(a)* | 480000 | 426728 |
| 6.45%, 09/15/37  | 925000 | 1054509 |
| 4.00%, 09/18/42  | 350000 | 301697 |
| 4.38%, 11/16/45  | 270000 | 237882 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**61**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.38%, 08/17/48 *(a)* | 250000 | 217643 |
| 2.13%, 08/06/50 *(a)* | 180000 | 100402 |
| 3.00%, 05/28/51 *(a)* | 250000 | 168518 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 2.34%, 01/01/30 *(a)* | 145000 | 135403 |
| 1.90%, 01/01/31 *(a)* | 135000 | 121073 |
| 2.91%, 01/01/42 *(a)* | 140000 | 103147 |
| 3.18%, 01/01/50 *(a)* | 25000 | 17206 |
| 2.91%, 01/01/51 *(a)* | 100000 | 64285 |
| **Baptist Health South Florida Obligated Group** | **Baptist Health South Florida Obligated Group** | **Baptist Health South Florida Obligated Group** |
| 3.12%, 11/15/71 *(a)* | 90000 | 52983 |
| **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** |
| Series 20B <br>3.54%, 08/15/50 *(a)*<br>| 160000 | 114545 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 4.70%, 04/02/27 *(a)* | 250000 | 251646 |
| 3.56%, 08/15/27 *(a)* | 715000 | 709755 |
| 2.26%, 03/25/28 *(a)* | 540000 | 519782 |
| 3.46%, 09/06/29 *(a)* | 200000 | 194820 |
| 4.91%, 04/02/30 *(a)* | 395000 | 403432 |
| 6.34%, 08/02/30 *(a)* | 200000 | 216391 |
| 2.73%, 03/25/31 *(a)* | 400000 | 368728 |
| 4.74%, 03/16/32 *(a)* | 345000 | 348367 |
| 5.35%, 08/15/32 *(a)* | 275000 | 286059 |
| 7.75%, 10/19/32 *(a)* | 250000 | 292473 |
| 4.63%, 03/22/33 *(a)* | 220000 | 218725 |
| 6.42%, 08/02/33 *(a)* | 275000 | 303680 |
| 6.00%, 02/20/34 *(a)* | 350000 | 375148 |
| 5.63%, 08/15/35 *(a)* | 265000 | 276237 |
| 4.39%, 08/15/37 *(a)* | 765000 | 704621 |
| 3.73%, 09/25/40 *(a)* | 145000 | 117544 |
| 7.08%, 08/02/43 *(a)* | 250000 | 280998 |
| 4.54%, 08/15/47 *(a)* | 715000 | 594051 |
| 4.76%, 09/06/49 *(a)* | 300000 | 253774 |
| 5.28%, 04/02/50 *(a)* | 225000 | 202935 |
| 5.65%, 03/16/52 *(a)* | 175000 | 165529 |
| 7.08%, 08/02/53 *(a)* | 330000 | 374394 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| 4.45%, 03/16/28 *(a)* | 400000 | 403372 |
| 5.93%, 02/02/29 *(a)* | 300000 | 315000 |
| **Baxalta, Inc.** | **Baxalta, Inc.** | **Baxalta, Inc.** |
| 5.25%, 06/23/45 *(a)* | 173000 | 165340 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 1.92%, 02/01/27 *(a)* | 181000 | 176672 |
| 2.27%, 12/01/28 *(a)* | 460000 | 434366 |
| 4.45%, 02/15/29 *(a)* | 90000 | 90264 |
| 3.95%, 04/01/30 *(a)* | 210000 | 204667 |
| 4.90%, 12/15/30 *(a)* | 210000 | 211600 |
| 1.73%, 04/01/31 *(a)* | 225000 | 192881 |
| 2.54%, 02/01/32 *(a)* | 450000 | 392281 |
| 5.65%, 12/15/35 *(a)* | 310000 | 314532 |
| 3.50%, 08/15/46 *(a)* | 65000 | 46115 |
| 3.13%, 12/01/51 *(a)* | 235000 | 147818 |
| **BayCare Health System, Inc.** | **BayCare Health System, Inc.** | **BayCare Health System, Inc.** |
| Series 2020 <br>3.83%, 11/15/50 *(a)*<br>| 170000 | 130711 |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| 1.78%, 11/15/30 *(a)* | 220000 | 197384 |
| 4.19%, 11/15/45 *(a)* | 135000 | 113948 |
| 3.97%, 11/15/46 *(a)* | 110000 | 89139 |
| 2.84%, 11/15/50 *(a)* | 265000 | 168070 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 3.70%, 06/06/27 *(a)* | 621000 | 618782 |
| 4.69%, 02/13/28 *(a)* | 290000 | 293818 |
| 4.87%, 02/08/29 *(a)* | 200000 | 204005 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.82%, 05/20/30 *(a)* | 325000 | 306522 |
| 1.96%, 02/11/31 *(a)* | 325000 | 289297 |
| 5.11%, 02/08/34 *(a)* | 170000 | 173663 |
| 4.69%, 12/15/44 *(a)* | 375000 | 332455 |
| 4.67%, 06/06/47 *(a)* | 450000 | 391613 |
| 3.79%, 05/20/50 *(a)* | 175000 | 130924 |
| **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** |
| 3.08%, 07/01/51 *(a)(c)* | 125000 | 81940 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 2.25%, 05/01/30 *(a)* | 500000 | 459536 |
| 5.05%, 01/15/31 *(a)* | 100000 | 103233 |
| 5.20%, 09/15/45 *(a)* | 280000 | 257941 |
| 3.15%, 05/01/50 *(a)* | 545000 | 353385 |
| 3.25%, 02/15/51 *(a)* | 345000 | 227231 |
| 6.45%, 05/15/55 *(a)* | 270000 | 284138 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.30%, 03/15/27 *(a)* | 245000 | 242902 |
| 3.70%, 03/15/32 *(a)* | 250000 | 236133 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| 3.46%, 06/01/30 *(a)* | 260000 | 253976 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 4.00%, 03/01/28 *(a)* | 80000 | 80254 |
| 2.65%, 06/01/30 *(a)* | 350000 | 329508 |
| 6.25%, 11/15/35 *(f)* | 215000 | 241677 |
| 4.55%, 03/01/39 *(a)* | 135000 | 128669 |
| 7.38%, 01/15/40  | 100000 | 123564 |
| 4.70%, 03/01/49 *(a)(c)* | 140000 | 125771 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 3.25%, 02/27/27  | 150000 | 149265 |
| 1.13%, 11/13/27 *(a)* | 300000 | 286549 |
| 3.45%, 11/15/27 *(a)* | 230000 | 229332 |
| 4.90%, 02/22/29 *(a)* | 250000 | 257213 |
| 3.40%, 07/26/29 *(a)* | 405000 | 397432 |
| 1.45%, 11/13/30 *(a)* | 395000 | 349991 |
| 5.75%, 02/01/31 *(a)* | 305000 | 326481 |
| 5.10%, 02/22/31 *(a)* | 445000 | 463912 |
| 2.95%, 03/15/32 *(a)(c)* | 500000 | 463571 |
| 5.90%, 11/15/33 *(a)* | 385000 | 420697 |
| 5.20%, 02/22/34 *(a)* | 750000 | 780290 |
| 4.13%, 06/15/39 *(a)* | 665000 | 604332 |
| 2.35%, 11/13/40 *(a)* | 300000 | 213472 |
| 3.55%, 03/15/42 *(a)* | 300000 | 241061 |
| 3.25%, 08/01/42  | 230000 | 176764 |
| 5.50%, 02/22/44 *(a)* | 200000 | 200607 |
| 4.50%, 03/01/44 *(a)* | 50000 | 44241 |
| 4.63%, 05/15/44 *(a)* | 220000 | 198110 |
| 5.00%, 08/15/45 *(a)* | 200000 | 188469 |
| 4.35%, 11/15/47 *(a)* | 350000 | 296025 |
| 4.55%, 02/20/48 *(a)* | 406000 | 351441 |
| 4.25%, 10/26/49 *(a)* | 1130000 | 923530 |
| 2.55%, 11/13/50 *(a)* | 455000 | 269670 |
| 3.70%, 03/15/52 *(a)* | 615000 | 452477 |
| 6.25%, 11/15/53 *(a)* | 150000 | 164120 |
| 5.55%, 02/22/54 *(a)* | 825000 | 810608 |
| 3.90%, 03/15/62 *(a)* | 305000 | 221328 |
| 6.40%, 11/15/63 *(a)* | 150000 | 164063 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| 4.00%, 04/15/38 *(a)* | 90000 | 81097 |
| 4.50%, 07/15/45 *(a)* | 385000 | 335050 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 2.40%, 08/18/31 *(a)* | 215000 | 188370 |
| 4.40%, 09/15/32 *(a)* | 225000 | 214820 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 4.90%, 04/21/27 *(a)* | 130000 | 131464 |
| 3.75%, 09/25/27 *(a)* | 290000 | 289188 |
| 4.20%, 09/17/29 *(a)* | 250000 | 250248 |

---

*See financial notes*

**62**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.55%, 08/04/30 *(a)* | 190000 | 191844 |
| 3.20%, 04/21/31 *(a)* | 170000 | 160097 |
| 2.75%, 05/14/31 *(a)* | 350000 | 321621 |
| 4.65%, 09/17/34 *(a)* | 240000 | 235658 |
| 5.15%, 08/04/35 *(a)* | 190000 | 193140 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.20%, 03/19/27  | 150000 | 152033 |
| 4.15%, 03/15/28 *(a)* | 305000 | 305193 |
| 5.20%, 03/21/29 *(a)* | 150000 | 153709 |
| 2.38%, 04/24/30 *(a)* | 250000 | 229962 |
| 4.55%, 03/21/31 *(a)* | 170000 | 169342 |
| 5.40%, 03/21/34 *(a)* | 335000 | 341471 |
| 4.75%, 03/23/35 *(a)* | 105000 | 101621 |
| 4.80%, 03/15/48 *(a)* | 265000 | 229529 |
| 3.13%, 04/24/50 *(a)* | 290000 | 189836 |
| 5.25%, 10/13/54 *(a)* | 100000 | 90894 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 3.41%, 06/15/27 *(a)* | 440000 | 436802 |
| 5.13%, 02/15/29 *(a)* | 150000 | 154410 |
| 5.00%, 11/15/29 *(a)* | 225000 | 231179 |
| 4.50%, 09/15/30 *(a)* | 300000 | 302910 |
| 5.45%, 02/15/34 *(a)* | 125000 | 130024 |
| 5.35%, 11/15/34 *(a)* | 360000 | 371316 |
| 5.15%, 09/15/35 *(a)* | 120000 | 122094 |
| 4.50%, 11/15/44 *(a)* | 100000 | 86089 |
| 4.90%, 09/15/45 *(a)* | 160000 | 144243 |
| 4.37%, 06/15/47 *(a)* | 175000 | 145182 |
| 5.75%, 11/15/54 *(a)* | 200000 | 199731 |
| **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** |
| 3.37%, 07/01/50 *(a)* | 140000 | 96200 |
| **Cedars-Sinai Health System** | **Cedars-Sinai Health System** | **Cedars-Sinai Health System** |
| 2.29%, 08/15/31 *(a)* | 175000 | 157758 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 3.45%, 12/15/27 *(a)* | 300000 | 297527 |
| 4.63%, 12/15/27 *(a)* | 60000 | 60778 |
| 4.85%, 12/15/29 *(a)* | 200000 | 204590 |
| 2.80%, 05/15/30 *(a)* | 100000 | 94193 |
| 2.70%, 03/15/31 *(a)* | 300000 | 276679 |
| 5.13%, 02/15/34 *(a)* | 170000 | 174480 |
| 5.15%, 02/15/35 *(a)* | 255000 | 260925 |
| 4.25%, 03/01/45 *(a)* | 170000 | 144093 |
| 4.30%, 12/15/47 *(a)* | 105000 | 87971 |
| **Children's Health System of Texas** | **Children's Health System of Texas** | **Children's Health System of Texas** |
| 2.51%, 08/15/50 *(a)* | 100000 | 59020 |
| **Children's Hospital** | **Children's Hospital** | **Children's Hospital** |
| 2.93%, 07/15/50 *(a)* | 80000 | 51595 |
| **Children's Hospital Corp.** | **Children's Hospital Corp.** | **Children's Hospital Corp.** |
| 4.12%, 01/01/47 *(a)* | 130000 | 108908 |
| 2.59%, 02/01/50 *(a)* | 105000 | 64202 |
| **Children's Hospital Medical Center** | **Children's Hospital Medical Center** | **Children's Hospital Medical Center** |
| 4.27%, 05/15/44  | 105000 | 91956 |
| **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** |
| 2.70%, 07/01/50 *(a)* | 190000 | 118965 |
| **CHRISTUS Health** | **CHRISTUS Health** | **CHRISTUS Health** |
| 4.34%, 07/01/28 *(a)* | 150000 | 150592 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 3.15%, 08/01/27 *(a)* | 210000 | 207641 |
| 5.60%, 11/15/32 *(a)* | 220000 | 233967 |
| 5.00%, 06/15/52 *(a)* | 205000 | 187819 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 3.40%, 03/01/27 *(a)* | 435000 | 432310 |
| 3.05%, 10/15/27 *(a)* | 221000 | 217888 |
| 4.38%, 10/15/28 *(a)* | 1075000 | 1084803 |
| 5.00%, 05/15/29 *(a)* | 350000 | 359551 |
| 2.40%, 03/15/30 *(a)* | 500000 | 464347 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 09/15/30 *(a)* | 300000 | 302205 |
| 2.38%, 03/15/31 *(a)* | 450000 | 407522 |
| 5.13%, 05/15/31 *(a)* | 250000 | 258393 |
| 4.88%, 09/15/32 *(a)* | 370000 | 374905 |
| 5.25%, 02/15/34 *(a)* | 375000 | 385892 |
| 5.25%, 01/15/36 *(a)* | 450000 | 458147 |
| 4.80%, 08/15/38 *(a)* | 680000 | 651736 |
| 3.20%, 03/15/40 *(a)* | 150000 | 118802 |
| 6.13%, 11/15/41  | 145000 | 153497 |
| 4.80%, 07/15/46 *(a)* | 450000 | 400113 |
| 3.88%, 10/15/47 *(a)* | 310000 | 239167 |
| 4.90%, 12/15/48 *(a)* | 905000 | 806801 |
| 3.40%, 03/15/50 *(a)* | 390000 | 272977 |
| 3.40%, 03/15/51 *(a)* | 425000 | 295170 |
| 5.60%, 02/15/54 *(a)* | 420000 | 407703 |
| 6.00%, 01/15/56 *(a)* | 330000 | 339523 |
| **City of Hope** | **City of Hope** | **City of Hope** |
| 5.62%, 11/15/43  | 100000 | 99151 |
| 4.38%, 08/15/48 *(a)* | 120000 | 98801 |
| **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** |
| 4.86%, 01/01/14  | 120000 | 101924 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 3.10%, 10/01/27 *(a)* | 170000 | 167828 |
| 3.90%, 05/15/28 *(a)* | 175000 | 175140 |
| 4.40%, 05/01/29 *(a)* | 150000 | 151608 |
| 1.80%, 05/15/30 *(a)* | 210000 | 189321 |
| 4.60%, 05/01/32 *(a)* | 200000 | 202106 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 3.38%, 03/25/27  | 405000 | 403869 |
| 2.90%, 05/25/27  | 255000 | 252580 |
| 1.45%, 06/01/27  | 500000 | 485410 |
| 1.50%, 03/05/28  | 120000 | 114698 |
| 1.00%, 03/15/28  | 400000 | 377783 |
| 2.13%, 09/06/29  | 410000 | 386250 |
| 3.45%, 03/25/30  | 400000 | 392559 |
| 1.65%, 06/01/30  | 450000 | 407616 |
| 2.00%, 03/05/31  | 305000 | 276516 |
| 1.38%, 03/15/31  | 400000 | 351065 |
| 2.25%, 01/05/32  | 505000 | 456559 |
| 5.00%, 05/13/34 *(a)* | 250000 | 260741 |
| 4.65%, 08/14/34 *(a)(c)* | 225000 | 229848 |
| 2.50%, 06/01/40  | 350000 | 260618 |
| 2.88%, 05/05/41  | 100000 | 76827 |
| 4.20%, 03/25/50  | 285000 | 239249 |
| 2.60%, 06/01/50  | 600000 | 371972 |
| 3.00%, 03/05/51 *(c)* | 615000 | 411047 |
| 2.50%, 03/15/51  | 100000 | 60098 |
| 5.30%, 05/13/54 *(a)* | 335000 | 329107 |
| 5.20%, 01/14/55 *(a)* | 450000 | 434447 |
| 2.75%, 06/01/60  | 305000 | 179044 |
| 5.40%, 05/13/64 *(a)* | 505000 | 491474 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.45%, 06/01/34 *(a)* | 200000 | 209476 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 2.75%, 01/22/30 *(a)* | 305000 | 288587 |
| 1.85%, 09/01/32 *(a)* | 260000 | 219290 |
| 5.25%, 11/26/43  | 270000 | 263700 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.10%, 08/15/27 *(a)* | 210000 | 208189 |
| 3.25%, 08/15/32 *(a)* | 250000 | 235823 |
| 4.60%, 03/01/33 *(a)* | 220000 | 224857 |
| 4.00%, 08/15/45  | 200000 | 169762 |
| 3.70%, 08/01/47 *(a)* | 147000 | 116197 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 6.07%, 11/01/27 *(a)* | 150000 | 155075 |
| 3.35%, 10/01/29 *(a)* | 325000 | 314202 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**63**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.35%, 09/01/30 *(a)* | 200000 | 199359 |
| 2.78%, 10/01/30 *(a)* | 245000 | 228212 |
| 5.21%, 12/01/31 *(a)* | 250000 | 259241 |
| 5.32%, 12/01/34 *(a)* | 235000 | 239724 |
| 4.98%, 09/01/35 *(a)* | 175000 | 173167 |
| 4.35%, 11/01/42  | 215000 | 187003 |
| 5.58%, 09/01/45 *(a)* | 100000 | 97861 |
| 3.82%, 10/01/49 *(a)* | 220000 | 164633 |
| 4.19%, 10/01/49 *(a)* | 375000 | 294839 |
| 3.91%, 10/01/50 *(a)* | 195000 | 145841 |
| 6.46%, 11/01/52 *(a)* | 110000 | 118616 |
| 5.55%, 12/01/54 *(a)* | 150000 | 143155 |
| 5.66%, 09/01/55 *(a)* | 175000 | 169860 |
| **Community Health Network, Inc.** | **Community Health Network, Inc.** | **Community Health Network, Inc.** |
| 3.10%, 05/01/50 *(a)* | 180000 | 115114 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 1.38%, 11/01/27 *(a)* | 360000 | 342392 |
| 7.00%, 10/01/28  | 160000 | 170655 |
| 4.85%, 11/01/28 *(a)* | 475000 | 480767 |
| 5.00%, 08/01/30 *(a)* | 150000 | 151818 |
| 8.25%, 09/15/30  | 160000 | 183553 |
| 5.75%, 08/01/35 *(a)* | 150000 | 153311 |
| 5.30%, 11/01/38 *(a)* | 300000 | 286629 |
| 5.40%, 11/01/48 *(a)* | 300000 | 269017 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 3.50%, 05/09/27 *(a)* | 155000 | 153986 |
| 4.35%, 05/09/27 *(a)* | 125000 | 125511 |
| 3.60%, 02/15/28 *(a)* | 285000 | 282531 |
| 4.65%, 11/15/28 *(a)* | 250000 | 253632 |
| 3.15%, 08/01/29 *(a)* | 290000 | 279613 |
| 2.88%, 05/01/30 *(a)* | 200000 | 188408 |
| 2.25%, 08/01/31 *(a)* | 300000 | 266422 |
| 4.75%, 05/09/32 *(a)* | 310000 | 311610 |
| 4.90%, 05/01/33 *(a)* | 100000 | 100541 |
| 4.50%, 05/09/47 *(a)* | 200000 | 167329 |
| 4.10%, 02/15/48 *(a)* | 175000 | 137622 |
| 5.25%, 11/15/48 *(a)* | 105000 | 97154 |
| 3.75%, 05/01/50 *(a)* | 175000 | 127643 |
| **Corewell Health Obligated Group** | **Corewell Health Obligated Group** | **Corewell Health Obligated Group** |
| 3.49%, 07/15/49 *(a)* | 130000 | 93863 |
| **Cottage Health Obligated Group** | **Cottage Health Obligated Group** | **Cottage Health Obligated Group** |
| 3.30%, 11/01/49 *(a)* | 180000 | 127324 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 3.63%, 04/01/27 *(a)* | 215000 | 213889 |
| 6.25%, 06/01/27  | 115000 | 118383 |
| 1.30%, 08/21/27 *(a)* | 600000 | 574080 |
| 4.30%, 03/25/28 *(a)* | 1552000 | 1557996 |
| 5.00%, 01/30/29 *(a)* | 250000 | 255536 |
| 5.40%, 06/01/29 *(a)* | 300000 | 310783 |
| 3.25%, 08/15/29 *(a)* | 675000 | 651671 |
| 5.13%, 02/21/30 *(a)* | 400000 | 411158 |
| 3.75%, 04/01/30 *(a)* | 590000 | 576182 |
| 1.75%, 08/21/30 *(a)* | 350000 | 311065 |
| 5.25%, 01/30/31 *(a)* | 200000 | 206758 |
| 1.88%, 02/28/31 *(a)* | 455000 | 399696 |
| 5.55%, 06/01/31 *(a)* | 320000 | 335134 |
| 2.13%, 09/15/31 *(a)* | 370000 | 325223 |
| 5.00%, 09/15/32 *(a)* | 220000 | 224537 |
| 5.25%, 02/21/33 *(a)* | 590000 | 607821 |
| 5.30%, 06/01/33 *(a)* | 395000 | 407970 |
| 5.70%, 06/01/34 *(a)* | 390000 | 409120 |
| 4.88%, 07/20/35 *(a)* | 200000 | 196983 |
| 5.45%, 09/15/35 *(a)* | 515000 | 527383 |
| 4.78%, 03/25/38 *(a)* | 1505000 | 1422382 |
| 6.13%, 09/15/39  | 145000 | 151760 |
| 4.13%, 04/01/40 *(a)* | 260000 | 222349 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.70%, 08/21/40 *(a)* | 140000 | 100127 |
| 5.30%, 12/05/43 *(a)* | 270000 | 251730 |
| 5.13%, 07/20/45 *(a)* | 965000 | 871902 |
| 5.05%, 03/25/48 *(a)* | 2400000 | 2116816 |
| 5.63%, 02/21/53 *(a)* | 400000 | 375443 |
| 5.88%, 06/01/53 *(a)* | 445000 | 432008 |
| 6.05%, 06/01/54 *(a)* | 295000 | 293852 |
| 6.20%, 09/15/55 *(a)* | 435000 | 442079 |
| 6.00%, 06/01/63 *(a)* | 295000 | 285101 |
| 6.25%, 09/15/65 *(a)* | 150000 | 150614 |
| **Danaher Corp.** | **Danaher Corp.** | **Danaher Corp.** |
| 4.38%, 09/15/45 *(a)* | 125000 | 109170 |
| 2.60%, 10/01/50 *(a)* | 355000 | 217130 |
| 2.80%, 12/10/51 *(a)* | 295000 | 186066 |
| **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** |
| 4.18%, 08/01/48 *(a)* | 205000 | 161355 |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| 3.25%, 06/01/30 *(a)(c)* | 240000 | 221896 |
| **DH Europe Finance II SARL** | **DH Europe Finance II SARL** | **DH Europe Finance II SARL** |
| 2.60%, 11/15/29 *(a)* | 250000 | 237047 |
| 3.25%, 11/15/39 *(a)* | 245000 | 201086 |
| 3.40%, 11/15/49 *(a)* | 275000 | 198356 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 5.30%, 10/24/27 *(a)* | 300000 | 307480 |
| 3.88%, 05/18/28 *(a)* | 245000 | 244601 |
| 2.38%, 10/24/29 *(a)* | 325000 | 305671 |
| 2.00%, 04/29/30 *(a)* | 440000 | 402484 |
| 2.13%, 04/29/32 *(a)* | 250000 | 217762 |
| 5.50%, 01/24/33 *(a)* | 225000 | 237239 |
| 5.63%, 10/05/33 *(a)* | 355000 | 378098 |
| 3.88%, 04/29/43 *(a)* | 50000 | 41139 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| 5.63%, 04/15/35 *(a)* | 225000 | 238438 |
| 7.45%, 04/15/35  | 190000 | 228933 |
| 4.25%, 05/11/42  | 100000 | 86755 |
| **Dignity Health** | **Dignity Health** | **Dignity Health** |
| 4.50%, 11/01/42  | 135000 | 117274 |
| 5.27%, 11/01/64 *(c)* | 110000 | 98886 |
| **Duke University Health System, Inc.** | **Duke University Health System, Inc.** | **Duke University Health System, Inc.** |
| 3.92%, 06/01/47 *(a)* | 200000 | 162106 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| 4.30%, 06/15/28 *(a)* | 200000 | 201345 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.50%, 02/09/27 *(a)* | 300000 | 302582 |
| 5.50%, 03/15/27  | 130000 | 132835 |
| 3.10%, 05/15/27 *(a)* | 175000 | 173562 |
| 4.15%, 08/14/27 *(a)* | 245000 | 246922 |
| 4.55%, 02/12/28 *(a)* | 300000 | 305190 |
| 4.00%, 10/15/28 *(a)* | 350000 | 352445 |
| 4.50%, 02/09/29 *(a)* | 300000 | 305779 |
| 3.38%, 03/15/29 *(a)* | 305000 | 300690 |
| 4.20%, 08/14/29 *(a)* | 300000 | 303082 |
| 4.75%, 02/12/30 *(a)* | 375000 | 385663 |
| 4.25%, 03/15/31 *(a)* | 245000 | 246919 |
| 4.90%, 02/12/32 *(a)* | 345000 | 357305 |
| 4.55%, 10/15/32 *(a)* | 300000 | 304433 |
| 4.70%, 02/27/33 *(a)* | 315000 | 321985 |
| 4.70%, 02/09/34 *(a)* | 465000 | 471473 |
| 4.60%, 08/14/34 *(a)* | 300000 | 301107 |
| 5.10%, 02/12/35 *(a)* | 375000 | 387982 |
| 4.90%, 10/15/35 *(a)* | 390000 | 396933 |
| 5.55%, 03/15/37  | 150000 | 162203 |
| 3.70%, 03/01/45 *(a)* | 155000 | 124767 |
| 3.95%, 05/15/47 *(a)* | 115000 | 93571 |
| 3.95%, 03/15/49 *(a)* | 300000 | 241507 |
| 2.25%, 05/15/50 *(a)* | 425000 | 244948 |

---

*See financial notes*

**64**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 02/27/53 *(a)* | 275000 | 251429 |
| 5.00%, 02/09/54 *(a)* | 470000 | 438363 |
| 5.05%, 08/14/54 *(a)* | 375000 | 351639 |
| 5.50%, 02/12/55 *(a)* | 375000 | 375895 |
| 5.55%, 10/15/55 *(a)* | 330000 | 332838 |
| 4.15%, 03/15/59 *(a)* | 205000 | 162636 |
| 2.50%, 09/15/60 *(a)* | 255000 | 139154 |
| 4.95%, 02/27/63 *(a)* | 290000 | 261689 |
| 5.10%, 02/09/64 *(a)* | 485000 | 447700 |
| 5.20%, 08/14/64 *(a)* | 225000 | 211809 |
| 5.60%, 02/12/65 *(a)* | 245000 | 245936 |
| 5.65%, 10/15/65 *(a)* | 275000 | 277372 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 3.15%, 03/15/27 *(a)* | 175000 | 173528 |
| 4.38%, 05/15/28 *(a)* | 250000 | 252540 |
| 2.38%, 12/01/29 *(a)* | 200000 | 187263 |
| 2.60%, 04/15/30 *(a)* | 250000 | 234938 |
| 1.95%, 03/15/31 *(a)* | 165000 | 147274 |
| 4.65%, 05/15/33 *(a)* | 250000 | 251722 |
| 5.00%, 02/14/34 *(a)* | 135000 | 137155 |
| 6.00%, 05/15/37  | 100000 | 108038 |
| 4.38%, 06/15/45 *(a)* | 135000 | 113955 |
| 4.15%, 03/15/47 *(a)* | 150000 | 120763 |
| 3.13%, 12/01/49 *(a)* | 190000 | 126205 |
| 5.15%, 05/15/53 *(a)* | 175000 | 162546 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 2.40%, 03/15/31 *(a)* | 275000 | 243269 |
| 5.75%, 03/15/35 *(a)* | 150000 | 150562 |
| 6.20%, 03/15/55 *(a)* | 100000 | 93946 |
| **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** |
| 3.50%, 01/16/50 *(a)* | 450000 | 329275 |
| **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** |
| 3.91%, 07/01/49 *(a)* | 100000 | 76763 |
| **Fred Hutchinson Cancer Center** | **Fred Hutchinson Cancer Center** | **Fred Hutchinson Cancer Center** |
| 4.97%, 01/01/52 *(a)* | 100000 | 90361 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 5.65%, 11/15/27 *(a)* | 535000 | 550918 |
| 4.15%, 12/15/28 *(a)* | 190000 | 190575 |
| 4.80%, 08/14/29 *(a)* | 300000 | 306831 |
| 5.86%, 03/15/30 *(a)* | 360000 | 380797 |
| 4.80%, 01/15/31 *(a)* | 200000 | 203759 |
| 5.91%, 11/22/32 *(a)* | 595000 | 641211 |
| 5.50%, 06/15/35 *(a)* | 250000 | 259953 |
| 4.95%, 12/15/35 *(a)* | 200000 | 199907 |
| 6.38%, 11/22/52 *(a)* | 305000 | 332639 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 4.70%, 01/30/27 *(a)* | 170000 | 171342 |
| 3.20%, 02/10/27 *(a)* | 375000 | 371999 |
| 4.20%, 04/17/28 *(a)* | 475000 | 476638 |
| 4.88%, 01/30/30 *(a)* | 240000 | 245613 |
| 2.88%, 04/15/30 *(a)* | 350000 | 331266 |
| 2.25%, 10/14/31 *(a)* | 200000 | 177711 |
| 4.95%, 03/29/33 *(a)* | 315000 | 319717 |
| 5.25%, 01/30/35 *(a)* | 250000 | 255317 |
| 4.15%, 02/15/43 *(a)* | 25000 | 20896 |
| 4.70%, 04/17/48 *(a)* | 150000 | 131407 |
| 3.00%, 02/01/51 *(a)* | 306000 | 197951 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 2.95%, 03/01/27 *(a)* | 390000 | 386310 |
| 1.20%, 10/01/27 *(a)* | 300000 | 287453 |
| 4.80%, 11/15/29 *(a)* | 205000 | 210862 |
| 1.65%, 10/01/30 *(a)* | 90000 | 80632 |
| 5.25%, 10/15/33 *(a)* | 300000 | 315453 |
| 5.10%, 06/15/35 *(a)* | 300000 | 307673 |
| 4.60%, 09/01/35 *(a)* | 330000 | 326590 |
| 4.00%, 09/01/36 *(a)* | 275000 | 256215 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.60%, 10/01/40 *(a)* | 350000 | 258762 |
| 5.65%, 12/01/41 *(a)* | 325000 | 337694 |
| 4.80%, 04/01/44 *(a)* | 515000 | 475615 |
| 4.50%, 02/01/45 *(a)* | 525000 | 464655 |
| 4.75%, 03/01/46 *(a)* | 685000 | 621812 |
| 4.15%, 03/01/47 *(a)* | 555000 | 460872 |
| 2.80%, 10/01/50 *(a)* | 350000 | 221829 |
| 5.55%, 10/15/53 *(a)* | 330000 | 328201 |
| 5.50%, 11/15/54 *(a)* | 330000 | 325950 |
| 5.60%, 11/15/64 *(a)* | 220000 | 218486 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| 4.32%, 03/12/27  | 150000 | 151160 |
| 3.38%, 06/01/29 *(a)* | 285000 | 279634 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 3.88%, 05/15/28  | 505000 | 505599 |
| 4.50%, 04/15/30 *(a)* | 250000 | 254108 |
| 5.38%, 04/15/34  | 205000 | 216865 |
| 4.88%, 04/15/35 *(a)* | 200000 | 202238 |
| 6.38%, 05/15/38  | 795000 | 892732 |
| 4.20%, 03/18/43  | 175000 | 153215 |
| **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** |
| 2.68%, 09/01/41 *(a)* | 150000 | 109056 |
| 4.21%, 07/01/48 *(a)* | 85000 | 70275 |
| 2.88%, 09/01/50 *(a)* | 155000 | 99798 |
| 4.50%, 07/01/57 *(a)* | 100000 | 84495 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.38%, 03/24/27 *(a)* | 545000 | 541159 |
| 3.38%, 03/24/29 *(a)* | 350000 | 341830 |
| 3.63%, 03/24/32 *(a)* | 500000 | 476389 |
| 4.00%, 03/24/52 *(a)* | 370000 | 291008 |
| **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** |
| 3.45%, 07/01/54  | 130000 | 92745 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 3.50%, 09/15/27 *(a)* | 250000 | 247444 |
| 3.90%, 11/19/29 *(a)* | 250000 | 245857 |
| 6.05%, 05/14/34 *(a)* | 75000 | 79676 |
| 6.35%, 03/15/40  | 200000 | 210381 |
| 5.10%, 05/15/44 *(a)* | 125000 | 111806 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 4.50%, 02/15/27 *(a)* | 350000 | 350796 |
| 3.13%, 03/15/27 *(a)* | 360000 | 356328 |
| 5.00%, 03/01/28 *(a)* | 150000 | 152883 |
| 5.20%, 06/01/28 *(a)* | 350000 | 358811 |
| 5.63%, 09/01/28 *(a)* | 420000 | 433004 |
| 5.88%, 02/01/29 *(a)* | 300000 | 312720 |
| 3.38%, 03/15/29 *(a)* | 265000 | 258333 |
| 4.13%, 06/15/29 *(a)* | 575000 | 573285 |
| 5.25%, 03/01/30 *(a)* | 150000 | 154943 |
| 3.50%, 09/01/30 *(a)* | 785000 | 755139 |
| 4.30%, 11/15/30 *(a)* | 150000 | 149493 |
| 5.45%, 04/01/31 *(a)* | 550000 | 574036 |
| 2.38%, 07/15/31 *(a)* | 310000 | 277917 |
| 5.50%, 03/01/32 *(a)* | 235000 | 245128 |
| 3.63%, 03/15/32 *(a)* | 550000 | 520040 |
| 4.60%, 11/15/32 *(a)* | 200000 | 198493 |
| 5.50%, 06/01/33 *(a)* | 430000 | 447571 |
| 5.60%, 04/01/34 *(a)* | 475000 | 495910 |
| 5.45%, 09/15/34 *(a)* | 350000 | 360502 |
| 5.75%, 03/01/35 *(a)* | 450000 | 472554 |
| 4.90%, 11/15/35 *(a)* | 395000 | 389845 |
| 5.13%, 06/15/39 *(a)* | 350000 | 338200 |
| 4.38%, 03/15/42 *(a)* | 160000 | 136672 |
| 5.50%, 06/15/47 *(a)* | 445000 | 421061 |
| 5.25%, 06/15/49 *(a)* | 610000 | 552174 |
| 3.50%, 07/15/51 *(a)* | 230000 | 156340 |
| 4.63%, 03/15/52 *(a)* | 605000 | 493178 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**65**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.90%, 06/01/53 *(a)* | 355000 | 347747 |
| 6.00%, 04/01/54 *(a)* | 500000 | 497305 |
| 5.95%, 09/15/54 *(a)* | 305000 | 301696 |
| 6.20%, 03/01/55 *(a)* | 380000 | 387956 |
| 5.70%, 11/15/55 *(a)* | 340000 | 324378 |
| 6.10%, 04/01/64 *(a)* | 215000 | 213432 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 4.55%, 02/24/28 *(a)* | 190000 | 193110 |
| 2.45%, 11/15/29 *(a)* | 100000 | 94330 |
| 4.75%, 02/24/30 *(a)* | 190000 | 195053 |
| 1.70%, 06/01/30 *(a)* | 150000 | 135381 |
| 4.95%, 02/24/32 *(a)* | 190000 | 197075 |
| 4.50%, 05/04/33 *(a)* | 175000 | 175852 |
| 5.10%, 02/24/35 *(a)* | 150000 | 154368 |
| 3.13%, 11/15/49 *(a)* | 185000 | 126780 |
| 2.65%, 06/01/50 *(a)* | 140000 | 86181 |
| **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** |
| 3.80%, 07/15/52 *(a)* | 180000 | 136968 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| 4.80%, 03/30/27 *(a)* | 150000 | 151679 |
| 1.70%, 06/03/28 *(a)* | 220000 | 209116 |
| 1.80%, 06/11/30 *(a)* | 310000 | 280114 |
| 3.05%, 06/03/51 *(a)* | 225000 | 147505 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 5.81%, 05/08/27 *(a)* | 270000 | 275526 |
| 5.85%, 05/08/29 *(a)* | 160000 | 167110 |
| 6.00%, 05/08/34 *(a)* | 250000 | 264691 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 5.75%, 12/13/27 *(a)* | 160000 | 164857 |
| 4.75%, 12/12/30 *(a)* | 150000 | 151498 |
| 2.55%, 03/23/31 *(a)* | 165000 | 149697 |
| **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** |
| 3.97%, 11/01/48 *(a)* | 140000 | 112134 |
| 2.85%, 11/01/51 *(a)* | 100000 | 63165 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| 2.90%, 06/01/30 *(a)* | 190000 | 179039 |
| 3.90%, 06/01/50 *(a)* | 120000 | 90663 |
| **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** |
| 3.88%, 08/15/50 *(a)* | 140000 | 101555 |
| **Iowa Health System** | **Iowa Health System** | **Iowa Health System** |
| Series 2020 <br>3.67%, 02/15/50 *(a)*<br>| 185000 | 138548 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.70%, 05/15/28 *(a)* | 335000 | 345674 |
| 6.25%, 02/01/29 *(a)* | 200000 | 210905 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 5.90%, 11/15/28 *(a)* | 300000 | 314596 |
| 2.38%, 03/15/30 *(a)* | 200000 | 185852 |
| 2.13%, 03/15/32 *(a)* | 215000 | 186240 |
| 6.20%, 11/15/33 *(a)* | 315000 | 341621 |
| 4.25%, 03/15/35  | 200000 | 188757 |
| 6.50%, 11/15/43 *(a)* | 220000 | 236163 |
| 4.38%, 03/15/45  | 210000 | 175938 |
| 6.50%, 11/15/53 *(a)* | 290000 | 313725 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 3.00%, 02/02/29 *(a)* | 220000 | 211913 |
| 3.75%, 12/01/31 *(a)* | 190000 | 180317 |
| 3.63%, 01/15/32 *(a)* | 235000 | 220298 |
| 3.00%, 05/15/32 *(a)* | 320000 | 287314 |
| 5.75%, 04/01/33 *(a)* | 500000 | 522231 |
| 6.75%, 03/15/34 *(a)* | 450000 | 496753 |
| 4.38%, 02/02/52 *(a)* | 260000 | 201301 |
| 6.50%, 12/01/52 *(a)* | 470000 | 482701 |
| 7.25%, 11/15/53 *(a)* | 275000 | 306891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** | **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** | **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** |
| 5.50%, 01/15/36 *(a)(e)* | 375000 | 380920 |
| 6.25%, 03/01/56 *(a)(e)* | 380000 | 378809 |
| 6.38%, 04/15/66 *(a)(e)* | 375000 | 372401 |
| **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** |
| 5.95%, 04/20/35 *(a)(e)* | 300000 | 315486 |
| 6.38%, 02/25/55 *(a)(e)* | 230000 | 234316 |
| **Johns Hopkins Health System Corp.** | **Johns Hopkins Health System Corp.** | **Johns Hopkins Health System Corp.** |
| 3.84%, 05/15/46  | 210000 | 168168 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 2.95%, 03/03/27 *(a)* | 320000 | 317816 |
| 0.95%, 09/01/27 *(a)* | 450000 | 431169 |
| 2.90%, 01/15/28 *(a)* | 380000 | 375022 |
| 4.55%, 03/01/28 *(a)* | 250000 | 254764 |
| 4.80%, 06/01/29 *(a)* | 555000 | 573064 |
| 6.95%, 09/01/29  | 180000 | 199551 |
| 4.70%, 03/01/30 *(a)* | 320000 | 329777 |
| 1.30%, 09/01/30 *(a)* | 490000 | 436995 |
| 4.90%, 06/01/31 *(a)* | 325000 | 339353 |
| 4.85%, 03/01/32 *(a)* | 435000 | 451708 |
| 4.95%, 05/15/33  | 200000 | 210920 |
| 4.38%, 12/05/33 *(a)* | 285000 | 289224 |
| 4.95%, 06/01/34 *(a)* | 270000 | 283618 |
| 5.00%, 03/01/35 *(a)* | 375000 | 390868 |
| 3.55%, 03/01/36 *(a)* | 317000 | 292015 |
| 3.63%, 03/03/37 *(a)* | 500000 | 454543 |
| 5.95%, 08/15/37  | 300000 | 334347 |
| 3.40%, 01/15/38 *(a)* | 415000 | 365028 |
| 5.85%, 07/15/38  | 232000 | 255737 |
| 2.10%, 09/01/40 *(a)* | 350000 | 247792 |
| 4.50%, 09/01/40  | 185000 | 179569 |
| 4.85%, 05/15/41  | 100000 | 99217 |
| 4.50%, 12/05/43 *(a)* | 100000 | 92840 |
| 3.70%, 03/01/46 *(a)* | 595000 | 482484 |
| 3.75%, 03/03/47 *(a)* | 300000 | 242255 |
| 3.50%, 01/15/48 *(a)* | 260000 | 200765 |
| 2.25%, 09/01/50 *(a)* | 320000 | 188894 |
| 5.25%, 06/01/54 *(a)(c)* | 250000 | 250502 |
| 2.45%, 09/01/60 *(a)* | 410000 | 226120 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| 3.15%, 05/01/27 *(a)* | 290000 | 287931 |
| 2.81%, 06/01/41 *(a)* | 425000 | 316087 |
| 4.88%, 04/01/42  | 180000 | 170703 |
| 4.15%, 05/01/47 *(a)* | 410000 | 342238 |
| 3.27%, 11/01/49 *(a)* | 250000 | 175035 |
| 3.00%, 06/01/51 *(a)* | 455000 | 297157 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 4.30%, 05/15/28 *(a)* | 260000 | 261737 |
| 2.10%, 06/01/30 *(a)* | 250000 | 228936 |
| 7.45%, 04/01/31  | 200000 | 228862 |
| 4.50%, 04/01/46  | 161000 | 142037 |
| 5.75%, 05/16/54 *(a)* | 145000 | 145557 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 5.05%, 03/22/28 *(a)* | 350000 | 357665 |
| 5.00%, 03/22/30 *(a)* | 255000 | 263034 |
| 4.85%, 05/22/32 *(a)* | 200000 | 204550 |
| 4.90%, 03/22/33 *(a)* | 400000 | 408399 |
| 5.10%, 03/22/43 *(a)* | 275000 | 264663 |
| 5.05%, 03/22/53 *(a)* | 400000 | 364867 |
| 5.20%, 03/22/63 *(a)* | 220000 | 199831 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 5.10%, 03/15/27 *(a)* | 200000 | 202125 |
| 3.43%, 06/15/27 *(a)* | 440000 | 436324 |
| 4.35%, 05/15/28 *(a)* | 205000 | 205658 |
| 4.60%, 05/25/28 *(a)* | 410000 | 413480 |
| 5.05%, 03/15/29 *(a)* | 225000 | 229917 |

---

*See financial notes*

**66**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.95%, 04/15/29 *(a)* | 150000 | 148376 |
| 3.20%, 05/01/30 *(a)* | 315000 | 299391 |
| 4.60%, 05/15/30 *(a)* | 150000 | 150836 |
| 4.05%, 04/15/32 *(a)* | 275000 | 264707 |
| 5.30%, 03/15/34 *(a)* | 200000 | 204193 |
| 4.50%, 11/15/45 *(a)* | 210000 | 175806 |
| 4.42%, 12/15/46 *(a)* | 150000 | 122575 |
| 5.09%, 05/25/48 *(a)* | 215000 | 191190 |
| 3.80%, 05/01/50 *(a)* | 350000 | 255065 |
| 4.50%, 04/15/52 *(a)* | 375000 | 303378 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 1.05%, 09/15/27 *(a)* | 200000 | 191416 |
| 3.95%, 11/01/28 *(a)* | 200000 | 200504 |
| 3.20%, 04/25/29 *(a)* | 265000 | 258751 |
| 3.10%, 03/26/30 *(a)* | 200000 | 192634 |
| 2.00%, 11/02/31 *(a)* | 190000 | 171265 |
| 4.50%, 02/16/33 *(a)* | 85000 | 86210 |
| 6.63%, 08/01/37  | 275000 | 317200 |
| 5.30%, 03/01/41  | 200000 | 201987 |
| 3.20%, 07/30/46 *(a)* | 210000 | 150468 |
| 3.90%, 05/04/47 *(a)* | 105000 | 83027 |
| **Koninklijke Ahold Delhaize NV** | **Koninklijke Ahold Delhaize NV** | **Koninklijke Ahold Delhaize NV** |
| 5.70%, 10/01/40  | 143000 | 148460 |
| **Koninklijke Philips NV** | **Koninklijke Philips NV** | **Koninklijke Philips NV** |
| 6.88%, 03/11/38  | 232000 | 260995 |
| 5.00%, 03/15/42  | 100000 | 92349 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 3.88%, 05/15/27 *(a)* | 400000 | 399037 |
| 4.63%, 01/30/29 *(a)* | 145000 | 146925 |
| 3.75%, 04/01/30 *(a)* | 250000 | 244758 |
| 4.25%, 03/01/31 *(a)* | 205000 | 202836 |
| 5.20%, 03/15/32 *(a)* | 150000 | 154394 |
| 6.75%, 03/15/32  | 170000 | 187696 |
| 5.40%, 03/15/35 *(a)* | 150000 | 154357 |
| 5.00%, 07/15/35 *(a)* | 185000 | 184473 |
| 6.88%, 01/26/39  | 250000 | 279508 |
| 4.63%, 10/01/39 *(a)* | 125000 | 114332 |
| 6.50%, 02/09/40  | 200000 | 215822 |
| 5.00%, 06/04/42  | 390000 | 358081 |
| 5.20%, 07/15/45 *(a)* | 470000 | 431073 |
| 4.38%, 06/01/46 *(a)* | 840000 | 694522 |
| 4.88%, 10/01/49 *(a)* | 330000 | 284423 |
| 5.50%, 06/01/50 *(a)* | 300000 | 281025 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 3.70%, 08/01/27 *(a)* | 150000 | 149516 |
| 4.50%, 01/15/29 *(a)* | 200000 | 202669 |
| 2.20%, 05/01/30 *(a)* | 150000 | 138124 |
| 1.70%, 01/15/31 *(a)* | 200000 | 176308 |
| 7.50%, 04/01/31  | 185000 | 210994 |
| 5.00%, 09/15/34 *(a)* | 680000 | 684486 |
| 6.90%, 04/15/38  | 80000 | 91941 |
| 5.40%, 07/15/40 *(a)* | 90000 | 89921 |
| 5.00%, 04/15/42 *(a)* | 125000 | 116573 |
| 5.15%, 08/01/43 *(a)* | 127000 | 119415 |
| 3.88%, 10/15/46 *(a)* | 145000 | 112768 |
| 4.45%, 02/01/47 *(a)* | 325000 | 273760 |
| 4.65%, 01/15/48 *(a)* | 150000 | 129076 |
| 5.40%, 01/15/49 *(a)* | 175000 | 167256 |
| 3.95%, 01/15/50 *(a)* | 220000 | 168404 |
| 5.50%, 09/15/54 *(a)* | 645000 | 615135 |
| 5.65%, 09/15/64 *(a)* | 470000 | 448026 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 3.60%, 09/01/27 *(a)* | 200000 | 199224 |
| 2.95%, 12/01/29 *(a)* | 200000 | 190665 |
| 4.35%, 04/01/30 *(a)* | 100000 | 100163 |
| 2.70%, 06/01/31 *(a)* | 325000 | 298466 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.80%, 10/01/34 *(a)* | 380000 | 376939 |
| 4.70%, 02/01/45 *(a)* | 250000 | 222636 |
| **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** |
| 3.77%, 07/01/48 *(a)* | 135000 | 104850 |
| 3.19%, 07/01/49 *(a)* | 155000 | 107156 |
| 4.12%, 07/01/55 *(c)* | 100000 | 81754 |
| 3.34%, 07/01/60 *(a)* | 130000 | 85303 |
| **Mattel, Inc.** | **Mattel, Inc.** | **Mattel, Inc.** |
| 5.00%, 11/17/30 *(a)* | 180000 | 181328 |
| 5.45%, 11/01/41 *(a)* | 120000 | 112902 |
| **Mayo Clinic** | **Mayo Clinic** | **Mayo Clinic** |
| 3.77%, 11/15/43  | 75000 | 61891 |
| 4.00%, 11/15/47  | 140000 | 113340 |
| 4.13%, 11/15/52  | 145000 | 116566 |
| 3.20%, 11/15/61 *(a)* | 90000 | 57833 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 3.40%, 08/15/27 *(a)* | 250000 | 248061 |
| 2.50%, 04/15/30 *(a)* | 200000 | 185996 |
| 4.95%, 04/15/33 *(a)* | 160000 | 162532 |
| 4.20%, 08/15/47 *(a)* | 320000 | 260897 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 4.90%, 07/15/28 *(a)* | 160000 | 163998 |
| 4.25%, 09/15/29 *(a)* | 265000 | 266528 |
| 4.65%, 05/30/30 *(a)* | 175000 | 178182 |
| 4.95%, 05/30/32 *(a)* | 175000 | 179922 |
| 5.10%, 07/15/33 *(a)* | 50000 | 51707 |
| 5.25%, 05/30/35 *(a)* | 200000 | 206708 |
| **McLaren Health Care Corp.** | **McLaren Health Care Corp.** | **McLaren Health Care Corp.** |
| Series A <br>4.39%, 05/15/48 *(a)*<br>| 120000 | 101277 |
| **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** |
| 4.60%, 06/01/44 *(a)* | 145000 | 128502 |
| **MedStar Health, Inc.** | **MedStar Health, Inc.** | **MedStar Health, Inc.** |
| 3.63%, 08/15/49  | 90000 | 66218 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.25%, 03/30/28 *(a)* | 300000 | 302281 |
| 4.50%, 03/30/33 *(a)* | 320000 | 321213 |
| **Medtronic, Inc.** | **Medtronic, Inc.** | **Medtronic, Inc.** |
| 4.38%, 03/15/35  | 560000 | 550461 |
| 4.00%, 04/01/43 *(a)* | 100000 | 85109 |
| 4.63%, 03/15/45  | 545000 | 499528 |
| **Memorial Health Services** | **Memorial Health Services** | **Memorial Health Services** |
| 3.45%, 11/01/49 *(a)* | 135000 | 96377 |
| **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** |
| 5.00%, 07/01/42  | 130000 | 125620 |
| 2.96%, 01/01/50 *(a)* | 200000 | 131964 |
| 4.13%, 07/01/52  | 115000 | 92755 |
| 4.20%, 07/01/55  | 140000 | 113684 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 1.70%, 06/10/27 *(a)* | 480000 | 467478 |
| 3.85%, 09/15/27  | 220000 | 220909 |
| 4.05%, 05/17/28 *(a)* | 190000 | 191401 |
| 1.90%, 12/10/28 *(a)* | 270000 | 256090 |
| 3.40%, 03/07/29 *(a)* | 525000 | 516952 |
| 3.85%, 03/15/29 *(a)* | 200000 | 200061 |
| 4.30%, 05/17/30 *(a)* | 200000 | 202144 |
| 1.45%, 06/24/30 *(a)* | 360000 | 322225 |
| 4.15%, 09/15/30 *(a)* | 220000 | 220793 |
| 4.15%, 03/15/31 *(a)* | 300000 | 299137 |
| 2.15%, 12/10/31 *(a)* | 600000 | 534227 |
| 4.55%, 09/15/32 *(a)* | 300000 | 303631 |
| 4.45%, 12/04/32 *(a)* | 310000 | 310635 |
| 4.50%, 05/17/33 *(a)* | 440000 | 444439 |
| 6.50%, 12/01/33 *(f)* | 245000 | 277196 |
| 4.95%, 09/15/35 *(a)* | 520000 | 528435 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**67**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 12/04/35 *(a)* | 460000 | 459043 |
| 6.55%, 09/15/37  | 110000 | 126542 |
| 3.90%, 03/07/39 *(a)* | 295000 | 264329 |
| 2.35%, 06/24/40 *(a)* | 300000 | 216590 |
| 3.60%, 09/15/42 *(a)* | 140000 | 113688 |
| 4.15%, 05/18/43  | 350000 | 301284 |
| 4.90%, 05/17/44 *(a)* | 275000 | 258956 |
| 3.70%, 02/10/45 *(a)* | 555000 | 441707 |
| 5.50%, 03/15/46 *(a)* | 230000 | 229538 |
| 4.00%, 03/07/49 *(a)* | 450000 | 360674 |
| 2.45%, 06/24/50 *(a)* | 590000 | 346842 |
| 2.75%, 12/10/51 *(a)* | 575000 | 356366 |
| 5.00%, 05/17/53 *(a)* | 435000 | 399927 |
| 5.70%, 09/15/55 *(a)* | 400000 | 404304 |
| 5.55%, 12/04/55 *(a)* | 460000 | 454324 |
| 2.90%, 12/10/61 *(a)* | 475000 | 276185 |
| 5.15%, 05/17/63 *(a)* | 295000 | 271179 |
| 5.70%, 12/04/65 *(a)* | 310000 | 306926 |
| **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** |
| 5.95%, 12/01/28  | 135000 | 143197 |
| 5.75%, 11/15/36  | 205000 | 220611 |
| **Methodist Hospital** | **Methodist Hospital** | **Methodist Hospital** |
| 2.71%, 12/01/50 *(a)* | 210000 | 129809 |
| **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** |
| 5.00%, 05/01/42  | 325000 | 300376 |
| 4.20%, 07/15/46 *(a)* | 550000 | 442237 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 2.63%, 03/17/27 *(a)* | 250000 | 246169 |
| 4.25%, 05/06/28 *(a)* | 270000 | 271542 |
| 4.75%, 02/20/29 *(a)* | 150000 | 153027 |
| 2.75%, 04/13/30 *(a)* | 290000 | 273264 |
| 4.50%, 05/06/30 *(a)* | 150000 | 151560 |
| 1.50%, 02/04/31 *(a)* | 205000 | 178587 |
| 3.00%, 03/17/32 *(a)* | 150000 | 137687 |
| 1.88%, 10/15/32 *(a)* | 235000 | 202470 |
| 4.75%, 08/28/34 *(a)* | 155000 | 154485 |
| 5.13%, 05/06/35 *(a)* | 100000 | 102379 |
| 2.63%, 09/04/50 *(a)* | 300000 | 179221 |
| **Montefiore Obligated Group** | **Montefiore Obligated Group** | **Montefiore Obligated Group** |
| 5.25%, 11/01/48  | 150000 | 124632 |
| 4.29%, 09/01/50  | 100000 | 70251 |
| **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** |
| 3.80%, 11/15/52  | 150000 | 112429 |
| **Mount Sinai Hospital** | **Mount Sinai Hospital** | **Mount Sinai Hospital** |
| 3.74%, 07/01/49 *(a)(c)* | 200000 | 139966 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| 4.55%, 04/15/28 *(a)* | 290000 | 290408 |
| 5.40%, 11/29/43 *(a)* | 180000 | 155030 |
| 5.20%, 04/15/48 *(a)* | 250000 | 203337 |
| **MyMichigan Health** | **MyMichigan Health** | **MyMichigan Health** |
| 3.41%, 06/01/50 *(a)* | 95000 | 66648 |
| **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** |
| 2.26%, 08/01/40 *(a)* | 100000 | 69855 |
| 4.02%, 08/01/45  | 280000 | 232124 |
| 4.06%, 08/01/56  | 105000 | 82078 |
| 2.61%, 08/01/60 *(a)* | 95000 | 52603 |
| 3.95%, 08/01/19 *(a)* | 95000 | 65390 |
| **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** |
| 3.98%, 11/01/46 *(a)* | 175000 | 138186 |
| 4.26%, 11/01/47 *(a)* | 225000 | 184873 |
| 3.81%, 11/01/49 *(a)* | 155000 | 114891 |
| **Northwestern Memorial Healthcare Obligated Group** | **Northwestern Memorial Healthcare Obligated Group** | **Northwestern Memorial Healthcare Obligated Group** |
| 2.63%, 07/15/51 *(a)* | 125000 | 77304 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Novant Health, Inc.** | **Novant Health, Inc.** | **Novant Health, Inc.** |
| 2.64%, 11/01/36 *(a)* | 5000 | 4002 |
| 3.17%, 11/01/51 *(a)* | 280000 | 186036 |
| 3.32%, 11/01/61 *(a)* | 120000 | 77076 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.00%, 02/14/27 *(a)* | 200000 | 196443 |
| 3.10%, 05/17/27 *(a)* | 350000 | 347441 |
| 3.90%, 11/05/28 *(a)* | 210000 | 210752 |
| 3.80%, 09/18/29 *(a)* | 300000 | 298637 |
| 2.20%, 08/14/30 *(a)* | 685000 | 633757 |
| 4.10%, 11/05/30 *(a)* | 540000 | 539726 |
| 4.00%, 09/18/31 *(a)* | 265000 | 263767 |
| 4.30%, 11/05/32 *(a)* | 280000 | 278909 |
| 4.20%, 09/18/34 *(a)* | 325000 | 318039 |
| 4.60%, 11/05/35 *(a)* | 280000 | 277537 |
| 3.70%, 09/21/42  | 160000 | 132934 |
| 4.40%, 05/06/44  | 595000 | 530853 |
| 5.20%, 11/05/45 *(a)* | 110000 | 107569 |
| 4.00%, 11/20/45 *(a)* | 375000 | 313923 |
| 2.75%, 08/14/50 *(a)* | 350000 | 224417 |
| 4.70%, 09/18/54 *(a)* | 270000 | 240765 |
| 5.30%, 11/05/55 *(a)* | 170000 | 164728 |
| **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** |
| Series 2020 <br>2.67%, 10/01/50 *(a)*<br>| 150000 | 91970 |
| **NYU Langone Hospitals** | **NYU Langone Hospitals** | **NYU Langone Hospitals** |
| 5.75%, 07/01/43  | 105000 | 107847 |
| 4.78%, 07/01/44  | 175000 | 159718 |
| 4.37%, 07/01/47 *(a)* | 150000 | 131277 |
| 3.38%, 07/01/55 *(a)(c)* | 170000 | 117160 |
| **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** |
| 2.51%, 05/15/31 *(a)* | 200000 | 172343 |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| 2.30%, 11/15/31 *(a)* | 115000 | 103384 |
| 2.83%, 11/15/41 *(a)* | 90000 | 66795 |
| 3.04%, 11/15/50 *(a)* | 115000 | 79114 |
| **Orlando Health Obligated Group** | **Orlando Health Obligated Group** | **Orlando Health Obligated Group** |
| 5.48%, 10/01/35 *(a)* | 110000 | 114928 |
| 4.09%, 10/01/48 *(a)* | 185000 | 150211 |
| 3.33%, 10/01/50 *(a)* | 105000 | 75339 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| 4.86%, 11/15/32 *(a)* | 100000 | 100915 |
| 4.79%, 11/15/48 *(a)* | 110000 | 95634 |
| 3.22%, 11/15/50 *(a)* | 140000 | 92090 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.65%, 02/16/27 *(a)* | 250000 | 252401 |
| 4.55%, 02/16/29 *(a)* | 150000 | 152479 |
| 4.70%, 02/16/34 *(a)* | 190000 | 191989 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 2.63%, 03/19/27 *(a)* | 175000 | 172856 |
| 3.00%, 10/15/27 *(a)* | 500000 | 495167 |
| 3.60%, 02/18/28 *(a)* | 240000 | 239534 |
| 4.10%, 01/15/29 *(a)* | 240000 | 241476 |
| 7.00%, 03/01/29  | 200000 | 218190 |
| 4.50%, 07/17/29 *(a)* | 250000 | 254944 |
| 2.63%, 07/29/29 *(a)* | 300000 | 286682 |
| 4.60%, 02/07/30 *(a)* | 300000 | 306999 |
| 2.75%, 03/19/30 *(a)* | 500000 | 475165 |
| 1.63%, 05/01/30 *(a)* | 295000 | 267330 |
| 4.30%, 07/23/30 *(a)* | 190000 | 192037 |
| 1.40%, 02/25/31 *(a)* | 325000 | 284975 |
| 1.95%, 10/21/31 *(a)* | 585000 | 520388 |
| 3.90%, 07/18/32 *(a)* | 400000 | 393297 |
| 4.65%, 07/23/32 *(a)* | 250000 | 254984 |
| 4.45%, 02/15/33 *(a)* | 300000 | 305430 |
| 4.80%, 07/17/34 *(a)* | 150000 | 153288 |

---

*See financial notes*

**68**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 02/07/35 *(a)* | 375000 | 386466 |
| 5.00%, 07/23/35 *(a)* | 425000 | 434529 |
| 3.50%, 03/19/40 *(a)* | 195000 | 165589 |
| 4.88%, 11/01/40  | 130000 | 126934 |
| 2.63%, 10/21/41 *(a)* | 115000 | 83449 |
| 4.00%, 03/05/42  | 95000 | 81822 |
| 3.60%, 08/13/42  | 145000 | 118001 |
| 4.45%, 04/14/46 *(a)* | 375000 | 330977 |
| 3.45%, 10/06/46 *(a)* | 320000 | 241516 |
| 4.00%, 05/02/47 *(a)* | 155000 | 127226 |
| 3.38%, 07/29/49 *(a)* | 305000 | 221014 |
| 2.88%, 10/15/49 *(a)* | 300000 | 197634 |
| 3.63%, 03/19/50 *(a)* | 325000 | 245838 |
| 2.75%, 10/21/51 *(a)* | 285000 | 179068 |
| 4.20%, 07/18/52 *(a)* | 210000 | 172886 |
| 4.65%, 02/15/53 *(a)* | 45000 | 39697 |
| 5.25%, 07/17/54 *(a)* | 170000 | 164803 |
| 3.88%, 03/19/60 *(a)* | 240000 | 183245 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.45%, 05/19/28 *(a)* | 1235000 | 1251579 |
| 4.65%, 05/19/30 *(a)* | 800000 | 816528 |
| 4.75%, 05/19/33 *(a)* | 1530000 | 1547610 |
| 5.11%, 05/19/43 *(a)* | 920000 | 885213 |
| 5.30%, 05/19/53 *(a)* | 1845000 | 1747276 |
| 5.34%, 05/19/63 *(a)* | 1195000 | 1109981 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 3.88%, 11/15/27  | 300000 | 301052 |
| 3.60%, 09/15/28 *(a)* | 310000 | 309616 |
| 3.45%, 03/15/29 *(a)* | 600000 | 593230 |
| 2.63%, 04/01/30 *(a)* | 350000 | 330334 |
| 1.70%, 05/28/30 *(a)* | 250000 | 226416 |
| 4.20%, 11/15/30 *(a)* | 310000 | 311393 |
| 1.75%, 08/18/31 *(a)* | 300000 | 265086 |
| 4.50%, 11/15/32 *(a)* | 380000 | 380917 |
| 4.88%, 11/15/35 *(a)* | 380000 | 381617 |
| 4.00%, 12/15/36 *(c)* | 250000 | 234666 |
| 4.10%, 09/15/38 *(a)* | 200000 | 183598 |
| 3.90%, 03/15/39 *(a)* | 300000 | 265310 |
| 7.20%, 03/15/39  | 780000 | 932316 |
| 2.55%, 05/28/40 *(a)* | 450000 | 330620 |
| 5.60%, 09/15/40  | 215000 | 223198 |
| 4.30%, 06/15/43  | 200000 | 174647 |
| 4.40%, 05/15/44  | 350000 | 312206 |
| 4.13%, 12/15/46  | 380000 | 313876 |
| 4.20%, 09/15/48 *(a)* | 325000 | 268070 |
| 4.00%, 03/15/49 *(a)* | 395000 | 316079 |
| 2.70%, 05/28/50 *(a)(c)* | 305000 | 190718 |
| 5.60%, 11/15/55 *(a)* | 150000 | 148663 |
| 5.70%, 11/15/65 *(a)* | 150000 | 147754 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| 6.60%, 12/01/28  | 220000 | 236272 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 4.75%, 02/12/27  | 155000 | 156580 |
| 3.13%, 08/17/27 *(a)* | 50000 | 49468 |
| 4.38%, 11/01/27  | 255000 | 257462 |
| 5.13%, 11/17/27 *(a)* | 500000 | 511022 |
| 4.88%, 02/15/28 *(a)* | 435000 | 443347 |
| 3.13%, 03/02/28 *(a)* | 315000 | 310037 |
| 4.13%, 04/28/28  | 200000 | 201048 |
| 5.25%, 09/07/28 *(a)* | 100000 | 103275 |
| 3.88%, 10/27/28 *(a)* | 200000 | 199766 |
| 4.88%, 02/13/29 *(a)* | 310000 | 317559 |
| 3.38%, 08/15/29 *(a)* | 310000 | 302440 |
| 4.63%, 11/01/29 *(a)* | 255000 | 259345 |
| 5.63%, 11/17/29 *(a)* | 400000 | 420738 |
| 5.13%, 02/15/30 *(a)* | 600000 | 620460 |
| 4.38%, 04/30/30 *(a)* | 310000 | 312066 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.10%, 05/01/30 *(a)* | 320000 | 293237 |
| 5.50%, 09/07/30 *(a)* | 285000 | 299783 |
| 4.00%, 10/29/30 *(a)* | 200000 | 198203 |
| 1.75%, 11/01/30 *(a)* | 265000 | 236211 |
| 5.13%, 02/13/31 *(a)* | 305000 | 316169 |
| 4.75%, 11/01/31 *(a)* | 200000 | 204336 |
| 4.25%, 10/29/32 *(a)* | 250000 | 246104 |
| 5.75%, 11/17/32 *(a)* | 525000 | 561383 |
| 5.38%, 02/15/33 *(a)* | 675000 | 706461 |
| 5.63%, 09/07/33 *(a)* | 360000 | 382000 |
| 5.25%, 02/13/34 *(a)* | 550000 | 568803 |
| 4.90%, 11/01/34 *(a)* | 210000 | 211898 |
| 4.88%, 04/30/35 *(a)* | 40000 | 40181 |
| 4.63%, 10/29/35 *(a)* | 250000 | 244689 |
| 6.38%, 05/16/38  | 410000 | 457768 |
| 4.38%, 11/15/41  | 250000 | 222524 |
| 4.50%, 03/20/42  | 100000 | 89397 |
| 3.88%, 08/21/42  | 250000 | 206237 |
| 4.13%, 03/04/43  | 250000 | 212035 |
| 4.88%, 11/15/43  | 280000 | 258598 |
| 4.25%, 11/10/44  | 350000 | 297693 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| 2.04%, 01/01/32 *(a)* | 185000 | 160440 |
| 2.72%, 01/01/42 *(a)* | 130000 | 92435 |
| 2.86%, 01/01/52 *(a)* | 105000 | 66434 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| 4.25%, 04/15/31 *(a)* | 250000 | 243469 |
| 3.50%, 03/01/32 *(a)* | 275000 | 254087 |
| 6.25%, 07/01/33 *(a)* | 350000 | 373962 |
| 6.88%, 05/15/34 *(a)* | 235000 | 260356 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 6.95%, 03/15/29 *(a)* | 225000 | 238657 |
| 5.60%, 03/01/31 *(a)* | 150000 | 151693 |
| **Presbyterian Healthcare Services** | **Presbyterian Healthcare Services** | **Presbyterian Healthcare Services** |
| 4.88%, 08/01/52 *(a)* | 130000 | 115559 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 1.90%, 02/01/27  | 250000 | 245511 |
| 2.80%, 03/25/27  | 220000 | 217768 |
| 2.85%, 08/11/27  | 275000 | 272034 |
| 3.95%, 01/26/28  | 275000 | 277479 |
| 4.35%, 01/29/29  | 150000 | 152860 |
| 4.15%, 10/24/29  | 45000 | 45630 |
| 3.00%, 03/25/30  | 500000 | 482275 |
| 4.05%, 05/01/30  | 200000 | 201083 |
| 1.20%, 10/29/30  | 405000 | 357011 |
| 1.95%, 04/23/31  | 325000 | 293839 |
| 2.30%, 02/01/32  | 275000 | 251334 |
| 4.10%, 11/03/32  | 200000 | 198980 |
| 4.05%, 01/26/33  | 320000 | 320095 |
| 4.55%, 01/29/34  | 295000 | 299802 |
| 5.80%, 08/15/34  | 265000 | 289591 |
| 5.55%, 03/05/37  | 275000 | 297804 |
| 3.55%, 03/25/40  | 150000 | 130447 |
| 3.50%, 10/25/47  | 150000 | 115868 |
| 3.60%, 03/25/50  | 200000 | 152718 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 2.53%, 10/01/29 *(a)* | 260000 | 244756 |
| 5.37%, 10/01/32 *(a)* | 175000 | 181155 |
| 5.40%, 10/01/33 *(a)* | 160000 | 165017 |
| 3.74%, 10/01/47  | 112000 | 85374 |
| 3.93%, 10/01/48 *(a)* | 130000 | 101266 |
| 2.70%, 10/01/51 *(a)* | 225000 | 133528 |
| **Queen's Health Systems** | **Queen's Health Systems** | **Queen's Health Systems** |
| 4.81%, 07/01/52 *(a)* | 100000 | 89665 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**69**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 4.20%, 06/30/29 *(a)* | 325000 | 326123 |
| 4.63%, 12/15/29 *(a)* | 100000 | 101760 |
| 2.95%, 06/30/30 *(a)* | 200000 | 189334 |
| 2.80%, 06/30/31 *(a)* | 220000 | 202885 |
| 6.40%, 11/30/33 *(a)* | 250000 | 276977 |
| 5.00%, 12/15/34 *(a)* | 250000 | 253160 |
| 4.70%, 03/30/45 *(a)* | 50000 | 44957 |
| **Rady Children's Hospital-San Diego** | **Rady Children's Hospital-San Diego** | **Rady Children's Hospital-San Diego** |
| 3.15%, 08/15/51 *(a)* | 90000 | 60488 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| 1.75%, 09/15/30 *(a)* | 475000 | 423828 |
| 2.80%, 09/15/50 *(a)* | 265000 | 162767 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 1.90%, 09/15/28 *(a)* | 230000 | 216417 |
| 3.30%, 09/15/29 *(a)* | 250000 | 240921 |
| 2.55%, 03/15/31 *(a)* | 85000 | 76916 |
| 2.25%, 09/15/31 *(a)* | 230000 | 202686 |
| 3.63%, 03/15/51 *(a)* | 125000 | 88994 |
| **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
| 5.70%, 08/15/35 *(a)* | 250000 | 261324 |
| 7.25%, 06/15/37  | 125000 | 144530 |
| 6.15%, 09/15/43  | 175000 | 179643 |
| 5.85%, 08/15/45 *(a)* | 710000 | 698955 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 1.75%, 09/02/27 *(a)* | 345000 | 332398 |
| 5.15%, 09/02/29 *(a)* | 245000 | 251749 |
| 2.20%, 09/02/30 *(a)* | 195000 | 176879 |
| 4.45%, 03/25/31 *(a)* | 180000 | 179551 |
| 2.15%, 09/02/31 *(a)* | 175000 | 154030 |
| 5.40%, 09/02/34 *(a)* | 150000 | 153788 |
| 5.20%, 09/25/35 *(a)* | 270000 | 271738 |
| 3.30%, 09/02/40 *(a)* | 310000 | 240179 |
| 3.55%, 09/02/50 *(a)* | 230000 | 159119 |
| 3.35%, 09/02/51 *(a)* | 335000 | 221966 |
| 5.90%, 09/02/54 *(a)* | 150000 | 148116 |
| 5.95%, 09/25/55 *(a)* | 150000 | 149059 |
| **Rush System for Health Obligated Group** | **Rush System for Health Obligated Group** | **Rush System for Health Obligated Group** |
| 3.92%, 11/15/29 *(a)* | 150000 | 148873 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 3.75%, 11/03/27  | 100000 | 100193 |
| 3.63%, 06/19/28 *(a)* | 275000 | 274524 |
| 3.80%, 11/03/28 *(a)* | 100000 | 100123 |
| 4.20%, 11/03/32 *(a)* | 350000 | 349534 |
| **Seattle Children's Hospital** | **Seattle Children's Hospital** | **Seattle Children's Hospital** |
| 2.72%, 10/01/50 *(a)* | 105000 | 65132 |
| **Sentara Health** | **Sentara Health** | **Sentara Health** |
| 2.93%, 11/01/51 *(a)* | 130000 | 83278 |
| **Sharp HealthCare** | **Sharp HealthCare** | **Sharp HealthCare** |
| 2.68%, 08/01/50 *(a)(c)* | 110000 | 67816 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 5.15%, 03/20/27 *(a)* | 110000 | 111277 |
| 2.03%, 10/14/30 *(a)* | 270000 | 242841 |
| 5.40%, 03/20/34 *(a)* | 200000 | 206718 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 02/25/27 *(a)* | 260000 | 263853 |
| 5.40%, 03/01/29 *(a)* | 230000 | 238392 |
| 5.45%, 03/13/31 *(a)* | 305000 | 318240 |
| 5.60%, 03/23/34 *(a)* | 470000 | 489675 |
| 5.90%, 04/30/54 *(a)* | 350000 | 352271 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| 4.89%, 06/01/28 *(a)* | 220000 | 223826 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| 3.31%, 08/15/30 *(a)* | 100000 | 96763 |
| 3.80%, 11/15/48 *(a)* | 130000 | 101033 |
| 3.03%, 08/15/51 *(a)* | 165000 | 108506 |
| **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** |
| 2.70%, 03/15/31 *(a)* | 250000 | 230711 |
| 3.75%, 03/15/51 *(a)* | 200000 | 148379 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.55%, 02/10/27  | 200000 | 201419 |
| 4.70%, 02/10/28 *(a)* | 220000 | 223212 |
| 3.65%, 03/07/28 *(a)* | 190000 | 188980 |
| 4.25%, 09/11/29 *(a)* | 225000 | 226259 |
| 4.85%, 02/10/30 *(a)* | 215000 | 220745 |
| 1.95%, 06/15/30 *(a)* | 300000 | 272511 |
| 4.63%, 09/11/34 *(a)* | 265000 | 263595 |
| 5.20%, 02/10/35 *(a)* | 305000 | 313480 |
| 4.10%, 04/01/43 *(a)* | 105000 | 89172 |
| 4.38%, 05/15/44 *(a)* | 120000 | 104035 |
| 4.63%, 03/15/46 *(a)* | 295000 | 263617 |
| 2.90%, 06/15/50 *(a)* | 195000 | 127899 |
| **Summa Health** | **Summa Health** | **Summa Health** |
| 3.51%, 11/15/51 *(a)* | 90000 | 71506 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 3.70%, 08/15/28 *(a)* | 100000 | 99371 |
| 2.29%, 08/15/30 *(a)* | 250000 | 230194 |
| 5.16%, 08/15/33 *(a)* | 185000 | 190520 |
| 5.54%, 08/15/35 *(a)* | 240000 | 250816 |
| 3.16%, 08/15/40 *(a)* | 230000 | 181891 |
| 4.09%, 08/15/48 *(a)* | 230000 | 188042 |
| 3.36%, 08/15/50 *(a)* | 200000 | 140367 |
| 5.55%, 08/15/53 *(a)* | 55000 | 54738 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 3.25%, 07/15/27 *(a)* | 280000 | 277329 |
| 5.75%, 01/17/29 *(a)* | 200000 | 209097 |
| 2.40%, 02/15/30 *(a)* | 210000 | 195554 |
| 5.95%, 04/01/30 *(a)* | 200000 | 212159 |
| 5.10%, 09/23/30 *(a)* | 260000 | 268464 |
| 2.45%, 12/14/31 *(a)* | 150000 | 134493 |
| 5.40%, 03/23/35 *(a)* | 175000 | 181469 |
| 5.38%, 09/21/35  | 165000 | 170374 |
| 6.60%, 04/01/40 *(a)* | 155000 | 171335 |
| 4.85%, 10/01/45 *(a)* | 175000 | 158145 |
| 4.50%, 04/01/46 *(a)* | 235000 | 201922 |
| 4.45%, 03/15/48 *(a)* | 180000 | 152699 |
| 3.30%, 02/15/50 *(a)* | 215000 | 149780 |
| 6.60%, 04/01/50 *(a)* | 400000 | 439604 |
| 3.15%, 12/14/51 *(a)* | 55000 | 36646 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.00%, 11/26/28 *(a)* | 525000 | 537394 |
| 2.05%, 03/31/30 *(a)* | 850000 | 777077 |
| 5.30%, 07/05/34 *(a)* | 255000 | 263331 |
| 3.03%, 07/09/40 *(a)* | 355000 | 272171 |
| 5.65%, 07/05/44 *(a)* | 240000 | 241792 |
| 3.18%, 07/09/50 *(a)* | 595000 | 397585 |
| 5.65%, 07/05/54 *(a)* | 200000 | 196205 |
| 3.38%, 07/09/60 *(a)* | 300000 | 191915 |
| 5.80%, 07/05/64 *(a)* | 80000 | 78868 |
| **Takeda U.S. Financing, Inc.** | **Takeda U.S. Financing, Inc.** | **Takeda U.S. Financing, Inc.** |
| 5.20%, 07/07/35 *(a)* | 485000 | 494204 |
| 5.90%, 07/07/55 *(a)* | 230000 | 233142 |
| **Texas Health Resources** | **Texas Health Resources** | **Texas Health Resources** |
| 2.33%, 11/15/50 *(a)* | 80000 | 46289 |
| 4.33%, 11/15/55  | 105000 | 88632 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 4.80%, 11/21/27 *(a)* | 170000 | 173206 |
| 1.75%, 10/15/28 *(a)* | 200000 | 188884 |

---

*See financial notes*

**70**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 01/31/29 *(a)* | 325000 | 334692 |
| 2.60%, 10/01/29 *(a)* | 270000 | 256739 |
| 4.98%, 08/10/30 *(a)* | 280000 | 290333 |
| 4.20%, 03/01/31 *(a)* | 150000 | 149970 |
| 2.00%, 10/15/31 *(a)* | 340000 | 303423 |
| 4.47%, 10/07/32 *(a)* | 200000 | 200668 |
| 4.95%, 11/21/32 *(a)* | 200000 | 206720 |
| 5.09%, 08/10/33 *(a)* | 300000 | 311484 |
| 5.20%, 01/31/34 *(a)* | 200000 | 208303 |
| 4.79%, 10/07/35 *(a)* | 200000 | 200778 |
| 4.89%, 10/07/37 *(a)* | 150000 | 149228 |
| 2.80%, 10/15/41 *(a)* | 365000 | 270322 |
| 5.40%, 08/10/43 *(a)* | 220000 | 221374 |
| 5.30%, 02/01/44 *(a)* | 148000 | 145898 |
| 4.10%, 08/15/47 *(a)* | 210000 | 174619 |
| **Toledo Hospital** | **Toledo Hospital** | **Toledo Hospital** |
| 5.33%, 11/15/28  | 150000 | 152247 |
| 5.75%, 11/15/38 *(a)* | 200000 | 202772 |
| 6.02%, 11/15/48  | 160000 | 153476 |
| **Trinity Health Corp.** | **Trinity Health Corp.** | **Trinity Health Corp.** |
| 2.63%, 12/01/40 *(a)* | 125000 | 92005 |
| 4.13%, 12/01/45  | 140000 | 117537 |
| 3.43%, 12/01/48  | 100000 | 75630 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 3.55%, 06/02/27 *(a)* | 420000 | 417213 |
| 4.35%, 03/01/29 *(a)* | 365000 | 365981 |
| 5.40%, 03/15/29 *(a)* | 200000 | 206845 |
| 5.70%, 03/15/34 *(a)* | 265000 | 279781 |
| 4.88%, 08/15/34 *(a)* | 125000 | 124775 |
| 5.15%, 08/15/44 *(a)* | 175000 | 164353 |
| 4.55%, 06/02/47 *(a)* | 220000 | 189170 |
| 5.10%, 09/28/48 *(a)* | 335000 | 309157 |
| **UMass Memorial Health Care Obligated Group** | **UMass Memorial Health Care Obligated Group** | **UMass Memorial Health Care Obligated Group** |
| 5.36%, 07/01/52 *(a)* | 80000 | 75074 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 2.90%, 05/05/27 *(a)* | 445000 | 440665 |
| 3.50%, 03/22/28 *(a)* | 350000 | 347719 |
| 2.13%, 09/06/29 *(a)* | 200000 | 187900 |
| 1.38%, 09/14/30 *(a)* | 350000 | 311029 |
| 1.75%, 08/12/31 *(a)* | 265000 | 233658 |
| 5.90%, 11/15/32  | 275000 | 300432 |
| 5.00%, 12/08/33 *(a)* | 340000 | 352496 |
| 4.63%, 08/12/34 *(a)* | 500000 | 503758 |
| 2.63%, 08/12/51 *(a)* | 170000 | 104917 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 2.65%, 10/15/30 *(a)* | 250000 | 228006 |
| 2.65%, 01/15/32 *(a)* | 150000 | 132554 |
| 5.05%, 10/15/34 *(a)* | 215000 | 211279 |
| **UPMC** | **UPMC** | **UPMC** |
| 5.04%, 05/15/33 *(a)* | 150000 | 153242 |
| 5.38%, 05/15/43 *(a)* | 165000 | 160864 |
| **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** |
| 5.25%, 06/15/46 *(a)* | 305000 | 251069 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| 2.30%, 06/22/27 *(a)* | 200000 | 194332 |
| 2.70%, 06/22/30 *(a)* | 430000 | 393081 |
| 3.85%, 06/22/40 *(a)* | 430000 | 330077 |
| 4.00%, 06/22/50 *(a)* | 600000 | 400100 |
| **WakeMed** | **WakeMed** | **WakeMed** |
| 3.29%, 10/01/52 *(a)* | 100000 | 68796 |
| **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** |
| 3.13%, 06/01/50 *(a)* | 115000 | 72751 |
| **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** |
| 4.81%, 09/01/48 *(a)* | 115000 | 101248 |
| 3.07%, 03/01/51 *(a)* | 190000 | 119506 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| 6.50%, 02/01/34  | 290000 | 325870 |
| 6.00%, 02/15/36  | 220000 | 238565 |
| 5.95%, 04/01/37  | 620000 | 667823 |
| **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** |
| 2.50%, 07/01/50 *(a)* | 170000 | 99909 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 4.70%, 02/19/27  | 200000 | 201703 |
| 2.60%, 11/24/31 *(a)* | 365000 | 330192 |
| 5.20%, 09/15/34 *(a)* | 215000 | 219413 |
| 5.50%, 02/19/35 *(a)* | 200000 | 207673 |
| 5.75%, 11/30/39  | 115000 | 119273 |
| 4.45%, 08/15/45 *(a)* | 149000 | 130135 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 3.00%, 09/12/27 *(a)* | 240000 | 236815 |
| 4.15%, 08/17/28 *(a)* | 250000 | 251521 |
| 3.90%, 08/20/28 *(a)* | 220000 | 219988 |
| 2.00%, 05/15/30 *(a)* | 200000 | 183067 |
| 5.60%, 11/16/32 *(a)* | 275000 | 292436 |
| 5.00%, 08/17/35 *(a)* | 200000 | 202309 |
| 4.70%, 02/01/43 *(a)* | 350000 | 321493 |
| 3.95%, 09/12/47 *(a)* | 175000 | 140179 |
| 4.45%, 08/20/48 *(a)* | 150000 | 128612 |
| 3.00%, 05/15/50 *(a)(c)* | 115000 | 76419 |
|  |  | **338037025** |
| ***Energy 1.7%***  | ***Energy 1.7%***  | ***Energy 1.7%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 4.25%, 01/15/30 *(a)* | 150000 | 147531 |
| 6.10%, 02/15/35 *(a)* | 120000 | 123477 |
| 6.00%, 01/15/37  | 90000 | 90313 |
| 5.10%, 09/01/40 *(a)* | 160000 | 142195 |
| 5.35%, 07/01/49 *(a)* | 180000 | 150073 |
| 6.75%, 02/15/55 *(a)* | 150000 | 149828 |
| **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** |
| 5.13%, 09/15/40  | 300000 | 292037 |
| **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** |
| 3.34%, 12/15/27 *(a)* | 400000 | 395784 |
| 3.14%, 11/07/29 *(a)* | 150000 | 144855 |
| 4.49%, 05/01/30 *(a)* | 220000 | 221789 |
| 4.08%, 12/15/47 *(a)* | 380000 | 302859 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 4.45%, 07/15/27 *(a)* | 295000 | 296285 |
| 4.80%, 05/03/29 *(a)* | 160000 | 162124 |
| 3.40%, 02/15/31 *(a)* | 125000 | 118314 |
| 3.60%, 09/01/32 *(a)* | 200000 | 186815 |
| 5.38%, 02/15/36 *(a)* | 170000 | 171116 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 3.02%, 01/16/27 *(a)* | 325000 | 322546 |
| 3.54%, 04/06/27 *(a)* | 160000 | 159562 |
| 3.59%, 04/14/27 *(a)* | 250000 | 249303 |
| 5.02%, 11/17/27 *(a)* | 315000 | 321668 |
| 3.94%, 09/21/28 *(a)* | 335000 | 335359 |
| 4.23%, 11/06/28 *(a)* | 550000 | 553991 |
| 4.70%, 04/10/29 *(a)* | 345000 | 351866 |
| 4.97%, 10/17/29 *(a)* | 225000 | 231810 |
| 3.63%, 04/06/30 *(a)* | 340000 | 333575 |
| 1.75%, 08/10/30 *(a)* | 400000 | 359683 |
| 2.72%, 01/12/32 *(a)* | 775000 | 707040 |
| 4.81%, 02/13/33 *(a)* | 600000 | 608410 |
| 4.89%, 09/11/33 *(a)* | 460000 | 468166 |
| 4.99%, 04/10/34 *(a)* | 350000 | 357178 |
| 5.23%, 11/17/34 *(a)* | 550000 | 567909 |
| 3.06%, 06/17/41 *(a)* | 435000 | 331527 |
| 3.00%, 02/24/50 *(a)* | 625000 | 408498 |
| 2.77%, 11/10/50 *(a)* | 510000 | 314929 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**71**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.94%, 06/04/51 *(a)* | 720000 | 459578 |
| 3.00%, 03/17/52 *(a)* | 400000 | 256421 |
| 3.38%, 02/08/61 *(a)* | 605000 | 395970 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| 3.28%, 09/19/27 *(a)* | 600000 | 595516 |
| 3.72%, 11/28/28 *(a)* | 250000 | 248531 |
| **Burlington Resources LLC** | **Burlington Resources LLC** | **Burlington Resources LLC** |
| 7.20%, 08/15/31  | 220000 | 250305 |
| 5.95%, 10/15/36  | 90000 | 97272 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 3.85%, 06/01/27 *(a)* | 400000 | 399144 |
| 5.00%, 12/15/29 *(a)* | 470000 | 482106 |
| 2.95%, 07/15/30 *(a)* | 250000 | 235900 |
| 7.20%, 01/15/32  | 205000 | 230421 |
| 6.45%, 06/30/33  | 120000 | 129608 |
| 5.40%, 12/15/34 *(a)* | 240000 | 244383 |
| 5.85%, 02/01/35  | 100000 | 104437 |
| 6.50%, 02/15/37  | 140000 | 150498 |
| 6.25%, 03/15/38  | 300000 | 319052 |
| 6.75%, 02/01/39  | 100000 | 110295 |
| 4.95%, 06/01/47 *(a)* | 235000 | 207478 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 4.65%, 03/20/31 *(a)* | 150000 | 149623 |
| 2.65%, 01/15/32 *(a)* | 100000 | 88922 |
| 5.40%, 03/20/36 *(a)* | 150000 | 149933 |
| 5.25%, 06/15/37 *(a)* | 99000 | 96454 |
| 6.75%, 11/15/39  | 225000 | 247747 |
| 5.40%, 06/15/47 *(a)* | 175000 | 161037 |
| 3.75%, 02/15/52 *(a)* | 225000 | 157397 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| 5.13%, 06/30/27 *(a)* | 370000 | 373770 |
| 3.70%, 11/15/29 *(a)* | 325000 | 317667 |
| 2.74%, 12/31/39 *(a)* | 245000 | 209079 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(a)* | 525000 | 526722 |
| 4.00%, 03/01/31 *(a)* | 535000 | 521380 |
| 3.25%, 01/31/32 *(a)* | 365000 | 336900 |
| 5.95%, 06/30/33 *(a)* | 565000 | 600066 |
| 5.75%, 08/15/34 *(a)* | 320000 | 334528 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 4.63%, 10/15/28 *(a)* | 490000 | 489901 |
| 5.65%, 04/15/34 *(a)* | 415000 | 430895 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| 2.00%, 05/11/27 *(a)* | 275000 | 269020 |
| 2.24%, 05/11/30 *(a)* | 500000 | 463992 |
| 3.08%, 05/11/50 *(a)* | 415000 | 282101 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.41%, 02/26/27  | 230000 | 231915 |
| 1.02%, 08/12/27 *(a)* | 310000 | 297391 |
| 3.95%, 08/13/27  | 150000 | 150843 |
| 3.85%, 01/15/28 *(a)* | 175000 | 175453 |
| 4.48%, 02/26/28 *(a)* | 300000 | 304679 |
| 4.05%, 08/13/28 *(a)* | 190000 | 191609 |
| 3.25%, 10/15/29 *(a)* | 75000 | 73214 |
| 4.69%, 04/15/30 *(a)* | 325000 | 332663 |
| 4.30%, 10/15/30 *(a)* | 370000 | 373712 |
| 4.82%, 04/15/32 *(a)* | 200000 | 205851 |
| 4.50%, 10/15/32 *(a)* | 350000 | 353541 |
| 4.98%, 04/15/35 *(a)* | 225000 | 230750 |
| 4.85%, 10/15/35 *(a)* | 260000 | 263327 |
| 6.00%, 03/01/41 *(a)* | 115000 | 125684 |
| 5.25%, 11/15/43 *(a)* | 110000 | 110129 |
| 2.34%, 08/12/50 *(a)* | 205000 | 119303 |
| **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** |
| 5.80%, 06/01/45 *(a)* | 165000 | 163623 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| 5.90%, 10/15/32  | 100000 | 108672 |
| 6.50%, 02/01/39  | 500000 | 562349 |
| 4.88%, 10/01/47 *(a)* | 195000 | 174716 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 6.95%, 04/15/29  | 200000 | 217656 |
| 4.70%, 01/15/30 *(a)* | 350000 | 356970 |
| 4.85%, 01/15/32 *(a)* | 235000 | 241656 |
| 5.05%, 09/15/33 *(a)* | 290000 | 298607 |
| 5.00%, 01/15/35 *(a)* | 370000 | 375738 |
| 3.76%, 03/15/42 *(a)* | 200000 | 163409 |
| 4.30%, 11/15/44 *(a)* | 330000 | 279429 |
| 5.95%, 03/15/46 *(a)* | 145000 | 150638 |
| 3.80%, 03/15/52 *(a)* | 400000 | 294359 |
| 5.30%, 05/15/53 *(a)* | 325000 | 302809 |
| 5.55%, 03/15/54 *(a)* | 300000 | 289504 |
| 5.50%, 01/15/55 *(a)* | 400000 | 383662 |
| 4.03%, 03/15/62 *(a)* | 545000 | 397275 |
| 5.70%, 09/15/63 *(a)* | 250000 | 241938 |
| 5.65%, 01/15/65 *(a)* | 200000 | 192784 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| 4.38%, 01/15/28 *(a)* | 340000 | 339454 |
| 4.90%, 06/01/44 *(a)* | 240000 | 191420 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 3.90%, 05/15/27 *(a)* | 200000 | 199466 |
| 4.38%, 03/15/29 *(a)* | 175000 | 175607 |
| 5.60%, 03/15/34 *(a)* | 100000 | 103220 |
| 5.40%, 02/15/35 *(a)* | 265000 | 269081 |
| 5.90%, 02/15/55 *(a)* | 280000 | 269117 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 5.63%, 07/15/27 *(a)* | 135000 | 137592 |
| 5.13%, 05/15/29 *(a)* | 100000 | 102477 |
| 8.13%, 08/16/30  | 185000 | 214295 |
| 3.25%, 02/15/32 *(a)* | 170000 | 156579 |
| 5.60%, 04/01/44 *(a)* | 115000 | 111534 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 5.25%, 10/15/27 *(a)* | 245000 | 245361 |
| 5.88%, 06/15/28 *(a)(e)* | 150000 | 150207 |
| 4.50%, 01/15/30 *(a)* | 185000 | 185772 |
| 7.88%, 09/30/31  | 285000 | 329701 |
| 7.95%, 04/15/32  | 100000 | 116846 |
| 5.20%, 09/15/34 *(a)* | 300000 | 298943 |
| 5.60%, 07/15/41 *(a)* | 250000 | 242061 |
| 4.75%, 05/15/42 *(a)* | 295000 | 255747 |
| 5.00%, 06/15/45 *(a)* | 280000 | 244047 |
| 5.75%, 09/15/54 *(a)* | 245000 | 225751 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 5.20%, 04/18/27 *(a)* | 250000 | 253850 |
| 3.50%, 12/01/29 *(a)* | 290000 | 281470 |
| 5.15%, 01/30/30 *(a)* | 230000 | 236739 |
| 3.13%, 03/24/31 *(a)* | 205000 | 191719 |
| 6.25%, 03/15/33 *(a)* | 400000 | 431609 |
| 5.40%, 04/18/34 *(a)* | 325000 | 333005 |
| 5.55%, 04/01/35 *(a)* | 300000 | 308734 |
| 4.40%, 03/24/51 *(a)* | 200000 | 160627 |
| 4.25%, 03/15/52 *(a)* | 175000 | 136397 |
| 6.25%, 03/15/53 *(a)* | 220000 | 222756 |
| 5.75%, 04/18/54 *(a)* | 440000 | 416194 |
| 5.90%, 04/18/64 *(a)* | 350000 | 331630 |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| 5.80%, 01/15/35 *(a)* | 295000 | 311904 |
| 5.65%, 10/15/54 *(a)* | 260000 | 251530 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| 3.00%, 11/15/29 *(a)* | 225000 | 215339 |
| 4.80%, 11/01/43 *(a)(e)* | 255000 | 226402 |
| 4.60%, 12/15/44 *(a)* | 190000 | 164293 |

---

*See financial notes*

**72**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** |
| 7.50%, 04/15/38  | 135000 | 159220 |
| 5.50%, 09/15/40 *(a)* | 175000 | 174048 |
| 7.38%, 10/15/45 *(a)* | 240000 | 278139 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 5.25%, 04/05/27 *(a)* | 200000 | 202843 |
| 3.70%, 07/15/27 *(a)* | 225000 | 223901 |
| 4.60%, 06/20/28 *(a)* | 120000 | 121275 |
| 6.00%, 11/15/28 *(a)* | 200000 | 210271 |
| 4.20%, 11/20/28 *(a)* | 150000 | 150267 |
| 5.30%, 04/05/29 *(a)* | 245000 | 252631 |
| 3.13%, 11/15/29 *(a)* | 350000 | 335311 |
| 4.90%, 06/20/30 *(a)* | 170000 | 173839 |
| 6.20%, 11/15/30 *(a)* | 220000 | 236440 |
| 4.50%, 02/15/31 *(a)* | 150000 | 149891 |
| 5.70%, 03/08/33 *(a)* | 740000 | 780237 |
| 2.50%, 08/01/33 *(a)* | 400000 | 344019 |
| 5.63%, 04/05/34 *(a)* | 230000 | 240331 |
| 5.55%, 06/20/35 *(a)* | 260000 | 269516 |
| 5.20%, 11/20/35 *(a)* | 150000 | 151399 |
| 4.50%, 06/10/44 *(a)* | 280000 | 238292 |
| 5.50%, 12/01/46 *(a)* | 150000 | 147793 |
| 4.00%, 11/15/49 *(a)* | 310000 | 237392 |
| 3.40%, 08/01/51 *(a)* | 100000 | 68369 |
| 6.70%, 11/15/53 *(a)* | 365000 | 401243 |
| 5.95%, 04/05/54 *(a)* | 275000 | 279157 |
| 7.20%, 06/27/54 *(a)(b)* | 225000 | 238686 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 4.40%, 03/15/27 *(a)* | 225000 | 225778 |
| 4.20%, 04/15/27 *(a)* | 150000 | 150168 |
| 5.50%, 06/01/27 *(a)* | 275000 | 279591 |
| 4.00%, 10/01/27 *(a)* | 250000 | 249783 |
| 4.95%, 05/15/28 *(a)* | 250000 | 254224 |
| 4.95%, 06/15/28 *(a)* | 375000 | 381347 |
| 5.25%, 04/15/29 *(a)* | 500000 | 513994 |
| 5.25%, 07/01/29 *(a)* | 275000 | 283154 |
| 4.15%, 09/15/29 *(a)* | 210000 | 208833 |
| 5.20%, 04/01/30 *(a)* | 275000 | 283480 |
| 3.75%, 05/15/30 *(a)* | 355000 | 345680 |
| 6.40%, 12/01/30 *(a)* | 375000 | 405388 |
| 5.75%, 02/15/33 *(a)* | 520000 | 546248 |
| 6.55%, 12/01/33 *(a)* | 430000 | 471854 |
| 5.55%, 05/15/34 *(a)* | 380000 | 390967 |
| 5.60%, 09/01/34 *(a)* | 350000 | 360445 |
| 4.90%, 03/15/35 *(a)* | 205000 | 200480 |
| 5.70%, 04/01/35 *(a)* | 450000 | 466321 |
| 6.63%, 10/15/36  | 185000 | 201073 |
| 5.80%, 06/15/38 *(a)* | 110000 | 112310 |
| 7.50%, 07/01/38  | 185000 | 214461 |
| 6.05%, 06/01/41 *(a)* | 200000 | 202701 |
| 6.50%, 02/01/42 *(a)* | 350000 | 369320 |
| 6.10%, 02/15/42  | 225000 | 225177 |
| 4.95%, 01/15/43 *(a)* | 200000 | 176369 |
| 5.15%, 02/01/43 *(a)* | 165000 | 148969 |
| 5.95%, 10/01/43 *(a)* | 128000 | 125370 |
| 5.30%, 04/01/44 *(a)* | 245000 | 222781 |
| 5.00%, 05/15/44 *(a)* | 120000 | 104590 |
| 5.15%, 03/15/45 *(a)* | 200000 | 177389 |
| 5.35%, 05/15/45 *(a)* | 200000 | 181388 |
| 6.13%, 12/15/45 *(a)* | 350000 | 344505 |
| 5.30%, 04/15/47 *(a)* | 200000 | 178000 |
| 5.40%, 10/01/47 *(a)* | 400000 | 359419 |
| 6.00%, 06/15/48 *(a)* | 310000 | 300942 |
| 6.25%, 04/15/49 *(a)* | 500000 | 495146 |
| 5.00%, 05/15/50 *(a)* | 585000 | 490213 |
| 5.95%, 05/15/54 *(a)* | 505000 | 479339 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.05%, 09/01/54 *(a)* | 350000 | 336822 |
| 6.20%, 04/01/55 *(a)* | 355000 | 348287 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| 7.30%, 11/15/27  | 165000 | 174523 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/11/27 *(a)* | 300000 | 302242 |
| 3.95%, 02/15/27 *(a)* | 185000 | 185306 |
| 4.30%, 06/20/28 *(a)* | 150000 | 151344 |
| 4.15%, 10/16/28 *(a)* | 325000 | 327207 |
| 3.13%, 07/31/29 *(a)* | 300000 | 291049 |
| 2.80%, 01/31/30 *(a)* | 400000 | 380128 |
| 4.60%, 01/15/31 *(a)* | 420000 | 425456 |
| 5.35%, 01/31/33 *(a)* | 300000 | 313522 |
| 6.88%, 03/01/33  | 165000 | 187166 |
| 4.85%, 01/31/34 *(a)* | 200000 | 202238 |
| 6.65%, 10/15/34  | 100000 | 112778 |
| 4.95%, 02/15/35 *(a)* | 325000 | 329210 |
| 5.20%, 01/15/36 *(a)* | 470000 | 478609 |
| 7.55%, 04/15/38  | 155000 | 186628 |
| 6.13%, 10/15/39  | 175000 | 188732 |
| 6.45%, 09/01/40  | 140000 | 156361 |
| 5.95%, 02/01/41  | 250000 | 263925 |
| 5.70%, 02/15/42  | 175000 | 178696 |
| 4.85%, 08/15/42 *(a)* | 295000 | 273806 |
| 4.45%, 02/15/43 *(a)* | 300000 | 263986 |
| 4.85%, 03/15/44 *(a)* | 400000 | 365716 |
| 5.10%, 02/15/45 *(a)* | 350000 | 328492 |
| 4.90%, 05/15/46 *(a)* | 285000 | 258293 |
| 4.25%, 02/15/48 *(a)* | 380000 | 312575 |
| 4.80%, 02/01/49 *(a)* | 305000 | 269104 |
| 4.20%, 01/31/50 *(a)* | 425000 | 342101 |
| 3.70%, 01/31/51 *(a)* | 360000 | 264500 |
| 3.20%, 02/15/52 *(a)* | 325000 | 215560 |
| 3.30%, 02/15/53 *(a)* | 300000 | 201099 |
| 4.95%, 10/15/54 *(a)* | 160000 | 142453 |
| 5.55%, 02/16/55 *(a)* | 455000 | 441199 |
| 3.95%, 01/31/60 *(a)* | 300000 | 219720 |
| 5.25%, 08/16/77 *(a)(b)* | 365000 | 364237 |
| 5.38%, 02/15/78 *(a)(b)* | 390000 | 388107 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 07/15/28 *(a)* | 150000 | 151766 |
| 4.38%, 04/15/30 *(a)* | 250000 | 251751 |
| 4.40%, 01/15/31 *(a)* | 230000 | 230931 |
| 5.00%, 07/15/32 *(a)* | 360000 | 368785 |
| 3.90%, 04/01/35 *(a)* | 95000 | 88510 |
| 5.35%, 01/15/36 *(a)* | 360000 | 370151 |
| 4.95%, 04/15/50 *(a)* | 220000 | 197082 |
| 5.65%, 12/01/54 *(a)* | 335000 | 328504 |
| 5.95%, 07/15/55 *(a)* | 250000 | 254963 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 6.50%, 07/01/27 *(a)* | 280000 | 286364 |
| 3.90%, 10/01/27 *(a)* | 350000 | 348643 |
| 5.70%, 04/01/28 *(a)* | 150000 | 154816 |
| 4.50%, 01/15/29 *(a)* | 200000 | 200455 |
| 5.00%, 01/15/29 *(a)* | 100000 | 101389 |
| 6.38%, 04/01/29 *(a)* | 180000 | 186432 |
| 7.00%, 02/01/30 *(a)(f)* | 80000 | 86990 |
| 7.50%, 06/01/30 *(a)* | 160000 | 176261 |
| 4.75%, 01/15/31 *(a)* | 300000 | 302110 |
| 5.75%, 02/01/34 *(a)* | 215000 | 224838 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 5.38%, 02/01/29 *(a)* | 400000 | 400640 |
| 5.38%, 03/15/30 *(a)* | 300000 | 304830 |
| 4.75%, 02/01/32 *(a)* | 415000 | 410042 |
| 5.70%, 01/15/35 *(a)* | 275000 | 284790 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**73**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 3.29%, 03/19/27 *(a)* | 300000 | 298789 |
| 2.44%, 08/16/29 *(a)* | 300000 | 286792 |
| 3.48%, 03/19/30 *(a)* | 575000 | 562738 |
| 2.61%, 10/15/30 *(a)* | 625000 | 586143 |
| 3.00%, 08/16/39 *(a)* | 230000 | 184283 |
| 4.23%, 03/19/40 *(a)* | 600000 | 550650 |
| 3.57%, 03/06/45 *(a)* | 370000 | 290221 |
| 4.11%, 03/01/46 *(a)* | 765000 | 640785 |
| 3.10%, 08/16/49 *(a)* | 490000 | 335442 |
| 4.33%, 03/19/50 *(a)* | 795000 | 668612 |
| 3.45%, 04/15/51 *(a)* | 765000 | 550314 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 2.92%, 03/01/30 *(a)* | 305000 | 288909 |
| 4.85%, 11/15/35 *(a)* | 375000 | 370692 |
| 6.70%, 09/15/38  | 295000 | 327640 |
| 7.45%, 09/15/39  | 325000 | 383179 |
| 4.75%, 08/01/43 *(a)* | 225000 | 198703 |
| 5.00%, 11/15/45 *(a)* | 550000 | 491453 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 4.65%, 12/01/27 *(a)* | 275000 | 277501 |
| 4.85%, 12/01/29 *(a)* | 100000 | 100578 |
| 2.90%, 09/29/31 *(a)* | 190000 | 169789 |
| 5.50%, 12/01/34 *(a)(c)* | 150000 | 148092 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 4.30%, 04/01/27 *(a)* | 230000 | 231116 |
| 7.88%, 10/01/29  | 175000 | 198033 |
| 7.30%, 08/15/31  | 233000 | 267905 |
| 7.13%, 03/15/33  | 210000 | 243451 |
| 6.00%, 01/15/40  | 240000 | 259841 |
| 5.60%, 02/15/41  | 350000 | 362141 |
| 5.80%, 04/01/47 *(a)* | 150000 | 153968 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.00%, 02/01/28 *(a)* | 245000 | 245140 |
| 4.50%, 10/01/30 *(a)* | 205000 | 201968 |
| 5.50%, 09/01/32 *(a)* | 245000 | 248630 |
| 6.25%, 01/15/35 *(a)* | 130000 | 135834 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| 7.40%, 03/15/31  | 185000 | 208985 |
| 7.75%, 03/15/32  | 190000 | 221643 |
| 7.30%, 08/15/33  | 250000 | 287826 |
| 5.80%, 03/15/35  | 210000 | 220821 |
| 6.50%, 02/01/37  | 170000 | 185951 |
| 6.95%, 01/15/38  | 350000 | 395070 |
| 6.50%, 09/01/39  | 200000 | 215907 |
| 6.55%, 09/15/40  | 165000 | 179179 |
| 7.50%, 11/15/40  | 105000 | 122950 |
| 6.38%, 03/01/41  | 185000 | 197904 |
| 5.63%, 09/01/41  | 175000 | 173194 |
| 5.00%, 08/15/42 *(a)* | 175000 | 160835 |
| 4.70%, 11/01/42 *(a)* | 225000 | 198851 |
| 5.00%, 03/01/43 *(a)* | 215000 | 196001 |
| 5.50%, 03/01/44 *(a)* | 215000 | 206440 |
| 5.40%, 09/01/44 *(a)* | 150000 | 142122 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 4.30%, 03/01/28 *(a)* | 390000 | 392135 |
| 5.00%, 02/01/29 *(a)* | 300000 | 307249 |
| 5.10%, 08/01/29 *(a)* | 150000 | 154390 |
| 5.15%, 06/01/30 *(a)* | 335000 | 346426 |
| 2.00%, 02/15/31 *(a)* | 360000 | 321742 |
| 7.80%, 08/01/31  | 255000 | 295564 |
| 7.75%, 01/15/32  | 300000 | 348701 |
| 4.80%, 02/01/33 *(a)* | 250000 | 250845 |
| 5.20%, 06/01/33 *(a)* | 240000 | 247115 |
| 5.40%, 02/01/34 *(a)* | 325000 | 335782 |
| 5.30%, 12/01/34 *(a)* | 170000 | 173568 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.55%, 06/01/45 *(a)* | 540000 | 522796 |
| 5.05%, 02/15/46 *(a)* | 250000 | 225117 |
| 5.20%, 03/01/48 *(a)* | 246000 | 225102 |
| 3.25%, 08/01/50 *(a)* | 150000 | 99489 |
| 3.60%, 02/15/51 *(a)* | 250000 | 174934 |
| 5.45%, 08/01/52 *(a)* | 295000 | 274701 |
| 5.95%, 08/01/54 *(a)* | 200000 | 199356 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 3.80%, 04/01/28 *(a)* | 125000 | 124414 |
| 5.15%, 03/01/30 *(a)* | 300000 | 309213 |
| 5.70%, 03/01/35 *(a)* | 200000 | 206279 |
| 6.50%, 03/01/41 *(a)* | 375000 | 399502 |
| 4.75%, 09/15/44 *(a)* | 235000 | 201602 |
| 4.50%, 04/01/48 *(a)* | 230000 | 185190 |
| 5.00%, 09/15/54 *(a)* | 215000 | 180359 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.13%, 03/01/27 *(a)* | 410000 | 410288 |
| 4.25%, 12/01/27 *(a)* | 246000 | 246906 |
| 4.00%, 03/15/28 *(a)* | 350000 | 349610 |
| 4.80%, 02/15/29 *(a)* | 250000 | 254031 |
| 2.65%, 08/15/30 *(a)* | 450000 | 417068 |
| 4.80%, 02/15/31 *(a)* | 370000 | 374221 |
| 4.95%, 09/01/32 *(a)* | 285000 | 287247 |
| 5.00%, 01/15/33 *(a)* | 230000 | 230948 |
| 5.00%, 03/01/33 *(a)* | 350000 | 351808 |
| 5.50%, 06/01/34 *(a)* | 505000 | 515540 |
| 5.40%, 04/01/35 *(a)* | 250000 | 251998 |
| 5.40%, 09/15/35 *(a)* | 455000 | 458728 |
| 4.50%, 04/15/38 *(a)* | 595000 | 543272 |
| 5.20%, 03/01/47 *(a)* | 300000 | 268201 |
| 5.20%, 12/01/47 *(a)* | 155000 | 138053 |
| 4.70%, 04/15/48 *(a)* | 525000 | 436650 |
| 5.50%, 02/15/49 *(a)* | 425000 | 390769 |
| 4.95%, 03/14/52 *(a)* | 440000 | 370258 |
| 5.95%, 04/01/55 *(a)* | 270000 | 260489 |
| 6.20%, 09/15/55 *(a)* | 290000 | 288353 |
| 4.90%, 04/15/58 *(a)* | 320000 | 263220 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 3.95%, 09/15/27 *(a)* | 185000 | 184288 |
| 4.75%, 09/01/28 *(a)* | 105000 | 106285 |
| 5.50%, 03/15/30 *(a)* | 160000 | 165055 |
| 2.95%, 03/01/31 *(a)* | 145000 | 132426 |
| 5.95%, 03/15/35 *(a)* | 150000 | 157180 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| 4.00%, 04/01/27 *(a)* | 50000 | 50015 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| 3.60%, 12/01/29 *(a)* | 180000 | 175561 |
| 3.95%, 12/01/42 *(a)* | 395000 | 310593 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.50%, 07/15/27 *(a)* | 145000 | 151587 |
| 5.00%, 08/01/27 *(a)* | 235000 | 239532 |
| 6.38%, 09/01/28 *(a)* | 150000 | 157274 |
| 5.20%, 08/01/29 *(a)* | 350000 | 358605 |
| 8.88%, 07/15/30 *(a)* | 310000 | 358044 |
| 6.63%, 09/01/30 *(a)* | 405000 | 435322 |
| 6.13%, 01/01/31 *(a)* | 400000 | 422481 |
| 7.50%, 05/01/31  | 250000 | 281098 |
| 7.88%, 09/15/31  | 175000 | 200377 |
| 5.38%, 01/01/32 *(a)* | 350000 | 357666 |
| 5.55%, 10/01/34 *(a)(c)* | 375000 | 381968 |
| 6.45%, 09/15/36  | 540000 | 574884 |
| 7.95%, 06/15/39  | 55000 | 64549 |
| 6.20%, 03/15/40  | 215000 | 217962 |
| 6.60%, 03/15/46 *(a)* | 330000 | 340082 |
| 4.40%, 04/15/46 *(a)* | 160000 | 126400 |

---

*See financial notes*

**74**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.20%, 03/15/48 *(a)* | 90000 | 67421 |
| 6.05%, 10/01/54 *(a)* | 270000 | 257718 |
| **ONEOK Partners LP** | **ONEOK Partners LP** | **ONEOK Partners LP** |
| 6.65%, 10/01/36  | 135000 | 147071 |
| 6.85%, 10/15/37  | 200000 | 221441 |
| 6.13%, 02/01/41 *(a)* | 200000 | 205581 |
| 6.20%, 09/15/43 *(a)* | 135000 | 137215 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 4.00%, 07/13/27 *(a)* | 190000 | 189894 |
| 4.25%, 09/24/27 *(a)* | 275000 | 275978 |
| 4.55%, 07/15/28 *(a)* | 225000 | 227045 |
| 5.65%, 11/01/28 *(a)* | 200000 | 207883 |
| 4.35%, 03/15/29 *(a)* | 230000 | 230924 |
| 5.38%, 06/01/29 *(a)* | 155000 | 159930 |
| 3.40%, 09/01/29 *(a)* | 250000 | 242357 |
| 3.10%, 03/15/30 *(a)* | 260000 | 247479 |
| 3.25%, 06/01/30 *(a)* | 195000 | 185885 |
| 5.80%, 11/01/30 *(a)* | 200000 | 210845 |
| 6.35%, 01/15/31 *(a)* | 200000 | 214839 |
| 4.75%, 10/15/31 *(a)* | 300000 | 301700 |
| 4.95%, 10/15/32 *(a)* | 220000 | 221102 |
| 6.10%, 11/15/32 *(a)* | 200000 | 214296 |
| 6.05%, 09/01/33 *(a)* | 480000 | 511064 |
| 5.65%, 09/01/34 *(a)* | 160000 | 165725 |
| 5.05%, 11/01/34 *(a)* | 385000 | 382335 |
| 6.00%, 06/15/35  | 100000 | 105890 |
| 5.40%, 10/15/35 *(a)* | 290000 | 293345 |
| 5.15%, 10/15/43 *(a)* | 215000 | 196343 |
| 5.60%, 04/01/44 *(a)* | 150000 | 142540 |
| 5.05%, 04/01/45 *(a)* | 220000 | 194352 |
| 4.25%, 09/15/46 *(a)* | 290000 | 227713 |
| 5.45%, 06/01/47 *(a)* | 170000 | 156713 |
| 4.95%, 07/13/47 *(a)* | 65000 | 56938 |
| 4.20%, 10/03/47 *(a)* | 250000 | 194529 |
| 5.20%, 07/15/48 *(a)* | 325000 | 293284 |
| 4.85%, 02/01/49 *(a)* | 169000 | 143170 |
| 4.45%, 09/01/49 *(a)* | 145000 | 117090 |
| 3.95%, 03/01/50 *(a)* | 235000 | 170453 |
| 4.50%, 03/15/50 *(a)* | 180000 | 145982 |
| 7.15%, 01/15/51 *(a)* | 285000 | 314304 |
| 6.63%, 09/01/53 *(a)* | 525000 | 550657 |
| 5.70%, 11/01/54 *(a)* | 385000 | 358939 |
| 6.25%, 10/15/55 *(a)* | 370000 | 370894 |
| 5.85%, 11/01/64 *(a)* | 215000 | 202105 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 5.65%, 05/15/28 *(a)* | 300000 | 308871 |
| 8.13%, 09/15/30  | 50000 | 57249 |
| 7.20%, 11/01/31  | 130000 | 143684 |
| 7.38%, 11/01/31  | 260000 | 290368 |
| 6.25%, 07/15/33 *(a)* | 120000 | 127499 |
| 6.50%, 08/15/34  | 175000 | 188251 |
| 6.63%, 08/15/37  | 220000 | 234010 |
| 6.50%, 02/01/38  | 120000 | 125892 |
| 7.10%, 07/15/53 *(a)* | 125000 | 133260 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 3.95%, 02/01/28 *(a)* | 200000 | 197993 |
| 5.15%, 11/15/29 *(a)* | 245000 | 247397 |
| 7.15%, 10/01/33 *(a)* | 160000 | 171226 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 3.90%, 03/15/28 *(a)* | 355000 | 353755 |
| 2.15%, 12/15/30 *(a)* | 115000 | 103241 |
| 4.65%, 11/15/34 *(a)* | 150000 | 147042 |
| 5.88%, 05/01/42  | 400000 | 405108 |
| 4.88%, 11/15/44 *(a)* | 510000 | 448445 |
| 3.30%, 03/15/52 *(a)* | 425000 | 277074 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 4.95%, 12/01/27 *(a)* | 275000 | 279603 |
| 3.75%, 03/01/28 *(a)* | 245000 | 243359 |
| 3.15%, 12/15/29 *(a)* | 290000 | 278529 |
| 5.25%, 06/15/31 *(a)* | 240000 | 249588 |
| 5.30%, 06/30/33 *(a)* | 300000 | 309885 |
| 4.95%, 03/15/35 *(a)* | 200000 | 199063 |
| 4.68%, 02/15/45 *(a)* | 215000 | 182800 |
| 4.90%, 10/01/46 *(a)* | 205000 | 179217 |
| 5.65%, 06/15/54 *(a)* | 150000 | 141283 |
| 5.50%, 03/15/55 *(a)* | 155000 | 143541 |
| 5.88%, 03/15/56 *(a)(b)* | 340000 | 336136 |
| 6.20%, 03/15/56 *(a)(b)* | 345000 | 344192 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 1.90%, 08/15/30 *(a)* | 380000 | 344368 |
| 2.15%, 01/15/31 *(a)* | 275000 | 249757 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 3.55%, 12/15/29 *(a)* | 290000 | 282077 |
| 3.80%, 09/15/30 *(a)* | 225000 | 218366 |
| 4.70%, 01/15/31 *(a)* | 310000 | 311978 |
| 5.70%, 09/15/34 *(a)* | 200000 | 206587 |
| 5.60%, 01/15/36 *(a)* | 160000 | 162198 |
| 6.65%, 01/15/37  | 320000 | 348529 |
| 5.15%, 06/01/42 *(a)* | 200000 | 183343 |
| 4.30%, 01/31/43 *(a)* | 150000 | 122666 |
| 4.70%, 06/15/44 *(a)* | 205000 | 174507 |
| 4.90%, 02/15/45 *(a)* | 200000 | 175025 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| 5.00%, 03/15/27 *(a)* | 420000 | 422859 |
| 4.20%, 03/15/28 *(a)* | 450000 | 450688 |
| 4.50%, 05/15/30 *(a)* | 525000 | 527757 |
| 5.90%, 09/15/37 *(a)* | 199340 | 210253 |
| **Schlumberger Investment SA** | **Schlumberger Investment SA** | **Schlumberger Investment SA** |
| 2.65%, 06/26/30 *(a)* | 25000 | 23479 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 3.88%, 11/13/28 *(a)(e)* | 500000 | 499799 |
| 2.38%, 11/07/29 *(a)* | 400000 | 377481 |
| 2.75%, 04/06/30 *(a)* | 500000 | 474147 |
| 4.13%, 11/06/30 *(a)* | 310000 | 310052 |
| 4.13%, 05/11/35  | 350000 | 336510 |
| 4.75%, 01/06/36 *(a)* | 310000 | 309476 |
| 6.38%, 12/15/38 *(e)* | 865000 | 963874 |
| 5.50%, 03/25/40 *(e)* | 50000 | 51224 |
| 4.55%, 08/12/43  | 375000 | 335584 |
| 4.38%, 05/11/45  | 725000 | 624947 |
| 4.00%, 05/10/46  | 495000 | 400561 |
| 3.75%, 09/12/46  | 300000 | 234067 |
| 3.13%, 11/07/49 *(a)(e)* | 420000 | 282357 |
| 3.25%, 04/06/50 *(a)* | 500000 | 345429 |
| 3.00%, 11/26/51 *(a)(e)* | 275000 | 177642 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 2.38%, 11/07/29 *(a)* | 150000 | 141580 |
| 4.13%, 05/11/35  | 420000 | 417858 |
| 2.88%, 11/26/41 *(a)* | 220000 | 163008 |
| 3.63%, 08/21/42  | 210000 | 169083 |
| 4.38%, 05/11/45  | 55000 | 47839 |
| 4.00%, 05/10/46  | 150000 | 122127 |
| 3.25%, 04/06/50 *(a)* | 95000 | 65074 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 5.03%, 10/01/29 *(a)* | 420000 | 426425 |
| 5.58%, 10/01/34 *(a)* | 400000 | 404460 |
| 6.18%, 10/01/54 *(a)* | 205000 | 197341 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| 5.95%, 09/25/43 *(a)* | 270000 | 273711 |
| 4.50%, 03/15/45 *(a)* | 245000 | 206926 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**75**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| 7.15%, 02/01/32  | 165000 | 185480 |
| 5.95%, 12/01/34  | 165000 | 174771 |
| 6.80%, 05/15/38  | 204000 | 226086 |
| 6.50%, 06/15/38  | 100000 | 108039 |
| 6.85%, 06/01/39  | 225000 | 250811 |
| 4.00%, 11/15/47 *(a)* | 250000 | 190441 |
| 3.75%, 03/04/51 *(a)* | 260000 | 185376 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 5.20%, 07/01/27 *(a)* | 225000 | 228752 |
| 4.35%, 01/15/29 *(a)* | 230000 | 230635 |
| 6.15%, 03/01/29 *(a)* | 250000 | 263268 |
| 4.90%, 09/15/30 *(a)* | 250000 | 254998 |
| 4.20%, 02/01/33 *(a)* | 250000 | 239443 |
| 6.13%, 03/15/33 *(a)* | 250000 | 267602 |
| 6.50%, 03/30/34 *(a)* | 275000 | 300684 |
| 5.50%, 02/15/35 *(a)* | 225000 | 230734 |
| 5.55%, 08/15/35 *(a)* | 300000 | 307377 |
| 5.65%, 02/15/36 *(a)* | 220000 | 226361 |
| 5.40%, 07/30/36 *(a)* | 310000 | 310815 |
| 4.95%, 04/15/52 *(a)* | 230000 | 196710 |
| 6.25%, 07/01/52 *(a)* | 195000 | 196527 |
| 6.50%, 02/15/53 *(a)* | 300000 | 313621 |
| 6.13%, 05/15/55 *(a)* | 300000 | 298395 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 6.88%, 01/15/29 *(a)* | 80000 | 81005 |
| 5.50%, 03/01/30 *(a)* | 280000 | 284520 |
| 4.88%, 02/01/31 *(a)* | 600000 | 604187 |
| 4.00%, 01/15/32 *(a)* | 450000 | 430000 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| 3.90%, 05/25/27 *(a)* | 215000 | 214412 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| 7.00%, 03/15/27  | 205000 | 212648 |
| 7.63%, 04/01/37  | 10000 | 11773 |
| **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** |
| 7.00%, 07/15/32  | 175000 | 196542 |
| **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
| 3.46%, 02/19/29 *(a)* | 406000 | 399997 |
| 2.83%, 01/10/30 *(a)* | 250000 | 239390 |
| 2.99%, 06/29/41 *(a)* | 470000 | 355669 |
| 3.46%, 07/12/49 *(a)* | 385000 | 275229 |
| 3.13%, 05/29/50 *(a)* | 665000 | 444215 |
| 3.39%, 06/29/60 *(a)(c)* | 310000 | 201722 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 3.88%, 10/11/28  | 305000 | 305535 |
| 5.15%, 04/05/34 *(a)* | 455000 | 473009 |
| 4.72%, 09/10/34 *(a)* | 225000 | 227115 |
| 5.49%, 04/05/54 *(a)* | 530000 | 513611 |
| 5.28%, 09/10/54 *(a)* | 295000 | 277489 |
| 5.64%, 04/05/64 *(a)* | 375000 | 364084 |
| 5.43%, 09/10/64 *(a)* | 250000 | 234310 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.25%, 05/15/28 *(a)* | 500000 | 501444 |
| 4.10%, 04/15/30 *(a)* | 350000 | 346235 |
| 4.63%, 03/01/34 *(a)* | 475000 | 463486 |
| 5.60%, 03/31/34  | 185000 | 192587 |
| 5.85%, 03/15/36  | 150000 | 156898 |
| 6.20%, 10/15/37  | 365000 | 389694 |
| 7.25%, 08/15/38  | 160000 | 184186 |
| 7.63%, 01/15/39  | 425000 | 506242 |
| 6.10%, 06/01/40  | 285000 | 300399 |
| 4.88%, 05/15/48 *(a)* | 50000 | 45176 |
| 5.10%, 03/15/49 *(a)* | 200000 | 185349 |
| 7.00%, 06/01/65 *(a)(b)* | 275000 | 283679 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| 4.00%, 03/15/28 *(a)* | 150000 | 149870 |
| 3.25%, 05/15/30 *(a)* | 310000 | 297147 |
| 5.10%, 03/15/36 *(a)(e)* | 310000 | 312459 |
| 5.40%, 08/15/41 *(a)* | 135000 | 134026 |
| 4.45%, 08/01/42 *(a)* | 150000 | 132514 |
| 4.60%, 03/15/48 *(a)* | 240000 | 208508 |
| 5.75%, 03/15/56 *(a)(e)* | 210000 | 208021 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 2.15%, 09/15/27 *(a)* | 215000 | 208461 |
| 4.35%, 06/01/28 *(a)* | 165000 | 165883 |
| 4.00%, 04/01/29 *(a)* | 150000 | 148968 |
| 2.80%, 12/01/31 *(a)* | 200000 | 182501 |
| 7.50%, 04/15/32  | 220000 | 252239 |
| 6.63%, 06/15/37  | 400000 | 440951 |
| 4.90%, 03/15/45  | 200000 | 178707 |
| 3.65%, 12/01/51 *(a)* | 275000 | 190377 |
| 4.00%, 06/01/52 *(a)* | 205000 | 151631 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| 4.50%, 03/15/28 *(a)* | 180000 | 181328 |
| **Viper Energy Partners LLC** | **Viper Energy Partners LLC** | **Viper Energy Partners LLC** |
| 4.90%, 08/01/30 *(a)* | 195000 | 197331 |
| 5.70%, 08/01/35 *(a)* | 320000 | 325587 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 4.50%, 03/01/28 *(a)* | 150000 | 150717 |
| 4.75%, 08/15/28 *(a)* | 210000 | 212663 |
| 6.35%, 01/15/29 *(a)* | 200000 | 210707 |
| 4.05%, 02/01/30 *(a)(g)* | 420000 | 411644 |
| 4.80%, 03/01/31 *(a)* | 190000 | 189970 |
| 5.45%, 11/15/34 *(a)* | 230000 | 231938 |
| 5.50%, 12/15/35 *(a)* | 180000 | 179429 |
| 5.45%, 04/01/44 *(a)* | 250000 | 228092 |
| 5.30%, 03/01/48 *(a)* | 200000 | 172791 |
| 5.50%, 08/15/48 *(a)* | 135000 | 119351 |
| 5.25%, 02/01/50 *(a)(g)* | 300000 | 257211 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.75%, 06/15/27 *(a)* | 500000 | 498136 |
| 5.30%, 08/15/28 *(a)* | 275000 | 283182 |
| 4.90%, 03/15/29 *(a)* | 400000 | 408568 |
| 4.80%, 11/15/29 *(a)* | 230000 | 234530 |
| 3.50%, 11/15/30 *(a)* | 350000 | 336175 |
| 7.50%, 01/15/31  | 185000 | 210280 |
| 2.60%, 03/15/31 *(a)* | 500000 | 456976 |
| 8.75%, 03/15/32  | 200000 | 242925 |
| 4.65%, 08/15/32 *(a)* | 145000 | 145409 |
| 5.65%, 03/15/33 *(a)* | 265000 | 279014 |
| 5.15%, 03/15/34 *(a)* | 480000 | 488869 |
| 5.60%, 03/15/35 *(a)* | 100000 | 103960 |
| 6.30%, 04/15/40  | 295000 | 318647 |
| 5.80%, 11/15/43 *(a)* | 265000 | 263474 |
| 5.40%, 03/04/44 *(a)* | 250000 | 240233 |
| 5.75%, 06/24/44 *(a)* | 230000 | 229360 |
| 4.90%, 01/15/45 *(a)* | 175000 | 157242 |
| 5.10%, 09/15/45 *(a)* | 310000 | 284984 |
| 4.85%, 03/01/48 *(a)* | 250000 | 219943 |
| 3.50%, 10/15/51 *(a)* | 245000 | 170872 |
| 5.30%, 08/15/52 *(a)* | 250000 | 231607 |
| 5.80%, 11/15/54 *(a)* | 225000 | 222829 |
| 6.00%, 03/15/55 *(a)* | 100000 | 101809 |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 4.90%, 05/19/28 *(a)* | 200000 | 203083 |
| 5.40%, 05/19/30 *(a)* | 300000 | 308236 |
| 5.70%, 05/19/32 *(a)* | 200000 | 208252 |
| 5.10%, 09/12/34 *(a)* | 330000 | 326426 |

---

*See financial notes*

**76**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.00%, 05/19/35 *(a)* | 310000 | 323090 |
| 5.70%, 09/12/54 *(a)* | 245000 | 230536 |
|  |  | **163512180** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **American University** | **American University** | **American University** |
| 3.67%, 04/01/49  | 180000 | 136742 |
| **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** |
| 5.95%, 08/04/33 *(a)* | 175000 | 182600 |
| 5.95%, 04/15/35 *(a)* | 200000 | 207595 |
| **Brown University** | **Brown University** | **Brown University** |
| 2.92%, 09/01/50 *(a)* | 165000 | 108659 |
| **California Institute of Technology** | **California Institute of Technology** | **California Institute of Technology** |
| 4.32%, 08/01/45  | 105000 | 92188 |
| 4.70%, 11/01/11  | 135000 | 109680 |
| 3.65%, 09/01/19 *(a)* | 160000 | 102254 |
| **Case Western Reserve University** | **Case Western Reserve University** | **Case Western Reserve University** |
| 5.41%, 06/01/22 *(a)* | 130000 | 118326 |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 3.70%, 04/01/27 *(a)* | 430000 | 429237 |
| 4.00%, 05/01/32 *(a)* | 270000 | 264312 |
| **Claremont Mckenna College** | **Claremont Mckenna College** | **Claremont Mckenna College** |
| 3.78%, 01/01/22 *(a)* | 100000 | 65389 |
| **Cornell University** | **Cornell University** | **Cornell University** |
| 4.17%, 06/15/30 *(a)* | 300000 | 301569 |
| 4.73%, 06/15/35 *(a)* | 150000 | 150573 |
| **Duke University** | **Duke University** | **Duke University** |
| 2.68%, 10/01/44  | 120000 | 87658 |
| 2.76%, 10/01/50  | 115000 | 73969 |
| 2.83%, 10/01/55  | 165000 | 104258 |
| **Emory University** | **Emory University** | **Emory University** |
| 2.14%, 09/01/30 *(a)* | 180000 | 165071 |
| 2.97%, 09/01/50 *(a)* | 120000 | 79744 |
| **George Washington University** | **George Washington University** | **George Washington University** |
| 4.30%, 09/15/44  | 165000 | 140834 |
| 4.87%, 09/15/45  | 100000 | 91816 |
| 4.13%, 09/15/48 *(a)* | 225000 | 183592 |
| **Georgetown University** | **Georgetown University** | **Georgetown University** |
| 4.32%, 04/01/49 *(a)* | 101000 | 83791 |
| 2.94%, 04/01/50 *(a)* | 100000 | 64544 |
| 5.12%, 04/01/53 *(a)(c)* | 110000 | 101954 |
| 5.22%, 10/01/18 *(a)* | 115000 | 101855 |
| **Howard University** | **Howard University** | **Howard University** |
| 5.21%, 10/01/52 *(a)* | 255000 | 217702 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 6.35%, 08/18/28 *(a)* | 300000 | 315979 |
| **Johns Hopkins University** | **Johns Hopkins University** | **Johns Hopkins University** |
| 4.71%, 07/01/32 *(a)* | 100000 | 101764 |
| 4.08%, 07/01/53  | 120000 | 96925 |
| 2.81%, 01/01/60 *(a)* | 145000 | 85320 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 1.29%, 06/01/27 *(a)* | 340000 | 329487 |
| 4.15%, 08/01/30 *(a)* | 150000 | 150961 |
| 4.68%, 03/01/35 *(a)* | 90000 | 90852 |
| 3.65%, 05/01/48 *(a)* | 220000 | 173675 |
| 2.41%, 06/01/50 *(a)* | 160000 | 96600 |
| **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** |
| 3.96%, 07/01/38  | 100000 | 93238 |
| 2.99%, 07/01/50 *(a)* | 220000 | 148823 |
| 2.29%, 07/01/51 *(a)* | 240000 | 136515 |
| 3.07%, 04/01/52 *(a)* | 175000 | 117642 |
| 5.62%, 06/01/55 *(a)* | 100000 | 102713 |
| 5.60%, 07/01/11  | 200000 | 200044 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.68%, 07/01/14  | 215000 | 180443 |
| 3.89%, 07/01/16  | 185000 | 129032 |
| **MasTec, Inc.** | **MasTec, Inc.** | **MasTec, Inc.** |
| 5.90%, 06/15/29 *(a)* | 100000 | 104484 |
| **Northeastern University** | **Northeastern University** | **Northeastern University** |
| 2.89%, 10/01/50  | 100000 | 67314 |
| **Northwestern University** | **Northwestern University** | **Northwestern University** |
| 4.94%, 12/01/35 *(a)* | 120000 | 122579 |
| 4.64%, 12/01/44  | 150000 | 143232 |
| 2.64%, 12/01/50 *(a)* | 140000 | 88485 |
| 3.66%, 12/01/57 *(a)* | 105000 | 76652 |
| **President & Fellows of Harvard College** | **President & Fellows of Harvard College** | **President & Fellows of Harvard College** |
| 4.89%, 03/15/30 *(a)* | 250000 | 258301 |
| 4.61%, 02/15/35 *(a)* | 250000 | 252539 |
| 4.88%, 10/15/40  | 50000 | 49493 |
| 3.15%, 07/15/46 *(a)* | 232000 | 168886 |
| 2.52%, 10/15/50 *(a)* | 150000 | 91515 |
| 3.30%, 07/15/56 *(a)* | 150000 | 103412 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 4.30%, 08/09/28 *(a)* | 150000 | 150876 |
| 2.90%, 10/01/30 *(a)* | 455000 | 426361 |
| 4.50%, 01/15/31 *(a)* | 195000 | 195312 |
| 2.35%, 01/15/32 *(a)* | 165000 | 145487 |
| 5.25%, 08/09/34 *(a)* | 220000 | 226245 |
| 5.10%, 08/09/35 *(a)* | 150000 | 150492 |
| **Thomas Jefferson University** | **Thomas Jefferson University** | **Thomas Jefferson University** |
| 3.85%, 11/01/57 *(a)* | 175000 | 123835 |
| **Trustees of Boston College** | **Trustees of Boston College** | **Trustees of Boston College** |
| 3.13%, 07/01/52  | 120000 | 82851 |
| **Trustees of Columbia University in the City of New York** | **Trustees of Columbia University in the City of New York** | **Trustees of Columbia University in the City of New York** |
| 4.36%, 10/01/35 *(a)* | 65000 | 63824 |
| **Trustees of Dartmouth College** | **Trustees of Dartmouth College** | **Trustees of Dartmouth College** |
| 4.27%, 06/01/30 *(a)* | 90000 | 90859 |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| 5.70%, 03/01/39  | 160000 | 172753 |
| 2.52%, 07/01/50 *(a)* | 130000 | 80920 |
| 4.20%, 03/01/52 *(a)* | 90000 | 75091 |
| **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** |
| 2.40%, 10/01/50 *(a)* | 85000 | 50327 |
| 4.67%, 09/01/12  | 100000 | 82397 |
| 3.61%, 02/15/19 *(a)* | 100000 | 64128 |
| **University of Chicago** | **University of Chicago** | **University of Chicago** |
| 2.76%, 04/01/45 *(a)* | 205000 | 163134 |
| 2.55%, 04/01/50 *(a)* | 145000 | 95008 |
| 4.00%, 10/01/53 *(a)(c)* | 125000 | 98978 |
| **University of Miami** | **University of Miami** | **University of Miami** |
| 4.06%, 04/01/52  | 220000 | 177203 |
| **University of Notre Dame du Lac** | **University of Notre Dame du Lac** | **University of Notre Dame du Lac** |
| 3.44%, 02/15/45  | 135000 | 105339 |
| 3.39%, 02/15/48 *(a)* | 109000 | 82313 |
| **University of Southern California** | **University of Southern California** | **University of Southern California** |
| 3.03%, 10/01/39  | 235000 | 196625 |
| 3.84%, 10/01/47 *(a)* | 115000 | 92285 |
| 2.81%, 10/01/50 *(a)* | 90000 | 57477 |
| 2.95%, 10/01/51 *(a)* | 180000 | 117256 |
| 4.98%, 10/01/53 *(a)* | 90000 | 83475 |
| 5.25%, 10/01/11  | 100000 | 93170 |
| 3.23%, 10/01/20 *(a)* | 75000 | 43458 |
| **Washington University** | **Washington University** | **Washington University** |
| 3.52%, 04/15/54 *(a)* | 240000 | 174137 |
| 4.35%, 04/15/22 *(a)* | 175000 | 132503 |
| **William Marsh Rice University** | **William Marsh Rice University** | **William Marsh Rice University** |
| 3.57%, 05/15/45  | 90000 | 71497 |
| 3.77%, 05/15/55  | 125000 | 95749 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**77**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Yale University** | **Yale University** | **Yale University** |
| 1.48%, 04/15/30 *(a)* | 160000 | 144347 |
| 4.70%, 04/15/32 *(a)* | 100000 | 103060 |
| 2.40%, 04/15/50 *(a)* | 190000 | 114074 |
|  |  | **12265663** |
| ***Technology 2.3%***  | ***Technology 2.3%***  | ***Technology 2.3%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 3.90%, 10/04/27 *(a)* | 350000 | 351429 |
| 4.05%, 10/04/29 *(a)* | 325000 | 326197 |
| 4.25%, 10/04/31 *(a)* | 300000 | 300297 |
| 4.50%, 10/04/34 *(a)* | 400000 | 394643 |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 2.15%, 02/01/27 *(a)* | 285000 | 280319 |
| 4.85%, 04/04/27 *(a)* | 290000 | 293964 |
| 4.75%, 01/17/28 *(a)* | 200000 | 204011 |
| 4.80%, 04/04/29 *(a)* | 260000 | 266737 |
| 4.95%, 01/17/30 *(a)* | 200000 | 207129 |
| 2.30%, 02/01/30 *(a)* | 395000 | 369922 |
| 4.95%, 04/04/34 *(a)(c)* | 200000 | 206785 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 3.92%, 06/01/32 *(a)* | 150000 | 147093 |
| 4.39%, 06/01/52 *(a)* | 275000 | 232810 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 0.80%, 08/15/27 *(a)* | 325000 | 311102 |
| 3.88%, 11/15/28 *(a)* | 310000 | 311540 |
| 4.00%, 05/15/30 *(a)* | 225000 | 225634 |
| 1.10%, 08/15/30 *(a)* | 675000 | 595106 |
| 4.10%, 11/15/30 *(a)* | 770000 | 772640 |
| 4.38%, 11/15/32 *(a)* | 390000 | 391451 |
| 4.50%, 05/15/35 *(a)* | 350000 | 348399 |
| 4.70%, 11/15/35 *(a)* | 1080000 | 1081087 |
| 1.90%, 08/15/40 *(a)* | 480000 | 325123 |
| 5.35%, 11/15/45 *(a)* | 620000 | 616462 |
| 2.05%, 08/15/50 *(a)* | 765000 | 417958 |
| 5.25%, 05/15/55 *(a)* | 435000 | 417112 |
| 5.45%, 11/15/55 *(a)* | 1240000 | 1217289 |
| 2.25%, 08/15/60 *(a)* | 705000 | 361714 |
| 5.30%, 05/15/65 *(a)* | 455000 | 428317 |
| 5.70%, 11/15/75 *(a)* | 860000 | 847203 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| 2.54%, 06/15/30 *(a)* | 550000 | 505089 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 3.45%, 06/15/27 *(a)* | 210000 | 208899 |
| 4.25%, 06/15/28 *(a)* | 250000 | 252115 |
| 1.70%, 10/01/28 *(a)* | 215000 | 202968 |
| 4.50%, 06/15/30 *(a)(c)* | 250000 | 253542 |
| 2.10%, 10/01/31 *(a)* | 350000 | 311133 |
| 5.05%, 04/01/34 *(a)* | 150000 | 155229 |
| 2.80%, 10/01/41 *(a)* | 330000 | 243355 |
| 5.30%, 12/15/45 *(a)* | 100000 | 97576 |
| 2.95%, 10/01/51 *(a)* | 400000 | 259619 |
| 5.30%, 04/01/54 *(a)* | 150000 | 144395 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 3.35%, 02/09/27 *(a)* | 745000 | 743013 |
| 3.20%, 05/11/27 *(a)* | 560000 | 557158 |
| 3.00%, 06/20/27 *(a)* | 275000 | 272806 |
| 2.90%, 09/12/27 *(a)* | 645000 | 637405 |
| 3.00%, 11/13/27 *(a)* | 450000 | 445941 |
| 1.20%, 02/08/28 *(a)* | 800000 | 761107 |
| 4.00%, 05/10/28 *(a)* | 450000 | 453593 |
| 4.00%, 05/12/28 *(a)* | 350000 | 352789 |
| 1.40%, 08/05/28 *(a)* | 650000 | 614444 |
| 3.25%, 08/08/29 *(a)* | 300000 | 294729 |
| 2.20%, 09/11/29 *(a)* | 600000 | 566302 |
| 4.15%, 05/10/30 *(a)* | 250000 | 252874 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.65%, 05/11/30 *(a)* | 605000 | 550408 |
| 4.20%, 05/12/30 *(a)* | 450000 | 455339 |
| 1.25%, 08/20/30 *(a)* | 380000 | 337205 |
| 1.65%, 02/08/31 *(a)* | 820000 | 731670 |
| 1.70%, 08/05/31 *(a)* | 400000 | 354482 |
| 4.50%, 05/12/32 *(a)* | 300000 | 306900 |
| 3.35%, 08/08/32 *(a)(c)* | 425000 | 407182 |
| 4.30%, 05/10/33 *(a)* | 300000 | 304399 |
| 4.75%, 05/12/35 *(a)* | 300000 | 307757 |
| 4.50%, 02/23/36 *(a)* | 410000 | 414680 |
| 2.38%, 02/08/41 *(a)* | 495000 | 356974 |
| 3.85%, 05/04/43  | 945000 | 798451 |
| 4.45%, 05/06/44  | 265000 | 243925 |
| 3.45%, 02/09/45  | 610000 | 474389 |
| 4.38%, 05/13/45  | 600000 | 535545 |
| 4.65%, 02/23/46 *(a)* | 1030000 | 946593 |
| 3.85%, 08/04/46 *(a)* | 613000 | 497528 |
| 4.25%, 02/09/47 *(a)* | 300000 | 257175 |
| 3.75%, 09/12/47 *(a)* | 300000 | 237216 |
| 3.75%, 11/13/47 *(a)* | 369000 | 292263 |
| 2.95%, 09/11/49 *(a)* | 400000 | 267784 |
| 2.65%, 05/11/50 *(a)* | 770000 | 482231 |
| 2.40%, 08/20/50 *(a)* | 475000 | 282718 |
| 2.65%, 02/08/51 *(a)* | 890000 | 551848 |
| 2.70%, 08/05/51 *(a)* | 550000 | 343252 |
| 3.95%, 08/08/52 *(a)* | 510000 | 404762 |
| 4.85%, 05/10/53 *(a)* | 440000 | 415658 |
| 2.55%, 08/20/60 *(a)* | 475000 | 264870 |
| 2.80%, 02/08/61 *(a)* | 510000 | 299527 |
| 2.85%, 08/05/61 *(a)* | 410000 | 242581 |
| 4.10%, 08/08/62 *(a)* | 360000 | 282851 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 3.30%, 04/01/27 *(a)* | 490000 | 487807 |
| 1.75%, 06/01/30 *(a)* | 250000 | 226198 |
| 4.00%, 01/15/31 *(a)* | 160000 | 159215 |
| 5.10%, 10/01/35 *(a)(c)* | 155000 | 159900 |
| 4.60%, 01/15/36 *(a)* | 130000 | 128081 |
| 5.85%, 06/15/41  | 265000 | 281988 |
| 4.35%, 04/01/47 *(a)* | 240000 | 206541 |
| 2.75%, 06/01/50 *(a)* | 260000 | 166949 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 3.88%, 01/12/28 *(a)* | 215000 | 213549 |
| 5.15%, 08/21/29 *(a)* | 180000 | 184184 |
| 2.95%, 02/15/32 *(a)* | 220000 | 196821 |
| 5.88%, 04/10/34 *(a)* | 160000 | 167106 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.25%, 05/15/29 *(a)* | 150000 | 154493 |
| 5.50%, 05/15/34 *(a)* | 135000 | 139812 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 3.50%, 06/15/27 *(a)* | 210000 | 208679 |
| 2.85%, 01/15/30 *(a)* | 60000 | 56769 |
| 2.40%, 12/15/31 *(a)* | 420000 | 373795 |
| 5.30%, 06/15/35 *(a)* | 160000 | 164322 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.70%, 05/15/28 *(a)* | 330000 | 315217 |
| 1.25%, 09/01/30 *(a)* | 350000 | 309676 |
| 4.75%, 05/08/32 *(a)* | 325000 | 333256 |
| 4.45%, 09/09/34 *(a)* | 275000 | 274402 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 6.25%, 03/15/28 *(a)* | 150000 | 155482 |
| 3.00%, 05/15/31 *(a)* | 185000 | 167033 |
| 5.50%, 06/01/32 *(a)* | 150000 | 152217 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 3.63%, 07/06/27  | 200000 | 199190 |
| 4.38%, 03/29/28 *(a)* | 390000 | 393218 |

---

*See financial notes*

**78**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 11/14/28 *(a)* | 200000 | 204592 |
| 2.38%, 08/23/31 *(a)(c)* | 255000 | 232067 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| 3.50%, 01/15/28 *(a)* | 255000 | 252921 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 5.05%, 07/12/27 *(a)* | 375000 | 381655 |
| 1.95%, 02/15/28 *(a)* | 275000 | 264107 |
| 4.15%, 02/15/28 *(a)* | 285000 | 286158 |
| 4.80%, 04/15/28 *(a)* | 300000 | 305438 |
| 4.11%, 09/15/28 *(a)* | 330000 | 331031 |
| 4.00%, 04/15/29 *(a)(e)* | 265000 | 264009 |
| 4.75%, 04/15/29 *(a)* | 470000 | 478895 |
| 5.05%, 07/12/29 *(a)* | 640000 | 659281 |
| 4.35%, 02/15/30 *(a)* | 400000 | 402729 |
| 5.00%, 04/15/30 *(a)* | 200000 | 206013 |
| 5.05%, 04/15/30 *(a)* | 200000 | 206475 |
| 4.60%, 07/15/30 *(a)* | 510000 | 518360 |
| 4.20%, 10/15/30 *(a)* | 290000 | 289814 |
| 4.15%, 11/15/30 *(a)* | 523000 | 520953 |
| 2.45%, 02/15/31 *(a)* | 965000 | 882905 |
| 5.15%, 11/15/31 *(a)* | 450000 | 466917 |
| 4.55%, 02/15/32 *(a)* | 285000 | 285984 |
| 4.15%, 04/15/32 *(a)(e)* | 485000 | 474740 |
| 5.20%, 04/15/32 *(a)* | 450000 | 467217 |
| 4.90%, 07/15/32 *(a)* | 510000 | 520976 |
| 4.30%, 11/15/32 *(a)* | 640000 | 631545 |
| 2.60%, 02/15/33 *(a)* | 500000 | 440929 |
| 3.42%, 04/15/33 *(a)* | 610000 | 564990 |
| 3.47%, 04/15/34 *(a)* | 945000 | 863632 |
| 4.80%, 10/15/34 *(a)* | 535000 | 535935 |
| 5.20%, 07/15/35 *(a)* | 730000 | 748713 |
| 3.14%, 11/15/35 *(a)(e)* | 986000 | 849839 |
| 4.80%, 02/15/36 *(a)* | 660000 | 650931 |
| 3.19%, 11/15/36 *(a)(e)* | 832000 | 705819 |
| 4.93%, 05/15/37 *(a)(e)* | 705000 | 696057 |
| 4.90%, 02/15/38 *(a)* | 510000 | 500484 |
| 3.50%, 02/15/41 *(a)* | 905000 | 737337 |
| 3.75%, 02/15/51 *(a)* | 550000 | 415967 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.90%, 12/01/29 *(a)* | 250000 | 237143 |
| 2.60%, 05/01/31 *(a)* | 265000 | 240945 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.20%, 09/10/27  | 175000 | 176120 |
| 4.30%, 09/10/29 *(a)* | 240000 | 241266 |
| 4.70%, 09/10/34 *(a)* | 420000 | 420353 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 4.25%, 04/01/28 *(a)* | 205000 | 204636 |
| 3.28%, 12/01/28 *(a)* | 240000 | 233410 |
| 3.25%, 02/15/29 *(a)* | 265000 | 255440 |
| 5.10%, 03/01/30 *(a)* | 165000 | 168152 |
| 3.57%, 12/01/31 *(a)* | 305000 | 284036 |
| 5.55%, 08/22/34 *(a)* | 180000 | 183627 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 4.95%, 03/14/30 *(a)(e)* | 330000 | 334424 |
| 2.30%, 09/14/31 *(a)* | 150000 | 133139 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 4.80%, 02/26/27 *(a)* | 530000 | 536003 |
| 4.55%, 02/24/28 *(a)* | 300000 | 304933 |
| 4.85%, 02/26/29 *(a)* | 810000 | 832081 |
| 4.75%, 02/24/30 *(a)* | 335000 | 344495 |
| 4.95%, 02/26/31 *(a)* | 700000 | 725912 |
| 4.95%, 02/24/32 *(a)* | 300000 | 309835 |
| 5.05%, 02/26/34 *(a)* | 770000 | 793120 |
| 5.10%, 02/24/35 *(a)* | 450000 | 463008 |
| 5.90%, 02/15/39  | 575000 | 619690 |
| 5.50%, 01/15/40  | 515000 | 534252 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.30%, 02/26/54 *(a)* | 595000 | 570894 |
| 5.50%, 02/24/55 *(a)* | 220000 | 217705 |
| 5.35%, 02/26/64 *(a)* | 265000 | 251146 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.60%, 08/02/28 *(a)(c)* | 350000 | 361493 |
| 6.85%, 08/02/33 *(a)(c)* | 165000 | 168242 |
| **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** |
| 4.70%, 03/15/37  | 140000 | 136357 |
| 5.75%, 08/15/40  | 110000 | 114793 |
| 4.75%, 03/15/42  | 160000 | 147217 |
| 5.35%, 11/15/48 *(a)* | 165000 | 160173 |
| 3.90%, 11/15/49 *(a)* | 180000 | 138900 |
| 4.38%, 11/15/57 *(a)* | 150000 | 121317 |
| 5.85%, 11/15/68 *(a)* | 100000 | 97086 |
| 5.45%, 11/15/79 *(a)* | 350000 | 320404 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 6.10%, 07/15/27 *(a)* | 150000 | 154123 |
| 5.25%, 02/01/28 *(a)* | 275000 | 281249 |
| 4.75%, 04/01/28 *(a)* | 300000 | 304416 |
| 4.15%, 02/15/29 *(a)* | 220000 | 219863 |
| 5.30%, 10/01/29 *(a)* | 550000 | 567816 |
| 4.35%, 02/01/30 *(a)* | 240000 | 240240 |
| 5.00%, 04/01/30 *(a)* | 300000 | 307395 |
| 6.20%, 07/15/30 *(a)* | 200000 | 213640 |
| 4.50%, 02/15/31 *(a)* | 370000 | 369785 |
| 5.30%, 04/01/32 *(a)* | 300000 | 308643 |
| 4.75%, 10/06/32 *(a)* | 370000 | 369735 |
| 5.75%, 02/01/33 *(a)* | 330000 | 348158 |
| 5.40%, 04/15/34 *(a)* | 320000 | 329009 |
| 4.85%, 02/01/35 *(a)* | 250000 | 246816 |
| 5.50%, 04/01/35 *(a)* | 250000 | 257699 |
| 5.10%, 02/15/36 *(a)* | 370000 | 365518 |
| 8.10%, 07/15/36 *(a)* | 300000 | 363645 |
| 3.38%, 12/15/41 *(a)* | 250000 | 190197 |
| 8.35%, 07/15/46 *(a)* | 253000 | 321180 |
| 3.45%, 12/15/51 *(a)* | 255000 | 173604 |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| 7.10%, 04/15/28  | 150000 | 159435 |
| 6.50%, 04/15/38  | 185000 | 198825 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| 2.38%, 09/15/28 *(a)* | 200000 | 188767 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 5.10%, 12/15/27 *(a)* | 325000 | 331491 |
| 5.10%, 06/01/28 *(a)* | 200000 | 204489 |
| 3.10%, 05/15/30 *(a)* | 250000 | 236897 |
| 2.35%, 09/15/31 *(a)* | 305000 | 271397 |
| **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** |
| 4.60%, 11/15/30 *(a)* | 380000 | 381282 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 1.80%, 07/15/27 *(a)* | 185000 | 178997 |
| 1.55%, 03/15/28 *(a)* | 215000 | 204173 |
| 2.00%, 05/15/28 *(a)* | 185000 | 176617 |
| 3.20%, 11/18/29 *(a)* | 350000 | 336350 |
| 2.15%, 07/15/30 *(a)* | 300000 | 272406 |
| 2.50%, 05/15/31 *(a)* | 355000 | 321583 |
| 3.90%, 04/15/32 *(a)* | 350000 | 336692 |
| 3.00%, 07/15/50 *(a)* | 195000 | 124675 |
| 2.95%, 09/15/51 *(a)* | 205000 | 128672 |
| 3.40%, 02/15/52 *(a)* | 150000 | 102714 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 2.90%, 03/01/27 *(a)* | 220000 | 216832 |
| 3.45%, 03/01/32 *(a)* | 160000 | 148783 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 1.65%, 03/01/28 *(a)* | 280000 | 265907 |
| 2.25%, 03/01/31 *(a)* | 340000 | 303835 |
| 5.10%, 07/15/32 *(a)* | 225000 | 230089 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**79**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.10%, 03/01/41 *(a)* | 265000 | 196733 |
| 4.50%, 08/15/46 *(a)* | 125000 | 103996 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 2.25%, 06/01/27 *(a)* | 405000 | 394395 |
| 5.45%, 03/02/28 *(a)* | 350000 | 358559 |
| 5.38%, 08/21/28 *(a)* | 200000 | 205280 |
| 4.20%, 10/01/28 *(a)* | 450000 | 448978 |
| 3.50%, 07/01/29 *(a)* | 810000 | 785757 |
| 4.75%, 03/15/30 *(a)* | 50000 | 50291 |
| 4.55%, 02/15/31 *(a)* | 300000 | 297631 |
| 5.35%, 03/15/31 *(a)* | 290000 | 297716 |
| 5.60%, 03/02/33 *(a)* | 270000 | 279009 |
| 5.63%, 08/21/33 *(a)* | 420000 | 433150 |
| 5.45%, 03/15/34 *(a)* | 225000 | 228369 |
| 5.15%, 08/12/34 *(a)* | 305000 | 303061 |
| 5.25%, 08/11/35 *(a)* | 300000 | 299645 |
| 4.40%, 07/01/49 *(a)* | 625000 | 491285 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 6.00%, 01/15/28 *(a)* | 105000 | 108478 |
| 4.88%, 06/15/29 *(a)* | 250000 | 253604 |
| 4.88%, 05/12/30 *(a)* | 250000 | 253600 |
| 5.25%, 01/15/32 *(a)* | 90000 | 91779 |
| 5.38%, 11/13/35 *(a)* | 180000 | 179773 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| 2.20%, 03/15/31 *(a)* | 235000 | 210928 |
| **Gartner, Inc.** | **Gartner, Inc.** | **Gartner, Inc.** |
| 4.95%, 03/20/31 *(a)* | 110000 | 110508 |
| 5.60%, 11/20/35 *(a)* | 140000 | 140126 |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| 6.00%, 06/04/29 *(a)* | 125000 | 130555 |
| **Genpact U.K. Finco PLC/Genpact USA, Inc.** | **Genpact U.K. Finco PLC/Genpact USA, Inc.** | **Genpact U.K. Finco PLC/Genpact USA, Inc.** |
| 4.95%, 11/18/30 *(a)* | 110000 | 110066 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.15%, 01/15/27 *(a)* | 350000 | 342729 |
| 4.45%, 06/01/28 *(a)* | 345000 | 345197 |
| 4.50%, 11/15/28 *(a)* | 530000 | 531257 |
| 3.20%, 08/15/29 *(a)* | 400000 | 381546 |
| 5.30%, 08/15/29 *(a)* | 250000 | 255969 |
| 2.90%, 05/15/30 *(a)* | 275000 | 255040 |
| 4.88%, 11/15/30 *(a)* | 520000 | 520617 |
| 2.90%, 11/15/31 *(a)* | 200000 | 179331 |
| 5.20%, 11/15/32 *(a)* | 310000 | 310313 |
| 5.55%, 11/15/35 *(a)* | 530000 | 527241 |
| 4.15%, 08/15/49 *(a)* | 370000 | 275344 |
| 5.95%, 08/15/52 *(a)(c)* | 220000 | 210420 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.05%, 09/15/27  | 385000 | 385258 |
| 4.40%, 09/25/27 *(a)* | 350000 | 352023 |
| 5.25%, 07/01/28 *(a)* | 190000 | 194874 |
| 4.15%, 09/15/28 *(a)* | 370000 | 370426 |
| 4.55%, 10/15/29 *(a)* | 500000 | 503067 |
| 4.40%, 10/15/30 *(a)* | 300000 | 299103 |
| 5.00%, 10/15/34 *(a)* | 590000 | 585729 |
| 6.20%, 10/15/35 *(a)* | 225000 | 243630 |
| 6.35%, 10/15/45 *(a)* | 460000 | 473097 |
| 5.60%, 10/15/54 *(a)* | 565000 | 523674 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 3.00%, 06/17/27 *(a)* | 300000 | 295525 |
| 4.75%, 01/15/28 *(a)* | 285000 | 288535 |
| 4.00%, 04/15/29 *(a)* | 395000 | 391037 |
| 3.40%, 06/17/30 *(a)* | 200000 | 191604 |
| 2.65%, 06/17/31 *(a)* | 280000 | 252525 |
| 4.20%, 04/15/32 *(a)* | 230000 | 223397 |
| 5.50%, 01/15/33 *(a)* | 400000 | 413046 |
| 6.00%, 09/15/41  | 375000 | 379377 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.60%, 02/05/27 *(a)* | 120000 | 120865 |
| 4.60%, 02/05/29 *(a)* | 150000 | 152340 |
| 4.90%, 02/05/34 *(a)* | 300000 | 302970 |
| 5.25%, 02/05/44 *(a)* | 320000 | 309103 |
| 5.30%, 02/05/54 *(a)* | 460000 | 428864 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 3.75%, 03/25/27 *(a)* | 350000 | 348613 |
| 3.15%, 05/11/27 *(a)* | 340000 | 335969 |
| 3.75%, 08/05/27 *(a)* | 380000 | 378126 |
| 4.88%, 02/10/28 *(a)* | 555000 | 563106 |
| 1.60%, 08/12/28 *(a)* | 310000 | 290939 |
| 4.00%, 08/05/29 *(a)* | 265000 | 262258 |
| 2.45%, 11/15/29 *(a)* | 630000 | 588042 |
| 5.13%, 02/10/30 *(a)* | 290000 | 297350 |
| 3.90%, 03/25/30 *(a)* | 470000 | 460823 |
| 5.00%, 02/21/31 *(a)* | 175000 | 179085 |
| 2.00%, 08/12/31 *(a)* | 420000 | 368455 |
| 4.15%, 08/05/32 *(a)* | 375000 | 361918 |
| 4.00%, 12/15/32  | 195000 | 186200 |
| 5.20%, 02/10/33 *(a)* | 710000 | 723951 |
| 5.15%, 02/21/34 *(a)* | 310000 | 313983 |
| 4.60%, 03/25/40 *(a)* | 250000 | 223037 |
| 2.80%, 08/12/41 *(a)* | 185000 | 129194 |
| 4.80%, 10/01/41  | 295000 | 261915 |
| 4.25%, 12/15/42  | 225000 | 182468 |
| 5.63%, 02/10/43 *(a)* | 105000 | 100961 |
| 4.90%, 07/29/45 *(a)* | 255000 | 219938 |
| 4.10%, 05/19/46 *(a)* | 360000 | 275944 |
| 4.10%, 05/11/47 *(a)* | 265000 | 200450 |
| 3.73%, 12/08/47 *(a)* | 540000 | 384299 |
| 3.25%, 11/15/49 *(a)* | 730000 | 467592 |
| 4.75%, 03/25/50 *(a)* | 730000 | 597272 |
| 3.05%, 08/12/51 *(a)* | 400000 | 246288 |
| 4.90%, 08/05/52 *(a)* | 520000 | 430727 |
| 5.70%, 02/10/53 *(a)* | 605000 | 563881 |
| 5.60%, 02/21/54 *(a)* | 355000 | 328081 |
| 3.10%, 02/15/60 *(a)* | 395000 | 222063 |
| 4.95%, 03/25/60 *(a)* | 360000 | 293978 |
| 3.20%, 08/12/61 *(a)* | 200000 | 114562 |
| 5.05%, 08/05/62 *(a)* | 200000 | 162790 |
| 5.90%, 02/10/63 *(a)* | 435000 | 407633 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 3.30%, 01/27/27  | 175000 | 173962 |
| 2.20%, 02/09/27 *(a)* | 255000 | 250437 |
| 1.70%, 05/15/27 *(a)* | 410000 | 398601 |
| 4.15%, 07/27/27 *(a)* | 265000 | 266555 |
| 4.50%, 02/06/28 *(a)* | 375000 | 378779 |
| 4.65%, 02/10/28 *(a)* | 335000 | 340010 |
| 3.50%, 05/15/29  | 1065000 | 1044238 |
| 4.80%, 02/10/30 *(a)* | 300000 | 306989 |
| 1.95%, 05/15/30 *(a)* | 425000 | 387419 |
| 2.72%, 02/09/32 *(a)* | 155000 | 140504 |
| 5.00%, 02/10/32 *(a)* | 250000 | 256871 |
| 4.40%, 07/27/32 *(a)* | 300000 | 299511 |
| 5.88%, 11/29/32  | 200000 | 215729 |
| 5.20%, 02/10/35 *(a)* | 285000 | 292394 |
| 4.15%, 05/15/39  | 550000 | 491598 |
| 5.60%, 11/30/39  | 310000 | 320680 |
| 2.85%, 05/15/40 *(a)* | 250000 | 188601 |
| 4.00%, 06/20/42  | 375000 | 314191 |
| 4.70%, 02/19/46  | 410000 | 362966 |
| 4.25%, 05/15/49  | 880000 | 710768 |
| 2.95%, 05/15/50 *(a)* | 240000 | 153588 |
| 3.43%, 02/09/52 *(a)* | 250000 | 171458 |
| 4.90%, 07/27/52 *(a)* | 285000 | 251189 |
| 5.10%, 02/06/53 *(a)* | 190000 | 173272 |

---

*See financial notes*

**80**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.70%, 02/10/55 *(a)* | 340000 | 335524 |
| 7.13%, 12/01/96  | 90000 | 107017 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 1.35%, 07/15/27 *(a)* | 240000 | 231913 |
| 1.65%, 07/15/30 *(a)* | 310000 | 278909 |
| 5.20%, 09/15/33 *(a)* | 400000 | 418211 |
| 5.50%, 09/15/53 *(a)* | 365000 | 359522 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 4.25%, 05/15/27 *(a)* | 180000 | 180392 |
| 3.95%, 01/12/28 *(a)* | 180000 | 179758 |
| 5.45%, 02/01/29 *(a)* | 120000 | 123976 |
| 3.60%, 01/15/30 *(a)* | 180000 | 174564 |
| 3.00%, 01/15/31 *(a)* | 175000 | 163068 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 3.75%, 08/15/29 *(a)* | 290000 | 283268 |
| 2.00%, 12/10/30 *(a)* | 240000 | 212258 |
| 5.95%, 03/15/41  | 110000 | 110489 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.60%, 04/06/27 *(a)* | 250000 | 251310 |
| 3.00%, 10/30/29 *(a)* | 175000 | 167811 |
| 5.35%, 07/30/30 *(a)* | 260000 | 271202 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.10%, 03/15/29 *(a)* | 204000 | 204559 |
| 4.65%, 07/15/32 *(a)* | 300000 | 304677 |
| 4.70%, 02/01/34 *(a)* | 225000 | 226272 |
| 5.00%, 03/15/49 *(a)* | 125000 | 115337 |
| 3.30%, 03/01/50 *(a)* | 265000 | 184670 |
| 4.95%, 07/15/52 *(a)* | 430000 | 390832 |
| 5.25%, 07/15/62 *(a)* | 265000 | 247100 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 2.70%, 10/15/28 *(a)* | 445000 | 426819 |
| 3.15%, 10/15/31 *(a)* | 200000 | 182708 |
| 6.35%, 02/20/34 *(a)* | 220000 | 233396 |
| 4.10%, 10/15/41 *(a)* | 100000 | 79325 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| 4.00%, 03/15/29 *(a)* | 310000 | 310391 |
| 1.90%, 06/15/30 *(a)* | 250000 | 227591 |
| 4.88%, 03/15/49 *(a)* | 270000 | 247547 |
| 2.88%, 06/15/50 *(a)* | 225000 | 146102 |
| 3.13%, 06/15/60 *(a)(c)* | 300000 | 187721 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 4.38%, 05/15/30 *(a)* | 385000 | 384663 |
| 2.30%, 02/15/31 *(a)* | 400000 | 359753 |
| 5.40%, 03/15/32 *(a)* | 100000 | 104075 |
| 5.75%, 03/15/33 *(a)* | 165000 | 174948 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.45%, 04/15/28 *(a)* | 305000 | 293797 |
| 4.88%, 06/22/28 *(a)* | 199000 | 202470 |
| 5.75%, 02/15/29 *(a)* | 90000 | 93924 |
| 4.75%, 07/15/30 *(a)* | 155000 | 157136 |
| 2.95%, 04/15/31 *(a)* | 150000 | 139026 |
| 5.95%, 09/15/33 *(a)* | 130000 | 139136 |
| 5.45%, 07/15/35 *(a)* | 225000 | 231941 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 3.30%, 03/26/27 *(a)* | 300000 | 298557 |
| 4.10%, 01/15/28 *(a)* | 200000 | 201610 |
| 3.50%, 02/26/28 *(a)* | 180000 | 179458 |
| 4.88%, 03/09/28 *(a)* | 220000 | 225081 |
| 4.55%, 03/15/28 *(a)* | 310000 | 315347 |
| 2.95%, 06/01/29 *(a)* | 320000 | 310073 |
| 3.35%, 03/26/30 *(a)* | 400000 | 390915 |
| 1.90%, 03/15/31 *(a)* | 165000 | 148087 |
| 2.00%, 11/18/31 *(a)* | 320000 | 285266 |
| 4.35%, 01/15/32 *(a)* | 320000 | 321981 |
| 4.95%, 03/15/32 *(a)* | 150000 | 155556 |
| 4.85%, 03/09/33 *(a)* | 150000 | 154279 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 05/09/34 *(a)* | 200000 | 205300 |
| 4.55%, 01/15/35 *(a)* | 350000 | 350299 |
| 3.80%, 11/21/46 *(a)* | 200000 | 159994 |
| 3.95%, 02/26/48 *(a)* | 150000 | 121558 |
| 3.65%, 06/01/49 *(a)* | 295000 | 225047 |
| 3.85%, 03/26/50 *(a)* | 450000 | 352960 |
| 2.95%, 03/15/51 *(a)* | 250000 | 164415 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| 4.90%, 03/15/28  | 300000 | 304377 |
| 5.05%, 03/15/29 *(a)* | 255000 | 260136 |
| 5.05%, 02/15/30 *(a)* | 300000 | 306211 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.33%, 02/06/29 *(a)* | 200000 | 206326 |
| 4.66%, 02/15/30 *(a)* | 250000 | 252913 |
| 5.30%, 01/15/31 *(a)* | 300000 | 310812 |
| 2.70%, 04/15/32 *(a)* | 450000 | 403910 |
| 5.88%, 02/09/33 *(a)* | 200000 | 212815 |
| 5.88%, 09/15/33 *(a)* | 265000 | 281648 |
| 5.80%, 01/15/35 *(a)* | 200000 | 210915 |
| 6.05%, 11/01/35 *(a)* | 405000 | 432447 |
| 3.37%, 11/01/41 *(a)* | 200000 | 153036 |
| 3.48%, 11/01/51 *(a)* | 215000 | 151076 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 3.30%, 02/06/27 *(a)* | 1200000 | 1195649 |
| 3.40%, 06/15/27 *(a)* | 235000 | 234587 |
| 1.35%, 09/15/30 *(a)* | 180000 | 161437 |
| 3.50%, 02/12/35 *(a)(c)* | 525000 | 495118 |
| 4.20%, 11/03/35 *(a)* | 200000 | 199446 |
| 3.45%, 08/08/36 *(a)* | 620000 | 566160 |
| 4.10%, 02/06/37 *(a)* | 380000 | 367916 |
| 5.20%, 06/01/39  | 105000 | 109839 |
| 4.50%, 10/01/40  | 65000 | 63028 |
| 5.30%, 02/08/41  | 150000 | 155991 |
| 3.50%, 11/15/42  | 145000 | 117644 |
| 3.75%, 02/12/45 *(a)* | 15000 | 12471 |
| 4.45%, 11/03/45 *(a)* | 235000 | 215274 |
| 3.70%, 08/08/46 *(a)* | 535000 | 428238 |
| 4.25%, 02/06/47 *(a)* | 410000 | 362923 |
| 4.50%, 06/15/47 *(a)* | 183000 | 165043 |
| 2.53%, 06/01/50 *(a)* | 1885000 | 1151339 |
| 2.50%, 09/15/50 *(a)* | 460000 | 279348 |
| 2.92%, 03/17/52 *(a)* | 1809000 | 1188471 |
| 4.00%, 02/12/55 *(a)* | 185000 | 147863 |
| 3.95%, 08/08/56 *(a)* | 250000 | 196966 |
| 4.50%, 02/06/57 *(a)* | 250000 | 222045 |
| 2.68%, 06/01/60 *(a)* | 1100000 | 631594 |
| 3.04%, 03/17/62 *(a)* | 641000 | 399435 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 3.25%, 01/15/28 *(a)* | 100000 | 98726 |
| 4.25%, 02/01/29 *(a)* | 120000 | 120782 |
| 2.00%, 08/19/31 *(a)* | 210000 | 186738 |
| 5.00%, 08/05/34 *(a)* | 150000 | 153019 |
| 2.75%, 08/19/41 *(a)* | 195000 | 140672 |
| 5.25%, 07/15/44  | 175000 | 169666 |
| 4.88%, 12/17/48 *(a)* | 150000 | 134761 |
| 3.25%, 05/20/50 *(a)* | 100000 | 68079 |
| 3.75%, 02/25/52 *(a)* | 185000 | 138162 |
| 3.10%, 11/29/61 *(a)* | 300000 | 186332 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.60%, 02/23/28 *(a)* | 275000 | 278139 |
| 5.00%, 04/15/29 *(a)* | 90000 | 92223 |
| 4.60%, 05/23/29 *(a)* | 200000 | 202437 |
| 4.85%, 08/15/30 *(a)* | 170000 | 173462 |
| 2.30%, 11/15/30 *(a)* | 275000 | 249852 |
| 2.75%, 05/24/31 *(a)* | 345000 | 315899 |
| 5.60%, 06/01/32 *(a)* | 180000 | 189455 |
| 5.20%, 08/15/32 *(a)* | 150000 | 154762 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**81**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.40%, 04/15/34 *(a)* | 215000 | 222136 |
| 5.55%, 08/15/35 *(a)* | 260000 | 270278 |
| 5.50%, 09/01/44  | 100000 | 97490 |
| **MSCI, Inc.** | **MSCI, Inc.** | **MSCI, Inc.** |
| 5.25%, 09/01/35 *(a)* | 370000 | 372802 |
| 5.15%, 03/15/36 *(a)* | 150000 | 149061 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 2.38%, 06/22/27 *(a)* | 215000 | 210223 |
| 2.70%, 06/22/30 *(a)* | 250000 | 233046 |
| 5.70%, 03/17/35 *(a)* | 200000 | 209643 |
| **Nokia OYJ** | **Nokia OYJ** | **Nokia OYJ** |
| 4.38%, 06/12/27  | 165000 | 165106 |
| 6.63%, 05/15/39  | 150000 | 160865 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 1.55%, 06/15/28 *(a)* | 365000 | 347038 |
| 2.85%, 04/01/30 *(a)* | 405000 | 387226 |
| 2.00%, 06/15/31 *(a)* | 330000 | 297202 |
| 3.50%, 04/01/40 *(a)* | 350000 | 295875 |
| 3.50%, 04/01/50 *(a)* | 600000 | 445039 |
| 3.70%, 04/01/60 *(a)* | 175000 | 128212 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| 5.55%, 12/01/28 *(a)* | 130000 | 134734 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 3.15%, 05/01/27 *(a)* | 165000 | 163264 |
| 4.40%, 06/01/27 *(a)* | 170000 | 170776 |
| 4.30%, 08/19/28 *(a)* | 375000 | 376507 |
| 4.30%, 06/18/29 *(a)* | 320000 | 320692 |
| 3.40%, 05/01/30 *(a)* | 275000 | 265263 |
| 2.50%, 05/11/31 *(a)* | 315000 | 285341 |
| 2.65%, 02/15/32 *(a)* | 300000 | 269690 |
| 4.85%, 08/19/32 *(a)* | 90000 | 90530 |
| 5.00%, 01/15/33 *(a)* | 255000 | 259152 |
| 5.25%, 08/19/35 *(a)* | 210000 | 213174 |
| 3.25%, 05/11/41 *(a)* | 300000 | 227474 |
| 3.13%, 02/15/42 *(a)* | 95000 | 69322 |
| 3.25%, 11/30/51 *(a)* | 150000 | 99179 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.80%, 04/01/27 *(a)* | 735000 | 721002 |
| 3.25%, 11/15/27 *(a)* | 800000 | 783661 |
| 2.30%, 03/25/28 *(a)* | 635000 | 605779 |
| 4.50%, 05/06/28 *(a)* | 260000 | 260042 |
| 4.80%, 08/03/28 *(a)* | 490000 | 492440 |
| 4.20%, 09/27/29 *(a)* | 490000 | 480495 |
| 6.15%, 11/09/29 *(a)* | 380000 | 396737 |
| 2.95%, 04/01/30 *(a)* | 1000000 | 923323 |
| 4.65%, 05/06/30 *(a)* | 200000 | 198153 |
| 3.25%, 05/15/30 *(a)* | 230000 | 214374 |
| 4.45%, 09/26/30 *(a)* | 910000 | 890078 |
| 2.88%, 03/25/31 *(a)* | 1030000 | 924073 |
| 5.25%, 02/03/32 *(a)* | 410000 | 409383 |
| 4.80%, 09/26/32 *(a)* | 890000 | 859944 |
| 6.25%, 11/09/32 *(a)* | 720000 | 751536 |
| 4.90%, 02/06/33 *(a)* | 465000 | 447767 |
| 4.30%, 07/08/34 *(a)* | 570000 | 515848 |
| 4.70%, 09/27/34 *(a)* | 570000 | 529347 |
| 3.90%, 05/15/35 *(a)* | 545000 | 471023 |
| 5.50%, 08/03/35 *(a)* | 600000 | 588720 |
| 5.20%, 09/26/35 *(a)* | 1250000 | 1200488 |
| 3.85%, 07/15/36 *(a)* | 355000 | 296812 |
| 3.80%, 11/15/37 *(a)* | 535000 | 432268 |
| 6.50%, 04/15/38  | 410000 | 418979 |
| 6.13%, 07/08/39  | 430000 | 423145 |
| 3.60%, 04/01/40 *(a)* | 775000 | 575354 |
| 5.38%, 07/15/40  | 600000 | 538127 |
| 3.65%, 03/25/41 *(a)* | 650000 | 474729 |
| 4.50%, 07/08/44 *(a)* | 330000 | 253106 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 05/15/45 *(a)* | 670000 | 482811 |
| 5.88%, 09/26/45 *(a)* | 740000 | 669736 |
| 4.00%, 07/15/46 *(a)* | 920000 | 640292 |
| 4.00%, 11/15/47 *(a)* | 670000 | 460499 |
| 3.60%, 04/01/50 *(a)* | 1320000 | 824218 |
| 3.95%, 03/25/51 *(a)* | 1055000 | 695436 |
| 6.90%, 11/09/52 *(a)* | 745000 | 736514 |
| 5.55%, 02/06/53 *(a)* | 725000 | 603029 |
| 5.38%, 09/27/54 *(a)* | 510000 | 412902 |
| 4.38%, 05/15/55 *(a)* | 410000 | 283420 |
| 6.00%, 08/03/55 *(a)* | 525000 | 463731 |
| 5.95%, 09/26/55 *(a)* | 1050000 | 931627 |
| 3.85%, 04/01/60 *(a)* | 1140000 | 697621 |
| 4.10%, 03/25/61 *(a)* | 485000 | 312787 |
| 5.50%, 09/27/64 *(a)* | 380000 | 303878 |
| 6.13%, 08/03/65 *(a)* | 300000 | 265292 |
| 6.10%, 09/26/65 *(a)* | 590000 | 520811 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.10%, 04/15/30 *(a)* | 400000 | 412020 |
| 5.35%, 04/15/32 *(a)* | 400000 | 414616 |
| 5.60%, 04/15/35 *(a)* | 400000 | 419178 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 3.90%, 06/01/27 *(a)* | 150000 | 150320 |
| 2.85%, 10/01/29 *(a)* | 425000 | 407349 |
| 2.30%, 06/01/30 *(a)* | 300000 | 278049 |
| 4.40%, 06/01/32 *(a)* | 430000 | 430045 |
| 5.15%, 06/01/34 *(a)* | 205000 | 210368 |
| 5.10%, 04/01/35 *(a)* | 150000 | 152723 |
| 3.25%, 06/01/50 *(a)* | 305000 | 207604 |
| 5.05%, 06/01/52 *(a)* | 310000 | 281118 |
| 5.50%, 06/01/54 *(a)* | 165000 | 160759 |
| 5.25%, 06/01/62 *(a)* | 150000 | 137799 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| 4.38%, 10/15/29 *(a)* | 310000 | 305612 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 3.25%, 05/20/27 *(a)* | 550000 | 547501 |
| 1.30%, 05/20/28 *(a)* | 354000 | 334117 |
| 2.15%, 05/20/30 *(a)* | 450000 | 414686 |
| 4.50%, 05/20/30 *(a)* | 210000 | 213614 |
| 1.65%, 05/20/32 *(a)* | 480000 | 410178 |
| 4.25%, 05/20/32 *(a)* | 260000 | 259722 |
| 5.40%, 05/20/33 *(a)* | 65000 | 68916 |
| 4.65%, 05/20/35 *(a)* | 300000 | 301510 |
| 4.80%, 05/20/45 *(a)* | 450000 | 412070 |
| 4.30%, 05/20/47 *(a)* | 455000 | 382491 |
| 3.25%, 05/20/50 *(a)* | 385000 | 266430 |
| 4.50%, 05/20/52 *(a)* | 300000 | 253773 |
| 6.00%, 05/20/53 *(a)* | 425000 | 447334 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.00%, 03/18/29 *(a)* | 285000 | 284173 |
| 3.00%, 05/22/30 *(a)* | 200000 | 190415 |
| 4.75%, 05/20/32 *(a)* | 220000 | 223905 |
| 5.25%, 03/27/35 *(a)* | 300000 | 310254 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 1.40%, 09/15/27 *(a)* | 195000 | 186755 |
| 4.20%, 09/15/28 *(a)* | 250000 | 250870 |
| 4.25%, 09/15/28 *(a)* | 150000 | 150684 |
| 2.95%, 09/15/29 *(a)* | 220000 | 210442 |
| 4.50%, 10/15/29 *(a)* | 45000 | 45452 |
| 2.00%, 06/30/30 *(a)* | 100000 | 90512 |
| 4.45%, 09/15/30 *(a)* | 150000 | 150721 |
| 1.75%, 02/15/31 *(a)* | 315000 | 276547 |
| 4.75%, 02/15/32 *(a)* | 150000 | 151654 |
| 4.90%, 10/15/34 *(a)* | 300000 | 299477 |
| 5.10%, 09/15/35 *(a)* | 290000 | 292485 |

---

*See financial notes*

**82**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 2.95%, 01/22/27 *(a)* | 245000 | 242774 |
| 2.45%, 03/01/27 *(a)* | 255000 | 251062 |
| 4.75%, 08/01/28 *(a)* | 260000 | 265003 |
| 2.70%, 03/01/29 *(a)* | 360000 | 346317 |
| 4.25%, 05/01/29 *(a)* | 240000 | 241382 |
| 1.25%, 08/15/30 *(a)* | 250000 | 219957 |
| 4.25%, 01/15/31 *(a)(e)* | 190000 | 190065 |
| 2.90%, 03/01/32 *(a)* | 490000 | 452134 |
| 5.25%, 09/15/33 *(a)* | 265000 | 278451 |
| 4.80%, 12/04/35 *(a)(e)* | 120000 | 119750 |
| 3.25%, 12/01/49 *(a)* | 180000 | 126458 |
| 3.70%, 03/01/52 *(a)* | 295000 | 223462 |
| 2.30%, 08/15/60 *(a)* | 205000 | 103890 |
| 3.90%, 03/01/62 *(a)* | 200000 | 149267 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 3.70%, 04/11/28 *(a)* | 480000 | 480168 |
| 1.50%, 07/15/28 *(a)* | 330000 | 312715 |
| 1.95%, 07/15/31 *(a)* | 450000 | 400600 |
| 2.70%, 07/15/41 *(a)* | 390000 | 282912 |
| 2.90%, 07/15/51 *(a)* | 700000 | 444045 |
| 3.05%, 07/15/61 *(a)* | 425000 | 256683 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| 1.40%, 09/01/30 *(a)* | 530000 | 467315 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| 3.00%, 06/01/31 *(a)* | 280000 | 254164 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.55%, 04/01/27  | 275000 | 277018 |
| 4.65%, 04/01/28 *(a)* | 275000 | 278838 |
| 4.85%, 04/01/30 *(a)* | 600000 | 612729 |
| 5.00%, 04/01/32 *(a)* | 450000 | 459716 |
| 5.15%, 04/01/35 *(a)* | 770000 | 782944 |
| 5.70%, 04/01/55 *(a)* | 500000 | 496198 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 2.38%, 08/09/28 *(a)* | 175000 | 166647 |
| 4.30%, 01/17/29 *(a)* | 150000 | 149785 |
| 6.10%, 04/12/34 *(a)* | 240000 | 253707 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| 2.50%, 08/01/30 *(a)* | 235000 | 217528 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.25%, 04/01/28 *(a)* | 200000 | 192303 |
| 2.75%, 04/01/31 *(a)* | 305000 | 282392 |
| **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** |
| 2.00%, 09/03/30 *(a)* | 235000 | 212378 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 2.90%, 11/03/27 *(a)* | 310000 | 306980 |
| 4.60%, 02/15/28 *(a)* | 150000 | 152391 |
| 4.60%, 02/08/29 *(a)* | 225000 | 229848 |
| 2.25%, 09/04/29 *(a)* | 350000 | 329923 |
| 1.75%, 05/04/30 *(a)* | 350000 | 318789 |
| 3.65%, 08/16/32 *(a)* | 280000 | 269191 |
| 4.90%, 03/14/33 *(a)* | 355000 | 366509 |
| 3.88%, 03/15/39 *(a)* | 190000 | 169706 |
| 4.15%, 05/15/48 *(a)* | 510000 | 419974 |
| 2.70%, 09/15/51 *(a)* | 125000 | 76580 |
| 4.10%, 08/16/52 *(a)* | 315000 | 251531 |
| 5.00%, 03/14/53 *(a)* | 285000 | 261560 |
| 5.15%, 02/08/54 *(a)* | 225000 | 212200 |
| 5.05%, 05/18/63 *(a)* | 680000 | 608212 |
| **TR Finance LLC** | **TR Finance LLC** | **TR Finance LLC** |
| 5.50%, 08/15/35  | 185000 | 192491 |
| 5.85%, 04/15/40  | 125000 | 129688 |
| 5.65%, 11/23/43 *(a)* | 120000 | 120201 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 4.90%, 06/15/28 *(a)* | 175000 | 177638 |
| 6.10%, 03/15/33 *(a)* | 250000 | 269370 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 3.88%, 04/22/27 *(a)* | 375000 | 374886 |
| 4.13%, 04/22/29 *(a)* | 220000 | 220493 |
| 2.50%, 10/25/31 *(a)* | 350000 | 319125 |
| 4.25%, 04/22/32 *(a)* | 335000 | 335570 |
| 3.13%, 10/25/41 *(a)* | 200000 | 161080 |
| 3.25%, 10/25/51 *(a)* | 295000 | 223242 |
| 4.50%, 04/22/52 *(a)(c)* | 380000 | 355872 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 4.75%, 07/15/27 *(a)* | 180000 | 180102 |
| 2.70%, 06/15/31 *(a)* | 245000 | 223138 |
| 5.25%, 06/01/32 *(a)* | 130000 | 133674 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 4.13%, 03/15/29 *(a)* | 300000 | 299464 |
| 4.50%, 08/15/30 *(a)* | 220000 | 222208 |
| 5.25%, 06/05/34 *(a)* | 155000 | 158764 |
| 5.25%, 03/15/35 *(a)* | 235000 | 239352 |
| 5.13%, 02/15/36 *(a)* | 220000 | 222208 |
| 5.50%, 06/15/45 *(a)* | 180000 | 175068 |
| 3.63%, 05/15/50 *(a)* | 225000 | 162584 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.90%, 04/15/27 *(a)* | 400000 | 392097 |
| 0.75%, 08/15/27 *(a)* | 215000 | 205851 |
| 2.75%, 09/15/27 *(a)* | 235000 | 232250 |
| 2.05%, 04/15/30 *(a)* | 460000 | 426775 |
| 1.10%, 02/15/31 *(a)* | 330000 | 287847 |
| 4.15%, 12/14/35 *(a)* | 510000 | 496862 |
| 2.70%, 04/15/40 *(a)* | 260000 | 200365 |
| 4.30%, 12/14/45 *(a)* | 925000 | 807131 |
| 3.65%, 09/15/47 *(a)* | 310000 | 242225 |
| 2.00%, 08/15/50 *(a)* | 425000 | 230785 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 3.90%, 08/21/27 *(a)* | 350000 | 350189 |
| 1.80%, 08/15/28 *(a)* | 265000 | 250748 |
| 4.70%, 05/15/30 *(a)* | 200000 | 203234 |
| 2.20%, 08/15/31 *(a)* | 510000 | 453356 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 2.85%, 02/01/29 *(a)* | 230000 | 220244 |
| 3.10%, 02/01/32 *(a)* | 150000 | 138341 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| 2.75%, 03/15/31 *(a)(c)* | 190000 | 173141 |
| 6.20%, 11/17/36 *(c)* | 200000 | 208822 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.50%, 04/01/27 *(a)* | 320000 | 318122 |
| 3.70%, 04/01/29 *(a)* | 225000 | 221892 |
| 3.80%, 04/01/32 *(a)* | 300000 | 287244 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| 2.38%, 06/01/30 *(a)* | 270000 | 251023 |
|  |  | **216970306** |
| ***Transportation 0.5%***  | ***Transportation 0.5%***  | ***Transportation 0.5%***  |
| **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** |
| 2.88%, 01/11/36  | 247543 | 226243 |
| **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** |
| 3.38%, 11/01/28  | 248895 | 244721 |
| **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** |
| 3.60%, 03/22/29  | 142978 | 141028 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.58%, 07/15/29  | 140124 | 138227 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| 3.20%, 12/15/29  | 149048 | 145284 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**83**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** |
| 3.00%, 04/15/30  | 63105 | 61165 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| 3.65%, 08/15/30  | 218763 | 214284 |
| **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** |
| 3.35%, 04/15/31  | 89112 | 86214 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| 3.15%, 08/15/33  | 126282 | 118979 |
| **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
| 4.90%, 11/11/39  | 250000 | 248305 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| 3.25%, 06/15/27 *(a)* | 200000 | 198781 |
| 6.20%, 08/15/36  | 50000 | 56000 |
| 6.15%, 05/01/37  | 105000 | 116654 |
| 5.75%, 05/01/40 *(a)* | 165000 | 174630 |
| 5.05%, 03/01/41 *(a)* | 200000 | 196287 |
| 5.40%, 06/01/41 *(a)* | 150000 | 152197 |
| 4.95%, 09/15/41 *(a)* | 115000 | 111150 |
| 4.40%, 03/15/42 *(a)* | 265000 | 237201 |
| 4.38%, 09/01/42 *(a)* | 230000 | 204692 |
| 4.45%, 03/15/43 *(a)* | 70000 | 62365 |
| 5.15%, 09/01/43 *(a)* | 200000 | 194123 |
| 4.90%, 04/01/44 *(a)* | 350000 | 329770 |
| 4.55%, 09/01/44 *(a)* | 235000 | 209266 |
| 4.15%, 04/01/45 *(a)* | 350000 | 294308 |
| 4.70%, 09/01/45 *(a)* | 250000 | 226052 |
| 3.90%, 08/01/46 *(a)* | 225000 | 180251 |
| 4.13%, 06/15/47 *(a)* | 250000 | 205877 |
| 4.05%, 06/15/48 *(a)* | 50000 | 40487 |
| 4.15%, 12/15/48 *(a)* | 330000 | 270689 |
| 3.55%, 02/15/50 *(a)* | 305000 | 224103 |
| 3.05%, 02/15/51 *(a)* | 220000 | 145264 |
| 3.30%, 09/15/51 *(a)* | 350000 | 241840 |
| 2.88%, 06/15/52 *(a)* | 215000 | 135517 |
| 4.45%, 01/15/53 *(a)* | 305000 | 257427 |
| 5.20%, 04/15/54 *(a)* | 490000 | 461712 |
| 5.50%, 03/15/55 *(a)* | 340000 | 334758 |
| 5.55%, 03/15/56 *(a)* | 290000 | 286094 |
| 5.80%, 03/15/56 *(a)* | 315000 | 322255 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 6.90%, 07/15/28  | 115000 | 123512 |
| 4.20%, 03/12/31 *(a)* | 90000 | 89881 |
| 3.85%, 08/05/32 *(a)* | 300000 | 291350 |
| 5.85%, 11/01/33 *(a)* | 165000 | 178820 |
| 4.38%, 09/18/34 *(a)* | 200000 | 196880 |
| 4.75%, 11/12/35 *(a)* | 120000 | 120034 |
| 6.38%, 11/15/37  | 150000 | 168414 |
| 3.20%, 08/02/46 *(a)* | 175000 | 126673 |
| 3.65%, 02/03/48 *(a)* | 235000 | 179532 |
| 4.45%, 01/20/49 *(a)* | 205000 | 175519 |
| 2.45%, 05/01/50 *(a)* | 200000 | 118882 |
| 4.40%, 08/05/52 *(a)* | 250000 | 211272 |
| 6.13%, 11/01/53 *(a)* | 185000 | 198347 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 4.00%, 06/01/28 *(a)* | 170000 | 170190 |
| 2.88%, 11/15/29 *(a)* | 150000 | 143488 |
| 2.05%, 03/05/30 *(a)* | 245000 | 225145 |
| 7.13%, 10/15/31  | 95000 | 107850 |
| 2.45%, 12/02/31 *(a)* | 400000 | 360074 |
| 5.20%, 03/30/35 *(a)* | 15000 | 15457 |
| 4.80%, 09/15/35 *(a)* | 145000 | 144081 |
| 5.95%, 05/15/37  | 195000 | 210578 |
| 3.00%, 12/02/41 *(a)* | 345000 | 257997 |
| 4.30%, 05/15/43 *(a)* | 125000 | 108448 |
| 4.80%, 08/01/45 *(a)* | 160000 | 147435 |
| 4.95%, 08/15/45 *(a)* | 160000 | 148903 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.70%, 05/01/48 *(a)* | 170000 | 150207 |
| 3.50%, 05/01/50 *(a)* | 125000 | 90191 |
| 3.10%, 12/02/51 *(a)* | 610000 | 405289 |
| 4.20%, 11/15/69 *(a)* | 135000 | 100352 |
| 6.13%, 09/15/15 *(a)* | 269000 | 269547 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| 4.20%, 04/15/28 *(a)* | 185000 | 185666 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 3.25%, 06/01/27 *(a)* | 313000 | 310475 |
| 3.80%, 03/01/28 *(a)* | 300000 | 299707 |
| 4.25%, 03/15/29 *(a)* | 150000 | 151322 |
| 2.40%, 02/15/30 *(a)* | 225000 | 210631 |
| 4.10%, 11/15/32 *(a)* | 180000 | 176728 |
| 5.20%, 11/15/33 *(a)* | 100000 | 104198 |
| 6.00%, 10/01/36  | 200000 | 217367 |
| 6.15%, 05/01/37  | 250000 | 274907 |
| 6.22%, 04/30/40  | 250000 | 274876 |
| 5.50%, 04/15/41 *(a)* | 180000 | 183850 |
| 4.75%, 05/30/42 *(a)* | 50000 | 46249 |
| 4.40%, 03/01/43 *(a)* | 180000 | 158284 |
| 4.10%, 03/15/44 *(a)* | 250000 | 209647 |
| 3.80%, 11/01/46 *(a)* | 260000 | 203878 |
| 4.30%, 03/01/48 *(a)* | 130000 | 108604 |
| 4.75%, 11/15/48 *(a)* | 220000 | 195901 |
| 4.50%, 03/15/49 *(a)* | 200000 | 170767 |
| 3.35%, 09/15/49 *(a)* | 410000 | 288647 |
| 3.80%, 04/15/50 *(a)* | 150000 | 114481 |
| 3.95%, 05/01/50 *(a)* | 150000 | 116642 |
| 2.50%, 05/15/51 *(a)* | 250000 | 147890 |
| 4.50%, 11/15/52 *(a)* | 345000 | 292809 |
| 4.50%, 08/01/54 *(a)* | 205000 | 172589 |
| 4.25%, 11/01/66 *(a)* | 200000 | 153862 |
| 4.65%, 03/01/68 *(a)* | 150000 | 123376 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| 2.00%, 12/10/29  | 187917 | 181081 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 4.38%, 04/19/28 *(a)* | 145000 | 145524 |
| 4.95%, 07/10/28 *(a)* | 290000 | 295271 |
| 3.75%, 10/28/29 *(a)* | 200000 | 195660 |
| 5.25%, 07/10/30 *(a)* | 290000 | 298247 |
| **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** |
| 1.88%, 08/20/35 *(c)* | 205138 | 179549 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 3.40%, 02/15/28 *(a)* | 460000 | 453627 |
| 3.10%, 08/05/29 *(a)* | 345000 | 332159 |
| 4.25%, 05/15/30 *(a)* | 210000 | 211204 |
| 2.40%, 05/15/31 *(a)* | 330000 | 299277 |
| 4.90%, 01/15/34  | 112000 | 112470 |
| 3.90%, 02/01/35  | 155000 | 143889 |
| 3.25%, 05/15/41 *(a)* | 100000 | 75061 |
| 3.88%, 08/01/42  | 100000 | 79590 |
| 4.10%, 04/15/43  | 75000 | 60796 |
| 5.10%, 01/15/44  | 175000 | 159576 |
| 4.10%, 02/01/45  | 187000 | 148068 |
| 4.75%, 11/15/45 *(a)* | 375000 | 323451 |
| 4.55%, 04/01/46 *(a)* | 325000 | 273679 |
| 4.40%, 01/15/47 *(a)* | 215000 | 175220 |
| 4.05%, 02/15/48 *(a)* | 275000 | 210559 |
| 4.95%, 10/17/48 *(a)* | 255000 | 222726 |
| 5.25%, 05/15/50 *(a)* | 300000 | 276269 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 2.65%, 07/15/31 *(a)* | 150000 | 135191 |
| 6.50%, 05/06/34 *(a)* | 215000 | 232582 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| 4.90%, 03/15/30 *(a)* | 200000 | 204543 |

---

*See financial notes*

**84**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| 2.75%, 11/15/33  | 262641 | 234258 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| 4.00%, 05/15/34  | 158112 | 149953 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| 4.20%, 03/01/28 *(a)* | 150000 | 150073 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 7.80%, 05/15/27  | 140000 | 147211 |
| 3.15%, 06/01/27 *(a)* | 100000 | 98960 |
| 3.80%, 08/01/28 *(a)* | 200000 | 199121 |
| 2.55%, 11/01/29 *(a)* | 200000 | 188937 |
| 5.05%, 08/01/30 *(a)* | 170000 | 176322 |
| 2.30%, 05/15/31 *(a)* | 200000 | 181175 |
| 3.00%, 03/15/32 *(a)* | 235000 | 216731 |
| 4.45%, 03/01/33 *(a)* | 130000 | 129695 |
| 4.84%, 10/01/41  | 230000 | 217364 |
| 3.95%, 10/01/42 *(a)* | 100000 | 83129 |
| 4.45%, 06/15/45 *(a)* | 320000 | 276598 |
| 4.65%, 01/15/46 *(a)* | 170000 | 150649 |
| 3.94%, 11/01/47 *(a)* | 260000 | 205472 |
| 4.15%, 02/28/48 *(a)* | 275000 | 224140 |
| 4.10%, 05/15/49 *(a)* | 100000 | 80040 |
| 3.40%, 11/01/49 *(a)* | 160000 | 113527 |
| 3.05%, 05/15/50 *(a)* | 300000 | 197512 |
| 2.90%, 08/25/51 *(a)* | 90000 | 56733 |
| 4.05%, 08/15/52 *(a)* | 265000 | 205984 |
| 3.70%, 03/15/53 *(a)* | 155000 | 113109 |
| 4.55%, 06/01/53 *(a)* | 305000 | 257727 |
| 5.35%, 08/01/54 *(a)* | 150000 | 143353 |
| 3.16%, 05/15/55 *(a)* | 260000 | 167447 |
| 5.95%, 03/15/64 *(a)* | 90000 | 92228 |
| 5.10%, 08/01/18 *(a)* | 210000 | 182280 |
| 4.10%, 05/15/21 *(a)* | 195000 | 135331 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 2.85%, 03/01/27 *(a)* | 235000 | 232085 |
| 5.30%, 03/15/27 *(a)* | 50000 | 50723 |
| 4.30%, 06/15/27 *(a)* | 50000 | 50237 |
| 5.65%, 03/01/28 *(a)* | 150000 | 154840 |
| 5.25%, 06/01/28 *(a)* | 255000 | 262007 |
| 6.30%, 12/01/28 *(a)* | 100000 | 106002 |
| 5.38%, 03/15/29 *(a)* | 135000 | 139833 |
| 4.95%, 09/01/29 *(a)* | 50000 | 51164 |
| 4.90%, 12/01/29 *(a)* | 100000 | 102147 |
| 5.00%, 03/15/30 *(a)* | 100000 | 102478 |
| 6.60%, 12/01/33 *(a)* | 325000 | 362911 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 5.13%, 06/15/27 *(a)* | 475000 | 481077 |
| 3.45%, 11/16/27 *(a)* | 125000 | 123275 |
| 4.38%, 11/15/28 *(a)* | 200000 | 200507 |
| 2.63%, 02/10/30 *(a)* | 140000 | 130154 |
| 5.25%, 11/15/35 *(a)* | 200000 | 195762 |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| 3.25%, 03/15/32 *(a)* | 335000 | 304407 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.15%, 02/05/27 *(a)* | 175000 | 171913 |
| 3.00%, 04/15/27 *(a)* | 75000 | 74280 |
| 3.95%, 09/10/28 *(a)* | 300000 | 300682 |
| 6.63%, 02/01/29  | 190000 | 204989 |
| 3.70%, 03/01/29 *(a)* | 310000 | 307807 |
| 2.40%, 02/05/30 *(a)* | 310000 | 290440 |
| 2.38%, 05/20/31 *(a)* | 300000 | 275293 |
| 2.80%, 02/14/32 *(a)* | 400000 | 367552 |
| 4.50%, 01/20/33 *(a)* | 50000 | 50512 |
| 3.38%, 02/01/35 *(a)* | 220000 | 198945 |
| 2.89%, 04/06/36 *(a)* | 250000 | 211373 |
| 3.60%, 09/15/37 *(a)* | 200000 | 178058 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.55%, 08/15/39 *(a)* | 165000 | 141034 |
| 3.20%, 05/20/41 *(a)* | 350000 | 274631 |
| 3.38%, 02/14/42 *(a)* | 100000 | 78773 |
| 4.05%, 11/15/45 *(a)* | 120000 | 98464 |
| 4.05%, 03/01/46 *(a)* | 175000 | 142834 |
| 3.35%, 08/15/46 *(a)* | 225000 | 163688 |
| 4.00%, 04/15/47 *(a)* | 200000 | 160409 |
| 4.50%, 09/10/48 *(a)* | 130000 | 111771 |
| 4.30%, 03/01/49 *(a)* | 275000 | 228422 |
| 3.25%, 02/05/50 *(a)* | 615000 | 425691 |
| 3.80%, 10/01/51 *(a)* | 200000 | 151071 |
| 2.95%, 03/10/52 *(a)* | 110000 | 70351 |
| 3.50%, 02/14/53 *(a)* | 555000 | 393608 |
| 5.60%, 12/01/54 *(a)* | 300000 | 299304 |
| 3.88%, 02/01/55 *(a)* | 255000 | 191686 |
| 3.95%, 08/15/59 *(a)* | 200000 | 148614 |
| 3.84%, 03/20/60 *(a)* | 580000 | 419152 |
| 3.55%, 05/20/61 *(a)(c)* | 385000 | 258544 |
| 2.97%, 09/16/62 *(a)* | 350000 | 205449 |
| 5.15%, 01/20/63 *(a)* | 20000 | 18374 |
| 4.10%, 09/15/67 *(a)* | 225000 | 167154 |
| 3.75%, 02/05/70 *(a)* | 265000 | 179254 |
| 3.80%, 04/06/71 *(a)* | 300000 | 206081 |
| 3.85%, 02/14/72 *(a)* | 165000 | 114774 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.10%, 01/07/30  | 153137 | 149208 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| 2.88%, 04/07/30  | 180664 | 173984 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| 3.50%, 09/01/31  | 136625 | 132169 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| 4.15%, 02/25/33  | 130064 | 127687 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| 2.70%, 11/01/33  | 212095 | 194268 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29  | 384266 | 393344 |
| **United Airlines 2023-1 Class A Pass-Through Trust** | **United Airlines 2023-1 Class A Pass-Through Trust** | **United Airlines 2023-1 Class A Pass-Through Trust** |
| 5.80%, 07/15/37  | 391848 | 409267 |
| **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
| 5.45%, 08/15/38  | 260691 | 268178 |
| 5.88%, 08/15/38  | 48276 | 49435 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 3.05%, 11/15/27 *(a)* | 300000 | 296702 |
| 3.40%, 03/15/29 *(a)* | 125000 | 123203 |
| 2.50%, 09/01/29 *(a)* | 275000 | 260992 |
| 4.45%, 04/01/30 *(a)* | 325000 | 331004 |
| 4.88%, 03/03/33 *(a)* | 240000 | 247291 |
| 5.15%, 05/22/34 *(a)* | 250000 | 259754 |
| 5.25%, 05/14/35 *(a)* | 300000 | 311278 |
| 6.20%, 01/15/38  | 400000 | 441389 |
| 5.20%, 04/01/40 *(a)* | 230000 | 231854 |
| 4.88%, 11/15/40 *(a)* | 160000 | 154143 |
| 3.63%, 10/01/42  | 110000 | 88241 |
| 3.40%, 11/15/46 *(a)* | 235000 | 174156 |
| 3.75%, 11/15/47 *(a)* | 360000 | 278403 |
| 4.25%, 03/15/49 *(a)* | 210000 | 173281 |
| 3.40%, 09/01/49 *(a)* | 300000 | 213088 |
| 5.30%, 04/01/50 *(a)* | 355000 | 340454 |
| 5.05%, 03/03/53 *(a)* | 310000 | 284165 |
| 5.50%, 05/22/54 *(a)* | 335000 | 326210 |
| 5.95%, 05/14/55 *(a)* | 350000 | 361562 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**85**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.60%, 05/22/64 *(a)* | 175000 | 169176 |
| 6.05%, 05/14/65 *(a)* | 345000 | 356289 |
|  |  | **45472990** |
|  |  | **1286797413** |
| **Utility 2.3%** | **Utility 2.3%** | **Utility 2.3%** |
| ***Electric 2.1%***  | ***Electric 2.1%***  | ***Electric 2.1%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 3.95%, 06/01/28 *(a)* | 105000 | 104596 |
| 5.45%, 05/15/29 *(a)* | 150000 | 155386 |
| 2.10%, 07/01/30 *(a)* | 200000 | 182319 |
| 4.70%, 05/15/32 *(a)* | 275000 | 276207 |
| 5.70%, 05/15/34 *(a)* | 100000 | 104423 |
| 3.80%, 10/01/47 *(a)* | 175000 | 129548 |
| 4.15%, 05/01/49 *(a)* | 100000 | 77049 |
| 3.45%, 01/15/50 *(a)* | 125000 | 85493 |
| 3.45%, 05/15/51 *(a)* | 100000 | 67751 |
| 5.25%, 05/15/52 *(a)* | 175000 | 160638 |
| 5.85%, 10/15/55 *(a)* | 220000 | 216311 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| 5.15%, 04/01/34 *(a)* | 135000 | 137854 |
| 5.38%, 06/15/35 *(a)* | 150000 | 155077 |
| 3.75%, 12/01/47 *(a)* | 140000 | 107554 |
| 4.25%, 09/15/48 *(a)* | 100000 | 82614 |
| 3.80%, 06/15/49 *(a)* | 255000 | 192874 |
| 3.15%, 09/15/49 *(a)* | 125000 | 84944 |
| 3.65%, 04/01/50 *(a)* | 225000 | 167314 |
| 2.75%, 08/15/51 *(a)* | 50000 | 30850 |
| 4.50%, 06/15/52 *(a)* | 100000 | 84881 |
| 5.40%, 03/15/53 *(a)* | 200000 | 194744 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 5.45%, 06/01/28 *(a)* | 250000 | 255908 |
| 2.45%, 01/15/31 *(a)* | 285000 | 258521 |
| 5.80%, 03/15/32 *(a)* | 225000 | 230874 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 3.75%, 09/01/27 *(a)* | 160000 | 160171 |
| 1.45%, 09/15/30 *(a)* | 190000 | 168721 |
| 4.30%, 03/15/31 *(a)* | 150000 | 150580 |
| 3.05%, 03/15/32 *(a)* | 210000 | 195164 |
| 3.94%, 09/01/32 *(a)* | 185000 | 179581 |
| 5.10%, 04/02/35 *(a)* | 150000 | 153685 |
| 6.00%, 03/01/39  | 150000 | 161499 |
| 3.85%, 12/01/42  | 150000 | 122772 |
| 4.15%, 08/15/44 *(a)* | 150000 | 125590 |
| 3.75%, 03/01/45 *(a)* | 175000 | 137838 |
| 3.70%, 12/01/47 *(a)* | 225000 | 172082 |
| 4.30%, 07/15/48 *(a)* | 220000 | 183274 |
| 3.45%, 10/01/49 *(a)* | 260000 | 185445 |
| 3.13%, 07/15/51 *(a)* | 290000 | 192392 |
| 3.00%, 03/15/52 *(a)* | 205000 | 133066 |
| **Alliant Energy Corp.** | **Alliant Energy Corp.** | **Alliant Energy Corp.** |
| 5.75%, 04/01/56 *(a)(b)* | 210000 | 209734 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 1.95%, 03/15/27 *(a)* | 100000 | 97709 |
| 5.00%, 01/15/29 *(a)* | 200000 | 204601 |
| 3.50%, 01/15/31 *(a)* | 300000 | 288683 |
| 5.38%, 03/15/35 *(a)* | 235000 | 241952 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.80%, 05/15/28 *(a)* | 90000 | 89792 |
| 3.85%, 09/01/32 *(a)* | 210000 | 201955 |
| 4.95%, 06/01/33 *(a)* | 180000 | 184141 |
| 4.15%, 03/15/46 *(a)* | 245000 | 202392 |
| 3.70%, 12/01/47 *(a)* | 200000 | 153055 |
| 4.50%, 03/15/49 *(a)* | 175000 | 149170 |
| 3.25%, 03/15/50 *(a)* | 140000 | 96101 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.90%, 06/15/51 *(a)* | 200000 | 126520 |
| 5.90%, 12/01/52 *(a)* | 140000 | 145242 |
| 5.55%, 07/01/54 *(a)* | 100000 | 98446 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.75%, 11/01/27 *(a)* | 250000 | 257862 |
| 3.20%, 11/13/27 *(a)* | 75000 | 73993 |
| 4.30%, 12/01/28 *(a)* | 200000 | 201675 |
| 5.20%, 01/15/29 *(a)* | 200000 | 206300 |
| 2.30%, 03/01/30 *(a)* | 250000 | 231299 |
| 5.95%, 11/01/32 *(a)* | 260000 | 279563 |
| 5.63%, 03/01/33 *(a)* | 210000 | 220721 |
| 3.25%, 03/01/50 *(a)* | 150000 | 100109 |
| 6.95%, 12/15/54 *(a)(b)* | 175000 | 188075 |
| 7.05%, 12/15/54 *(a)(b)* | 85000 | 88972 |
| 5.80%, 03/15/56 *(a)(b)* | 320000 | 317778 |
| 6.05%, 03/15/56 *(a)(b)* | 390000 | 383577 |
| 3.88%, 02/15/62 *(a)(b)* | 325000 | 319430 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| 3.30%, 06/01/27 *(a)* | 200000 | 198243 |
| 2.70%, 04/01/31 *(a)* | 100000 | 91579 |
| 4.50%, 08/01/32 *(a)* | 160000 | 158651 |
| 7.00%, 04/01/38  | 135000 | 153091 |
| 4.40%, 05/15/44 *(a)* | 95000 | 79822 |
| 4.45%, 06/01/45 *(a)* | 150000 | 126283 |
| 4.50%, 03/01/49 *(a)* | 120000 | 98616 |
| 3.70%, 05/01/50 *(a)* | 195000 | 141902 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.95%, 09/15/27 *(a)* | 95000 | 93527 |
| 2.60%, 08/15/29 *(a)* | 100000 | 94674 |
| 2.20%, 12/15/31 *(a)* | 250000 | 219473 |
| 5.55%, 08/01/33 *(a)* | 200000 | 209332 |
| 5.70%, 08/15/34 *(a)* | 105000 | 110492 |
| 5.05%, 09/01/41 *(a)* | 190000 | 183417 |
| 4.50%, 04/01/42 *(a)* | 70000 | 61676 |
| 4.35%, 11/15/45 *(a)* | 200000 | 166914 |
| 4.20%, 08/15/48 *(a)* | 100000 | 80459 |
| 4.25%, 03/01/49 *(a)* | 150000 | 120170 |
| 3.50%, 12/01/49 *(a)* | 195000 | 136929 |
| 3.35%, 05/15/50 *(a)* | 190000 | 130523 |
| 2.65%, 09/15/50 *(a)* | 175000 | 104416 |
| 5.90%, 08/15/55 *(a)* | 210000 | 213713 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| 4.00%, 10/15/28 *(a)* | 215000 | 215507 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| 3.80%, 06/01/29 *(a)* | 195000 | 192613 |
| **Avista Corp.** | **Avista Corp.** | **Avista Corp.** |
| 4.35%, 06/01/48 *(a)* | 150000 | 123514 |
| 4.00%, 04/01/52 *(a)* | 160000 | 119855 |
| **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** |
| 2.25%, 06/15/31 *(a)* | 275000 | 248685 |
| 5.30%, 06/01/34 *(a)* | 125000 | 129574 |
| 5.45%, 06/01/35 *(a)* | 200000 | 207469 |
| 6.35%, 10/01/36  | 125000 | 138659 |
| 3.50%, 08/15/46 *(a)* | 215000 | 159484 |
| 3.75%, 08/15/47 *(a)* | 180000 | 137906 |
| 4.25%, 09/15/48 *(a)* | 115000 | 94276 |
| 3.20%, 09/15/49 *(a)* | 185000 | 125363 |
| 2.90%, 06/15/50 *(a)* | 130000 | 83402 |
| 4.55%, 06/01/52 *(a)* | 175000 | 147569 |
| **Basin Electric Power Cooperative** | **Basin Electric Power Cooperative** | **Basin Electric Power Cooperative** |
| 5.85%, 10/15/55 *(a)(e)* | 150000 | 147013 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.25%, 04/15/28 *(a)* | 310000 | 305851 |
| 3.70%, 07/15/30 *(a)* | 205000 | 201707 |
| 1.65%, 05/15/31 *(a)* | 175000 | 152532 |
| 6.13%, 04/01/36  | 520000 | 565438 |

---

*See financial notes*

**86**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.95%, 05/15/37  | 150000 | 160859 |
| 5.15%, 11/15/43 *(a)* | 260000 | 249772 |
| 4.50%, 02/01/45 *(a)* | 250000 | 217037 |
| 3.80%, 07/15/48 *(a)* | 220000 | 166633 |
| 4.45%, 01/15/49 *(a)* | 300000 | 250672 |
| 4.25%, 10/15/50 *(a)* | 200000 | 160300 |
| 2.85%, 05/15/51 *(a)* | 455000 | 282985 |
| 4.60%, 05/01/53 *(a)* | 310000 | 261111 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 3.15%, 01/15/27 *(a)* | 220000 | 218042 |
| 5.95%, 03/15/28 *(a)* | 40000 | 41516 |
| 3.05%, 10/15/29 *(a)* | 310000 | 296368 |
| 2.50%, 06/15/30 *(a)* | 200000 | 185615 |
| 4.35%, 05/01/33 *(a)* | 100000 | 96505 |
| 6.15%, 05/15/34 *(a)* | 150000 | 161028 |
| 4.20%, 09/15/46 *(a)* | 115000 | 91778 |
| 3.88%, 10/15/49 *(a)* | 140000 | 104449 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 3.00%, 02/01/27 *(a)* | 40000 | 39672 |
| 5.20%, 10/01/28 *(a)* | 225000 | 232378 |
| 3.00%, 03/01/32 *(a)* | 100000 | 91970 |
| 4.45%, 10/01/32 *(a)* | 260000 | 259107 |
| 6.95%, 03/15/33  | 175000 | 198873 |
| 4.95%, 04/01/33 *(a)* | 290000 | 295867 |
| 5.05%, 03/01/35 *(a)* | 150000 | 151843 |
| 4.95%, 08/15/35 *(a)* | 180000 | 181579 |
| 3.55%, 08/01/42 *(a)* | 153000 | 121858 |
| 3.95%, 03/01/48 *(a)* | 200000 | 159653 |
| 4.25%, 02/01/49 *(a)* | 100000 | 82827 |
| 2.90%, 07/01/50 *(a)* | 125000 | 80891 |
| 3.35%, 04/01/51 *(a)* | 255000 | 179863 |
| 3.60%, 03/01/52 *(a)* | 235000 | 172056 |
| 4.85%, 10/01/52 *(a)* | 150000 | 134548 |
| 5.30%, 04/01/53 *(a)* | 165000 | 157401 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 5.40%, 06/01/29 *(a)* | 210000 | 217620 |
| 2.95%, 03/01/30 *(a)* | 219000 | 207610 |
| 6.85%, 02/15/55 *(a)(b)* | 135000 | 144341 |
| 7.00%, 02/15/55 *(a)(b)* | 125000 | 130548 |
| 6.70%, 05/15/55 *(a)(b)* | 220000 | 226376 |
| **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** |
| 4.97%, 05/01/46 *(a)* | 160000 | 138972 |
| **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** |
| 5.95%, 12/15/36  | 145000 | 152455 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 4.88%, 03/01/44 *(a)* | 100000 | 89458 |
| 4.75%, 06/01/50 *(a)(b)* | 230000 | 226441 |
| 3.75%, 12/01/50 *(a)(b)* | 140000 | 129139 |
| 6.50%, 06/01/55 *(a)(b)* | 300000 | 308682 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 2.95%, 08/15/27 *(a)* | 100000 | 98697 |
| 3.70%, 08/15/28 *(a)* | 275000 | 274105 |
| 3.15%, 03/15/32 *(a)* | 50000 | 46373 |
| 4.90%, 02/01/33 *(a)* | 75000 | 76845 |
| 5.90%, 03/15/36  | 200000 | 214936 |
| 6.45%, 01/15/38  | 110000 | 123009 |
| 3.80%, 10/01/42 *(a)* | 200000 | 161665 |
| 4.60%, 08/15/43 *(a)* | 150000 | 133913 |
| 4.70%, 01/15/44 *(a)* | 150000 | 134579 |
| 3.70%, 03/01/45 *(a)* | 150000 | 117458 |
| 4.35%, 11/15/45 *(a)* | 150000 | 127489 |
| 3.65%, 06/15/46 *(a)* | 250000 | 191092 |
| 3.75%, 08/15/47 *(a)* | 235000 | 179505 |
| 4.00%, 03/01/48 *(a)* | 225000 | 178846 |
| 4.00%, 03/01/49 *(a)* | 190000 | 148294 |
| 3.20%, 11/15/49 *(a)* | 125000 | 84550 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.00%, 03/01/50 *(a)* | 300000 | 196451 |
| 3.13%, 03/15/51 *(a)* | 250000 | 166195 |
| 2.75%, 09/01/51 *(a)* | 205000 | 126095 |
| 3.85%, 03/15/52 *(a)* | 140000 | 105092 |
| 5.95%, 06/01/55 *(a)* | 200000 | 207733 |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 3.20%, 03/15/27 *(a)* | 200000 | 198582 |
| 4.65%, 01/01/29 *(a)* | 150000 | 152960 |
| 2.05%, 07/01/31 *(a)* | 100000 | 88898 |
| 4.90%, 07/01/33 *(a)* | 155000 | 157384 |
| 4.95%, 08/15/34 *(a)* | 200000 | 202095 |
| 4.30%, 04/15/44 *(a)* | 150000 | 128705 |
| 4.15%, 06/01/45 *(a)* | 160000 | 132828 |
| 4.00%, 04/01/48 *(a)* | 320000 | 254751 |
| 5.25%, 01/15/53 *(a)* | 130000 | 123243 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 3.13%, 11/15/27 *(a)* | 35000 | 34609 |
| 3.80%, 05/15/28 *(a)* | 110000 | 109746 |
| 4.00%, 12/01/28 *(a)* | 200000 | 200793 |
| 3.35%, 04/01/30 *(a)* | 395000 | 382882 |
| 2.40%, 06/15/31 *(a)(c)* | 125000 | 114369 |
| 5.50%, 03/15/34 *(a)* | 250000 | 262685 |
| 5.30%, 03/01/35  | 205000 | 211357 |
| 5.85%, 03/15/36  | 160000 | 170497 |
| 6.30%, 08/15/37  | 245000 | 272842 |
| 6.75%, 04/01/38  | 200000 | 229080 |
| 5.50%, 12/01/39  | 250000 | 255688 |
| 5.70%, 06/15/40  | 150000 | 156668 |
| 4.20%, 03/15/42  | 150000 | 128473 |
| 3.95%, 03/01/43 *(a)* | 250000 | 205643 |
| 4.45%, 03/15/44 *(a)* | 320000 | 279130 |
| 4.50%, 12/01/45 *(a)* | 250000 | 215362 |
| 3.85%, 06/15/46 *(a)* | 220000 | 172713 |
| 3.88%, 06/15/47 *(a)* | 225000 | 174752 |
| 4.65%, 12/01/48 *(a)* | 140000 | 121401 |
| 4.13%, 05/15/49 *(a)* | 230000 | 182918 |
| 3.95%, 04/01/50 *(a)* | 350000 | 273005 |
| 3.20%, 12/01/51 *(a)* | 175000 | 116491 |
| 6.15%, 11/15/52 *(a)* | 150000 | 158127 |
| 5.90%, 11/15/53 *(a)* | 155000 | 158220 |
| 5.70%, 05/15/54 *(a)* | 250000 | 249754 |
| 4.63%, 12/01/54 *(a)* | 300000 | 253294 |
| 5.75%, 11/15/55 *(a)* | 280000 | 279739 |
| 4.30%, 12/01/56 *(a)* | 205000 | 161918 |
| 4.00%, 11/15/57 *(a)* | 145000 | 108239 |
| 4.50%, 05/15/58 *(a)* | 265000 | 217612 |
| 3.70%, 11/15/59 *(a)* | 180000 | 125762 |
| 3.00%, 12/01/60 *(a)* | 295000 | 174567 |
| 3.60%, 06/15/61 *(a)* | 225000 | 154562 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.60%, 03/01/28 *(a)* | 200000 | 206476 |
| 5.80%, 03/01/33 *(a)* | 200000 | 213716 |
| 6.13%, 01/15/34 *(a)* | 200000 | 217048 |
| 6.25%, 10/01/39  | 250000 | 271739 |
| 5.75%, 10/01/41 *(a)* | 100000 | 101975 |
| 5.60%, 06/15/42 *(a)* | 240000 | 241025 |
| 6.50%, 10/01/53 *(a)* | 265000 | 289060 |
| 5.75%, 03/15/54 *(a)* | 230000 | 228531 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 3.80%, 11/15/28 *(a)* | 50000 | 49879 |
| 4.90%, 02/15/29 *(a)* | 200000 | 205229 |
| 4.60%, 05/30/29 *(a)* | 150000 | 152537 |
| 4.70%, 01/15/30 *(a)* | 200000 | 204489 |
| 4.50%, 01/15/31 *(a)* | 150000 | 151722 |
| 3.60%, 08/15/32 *(a)* | 125000 | 118678 |
| 4.63%, 05/15/33 *(a)* | 160000 | 160720 |
| 5.05%, 05/15/35 *(a)* | 150000 | 152736 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**87**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.95%, 05/15/43 *(a)* | 120000 | 99165 |
| 3.25%, 08/15/46 *(a)* | 200000 | 144781 |
| 3.95%, 07/15/47 *(a)* | 100000 | 79958 |
| 4.05%, 05/15/48 *(a)* | 210000 | 169421 |
| 4.35%, 04/15/49 *(a)* | 200000 | 166737 |
| 3.75%, 02/15/50 *(a)* | 190000 | 142924 |
| 3.10%, 08/15/50 *(a)* | 225000 | 150424 |
| 3.50%, 08/01/51 *(a)* | 230000 | 165908 |
| 2.65%, 08/15/52 *(a)* | 105000 | 65066 |
| 4.20%, 09/01/52 *(a)* | 55000 | 44248 |
| 2.50%, 05/01/60 *(a)* | 150000 | 82423 |
| **Dayton Power & Light Co.** | **Dayton Power & Light Co.** | **Dayton Power & Light Co.** |
| 4.55%, 08/15/30 *(a)(e)* | 105000 | 104563 |
| 3.95%, 06/15/49 *(a)* | 125000 | 93284 |
| **Delmarva Power & Light Co.** | **Delmarva Power & Light Co.** | **Delmarva Power & Light Co.** |
| 4.15%, 05/15/45 *(a)* | 150000 | 127026 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| 2.30%, 12/01/31 *(a)* | 100000 | 89263 |
| 5.30%, 05/15/33  | 215000 | 224095 |
| 6.05%, 01/15/38  | 135000 | 145596 |
| 5.45%, 02/01/41 *(a)* | 100000 | 101086 |
| 4.60%, 06/15/43 *(a)* | 100000 | 89859 |
| 6.25%, 10/15/53 *(a)* | 50000 | 53909 |
| 5.10%, 06/01/65 *(a)* | 245000 | 217986 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 3.60%, 03/15/27 *(a)* | 265000 | 263848 |
| 4.25%, 06/01/28 *(a)* | 200000 | 200713 |
| 3.38%, 04/01/30 *(a)* | 500000 | 482646 |
| 5.00%, 06/15/30 *(a)* | 200000 | 205575 |
| 2.25%, 08/15/31 *(a)* | 280000 | 249668 |
| 4.35%, 08/15/32 *(a)* | 100000 | 98284 |
| 5.38%, 11/15/32 *(a)* | 250000 | 259897 |
| 6.30%, 03/15/33  | 180000 | 195966 |
| 5.25%, 08/01/33  | 250000 | 256602 |
| 5.45%, 03/15/35 *(a)* | 200000 | 205081 |
| 5.95%, 06/15/35  | 325000 | 346741 |
| 7.00%, 06/15/38  | 205000 | 232385 |
| 3.30%, 04/15/41 *(a)* | 100000 | 75968 |
| 4.90%, 08/01/41 *(a)* | 200000 | 184678 |
| 4.05%, 09/15/42 *(a)* | 110000 | 89514 |
| 4.70%, 12/01/44 *(a)* | 250000 | 219474 |
| 4.60%, 03/15/49 *(a)* | 230000 | 192040 |
| 4.85%, 08/15/52 *(a)* | 100000 | 86038 |
| 7.00%, 06/01/54 *(a)(b)* | 250000 | 271136 |
| 6.88%, 02/01/55 *(a)(b)* | 250000 | 260291 |
| 6.63%, 05/15/55 *(a)(b)* | 300000 | 309135 |
| 6.00%, 02/15/56 *(a)(b)* | 400000 | 402947 |
| 6.20%, 02/15/56 *(a)(b)* | 375000 | 377514 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 1.90%, 04/01/28 *(a)* | 150000 | 143858 |
| 2.25%, 03/01/30 *(a)* | 250000 | 232712 |
| 2.63%, 03/01/31 *(a)* | 205000 | 189597 |
| 5.20%, 04/01/33 *(a)* | 150000 | 156176 |
| 5.20%, 03/01/34 *(a)* | 150000 | 154956 |
| 5.25%, 05/15/35 *(a)* | 200000 | 205859 |
| 4.00%, 04/01/43 *(a)* | 235000 | 196030 |
| 4.30%, 07/01/44 *(a)* | 165000 | 140708 |
| 3.70%, 03/15/45 *(a)* | 175000 | 136988 |
| 3.70%, 06/01/46 *(a)* | 295000 | 227125 |
| 3.75%, 08/15/47 *(a)* | 175000 | 134577 |
| 4.05%, 05/15/48 *(a)* | 255000 | 207185 |
| 3.95%, 03/01/49 *(a)* | 239000 | 188603 |
| 2.95%, 03/01/50 *(a)* | 115000 | 75845 |
| 3.25%, 04/01/51 *(a)* | 200000 | 137500 |
| 5.40%, 04/01/53 *(a)* | 205000 | 199398 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 4.95%, 07/01/27 *(a)* | 430000 | 435778 |
| 4.88%, 06/01/28 *(a)* | 200000 | 203498 |
| 5.10%, 03/01/29 *(a)* | 350000 | 358935 |
| 3.40%, 06/15/29 *(a)* | 250000 | 243237 |
| 2.95%, 03/01/30 *(a)* | 210000 | 199019 |
| 5.20%, 04/01/30 *(a)* | 300000 | 309814 |
| 5.85%, 06/01/34 *(a)* | 200000 | 213427 |
| 5.05%, 10/01/35 *(a)* | 160000 | 160039 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 3.95%, 11/15/28 *(a)* | 236000 | 236596 |
| 2.45%, 08/15/29 *(a)* | 150000 | 142089 |
| 2.45%, 02/01/30 *(a)* | 250000 | 234545 |
| 2.55%, 04/15/31 *(a)* | 90000 | 82922 |
| 2.85%, 03/15/32 *(a)* | 150000 | 137525 |
| 6.45%, 10/15/32  | 180000 | 199731 |
| 4.95%, 01/15/33 *(a)* | 250000 | 257782 |
| 4.85%, 01/15/34 *(a)* | 255000 | 258397 |
| 5.25%, 03/15/35 *(a)* | 200000 | 206919 |
| 6.10%, 06/01/37  | 150000 | 161847 |
| 6.00%, 01/15/38  | 205000 | 220936 |
| 6.05%, 04/15/38  | 175000 | 189496 |
| 5.30%, 02/15/40  | 250000 | 253460 |
| 4.25%, 12/15/41 *(a)* | 200000 | 176027 |
| 4.00%, 09/30/42 *(a)* | 200000 | 168221 |
| 3.75%, 06/01/45 *(a)* | 200000 | 157412 |
| 3.88%, 03/15/46 *(a)* | 255000 | 202268 |
| 3.70%, 12/01/47 *(a)* | 165000 | 124924 |
| 3.95%, 03/15/48 *(a)* | 180000 | 142826 |
| 3.20%, 08/15/49 *(a)* | 300000 | 205227 |
| 3.45%, 04/15/51 *(a)* | 145000 | 102891 |
| 3.55%, 03/15/52 *(a)* | 250000 | 180025 |
| 5.35%, 01/15/53 *(a)* | 200000 | 192075 |
| 5.40%, 01/15/54 *(a)* | 100000 | 96915 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 3.15%, 08/15/27 *(a)* | 340000 | 336234 |
| 5.00%, 12/08/27 *(a)* | 260000 | 265366 |
| 4.30%, 03/15/28 *(a)* | 225000 | 226320 |
| 3.40%, 06/15/29 *(a)* | 200000 | 195330 |
| 2.45%, 06/01/30 *(a)* | 300000 | 278385 |
| 2.55%, 06/15/31 *(a)* | 425000 | 387319 |
| 4.50%, 08/15/32 *(a)* | 300000 | 299421 |
| 5.75%, 09/15/33 *(a)* | 150000 | 159023 |
| 5.45%, 06/15/34 *(a)* | 295000 | 307519 |
| 4.95%, 09/15/35 *(a)* | 290000 | 287731 |
| 3.30%, 06/15/41 *(a)* | 150000 | 115685 |
| 4.80%, 12/15/45 *(a)* | 200000 | 177675 |
| 3.75%, 09/01/46 *(a)* | 445000 | 337478 |
| 3.95%, 08/15/47 *(a)* | 145000 | 111720 |
| 4.20%, 06/15/49 *(a)* | 200000 | 157649 |
| 3.50%, 06/15/51 *(a)* | 250000 | 173288 |
| 5.00%, 08/15/52 *(a)* | 315000 | 278183 |
| 6.10%, 09/15/53 *(a)* | 200000 | 206836 |
| 5.80%, 06/15/54 *(a)* | 200000 | 197955 |
| 6.45%, 09/01/54 *(a)(b)* | 240000 | 251841 |
| 5.70%, 09/15/55 *(a)* | 220000 | 213877 |
| 3.25%, 01/15/82 *(a)(b)* | 360000 | 350158 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 3.20%, 01/15/27 *(a)* | 150000 | 149198 |
| 3.80%, 07/15/28 *(a)* | 295000 | 294863 |
| 2.50%, 12/01/29 *(a)* | 180000 | 170075 |
| 1.75%, 06/15/30 *(a)* | 275000 | 248125 |
| 5.88%, 11/15/33 *(a)* | 200000 | 216120 |
| 4.85%, 12/01/35 *(a)* | 175000 | 174524 |
| 6.35%, 09/15/37  | 170000 | 188981 |
| 6.40%, 06/15/38  | 300000 | 335050 |
| 5.65%, 04/01/40  | 185000 | 192393 |

---

*See financial notes*

**88**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.85%, 11/15/42 *(a)* | 150000 | 123556 |
| 3.40%, 10/01/46 *(a)* | 300000 | 218859 |
| 4.20%, 07/15/48 *(a)* | 240000 | 195252 |
| 3.00%, 12/15/51 *(a)* | 180000 | 116665 |
| 5.95%, 11/15/52 *(a)* | 120000 | 124171 |
| 6.20%, 11/15/53 *(a)* | 75000 | 80334 |
| **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** |
| 5.25%, 03/01/34 *(a)* | 100000 | 103691 |
| 6.12%, 10/15/35  | 125000 | 135654 |
| 6.35%, 08/15/38  | 225000 | 248695 |
| 6.45%, 04/01/39  | 200000 | 221619 |
| 4.90%, 07/15/43 *(a)* | 75000 | 69966 |
| 3.75%, 05/15/46 *(a)* | 200000 | 155809 |
| 3.25%, 10/01/49 *(a)* | 225000 | 153913 |
| 2.75%, 04/01/50 *(a)* | 210000 | 131336 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 3.65%, 02/01/29 *(a)* | 160000 | 158544 |
| 2.13%, 06/01/30 *(a)* | 200000 | 183376 |
| 5.25%, 04/01/33 *(a)* | 100000 | 103693 |
| 5.30%, 06/15/35 *(a)* | 100000 | 103281 |
| 3.70%, 06/15/46 *(a)* | 245000 | 187035 |
| 4.30%, 02/01/49 *(a)* | 125000 | 102446 |
| 5.65%, 04/01/53 *(a)* | 100000 | 99019 |
| 5.55%, 03/15/54 *(a)* | 170000 | 166026 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 4.35%, 03/06/27  | 250000 | 252088 |
| 3.45%, 03/15/29 *(a)* | 55000 | 54215 |
| 2.00%, 08/15/31 *(a)* | 200000 | 177689 |
| 3.40%, 04/01/32 *(a)* | 125000 | 118371 |
| 5.25%, 03/15/33 *(a)* | 150000 | 156161 |
| 5.10%, 03/15/34 *(a)* | 150000 | 154687 |
| 5.05%, 03/15/35 *(a)* | 200000 | 203690 |
| 4.10%, 05/15/42 *(a)* | 225000 | 191626 |
| 4.10%, 03/15/43 *(a)* | 170000 | 143396 |
| 4.38%, 03/30/44 *(a)* | 150000 | 128657 |
| 4.15%, 12/01/44 *(a)* | 280000 | 233670 |
| 4.20%, 08/15/45 *(a)* | 175000 | 145618 |
| 3.70%, 10/15/46 *(a)* | 165000 | 125976 |
| 3.60%, 09/15/47 *(a)* | 250000 | 186378 |
| 2.50%, 08/15/50 *(a)* | 225000 | 131401 |
| 2.90%, 08/15/51 *(a)* | 235000 | 148132 |
| 4.00%, 04/01/52 *(a)* | 205000 | 159150 |
| 5.35%, 03/15/53 *(a)* | 260000 | 248431 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.75%, 06/15/27 *(a)* | 305000 | 310595 |
| 4.13%, 03/15/28 *(a)* | 215000 | 212682 |
| 5.25%, 11/15/28 *(a)* | 245000 | 248395 |
| 6.95%, 11/15/29 *(a)* | 150000 | 159774 |
| 6.25%, 03/15/30 *(a)* | 150000 | 157020 |
| **El Paso Electric Co.** | **El Paso Electric Co.** | **El Paso Electric Co.** |
| 6.00%, 05/15/35  | 169000 | 176014 |
| 5.00%, 12/01/44 *(a)* | 75000 | 66639 |
| **Emera U.S. Finance LP** | **Emera U.S. Finance LP** | **Emera U.S. Finance LP** |
| 2.64%, 06/15/31 *(a)* | 100000 | 90499 |
| 4.75%, 06/15/46 *(a)* | 400000 | 342099 |
| **Enel Chile SA** | **Enel Chile SA** | **Enel Chile SA** |
| 4.88%, 06/12/28 *(a)* | 335000 | 339750 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 4.00%, 06/01/28 *(a)* | 200000 | 200316 |
| 5.15%, 01/15/33 *(a)* | 125000 | 129371 |
| 5.30%, 09/15/33 *(a)* | 210000 | 219045 |
| 5.45%, 06/01/34 *(a)* | 100000 | 104645 |
| 4.20%, 04/01/49 *(a)* | 225000 | 182065 |
| 2.65%, 06/15/51 *(a)* | 195000 | 116290 |
| 3.35%, 06/15/52 *(a)* | 120000 | 81490 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 1.90%, 06/15/28 *(a)* | 25000 | 23725 |
| 2.80%, 06/15/30 *(a)* | 300000 | 281098 |
| 2.40%, 06/15/31 *(a)* | 300000 | 269670 |
| 3.75%, 06/15/50 *(a)* | 245000 | 178305 |
| 7.13%, 12/01/54 *(a)(b)* | 320000 | 336502 |
| 5.88%, 06/15/56 *(a)(b)* | 180000 | 180117 |
| 6.10%, 06/15/56 *(a)(b)* | 210000 | 209954 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 3.12%, 09/01/27 *(a)* | 200000 | 197798 |
| 3.25%, 04/01/28 *(a)* | 200000 | 197270 |
| 1.60%, 12/15/30 *(a)* | 65000 | 57487 |
| 3.05%, 06/01/31 *(a)* | 120000 | 112656 |
| 2.35%, 06/15/32 *(a)* | 245000 | 216416 |
| 4.00%, 03/15/33 *(a)* | 211000 | 203724 |
| 5.15%, 09/15/34 *(a)* | 100000 | 102365 |
| 3.10%, 06/15/41 *(a)* | 95000 | 72421 |
| 4.95%, 01/15/45 *(a)* | 235000 | 215881 |
| 4.20%, 09/01/48 *(a)* | 380000 | 307707 |
| 4.20%, 04/01/50 *(a)* | 220000 | 175765 |
| 2.90%, 03/15/51 *(a)* | 300000 | 188389 |
| 5.70%, 03/15/54 *(a)* | 150000 | 149482 |
| 5.80%, 03/15/55 *(a)* | 235000 | 236480 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 2.85%, 06/01/28 *(a)* | 100000 | 97446 |
| 5.00%, 09/01/33 *(a)* | 285000 | 290464 |
| 3.85%, 06/01/49 *(a)* | 210000 | 160768 |
| 3.50%, 06/01/51 *(a)* | 210000 | 146338 |
| 5.85%, 06/01/54 *(a)* | 120000 | 121115 |
| 5.80%, 04/15/55 *(a)* | 100000 | 100654 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 4.00%, 03/30/29 *(a)* | 217000 | 216946 |
| 1.75%, 03/15/31 *(a)* | 250000 | 220736 |
| 4.50%, 03/30/39 *(a)* | 80000 | 74372 |
| 3.55%, 09/30/49 *(a)* | 210000 | 150202 |
| 5.00%, 09/15/52 *(a)* | 100000 | 88987 |
| 5.80%, 09/01/53 *(a)* | 100000 | 99877 |
| 5.55%, 09/15/54 *(a)* | 150000 | 145617 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 3.10%, 04/01/27 *(a)* | 220000 | 218033 |
| 4.70%, 03/13/28  | 45000 | 45702 |
| 4.13%, 03/01/42 *(a)* | 150000 | 126326 |
| 4.10%, 04/01/43 *(a)* | 160000 | 132929 |
| 4.25%, 12/01/45 *(a)* | 200000 | 166569 |
| 3.25%, 09/01/49 *(a)* | 185000 | 126063 |
| 3.45%, 04/15/50 *(a)* | 135000 | 95307 |
| 5.70%, 03/15/53 *(a)* | 50000 | 49646 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 2.25%, 06/01/30 *(a)* | 260000 | 239989 |
| 5.40%, 04/01/34 *(a)* | 120000 | 124949 |
| 5.13%, 08/15/35 *(a)* | 120000 | 121452 |
| 5.30%, 10/01/41 *(a)* | 50000 | 49728 |
| 4.20%, 06/15/47 *(a)* | 125000 | 101677 |
| 4.20%, 03/15/48 *(a)* | 130000 | 106491 |
| 4.13%, 04/01/49 *(a)* | 195000 | 156496 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| 2.90%, 09/15/29 *(a)* | 250000 | 238507 |
| 6.65%, 06/01/55 *(a)(b)* | 150000 | 153550 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 5.00%, 01/01/27  | 100000 | 100878 |
| 2.90%, 03/01/27 *(a)* | 200000 | 197391 |
| 4.60%, 07/01/27 *(a)* | 200000 | 201512 |
| 3.30%, 01/15/28 *(a)* | 250000 | 245757 |
| 5.45%, 03/01/28 *(a)* | 280000 | 287091 |
| 5.95%, 02/01/29 *(a)* | 275000 | 287667 |
| 4.25%, 04/01/29 *(a)* | 220000 | 219716 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**89**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.65%, 08/15/30 *(a)* | 200000 | 176668 |
| 2.55%, 03/15/31 *(a)* | 335000 | 303203 |
| 5.85%, 04/15/31 *(a)* | 305000 | 322097 |
| 3.38%, 03/01/32 *(a)* | 255000 | 236138 |
| 5.13%, 05/15/33 *(a)* | 200000 | 202159 |
| 5.95%, 07/15/34 *(a)* | 225000 | 238151 |
| 3.45%, 01/15/50 *(a)* | 305000 | 216601 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 2.75%, 03/15/27 *(a)* | 200000 | 197050 |
| 5.15%, 03/15/28 *(a)* | 385000 | 393565 |
| 5.15%, 03/15/29 *(a)* | 200000 | 205787 |
| 4.05%, 04/15/30 *(a)* | 450000 | 446085 |
| 3.35%, 03/15/32 *(a)* | 245000 | 229359 |
| 5.30%, 03/15/33 *(a)* | 250000 | 259972 |
| 5.45%, 03/15/34 *(a)* | 265000 | 275848 |
| 4.95%, 06/15/35 *(a)(e)* | 150000 | 149637 |
| 5.63%, 06/15/35  | 150000 | 157143 |
| 5.10%, 06/15/45 *(a)* | 200000 | 185125 |
| 4.45%, 04/15/46 *(a)* | 100000 | 83997 |
| 4.70%, 04/15/50 *(a)* | 265000 | 227044 |
| 4.10%, 03/15/52 *(a)* | 120000 | 92649 |
| 5.60%, 03/15/53 *(a)* | 305000 | 295806 |
| 5.88%, 03/15/55 *(a)* | 150000 | 150475 |
| 6.50%, 03/15/55 *(a)(b)* | 340000 | 354442 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 3.90%, 07/15/27 *(a)(g)* | 485000 | 483634 |
| 2.65%, 03/01/30 *(a)* | 245000 | 228581 |
| 2.25%, 09/01/30 *(a)* | 150000 | 135894 |
| 4.85%, 07/15/47 *(a)(g)* | 170000 | 149676 |
| 3.40%, 03/01/50 *(a)* | 325000 | 224871 |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 4.55%, 01/15/30 *(a)* | 100000 | 100803 |
| 4.75%, 01/15/33 *(a)(e)* | 140000 | 139997 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 3.30%, 05/30/27 *(a)* | 45000 | 44798 |
| 5.05%, 04/01/28 *(a)* | 300000 | 307748 |
| 4.40%, 05/15/28 *(a)* | 230000 | 232966 |
| 5.15%, 06/15/29 *(a)* | 200000 | 207922 |
| 4.63%, 05/15/30 *(a)* | 200000 | 204109 |
| 2.45%, 02/03/32 *(a)* | 370000 | 334194 |
| 5.10%, 04/01/33 *(a)* | 230000 | 238531 |
| 5.63%, 04/01/34  | 320000 | 341535 |
| 5.30%, 06/15/34 *(a)* | 325000 | 340720 |
| 5.00%, 08/01/34 *(a)* | 100000 | 102309 |
| 4.95%, 06/01/35  | 85000 | 86334 |
| 4.70%, 02/15/36 *(a)* | 200000 | 198193 |
| 5.95%, 02/01/38  | 220000 | 238969 |
| 5.96%, 04/01/39  | 190000 | 205357 |
| 5.69%, 03/01/40  | 165000 | 173745 |
| 5.25%, 02/01/41 *(a)* | 180000 | 179586 |
| 4.13%, 02/01/42 *(a)* | 250000 | 217867 |
| 4.05%, 06/01/42 *(a)* | 210000 | 179479 |
| 3.80%, 12/15/42 *(a)* | 175000 | 143891 |
| 4.05%, 10/01/44 *(a)* | 235000 | 196163 |
| 3.70%, 12/01/47 *(a)* | 210000 | 161554 |
| 3.95%, 03/01/48 *(a)* | 240000 | 191950 |
| 4.13%, 06/01/48 *(a)* | 210000 | 171724 |
| 3.99%, 03/01/49 *(a)* | 210000 | 166813 |
| 3.15%, 10/01/49 *(a)* | 260000 | 178275 |
| 2.88%, 12/04/51 *(a)* | 400000 | 255206 |
| 5.30%, 04/01/53 *(a)* | 225000 | 216235 |
| 5.60%, 06/15/54 *(a)* | 135000 | 135695 |
| 5.70%, 03/15/55 *(a)* | 300000 | 304601 |
| 5.80%, 03/15/65 *(a)* | 200000 | 204254 |
| 5.60%, 02/15/66 *(a)* | 350000 | 345247 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 5.00%, 02/23/27 *(a)* | 150000 | 152017 |
| 3.25%, 03/30/27 *(a)* | 130000 | 129241 |
| 4.65%, 05/16/28 *(a)* | 270000 | 274393 |
| 4.00%, 10/01/28 *(a)* | 220000 | 220886 |
| 2.65%, 09/15/29 *(a)* | 165000 | 157168 |
| 4.55%, 03/15/30 *(a)* | 200000 | 203437 |
| 4.70%, 05/15/32 *(a)* | 250000 | 253779 |
| 4.95%, 05/17/33 *(a)* | 275000 | 280749 |
| 5.25%, 03/15/34 *(a)* | 270000 | 278928 |
| 5.20%, 03/15/35 *(a)* | 200000 | 205397 |
| 4.75%, 09/01/40  | 100000 | 95054 |
| 4.30%, 03/15/42  | 300000 | 262759 |
| 4.30%, 03/15/43  | 205000 | 177688 |
| 3.70%, 01/30/50 *(a)* | 225000 | 168229 |
| 3.25%, 03/15/51 *(a)* | 220000 | 150364 |
| 5.13%, 05/15/52 *(a)* | 275000 | 256554 |
| 5.50%, 10/01/55 *(a)* | 150000 | 146050 |
| **Iberdrola International BV** | **Iberdrola International BV** | **Iberdrola International BV** |
| 6.75%, 07/15/36  | 160000 | 183188 |
| **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
| 5.20%, 08/15/34 *(a)* | 125000 | 128656 |
| 4.20%, 03/01/48 *(a)* | 310000 | 254050 |
| 5.50%, 03/15/53 *(a)* | 100000 | 97886 |
| 5.70%, 03/15/55 *(a)* | 115000 | 114645 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| 3.85%, 05/15/28 *(a)* | 50000 | 49958 |
| 6.05%, 03/15/37  | 115000 | 125593 |
| 4.55%, 03/15/46 *(a)* | 145000 | 126110 |
| 3.75%, 07/01/47 *(a)* | 150000 | 113539 |
| 4.25%, 08/15/48 *(a)* | 200000 | 162002 |
| 3.25%, 05/01/51 *(a)* | 130000 | 86617 |
| 5.63%, 04/01/53 *(a)* | 150000 | 148909 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 4.10%, 09/26/28 *(a)* | 250000 | 250003 |
| 3.60%, 04/01/29 *(a)* | 80000 | 78490 |
| 2.30%, 06/01/30 *(a)* | 175000 | 160821 |
| 5.60%, 06/29/35 *(a)* | 150000 | 156291 |
| 6.25%, 07/15/39  | 50000 | 53552 |
| 3.70%, 09/15/46 *(a)* | 125000 | 93491 |
| 3.50%, 09/30/49 *(a)* | 180000 | 128734 |
| 3.10%, 11/30/51 *(a)* | 145000 | 93337 |
| 5.60%, 10/01/55 *(a)* | 90000 | 87440 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 4.25%, 05/01/30 *(a)* | 255000 | 250050 |
| 5.75%, 04/01/34 *(a)* | 90000 | 92038 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| 3.35%, 11/15/27 *(a)* | 225000 | 222674 |
| 5.30%, 07/01/43 *(a)* | 100000 | 96656 |
| **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
| 4.15%, 01/15/29 *(a)(e)* | 100000 | 99931 |
| 4.40%, 01/15/31 *(a)(e)* | 150000 | 149528 |
| 5.10%, 01/15/35 *(a)* | 250000 | 253209 |
| 5.15%, 01/15/36 *(a)(e)* | 150000 | 151838 |
| **John Sevier Combined Cycle Generation LLC** | **John Sevier Combined Cycle Generation LLC** | **John Sevier Combined Cycle Generation LLC** |
| 4.63%, 01/15/42  | 23059 | 22558 |
| **Johnsonville Aeroderivative Combustion Turbine Generation LLC** | **Johnsonville Aeroderivative Combustion Turbine Generation LLC** | **Johnsonville Aeroderivative Combustion Turbine Generation LLC** |
| 5.08%, 10/01/54  | 232091 | 222539 |
| **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
| 5.13%, 11/01/40 *(a)* | 200000 | 196506 |
| 4.38%, 10/01/45 *(a)* | 150000 | 127092 |
| 3.30%, 06/01/50 *(a)* | 150000 | 103553 |
| 5.85%, 08/15/55 *(a)* | 210000 | 212088 |

---

*See financial notes*

**90**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** |
| 5.45%, 04/15/33 *(a)* | 395000 | 413646 |
| 4.25%, 04/01/49 *(a)* | 150000 | 123240 |
| 5.85%, 08/15/55 *(a)* | 210000 | 211969 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 3.10%, 05/01/27 *(a)* | 50000 | 49547 |
| 3.65%, 04/15/29 *(a)* | 300000 | 296774 |
| 6.75%, 12/30/31  | 370000 | 416556 |
| 5.35%, 01/15/34 *(a)* | 175000 | 182875 |
| 5.80%, 10/15/36  | 100000 | 107870 |
| 4.80%, 09/15/43 *(a)* | 150000 | 136332 |
| 4.40%, 10/15/44 *(a)* | 190000 | 164162 |
| 4.25%, 05/01/46 *(a)* | 195000 | 163680 |
| 3.95%, 08/01/47 *(a)* | 165000 | 131042 |
| 3.65%, 08/01/48 *(a)* | 265000 | 198946 |
| 4.25%, 07/15/49 *(a)* | 300000 | 246109 |
| 3.15%, 04/15/50 *(a)* | 215000 | 146008 |
| 2.70%, 08/01/52 *(a)* | 145000 | 88848 |
| 5.85%, 09/15/54 *(a)* | 140000 | 144138 |
| 5.30%, 02/01/55 *(a)* | 35000 | 33206 |
| 5.50%, 11/15/56 *(a)* | 120000 | 117487 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| 3.95%, 03/30/28 *(a)* | 195000 | 195085 |
| 4.25%, 03/15/42  | 100000 | 85945 |
| 3.10%, 07/30/51 *(a)* | 255000 | 166961 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.60%, 06/12/28 *(a)* | 75000 | 77468 |
| 5.81%, 06/12/33 *(a)* | 250000 | 266128 |
| 5.42%, 01/11/34 *(a)* | 200000 | 207065 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 4.80%, 02/05/27 *(a)* | 200000 | 202005 |
| 3.05%, 04/25/27 *(a)* | 75000 | 74265 |
| 5.10%, 05/06/27 *(a)* | 150000 | 152291 |
| 4.12%, 09/16/27 *(a)* | 195000 | 195936 |
| 3.95%, 12/10/27  | 200000 | 211596 |
| 3.40%, 02/07/28 *(a)* | 350000 | 346917 |
| 4.75%, 02/07/28 *(a)* | 200000 | 203168 |
| 4.15%, 08/25/28 *(a)* | 210000 | 211230 |
| 5.05%, 09/15/28 *(a)* | 100000 | 102650 |
| 3.90%, 11/01/28 *(a)* | 270000 | 269817 |
| 4.85%, 02/07/29 *(a)* | 145000 | 148476 |
| 3.70%, 03/15/29 *(a)* | 275000 | 271850 |
| 4.95%, 02/07/30 *(a)* | 35000 | 36035 |
| 2.40%, 03/15/30 *(a)* | 200000 | 186733 |
| 4.30%, 12/10/30 *(a)* | 120000 | 120278 |
| 1.35%, 03/15/31 *(a)* | 250000 | 216054 |
| 1.65%, 06/15/31 *(a)* | 150000 | 130686 |
| 8.00%, 03/01/32  | 160000 | 189178 |
| 2.75%, 04/15/32 *(a)* | 180000 | 162866 |
| 4.02%, 11/01/32 *(a)* | 160000 | 155652 |
| 4.15%, 12/15/32 *(a)* | 195000 | 191225 |
| 5.80%, 01/15/33 *(a)* | 225000 | 241842 |
| 5.00%, 08/15/34 *(a)* | 100000 | 101958 |
| 4.40%, 11/01/48 *(a)* | 180000 | 152107 |
| 4.30%, 03/15/49 *(a)(c)* | 155000 | 130144 |
| 7.13%, 09/15/53 *(a)(b)* | 125000 | 131078 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| 3.70%, 05/01/29 *(a)* | 280000 | 275975 |
| 2.40%, 05/01/30 *(a)* | 175000 | 161835 |
| 6.65%, 04/01/36  | 150000 | 168947 |
| 6.75%, 07/01/37  | 100000 | 112682 |
| 3.13%, 08/01/50 *(a)* | 50000 | 32589 |
| 5.90%, 05/01/53 *(a)* | 50000 | 50299 |
| 6.00%, 03/15/54 *(a)* | 150000 | 153844 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 1.88%, 01/15/27 *(a)* | 350000 | 342770 |
| 3.55%, 05/01/27 *(a)* | 480000 | 477403 |
| 4.63%, 07/15/27 *(a)* | 410000 | 414808 |
| 4.69%, 09/01/27  | 600000 | 607335 |
| 4.85%, 02/04/28  | 250000 | 254771 |
| 4.90%, 02/28/28 *(a)* | 410000 | 417811 |
| 1.90%, 06/15/28 *(a)* | 475000 | 452762 |
| 4.90%, 03/15/29 *(a)* | 200000 | 205120 |
| 3.50%, 04/01/29 *(a)* | 155000 | 152108 |
| 2.75%, 11/01/29 *(a)* | 350000 | 333503 |
| 5.00%, 02/28/30 *(a)* | 200000 | 206306 |
| 5.05%, 03/15/30 *(a)* | 250000 | 258192 |
| 2.25%, 06/01/30 *(a)* | 660000 | 607254 |
| 2.44%, 01/15/32 *(a)* | 325000 | 289601 |
| 5.30%, 03/15/32 *(a)* | 200000 | 208627 |
| 5.00%, 07/15/32 *(a)* | 300000 | 307476 |
| 5.05%, 02/28/33 *(a)* | 250000 | 255994 |
| 5.25%, 03/15/34 *(a)* | 325000 | 333697 |
| 5.45%, 03/15/35 *(a)* | 300000 | 310712 |
| 3.00%, 01/15/52 *(a)* | 100000 | 63496 |
| 5.25%, 02/28/53 *(a)* | 340000 | 316846 |
| 5.55%, 03/15/54 *(a)* | 240000 | 232186 |
| 6.75%, 06/15/54 *(a)(b)* | 300000 | 320334 |
| 6.70%, 09/01/54 *(a)(b)* | 295000 | 306631 |
| 5.90%, 03/15/55 *(a)* | 150000 | 151944 |
| 6.38%, 08/15/55 *(a)(b)* | 515000 | 532319 |
| 6.50%, 08/15/55 *(a)(b)* | 360000 | 379378 |
| 4.80%, 12/01/77 *(a)(b)* | 225000 | 221677 |
| 5.65%, 05/01/79 *(a)(b)* | 210000 | 212377 |
| 3.80%, 03/15/82 *(a)(b)* | 240000 | 235472 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| 2.25%, 04/01/31 *(a)* | 200000 | 181789 |
| 5.05%, 05/15/35 *(a)* | 200000 | 204136 |
| 6.25%, 06/01/36  | 215000 | 237217 |
| 6.20%, 07/01/37  | 175000 | 192643 |
| 5.35%, 11/01/39  | 170000 | 172741 |
| 3.40%, 08/15/42 *(a)* | 145000 | 113598 |
| 3.60%, 09/15/47 *(a)* | 100000 | 75245 |
| 2.90%, 03/01/50 *(a)* | 130000 | 85310 |
| 2.60%, 06/01/51 *(a)* | 280000 | 171581 |
| 3.20%, 04/01/52 *(a)* | 50000 | 34188 |
| 4.50%, 06/01/52 *(a)* | 145000 | 123262 |
| 5.10%, 05/15/53 *(a)* | 210000 | 195033 |
| 5.40%, 03/15/54 *(a)* | 160000 | 155284 |
| 5.65%, 06/15/54 *(a)* | 95000 | 95882 |
| **NorthWestern Corp.** | **NorthWestern Corp.** | **NorthWestern Corp.** |
| 4.18%, 11/15/44 *(a)* | 185000 | 153115 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 3.20%, 05/15/27 *(a)* | 250000 | 247764 |
| 3.25%, 05/15/29 *(a)* | 115000 | 111780 |
| 3.95%, 04/01/30 *(a)* | 305000 | 301280 |
| 1.95%, 08/15/31 *(a)* | 205000 | 180871 |
| 5.40%, 06/01/34 *(a)* | 150000 | 155608 |
| 5.50%, 03/15/40  | 115000 | 116525 |
| 4.40%, 03/01/44 *(a)* | 60000 | 51779 |
| 3.10%, 06/01/51 *(a)* | 350000 | 234766 |
| 4.55%, 06/01/52 *(a)* | 90000 | 76284 |
| **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** |
| 5.95%, 11/01/39  | 180000 | 188622 |
| 5.38%, 11/01/40  | 200000 | 198167 |
| 4.50%, 04/01/47 *(a)* | 125000 | 104703 |
| 5.05%, 10/01/48 *(a)* | 200000 | 178607 |
| 3.75%, 08/01/50 *(a)* | 150000 | 107592 |
| 5.25%, 09/01/50  | 115000 | 104130 |
| 6.20%, 12/01/53 *(a)* | 125000 | 128612 |
| 5.80%, 06/01/54 *(a)* | 25000 | 24491 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**91**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ohio Edison Co.** | **Ohio Edison Co.** | **Ohio Edison Co.** |
| 6.88%, 07/15/36  | 100000 | 114559 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| 2.60%, 04/01/30 *(a)* | 235000 | 219527 |
| 1.63%, 01/15/31 *(a)* | 200000 | 175770 |
| 5.65%, 06/01/34 *(a)* | 245000 | 255803 |
| 4.15%, 04/01/48 *(a)* | 200000 | 158308 |
| 4.00%, 06/01/49 *(a)* | 150000 | 115638 |
| 2.90%, 10/01/51 *(a)* | 120000 | 74006 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 3.30%, 03/15/30 *(a)* | 125000 | 120633 |
| 3.25%, 04/01/30 *(a)* | 200000 | 192123 |
| 5.40%, 01/15/33 *(a)* | 175000 | 183407 |
| 4.15%, 04/01/47 *(a)* | 290000 | 234571 |
| 3.85%, 08/15/47 *(a)* | 190000 | 148002 |
| 5.60%, 04/01/53 *(a)* | 105000 | 103110 |
| 5.80%, 04/01/55 *(a)* | 50000 | 50485 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 4.30%, 05/15/28 *(a)* | 155000 | 156334 |
| 3.70%, 11/15/28 *(a)* | 200000 | 198728 |
| 5.75%, 03/15/29 *(a)* | 123000 | 128741 |
| 4.65%, 11/01/29 *(a)* | 125000 | 127125 |
| 2.75%, 05/15/30 *(a)* | 200000 | 188542 |
| 7.00%, 05/01/32  | 250000 | 282524 |
| 4.15%, 06/01/32 *(a)* | 150000 | 146946 |
| 4.55%, 09/15/32 *(a)* | 200000 | 200136 |
| 5.65%, 11/15/33 *(a)* | 250000 | 265970 |
| 5.35%, 04/01/35 *(a)(e)* | 175000 | 180634 |
| 7.50%, 09/01/38  | 75000 | 89795 |
| 5.25%, 09/30/40  | 205000 | 203096 |
| 4.55%, 12/01/41 *(a)* | 150000 | 135974 |
| 5.30%, 06/01/42 *(a)* | 150000 | 146327 |
| 3.75%, 04/01/45 *(a)* | 175000 | 137017 |
| 3.80%, 09/30/47 *(a)* | 160000 | 122693 |
| 4.10%, 11/15/48 *(a)* | 150000 | 120422 |
| 3.80%, 06/01/49 *(a)* | 100000 | 75655 |
| 3.10%, 09/15/49 *(a)* | 235000 | 156215 |
| 3.70%, 05/15/50 *(a)* | 190000 | 139968 |
| 2.70%, 11/15/51 *(a)* | 150000 | 89670 |
| 4.60%, 06/01/52 *(a)* | 150000 | 126776 |
| 4.95%, 09/15/52 *(a)* | 250000 | 222961 |
| 5.35%, 10/01/52 *(a)* | 195000 | 184828 |
| 5.55%, 06/15/54 *(a)* | 200000 | 194433 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 3.30%, 03/15/27 *(a)* | 210000 | 207847 |
| 2.10%, 08/01/27 *(a)* | 350000 | 339357 |
| 3.30%, 12/01/27 *(a)* | 425000 | 418288 |
| 5.00%, 06/04/28 *(a)* | 90000 | 91618 |
| 3.00%, 06/15/28 *(a)* | 330000 | 320323 |
| 3.75%, 07/01/28  | 350000 | 345655 |
| 4.65%, 08/01/28 *(a)* | 100000 | 100749 |
| 6.10%, 01/15/29 *(a)* | 45000 | 47129 |
| 4.20%, 03/01/29 *(a)* | 150000 | 149123 |
| 5.55%, 05/15/29 *(a)* | 250000 | 258197 |
| 4.55%, 07/01/30 *(a)* | 910000 | 906726 |
| 2.50%, 02/01/31 *(a)* | 600000 | 540341 |
| 3.25%, 06/01/31 *(a)* | 390000 | 363395 |
| 4.40%, 03/01/32 *(a)* | 225000 | 219849 |
| 5.90%, 06/15/32 *(a)* | 260000 | 272529 |
| 5.05%, 10/15/32 *(a)* | 250000 | 251783 |
| 6.15%, 01/15/33 *(a)* | 300000 | 318775 |
| 6.40%, 06/15/33 *(a)* | 420000 | 453453 |
| 6.95%, 03/15/34 *(a)* | 220000 | 244910 |
| 5.80%, 05/15/34 *(a)* | 350000 | 364108 |
| 5.70%, 03/01/35 *(a)* | 300000 | 308747 |
| 6.00%, 08/15/35 *(a)* | 250000 | 262781 |
| 4.50%, 07/01/40 *(a)* | 550000 | 479879 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.30%, 08/01/40 *(a)* | 300000 | 227664 |
| 4.20%, 06/01/41 *(a)* | 240000 | 200137 |
| 4.45%, 04/15/42 *(a)* | 215000 | 178165 |
| 3.75%, 08/15/42 *(a)(g)* | 100000 | 75864 |
| 4.60%, 06/15/43 *(a)* | 240000 | 200892 |
| 4.75%, 02/15/44 *(a)* | 220000 | 186381 |
| 4.30%, 03/15/45 *(a)* | 260000 | 206716 |
| 4.25%, 03/15/46 *(a)(g)* | 210000 | 164803 |
| 4.00%, 12/01/46 *(a)* | 240000 | 180131 |
| 4.95%, 07/01/50 *(a)* | 945000 | 799368 |
| 3.50%, 08/01/50 *(a)* | 465000 | 314406 |
| 5.25%, 03/01/52 *(a)* | 260000 | 227254 |
| 6.75%, 01/15/53 *(a)* | 395000 | 420474 |
| 6.70%, 04/01/53 *(a)* | 200000 | 211687 |
| 5.90%, 10/01/54 *(a)* | 240000 | 230200 |
| 6.15%, 03/01/55 *(a)* | 120000 | 119021 |
| 6.10%, 10/15/55 *(a)* | 200000 | 196698 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.10%, 02/15/29 *(a)* | 25000 | 25546 |
| 3.50%, 06/15/29 *(a)* | 140000 | 136217 |
| 2.70%, 09/15/30 *(a)* | 170000 | 156351 |
| 5.30%, 02/15/31 *(a)* | 200000 | 206080 |
| 7.70%, 11/15/31  | 150000 | 170725 |
| 5.45%, 02/15/34 *(a)* | 210000 | 213178 |
| 5.25%, 06/15/35  | 130000 | 130139 |
| 6.10%, 08/01/36  | 140000 | 145594 |
| 5.75%, 04/01/37  | 200000 | 203473 |
| 6.25%, 10/15/37  | 160000 | 167399 |
| 6.35%, 07/15/38  | 150000 | 157270 |
| 6.00%, 01/15/39  | 190000 | 193172 |
| 4.10%, 02/01/42 *(a)* | 100000 | 79787 |
| 4.13%, 01/15/49 *(a)* | 225000 | 168005 |
| 4.15%, 02/15/50 *(a)* | 180000 | 133509 |
| 3.30%, 03/15/51 *(a)* | 200000 | 127923 |
| 2.90%, 06/15/52 *(a)* | 330000 | 193983 |
| 5.35%, 12/01/53 *(a)* | 340000 | 298153 |
| 5.50%, 05/15/54 *(a)* | 350000 | 313001 |
| 5.80%, 01/15/55 *(a)* | 400000 | 373400 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| 4.90%, 06/15/33 *(a)* | 175000 | 179002 |
| 4.88%, 09/15/35 *(a)* | 160000 | 161559 |
| 5.95%, 10/01/36  | 90000 | 97644 |
| 3.70%, 09/15/47 *(a)* | 165000 | 126117 |
| 3.90%, 03/01/48 *(a)* | 255000 | 200296 |
| 3.00%, 09/15/49 *(a)* | 145000 | 95296 |
| 2.80%, 06/15/50 *(a)* | 200000 | 125576 |
| 3.05%, 03/15/51 *(a)* | 75000 | 49024 |
| 2.85%, 09/15/51 *(a)* | 160000 | 99716 |
| 4.60%, 05/15/52 *(a)* | 125000 | 106534 |
| 4.38%, 08/15/52 *(a)* | 140000 | 115630 |
| 5.65%, 09/15/55 *(a)* | 160000 | 159576 |
| **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
| 5.15%, 05/15/30 *(a)* | 135000 | 139150 |
| **Potomac Electric Power Co.** | **Potomac Electric Power Co.** | **Potomac Electric Power Co.** |
| 5.20%, 03/15/34 *(a)* | 150000 | 154239 |
| 6.50%, 11/15/37  | 240000 | 269785 |
| 4.15%, 03/15/43 *(a)* | 250000 | 211660 |
| 5.50%, 03/15/54 *(a)* | 120000 | 116126 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 4.13%, 04/15/30 *(a)* | 175000 | 173960 |
| 5.25%, 09/01/34 *(a)* | 250000 | 256282 |
| **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** |
| 5.00%, 05/15/33 *(a)* | 165000 | 169159 |
| 4.85%, 02/15/34 *(a)* | 200000 | 202431 |
| 6.25%, 05/15/39  | 245000 | 268803 |
| 4.75%, 07/15/43 *(a)* | 220000 | 201219 |

---

*See financial notes*

**92**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 06/15/44 *(a)* | 95000 | 79571 |
| 4.15%, 10/01/45 *(a)* | 35000 | 29387 |
| 3.95%, 06/01/47 *(a)* | 140000 | 113585 |
| 4.15%, 06/15/48 *(a)* | 150000 | 123719 |
| 5.25%, 05/15/53 *(a)* | 200000 | 192021 |
| 5.55%, 08/15/55 *(a)* | 150000 | 149432 |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| 7.75%, 03/01/31  | 250000 | 286706 |
| 7.00%, 10/30/31  | 200000 | 224767 |
| 6.00%, 12/01/39  | 185000 | 195997 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| 3.70%, 06/15/28 *(a)* | 175000 | 174335 |
| 1.90%, 01/15/31 *(a)* | 250000 | 222638 |
| 1.88%, 06/15/31 *(a)* | 225000 | 198113 |
| 4.10%, 06/01/32 *(a)* | 175000 | 171655 |
| 5.35%, 05/15/34 *(a)* | 320000 | 329522 |
| 5.15%, 09/15/35 *(a)* | 240000 | 243367 |
| 6.25%, 09/01/37  | 120000 | 131002 |
| 6.50%, 08/01/38  | 165000 | 184145 |
| 3.60%, 09/15/42 *(a)* | 160000 | 125995 |
| 4.30%, 03/15/44 *(a)* | 100000 | 84879 |
| 3.80%, 06/15/47 *(a)* | 115000 | 88138 |
| 4.10%, 06/15/48 *(a)* | 85000 | 67609 |
| 4.05%, 09/15/49 *(a)* | 205000 | 160499 |
| 3.20%, 03/01/50 *(a)* | 250000 | 170261 |
| 2.70%, 01/15/51 *(a)* | 220000 | 132843 |
| 4.50%, 06/01/52 *(a)* | 105000 | 87726 |
| 5.25%, 04/01/53 *(a)* | 240000 | 223869 |
| 5.75%, 05/15/54 *(a)* | 230000 | 230608 |
| 5.85%, 05/15/55 *(a)* | 15000 | 15227 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 4.40%, 07/01/28  | 90000 | 90886 |
| 2.20%, 06/15/31 *(a)* | 75000 | 67395 |
| 5.35%, 10/01/33 *(a)* | 100000 | 104470 |
| 3.60%, 07/01/49 *(a)* | 130000 | 95585 |
| 5.15%, 01/15/53 *(a)* | 145000 | 134438 |
| **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** |
| 2.20%, 08/15/31 *(a)* | 160000 | 142056 |
| 5.25%, 01/15/33 *(a)* | 255000 | 261910 |
| 5.45%, 01/15/36 *(a)* | 200000 | 205265 |
| 3.15%, 08/15/51 *(a)* | 150000 | 98860 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 3.00%, 05/15/27 *(a)* | 255000 | 252373 |
| 3.70%, 05/01/28 *(a)* | 235000 | 234027 |
| 3.20%, 05/15/29 *(a)* | 225000 | 219402 |
| 2.45%, 01/15/30 *(a)* | 340000 | 319704 |
| 1.90%, 08/15/31 *(a)* | 200000 | 176726 |
| 4.90%, 12/15/32 *(a)* | 245000 | 250752 |
| 4.65%, 03/15/33 *(a)* | 110000 | 110769 |
| 4.85%, 08/01/34 *(a)* | 125000 | 126102 |
| 4.90%, 08/15/35 *(a)* | 130000 | 130988 |
| 5.80%, 05/01/37  | 110000 | 118551 |
| 3.95%, 05/01/42 *(a)* | 100000 | 84474 |
| 3.65%, 09/01/42 *(a)* | 125000 | 100437 |
| 3.80%, 01/01/43 *(a)* | 175000 | 143131 |
| 3.80%, 03/01/46 *(a)* | 180000 | 141984 |
| 3.60%, 12/01/47 *(a)* | 300000 | 225477 |
| 4.05%, 05/01/48 *(a)* | 285000 | 230207 |
| 3.85%, 05/01/49 *(a)* | 240000 | 185496 |
| 3.20%, 08/01/49 *(a)* | 150000 | 102948 |
| 3.15%, 01/01/50 *(a)* | 90000 | 61373 |
| 2.70%, 05/01/50 *(a)* | 225000 | 139938 |
| 2.05%, 08/01/50 *(a)* | 115000 | 62284 |
| 3.00%, 03/01/51 *(a)* | 180000 | 118127 |
| 5.13%, 03/15/53 *(a)* | 150000 | 140513 |
| 5.30%, 08/01/54 *(a)* | 155000 | 148459 |
| 5.50%, 03/01/55 *(a)* | 100000 | 98329 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 5.85%, 11/15/27 *(a)* | 200000 | 206377 |
| 5.88%, 10/15/28 *(a)* | 15000 | 15675 |
| 5.20%, 04/01/29 *(a)* | 300000 | 308652 |
| 4.90%, 03/15/30 *(a)* | 25000 | 25588 |
| 1.60%, 08/15/30 *(a)* | 360000 | 319403 |
| 2.45%, 11/15/31 *(a)* | 300000 | 268722 |
| 6.13%, 10/15/33 *(a)* | 155000 | 167056 |
| 5.45%, 04/01/34 *(a)* | 150000 | 155198 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 2.38%, 06/15/28 *(a)* | 50000 | 47876 |
| 4.10%, 06/15/30 *(a)* | 200000 | 196027 |
| 4.22%, 03/15/32 *(a)* | 150000 | 143915 |
| 5.73%, 03/15/35 *(a)* | 190000 | 195135 |
| **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
| 5.33%, 06/15/34 *(a)* | 75000 | 77347 |
| 6.27%, 03/15/37  | 100000 | 109453 |
| 5.76%, 10/01/39  | 130000 | 135867 |
| 5.80%, 03/15/40  | 175000 | 181766 |
| 5.64%, 04/15/41 *(a)* | 150000 | 150098 |
| 4.30%, 05/20/45 *(a)* | 165000 | 138076 |
| 4.22%, 06/15/48 *(a)* | 215000 | 175242 |
| 3.25%, 09/15/49 *(a)* | 220000 | 149490 |
| 2.89%, 09/15/51 *(a)* | 210000 | 134196 |
| 5.60%, 09/15/55 *(a)* | 150000 | 146145 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 1.70%, 10/01/30 *(a)* | 275000 | 245677 |
| 3.00%, 03/15/32 *(a)* | 150000 | 138025 |
| 5.40%, 04/15/35 *(a)* | 200000 | 207266 |
| 6.00%, 06/01/39  | 100000 | 106946 |
| 4.50%, 08/15/40  | 345000 | 314263 |
| 3.75%, 06/01/47 *(a)* | 125000 | 95503 |
| 4.15%, 05/15/48 *(a)* | 110000 | 88555 |
| 4.10%, 06/15/49 *(a)* | 165000 | 130937 |
| 3.32%, 04/15/50 *(a)* | 150000 | 103880 |
| 2.95%, 08/15/51 *(a)* | 225000 | 143202 |
| 3.70%, 03/15/52 *(a)* | 170000 | 123825 |
| 5.35%, 04/01/53 *(a)* | 230000 | 217742 |
| 5.55%, 04/15/54 *(a)* | 175000 | 170455 |
| **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** |
| 5.90%, 03/15/54 *(a)* | 115000 | 115397 |
| 6.20%, 12/15/55 *(a)(b)* | 130000 | 129289 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 4.70%, 06/01/27 *(a)* | 190000 | 191537 |
| 5.85%, 11/01/27 *(a)* | 250000 | 257060 |
| 3.65%, 03/01/28 *(a)* | 135000 | 133463 |
| 5.30%, 03/01/28 *(a)* | 200000 | 204348 |
| 5.65%, 10/01/28 *(a)* | 115000 | 119131 |
| 4.20%, 03/01/29 *(a)* | 160000 | 158988 |
| 6.65%, 04/01/29  | 115000 | 120653 |
| 5.15%, 06/01/29 *(a)* | 80000 | 81801 |
| 2.85%, 08/01/29 *(a)* | 280000 | 265536 |
| 5.25%, 03/15/30 *(a)* | 250000 | 256691 |
| 2.25%, 06/01/30 *(a)* | 250000 | 227017 |
| 2.50%, 06/01/31 *(a)* | 240000 | 215494 |
| 5.45%, 06/01/31 *(a)* | 250000 | 258904 |
| 2.75%, 02/01/32 *(a)* | 200000 | 178195 |
| 5.95%, 11/01/32 *(a)* | 200000 | 212067 |
| 6.00%, 01/15/34  | 200000 | 210213 |
| 5.20%, 06/01/34 *(a)* | 250000 | 251522 |
| 5.45%, 03/01/35 *(a)* | 250000 | 253660 |
| 5.75%, 04/01/35  | 200000 | 207077 |
| 5.63%, 02/01/36  | 110000 | 111350 |
| 5.55%, 01/15/37  | 135000 | 135355 |
| 5.95%, 02/01/38  | 195000 | 199561 |
| 6.05%, 03/15/39  | 190000 | 194757 |
| 5.50%, 03/15/40  | 215000 | 210308 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**93**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 09/01/40 *(a)* | 295000 | 258589 |
| 4.05%, 03/15/42 *(a)* | 200000 | 159404 |
| 3.90%, 03/15/43 *(a)* | 170000 | 130673 |
| 4.65%, 10/01/43 *(a)* | 250000 | 212822 |
| 3.60%, 02/01/45 *(a)* | 150000 | 108088 |
| 4.00%, 04/01/47 *(a)* | 555000 | 416863 |
| 4.13%, 03/01/48 *(a)* | 345000 | 262234 |
| 4.88%, 03/01/49 *(a)* | 175000 | 146989 |
| 3.65%, 02/01/50 *(a)* | 455000 | 318286 |
| 2.95%, 02/01/51 *(a)* | 310000 | 189555 |
| 3.65%, 06/01/51 *(a)* | 210000 | 144159 |
| 3.45%, 02/01/52 *(a)* | 235000 | 156359 |
| 5.45%, 06/01/52 *(a)* | 135000 | 121573 |
| 5.70%, 03/01/53 *(a)* | 165000 | 153614 |
| 5.88%, 12/01/53 *(a)* | 150000 | 143944 |
| 5.75%, 04/15/54 *(a)* | 115000 | 107918 |
| 6.20%, 09/15/55 *(a)* | 105000 | 105589 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 5.11%, 08/01/27 *(g)* | 310000 | 315156 |
| 1.75%, 03/15/28 *(a)* | 185000 | 176288 |
| 4.85%, 06/15/28 *(a)* | 270000 | 274946 |
| 5.50%, 03/15/29 *(a)* | 325000 | 337626 |
| 3.70%, 04/30/30 *(a)* | 350000 | 341868 |
| 5.70%, 10/15/32 *(a)* | 205000 | 217417 |
| 5.20%, 06/15/33 *(a)* | 200000 | 205618 |
| 5.70%, 03/15/34 *(a)* | 305000 | 321553 |
| 4.85%, 03/15/35 *(a)* | 200000 | 197819 |
| 4.25%, 07/01/36 *(a)* | 185000 | 173304 |
| 4.40%, 07/01/46 *(a)* | 550000 | 464450 |
| 6.38%, 03/15/55 *(a)(b)* | 495000 | 516315 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| 4.25%, 10/01/30 *(a)* | 160000 | 159804 |
| 4.90%, 10/01/35 *(a)* | 160000 | 158490 |
| 5.15%, 09/15/41  | 225000 | 216965 |
| 5.25%, 07/15/43  | 150000 | 143352 |
| 4.95%, 12/15/46 *(a)* | 128000 | 114457 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 4.10%, 09/15/28 *(a)* | 315000 | 315116 |
| 6.20%, 03/15/40  | 20000 | 21282 |
| 3.90%, 04/01/45 *(a)* | 215000 | 167122 |
| 3.85%, 02/01/48 *(a)* | 200000 | 149199 |
| 3.25%, 11/01/51 *(a)* | 250000 | 164835 |
| **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
| 4.50%, 08/15/41 *(a)* | 200000 | 178305 |
| 3.40%, 08/15/46 *(a)* | 175000 | 124311 |
| 3.70%, 08/15/47 *(a)* | 155000 | 116696 |
| 4.40%, 11/15/48 *(a)* | 155000 | 129693 |
| 3.75%, 06/15/49 *(a)* | 190000 | 140793 |
| 3.15%, 05/01/50 *(a)* | 170000 | 112346 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 5.30%, 12/15/34 *(a)* | 100000 | 101208 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 4.90%, 03/01/29 *(a)* | 200000 | 204402 |
| 2.40%, 03/15/31 *(a)* | 50000 | 45621 |
| 4.10%, 06/15/42 *(a)* | 155000 | 131587 |
| 4.35%, 05/15/44 *(a)* | 140000 | 119473 |
| 4.30%, 06/15/48 *(a)* | 150000 | 124552 |
| 4.45%, 06/15/49 *(a)* | 100000 | 83824 |
| 3.63%, 06/15/50 *(a)* | 140000 | 102522 |
| 3.45%, 03/15/51 *(a)* | 140000 | 100057 |
| 5.00%, 07/15/52 *(a)(c)* | 115000 | 104728 |
| **Toledo Edison Co.** | **Toledo Edison Co.** | **Toledo Edison Co.** |
| 6.15%, 05/15/37  | 100000 | 108877 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 1.50%, 08/01/30 *(a)* | 140000 | 124668 |
| 3.25%, 05/15/32 *(a)* | 155000 | 144588 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 09/15/34 *(a)* | 100000 | 102490 |
| 4.85%, 12/01/48 *(a)* | 150000 | 132910 |
| 4.00%, 06/15/50 *(a)* | 100000 | 76576 |
| 3.25%, 05/01/51 *(a)* | 180000 | 120625 |
| 5.50%, 04/15/53 *(a)* | 110000 | 105912 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 2.95%, 06/15/27 *(a)* | 124000 | 122817 |
| 3.50%, 03/15/29 *(a)* | 280000 | 275250 |
| 2.95%, 03/15/30 *(a)* | 150000 | 142986 |
| 5.20%, 04/01/34 *(a)* | 150000 | 154712 |
| 5.25%, 04/15/35 *(a)* | 150000 | 154619 |
| 5.30%, 08/01/37  | 160000 | 163448 |
| 8.45%, 03/15/39  | 150000 | 194560 |
| 3.90%, 09/15/42 *(a)* | 165000 | 135676 |
| 3.65%, 04/15/45 *(a)* | 265000 | 205771 |
| 4.00%, 04/01/48 *(a)* | 125000 | 99512 |
| 3.25%, 10/01/49 *(a)* | 170000 | 116269 |
| 2.63%, 03/15/51 *(a)* | 255000 | 153947 |
| 3.90%, 04/01/52 *(a)* | 185000 | 141509 |
| 5.25%, 01/15/54 *(a)* | 115000 | 107570 |
| 5.13%, 03/15/55 *(a)* | 190000 | 174399 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 3.50%, 03/15/27 *(a)* | 350000 | 348539 |
| 3.75%, 05/15/27 *(a)* | 175000 | 174731 |
| 3.80%, 04/01/28 *(a)* | 200000 | 199306 |
| 2.88%, 07/15/29 *(a)* | 270000 | 259123 |
| 5.00%, 04/01/33 *(a)* | 200000 | 204857 |
| 5.30%, 08/15/33 *(a)* | 100000 | 103914 |
| 5.00%, 01/15/34 *(a)* | 170000 | 172470 |
| 5.05%, 08/15/34 *(a)* | 195000 | 197798 |
| 4.90%, 09/15/35 *(a)* | 240000 | 239218 |
| 6.00%, 01/15/36  | 250000 | 268524 |
| 6.00%, 05/15/37  | 325000 | 349827 |
| 6.35%, 11/30/37  | 150000 | 164940 |
| 8.88%, 11/15/38  | 300000 | 401011 |
| 4.00%, 01/15/43 *(a)* | 250000 | 205007 |
| 4.65%, 08/15/43 *(a)* | 150000 | 134750 |
| 4.45%, 02/15/44 *(a)* | 250000 | 216416 |
| 4.20%, 05/15/45 *(a)* | 100000 | 82921 |
| 4.00%, 11/15/46 *(a)* | 220000 | 175075 |
| 3.80%, 09/15/47 *(a)* | 250000 | 191736 |
| 4.60%, 12/01/48 *(a)* | 365000 | 313080 |
| 3.30%, 12/01/49 *(a)* | 300000 | 207109 |
| 2.45%, 12/15/50 *(a)* | 450000 | 259079 |
| 2.95%, 11/15/51 *(a)* | 75000 | 47290 |
| 4.63%, 05/15/52 *(a)* | 240000 | 202275 |
| 5.45%, 04/01/53 *(a)* | 220000 | 209918 |
| 5.35%, 01/15/54 *(a)* | 135000 | 126636 |
| 5.55%, 08/15/54 *(a)* | 100000 | 97044 |
| 5.65%, 03/15/55 *(a)* | 70000 | 68677 |
| 5.60%, 09/15/55 *(a)* | 260000 | 252706 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.15%, 10/01/27 *(a)* | 175000 | 178575 |
| 1.38%, 10/15/27 *(a)* | 250000 | 239315 |
| 4.75%, 01/15/28 *(a)* | 145000 | 147258 |
| 2.20%, 12/15/28 *(a)* | 150000 | 142634 |
| 1.80%, 10/15/30 *(a)* | 86000 | 76578 |
| 5.63%, 05/15/56 *(a)(b)* | 190000 | 191520 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 1.70%, 06/15/28 *(a)* | 150000 | 142616 |
| 3.95%, 03/01/29 *(a)* | 90000 | 90044 |
| 4.15%, 10/15/30 *(a)* | 150000 | 149963 |
| 4.75%, 09/30/32 *(a)* | 195000 | 198866 |
| 5.63%, 05/15/33  | 105000 | 112608 |
| 4.60%, 10/01/34 *(a)* | 165000 | 163631 |
| 4.30%, 10/15/48 *(a)* | 125000 | 103518 |
| 5.05%, 10/01/54 *(a)* | 90000 | 82949 |

---

*See financial notes*

**94**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 3.05%, 10/15/27 *(a)* | 225000 | 221745 |
| 3.00%, 07/01/29 *(a)* | 245000 | 235915 |
| 1.95%, 09/16/31 *(a)* | 125000 | 109584 |
| 4.95%, 04/01/33 *(a)* | 50000 | 50770 |
| 5.38%, 03/30/34 *(a)* | 85000 | 87733 |
| 6.38%, 08/15/37  | 120000 | 131749 |
| 3.65%, 04/01/50 *(a)* | 235000 | 171115 |
| 5.70%, 12/15/55 *(a)* | 90000 | 88415 |
| **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
| 3.67%, 12/01/42  | 160000 | 127397 |
| 4.75%, 11/01/44 *(a)* | 150000 | 134792 |
| 3.30%, 09/01/49 *(a)* | 172000 | 119877 |
| 2.85%, 12/01/51 *(a)* | 130000 | 82106 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 4.75%, 03/21/28 *(a)* | 100000 | 101350 |
| 4.00%, 06/15/28 *(a)* | 325000 | 325155 |
| 3.40%, 06/01/30 *(a)* | 360000 | 346355 |
| 2.35%, 11/15/31 *(a)* | 75000 | 66652 |
| 4.60%, 06/01/32 *(a)* | 300000 | 298861 |
| 5.45%, 08/15/33 *(a)* | 300000 | 310038 |
| 5.50%, 03/15/34 *(a)* | 70000 | 72298 |
| 5.60%, 04/15/35 *(a)* | 240000 | 248943 |
| 6.50%, 07/01/36  | 80000 | 87826 |
| 3.50%, 12/01/49 *(a)* | 200000 | 143733 |
|  |  | **197865493** |
| ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 3.00%, 06/15/27 *(a)* | 200000 | 198079 |
| 2.63%, 09/15/29 *(a)* | 285000 | 271120 |
| 1.50%, 01/15/31 *(a)* | 330000 | 289575 |
| 5.45%, 10/15/32 *(a)* | 50000 | 52939 |
| 5.90%, 11/15/33 *(a)* | 125000 | 135315 |
| 5.20%, 08/15/35 *(a)(c)* | 150000 | 154840 |
| 5.50%, 06/15/41 *(a)* | 150000 | 154082 |
| 4.15%, 01/15/43 *(a)* | 200000 | 170441 |
| 4.13%, 10/15/44 *(a)* | 140000 | 118228 |
| 4.30%, 10/01/48 *(a)* | 235000 | 195148 |
| 4.13%, 03/15/49 *(a)* | 225000 | 180619 |
| 3.38%, 09/15/49 *(a)* | 240000 | 169199 |
| 2.85%, 02/15/52 *(a)* | 110000 | 68421 |
| 5.75%, 10/15/52 *(a)* | 190000 | 192546 |
| 5.00%, 12/15/54 *(a)* | 150000 | 136604 |
| 5.45%, 01/15/56 *(a)* | 170000 | 164605 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 5.25%, 03/01/28 *(a)* | 260000 | 266490 |
| 4.00%, 04/01/28 *(a)* | 120000 | 119917 |
| 1.75%, 10/01/30 *(a)* | 225000 | 200766 |
| 5.40%, 07/01/34 *(a)* | 125000 | 129060 |
| 5.85%, 01/15/41 *(a)* | 125000 | 130144 |
| **National Grid USA** | **National Grid USA** | **National Grid USA** |
| 5.80%, 04/01/35  | 85000 | 89206 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 3.49%, 05/15/27 *(a)* | 225000 | 223668 |
| 5.25%, 03/30/28 *(a)* | 300000 | 307786 |
| 5.20%, 07/01/29 *(a)* | 150000 | 154723 |
| 2.95%, 09/01/29 *(a)* | 350000 | 336006 |
| 3.60%, 05/01/30 *(a)* | 395000 | 384214 |
| 1.70%, 02/15/31 *(a)* | 220000 | 193190 |
| 5.40%, 06/30/33 *(a)* | 160000 | 166254 |
| 5.35%, 04/01/34 *(a)* | 200000 | 206319 |
| 5.35%, 07/15/35 *(a)* | 150000 | 153560 |
| 5.95%, 06/15/41 *(a)* | 110000 | 113878 |
| 5.25%, 02/15/43 *(a)* | 175000 | 168169 |
| 4.80%, 02/15/44 *(a)* | 209000 | 188174 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.65%, 02/01/45 *(a)* | 175000 | 174043 |
| 4.38%, 05/15/47 *(a)* | 320000 | 265764 |
| 3.95%, 03/30/48 *(a)* | 220000 | 171700 |
| 5.00%, 06/15/52 *(a)* | 150000 | 133298 |
| 6.95%, 11/30/54 *(a)(b)* | 200000 | 208512 |
| 6.38%, 03/31/55 *(a)(b)* | 100000 | 103611 |
| 5.85%, 04/01/55 *(a)* | 450000 | 448614 |
| 5.75%, 07/15/56 *(a)(b)* | 310000 | 312491 |
| **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** |
| 7.00%, 09/15/55 *(a)(b)* | 100000 | 104072 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 5.10%, 04/01/29 *(a)* | 100000 | 103038 |
| 2.00%, 05/15/30 *(a)* | 130000 | 119020 |
| 4.25%, 09/01/32 *(a)* | 160000 | 157859 |
| 4.66%, 02/01/44 *(a)* | 200000 | 177714 |
| 4.50%, 11/01/48 *(a)* | 125000 | 106986 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 3.50%, 06/01/29 *(a)* | 250000 | 244495 |
| 5.40%, 06/15/33 *(a)* | 105000 | 109287 |
| 5.10%, 02/15/35 *(a)* | 115000 | 117014 |
| 4.65%, 08/01/43 *(a)* | 100000 | 89312 |
| 3.64%, 11/01/46 *(a)* | 130000 | 97322 |
| 3.35%, 06/01/50 *(a)* | 120000 | 82664 |
| 5.05%, 05/15/52 *(a)* | 170000 | 152349 |
| **Sempra** | **Sempra** | **Sempra** |
| 3.25%, 06/15/27 *(a)* | 275000 | 272063 |
| 3.40%, 02/01/28 *(a)* | 355000 | 349852 |
| 3.70%, 04/01/29 *(a)* | 200000 | 196926 |
| 5.50%, 08/01/33 *(a)* | 205000 | 214414 |
| 3.80%, 02/01/38 *(a)* | 350000 | 300788 |
| 6.00%, 10/15/39  | 260000 | 271320 |
| 4.00%, 02/01/48 *(a)* | 290000 | 221828 |
| 4.13%, 04/01/52 *(a)(b)* | 300000 | 294868 |
| 6.40%, 10/01/54 *(a)(b)* | 360000 | 366126 |
| 6.88%, 10/01/54 *(a)(b)* | 335000 | 344641 |
| 6.55%, 04/01/55 *(a)(b)* | 35000 | 35753 |
| 6.63%, 04/01/55 *(a)(b)* | 145000 | 146746 |
| 6.38%, 04/01/56 *(a)(b)* | 200000 | 204515 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 2.95%, 04/15/27 *(a)* | 250000 | 247375 |
| 2.55%, 02/01/30 *(a)* | 200000 | 188671 |
| 5.20%, 06/01/33 *(a)* | 100000 | 103249 |
| 5.05%, 09/01/34 *(a)* | 95000 | 96708 |
| 5.13%, 11/15/40  | 270000 | 266101 |
| 3.75%, 09/15/42 *(a)* | 105000 | 84196 |
| 4.13%, 06/01/48 *(a)* | 125000 | 100089 |
| 4.30%, 01/15/49 *(a)* | 175000 | 143118 |
| 3.95%, 02/15/50 *(a)* | 150000 | 115462 |
| 6.35%, 11/15/52 *(a)* | 210000 | 227586 |
| 5.75%, 06/01/53 *(a)* | 150000 | 149313 |
| 5.60%, 04/01/54 *(a)* | 150000 | 147300 |
| 6.00%, 06/15/55 *(a)* | 150000 | 154155 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| 4.05%, 09/15/28 *(a)* | 130000 | 130105 |
| 1.75%, 01/15/31 *(a)* | 200000 | 177120 |
| 5.15%, 09/15/32 *(a)* | 90000 | 92526 |
| 5.75%, 09/15/33 *(a)* | 225000 | 238744 |
| 5.10%, 09/15/35 *(a)* | 130000 | 131108 |
| 5.88%, 03/15/41 *(a)* | 200000 | 206894 |
| 4.40%, 06/01/43 *(a)* | 221000 | 189692 |
| 3.95%, 10/01/46 *(a)* | 175000 | 137491 |
| 4.40%, 05/30/47 *(a)* | 135000 | 112641 |
| 3.15%, 09/30/51 *(a)* | 150000 | 97474 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 5.45%, 03/23/28 *(a)* | 145000 | 148784 |
| 3.70%, 04/01/28 *(a)* | 175000 | 173624 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**95**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.20%, 06/15/30 *(a)* | 145000 | 131955 |
| 4.05%, 03/15/32 *(a)* | 190000 | 183513 |
| 3.80%, 09/29/46 *(a)* | 100000 | 76079 |
| 4.15%, 06/01/49 *(a)* | 125000 | 98452 |
| 3.18%, 08/15/51 *(a)* | 90000 | 61629 |
| **Spire Missouri, Inc.** | **Spire Missouri, Inc.** | **Spire Missouri, Inc.** |
| 4.80%, 02/15/33 *(a)* | 150000 | 151036 |
| 3.30%, 06/01/51 *(a)* | 185000 | 125518 |
| **Spire, Inc.** | **Spire, Inc.** | **Spire, Inc.** |
| 6.25%, 06/01/56 *(a)(b)* | 165000 | 164180 |
| 6.45%, 06/01/56 *(a)(b)* | 140000 | 140176 |
| **Washington Gas Light Co.** | **Washington Gas Light Co.** | **Washington Gas Light Co.** |
| 3.80%, 09/15/46 *(a)* | 160000 | 124574 |
| 3.65%, 09/15/49 *(a)* | 195000 | 142539 |
|  |  | **18141467** |
| ***Utility Other 0.0%***  | ***Utility Other 0.0%***  | ***Utility Other 0.0%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.95%, 09/01/27 *(a)* | 100000 | 98579 |
| 3.75%, 09/01/28 *(a)* | 250000 | 249169 |
| 3.45%, 06/01/29 *(a)* | 165000 | 161916 |
| 2.30%, 06/01/31 *(a)* | 200000 | 180792 |
| 4.45%, 06/01/32 *(a)* | 275000 | 275462 |
| 5.15%, 03/01/34 *(a)* | 200000 | 206393 |
| 5.25%, 03/01/35 *(a)* | 270000 | 278392 |
| 6.59%, 10/15/37  | 225000 | 255053 |
| 4.30%, 12/01/42 *(a)* | 195000 | 170455 |
| 4.30%, 09/01/45 *(a)* | 220000 | 188453 |
| 4.00%, 12/01/46 *(a)* | 85000 | 68595 |
| 3.75%, 09/01/47 *(a)* | 250000 | 192288 |
| 4.20%, 09/01/48 *(a)* | 230000 | 187598 |
| 4.15%, 06/01/49 *(a)* | 180000 | 145567 |
| 3.45%, 05/01/50 *(a)* | 130000 | 92736 |
| 3.25%, 06/01/51 *(a)* | 165000 | 111835 |
| 5.45%, 03/01/54 *(a)* | 240000 | 233462 |
| 5.70%, 09/01/55 *(a)* | 260000 | 260538 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 3.57%, 05/01/29 *(a)* | 320000 | 313794 |
| 2.70%, 04/15/30 *(a)* | 160000 | 150315 |
| 2.40%, 05/01/31 *(a)* | 50000 | 45268 |
| 5.38%, 01/15/34 *(a)* | 100000 | 103294 |
| 5.25%, 08/15/35 *(a)* | 150000 | 153182 |
| 4.28%, 05/01/49 *(a)* | 215000 | 174082 |
| 3.35%, 04/15/50 *(a)* | 240000 | 165353 |
| 5.30%, 05/01/52 *(a)* | 205000 | 192302 |
| **United Utilities PLC** | **United Utilities PLC** | **United Utilities PLC** |
| 6.88%, 08/15/28  | 85000 | 90530 |
|  |  | **4745403** |
|  |  | **220752363** |
| **Total Corporates** <br>**(Cost $2,348,751,147)** | **Total Corporates** <br>**(Cost $2,348,751,147)** | **2241535206** |
| **TREASURIES** 45.4% OF NET ASSETS | **TREASURIES** 45.4% OF NET ASSETS | **TREASURIES** 45.4% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 6.63%, 02/15/27  | 1000000 | 1035918 |
| 6.38%, 08/15/27  | 4200000 | 4391872 |
| 6.13%, 11/15/27  | 2434000 | 2550043 |
| 5.50%, 08/15/28  | 1748000 | 1834131 |
| 5.25%, 11/15/28  | 2248000 | 2351630 |
| 5.25%, 02/15/29  | 1174000 | 1234618 |
| 6.13%, 08/15/29  | 1044000 | 1132369 |
| 6.25%, 05/15/30  | 2131000 | 2349784 |
| 5.38%, 02/15/31  | 2594000 | 2789258 |
| 4.50%, 02/15/36  | 2844000 | 2936897 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 02/15/37  | 1432000 | 1500772 |
| 5.00%, 05/15/37  | 1948000 | 2086050 |
| 4.38%, 02/15/38  | 1996000 | 2014627 |
| 4.50%, 05/15/38  | 2096000 | 2138392 |
| 3.50%, 02/15/39  | 1872000 | 1706964 |
| 4.25%, 05/15/39  | 2846000 | 2789060 |
| 4.50%, 08/15/39  | 3146000 | 3153083 |
| 4.38%, 11/15/39  | 3825000 | 3774902 |
| 4.63%, 02/15/40  | 4455000 | 4506245 |
| 1.13%, 05/15/40  | 11700000 | 7431963 |
| 4.38%, 05/15/40  | 3044000 | 2994253 |
| 1.13%, 08/15/40  | 15350000 | 9649782 |
| 3.88%, 08/15/40  | 3744000 | 3469360 |
| 1.38%, 11/15/40  | 16600000 | 10782693 |
| 4.25%, 11/15/40  | 4053000 | 3913167 |
| 1.88%, 02/15/41  | 23750000 | 16602293 |
| 4.75%, 02/15/41  | 4292000 | 4371182 |
| 2.25%, 05/15/41  | 15200000 | 11187648 |
| 4.38%, 05/15/41  | 3944000 | 3844118 |
| 1.75%, 08/15/41  | 21150000 | 14280992 |
| 3.75%, 08/15/41  | 3817000 | 3442229 |
| 2.00%, 11/15/41  | 19700000 | 13756843 |
| 3.13%, 11/15/41  | 3844000 | 3179773 |
| 2.38%, 02/15/42  | 15400000 | 11339445 |
| 3.13%, 02/15/42  | 4082000 | 3359757 |
| 3.00%, 05/15/42  | 3998000 | 3218699 |
| 3.25%, 05/15/42  | 13100000 | 10932123 |
| 2.75%, 08/15/42  | 4191000 | 3236693 |
| 3.38%, 08/15/42  | 11700000 | 9891737 |
| 2.75%, 11/15/42  | 6358000 | 4888337 |
| 4.00%, 11/15/42  | 11900000 | 10911575 |
| 3.13%, 02/15/43  | 5286000 | 4278674 |
| 3.88%, 02/15/43  | 11450000 | 10306763 |
| 2.88%, 05/15/43  | 8881000 | 6898033 |
| 3.88%, 05/15/43  | 11300000 | 10139570 |
| 3.63%, 08/15/43  | 6417000 | 5542145 |
| 4.38%, 08/15/43  | 12850000 | 12277973 |
| 3.75%, 11/15/43  | 6150000 | 5391605 |
| 4.75%, 11/15/43  | 12150000 | 12154130 |
| 3.63%, 02/15/44  | 7027000 | 6035429 |
| 4.50%, 02/15/44  | 13150000 | 12727441 |
| 3.38%, 05/15/44  | 6294000 | 5196992 |
| 4.63%, 05/15/44  | 12500000 | 12276423 |
| 3.13%, 08/15/44  | 8132000 | 6440477 |
| 4.13%, 08/15/44  | 12300000 | 11292808 |
| 3.00%, 11/15/44  | 7436000 | 5754503 |
| 4.63%, 11/15/44  | 12700000 | 12446818 |
| 2.50%, 02/15/45  | 9832000 | 6965677 |
| 4.75%, 02/15/45  | 12450000 | 12386466 |
| 3.00%, 05/15/45  | 4434000 | 3413291 |
| 5.00%, 05/15/45  | 12850000 | 13193339 |
| 2.88%, 08/15/45  | 5832000 | 4375699 |
| 4.88%, 08/15/45  | 13300000 | 13430180 |
| 3.00%, 11/15/45  | 3782000 | 2890088 |
| 4.63%, 11/15/45  | 9000000 | 8794316 |
| 2.50%, 02/15/46  | 7591000 | 5286602 |
| 2.50%, 05/15/46  | 6732000 | 4670422 |
| 2.25%, 08/15/46  | 10578000 | 6961393 |
| 2.88%, 11/15/46  | 3719000 | 2746374 |
| 3.00%, 02/15/47  | 7634000 | 5748920 |
| 3.00%, 05/15/47  | 6038000 | 4534688 |
| 2.75%, 08/15/47  | 10280000 | 7346725 |
| 2.75%, 11/15/47  | 9878000 | 7036176 |
| 3.00%, 02/15/48  | 11300000 | 8412436 |
| 3.13%, 05/15/48  | 11420000 | 8679849 |
| 3.00%, 08/15/48  | 13328000 | 9874231 |
| 3.38%, 11/15/48  | 12800000 | 10132140 |
| 3.00%, 02/15/49  | 13776000 | 10155481 |

---

*See financial notes*

**96**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.88%, 05/15/49  | 13550000 | 9727774 |
| 2.25%, 08/15/49  | 13100000 | 8223503 |
| 2.38%, 11/15/49  | 11500000 | 7392228 |
| 2.00%, 02/15/50  | 15398000 | 9035516 |
| 1.25%, 05/15/50  | 17950000 | 8600874 |
| 1.38%, 08/15/50  | 20300000 | 9992906 |
| 1.63%, 11/15/50  | 21050000 | 11063198 |
| 1.88%, 02/15/51  | 23350000 | 13056988 |
| 2.38%, 05/15/51  | 22600000 | 14254098 |
| 2.00%, 08/15/51  | 22150000 | 12700409 |
| 1.88%, 11/15/51  | 20450000 | 11315717 |
| 2.25%, 02/15/52  | 18600000 | 11296005 |
| 2.88%, 05/15/52  | 17700000 | 12377164 |
| 3.00%, 08/15/52  | 16500000 | 11825037 |
| 4.00%, 11/15/52  | 17450000 | 15140979 |
| 3.63%, 02/15/53  | 16600000 | 13445295 |
| 3.63%, 05/15/53  | 18250000 | 14770336 |
| 4.13%, 08/15/53  | 19200000 | 17005363 |
| 4.75%, 11/15/53  | 20900000 | 20522728 |
| 4.25%, 02/15/54  | 21100000 | 19086473 |
| 4.63%, 05/15/54  | 20800000 | 20041644 |
| 4.25%, 08/15/54  | 20950000 | 18955690 |
| 4.50%, 11/15/54  | 21000000 | 19818296 |
| 4.63%, 02/15/55  | 20950000 | 20194346 |
| 4.75%, 05/15/55  | 23775000 | 23379210 |
| 4.75%, 08/15/55  | 25650000 | 25237002 |
| 4.63%, 11/15/55  | 14450000 | 13929924 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 4.00%, 01/15/27  | 15100000 | 15175183 |
| 1.50%, 01/31/27  | 23000000 | 22512543 |
| 4.13%, 01/31/27  | 23490000 | 23641825 |
| 2.25%, 02/15/27  | 14126000 | 13931186 |
| 4.13%, 02/15/27  | 16865000 | 16977630 |
| 1.13%, 02/28/27  | 4400000 | 4281996 |
| 1.88%, 02/28/27  | 16000000 | 15706213 |
| 4.13%, 02/28/27  | 20700000 | 20841070 |
| 4.25%, 03/15/27  | 16500000 | 16641453 |
| 0.63%, 03/31/27  | 6100000 | 5889699 |
| 2.50%, 03/31/27  | 15100000 | 14916822 |
| 3.88%, 03/31/27  | 25000000 | 25111780 |
| 4.50%, 04/15/27  | 17000000 | 17211483 |
| 0.50%, 04/30/27  | 9150000 | 8799341 |
| 2.75%, 04/30/27  | 14300000 | 14162557 |
| 3.75%, 04/30/27  | 21000000 | 21068055 |
| 2.38%, 05/15/27  | 16320000 | 16075482 |
| 4.50%, 05/15/27  | 13700000 | 13883007 |
| 0.50%, 05/31/27  | 8700000 | 8346025 |
| 2.63%, 05/31/27  | 13450000 | 13290779 |
| 3.88%, 05/31/27  | 19000000 | 19099055 |
| 4.63%, 06/15/27  | 17800000 | 18087146 |
| 0.50%, 06/30/27  | 10400000 | 9952888 |
| 3.25%, 06/30/27  | 14500000 | 14452679 |
| 3.75%, 06/30/27  | 19100000 | 19174954 |
| 4.38%, 07/15/27  | 17500000 | 17734453 |
| 0.38%, 07/31/27  | 12600000 | 12004411 |
| 2.75%, 07/31/27  | 14000000 | 13843838 |
| 3.88%, 07/31/27  | 21000000 | 21125068 |
| 2.25%, 08/15/27  | 12672000 | 12427935 |
| 3.75%, 08/15/27  | 17300000 | 17374648 |
| 0.50%, 08/31/27  | 12000000 | 11427850 |
| 3.13%, 08/31/27  | 13500000 | 13423774 |
| 3.63%, 08/31/27  | 21700000 | 21749131 |
| 3.38%, 09/15/27  | 16500000 | 16472257 |
| 0.38%, 09/30/27  | 16700000 | 15831344 |
| 3.50%, 09/30/27  | 20600000 | 20607612 |
| 4.13%, 09/30/27  | 13500000 | 13646584 |
| 3.88%, 10/15/27  | 17300000 | 17418576 |
| 0.50%, 10/31/27  | 13200000 | 12509273 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 10/31/27  | 20700000 | 20706839 |
| 4.13%, 10/31/27  | 13000000 | 13145980 |
| 2.25%, 11/15/27  | 13474000 | 13177381 |
| 4.13%, 11/15/27  | 17900000 | 18107296 |
| 0.63%, 11/30/27  | 14500000 | 13742946 |
| 3.38%, 11/30/27  | 21500000 | 21460492 |
| 3.88%, 11/30/27  | 13000000 | 13094181 |
| 4.00%, 12/15/27  | 18200000 | 18379488 |
| 0.63%, 12/31/27  | 16000000 | 15127709 |
| 3.38%, 12/31/27  | 23000000 | 22955977 |
| 3.88%, 12/31/27  | 12500000 | 12595185 |
| 4.25%, 01/15/28  | 17200000 | 17455951 |
| 0.75%, 01/31/28  | 18200000 | 17210202 |
| 3.50%, 01/31/28  | 12500000 | 12504331 |
| 2.75%, 02/15/28  | 17822000 | 17556616 |
| 4.25%, 02/15/28  | 18500000 | 18786069 |
| 1.13%, 02/29/28  | 18300000 | 17408367 |
| 4.00%, 02/29/28  | 13000000 | 13137518 |
| 3.88%, 03/15/28  | 17000000 | 17138627 |
| 1.25%, 03/31/28  | 16600000 | 15802815 |
| 3.63%, 03/31/28  | 12650000 | 12686418 |
| 3.75%, 04/15/28  | 17000000 | 17091414 |
| 1.25%, 04/30/28  | 18000000 | 17103177 |
| 3.50%, 04/30/28  | 12800000 | 12799802 |
| 2.88%, 05/15/28  | 19170000 | 18901570 |
| 3.75%, 05/15/28  | 16900000 | 16994777 |
| 1.25%, 05/31/28  | 18505000 | 17548256 |
| 3.63%, 05/31/28  | 12500000 | 12534431 |
| 3.88%, 06/15/28  | 18000000 | 18155729 |
| 1.25%, 06/30/28  | 16500000 | 15618502 |
| 4.00%, 06/30/28  | 12700000 | 12849540 |
| 3.88%, 07/15/28  | 19600000 | 19768772 |
| 1.00%, 07/31/28  | 18000000 | 16891355 |
| 4.13%, 07/31/28  | 12500000 | 12688184 |
| 2.88%, 08/15/28  | 19368000 | 19061821 |
| 3.63%, 08/15/28  | 23000000 | 23061394 |
| 1.13%, 08/31/28  | 18100000 | 17005647 |
| 4.38%, 08/31/28  | 13400000 | 13685443 |
| 3.38%, 09/15/28  | 24540000 | 24443408 |
| 1.25%, 09/30/28  | 18750000 | 17641191 |
| 4.63%, 09/30/28  | 16000000 | 16454525 |
| 3.50%, 10/15/28  | 22975000 | 22954495 |
| 1.38%, 10/31/28  | 18500000 | 17431930 |
| 4.88%, 10/31/28  | 16000000 | 16569472 |
| 3.13%, 11/15/28  | 17714000 | 17518209 |
| 3.50%, 11/15/28  | 24375000 | 24349348 |
| 1.50%, 11/30/28  | 17500000 | 16518278 |
| 4.38%, 11/30/28  | 17050000 | 17438317 |
| 3.50%, 12/15/28  | 24000000 | 23974687 |
| 1.38%, 12/31/28  | 17000000 | 15961201 |
| 3.75%, 12/31/28  | 17500000 | 17601756 |
| 1.75%, 01/31/29  | 15800000 | 14972101 |
| 4.00%, 01/31/29  | 19000000 | 19245520 |
| 2.63%, 02/15/29  | 18166000 | 17665432 |
| 1.88%, 02/28/29  | 15000000 | 14248499 |
| 4.25%, 02/28/29  | 19250000 | 19643759 |
| 2.38%, 03/31/29  | 13900000 | 13394659 |
| 4.13%, 03/31/29  | 20000000 | 20338626 |
| 2.88%, 04/30/29  | 13200000 | 12910298 |
| 4.63%, 04/30/29  | 21000000 | 21683556 |
| 2.38%, 05/15/29  | 14658000 | 14098035 |
| 2.75%, 05/31/29  | 13000000 | 12652637 |
| 4.50%, 05/31/29  | 21550000 | 22173000 |
| 3.25%, 06/30/29  | 12500000 | 12359770 |
| 4.25%, 06/30/29  | 20500000 | 20937121 |
| 2.63%, 07/31/29  | 11000000 | 10641076 |
| 4.00%, 07/31/29  | 21000000 | 21274646 |
| 1.63%, 08/15/29  | 15166000 | 14160961 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**97**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.13%, 08/31/29  | 11400000 | 11208318 |
| 3.63%, 08/31/29  | 22500000 | 22500526 |
| 3.50%, 09/30/29  | 21000000 | 20907631 |
| 3.88%, 09/30/29  | 11000000 | 11094714 |
| 4.00%, 10/31/29  | 10500000 | 10638732 |
| 4.13%, 10/31/29  | 20400000 | 20750827 |
| 1.75%, 11/15/29  | 9866000 | 9214691 |
| 3.88%, 11/30/29  | 10800000 | 10890722 |
| 4.13%, 11/30/29  | 21000000 | 21364268 |
| 3.88%, 12/31/29  | 10000000 | 10085489 |
| 4.38%, 12/31/29  | 21000000 | 21562634 |
| 3.50%, 01/31/30  | 10500000 | 10440851 |
| 4.25%, 01/31/30  | 20775000 | 21239072 |
| 1.50%, 02/15/30  | 18998000 | 17452591 |
| 4.00%, 02/28/30  | 30800000 | 31193005 |
| 3.63%, 03/31/30  | 10000000 | 9982202 |
| 4.00%, 03/31/30  | 21000000 | 21269440 |
| 3.50%, 04/30/30  | 10200000 | 10127580 |
| 3.88%, 04/30/30  | 21500000 | 21670708 |
| 0.63%, 05/15/30  | 23905000 | 20982248 |
| 3.75%, 05/31/30  | 11000000 | 11028388 |
| 4.00%, 05/31/30  | 21400000 | 21672580 |
| 3.75%, 06/30/30  | 10750000 | 10777662 |
| 3.88%, 06/30/30  | 20800000 | 20957527 |
| 3.88%, 07/31/30  | 22600000 | 22767617 |
| 4.00%, 07/31/30  | 10000000 | 10127685 |
| 0.63%, 08/15/30  | 32700000 | 28457561 |
| 3.63%, 08/31/30  | 25500000 | 25410028 |
| 4.13%, 08/31/30  | 10500000 | 10685269 |
| 3.63%, 09/30/30  | 26300000 | 26201875 |
| 4.63%, 09/30/30  | 11000000 | 11432925 |
| 3.63%, 10/31/30  | 27000000 | 26890658 |
| 4.88%, 10/31/30  | 11500000 | 12082791 |
| 0.88%, 11/15/30  | 33800000 | 29550563 |
| 3.50%, 11/30/30  | 26250000 | 25990836 |
| 4.38%, 11/30/30  | 11800000 | 12141641 |
| 3.63%, 12/31/30  | 24000000 | 23890313 |
| 3.75%, 12/31/30  | 12250000 | 12259163 |
| 4.00%, 01/31/31  | 11600000 | 11736451 |
| 1.13%, 02/15/31  | 31600000 | 27824407 |
| 4.25%, 02/28/31  | 13500000 | 13812733 |
| 4.13%, 03/31/31  | 12500000 | 12715311 |
| 4.63%, 04/30/31  | 13000000 | 13533621 |
| 1.63%, 05/15/31  | 30300000 | 27149345 |
| 4.63%, 05/31/31  | 12900000 | 13429473 |
| 4.25%, 06/30/31  | 13000000 | 13297417 |
| 4.13%, 07/31/31  | 12500000 | 12704450 |
| 1.25%, 08/15/31  | 33400000 | 29104884 |
| 3.75%, 08/31/31  | 16025000 | 15975340 |
| 3.63%, 09/30/31  | 12225000 | 12105900 |
| 4.13%, 10/31/31  | 15200000 | 15437772 |
| 1.38%, 11/15/31  | 32800000 | 28577938 |
| 4.13%, 11/30/31  | 12500000 | 12691589 |
| 4.50%, 12/31/31  | 14000000 | 14492318 |
| 4.38%, 01/31/32  | 12750000 | 13108737 |
| 1.88%, 02/15/32  | 30800000 | 27478802 |
| 4.13%, 02/29/32  | 12500000 | 12679801 |
| 4.13%, 03/31/32  | 12500000 | 12675853 |
| 4.00%, 04/30/32  | 13250000 | 13340099 |
| 2.88%, 05/15/32  | 29900000 | 28198493 |
| 4.13%, 05/31/32  | 12800000 | 12971988 |
| 4.00%, 06/30/32  | 14000000 | 14086356 |
| 4.00%, 07/31/32  | 13000000 | 13073602 |
| 2.75%, 08/15/32  | 29500000 | 27507676 |
| 3.88%, 08/31/32  | 13100000 | 13069747 |
| 3.88%, 09/30/32  | 14200000 | 14162722 |
| 3.75%, 10/31/32  | 13500000 | 13356949 |
| 4.13%, 11/15/32  | 30200000 | 30554651 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.75%, 11/30/32  | 14000000 | 13845044 |
| 3.88%, 12/31/32  | 13700000 | 13647555 |
| 3.50%, 02/15/33  | 30000000 | 29163987 |
| 3.38%, 05/15/33  | 30400000 | 29239091 |
| 3.88%, 08/15/33  | 32500000 | 32246324 |
| 4.50%, 11/15/33  | 34740000 | 35887785 |
| 4.00%, 02/15/34  | 36800000 | 36704846 |
| 4.38%, 05/15/34  | 37000000 | 37837521 |
| 3.88%, 08/15/34  | 36750000 | 36200900 |
| 4.25%, 11/15/34  | 37100000 | 37516158 |
| 4.63%, 02/15/35  | 37550000 | 38997684 |
| 4.25%, 05/15/35  | 37000000 | 37327831 |
| 4.25%, 08/15/35  | 39650000 | 39947053 |
| 4.00%, 11/15/35  | 30500000 | 30069553 |
| **Total Treasuries** <br>**(Cost $4,381,382,533)** | **Total Treasuries** <br>**(Cost $4,381,382,533)** | **4329955665** |
| **GOVERNMENT RELATED** 4.1% OF NET ASSETS | **GOVERNMENT RELATED** 4.1% OF NET ASSETS | **GOVERNMENT RELATED** 4.1% OF NET ASSETS |
| **Agency 1.1%** | **Agency 1.1%** | **Agency 1.1%** |
| **Foreign 0.6%**  | **Foreign 0.6%**  | **Foreign 0.6%**  |
| ***Austria 0.0%***  | ***Austria 0.0%***  | ***Austria 0.0%***  |
| **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** |
| 4.75%, 05/21/27  | 100000 | 101536 |
| 3.63%, 09/09/27  | 350000 | 350232 |
| 4.25%, 03/01/28  | 730000 | 739767 |
| 4.00%, 05/28/28  | 500000 | 504487 |
| 4.13%, 01/18/29  | 460000 | 466400 |
| 3.75%, 09/05/29  | 150000 | 150331 |
| 4.50%, 01/24/30  | 500000 | 513965 |
| 3.75%, 09/10/30  | 440000 | 439195 |
|  |  | **3265913** |
| ***Canada 0.1%***  | ***Canada 0.1%***  | ***Canada 0.1%***  |
| **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
| 3.20%, 12/17/30 *(a)* | 360000 | 326189 |
| 4.10%, 06/15/51 *(a)* | 130000 | 89342 |
| **Export Development Canada** | **Export Development Canada** | **Export Development Canada** |
| 3.00%, 05/25/27  | 1350000 | 1339200 |
| 3.88%, 02/14/28  | 1245000 | 1252229 |
| 4.13%, 02/13/29  | 980000 | 994500 |
| 4.00%, 06/20/30  | 600000 | 606130 |
| 4.75%, 06/05/34  | 350000 | 365877 |
|  |  | **4973467** |
| ***China 0.0%***  | ***China 0.0%***  | ***China 0.0%***  |
| **Industrial & Commercial Bank of China Ltd.** | **Industrial & Commercial Bank of China Ltd.** | **Industrial & Commercial Bank of China Ltd.** |
| 3.54%, 11/08/27  | 300000 | 298212 |
| ***Germany 0.2%***  | ***Germany 0.2%***  | ***Germany 0.2%***  |
| **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** |
| 4.38%, 03/01/27 *(h)* | 1275000 | 1286465 |
| 3.00%, 05/20/27 *(h)* | 1825000 | 1811332 |
| 4.00%, 06/28/27 *(h)* | 920000 | 926142 |
| 3.50%, 08/27/27 *(h)* | 1050000 | 1049309 |
| 3.75%, 02/15/28 *(h)* | 825000 | 828233 |
| 2.88%, 04/03/28 *(h)* | 1185000 | 1167632 |
| 3.88%, 05/15/28 *(h)* | 535000 | 538938 |
| 3.88%, 06/15/28 *(h)* | 1000000 | 1007415 |
| 3.50%, 08/09/28 *(h)* | 1065000 | 1063709 |
| 4.00%, 03/15/29 *(h)* | 1075000 | 1088033 |
| 1.75%, 09/14/29 *(h)* | 895000 | 837147 |
| 4.63%, 03/18/30 *(h)* | 1275000 | 1320123 |

---

*See financial notes*

**98**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.75%, 07/15/30 *(h)* | 1825000 | 1826676 |
| 0.75%, 09/30/30 *(h)* | 530000 | 461550 |
| 4.75%, 10/29/30 *(h)* | 815000 | 850097 |
| 4.13%, 07/15/33 *(h)* | 1100000 | 1106119 |
| 4.38%, 02/28/34 *(h)* | 770000 | 784970 |
| 3.28%, 04/18/36 *(h)(i)* | 660000 | 426810 |
| 3.51%, 06/29/37 *(h)(i)* | 665000 | 406153 |
| **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
| 3.88%, 09/28/27 *(h)* | 60000 | 60290 |
| 2.50%, 11/15/27 *(h)* | 500000 | 490261 |
| 4.63%, 04/17/29 *(h)* | 500000 | 515418 |
| 4.13%, 05/28/30 *(h)* | 450000 | 456825 |
| 0.88%, 09/03/30 *(h)* | 850000 | 745381 |
| 3.63%, 10/08/30 *(h)* | 200000 | 198785 |
| 5.00%, 10/24/33 *(h)* | 565000 | 599142 |
|  |  | **21852955** |
| ***Japan 0.1%***  | ***Japan 0.1%***  | ***Japan 0.1%***  |
| **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** |
| 2.88%, 06/01/27  | 750000 | 741198 |
| 2.88%, 07/21/27  | 300000 | 296193 |
| 4.38%, 10/05/27  | 450000 | 455211 |
| 2.75%, 11/16/27  | 475000 | 466961 |
| 4.63%, 07/19/28  | 460000 | 469916 |
| 3.25%, 07/20/28  | 620000 | 612649 |
| 3.50%, 10/31/28  | 550000 | 546409 |
| 2.13%, 02/16/29  | 545000 | 518554 |
| 2.00%, 10/17/29  | 400000 | 374327 |
| 1.25%, 01/21/31  | 600000 | 525844 |
| 1.88%, 04/15/31  | 1200000 | 1079846 |
| **Japan International Cooperation Agency** | **Japan International Cooperation Agency** | **Japan International Cooperation Agency** |
| 2.75%, 04/27/27  | 710000 | 700525 |
| 3.38%, 06/12/28  | 525000 | 520079 |
| 1.00%, 07/22/30  | 370000 | 324604 |
| 1.75%, 04/28/31  | 350000 | 311862 |
|  |  | **7944178** |
| ***Norway 0.1%***  | ***Norway 0.1%***  | ***Norway 0.1%***  |
| **Equinor ASA** | **Equinor ASA** | **Equinor ASA** |
| 3.00%, 04/06/27 *(a)* | 150000 | 149042 |
| 7.25%, 09/23/27  | 475000 | 502846 |
| 4.25%, 06/02/28 *(a)* | 50000 | 50452 |
| 3.63%, 09/10/28 *(a)* | 285000 | 284386 |
| 3.13%, 04/06/30 *(a)* | 550000 | 530145 |
| 2.38%, 05/22/30 *(a)* | 300000 | 279323 |
| 5.13%, 06/03/35 *(a)* | 50000 | 51421 |
| 4.75%, 11/14/35 *(a)* | 310000 | 308675 |
| 3.63%, 04/06/40 *(a)* | 200000 | 169469 |
| 5.10%, 08/17/40  | 245000 | 244077 |
| 4.25%, 11/23/41  | 275000 | 244083 |
| 3.95%, 05/15/43  | 255000 | 214780 |
| 4.80%, 11/08/43  | 260000 | 242637 |
| 3.25%, 11/18/49 *(a)* | 475000 | 332654 |
| 3.70%, 04/06/50 *(a)* | 425000 | 322838 |
|  |  | **3926828** |
| ***Philippines 0.0%***  | ***Philippines 0.0%***  | ***Philippines 0.0%***  |
| **Bangko Sentral ng Pilipinas International Bonds** | **Bangko Sentral ng Pilipinas International Bonds** | **Bangko Sentral ng Pilipinas International Bonds** |
| 8.60%, 06/15/27  | 250000 | 266584 |
| ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  |
| **Export-Import Bank of Korea** | **Export-Import Bank of Korea** | **Export-Import Bank of Korea** |
| 4.63%, 01/11/27  | 280000 | 282369 |
| 1.63%, 01/18/27  | 345000 | 337499 |
| 2.38%, 04/21/27  | 500000 | 491184 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.25%, 09/15/27  | 200000 | 201574 |
| 4.13%, 10/17/27  | 350000 | 352203 |
| 5.00%, 01/11/28  | 520000 | 532302 |
| 5.13%, 09/18/28  | 300000 | 310422 |
| 4.50%, 01/11/29  | 250000 | 253994 |
| 4.88%, 01/14/30  | 400000 | 413282 |
| 1.25%, 09/21/30  | 300000 | 265339 |
| 3.75%, 09/22/30  | 300000 | 297226 |
| 2.13%, 01/18/32  | 550000 | 490056 |
| 4.50%, 09/15/32  | 300000 | 305186 |
| 5.13%, 01/11/33  | 300000 | 314111 |
| 4.63%, 01/11/34  | 250000 | 254521 |
| 5.25%, 01/14/35  | 200000 | 212940 |
| 2.50%, 06/29/41  | 200000 | 145462 |
| **Korea Development Bank** | **Korea Development Bank** | **Korea Development Bank** |
| 2.00%, 09/12/26  | 150000 | 148060 |
| 4.13%, 10/16/27  | 390000 | 392292 |
| 4.38%, 02/15/28  | 675000 | 683277 |
| 5.38%, 10/23/28  | 235000 | 244990 |
| 4.50%, 02/15/29  | 445000 | 452439 |
| 4.88%, 02/03/30  | 400000 | 413757 |
| 3.75%, 09/16/30  | 300000 | 297182 |
| 1.63%, 01/19/31  | 480000 | 428377 |
| 2.00%, 10/25/31  | 250000 | 224072 |
| 4.25%, 09/08/32  | 200000 | 200588 |
| 4.38%, 02/15/33  | 380000 | 380656 |
| 5.63%, 10/23/33  | 200000 | 216814 |
|  |  | **9542174** |
| ***Sweden 0.0%***  | ***Sweden 0.0%***  | ***Sweden 0.0%***  |
| **Svensk Exportkredit AB** | **Svensk Exportkredit AB** | **Svensk Exportkredit AB** |
| 2.25%, 03/22/27  | 575000 | 565075 |
| 3.88%, 08/04/27  | 400000 | 401586 |
| 3.75%, 05/08/28  | 500000 | 501274 |
| 4.13%, 06/14/28  | 755000 | 763233 |
| 4.25%, 02/01/29 *(c)* | 300000 | 304846 |
| 4.88%, 10/04/30  | 700000 | 731546 |
|  |  | **3267560** |
|  |  | **55337871** |
| **U.S. 0.5%** | **U.S. 0.5%** | **U.S. 0.5%** |
| **Federal Farm Credit Banks Funding Corp.** |  |  |
| 4.13%, 03/20/29  | 1000000 | 1014563 |
| 4.00%, 04/01/30  | 1000000 | 1010664 |
| **Federal Home Loan Banks** |  |  |
| 1.25%, 12/21/26  | 500000 | 489224 |
| 4.13%, 01/15/27  | 2500000 | 2515064 |
| 4.75%, 04/09/27  | 2000000 | 2030789 |
| 4.25%, 12/10/27  | 2000000 | 2027889 |
| 4.00%, 06/30/28  | 5000000 | 5060467 |
| 3.25%, 11/16/28  | 5000000 | 4967220 |
| 4.75%, 12/08/28  | 2000000 | 2064019 |
| 4.13%, 06/14/30  | 1000000 | 1015344 |
| 4.75%, 03/10/34  | 2000000 | 2073867 |
| 5.50%, 07/15/36  | 1900000 | 2078574 |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 6.75%, 09/15/29  | 500000 | 553915 |
| 6.75%, 03/15/31  | 1564000 | 1781793 |
| 6.25%, 07/15/32  | 700000 | 791819 |
| **Federal National Mortgage Association** |  |  |
| 0.75%, 10/08/27  | 6000000 | 5720179 |
| 7.13%, 01/15/30  | 527000 | 594714 |
| 7.25%, 05/15/30  | 1000000 | 1142371 |
| 0.88%, 08/05/30  | 1000000 | 881324 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**99**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.63%, 11/15/30  | 2700000 | 3044687 |
| 5.63%, 07/15/37  | 1500000 | 1653935 |
| **Private Export Funding Corp.** |  |  |
| 4.50%, 02/07/27 *(e)* | 175000 | 175961 |
| 3.90%, 10/15/27  | 185000 | 185542 |
| 1.40%, 07/15/28  | 200000 | 188839 |
| 4.30%, 12/15/28  | 150000 | 152685 |
| 4.60%, 02/15/34  | 150000 | 152997 |
| **Tennessee Valley Authority** |  |  |
| 2.88%, 02/01/27  | 500000 | 496131 |
| 5.25%, 09/15/39  | 750000 | 794003 |
| 4.63%, 09/15/60  | 100000 | 89125 |
|  |  | **44747704** |
|  |  | **100085575** |
| **Local Authority 0.7%** | **Local Authority 0.7%** | **Local Authority 0.7%** |
| **Foreign 0.3%**  | **Foreign 0.3%**  | **Foreign 0.3%**  |
| ***Canada 0.3%***  | ***Canada 0.3%***  | ***Canada 0.3%***  |
| **Hydro-Quebec** | **Hydro-Quebec** | **Hydro-Quebec** |
| 8.50%, 12/01/29  | 165000 | 192059 |
| 9.38%, 04/15/30  | 300000 | 361284 |
| 9.50%, 11/15/30  | 30000 | 36981 |
| **Province of Alberta** | **Province of Alberta** | **Province of Alberta** |
| 3.30%, 03/15/28  | 690000 | 684248 |
| 1.30%, 07/22/30  | 950000 | 849161 |
| 4.50%, 01/24/34  | 360000 | 364254 |
| 4.30%, 11/02/35  | 400000 | 394487 |
| **Province of British Columbia** | **Province of British Columbia** | **Province of British Columbia** |
| 4.70%, 01/24/28  | 1135000 | 1158653 |
| 4.80%, 11/15/28  | 610000 | 628242 |
| 4.90%, 04/24/29  | 575000 | 595834 |
| 3.90%, 08/27/30  | 1000000 | 1000323 |
| 1.30%, 01/29/31  | 700000 | 615476 |
| 4.20%, 07/06/33  | 275000 | 273332 |
| 4.75%, 06/12/34  | 500000 | 512067 |
| 4.80%, 06/11/35  | 750000 | 765989 |
| 7.25%, 09/01/36  | 340000 | 415503 |
| **Province of Manitoba** | **Province of Manitoba** | **Province of Manitoba** |
| 1.50%, 10/25/28  | 280000 | 263604 |
| 4.30%, 07/27/33  | 260000 | 259379 |
| 4.90%, 05/31/34  | 350000 | 361535 |
| **Province of New Brunswick** | **Province of New Brunswick** | **Province of New Brunswick** |
| 3.63%, 02/24/28  | 390000 | 388930 |
| **Province of Ontario** | **Province of Ontario** | **Province of Ontario** |
| 3.10%, 05/19/27  | 725000 | 719589 |
| 1.05%, 05/21/27  | 550000 | 530698 |
| 4.20%, 01/18/29  | 750000 | 760744 |
| 3.70%, 09/17/29  | 545000 | 544053 |
| 2.00%, 10/02/29  | 385000 | 361665 |
| 4.70%, 01/15/30  | 750000 | 774195 |
| 3.90%, 09/04/30  | 500000 | 500416 |
| 1.13%, 10/07/30  | 490000 | 431474 |
| 1.60%, 02/25/31  | 900000 | 802514 |
| 1.80%, 10/14/31  | 530000 | 469240 |
| 2.13%, 01/21/32  | 475000 | 424544 |
| 5.05%, 04/24/34  | 450000 | 471031 |
| 4.85%, 06/11/35  | 900000 | 925799 |
| 4.45%, 11/20/35  | 600000 | 596842 |
| **Province of Quebec** | **Province of Quebec** | **Province of Quebec** |
| 2.75%, 04/12/27  | 735000 | 726555 |
| 3.63%, 04/13/28  | 1000000 | 998853 |
| 4.50%, 04/03/29  | 855000 | 875246 |
| 7.50%, 09/15/29  | 608000 | 685640 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.35%, 05/28/30  | 575000 | 516881 |
| 1.90%, 04/21/31  | 375000 | 337621 |
| 4.50%, 09/08/33  | 300000 | 303955 |
| 4.25%, 09/05/34  | 600000 | 593218 |
| 4.63%, 08/28/35  | 600000 | 605158 |
| **Province of Saskatchewan** | **Province of Saskatchewan** | **Province of Saskatchewan** |
| 3.25%, 06/08/27  | 300000 | 298214 |
|  |  | **24375486** |
| **U.S. 0.4%** | **U.S. 0.4%** | **U.S. 0.4%** |
| **Alameda County Joint Powers Authority** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 7.05%, 12/01/44  | 105000 | 119028 |
| **American Municipal Power, Inc.** |  |  |
| 6.45%, 02/15/44  | 100000 | 106023 |
| RB (Build America Bonds) Series 2010 |  |  |
| 8.08%, 02/15/50  | 250000 | 315609 |
| **Bay Area Toll Authority** |  |  |
| RB (Build America Bonds) Series <br> 2009F2<br>|  |  |
| 6.26%, 04/01/49  | 300000 | 317436 |
| RB (Build America Bonds) Series <br> 2010S1<br>|  |  |
| 7.04%, 04/01/50  | 300000 | 345495 |
| RB (Build America Bonds) Series <br> 2010S3<br>|  |  |
| 6.91%, 10/01/50  | 250000 | 284518 |
| RB Sereis F3 |  |  |
| 3.13%, 04/01/55 *(a)* | 165000 | 109298 |
| **Board of Regents of the University of Texas** <br> **System**<br>|  |  |
| 2.44%, 08/15/49 *(a)* | 70000 | 42865 |
| RB (Build America Bonds) Series C |  |  |
| 4.79%, 08/15/46  | 60000 | 56538 |
| **California Health Facilities Financing** <br> **Authority**<br>|  |  |
| RB Series 2022 |  |  |
| 4.19%, 06/01/37 *(a)* | 110000 | 104770 |
| **California State University** |  |  |
| RB Series 2017B |  |  |
| 3.90%, 11/01/47 *(a)* | 115000 | 96711 |
| RB Series E |  |  |
| 2.90%, 11/01/51 *(a)* | 100000 | 71326 |
| Series B |  |  |
| 2.72%, 11/01/52  | 400000 | 264295 |
| **Central Puget Sound Regional Transit** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series <br> 2009-S<br>|  |  |
| 5.49%, 11/01/39  | 15000 | 15437 |
| **Charlotte-Mecklenburg Hospital Authority** |  |  |
| 3.20%, 01/15/51 *(a)* | 75000 | 51329 |
| **Chicago O'Hare International Airport** |  |  |
| RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| 6.40%, 01/01/40  | 150000 | 166600 |
| Series C |  |  |
| 4.47%, 01/01/49  | 90000 | 79976 |
| Series C |  |  |
| 4.57%, 01/01/54  | 30000 | 26066 |
| **Chicago Transit Authority Sales & Transfer** <br> **Tax Receipts Revenue**<br>|  |  |
| RB (Pension Funding) Series 2008A |  |  |
| 6.90%, 12/01/40  | 393506 | 440453 |

---

*See financial notes*

**100**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB (Pension Funding) Series 2008B |  |  |
| 6.90%, 12/01/40  | 176400 | 197422 |
| **City of Atlanta Water & Wastewater Revenue** |  |  |
| RB Series 2020 |  |  |
| 2.26%, 11/01/35 *(a)* | 125000 | 106684 |
| **City of Houston TX** |  |  |
| GO Bonds (Pension Funding) Series <br> 2017<br>|  |  |
| 3.96%, 03/01/47  | 255000 | 219819 |
| **City of New York** |  |  |
| 6.29%, 02/01/45 *(a)* | 100000 | 105463 |
| 5.56%, 10/01/45 *(a)* | 100000 | 99413 |
| 5.37%, 10/01/51  | 150000 | 145310 |
| 5.94%, 02/01/55  | 100000 | 104037 |
| 6.39%, 02/01/55 *(a)* | 200000 | 211396 |
| 5.39%, 10/01/55  | 200000 | 191985 |
| GO Bonds Series 2023 B-1 |  |  |
| 5.83%, 10/01/53  | 200000 | 205893 |
| GO Bonds Series 2024 D-1 |  |  |
| 5.09%, 10/01/49  | 100000 | 94706 |
| GO Bonds Series 2024 D-1 |  |  |
| 5.11%, 10/01/54  | 200000 | 187095 |
| GO Bonds Series 2024 D-2 |  |  |
| 5.26%, 10/01/44 *(a)* | 100000 | 97855 |
| **City of New York NY** |  |  |
| GO Bonds (Build America Bonds) <br> Series C1<br>|  |  |
| 5.52%, 10/01/37  | 115000 | 117806 |
| **City of Riverside CA** |  |  |
| RB Series A |  |  |
| 3.86%, 06/01/45 *(a)* | 40000 | 35105 |
| **City of San Antonio Electric & Gas Systems** <br> **Revenue**<br>|  |  |
| 5.57%, 02/01/50 *(a)* | 250000 | 248749 |
| **City of San Antonio TX Electric & Gas** <br> **Systems Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2009 |  |  |
| 5.99%, 02/01/39  | 150000 | 160977 |
| RB Series 2012 |  |  |
| 4.43%, 02/01/42  | 210000 | 195683 |
| **City of San Francisco CA Public Utilities** <br> **Commission Water Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.95%, 11/01/50  | 150000 | 168827 |
| **City of Tucson AZ** |  |  |
| Series A, (AGM) |  |  |
| 2.86%, 07/01/47  | 220000 | 162633 |
| **Commonwealth Financing Authority** |  |  |
| RB Series A |  |  |
| 3.86%, 06/01/38  | 75000 | 69556 |
| RB Series A |  |  |
| 2.99%, 06/01/42  | 20000 | 15239 |
| Series A |  |  |
| 4.14%, 06/01/38  | 215000 | 202253 |
| **Commonwealth of Massachusetts** |  |  |
| GO (Build America Bonds) Series 2009 |  |  |
| 5.46%, 12/01/39  | 100000 | 102259 |
| GO (Build America Bonds) Series <br> 2010D<br>|  |  |
| 4.50%, 08/01/31  | 400000 | 400558 |
| RB Series 2022 A |  |  |
| 3.77%, 07/15/29  | 150000 | 149753 |
| Series H |  |  |
| 2.90%, 09/01/49  | 300000 | 207473 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Commonwealth of Massachusetts** <br> **Transportation Fund Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.73%, 06/01/40  | 200000 | 205712 |
| **County of Broward Airport System Revenue** |  |  |
| RB Series C |  |  |
| 3.48%, 10/01/43 *(a)* | 30000 | 25209 |
| **County of Clark Department of Aviation** |  |  |
| RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| 6.82%, 07/01/45  | 350000 | 388721 |
| **County of Cook IL** |  |  |
| GO (Build America Bonds) Series D |  |  |
| 6.23%, 11/15/34  | 115000 | 122487 |
| **County of Miami-Dade FL Aviation Revenue** |  |  |
| RB Series C |  |  |
| 4.28%, 10/01/41 *(a)* | 105000 | 96803 |
| **County of Miami-Dade Transit System** |  |  |
| 2.60%, 07/01/42 *(a)* | 100000 | 75577 |
| **Dallas Area Rapid Transit** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.02%, 12/01/48  | 250000 | 236914 |
| Series B |  |  |
| 6.00%, 12/01/44  | 300000 | 315215 |
| **Dallas Convention Center Hotel Development** <br> **Corp.**<br>|  |  |
| RB Series 2009 |  |  |
| 7.09%, 01/01/42  | 105000 | 116510 |
| **Dallas County Hospital District** |  |  |
| GO (Build America Bonds) Series C |  |  |
| 5.62%, 08/15/44  | 150000 | 149542 |
| **Dallas Fort Worth International Airport** |  |  |
| 4.51%, 11/01/51 *(a)* | 250000 | 216804 |
| RB Series 2020C |  |  |
| 2.92%, 11/01/50  | 150000 | 105217 |
| RB Series A |  |  |
| 4.09%, 11/01/51  | 25000 | 20509 |
| RB Series C |  |  |
| 2.84%, 11/01/46 *(a)* | 35000 | 25592 |
| Series A |  |  |
| 2.99%, 11/01/38  | 175000 | 152197 |
| Series A |  |  |
| 3.14%, 11/01/45  | 105000 | 80161 |
| Series C |  |  |
| 3.09%, 11/01/40 *(a)* | 205000 | 167092 |
| **Dallas Independent School District** |  |  |
| GO (Build America Bonds) Series <br> 2010C<br>|  |  |
| 6.45%, 02/15/35 *(a)* | 350000 | 351990 |
| **District of Columbia Water & Sewer Authority** |  |  |
| RB Series 2014A |  |  |
| 4.81%, 10/01/14  | 185000 | 159587 |
| **East Bay Municipal Utility District Water** <br> **System Revenue**<br>|  |  |
| Water System RB (Build America <br> Bonds) Series 2010<br>|  |  |
| 5.87%, 06/01/40  | 50000 | 53330 |
| **Empire State Development Corp.** |  |  |
| RB (Build America Bonds) Series 2009 |  |  |
| 5.77%, 03/15/39  | 305000 | 315283 |
| **Foothill-Eastern Transportation Corridor** <br> **Agency**<br>|  |  |
| Series A |  |  |
| 4.09%, 01/15/49 *(a)* | 130000 | 105133 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**101**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series A |  |  |
| 3.92%, 01/15/53 *(a)* | 125000 | 93843 |
| **Golden State Tobacco Securitization Corp.** |  |  |
| 4.21%, 06/01/50 *(a)* | 100000 | 72748 |
| RB Series 2021 A-1 |  |  |
| 3.71%, 06/01/41 *(a)* | 100000 | 77452 |
| RB Series B |  |  |
| 3.00%, 06/01/46  | 125000 | 113107 |
| **Grand Parkway Transportation Corp.** |  |  |
| RB Series 2013E |  |  |
| 5.18%, 10/01/42  | 200000 | 203013 |
| Series B |  |  |
| 3.24%, 10/01/52 *(a)* | 300000 | 207979 |
| **Health & Educational Facilities Authority of** <br> **the State of Missouri**<br>|  |  |
| 3.23%, 05/15/50 *(a)* | 100000 | 71139 |
| **Illinois** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 6.63%, 02/01/35  | 115385 | 122192 |
| **Illinois State Toll Highway Authority** |  |  |
| RB (Build America Bonds) Series A |  |  |
| 6.18%, 01/01/34  | 30000 | 31860 |
| **Indiana Finance Authority** |  |  |
| RB Series 2021 |  |  |
| 3.05%, 01/01/51  | 60000 | 43815 |
| **JobsOhio Beverage System** |  |  |
| RB Series 2013 B |  |  |
| 4.53%, 01/01/35  | 185000 | 187452 |
| **Kansas Development Finance Authority** |  |  |
| RB Series H |  |  |
| 4.93%, 04/15/45  | 40000 | 38970 |
| RB Series K |  |  |
| 2.77%, 05/01/51  | 30000 | 21286 |
| **Los Angeles Community College District** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 6.75%, 08/01/49  | 85000 | 94163 |
| **Los Angeles Department of Water & Power** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.57%, 07/01/45  | 250000 | 269003 |
| **Louisiana Local Government Environmental** <br> **Facilities & Community Development** <br> **Authority**<br>|  |  |
| RB Series 2022 A |  |  |
| 4.48%, 08/01/39 *(a)* | 300000 | 289893 |
| RB Series 2023 |  |  |
| 5.05%, 12/01/34 *(a)* | 200000 | 206236 |
| RB Series A |  |  |
| 4.15%, 02/01/33 *(a)* | 200000 | 199522 |
| RB Series A1 |  |  |
| 5.20%, 12/01/39 *(a)* | 100000 | 102914 |
| Series 2022-ELL, Class A3 |  |  |
| 4.28%, 02/01/36 *(a)* | 300000 | 297798 |
| **Louisville and Jefferson County Metropolitan** <br> **Sewer District**<br>|  |  |
| RB (Build America Bonds) |  |  |
| 6.25%, 05/15/43  | 100000 | 104969 |
| **Maryland Economic Development Corp.** |  |  |
| RB Series 2024 |  |  |
| 5.94%, 05/31/57 *(a)* | 150000 | 150834 |
| **Maryland Health & Higher Educational** <br> **Facilities Authority**<br>|  |  |
| RB Series D |  |  |
| 3.05%, 07/01/40 *(a)* | 100000 | 78526 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series D |  |  |
| 3.20%, 07/01/50  | 100000 | 68460 |
| **Massachusetts School Building Authority** |  |  |
| RB Series 2010 |  |  |
| 5.72%, 08/15/39  | 50000 | 52113 |
| **Metropolitan Government of Nashville &** <br> **Davidson County Convention Center Auth**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 6.73%, 07/01/43  | 10000 | 10718 |
| **Metropolitan Transportation Authority** |  |  |
| RB Series 2010 |  |  |
| 6.67%, 11/15/39  | 40000 | 43796 |
| **Metropolitan Transportation Authority** <br> **Dedicated Tax Fund**<br>|  |  |
| RB (Build America Bonds) Series C |  |  |
| 7.34%, 11/15/39  | 310000 | 365058 |
| **Metropolitan Washington Airports Authority** <br> **Dulles Toll Road Revenue**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 7.46%, 10/01/46  | 90000 | 106795 |
| **Metropolitan Water Reclamation District of** <br> **Greater Chicago**<br>|  |  |
| GO Bonds Series 2009 |  |  |
| 5.72%, 12/01/38  | 250000 | 259313 |
| **Michigan Finance Authority** |  |  |
| RB Series 2019 |  |  |
| 3.38%, 12/01/40  | 350000 | 296346 |
| **Michigan State University** |  |  |
| RB Series A |  |  |
| 4.50%, 08/15/48 *(a)* | 175000 | 158464 |
| **Missouri Health & Educational Facilities** <br> **Authority**<br>|  |  |
| RB Series 2017A |  |  |
| 3.65%, 08/15/57 *(a)* | 130000 | 94571 |
| **Municipal Electric Authority of Georgia** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.66%, 04/01/57  | 244000 | 263685 |
| RB (Build America Bonds) Series A |  |  |
| 6.64%, 04/01/57  | 241000 | 261039 |
| RB Series B |  |  |
| 7.06%, 04/01/57  | 110000 | 124167 |
| **New Jersey Economic Development** <br> **Authority**<br>|  |  |
| Series A |  |  |
| 7.43%, 02/15/29  | 516000 | 539220 |
| **New Jersey Transportation Trust Fund** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 6.56%, 12/15/40  | 50000 | 56553 |
| **New Jersey Turnpike Authority** |  |  |
| RB (Build America Bonds) Series 2009F |  |  |
| 7.41%, 01/01/40  | 500000 | 603726 |
| RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| 7.10%, 01/01/41  | 650000 | 759192 |
| **New York City Municipal Water Finance** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series GG |  |  |
| 5.72%, 06/15/42  | 100000 | 101374 |
| Water System RB (Build America <br> Bonds)<br>|  |  |
| 6.01%, 06/15/42  | 250000 | 261920 |

---

*See financial notes*

**102**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Water System RB (Build America <br> Bonds) Series 2011CC<br>|  |  |
| 5.88%, 06/15/44  | 250000 | 254845 |
| Water System RB (Build America <br> Bonds) Series AA-2-2009<br>|  |  |
| 5.75%, 06/15/41  | 300000 | 304459 |
| **New York State Dormitory Authority** |  |  |
| 5.23%, 07/01/35  | 150000 | 155885 |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.60%, 03/15/40  | 200000 | 205691 |
| RB Series 2009F |  |  |
| 5.63%, 03/15/39  | 200000 | 207335 |
| **North Texas Tollway Authority** |  |  |
| RB (Build America Bonds) Series <br> 2009B<br>|  |  |
| 6.72%, 01/01/49  | 350000 | 385666 |
| **Ohio State University** |  |  |
| 4.80%, 06/01/11  | 25000 | 20875 |
| RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| 4.91%, 06/01/40  | 500000 | 500350 |
| **Ohio Turnpike & Infrastructure Commission** |  |  |
| RB Series A |  |  |
| 3.22%, 02/15/48 *(a)* | 100000 | 73897 |
| **Oklahoma Development Finance Authority** |  |  |
| 4.62%, 06/01/44  | 150000 | 145673 |
| 4.85%, 02/01/45  | 155000 | 153211 |
| RB Series 2022 |  |  |
| 4.38%, 11/01/45 *(a)* | 45000 | 43089 |
| RB Series 2022 |  |  |
| 4.71%, 05/01/52 *(a)* | 150000 | 138303 |
| **Oregon School Boards Association** |  |  |
| 5.68%, 06/30/28  | 112131 | 114463 |
| **Oregon State University** |  |  |
| RB Series 2020 |  |  |
| 3.42%, 03/01/60 *(a)* | 270000 | 189502 |
| **Pennsylvania State University** |  |  |
| 2.79%, 09/01/43  | 240000 | 186920 |
| **Permanent University Fund - Texas A&M** <br> **University System**<br>|  |  |
| 3.66%, 07/01/47 *(a)* | 75000 | 60967 |
| **Port Authority of New York & New Jersey** |  |  |
| 5.65%, 11/01/40  | 200000 | 211702 |
| Consolidated Bonds 164th Series |  |  |
| 5.65%, 11/01/40  | 240000 | 254172 |
| Consolidated Bonds 168th Series |  |  |
| 4.93%, 10/01/51  | 500000 | 460633 |
| Consolidated Bonds 174th Series |  |  |
| 4.46%, 10/01/62  | 925000 | 765789 |
| Consolidated Bonds 181st Series |  |  |
| 4.96%, 08/01/46  | 200000 | 189559 |
| RB Series 182 |  |  |
| 5.31%, 08/01/46 *(a)* | 380000 | 369297 |
| **Port of Morrow** |  |  |
| RB Series 2020 1 |  |  |
| 2.54%, 09/01/40  | 100000 | 77291 |
| **Regents of the University of California** <br> **Medical Center Pooled Revenue**<br>|  |  |
| 4.13%, 05/15/32 *(a)* | 75000 | 74357 |
| RB (Build America Bonds) Series F |  |  |
| 6.58%, 05/15/49  | 310000 | 333357 |
| RB (Build America Bonds) Series H |  |  |
| 6.55%, 05/15/48  | 100000 | 107735 |
| RB Series 2022 Q |  |  |
| 4.56%, 05/15/53  | 200000 | 170431 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series N |  |  |
| 3.71%, 05/15/20 *(a)* | 30000 | 18824 |
| Series N |  |  |
| 3.01%, 05/15/50 *(a)* | 235000 | 153870 |
| **Regional Transportation District Sales Tax** <br> **Revenue**<br>|  |  |
| Series B |  |  |
| 5.84%, 11/01/50  | 200000 | 201652 |
| **Rutgers The State University of New Jersey** |  |  |
| RB (Build America Bonds) Series H |  |  |
| 5.67%, 05/01/40  | 30000 | 31005 |
| Series P |  |  |
| 3.92%, 05/01/19 *(a)* | 150000 | 99702 |
| Series R |  |  |
| 3.27%, 05/01/43  | 100000 | 81471 |
| **Sales Tax Securitization Corp.** |  |  |
| RB 2021 Series B |  |  |
| 3.24%, 01/01/42  | 150000 | 123498 |
| RB Series 2017B |  |  |
| 3.59%, 01/01/43  | 300000 | 259414 |
| RB Series B |  |  |
| 3.82%, 01/01/48  | 250000 | 199616 |
| **Salt River Project Agricultural Improvement &** <br> **Power District**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 4.84%, 01/01/41  | 75000 | 73938 |
| **San Diego County Regional Transportation** <br> **Commission**<br>|  |  |
| RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| 5.91%, 04/01/48  | 300000 | 306975 |
| **San Diego County Water Authority., Class B** |  |  |
| RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| 6.14%, 05/01/49  | 345000 | 358222 |
| **San Joaquin Hills Transportation Corridor** <br> **Agency**<br>|  |  |
| RB Series B |  |  |
| 3.49%, 01/15/50 *(a)* | 240000 | 183384 |
| **San Jose Redevelopment Successor Agency** |  |  |
| Series A |  |  |
| 3.38%, 08/01/34 *(a)* | 375000 | 350881 |
| **State Board of Administration Finance Corp.** |  |  |
| RB Series 2024 A |  |  |
| 5.53%, 07/01/34 *(a)* | 300000 | 315811 |
| Series A |  |  |
| 1.71%, 07/01/27  | 350000 | 339662 |
| Series A |  |  |
| 2.15%, 07/01/30  | 350000 | 321784 |
| **State of California** |  |  |
| 4.88%, 09/01/30  | 350000 | 364553 |
| 5.75%, 10/01/31  | 150000 | 163009 |
| 4.50%, 04/01/33 *(a)* | 10000 | 10008 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.50%, 04/01/34  | 900000 | 1050328 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.55%, 04/01/39  | 1000000 | 1212359 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.30%, 10/01/39  | 800000 | 934694 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.35%, 11/01/39  | 615000 | 721317 |
| GO Bonds |  |  |
| 7.60%, 11/01/40  | 600000 | 737392 |
| GO Bonds Series 2010 |  |  |
| 7.63%, 03/01/40  | 100000 | 121132 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**103**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2021A |  |  |
| 1.70%, 02/01/28  | 100000 | 96175 |
| GO Bonds Series 2023 |  |  |
| 6.00%, 03/01/33  | 100000 | 110480 |
| GO Bonds Series 2023 |  |  |
| 5.20%, 03/01/43 *(a)* | 200000 | 201022 |
| GO Bonds Series 2024 |  |  |
| 5.13%, 09/01/29  | 150000 | 156850 |
| GO Bonds Series A |  |  |
| 3.05%, 04/01/29  | 200000 | 195930 |
| **State of Connecticut** |  |  |
| GO Bonds Series 2008A |  |  |
| 5.85%, 03/15/32  | 400000 | 430773 |
| **State of Illinois** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 7.35%, 07/01/35  | 178571 | 194585 |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.10%, 06/01/33  | 1871618 | 1920792 |
| **State of Mississippi** |  |  |
| GO Bonds (Build America Bonds) <br> Series F<br>|  |  |
| 5.25%, 11/01/34  | 75000 | 77317 |
| **State of Oregon** |  |  |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.89%, 06/01/27  | 165569 | 167158 |
| **State of Texas** |  |  |
| GO Mobility Fund Bonds (Build <br> America Bonds) Series 2009A<br>|  |  |
| 5.52%, 04/01/39  | 468655 | 481634 |
| **State of Wisconsin** |  |  |
| RB Series A |  |  |
| 3.95%, 05/01/36 *(a)* | 200000 | 190538 |
| **State Public School Building Authority** |  |  |
| RB Series A |  |  |
| 5.00%, 09/15/27  | 10000 | 10184 |
| **Texas** |  |  |
| GO (Build America Bonds) Series <br> 2010A<br>|  |  |
| 4.68%, 04/01/40  | 200000 | 195785 |
| **Texas Department of Transportation State** <br> **Highway Fund**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 5.18%, 04/01/30  | 130000 | 132922 |
| **Texas Natural Gas Securitization Finance** <br> **Corp.**<br>|  |  |
| RB 2023 |  |  |
| 5.10%, 04/01/35 *(a)* | 251192 | 258642 |
| RB Series 2023 |  |  |
| 5.17%, 04/01/41 *(a)* | 750000 | 765940 |
| **Texas Private Activity Bond Surface** <br> **Transportation Corp.**<br>|  |  |
| RB Series B |  |  |
| 3.92%, 12/31/49  | 430000 | 343889 |
| **United Nations Development Corp.** |  |  |
| 6.54%, 08/01/55 *(a)* | 100000 | 105783 |
| **University of California** |  |  |
| RB Series 2015AQ |  |  |
| 4.77%, 05/15/15  | 300000 | 245537 |
| RB Series 2019 BD |  |  |
| 3.35%, 07/01/29  | 200000 | 196514 |
| RB Series 2020 BG |  |  |
| 1.32%, 05/15/27 *(a)* | 100000 | 96773 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series AD |  |  |
| 4.86%, 05/15/12  | 400000 | 333647 |
| RB Series BG |  |  |
| 1.61%, 05/15/30 *(a)* | 250000 | 226154 |
| RB Series BJ |  |  |
| 3.07%, 05/15/51 *(a)* | 250000 | 160340 |
| **University of Michigan** |  |  |
| 2.56%, 04/01/50 *(a)* | 300000 | 188792 |
| 4.45%, 04/01/22 *(a)* | 355000 | 275314 |
| RB Series C |  |  |
| 3.60%, 04/01/47  | 130000 | 110145 |
| Series B |  |  |
| 2.44%, 04/01/40 *(a)* | 430000 | 323436 |
| **University of Minnesota** |  |  |
| RB Series 2022 |  |  |
| 4.05%, 04/01/52  | 135000 | 108410 |
| **University of Pittsburgh-of the** <br> **Commonwealth System of Higher Education**<br>|  |  |
| RB Series 2019A |  |  |
| 3.56%, 09/15/19 *(a)* | 250000 | 155665 |
| **University of Virginia** |  |  |
| General Revenue Pledge and Refunding <br> Bonds, Series 2020<br>|  |  |
| 2.26%, 09/01/50 *(a)* | 400000 | 231784 |
| Series B |  |  |
| 2.58%, 11/01/51 *(a)* | 325000 | 199774 |
| Series C |  |  |
| 4.18%, 09/01/17 *(a)* | 150000 | 110560 |
|  |  | **42097730** |
|  |  | **66473216** |
| **Sovereign 1.0%** | **Sovereign 1.0%** | **Sovereign 1.0%** |
| ***Canada 0.0%***  | ***Canada 0.0%***  | ***Canada 0.0%***  |
| **Canada Government International Bonds** | **Canada Government International Bonds** | **Canada Government International Bonds** |
| 3.75%, 04/26/28  | 1815000 | 1823051 |
| 4.63%, 04/30/29  | 1000000 | 1031496 |
| 4.00%, 03/18/30  | 500000 | 505398 |
|  |  | **3359945** |
| ***Chile 0.1%***  | ***Chile 0.1%***  | ***Chile 0.1%***  |
| **Chile Government International Bonds** | **Chile Government International Bonds** | **Chile Government International Bonds** |
| 2.75%, 01/31/27 *(a)* | 610000 | 601208 |
| 3.24%, 02/06/28 *(a)* | 740000 | 728493 |
| 2.45%, 01/31/31 *(a)* | 375000 | 343317 |
| 2.55%, 01/27/32 *(a)* | 600000 | 537906 |
| 2.55%, 07/27/33 *(a)* | 870000 | 754261 |
| 3.50%, 01/31/34 *(a)* | 620000 | 570767 |
| 4.95%, 01/05/36 *(a)* | 650843 | 656886 |
| 5.65%, 01/13/37 *(a)* | 500000 | 528935 |
| 3.10%, 05/07/41 *(a)* | 1000000 | 768835 |
| 3.63%, 10/30/42  | 345000 | 281001 |
| 3.50%, 01/25/50 *(a)* | 750000 | 551255 |
| 4.00%, 01/31/52 *(a)* | 500000 | 396057 |
| 5.33%, 01/05/54 *(a)* | 430000 | 415011 |
| 3.10%, 01/22/61 *(a)* | 820000 | 509801 |
| 3.25%, 09/21/71 *(a)* | 450000 | 279254 |
|  |  | **7922987** |
| ***Hungary 0.0%***  | ***Hungary 0.0%***  | ***Hungary 0.0%***  |
| **Hungary Government International Bonds** | **Hungary Government International Bonds** | **Hungary Government International Bonds** |
| 7.63%, 03/29/41  | 500000 | 584687 |

---

*See financial notes*

**104**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Indonesia 0.1%***  | ***Indonesia 0.1%***  | ***Indonesia 0.1%***  |
| **Indonesia Government International Bonds** | **Indonesia Government International Bonds** | **Indonesia Government International Bonds** |
| 3.50%, 01/11/28  | 425000 | 420782 |
| 4.55%, 01/11/28 *(a)* | 300000 | 302715 |
| 4.10%, 04/24/28  | 300000 | 301036 |
| 4.75%, 02/11/29  | 400000 | 406342 |
| 4.40%, 03/10/29 *(a)* | 300000 | 301852 |
| 3.40%, 09/18/29  | 375000 | 364737 |
| 5.25%, 01/15/30 *(a)* | 200000 | 207430 |
| 2.85%, 02/14/30  | 605000 | 571947 |
| 3.85%, 10/15/30  | 695000 | 681880 |
| 1.85%, 03/12/31  | 475000 | 417619 |
| 2.15%, 07/28/31 *(a)* | 270000 | 239329 |
| 3.55%, 03/31/32 *(a)* | 440000 | 416826 |
| 4.65%, 09/20/32 *(a)* | 325000 | 327374 |
| 4.85%, 01/11/33 *(a)* | 420000 | 424791 |
| 4.70%, 02/10/34 *(a)* | 240000 | 239769 |
| 4.75%, 09/10/34 *(a)* | 300000 | 299717 |
| 4.90%, 04/16/36 *(a)* | 405000 | 404404 |
| 4.35%, 01/11/48  | 700000 | 606678 |
| 5.35%, 02/11/49  | 300000 | 301391 |
| 3.70%, 10/30/49  | 550000 | 420112 |
| 3.50%, 02/14/50  | 350000 | 256604 |
| 4.20%, 10/15/50  | 600000 | 494378 |
| 3.05%, 03/12/51  | 605000 | 404592 |
| 5.65%, 01/11/53 *(a)* | 245000 | 248592 |
| 5.10%, 02/10/54 *(a)* | 285000 | 275829 |
| 5.15%, 09/10/54 *(a)* | 200000 | 195001 |
| 3.20%, 09/23/61 *(a)* | 220000 | 141873 |
| 4.45%, 04/15/70  | 275000 | 223187 |
| 3.35%, 03/12/71  | 365000 | 237619 |
|  |  | **10134406** |
| ***Israel 0.1%***  | ***Israel 0.1%***  | ***Israel 0.1%***  |
| **Israel Government International Bonds** | **Israel Government International Bonds** | **Israel Government International Bonds** |
| 3.25%, 01/17/28  | 350000 | 343564 |
| 5.38%, 03/12/29  | 400000 | 411482 |
| 5.38%, 02/19/30  | 750000 | 774763 |
| 2.75%, 07/03/30  | 615000 | 571907 |
| 4.50%, 01/17/33  | 400000 | 391742 |
| 5.50%, 03/12/34  | 935000 | 968781 |
| 5.63%, 02/19/35  | 900000 | 938707 |
| 4.50%, 01/30/43  | 500000 | 440980 |
| 4.13%, 01/17/48  | 440000 | 344841 |
| 3.88%, 07/03/50  | 620000 | 452005 |
| 5.75%, 03/12/54  | 905000 | 868141 |
| 4.50%, 04/03/20  | 380000 | 283427 |
| **State of Israel** | **State of Israel** | **State of Israel** |
| 2.50%, 01/15/30  | 520000 | 482029 |
| 3.38%, 01/15/50  | 685000 | 459225 |
|  |  | **7731594** |
| ***Italy 0.0%***  | ***Italy 0.0%***  | ***Italy 0.0%***  |
| **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** |
| 2.88%, 10/17/29  | 700000 | 673827 |
| 5.38%, 06/15/33  | 504000 | 534037 |
| 4.00%, 10/17/49  | 750000 | 569058 |
| 3.88%, 05/06/51  | 765000 | 561567 |
|  |  | **2338489** |
| ***Mexico 0.3%***  | ***Mexico 0.3%***  | ***Mexico 0.3%***  |
| **Mexico Government International Bonds** | **Mexico Government International Bonds** | **Mexico Government International Bonds** |
| 4.15%, 03/28/27  | 745000 | 744865 |
| 3.75%, 01/11/28  | 660000 | 654051 |
| 5.40%, 02/09/28 *(a)* | 450000 | 460614 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 04/22/29  | 955000 | 959733 |
| 3.25%, 04/16/30 *(a)* | 815000 | 770531 |
| 6.00%, 05/13/30 *(a)* | 500000 | 524540 |
| 4.75%, 03/22/31 *(a)* | 250000 | 247367 |
| 2.66%, 05/24/31 *(a)* | 1050000 | 935971 |
| 8.30%, 08/15/31  | 350000 | 415920 |
| 4.75%, 04/27/32 *(a)* | 760000 | 741118 |
| 5.85%, 07/02/32 *(a)* | 1000000 | 1029306 |
| 5.38%, 03/22/33 *(a)* | 1185000 | 1175275 |
| 7.50%, 04/08/33  | 455000 | 524458 |
| 4.88%, 05/19/33 *(a)* | 550000 | 528763 |
| 3.50%, 02/12/34 *(a)* | 905000 | 783316 |
| 6.75%, 09/27/34  | 650000 | 705156 |
| 6.35%, 02/09/35 *(a)* | 800000 | 838611 |
| 5.63%, 09/22/35 *(a)* | 550000 | 542842 |
| 6.00%, 05/07/36 *(a)* | 910000 | 922955 |
| 6.88%, 05/13/37 *(a)* | 1200000 | 1281903 |
| 6.63%, 01/29/38 *(a)* | 810000 | 846221 |
| 6.05%, 01/11/40  | 850000 | 846457 |
| 4.28%, 08/14/41 *(a)* | 855000 | 686619 |
| 4.75%, 03/08/44  | 1225000 | 1009971 |
| 5.55%, 01/21/45  | 850000 | 787987 |
| 4.60%, 01/23/46  | 900000 | 708823 |
| 4.35%, 01/15/47  | 525000 | 396267 |
| 4.60%, 02/10/48  | 600000 | 464582 |
| 4.50%, 01/31/50 *(a)* | 725000 | 549585 |
| 5.00%, 04/27/51 *(a)* | 790000 | 635335 |
| 4.40%, 02/12/52 *(a)* | 950000 | 693957 |
| 6.34%, 05/04/53 *(a)* | 620000 | 590910 |
| 6.40%, 05/07/54 *(a)* | 800000 | 769139 |
| 7.38%, 05/13/55 *(a)* | 800000 | 861377 |
| 3.77%, 05/24/61 *(a)* | 875000 | 539434 |
| 5.75%, 10/12/10  | 750000 | 629519 |
|  |  | **25803478** |
| ***Panama 0.1%***  | ***Panama 0.1%***  | ***Panama 0.1%***  |
| **Panama Government International Bonds** | **Panama Government International Bonds** | **Panama Government International Bonds** |
| 8.88%, 09/30/27  | 600000 | 643957 |
| 3.88%, 03/17/28 *(a)* | 445000 | 437770 |
| 9.38%, 04/01/29  | 400000 | 455822 |
| 3.16%, 01/23/30 *(a)* | 530000 | 497009 |
| 7.50%, 03/01/31 *(a)* | 200000 | 222066 |
| 2.25%, 09/29/32 *(a)* | 850000 | 702751 |
| 3.30%, 01/19/33 *(a)* | 300000 | 263688 |
| 6.40%, 02/14/35 *(a)* | 600000 | 633439 |
| 6.70%, 01/26/36  | 670000 | 721581 |
| 6.88%, 01/31/36 *(a)* | 260000 | 283015 |
| 8.00%, 03/01/38 *(a)* | 200000 | 234103 |
| 4.50%, 05/15/47 *(a)* | 500000 | 397077 |
| 4.50%, 04/16/50 *(a)* | 800000 | 617676 |
| 4.30%, 04/29/53  | 700000 | 525792 |
| 6.85%, 03/28/54 *(a)* | 200000 | 208438 |
| 4.50%, 04/01/56 *(a)* | 800000 | 600325 |
| 7.88%, 03/01/57 *(a)* | 200000 | 233028 |
| 3.87%, 07/23/60 *(a)* | 1045000 | 692890 |
| 4.50%, 01/19/63 *(a)* | 475000 | 354347 |
|  |  | **8724774** |
| ***Peru 0.1%***  | ***Peru 0.1%***  | ***Peru 0.1%***  |
| **Peru Government International Bonds** | **Peru Government International Bonds** | **Peru Government International Bonds** |
| 4.13%, 08/25/27  | 25000 | 25136 |
| 2.84%, 06/20/30  | 50000 | 47105 |
| 2.78%, 01/23/31 *(a)* | 920000 | 851592 |
| 1.86%, 12/01/32 *(a)* | 375000 | 310658 |
| 8.75%, 11/21/33  | 700000 | 882203 |
| 3.00%, 01/15/34 *(a)* | 705000 | 614398 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**105**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.38%, 02/08/35 *(a)* | 400000 | 409280 |
| 5.50%, 03/30/36 *(a)* | 548000 | 559453 |
| 6.55%, 03/14/37  | 400000 | 443008 |
| 3.30%, 03/11/41 *(a)* | 375000 | 290546 |
| 5.63%, 11/18/50  | 800000 | 781463 |
| 3.55%, 03/10/51 *(a)* | 575000 | 404108 |
| 5.88%, 08/08/54 *(a)* | 525000 | 519394 |
| 6.20%, 06/30/55 *(a)* | 420000 | 432639 |
| 2.78%, 12/01/60 *(a)* | 730000 | 398290 |
| 3.60%, 01/15/72 *(a)* | 345000 | 219596 |
| 3.23%, 07/28/21 *(a)* | 375000 | 205519 |
|  |  | **7394388** |
| ***Philippines 0.1%***  | ***Philippines 0.1%***  | ***Philippines 0.1%***  |
| **Philippines Government International Bonds** | **Philippines Government International Bonds** | **Philippines Government International Bonds** |
| 3.23%, 03/29/27  | 200000 | 198040 |
| 3.00%, 02/01/28  | 650000 | 636371 |
| 4.63%, 07/17/28  | 285000 | 288529 |
| 3.75%, 01/14/29  | 525000 | 518894 |
| 9.50%, 02/02/30  | 625000 | 751039 |
| 2.46%, 05/05/30  | 350000 | 326204 |
| 7.75%, 01/14/31  | 550000 | 638916 |
| 1.65%, 06/10/31  | 535000 | 466176 |
| 1.95%, 01/06/32  | 200000 | 173966 |
| 6.38%, 01/15/32  | 350000 | 387391 |
| 3.56%, 09/29/32  | 300000 | 283854 |
| 5.61%, 04/13/33  | 260000 | 275591 |
| 5.00%, 07/17/33  | 425000 | 435012 |
| 5.25%, 05/14/34  | 255000 | 265087 |
| 6.38%, 10/23/34  | 450000 | 505218 |
| 5.50%, 02/04/35  | 400000 | 421878 |
| 4.75%, 03/05/35  | 415000 | 415673 |
| 5.00%, 01/13/37  | 530000 | 536075 |
| 3.95%, 01/20/40  | 730000 | 645766 |
| 3.70%, 03/01/41  | 555000 | 464857 |
| 3.70%, 02/02/42  | 650000 | 537140 |
| 2.95%, 05/05/45  | 520000 | 364284 |
| 2.65%, 12/10/45  | 590000 | 390440 |
| 3.20%, 07/06/46  | 615000 | 442048 |
| 4.20%, 03/29/47  | 100000 | 83863 |
| 5.95%, 10/13/47  | 275000 | 290033 |
| 5.50%, 01/17/48  | 470000 | 468447 |
| 5.60%, 05/14/49  | 200000 | 201235 |
| 5.18%, 09/05/49  | 200000 | 190164 |
| 5.90%, 02/04/50  | 200000 | 209855 |
|  |  | **11812046** |
| ***Poland 0.1%***  | ***Poland 0.1%***  | ***Poland 0.1%***  |
| **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** |
| 5.50%, 11/16/27 *(a)* | 765000 | 788411 |
| 4.63%, 03/18/29 *(a)* | 500000 | 510403 |
| 4.88%, 02/12/30  | 500000 | 515866 |
| 5.75%, 11/16/32 *(a)* | 600000 | 643072 |
| 4.88%, 10/04/33 *(a)* | 925000 | 939246 |
| 5.13%, 09/18/34 *(a)* | 840000 | 860307 |
| 5.38%, 02/12/35 *(a)* | 900000 | 933590 |
| 5.50%, 04/04/53 *(a)* | 805000 | 768993 |
| 5.50%, 03/18/54 *(a)* | 1000000 | 955165 |
|  |  | **6915053** |
| ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  |
| **Korea International Bonds** | **Korea International Bonds** | **Korea International Bonds** |
| 2.75%, 01/19/27  | 270000 | 267587 |
| 3.50%, 09/20/28  | 235000 | 233777 |
| 2.50%, 06/19/29  | 475000 | 455161 |
| 1.00%, 09/16/30  | 470000 | 413845 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.63%, 10/29/30  | 300000 | 297718 |
| 3.88%, 09/20/48  | 200000 | 168127 |
|  |  | **1836215** |
| ***Uruguay 0.0%***  | ***Uruguay 0.0%***  | ***Uruguay 0.0%***  |
| **Oriental Republic of Uruguay** | **Oriental Republic of Uruguay** | **Oriental Republic of Uruguay** |
| 5.25%, 09/10/60 *(a)* | 400000 | 374340 |
| **Uruguay Government International Bonds** | **Uruguay Government International Bonds** | **Uruguay Government International Bonds** |
| 4.38%, 10/27/27  | 373333 | 375994 |
| 4.38%, 01/23/31 *(a)* | 795000 | 808206 |
| 5.75%, 10/28/34 *(a)* | 470000 | 502410 |
| 7.63%, 03/21/36  | 425000 | 515762 |
| 5.44%, 02/14/37 *(a)* | 440000 | 458041 |
| 4.13%, 11/20/45  | 390000 | 342182 |
| 5.10%, 06/18/50  | 1000000 | 943698 |
| 4.98%, 04/20/55  | 850000 | 773400 |
|  |  | **5094033** |
|  |  | **99652095** |
| **Supranational\* 1.3%** | **Supranational\* 1.3%** | **Supranational\* 1.3%** |
| **African Development Bank** | **African Development Bank** | **African Development Bank** |
| 4.63%, 01/04/27  | 805000 | 812765 |
| 4.13%, 02/25/27  | 625000 | 628519 |
| 4.38%, 11/03/27  | 700000 | 710239 |
| 4.38%, 03/14/28  | 625000 | 635499 |
| 3.88%, 06/12/28  | 805000 | 810310 |
| 3.50%, 09/18/29  | 605000 | 601738 |
| 4.00%, 03/18/30  | 75000 | 75757 |
| 5.75%, 05/07/34*(a)(b)(j)* | 280000 | 281081 |
| 5.88%, 05/07/35*(a)(b)(j)* | 200000 | 200034 |
| 4.50%, 06/12/35  | 410000 | 418669 |
| **Asian Development Bank** | **Asian Development Bank** | **Asian Development Bank** |
| 2.63%, 01/12/27  | 500000 | 494965 |
| 4.13%, 01/12/27  | 845000 | 849241 |
| 1.50%, 01/20/27  | 1335000 | 1306011 |
| 3.13%, 08/20/27  | 700000 | 695309 |
| 2.50%, 11/02/27  | 988000 | 969804 |
| 4.38%, 01/14/28  | 1630000 | 1656200 |
| 2.75%, 01/19/28  | 690000 | 679185 |
| 3.75%, 04/25/28  | 1000000 | 1004033 |
| 1.25%, 06/09/28  | 300000 | 283887 |
| 5.82%, 06/16/28  | 675000 | 709355 |
| 4.50%, 08/25/28  | 1240000 | 1268942 |
| 3.13%, 09/26/28  | 105000 | 103777 |
| 4.88%, 09/26/28*(a)* | 360000 | 362892 |
| 4.38%, 03/06/29  | 905000 | 925573 |
| 1.88%, 03/15/29  | 550000 | 521310 |
| 4.95%, 04/12/29*(a)* | 160000 | 160369 |
| 3.63%, 08/28/29  | 510000 | 510003 |
| 1.75%, 09/19/29  | 1150000 | 1074878 |
| 1.88%, 01/24/30  | 1000000 | 931221 |
| 4.75%, 02/12/30*(a)* | 280000 | 282481 |
| 4.13%, 05/30/30  | 620000 | 629598 |
| 3.75%, 08/28/30  | 880000 | 880061 |
| 0.75%, 10/08/30  | 985000 | 856081 |
| 1.50%, 03/04/31  | 530000 | 473737 |
| 3.13%, 04/27/32  | 210000 | 200221 |
| 3.88%, 09/28/32  | 600000 | 596163 |
| 4.00%, 01/12/33  | 400000 | 399597 |
| 3.88%, 06/14/33  | 425000 | 420510 |
| 4.13%, 01/12/34  | 650000 | 651137 |
| 4.38%, 03/22/35  | 505000 | 512413 |
| **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** |
| 3.75%, 09/14/27  | 675000 | 677076 |
| 4.00%, 01/18/28  | 645000 | 650288 |

---

*See financial notes*

**106**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.63%, 09/15/28  | 640000 | 640518 |
| 4.13%, 01/18/29  | 765000 | 776227 |
| 4.50%, 01/16/30  | 610000 | 627484 |
| 4.25%, 03/13/34  | 350000 | 353694 |
| 4.50%, 05/21/35  | 655000 | 671270 |
| **Corp. Andina de Fomento** | **Corp. Andina de Fomento** | **Corp. Andina de Fomento** |
| 2.25%, 02/08/27  | 465000 | 456897 |
| 6.00%, 04/26/27  | 645000 | 662557 |
| 5.00%, 01/24/29  | 885000 | 912110 |
| 5.00%, 01/22/30  | 500000 | 517382 |
| **Council of Europe Development Bank** | **Council of Europe Development Bank** | **Council of Europe Development Bank** |
| 4.63%, 06/11/27  | 300000 | 304335 |
| 3.63%, 01/26/28  | 500000 | 500319 |
| 4.13%, 01/24/29  | 620000 | 629104 |
| 4.50%, 01/15/30  | 450000 | 462821 |
| **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** |
| 4.38%, 03/09/28  | 750000 | 762382 |
| 4.13%, 01/25/29  | 685000 | 694996 |
| 4.25%, 03/13/34  | 655000 | 660799 |
| **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
| 1.38%, 03/15/27  | 1655000 | 1612582 |
| 4.38%, 03/19/27  | 1310000 | 1322285 |
| 2.38%, 05/24/27  | 667000 | 656347 |
| 0.63%, 10/21/27  | 330000 | 313434 |
| 3.25%, 11/15/27  | 1470000 | 1462882 |
| 3.88%, 03/15/28  | 1180000 | 1187949 |
| 3.88%, 06/15/28  | 700000 | 705347 |
| 4.50%, 10/16/28  | 1000000 | 1024429 |
| 4.00%, 02/15/29  | 1500000 | 1517646 |
| 1.75%, 03/15/29  | 1075000 | 1015264 |
| 4.75%, 06/15/29  | 1890000 | 1958616 |
| 1.63%, 10/09/29  | 230000 | 213868 |
| 3.75%, 11/15/29  | 1000000 | 1003226 |
| 4.50%, 03/14/30  | 1765000 | 1818121 |
| 0.88%, 05/17/30  | 355000 | 314381 |
| 3.63%, 07/15/30  | 1200000 | 1193810 |
| 0.75%, 09/23/30  | 555000 | 483467 |
| 3.88%, 10/15/30  | 1180000 | 1185341 |
| 1.25%, 02/14/31  | 1440000 | 1270664 |
| 1.63%, 05/13/31  | 570000 | 510000 |
| 4.38%, 10/10/31  | 1250000 | 1283898 |
| 4.25%, 08/16/32  | 1805000 | 1833149 |
| 3.75%, 02/14/33  | 1655000 | 1628948 |
| 4.13%, 02/13/34  | 1120000 | 1122446 |
| 4.63%, 02/12/35  | 900000 | 930973 |
| 4.88%, 02/15/36  | 390000 | 410731 |
| **Inter-American Development Bank** | **Inter-American Development Bank** | **Inter-American Development Bank** |
| 1.50%, 01/13/27  | 825000 | 807375 |
| 4.38%, 02/01/27  | 880000 | 886902 |
| 2.38%, 07/07/27  | 1305000 | 1282415 |
| 0.63%, 09/16/27  | 775000 | 737836 |
| 4.00%, 01/12/28  | 250000 | 252101 |
| 1.13%, 07/20/28  | 1035000 | 973529 |
| 3.13%, 09/18/28  | 1040000 | 1027793 |
| 4.13%, 02/15/29  | 825000 | 837542 |
| 2.25%, 06/18/29  | 1075000 | 1027139 |
| 3.50%, 09/14/29  | 750000 | 746241 |
| 4.80%, 01/22/30*(a)* | 100000 | 100923 |
| 4.50%, 02/15/30  | 1370000 | 1410543 |
| 3.75%, 06/14/30  | 500000 | 500114 |
| 1.13%, 01/13/31  | 730000 | 641099 |
| 3.63%, 09/17/31  | 485000 | 478844 |
| 3.50%, 04/12/33  | 835000 | 806864 |
| 4.50%, 09/13/33  | 765000 | 786654 |
| 4.38%, 07/17/34  | 720000 | 731693 |
| 4.38%, 07/16/35  | 1000000 | 1012193 |
| 3.88%, 10/28/41  | 290000 | 259723 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.20%, 08/07/42  | 325000 | 264783 |
| 4.38%, 01/24/44  | 250000 | 234404 |
| 5.13%, 09/11/54*(a)* | 50000 | 48226 |
| **Inter-American Investment Corp.** | **Inter-American Investment Corp.** | **Inter-American Investment Corp.** |
| 4.13%, 02/15/28  | 550000 | 555142 |
| 4.75%, 09/19/28  | 350000 | 359603 |
| 3.63%, 11/20/28  | 300000 | 299744 |
| 4.25%, 02/14/29  | 335000 | 340318 |
| 4.25%, 04/01/30  | 300000 | 305248 |
| **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** |
| 0.85%, 02/10/27*(a)* | 205000 | 198669 |
| 3.13%, 06/15/27  | 1025000 | 1018942 |
| 2.50%, 11/22/27  | 1040000 | 1020713 |
| 0.75%, 11/24/27  | 2000000 | 1898757 |
| 1.38%, 04/20/28  | 1685000 | 1603894 |
| 3.63%, 05/05/28  | 1010000 | 1011538 |
| 3.50%, 07/12/28  | 1130000 | 1127876 |
| 4.63%, 08/01/28  | 1010000 | 1035761 |
| 1.13%, 09/13/28  | 1125000 | 1054597 |
| 3.63%, 09/21/29  | 815000 | 814297 |
| 3.88%, 10/16/29  | 1350000 | 1360531 |
| 1.75%, 10/23/29  | 1165000 | 1086661 |
| 3.88%, 02/14/30  | 1445000 | 1453671 |
| 4.13%, 03/20/30  | 1550000 | 1573785 |
| 0.88%, 05/14/30  | 1470000 | 1301367 |
| 4.00%, 07/25/30  | 815000 | 823126 |
| 0.75%, 08/26/30  | 1240000 | 1081850 |
| 3.50%, 10/28/30  | 1500000 | 1482638 |
| 4.00%, 01/10/31  | 1500000 | 1513326 |
| 1.25%, 02/10/31  | 1470000 | 1296706 |
| 4.50%, 04/10/31  | 900000 | 928852 |
| 1.63%, 11/03/31  | 1440000 | 1271118 |
| 4.63%, 01/15/32  | 2010000 | 2084491 |
| 2.50%, 03/29/32  | 1000000 | 920897 |
| 4.00%, 05/06/32  | 1620000 | 1623698 |
| 4.75%, 11/14/33  | 1005000 | 1050380 |
| 5.67%, 02/01/34*(a)* | 50000 | 50067 |
| 5.10%, 04/05/34*(a)* | 410000 | 415321 |
| 3.88%, 08/28/34  | 1185000 | 1162676 |
| 4.50%, 08/28/34*(a)* | 50000 | 49780 |
| 4.70%, 11/08/34*(a)* | 260000 | 262400 |
| 4.75%, 02/15/35  | 120000 | 125098 |
| 4.38%, 08/27/35  | 1530000 | 1548599 |
| **International Finance Corp.** | **International Finance Corp.** | **International Finance Corp.** |
| 4.38%, 01/15/27  | 500000 | 503648 |
| 4.50%, 01/21/28  | 500000 | 509238 |
| 4.50%, 07/13/28  | 600000 | 613287 |
| 4.25%, 07/02/29  | 680000 | 693910 |
| 3.88%, 07/02/30  | 620000 | 623260 |
| 0.75%, 08/27/30  | 515000 | 449302 |
| **Nordic Investment Bank** | **Nordic Investment Bank** | **Nordic Investment Bank** |
| 3.38%, 09/08/27  | 200000 | 199390 |
| 4.38%, 03/14/28  | 1050000 | 1067354 |
| 3.75%, 08/28/28  | 300000 | 301334 |
| 3.75%, 05/09/30  | 400000 | 400108 |
|  |  | **122851532** |
| **Total Government Related** <br>**(Cost $406,205,749)** | **Total Government Related** <br>**(Cost $406,205,749)** | **389062418** |
| **SECURITIZED** 26.0% OF NET ASSETS | **SECURITIZED** 26.0% OF NET ASSETS | **SECURITIZED** 26.0% OF NET ASSETS |
| **Asset-Backed Securities 0.1%** | **Asset-Backed Securities 0.1%** | **Asset-Backed Securities 0.1%** |
| ***Credit Card 0.1%***  | ***Credit Card 0.1%***  | ***Credit Card 0.1%***  |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**107**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** |
| Series 2019-A3, Class A3 |  |  |
| 2.06%, 08/15/28 *(a)* | 2000000 | 1978527 |
| ***Electric 0.0%***  | ***Electric 0.0%***  | ***Electric 0.0%***  |
| **Duke Energy Carolinas SC Storm Funding LLC** | **Duke Energy Carolinas SC Storm Funding LLC** | **Duke Energy Carolinas SC Storm Funding LLC** |
| 4.90%, 03/01/46  | 170000 | 169991 |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| 3.59%, 06/01/32  | 86919 | 86073 |
| 4.26%, 06/01/38  | 175000 | 170526 |
| 4.45%, 12/01/49  | 400000 | 355403 |
| 4.67%, 12/01/53  | 300000 | 263222 |
|  |  | **1045215** |
| ***Utilities 0.0%***  | ***Utilities 0.0%***  | ***Utilities 0.0%***  |
| **Duke Energy Florida Project Finance LLC** | **Duke Energy Florida Project Finance LLC** | **Duke Energy Florida Project Finance LLC** |
| 2.54%, 09/01/31  | 214041 | 207148 |
| 2.86%, 03/01/35  | 45000 | 41726 |
| **Duke Energy Progress NC Storm Funding LLC** | **Duke Energy Progress NC Storm Funding LLC** | **Duke Energy Progress NC Storm Funding LLC** |
| 2.39%, 07/01/39  | 205000 | 176443 |
| **PG&E Energy Recovery Funding LLC** | **PG&E Energy Recovery Funding LLC** | **PG&E Energy Recovery Funding LLC** |
| 2.82%, 07/15/48  | 100000 | 73059 |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| 4.38%, 06/03/41  | 115000 | 108967 |
| 5.10%, 06/01/54  | 315000 | 293800 |
|  |  | **901143** |
|  |  | **3924885** |
| **Commercial Mortgage-Backed Security 1.8%** | **Commercial Mortgage-Backed Security 1.8%** | **Commercial Mortgage-Backed Security 1.8%** |
| **Bank** | **Bank** | **Bank** |
| Series 2017-BNK7, Class A5 |  |  |
| 3.44%, 09/15/60 *(a)* | 1000000 | 987684 |
| Series 2017-BNK8, Class A4 |  |  |
| 3.49%, 11/15/50 *(a)* | 600000 | 587581 |
| Series 2017-BNK9, Class A4 |  |  |
| 3.54%, 11/15/54 *(a)* | 990433 | 979220 |
| Series 2019-BN19, Class A3 |  |  |
| 3.18%, 08/15/61 *(a)* | 800000 | 759845 |
| Series 2020-BN26, Class A4 |  |  |
| 2.40%, 03/15/63 *(a)* | 700000 | 643181 |
| Series 2024-BNK47, Class A5 |  |  |
| 5.72%, 06/15/57 *(a)* | 1750000 | 1860171 |
| Series 2025-BNK50, Class A5 |  |  |
| 5.65%, 05/15/68 *(a)(k)* | 1600000 | 1695723 |
| **BBCMS Mortgage Trust** | **BBCMS Mortgage Trust** | **BBCMS Mortgage Trust** |
| Series 2018-C2, Class A4 |  |  |
| 4.05%, 12/15/51 *(a)* | 1150000 | 1142511 |
| Series 2022-C15, Class A5 |  |  |
| 3.66%, 04/15/55 *(a)* | 3145000 | 2945686 |
| Series 2022-C18, Class A4 |  |  |
| 5.44%, 12/15/55 *(a)(k)* | 1620000 | 1687341 |
| Series 2022-C18, Class A5 |  |  |
| 5.71%, 12/15/55 *(a)(k)* | 2657000 | 2805750 |
| Series 2023-C20, Class A5 |  |  |
| 5.58%, 07/15/56 *(a)* | 3642858 | 3827855 |
| Series 2023-C21, Class A5 |  |  |
| 6.00%, 09/15/56 *(a)* | 5200000 | 5590744 |
| Series 2024-C26, Class A5 |  |  |
| 5.83%, 05/15/57 *(a)* | 4500000 | 4825230 |
| Series 2024-C28, Class A2 |  |  |
| 5.12%, 09/15/57 *(a)* | 2500000 | 2547658 |
| Series 2025-C32, Class A4 |  |  |
| 5.43%, 02/15/62 *(a)* | 1035000 | 1076127 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series 2025-C32, Class A5 |  |  |
| 5.72%, 02/15/62 *(a)* | 1000000 | 1064925 |
| **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| Series 2019-B12, Class A5 |  |  |
| 3.12%, 08/15/52 *(a)* | 1875000 | 1795854 |
| Series 2019-B13, Class A4 |  |  |
| 2.95%, 08/15/57 *(a)* | 2600000 | 2469463 |
| Series 2019-B9, Class A5 |  |  |
| 4.02%, 03/15/52 *(a)* | 2600000 | 2562227 |
| Series 2020-B16, Class A5 |  |  |
| 2.73%, 02/15/53 *(a)* | 1073000 | 1003993 |
| Series 2020-B18, Class A5 |  |  |
| 1.93%, 07/15/53 *(a)* | 1845000 | 1640356 |
| Series 2025-V14, Class A3 |  |  |
| 5.18%, 04/15/57 *(a)* | 2500000 | 2568965 |
| **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| Series 2023-C5, Class A2 |  |  |
| 5.49%, 06/15/56 *(a)* | 1600000 | 1665713 |
| Series 2024-C9, Class A5 |  |  |
| 5.76%, 07/15/57 *(a)* | 8700000 | 9246347 |
| Series 2025-5C9, Class A3 |  |  |
| 5.78%, 04/15/58 *(a)(k)* | 1100000 | 1152715 |
| **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** |
| Series 2017-CD3, Class A4 |  |  |
| 3.63%, 02/10/50 *(a)* | 1715000 | 1678576 |
| **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| Series 2016-C7, Class A3 |  |  |
| 3.84%, 12/10/54 *(a)* | 3625000 | 3589545 |
| **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| Series 2017-C4, Class A4 |  |  |
| 3.47%, 10/12/50 *(a)* | 5600000 | 5545038 |
| Series 2017-P7, Class A4 |  |  |
| 3.71%, 04/14/50 *(a)* | 500000 | 495732 |
| Series 2019-C7, Class A4 |  |  |
| 3.10%, 12/15/72 *(a)* | 660000 | 629009 |
| **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| Series 2019-C17, Class A5 |  |  |
| 3.02%, 09/15/52 *(a)* | 2238000 | 2111432 |
| **CSMC Trust** | **CSMC Trust** | **CSMC Trust** |
| Series 2016-NXSR, Class A4 |  |  |
| 3.79%, 12/15/49 *(a)(k)* | 100000 | 99460 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** | **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** | **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** |
| Series K054, Class A2 |  |  |
| 2.75%, 01/25/26 *(a)* | 92900 | 92900 |
| Series K055, Class A2 |  |  |
| 2.67%, 03/25/26 *(a)* | 671802 | 669337 |
| Series K058, Class A2 |  |  |
| 2.65%, 08/25/26 *(a)* | 750000 | 743780 |
| Series K061, Class A2 |  |  |
| 3.35%, 11/25/26 *(a)(k)* | 495432 | 492841 |
| Series K062, Class A2 |  |  |
| 3.41%, 12/25/26 *(a)* | 256448 | 255191 |
| Series K064, Class A2 |  |  |
| 3.22%, 03/25/27 *(a)* | 107000 | 106265 |
| Series K070, Class A2 |  |  |
| 3.30%, 11/25/27 *(a)(k)* | 308000 | 305300 |
| Series K071, Class A2 |  |  |
| 3.29%, 11/25/27 *(a)* | 4768000 | 4722922 |
| Series K072, Class A2 |  |  |
| 3.44%, 12/25/27 *(a)* | 1500000 | 1489709 |
| Series K074, Class A2 |  |  |
| 3.60%, 01/25/28 *(a)* | 8166535 | 8132109 |
| Series K078, Class A2 |  |  |
| 3.85%, 06/25/28 *(a)* | 1183000 | 1183606 |

---

*See financial notes*

**108**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series K083, Class A2 |  |  |
| 4.05%, 09/25/28 *(a)(k)* | 2100000 | 2110820 |
| Series K084, Class A2 |  |  |
| 3.78%, 10/25/28 *(a)(k)* | 2000000 | 1996571 |
| Series K085, Class A2 |  |  |
| 4.06%, 10/25/28 *(a)(k)* | 900000 | 904755 |
| Series K087, Class A2 |  |  |
| 3.77%, 12/25/28 *(a)* | 2487440 | 2482430 |
| Series K088, Class A2 |  |  |
| 3.69%, 01/25/29 *(a)* | 2600000 | 2587817 |
| Series K089, Class A2 |  |  |
| 3.56%, 01/25/29 *(a)* | 2990000 | 2964918 |
| Series K091, Class A2 |  |  |
| 3.51%, 03/25/29 *(a)* | 800000 | 791635 |
| Series K098, Class A2 |  |  |
| 2.43%, 08/25/29 *(a)* | 500000 | 475823 |
| Series K100, Class A2 |  |  |
| 2.67%, 09/25/29 *(a)* | 800000 | 766268 |
| Series K103, Class A2 |  |  |
| 2.65%, 11/25/29 *(a)* | 2200000 | 2101157 |
| Series K112, Class A2 |  |  |
| 1.31%, 05/25/30 *(a)* | 2000000 | 1790811 |
| Series K126, Class A2 |  |  |
| 2.07%, 01/25/31 *(a)* | 1500000 | 1367638 |
| Series K130, Class A2 |  |  |
| 1.72%, 06/25/31 *(a)* | 3500000 | 3104359 |
| Series K131, Class A2 |  |  |
| 1.85%, 07/25/31 *(a)* | 1000000 | 891573 |
| Series K132, Class A2 |  |  |
| 2.02%, 08/25/31 *(a)* | 1000000 | 894413 |
| Series K144, Class A2 |  |  |
| 2.45%, 04/25/32 *(a)* | 2060000 | 1863758 |
| Series K149, Class A2 |  |  |
| 3.53%, 08/25/32 *(a)* | 3185000 | 3054943 |
| Series K150, Class A2 |  |  |
| 3.71%, 09/25/32 *(a)* | 1600000 | 1549056 |
| Series K-1511, Class A2 |  |  |
| 3.47%, 03/25/31 *(a)* | 500000 | 485367 |
| Series K-1512, Class A2 |  |  |
| 2.99%, 05/25/31 *(a)* | 1425000 | 1350812 |
| Series K153, Class A2 |  |  |
| 3.82%, 12/25/32 *(a)(k)* | 4200000 | 4085606 |
| Series K154, Class A2 |  |  |
| 3.42%, 04/25/32 *(a)* | 1760000 | 1730605 |
| Series K155, Class A3 |  |  |
| 3.75%, 04/25/33 *(a)* | 835000 | 805664 |
| Series K157, Class A2 |  |  |
| 3.99%, 05/25/33 *(a)* | 1700000 | 1695321 |
| Series K157, Class A2 |  |  |
| 4.20%, 05/25/33 *(a)* | 400000 | 396981 |
| Series K163, Class A2 |  |  |
| 5.00%, 03/25/34 *(a)(k)* | 1500000 | 1561161 |
| Series K742, Class A2 |  |  |
| 1.76%, 03/25/28 *(a)* | 700000 | 671217 |
| Series K755, Class A2 |  |  |
| 5.20%, 02/25/31 *(a)* | 1000000 | 1048592 |
| **Federal National Mortgage Association-ACES** | **Federal National Mortgage Association-ACES** | **Federal National Mortgage Association-ACES** |
| Series 2016-M6, Class A2 |  |  |
| 2.49%, 05/25/26 *(a)* | 1430015 | 1420991 |
| **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
| Series 2016-GS4, Class A4 |  |  |
| 3.44%, 11/10/49 *(a)* | 365000 | 362432 |
| Series 2020-GC45, Class A5 |  |  |
| 2.91%, 02/13/53 *(a)* | 3500000 | 3310227 |
| **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** |
| Series 2017-H1, Class A4 |  |  |
| 3.26%, 06/15/50 *(a)* | 250000 | 247344 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series 2017-HR2, Class A4 |  |  |
| 3.59%, 12/15/50 *(a)* | 1300000 | 1284092 |
| Series 2020-HR8, Class A4 |  |  |
| 2.04%, 07/15/53 *(a)* | 3000000 | 2715346 |
| **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| Series 2017-C1, Class A4 |  |  |
| 3.54%, 11/15/50 *(a)* | 1747000 | 1718581 |
| Series 2017-C3, Class A4 |  |  |
| 3.43%, 08/15/50 *(a)* | 1550000 | 1528286 |
| Series 2017-C6, Class A5 |  |  |
| 3.58%, 12/15/50 *(a)* | 1305000 | 1290219 |
| Series 2019-C18, Class A4 |  |  |
| 3.04%, 12/15/52 *(a)* | 500000 | 473942 |
| **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| Series 2016-C32, Class A4 |  |  |
| 3.56%, 01/15/59 *(a)* | 29020 | 28946 |
| Series 2016-NXS5, Class A6 |  |  |
| 3.64%, 01/15/59 *(a)* | 925582 | 924019 |
| Series 2016-NXS6, Class A4 |  |  |
| 2.92%, 11/15/49 *(a)* | 150000 | 148779 |
| Series 2017-C40, Class A4 |  |  |
| 3.58%, 10/15/50 *(a)* | 1551000 | 1535210 |
| Series 2017-C41, Class A4 |  |  |
| 3.47%, 11/15/50 *(a)* | 2000000 | 1973205 |
| Series 2017-C42, Class A4 |  |  |
| 3.59%, 12/15/50 *(a)* | 2400000 | 2371986 |
| Series 2018-C44, Class A5 |  |  |
| 4.21%, 05/15/51 *(a)* | 1500000 | 1496363 |
| Series 2018-C47, Class A3 |  |  |
| 4.18%, 09/15/61 *(a)* | 1212067 | 1209791 |
| Series 2019-C50, Class A5 |  |  |
| 3.73%, 05/15/52 *(a)* | 1000000 | 979649 |
| Series 2019-C53, Class A4 |  |  |
| 3.04%, 10/15/52 *(a)* | 4000000 | 3823612 |
| Series 2019-C54, Class A4 |  |  |
| 3.15%, 12/15/52 *(a)* | 800000 | 764994 |
| Series 2020-C55, Class A5 |  |  |
| 2.73%, 02/15/53 *(a)* | 750000 | 704694 |
| Series 2020-C58, Class A4 |  |  |
| 2.09%, 07/15/53 *(a)* | 3000000 | 2694133 |
| Series 2022-C62, Class A4 |  |  |
| 4.00%, 04/15/55 *(a)(k)* | 1800000 | 1738094 |
| Series 2025-C64, Class A5 |  |  |
| 5.65%, 02/15/58 *(a)* | 1400000 | 1478886 |
| Series 2025-C65, Class A4 |  |  |
| 5.00%, 10/15/58 *(a)* | 1369000 | 1376632 |
|  |  | **174606141** |
| **Mortgage-Backed Securities Pass-Through 24.1%** | **Mortgage-Backed Securities Pass-Through 24.1%** | **Mortgage-Backed Securities Pass-Through 24.1%** |
| **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1.00%, 09/01/36 to 10/01/36 *(a)* | 531205 | 465788 |
| 1.50%, 08/01/35 to 08/01/51 *(a)* | 56411983 | 46709326 |
| 2.00%, 01/01/28 to 04/01/52 *(a)* | 229813769 | 191491363 |
| 2.50%, 04/01/27 to 05/01/52 *(a)* | 150347819 | 129805814 |
| 3.00%, 08/01/26 to 06/01/53 *(a)* | 78806177 | 71730169 |
| 3.50%, 01/01/26 to 02/01/53 *(a)* | 45358436 | 42825365 |
| 4.00%, 04/01/26 to 10/01/52 *(a)* | 25310372 | 24562723 |
| 4.50%, 05/01/34 to 11/01/55 *(a)* | 19923367 | 19813529 |
| 5.00%, 11/01/33 to 12/01/55 *(a)* | 45157868 | 45456806 |
| 5.50%, 09/01/32 to 12/01/55 *(a)* | 72239585 | 73680518 |
| 6.00%, 07/01/33 to 09/01/55 *(a)* | 64983576 | 67268545 |
| 6.50%, 12/01/33 to 10/01/55 *(a)* | 30628321 | 32096914 |
| 7.00%, 12/01/53 to 01/01/54 *(a)* | 3955654 | 4176568 |
| **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 1.00%, 03/01/36 to 07/01/36 *(a)* | 1022237 | 901002 |
| 1.50%, 09/01/35 to 08/01/51 *(a)* | 45779146 | 38761136 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**109**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.00%, 05/01/28 to 05/01/52 *(a)* | 257353953 | 215706541 |
| 2.50%, 07/01/27 to 05/01/52 *(a)* | 174607549 | 151422732 |
| 3.00%, 09/01/26 to 06/01/52 *(a)* | 98783306 | 90231949 |
| 3.50%, 01/01/26 to 11/01/55 *(a)* | 67774265 | 64121970 |
| 4.00%, 02/01/26 to 09/01/52 *(a)* | 46166717 | 44837298 |
| 4.50%, 03/01/30 to 09/01/52 *(a)* | 28216283 | 28049485 |
| 5.00%, 09/01/33 to 11/01/55 *(a)* | 61780754 | 62143713 |
| 5.50%, 07/01/29 to 09/01/55 *(a)* | 73428829 | 74941489 |
| 6.00%, 04/01/35 to 08/01/55 *(a)* | 81779516 | 84377286 |
| 6.50%, 08/01/34 to 09/01/55 *(a)* | 28824475 | 30143333 |
| 7.00%, 12/01/53 to 09/01/55 *(a)* | 8857770 | 9323689 |
| 7.50%, 11/01/53 to 08/01/54 *(a)* | 982332 | 1042098 |
| **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 1.50%, 03/20/51 to 10/20/51 *(a)* | 1285308 | 1019943 |
| 2.00%, 04/20/36 to 04/20/52 *(a)* | 90586296 | 75155909 |
| 2.50%, 03/20/27 to 06/20/52 *(a)* | 94527646 | 81744120 |
| 3.00%, 01/20/27 to 06/20/52 *(a)* | 67800987 | 61624097 |
| 3.50%, 09/20/32 to 11/20/55 *(a)* | 55740152 | 51957133 |
| 4.00%, 06/15/39 to 01/20/55 *(a)* | 31429543 | 30227025 |
| 4.50%, 01/20/39 to 12/20/55 *(a)* | 41560206 | 40874693 |
| 5.00%, 03/20/33 to 12/20/55 *(a)* | 61940585 | 62077885 |
| 5.50%, 10/20/33 to 12/20/55 *(a)* | 70551393 | 71492608 |
| 6.00%, 10/15/36 to 12/20/55 *(a)* | 43077200 | 44101678 |
| 6.50%, 10/20/52 to 09/20/55 *(a)* | 14486206 | 15043902 |
| 7.00%, 01/20/53 to 12/20/54 *(a)* | 2243751 | 2320329 |
| 7.50%, 12/20/53 *(a)* | 142935 | 147720 |
| **Government National Mortgage Association, TBA** | **Government National Mortgage Association, TBA** | **Government National Mortgage Association, TBA** |
| 4.00%, 01/20/55 *(a)(l)* | 7000000 | 6606816 |
| 4.50%, 01/20/56 *(a)(l)* | 3500000 | 3409259 |
| **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
| 3.00%, 01/14/56 *(a)(l)* | 5500000 | 4864818 |
| 3.50%, 01/14/56 *(a)(l)* | 12000000 | 11093435 |
| 4.00%, 01/14/56 *(a)(l)* | 29500000 | 27982246 |
| 4.50%, 01/15/55 *(a)(l)* | 30500000 | 29769171 |
| 5.00%, 01/15/55 *(a)(l)* | 8500000 | 8478088 |
| 5.50%, 01/15/55 *(a)(l)* | 19000000 | 19268077 |
|  |  | **2295346101** |
| **Total Securitized** <br>**(Cost $2,642,254,315)** | **Total Securitized** <br>**(Cost $2,642,254,315)** | **2473877127** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 2.0% OF NET ASSETS | **Short-Term Investments** 2.0% OF NET ASSETS | **Short-Term Investments** 2.0% OF NET ASSETS |
| **Money Market Funds 2.0%** | **Money Market Funds 2.0%** | **Money Market Funds 2.0%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.74% *(m)*<br>| 179338286 | 179338286 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.74% *(m)(n)*<br>| 8534813 | 8534813 |
|  |  | **187873099** |
| **Total Short-Term Investments** <br>**(Cost $187,873,099)** | **Total Short-Term Investments** <br>**(Cost $187,873,099)** | **187873099** |
| **Total Investments in Securities** <br>**(Cost $9,966,466,843)** | **Total Investments in Securities** <br>**(Cost $9,966,466,843)** | **9622303515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. 

*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* All or a portion of this security is on loan. Securities on loan were valued at $8,243,923.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $15,793,021 or 0.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* Guaranteed by the Republic of Germany.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* Perpetual security. Maturity date represents the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* Fixed rate is determined by a formula set forth in the security's offering documents and is affected by the current WAC of the underlying loans.

&nbsp;&nbsp;&nbsp;&nbsp;*(l)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(m)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(n)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DAC — | Designated Activity Company |
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |
| TBA — | To-be-announced |
| WAC — | Weighted Average Coupon, which is the weighted average gross interest rate <br> of the securitized asset pool and is determined by the different speeds at <br> which the underlying mortgages are paid down.<br>|

---

*See financial notes*

**110**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

Below is a summary of the fund's transactions with affiliated issuers during the period ended December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/25<br>| FACE AMOUNT<br> AT 12/31/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS |
| **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** |
| **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 3.45%, 02/13/26 | $88727 | $— | ($89154)<br>| ($1762)<br>| $2417 | ($228)<br>| $— | $— | $535 |
| 0.90%, 03/11/26 | 349354 |  | (352939)<br>| (10760)<br>| 14023 | 322 |  |  | 821 |
| 1.15%, 05/13/26 | 248358 |  | (252218)<br>| (7437)<br>| 11153 | 144 |  |  | 1254 |
| 5.88%, 08/24/26 | 300322 |  | (299499)<br>| 3966 | (4406)<br>| (383)<br>|  |  | 10913 |
| 3.20%, 03/02/27 | 184093 |  | (24463)<br>| (445)<br>| 7416 | (2832)<br>| 163769 | 165000 | 5533 |
| 2.45%, 03/03/27 | 424943 | 14499 | (48211)<br>| 234 | 9695 | 2768 | 403928 | 410000 | 10286 |
| 3.30%, 04/01/27 | 203975 | 9905 |  |  | 7567 | (2734)<br>| 218713 | 220000 | 7036 |
| 3.20%, 01/25/28 | 181900 |  |  |  | 6693 | (1146)<br>| 187447 | 190000 | 6080 |
| 2.00%, 03/20/28 | 306998 |  |  |  | 15650 | (252)<br>| 322396 | 335000 | 6700 |
| 4.00%, 02/01/29 | 169705 |  | (24649)<br>| 223 | 8001 | (2705)<br>| 150575 | 150000 | 6317 |
| 5.64%, 05/19/29 | 331771 |  |  |  | 5743 | (54)<br>| 337460 | 325000 | 18340 |
| 3.25%, 05/22/29 | 154613 | 9756 |  |  | 6943 | (790)<br>| 170522 | 175000 | 5467 |
| 2.75%, 10/01/29 | 122888 |  |  |  | 6498 | (663)<br>| 128723 | 135000 | 3713 |
| 6.20%, 11/17/29 | 364810 |  |  |  | 7265 | (1660)<br>| 370415 | 350000 | 21686 |
| 4.63%, 03/22/30 | 139802 | 10255 |  |  | 5779 | (2365)<br>| 153471 | 150000 | 6517 |
| 1.65%, 03/11/31 | 180308 |  | (20797)<br>| (989)<br>| 11626 | 1093 | 171241 | 195000 | 3300 |
| 2.30%, 05/13/31 | 178649 | 8926 |  |  | 11975 | (210)<br>| 199340 | 220000 | 4920 |
| 4.34%, 11/14/31 |  | 275839 |  |  | (1166)<br>| (14)<br>| 274659 | 275000 | 995 |
| 1.95%, 12/01/31 | 200041 | 4065 | (20764)<br>| 241 | 13118 | 460 | 197161 | 225000 | 4479 |
| 2.90%, 03/03/32 | 250184 |  | (22063)<br>| 89 | 13450 | 1235 | 242895 | 265000 | 8007 |
| 5.85%, 05/19/34 | 386192 | 10783 |  |  | 16127 | (609)<br>| 412493 | 385000 | 22128 |
| 6.14%, 08/24/34 | 393742 |  |  |  | 15615 | (261)<br>| 409096 | 375000 | 23010 |
| 4.91%, 11/14/36 |  | 250630 |  |  | (1820)<br>| (4)<br>| 248806 | 250000 | 1024 |
| **Total** | **$5161375** | **$594658** | **($1154757)**<br>| **($16640)**<br>| **$189362** | **($10888)**<br>| **$4763110** |  | **$179061** |

---

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2241535206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2241535206 |
| Treasuries<sup>1</sup> <br>|  | &nbsp;&nbsp; 4329955665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4329955665 |
| Government Related<sup>1</sup> <br>|  | &nbsp;&nbsp; 389062418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 389062418 |
| Securitized<sup>1</sup> <br>|  | &nbsp;&nbsp; 2473877127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2473877127 |
| Short-Term Investments<sup>1</sup> <br>| 187873099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187873099 |
| **Total** | **$187873099** | &nbsp;&nbsp; **$9434430416** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$9622303515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**111**

------

Schwab U.S. Aggregate Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $4,823,115)  |  | $4763110 |
| Investments in securities, at value - unaffiliated issuers (cost $9,961,643,728) including securities on loan of $8,243,923 |  | 9617540405 |
| Cash |  | 96291 |
| Receivables: |  |  |
| Investments sold |  | 110061030 |
| Interest |  | 74631410 |
| Fund shares sold |  | 18696206 |
| Dividends |  | 486475 |
| Income from securities on loan |  | 10166 |
| Other assets | + | 8792 |
| **Total assets** |  | **9826293885** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 8534813 |
| Payables: |  |  |
| Investments bought |  | 165173894 |
| Investments bought - delayed-delivery |  | 126769895 |
| Management fees | + | 240497 |
| **Total liabilities** |  | **300719099** |
| **Net assets** |  | **$9525574786** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $10454367582 |
| Total distributable loss | + | (928792796)<br>|
| **Net assets** |  | **$9525574786** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $9525574786 |  | &nbsp;&nbsp;&nbsp;&nbsp; 407600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $23.37 |

---

*See financial notes*

**112**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $352062668 |
| Dividends received from securities - unaffiliated issuers  |  | 5284845 |
| Interest received from securities - affiliated issuers |  | 168173 |
| Securities on loan, net | + | 93236 |
| **Total investment income**  |  | **357608922** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 2636488 |
| **Total expenses** | – | **2636488** |
| **Net investment income** |  | **354972434** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (16430)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (33793692)<br>|
| Net realized losses on sales of in-kind redemptions - affiliated issuers |  | (210)<br>|
| Net realized losses on sales of in-kind redemptions - unaffiliated issuers  | + | (2658800)<br>|
| **Net realized losses** |  | **(36469132)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 189362 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 286849877 |
| **Net change in unrealized appreciation (depreciation)** |  | **287039239** |
| **Net realized and unrealized gains** |  | **250570107** |
| **Increase in net assets resulting from operations** |  | **$605542541** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**113**

------

Schwab U.S. Aggregate Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $354972434 | &nbsp;&nbsp;&nbsp; $305333869 |
| Net realized losses |  | (36469132)<br>| &nbsp;&nbsp;&nbsp; (70348866)<br>|
| Net change in unrealized appreciation (depreciation) | + | 287039239 | &nbsp;&nbsp;&nbsp; (144029288)<br>|
| **Increase in net assets resulting from operations** |  | **$605542541** | &nbsp;&nbsp;&nbsp; **$90955715** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($360788080)**<br>| &nbsp;&nbsp;&nbsp; **($309988610)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 61800000 | &nbsp;&nbsp;&nbsp; $1434124284 | &nbsp;&nbsp;&nbsp; 62200000 | &nbsp;&nbsp;&nbsp; $1439929588 |
| Shares redeemed | + | (25800000)<br>| &nbsp;&nbsp;&nbsp; (593944094)<br>| &nbsp;&nbsp;&nbsp; (15800000)<br>| &nbsp;&nbsp;&nbsp; (363762306)<br>|
| **Net transactions in fund shares**  |  | **36000000** | &nbsp;&nbsp;&nbsp; **$840180190** | &nbsp;&nbsp;&nbsp; **46400000** | &nbsp;&nbsp;&nbsp; **$1076167282** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 371600000 | &nbsp;&nbsp;&nbsp; $8440640135 | &nbsp;&nbsp;&nbsp; 325200000 | &nbsp;&nbsp;&nbsp; $7583505748 |
| Total increase | + | 36000000 | &nbsp;&nbsp;&nbsp; 1084934651 | &nbsp;&nbsp;&nbsp; 46400000 | &nbsp;&nbsp;&nbsp; 857134387 |
| **End of period** |  | **407600000** | &nbsp;&nbsp;&nbsp; **$9525574786** | &nbsp;&nbsp;&nbsp; **371600000** | &nbsp;&nbsp;&nbsp; **$8440640135** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). 

*See financial notes*

**114**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF&nbsp;&nbsp;&nbsp;&nbsp;

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.37 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp; $25.69 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 1.12 | 0.99 | 0.72 | 0.38 | 0.25 |
| Net realized and unrealized gains (losses) | 0.50 | 0.19 | 0.69 | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total from investment operations | 1.62 | 1.18 | 1.41 | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (0.16)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $24.37 | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp; $23.48 | &nbsp;&nbsp; $25.29 |
| Total return | 6.77<br> %<br>| 4.95<br> %<br>| 6.14<br> %<br>| &nbsp;&nbsp; (5.65<br> %)<br>| &nbsp;&nbsp; (0.64<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>4,5</sup><br>| 0.05 %<sup>6</sup><br>|
| Net investment income (loss) | 4.52<br> %<br>| 4.06<br> %<br>| 3.04<br> %<br>| 1.56<br> %<br>| 0.99<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $674 | &nbsp;&nbsp; $475 | &nbsp;&nbsp; $389 | &nbsp;&nbsp; $371 | &nbsp;&nbsp; $609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> 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. 

<sup>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**115**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and if the coupon rate is not available, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 98.9% OF NET ASSETS | **CORPORATES** 98.9% OF NET ASSETS | **CORPORATES** 98.9% OF NET ASSETS |
| **Financial Institutions 41.8%** | **Financial Institutions 41.8%** | **Financial Institutions 41.8%** |
| ***Banking 30.7%***  | ***Banking 30.7%***  | ***Banking 30.7%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 4.75%, 06/09/27 *(a)* | 150000 | 151320 |
| 7.10%, 11/15/27 *(a)* | 145000 | 152397 |
| 2.20%, 11/02/28 *(a)* | 225000 | 212987 |
| 5.74%, 05/15/29 *(a)(b)* | 150000 | 153805 |
| 6.99%, 06/13/29 *(a)(b)* | 185000 | 195335 |
| 6.85%, 01/03/30 *(a)(b)* | 165000 | 175101 |
| 5.54%, 01/17/31 *(a)(b)* | 115000 | 117748 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 2.55%, 03/04/27 *(a)* | 455000 | 448602 |
| 3.30%, 05/03/27 *(a)* | 460000 | 457138 |
| 5.85%, 11/05/27 *(a)* | 400000 | 413943 |
| 5.10%, 02/16/28 *(a)(b)* | 345000 | 349099 |
| 5.04%, 07/26/28 *(a)(b)* | 235000 | 238980 |
| 4.73%, 04/25/29 *(a)(b)* | 340000 | 345328 |
| 4.05%, 05/03/29 *(a)* | 195000 | 195673 |
| 4.35%, 07/20/29 *(a)(b)* | 325000 | 327434 |
| 5.28%, 07/27/29 *(a)(b)* | 340000 | 350327 |
| 5.53%, 04/25/30 *(a)(b)* | 320000 | 333996 |
| 5.09%, 01/30/31 *(a)(b)* | 325000 | 335256 |
| 5.02%, 04/25/31 *(a)(b)* | 370000 | 381414 |
| 6.49%, 10/30/31 *(a)(b)* | 250000 | 273254 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| 3.30%, 05/03/27 *(a)* | 150000 | 149211 |
| **Associated Banc-Corp.** | **Associated Banc-Corp.** | **Associated Banc-Corp.** |
| 6.46%, 08/29/30 *(a)(b)* | 65000 | 67580 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| 4.75%, 01/18/27  | 300000 | 302931 |
| 4.90%, 07/16/27  | 265000 | 269613 |
| 3.92%, 12/08/28  | 250000 | 250855 |
| 4.62%, 12/16/29  | 250000 | 255348 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 6.14%, 09/14/28 *(a)(b)* | 200000 | 207273 |
| 5.38%, 03/13/29  | 200000 | 207420 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4.25%, 04/11/27  | 400000 | 401002 |
| 5.29%, 08/18/27  | 400000 | 407518 |
| 3.80%, 02/23/28  | 200000 | 198538 |
| 5.55%, 03/14/28 *(a)(b)* | 200000 | 203385 |
| 4.18%, 03/24/28 *(a)(b)* | 400000 | 400346 |
| 4.38%, 04/12/28  | 200000 | 201093 |
| 5.37%, 07/15/28 *(a)(b)* | 400000 | 407783 |
| 5.59%, 08/08/28  | 400000 | 414810 |
| 6.61%, 11/07/28  | 200000 | 213448 |
| 3.31%, 06/27/29  | 200000 | 194422 |
| 5.57%, 01/17/30  | 200000 | 208437 |
| 5.54%, 03/14/30 *(a)(b)* | 200000 | 207113 |
| 3.49%, 05/28/30  | 200000 | 192907 |
| 4.55%, 11/06/30  | 400000 | 400664 |
| 2.75%, 12/03/30  | 400000 | 364459 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 3.25%, 10/21/27 *(a)* | 445000 | 441150 |
| 4.18%, 11/25/27 *(a)* | 480000 | 481027 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.82%, 01/20/28 *(a)(b)* | 595000 | 593666 |
| 2.55%, 02/04/28 *(a)(b)* | 525000 | 516663 |
| 3.71%, 04/24/28 *(a)(b)* | 500000 | 497912 |
| 4.38%, 04/27/28 *(a)(b)* | 465000 | 466997 |
| 3.59%, 07/21/28 *(a)(b)* | 510000 | 506621 |
| 4.95%, 07/22/28 *(a)(b)* | 690000 | 699824 |
| 6.20%, 11/10/28 *(a)(b)* | 480000 | 498867 |
| 3.42%, 12/20/28 *(a)(b)* | 1380000 | 1364197 |
| 4.98%, 01/24/29 *(a)(b)* | 540000 | 550160 |
| 3.97%, 03/05/29 *(a)(b)* | 625000 | 624124 |
| 5.20%, 04/25/29 *(a)(b)* | 775000 | 794278 |
| 4.62%, 05/09/29 *(a)(b)* | 515000 | 521957 |
| 2.09%, 06/14/29 *(a)(b)* | 710000 | 677339 |
| 4.27%, 07/23/29 *(a)(b)* | 945000 | 949513 |
| 5.82%, 09/15/29 *(a)(b)* | 660000 | 688500 |
| 3.97%, 02/07/30 *(a)(b)* | 640000 | 636825 |
| 3.19%, 07/23/30 *(a)(b)* | 610000 | 589371 |
| 2.88%, 10/22/30 *(a)(b)* | 540000 | 514066 |
| 5.16%, 01/24/31 *(a)(b)* | 665000 | 686871 |
| 2.50%, 02/13/31 *(a)(b)* | 845000 | 787581 |
| 2.59%, 04/29/31 *(a)(b)* | 630000 | 587308 |
| 1.90%, 07/23/31 *(a)(b)* | 625000 | 561757 |
| 1.92%, 10/24/31 *(a)(b)* | 575000 | 514384 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 2.65%, 03/08/27  | 290000 | 285938 |
| 5.37%, 06/04/27  | 110000 | 112301 |
| 4.70%, 09/14/27 *(a)* | 165000 | 167225 |
| 5.20%, 02/01/28 *(a)* | 200000 | 205141 |
| 4.06%, 09/22/28 *(a)(b)* | 160000 | 160110 |
| 5.72%, 09/25/28 *(a)* | 275000 | 286877 |
| 5.00%, 01/27/29 *(a)(b)* | 235000 | 239509 |
| 4.64%, 09/10/30 *(a)(b)* | 210000 | 212882 |
| 4.35%, 09/22/31 *(a)(b)* | 280000 | 279720 |
| 3.80%, 12/15/32 *(a)(b)* | 255000 | 252152 |
| **Bank of New York Mellon** | **Bank of New York Mellon** | **Bank of New York Mellon** |
| 4.73%, 04/20/29 *(a)(b)* | 250000 | 254171 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 2.05%, 01/26/27 *(a)* | 150000 | 147279 |
| 3.25%, 05/16/27 *(a)* | 175000 | 173835 |
| 3.40%, 01/29/28 *(a)* | 155000 | 153919 |
| 3.44%, 02/07/28 *(a)(b)* | 345000 | 343390 |
| 3.85%, 04/28/28  | 325000 | 326030 |
| 4.44%, 06/09/28 *(a)(b)* | 190000 | 191490 |
| 3.99%, 06/13/28 *(a)(b)* | 245000 | 245271 |
| 1.65%, 07/14/28 *(a)* | 110000 | 104469 |
| 4.89%, 07/21/28 *(a)(b)* | 75000 | 76171 |
| 5.80%, 10/25/28 *(a)(b)* | 220000 | 227490 |
| 3.00%, 10/30/28 *(a)* | 105000 | 102325 |
| 1.90%, 01/25/29 *(a)* | 105000 | 99012 |
| 4.54%, 02/01/29 *(a)(b)* | 150000 | 151930 |
| 3.85%, 04/26/29 *(a)* | 110000 | 110284 |
| 3.30%, 08/23/29 *(a)* | 175000 | 170153 |
| 6.32%, 10/25/29 *(a)(b)* | 205000 | 217794 |
| 4.98%, 03/14/30 *(a)(b)* | 230000 | 236782 |
| 4.60%, 07/26/30 *(a)(b)* | 60000 | 61105 |
| 4.94%, 02/11/31 *(a)(b)* | 275000 | 282964 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 1.95%, 02/02/27  | 150000 | 147040 |
| 2.95%, 03/11/27  | 200000 | 197913 |

---

*See financial notes*

**116**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.40%, 06/04/27  | 185000 | 188939 |
| 5.25%, 06/12/28  | 180000 | 185592 |
| 4.40%, 09/08/28 *(a)(b)* | 295000 | 296751 |
| 4.04%, 09/15/28 *(a)(b)* | 170000 | 170048 |
| 4.93%, 02/14/29 *(a)(b)* | 265000 | 270185 |
| 5.45%, 08/01/29  | 165000 | 171893 |
| 4.85%, 02/01/30  | 325000 | 332888 |
| 5.13%, 02/14/31 *(a)(b)* | 210000 | 216425 |
| 4.34%, 09/15/31 *(a)(b)* | 210000 | 209397 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| 5.13%, 06/11/30 *(a)* | 125000 | 125633 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 4.34%, 01/10/28 *(a)* | 490000 | 491248 |
| 5.67%, 03/12/28 *(a)(b)* | 330000 | 335965 |
| 4.84%, 05/09/28 *(a)* | 385000 | 388173 |
| 5.50%, 08/09/28 *(a)(b)* | 325000 | 332081 |
| 4.84%, 09/10/28 *(a)(b)* | 200000 | 202408 |
| 7.39%, 11/02/28 *(a)(b)* | 350000 | 370072 |
| 5.09%, 02/25/29 *(a)(b)* | 260000 | 264945 |
| 4.97%, 05/16/29 *(a)(b)* | 490000 | 498272 |
| 6.49%, 09/13/29 *(a)(b)* | 290000 | 306611 |
| 4.48%, 11/11/29 *(a)(b)* | 300000 | 301820 |
| 5.69%, 03/12/30 *(a)(b)* | 360000 | 374772 |
| 5.09%, 06/20/30 *(a)(b)* | 280000 | 284886 |
| 4.94%, 09/10/30 *(a)(b)* | 365000 | 372159 |
| 5.37%, 02/25/31 *(a)(b)* | 435000 | 449672 |
| 2.65%, 06/24/31 *(a)(b)* | 360000 | 333313 |
| 3.56%, 09/23/35 *(a)(b)* | 200000 | 188940 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 3.45%, 04/07/27 *(a)* | 225000 | 223920 |
| 5.24%, 06/28/27  | 230000 | 234469 |
| 4.86%, 01/13/28 *(a)(b)* | 230000 | 231859 |
| 5.00%, 04/28/28 *(a)* | 290000 | 296726 |
| 4.24%, 09/08/28 *(a)(b)* | 180000 | 180749 |
| 5.99%, 10/03/28 *(a)* | 165000 | 173341 |
| 4.86%, 03/30/29 *(a)(b)* | 300000 | 305010 |
| 5.26%, 04/08/29 *(a)* | 240000 | 248685 |
| 4.63%, 09/11/30 *(a)(b)* | 230000 | 233312 |
| 5.25%, 01/13/31 *(a)(b)* | 215000 | 221976 |
| 4.58%, 09/08/31 *(a)(b)* | 210000 | 211694 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 4.10%, 02/09/27 *(a)* | 230000 | 230191 |
| 3.75%, 03/09/27 *(a)* | 345000 | 344075 |
| 3.65%, 05/11/27 *(a)* | 195000 | 194154 |
| 3.80%, 01/31/28 *(a)* | 275000 | 273939 |
| 4.93%, 05/10/28 *(a)(b)* | 290000 | 293541 |
| 5.47%, 02/01/29 *(a)(b)* | 310000 | 318519 |
| 6.31%, 06/08/29 *(a)(b)* | 365000 | 383154 |
| 5.70%, 02/01/30 *(a)(b)* | 225000 | 233998 |
| 3.27%, 03/01/30 *(a)(b)* | 275000 | 267064 |
| 5.25%, 07/26/30 *(a)(b)* | 200000 | 206336 |
| 5.46%, 07/26/30 *(a)(b)* | 205000 | 212568 |
| 4.49%, 09/11/31 *(a)(b)* | 360000 | 359557 |
| 7.62%, 10/30/31 *(a)(b)* | 450000 | 508705 |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| 4.65%, 09/13/28 *(a)* | 250000 | 253745 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 4.58%, 05/29/27 *(a)* | 525000 | 530552 |
| 5.80%, 09/29/28 *(a)* | 620000 | 650427 |
| 4.84%, 08/06/29 *(a)* | 450000 | 460513 |
| 4.91%, 05/29/30 *(a)* | 560000 | 576235 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 4.45%, 09/29/27  | 855000 | 860693 |
| 3.89%, 01/10/28 *(a)(b)* | 650000 | 648918 |
| 6.63%, 01/15/28  | 110000 | 116018 |
| 3.07%, 02/24/28 *(a)(b)* | 590000 | 583477 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.64%, 05/07/28 *(a)(b)* | 440000 | 443616 |
| 4.66%, 05/24/28 *(a)(b)* | 315000 | 317889 |
| 3.67%, 07/24/28 *(a)(b)* | 510000 | 507061 |
| 4.13%, 07/25/28  | 535000 | 535163 |
| 3.52%, 10/27/28 *(a)(b)* | 485000 | 480880 |
| 4.79%, 03/04/29 *(a)(b)* | 570000 | 578531 |
| 4.08%, 04/23/29 *(a)(b)* | 540000 | 539770 |
| 5.17%, 02/13/30 *(a)(b)* | 705000 | 723648 |
| 3.98%, 03/20/30 *(a)(b)* | 650000 | 644650 |
| 4.54%, 09/19/30 *(a)(b)* | 760000 | 766074 |
| 2.98%, 11/05/30 *(a)(b)* | 560000 | 533675 |
| 2.67%, 01/29/31 *(a)(b)* | 575000 | 538699 |
| 4.41%, 03/31/31 *(a)(b)* | 865000 | 865065 |
| 4.95%, 05/07/31 *(a)(b)* | 425000 | 434109 |
| 2.57%, 06/03/31 *(a)(b)* | 770000 | 713657 |
| 4.50%, 09/11/31 *(a)(b)* | 780000 | 782455 |
| 5.59%, 11/19/34 *(a)(b)* | 280000 | 287285 |
| **Citizens Bank NA** | **Citizens Bank NA** | **Citizens Bank NA** |
| 4.58%, 08/09/28 *(a)(b)* | 250000 | 251946 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 5.84%, 01/23/30 *(a)(b)* | 290000 | 302689 |
| 2.50%, 02/06/30 *(a)* | 85000 | 79166 |
| 3.25%, 04/30/30 *(a)* | 100000 | 95623 |
| 5.25%, 03/05/31 *(a)(b)* | 250000 | 256896 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| 4.00%, 02/01/29 *(a)* | 190000 | 188256 |
| 5.98%, 01/30/30 *(a)(b)* | 215000 | 224376 |
| **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
| 4.42%, 03/14/28  | 275000 | 278609 |
| 4.15%, 10/01/30  | 250000 | 250622 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| 5.04%, 03/05/27  | 250000 | 253654 |
| 4.88%, 01/21/28  | 250000 | 255761 |
| 4.49%, 10/17/29  | 250000 | 254538 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 5.37%, 09/09/27  | 155000 | 158766 |
| 2.55%, 01/07/28 *(a)(b)* | 255000 | 250870 |
| 5.71%, 02/08/28 *(a)(b)* | 250000 | 254050 |
| 5.37%, 01/10/29 *(a)(b)* | 210000 | 214381 |
| 6.72%, 01/18/29 *(a)(b)* | 310000 | 324675 |
| 5.41%, 05/10/29  | 255000 | 265024 |
| 6.82%, 11/20/29 *(a)(b)* | 315000 | 335912 |
| 5.00%, 09/11/30 *(a)(b)* | 280000 | 284418 |
| 5.30%, 05/09/31 *(a)(b)* | 385000 | 394655 |
| 5.88%, 07/08/31 *(a)(b)* | 250000 | 259792 |
| 4.95%, 08/04/31 *(a)(b)* | 350000 | 353806 |
| 3.55%, 09/18/31 *(a)(b)* | 310000 | 295314 |
| 4.47%, 12/10/31 *(a)(b)* | 230000 | 229219 |
| 4.88%, 12/01/32 *(a)(b)* | 225000 | 226144 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 2.55%, 05/05/27 *(a)* | 100000 | 98140 |
| 3.95%, 03/14/28 *(a)* | 275000 | 274660 |
| 4.06%, 04/25/28 *(a)(b)* | 265000 | 264740 |
| 6.36%, 10/27/28 *(a)(b)* | 220000 | 229048 |
| 6.34%, 07/27/29 *(a)(b)* | 240000 | 252816 |
| 4.77%, 07/28/30 *(a)(b)* | 300000 | 303735 |
| 4.90%, 09/06/30 *(a)(b)* | 130000 | 132191 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 5.23%, 03/12/31 *(a)(b)* | 125000 | 126977 |
| 5.60%, 09/05/35 *(a)(b)* | 130000 | 129908 |
| **First Horizon Corp.** | **First Horizon Corp.** | **First Horizon Corp.** |
| 5.51%, 03/07/31 *(a)(b)* | 200000 | 206793 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| 6.13%, 03/09/28  | 115000 | 119233 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**117**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| 5.72%, 12/11/30 *(a)(b)* | 170000 | 173706 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 5.95%, 01/15/27  | 180000 | 183652 |
| 3.85%, 01/26/27 *(a)* | 725000 | 724583 |
| 2.64%, 02/24/28 *(a)(b)* | 700000 | 689188 |
| 3.62%, 03/15/28 *(a)(b)* | 695000 | 691338 |
| 4.94%, 04/23/28 *(a)(b)* | 520000 | 526003 |
| 3.69%, 06/05/28 *(a)(b)* | 585000 | 582174 |
| 4.48%, 08/23/28 *(a)(b)* | 495000 | 498549 |
| 3.81%, 04/23/29 *(a)(b)* | 665000 | 661200 |
| 4.22%, 05/01/29 *(a)(b)* | 810000 | 811741 |
| 4.15%, 10/21/29 *(a)(b)* | 550000 | 550001 |
| 6.48%, 10/24/29 *(a)(b)* | 580000 | 615607 |
| 2.60%, 02/07/30 *(a)* | 550000 | 517066 |
| 3.80%, 03/15/30 *(a)* | 630000 | 620238 |
| 5.73%, 04/25/30 *(a)(b)* | 565000 | 590477 |
| 5.05%, 07/23/30 *(a)(b)* | 660000 | 676454 |
| 4.69%, 10/23/30 *(a)(b)* | 565000 | 572996 |
| 5.21%, 01/28/31 *(a)(b)* | 490000 | 506202 |
| 5.22%, 04/23/31 *(a)(b)* | 630000 | 650843 |
| 4.37%, 10/21/31 *(a)(b)* | 700000 | 698541 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 4.04%, 03/13/28 *(a)(b)* | 520000 | 519434 |
| 5.60%, 05/17/28 *(a)(b)* | 525000 | 535187 |
| 4.76%, 06/09/28 *(a)(b)* | 550000 | 554883 |
| 5.21%, 08/11/28 *(a)(b)* | 490000 | 498477 |
| 2.01%, 09/22/28 *(a)(b)* | 510000 | 492406 |
| 7.39%, 11/03/28 *(a)(b)* | 525000 | 555228 |
| 5.13%, 11/19/28 *(a)(b)* | 300000 | 305658 |
| 4.90%, 03/03/29 *(a)(b)* | 305000 | 309499 |
| 6.16%, 03/09/29 *(a)(b)* | 400000 | 416512 |
| 4.58%, 06/19/29 *(a)(b)* | 785000 | 792459 |
| 2.21%, 08/17/29 *(a)(b)* | 605000 | 575417 |
| 5.55%, 03/04/30 *(a)(b)* | 365000 | 378508 |
| 4.95%, 03/31/30  | 495000 | 507647 |
| 3.97%, 05/22/30 *(a)(b)* | 730000 | 721447 |
| 5.29%, 11/19/30 *(a)(b)* | 550000 | 567801 |
| 5.13%, 03/03/31 *(a)(b)* | 505000 | 517599 |
| 5.24%, 05/13/31 *(a)(b)* | 475000 | 489563 |
| 2.85%, 06/04/31 *(a)(b)* | 290000 | 271150 |
| 2.36%, 08/18/31 *(a)(b)* | 475000 | 432232 |
| 4.62%, 11/06/31 *(a)(b)* | 400000 | 401295 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| 5.29%, 03/04/27  | 245000 | 248881 |
| 4.65%, 06/03/28  | 230000 | 233635 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 4.44%, 08/04/28 *(a)(b)* | 135000 | 135820 |
| 6.21%, 08/21/29 *(a)(b)* | 275000 | 288566 |
| 2.55%, 02/04/30 *(a)* | 190000 | 177310 |
| 5.27%, 01/15/31 *(a)(b)* | 250000 | 257577 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| 4.87%, 04/12/28 *(a)(b)* | 250000 | 252216 |
| 4.55%, 05/17/28 *(a)(b)* | 255000 | 256605 |
| 5.65%, 01/10/30 *(a)* | 250000 | 262131 |
| **Independent Bank Corp.** | **Independent Bank Corp.** | **Independent Bank Corp.** |
| 7.25%, 04/01/35 *(a)(b)* | 50000 | 52309 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 3.95%, 03/29/27  | 335000 | 334916 |
| 4.02%, 03/28/28 *(a)(b)* | 100000 | 100036 |
| 4.55%, 10/02/28  | 265000 | 268402 |
| 4.86%, 03/25/29 *(a)(b)* | 275000 | 279177 |
| 4.05%, 04/09/29  | 320000 | 318707 |
| 5.34%, 03/19/30 *(a)(b)* | 320000 | 330244 |
| 5.07%, 03/25/31 *(a)(b)* | 305000 | 312656 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 8.00%, 04/29/27  | 240000 | 253105 |
| 4.25%, 10/01/27  | 340000 | 342633 |
| 3.63%, 12/01/27 *(a)* | 260000 | 258829 |
| 5.04%, 01/23/28 *(a)(b)* | 560000 | 565872 |
| 3.78%, 02/01/28 *(a)(b)* | 710000 | 708428 |
| 2.95%, 02/24/28 *(a)(b)* | 460000 | 454581 |
| 5.57%, 04/22/28 *(a)(b)* | 585000 | 596773 |
| 4.32%, 04/26/28 *(a)(b)* | 600000 | 602436 |
| 3.54%, 05/01/28 *(a)(b)* | 550000 | 547023 |
| 2.18%, 06/01/28 *(a)(b)* | 445000 | 434051 |
| 4.98%, 07/22/28 *(a)(b)* | 515000 | 522707 |
| 4.85%, 07/25/28 *(a)(b)* | 815000 | 825713 |
| 4.51%, 10/22/28 *(a)(b)* | 410000 | 414167 |
| 3.51%, 01/23/29 *(a)(b)* | 540000 | 535000 |
| 4.92%, 01/24/29 *(a)(b)* | 455000 | 463613 |
| 4.01%, 04/23/29 *(a)(b)* | 550000 | 549665 |
| 2.07%, 06/01/29 *(a)(b)* | 425000 | 405907 |
| 4.20%, 07/23/29 *(a)(b)* | 655000 | 657212 |
| 5.30%, 07/24/29 *(a)(b)* | 520000 | 535622 |
| 6.09%, 10/23/29 *(a)(b)* | 490000 | 516330 |
| 4.45%, 12/05/29 *(a)(b)* | 630000 | 636684 |
| 5.01%, 01/23/30 *(a)(b)* | 565000 | 579552 |
| 5.58%, 04/22/30 *(a)(b)* | 540000 | 563523 |
| 3.70%, 05/06/30 *(a)(b)* | 510000 | 502552 |
| 4.57%, 06/14/30 *(a)(b)* | 515000 | 521236 |
| 5.00%, 07/22/30 *(a)(b)* | 635000 | 652025 |
| 8.75%, 09/01/30  | 155000 | 182844 |
| 2.74%, 10/15/30 *(a)(b)* | 965000 | 915744 |
| 4.60%, 10/22/30 *(a)(b)* | 545000 | 552763 |
| 5.14%, 01/24/31 *(a)(b)* | 545000 | 563422 |
| 4.49%, 03/24/31 *(a)(b)* | 750000 | 756729 |
| 2.52%, 04/22/31 *(a)(b)* | 755000 | 703347 |
| 5.10%, 04/22/31 *(a)(b)* | 580000 | 599247 |
| 2.96%, 05/13/31 *(a)(b)* | 645000 | 609321 |
| 4.26%, 10/22/31 *(a)(b)* | 590000 | 588129 |
| 1.76%, 11/19/31 *(a)(b)* | 280000 | 248912 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 5.85%, 11/15/27 *(a)* | 255000 | 262815 |
| 6.95%, 02/01/28  | 250000 | 262719 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 2.25%, 04/06/27  | 220000 | 215083 |
| 4.10%, 04/30/28  | 150000 | 150202 |
| 2.55%, 10/01/29  | 160000 | 151185 |
| 5.12%, 04/04/31 *(a)(b)* | 160000 | 164353 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 3.75%, 01/11/27  | 330000 | 329561 |
| 5.46%, 01/05/28 *(a)(b)* | 285000 | 288926 |
| 3.75%, 03/18/28 *(a)(b)* | 235000 | 234198 |
| 4.38%, 03/22/28  | 330000 | 332074 |
| 4.55%, 08/16/28  | 290000 | 293769 |
| 3.57%, 11/07/28 *(a)(b)* | 485000 | 481201 |
| 5.09%, 11/26/28 *(a)(b)* | 285000 | 290501 |
| 5.87%, 03/06/29 *(a)(b)* | 240000 | 248906 |
| 4.82%, 06/13/29 *(a)(b)* | 375000 | 381286 |
| 5.72%, 06/05/30 *(a)(b)* | 305000 | 319314 |
| 4.43%, 11/04/31 *(a)(b)* | 340000 | 339048 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 4.55%, 08/16/28 *(a)(b)* | 80000 | 80485 |
| 4.83%, 01/16/29 *(a)(b)* | 145000 | 147346 |
| 7.41%, 10/30/29 *(a)(b)* | 190000 | 206238 |
| 5.18%, 07/08/31 *(a)(b)* | 150000 | 154040 |
| 5.40%, 07/30/35 *(a)(b)* | 150000 | 151671 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| 3.40%, 08/17/27  | 255000 | 251852 |
| 4.70%, 01/27/28 *(a)* | 475000 | 481751 |

---

*See financial notes*

**118**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 3.68%, 02/22/27  | 200000 | 199643 |
| 3.29%, 07/25/27  | 200000 | 198339 |
| 2.34%, 01/19/28 *(a)(b)* | 325000 | 319337 |
| 3.96%, 03/02/28  | 300000 | 300365 |
| 4.08%, 04/19/28 *(a)(b)* | 240000 | 240210 |
| 5.02%, 07/20/28 *(a)(b)* | 370000 | 375599 |
| 4.05%, 09/11/28  | 280000 | 281044 |
| 5.35%, 09/13/28 *(a)(b)* | 225000 | 230112 |
| 5.42%, 02/22/29 *(a)(b)* | 285000 | 293092 |
| 3.74%, 03/07/29  | 370000 | 366902 |
| 5.24%, 04/19/29 *(a)(b)* | 200000 | 205226 |
| 3.20%, 07/18/29  | 375000 | 362684 |
| 2.56%, 02/25/30  | 275000 | 257397 |
| 2.05%, 07/17/30  | 325000 | 295252 |
| 5.20%, 01/16/31 *(a)(b)* | 275000 | 283612 |
| 5.48%, 02/22/31 *(a)(b)* | 200000 | 208518 |
| 5.16%, 04/24/31 *(a)(b)* | 250000 | 257913 |
| 4.53%, 09/12/31 *(a)(b)* | 210000 | 211178 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 3.17%, 09/11/27  | 215000 | 212585 |
| 4.02%, 03/05/28  | 300000 | 301118 |
| 5.41%, 09/13/28 *(a)(b)* | 210000 | 215089 |
| 5.67%, 05/27/29 *(a)(b)* | 275000 | 284951 |
| 5.78%, 07/06/29 *(a)(b)* | 300000 | 311983 |
| 4.25%, 09/11/29 *(a)(b)* | 280000 | 280976 |
| 5.38%, 05/26/30 *(a)(b)* | 200000 | 206930 |
| 5.38%, 07/10/30 *(a)(b)* | 200000 | 206975 |
| 3.15%, 07/16/30 *(a)(b)* | 170000 | 163602 |
| 2.87%, 09/13/30 *(a)(b)* | 400000 | 380140 |
| 5.10%, 05/13/31 *(a)(b)* | 190000 | 195498 |
| 5.74%, 05/27/31 *(a)(b)* | 200000 | 210585 |
| 4.71%, 07/08/31 *(a)(b)* | 200000 | 202586 |
| 2.20%, 07/10/31 *(a)(b)* | 260000 | 236596 |
| 1.98%, 09/08/31 *(a)(b)* | 200000 | 179457 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 3.63%, 01/20/27  | 715000 | 713138 |
| 3.95%, 04/23/27  | 565000 | 564683 |
| 2.48%, 01/21/28 *(a)(b)* | 630000 | 619992 |
| 5.65%, 04/13/28 *(a)(b)* | 305000 | 311093 |
| 4.21%, 04/20/28 *(a)(b)* | 615000 | 616426 |
| 3.59%, 07/22/28 *(a)(b)* | 660000 | 655618 |
| 6.30%, 10/18/28 *(a)(b)* | 520000 | 540264 |
| 3.77%, 01/24/29 *(a)(b)* | 700000 | 696215 |
| 5.12%, 02/01/29 *(a)(b)* | 540000 | 551218 |
| 4.99%, 04/12/29 *(a)(b)* | 630000 | 642656 |
| 5.16%, 04/20/29 *(a)(b)* | 605000 | 618906 |
| 5.45%, 07/20/29 *(a)(b)* | 500000 | 516115 |
| 4.13%, 10/18/29 *(a)(b)* | 470000 | 469780 |
| 6.41%, 11/01/29 *(a)(b)* | 430000 | 455754 |
| 5.17%, 01/16/30 *(a)(b)* | 625000 | 642262 |
| 4.43%, 01/23/30 *(a)(b)* | 685000 | 689018 |
| 5.66%, 04/18/30 *(a)(b)* | 555000 | 578530 |
| 5.04%, 07/19/30 *(a)(b)* | 500000 | 512934 |
| 4.65%, 10/18/30 *(a)(b)* | 655000 | 663132 |
| 5.23%, 01/15/31 *(a)(b)* | 685000 | 706457 |
| 2.70%, 01/22/31 *(a)(b)* | 925000 | 868484 |
| 3.62%, 04/01/31 *(a)(b)* | 665000 | 646333 |
| 5.19%, 04/17/31 *(a)(b)* | 600000 | 618686 |
| 4.36%, 10/22/31 *(a)(b)* | 600000 | 598258 |
| **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** |
| 4.95%, 01/14/28 *(a)(b)* | 325000 | 328030 |
| 5.50%, 05/26/28 *(a)(b)* | 590000 | 601903 |
| 4.97%, 07/14/28 *(a)(b)* | 320000 | 324616 |
| 5.02%, 01/12/29 *(a)(b)* | 470000 | 478930 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** |
| 4.47%, 07/06/28 *(a)(b)* | 375000 | 377687 |
| 4.20%, 11/17/28 *(a)(b)* | 520000 | 521678 |
| 4.73%, 07/18/31 *(a)(b)* | 790000 | 800930 |
| 4.47%, 11/19/31 *(a)(b)* | 670000 | 671754 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| 3.91%, 06/09/27  | 300000 | 300654 |
| 5.09%, 06/11/27  | 360000 | 366672 |
| 4.50%, 10/26/27  | 250000 | 253330 |
| 4.94%, 01/12/28  | 350000 | 357582 |
| 4.90%, 06/13/28  | 255000 | 261226 |
| 4.79%, 01/10/29  | 250000 | 255601 |
| 4.53%, 06/13/30  | 270000 | 274878 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| 5.60%, 12/18/28  | 300000 | 313560 |
| 4.50%, 10/10/29  | 300000 | 303283 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 5.58%, 03/01/28 *(a)(b)* | 215000 | 218823 |
| 3.07%, 05/22/28 *(a)(b)* | 225000 | 222225 |
| 5.52%, 09/30/28 *(a)(b)* | 380000 | 389783 |
| 4.89%, 05/18/29 *(a)(b)* | 425000 | 432389 |
| 5.81%, 09/13/29 *(a)(b)* | 320000 | 333526 |
| 5.08%, 01/27/30 *(a)(b)* | 505000 | 516489 |
| 4.45%, 05/08/30 *(a)(b)* | 300000 | 301235 |
| 4.96%, 08/15/30 *(a)(b)* | 240000 | 245087 |
| 5.12%, 05/23/31 *(a)(b)* | 285000 | 292654 |
| 6.48%, 06/01/34 *(a)(b)* | 250000 | 262985 |
| 3.03%, 11/28/35 *(a)(b)* | 200000 | 184232 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 4.00%, 05/10/27 *(a)* | 210000 | 210627 |
| 3.65%, 08/03/28 *(a)* | 130000 | 129686 |
| 3.15%, 05/03/29 *(a)* | 125000 | 121831 |
| 1.95%, 05/01/30 *(a)* | 225000 | 205937 |
| 4.15%, 11/19/30  | 110000 | 110169 |
| 3.38%, 05/08/32 *(a)(b)* | 125000 | 123283 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| 3.10%, 10/25/27 *(a)* | 260000 | 256981 |
| 3.25%, 01/22/28 *(a)* | 250000 | 247356 |
| 4.43%, 07/21/28 *(a)(b)* | 255000 | 256785 |
| 4.05%, 07/26/28  | 250000 | 250388 |
| 2.70%, 10/22/29  | 250000 | 236292 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 3.15%, 05/19/27 *(a)* | 205000 | 203100 |
| 5.30%, 01/21/28 *(a)(b)* | 210000 | 212790 |
| 5.35%, 12/02/28 *(a)(b)* | 205000 | 210281 |
| 3.45%, 04/23/29 *(a)* | 335000 | 329933 |
| 5.58%, 06/12/29 *(a)(b)* | 530000 | 549777 |
| 2.55%, 01/22/30 *(a)* | 500000 | 470863 |
| 5.49%, 05/14/30 *(a)(b)* | 370000 | 385470 |
| 5.22%, 01/29/31 *(a)(b)* | 305000 | 316014 |
| 4.90%, 05/13/31 *(a)(b)* | 280000 | 286795 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 1.80%, 08/12/28 *(a)* | 170000 | 160970 |
| 5.72%, 06/06/30 *(a)(b)* | 145000 | 151222 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 4.88%, 01/19/27  | 255000 | 257663 |
| 2.05%, 01/21/27  | 175000 | 171874 |
| 3.63%, 05/04/27  | 210000 | 209782 |
| 4.24%, 08/03/27  | 535000 | 538792 |
| 6.00%, 11/01/27  | 230000 | 238832 |
| 4.90%, 01/12/28  | 225000 | 229664 |
| 4.72%, 03/27/28 *(a)(b)* | 195000 | 196728 |
| 5.20%, 08/01/28  | 245000 | 252808 |
| 4.52%, 10/18/28 *(a)(b)* | 180000 | 181776 |
| 4.00%, 11/03/28 *(a)(b)* | 150000 | 150196 |
| 4.97%, 01/24/29 *(a)(b)* | 365000 | 371811 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**119**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 02/01/29  | 170000 | 174616 |
| 4.50%, 08/06/29 *(a)(b)* | 200000 | 201974 |
| 4.97%, 08/02/30 *(a)(b)* | 325000 | 333134 |
| 4.65%, 10/18/30 *(a)(b)* | 405000 | 410765 |
| 5.15%, 02/04/31 *(a)(b)* | 440000 | 453227 |
| 4.97%, 05/02/31 *(a)(b)* | 272000 | 278443 |
| 4.70%, 08/06/31 *(a)(b)* | 295000 | 298847 |
| 4.31%, 11/03/31 *(a)(b)* | 220000 | 219063 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 4.40%, 07/13/27 *(a)* | 300000 | 300992 |
| 2.49%, 01/06/28 *(a)(b)(c)* | 190000 | 186811 |
| 6.50%, 03/09/29 *(a)(b)* | 260000 | 271084 |
| 5.47%, 03/20/29 *(a)(b)* | 185000 | 189132 |
| 6.57%, 06/12/29 *(a)(b)* | 165000 | 172574 |
| 6.17%, 01/09/30 *(a)(b)* | 245000 | 255373 |
| 5.35%, 09/06/30 *(a)(b)* | 260000 | 265992 |
| 5.74%, 03/20/31 *(a)(b)* | 140000 | 144933 |
| 7.66%, 11/09/31 *(a)(b)* | 100000 | 112115 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.47%, 01/11/28 *(a)(b)* | 305000 | 299808 |
| 3.82%, 11/03/28 *(a)(b)* | 265000 | 263408 |
| 6.53%, 01/10/29 *(a)(b)* | 210000 | 219514 |
| 4.32%, 09/22/29 *(a)(b)* | 290000 | 290245 |
| 4.86%, 09/11/30 *(a)(b)* | 255000 | 258067 |
| 5.69%, 04/15/31 *(a)(b)* | 435000 | 453481 |
| **Simmons First National Corp.** | **Simmons First National Corp.** | **Simmons First National Corp.** |
| 6.25%, 10/01/35 *(a)(b)* | 70000 | 70728 |
| **Southstate Bank Corp.** | **Southstate Bank Corp.** | **Southstate Bank Corp.** |
| 7.00%, 06/13/35 *(a)(b)* | 70000 | 73517 |
| **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** |
| 4.78%, 11/23/29  | 200000 | 205862 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 4.99%, 03/18/27 *(a)* | 200000 | 202700 |
| 4.33%, 10/22/27 *(a)* | 100000 | 101065 |
| 2.20%, 02/07/28 *(a)(b)* | 160000 | 157154 |
| 4.54%, 02/28/28 *(a)* | 405000 | 411423 |
| 4.54%, 04/24/28 *(a)(b)* | 150000 | 151301 |
| 5.82%, 11/04/28 *(a)(b)(c)* | 180000 | 186137 |
| 4.53%, 02/20/29 *(a)(b)* | 195000 | 197554 |
| 5.68%, 11/21/29 *(a)(b)* | 223000 | 233648 |
| 4.14%, 12/03/29 *(a)(b)* | 145000 | 145957 |
| 2.40%, 01/24/30  | 255000 | 240935 |
| 4.73%, 02/28/30 *(a)* | 175000 | 179239 |
| 4.83%, 04/24/30 *(a)* | 150000 | 154478 |
| 3.15%, 03/30/31 *(a)(b)* | 195000 | 188146 |
| 3.03%, 11/01/34 *(a)(b)* | 130000 | 122753 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 3.45%, 01/11/27  | 280000 | 278695 |
| 2.17%, 01/14/27  | 200000 | 196486 |
| 3.36%, 07/12/27  | 350000 | 347572 |
| 3.35%, 10/18/27  | 225000 | 222968 |
| 5.52%, 01/13/28  | 455000 | 468861 |
| 3.54%, 01/17/28  | 240000 | 238125 |
| 5.80%, 07/13/28  | 220000 | 229404 |
| 3.94%, 07/19/28  | 15000 | 15012 |
| 5.72%, 09/14/28  | 225000 | 234485 |
| 1.90%, 09/17/28  | 510000 | 482061 |
| 4.31%, 10/16/28  | 200000 | 201579 |
| 5.32%, 07/09/29  | 310000 | 321023 |
| 3.04%, 07/16/29  | 565000 | 542889 |
| 2.72%, 09/27/29  | 220000 | 208621 |
| 5.71%, 01/13/30  | 355000 | 373643 |
| 2.75%, 01/15/30  | 325000 | 306361 |
| 2.13%, 07/08/30  | 350000 | 318910 |
| 5.85%, 07/13/30  | 200000 | 212624 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.14%, 09/23/30  | 120000 | 108475 |
| 4.66%, 07/08/31 *(a)(b)* | 205000 | 207150 |
| **Synchrony Bank** | **Synchrony Bank** | **Synchrony Bank** |
| 5.63%, 08/23/27 *(a)* | 250000 | 255088 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 3.95%, 12/01/27 *(a)* | 250000 | 249092 |
| 5.15%, 03/19/29 *(a)* | 150000 | 152144 |
| 5.02%, 07/29/29 *(a)(b)* | 75000 | 75975 |
| 5.94%, 08/02/30 *(a)(b)* | 160000 | 166648 |
| 5.45%, 03/06/31 *(a)(b)* | 200000 | 205147 |
| **Synovus Financial Corp.** | **Synovus Financial Corp.** | **Synovus Financial Corp.** |
| 6.17%, 11/01/30 *(a)(b)* | 180000 | 187017 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 1.95%, 01/12/27  | 165000 | 161938 |
| 2.80%, 03/10/27  | 295000 | 291185 |
| 4.98%, 04/05/27  | 245000 | 248192 |
| 4.11%, 06/08/27  | 365000 | 366001 |
| 4.69%, 09/15/27  | 335000 | 339394 |
| 5.16%, 01/10/28  | 265000 | 271257 |
| 4.86%, 01/31/28  | 270000 | 274584 |
| 4.57%, 06/02/28  | 150000 | 151903 |
| 5.52%, 07/17/28  | 270000 | 279966 |
| 4.11%, 10/13/28  | 320000 | 320804 |
| 4.99%, 04/05/29  | 225000 | 230868 |
| 4.78%, 12/17/29  | 220000 | 225307 |
| 4.81%, 06/03/30  | 300000 | 306276 |
| 5.15%, 09/10/34 *(a)(b)* | 210000 | 213202 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| 4.42%, 07/24/28 *(a)(b)* | 400000 | 402472 |
| 4.14%, 10/23/29 *(a)(b)* | 300000 | 299784 |
| 2.25%, 03/11/30 *(a)* | 360000 | 330108 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 1.13%, 08/03/27 *(a)* | 150000 | 143723 |
| 4.12%, 06/06/28 *(a)(b)* | 150000 | 150409 |
| 4.87%, 01/26/29 *(a)(b)* | 325000 | 330243 |
| 3.88%, 03/19/29 *(a)* | 160000 | 158056 |
| 1.89%, 06/07/29 *(a)(b)* | 240000 | 228100 |
| 7.16%, 10/30/29 *(a)(b)* | 490000 | 528849 |
| 5.44%, 01/24/30 *(a)(b)* | 335000 | 346918 |
| 1.95%, 06/05/30 *(a)* | 120000 | 109114 |
| 5.07%, 05/20/31 *(a)(b)* | 250000 | 256858 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 3.15%, 04/27/27 *(a)* | 345000 | 342335 |
| 2.22%, 01/27/28 *(a)(b)* | 320000 | 314312 |
| 3.90%, 04/26/28 *(a)* | 150000 | 150259 |
| 4.55%, 07/22/28 *(a)(b)* | 560000 | 564797 |
| 4.65%, 02/01/29 *(a)(b)* | 395000 | 400045 |
| 5.78%, 06/12/29 *(a)(b)* | 405000 | 421127 |
| 3.00%, 07/30/29 *(a)* | 205000 | 197580 |
| 5.38%, 01/23/30 *(a)(b)* | 400000 | 414367 |
| 1.38%, 07/22/30 *(a)* | 250000 | 221371 |
| 5.10%, 07/23/30 *(a)(b)* | 265000 | 272968 |
| 5.05%, 02/12/31 *(a)(b)* | 305000 | 313628 |
| 5.08%, 05/15/31 *(a)(b)* | 285000 | 293940 |
| **U.S. Bank NA** | **U.S. Bank NA** | **U.S. Bank NA** |
| 4.73%, 05/15/28 *(a)(b)* | 250000 | 252583 |
| **UBS AG** | **UBS AG** | **UBS AG** |
| 5.00%, 07/09/27  | 250000 | 255052 |
| 4.86%, 01/10/28 *(a)(b)* | 300000 | 302548 |
| 7.50%, 02/15/28  | 250000 | 268587 |
| 5.65%, 09/11/28  | 325000 | 339288 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| 4.10%, 03/25/29 *(a)* | 105000 | 103351 |
| 5.78%, 09/11/35 *(a)(b)* | 70000 | 70053 |

---

*See financial notes*

**120**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 4.30%, 07/22/27  | 680000 | 683040 |
| 4.90%, 01/24/28 *(a)(b)* | 515000 | 519549 |
| 3.53%, 03/24/28 *(a)(b)* | 930000 | 923982 |
| 5.71%, 04/22/28 *(a)(b)* | 770000 | 786001 |
| 3.58%, 05/22/28 *(a)(b)* | 745000 | 740371 |
| 2.39%, 06/02/28 *(a)(b)* | 805000 | 786874 |
| 4.81%, 07/25/28 *(a)(b)* | 580000 | 586662 |
| 4.15%, 01/24/29 *(a)* | 545000 | 546470 |
| 4.97%, 04/23/29 *(a)(b)* | 540000 | 550406 |
| 5.57%, 07/25/29 *(a)(b)* | 915000 | 947385 |
| 4.08%, 09/15/29 *(a)(b)* | 320000 | 319794 |
| 6.30%, 10/23/29 *(a)(b)* | 750000 | 792717 |
| 7.95%, 11/15/29  | 100000 | 112037 |
| 5.20%, 01/23/30 *(a)(b)* | 625000 | 643906 |
| 2.88%, 10/30/30 *(a)(b)* | 815000 | 775967 |
| 5.24%, 01/24/31 *(a)(b)* | 640000 | 662744 |
| 2.57%, 02/11/31 *(a)(b)* | 820000 | 766545 |
| 4.48%, 04/04/31 *(a)(b)* | 590000 | 594082 |
| 5.15%, 04/23/31 *(a)(b)* | 980000 | 1011783 |
| **Western Alliance Bank** | **Western Alliance Bank** | **Western Alliance Bank** |
| 6.54%, 11/15/35 *(a)(b)* | 100000 | 100523 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 3.35%, 03/08/27  | 230000 | 229017 |
| 4.04%, 08/26/27  | 225000 | 226144 |
| 5.46%, 11/18/27  | 285000 | 293786 |
| 3.40%, 01/25/28  | 237000 | 235192 |
| 5.54%, 11/17/28  | 285000 | 298143 |
| 1.95%, 11/20/28  | 345000 | 327302 |
| 5.05%, 04/16/29  | 150000 | 155194 |
| 2.65%, 01/16/30  | 170000 | 161551 |
| 4.35%, 07/01/30  | 150000 | 151693 |
| 4.11%, 07/24/34 *(a)(b)* | 265000 | 260917 |
| 2.67%, 11/15/35 *(a)(b)* | 350000 | 316959 |
| **Wintrust Financial Corp.** | **Wintrust Financial Corp.** | **Wintrust Financial Corp.** |
| 4.85%, 06/06/29  | 75000 | 74787 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| 4.70%, 08/18/28 *(a)(b)* | 250000 | 250488 |
|  |  | **207453758** |
| ***Brokerage/Asset Managers/Exchanges 1.7%***  | ***Brokerage/Asset Managers/Exchanges 1.7%***  | ***Brokerage/Asset Managers/Exchanges 1.7%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 3.30%, 06/15/30 *(a)* | 60000 | 57244 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 5.70%, 12/15/28 *(a)* | 160000 | 167929 |
| **ARES Management Corp.** | **ARES Management Corp.** | **ARES Management Corp.** |
| 6.38%, 11/10/28 *(a)* | 130000 | 137670 |
| **BGC Group, Inc.** | **BGC Group, Inc.** | **BGC Group, Inc.** |
| 8.00%, 05/25/28 *(a)* | 75000 | 80178 |
| 6.60%, 06/10/29 *(a)* | 110000 | 114925 |
| 6.15%, 04/02/30 *(a)* | 175000 | 181370 |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 4.60%, 07/26/27 *(a)* | 185000 | 187630 |
| 4.70%, 03/14/29 *(a)* | 145000 | 148281 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 3.20%, 03/15/27  | 170000 | 169016 |
| 3.25%, 04/30/29 *(a)* | 210000 | 205892 |
| 2.40%, 04/30/30 *(a)* | 215000 | 201427 |
| **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** |
| 4.30%, 11/03/30 *(a)* | 195000 | 195096 |
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| 4.65%, 11/15/30 *(a)* | 130000 | 131080 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(a)* | 240000 | 239446 |
| 4.85%, 03/29/29 *(a)* | 230000 | 233777 |
| 4.35%, 04/15/30 *(a)* | 160000 | 160667 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.65%, 01/12/27 *(a)* | 160000 | 159676 |
| 1.63%, 12/15/30 *(a)* | 100000 | 88776 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 3.20%, 03/02/27 *(a)(d)* | 130000 | 129030 |
| 2.45%, 03/03/27 *(a)(d)* | 325000 | 320186 |
| 3.30%, 04/01/27 *(a)(d)* | 155000 | 154093 |
| 3.20%, 01/25/28 *(a)(d)* | 160000 | 157850 |
| 2.00%, 03/20/28 *(a)(d)* | 270000 | 259841 |
| 4.00%, 02/01/29 *(a)(d)* | 125000 | 125480 |
| 5.64%, 05/19/29 *(a)(b)(d)* | 255000 | 264776 |
| 3.25%, 05/22/29 *(a)(d)* | 135000 | 131546 |
| 2.75%, 10/01/29 *(a)(d)* | 103000 | 98211 |
| 6.20%, 11/17/29 *(a)(b)(d)* | 280000 | 296332 |
| 4.63%, 03/22/30 *(a)(d)* | 100000 | 102314 |
| 4.34%, 11/14/31 *(a)(b)(d)* | 200000 | 199752 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 3.75%, 06/15/28 *(a)* | 120000 | 120187 |
| 4.40%, 03/15/30 *(a)* | 205000 | 208141 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| 3.50%, 04/06/27 *(a)* | 55000 | 54751 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| 1.60%, 10/30/30 *(a)* | 170000 | 150979 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 3.10%, 09/15/27 *(a)* | 120000 | 118578 |
| 4.00%, 09/15/27 *(a)* | 325000 | 325935 |
| 3.63%, 09/01/28 *(a)* | 245000 | 243372 |
| 3.75%, 09/21/28 *(a)* | 175000 | 174256 |
| 3.95%, 12/01/28 *(a)* | 130000 | 130375 |
| 4.35%, 06/15/29 *(a)* | 360000 | 363968 |
| 2.10%, 06/15/30 *(a)* | 260000 | 238877 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 4.85%, 01/15/27  | 155000 | 156107 |
| 6.45%, 06/08/27  | 75000 | 77447 |
| 5.88%, 07/21/28 *(a)* | 245000 | 254821 |
| 4.15%, 01/23/30  | 200000 | 197439 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 4.50%, 09/19/28 *(a)* | 135000 | 136135 |
| 4.38%, 03/11/29 *(a)* | 150000 | 150406 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 5.70%, 05/20/27 *(a)* | 100000 | 101980 |
| 4.90%, 04/03/28 *(a)* | 100000 | 101490 |
| 6.75%, 11/17/28 *(a)* | 175000 | 186843 |
| 5.20%, 03/15/30 *(a)* | 270000 | 276507 |
| 5.15%, 06/15/30 *(a)* | 190000 | 194012 |
| **Marex Group PLC** | **Marex Group PLC** | **Marex Group PLC** |
| 5.83%, 05/08/28 *(a)* | 115000 | 116937 |
| 6.40%, 11/04/29 *(a)* | 150000 | 155689 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 5.35%, 06/28/28 *(a)* | 195000 | 201333 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 2.33%, 01/22/27  | 280000 | 275103 |
| 5.39%, 07/06/27  | 300000 | 305343 |
| 6.07%, 07/12/28  | 225000 | 234832 |
| 2.17%, 07/14/28  | 250000 | 237973 |
| 5.61%, 07/06/29  | 200000 | 207967 |
| 3.10%, 01/16/30  | 390000 | 370583 |
| 4.90%, 07/01/30  | 200000 | 203072 |
| 2.68%, 07/16/30  | 235000 | 217274 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.65%, 04/01/30 *(a)* | 105000 | 106963 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**121**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 97969 |
|  |  | **11793135** |
| ***Finance Companies 2.7%***  | ***Finance Companies 2.7%***  | ***Finance Companies 2.7%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 6.10%, 01/15/27 *(a)* | 225000 | 229391 |
| 6.45%, 04/15/27 *(a)* | 290000 | 298016 |
| 3.65%, 07/21/27 *(a)* | 245000 | 243550 |
| 4.63%, 10/15/27 *(a)* | 150000 | 151330 |
| 3.88%, 01/23/28 *(a)* | 300000 | 298612 |
| 4.88%, 04/01/28 *(a)* | 150000 | 152564 |
| 5.75%, 06/06/28 *(a)* | 235000 | 243510 |
| 3.00%, 10/29/28 *(a)* | 740000 | 717862 |
| 5.10%, 01/19/29 *(a)* | 225000 | 230182 |
| 4.63%, 09/10/29 *(a)* | 300000 | 303219 |
| 6.15%, 09/30/30 *(a)* | 200000 | 214239 |
| 4.38%, 11/15/30 *(a)* | 150000 | 149684 |
| 6.95%, 03/10/55 *(a)(b)* | 170000 | 178577 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 2.20%, 01/15/27 *(a)* | 150000 | 147024 |
| 3.63%, 04/01/27 *(a)(c)* | 100000 | 99293 |
| 3.63%, 12/01/27 *(a)* | 120000 | 118718 |
| 5.85%, 12/15/27 *(a)* | 150000 | 154396 |
| 5.30%, 02/01/28 *(a)* | 150000 | 152798 |
| 2.10%, 09/01/28 *(a)* | 140000 | 131938 |
| 4.63%, 10/01/28 *(a)* | 150000 | 150687 |
| 5.10%, 03/01/29 *(a)* | 100000 | 101575 |
| 3.25%, 10/01/29 *(a)* | 105000 | 100389 |
| 3.00%, 02/01/30 *(a)* | 175000 | 164256 |
| 3.13%, 12/01/30 *(a)* | 160000 | 148418 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 5.20%, 12/08/28 *(a)(e)* | 90000 | 90002 |
| 6.90%, 04/13/29 *(a)* | 220000 | 231208 |
| 5.88%, 08/30/30 *(a)* | 85000 | 85951 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 7.00%, 01/15/27  | 205000 | 210130 |
| 2.88%, 06/15/27 *(a)* | 160000 | 156714 |
| 2.88%, 06/15/28 *(a)* | 295000 | 282130 |
| 5.88%, 03/01/29 *(a)* | 285000 | 292537 |
| 5.95%, 07/15/29 *(a)* | 170000 | 174691 |
| 5.50%, 09/01/30 *(a)* | 165000 | 166276 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.70%, 03/15/28 *(a)* | 270000 | 273547 |
| 5.45%, 09/09/28 *(a)(e)* | 110000 | 110895 |
| 4.85%, 01/15/29 *(a)(e)* | 130000 | 128560 |
| 6.35%, 08/15/29 *(a)* | 175000 | 180402 |
| 5.60%, 02/15/30 *(a)* | 150000 | 150813 |
| 5.80%, 09/09/30 *(a)(e)* | 110000 | 111187 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| 5.95%, 03/15/30 *(a)* | 110000 | 109942 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| 5.20%, 09/15/28 *(a)* | 60000 | 59722 |
| 7.00%, 02/15/29 *(a)* | 75000 | 77459 |
| **Barings Private Credit Corp.** | **Barings Private Credit Corp.** | **Barings Private Credit Corp.** |
| 6.15%, 06/11/30 *(a)(e)* | 70000 | 69841 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 3.25%, 03/15/27 *(a)* | 250000 | 245845 |
| 4.95%, 09/26/27 *(a)* | 25000 | 25139 |
| 7.30%, 11/27/28 *(a)* | 145000 | 153863 |
| 4.00%, 01/15/29 *(a)* | 145000 | 140935 |
| 5.95%, 07/16/29 *(a)* | 200000 | 204137 |
| 5.60%, 11/22/29 *(a)* | 150000 | 151445 |
| 5.25%, 04/01/30 *(a)* | 135000 | 134224 |
| 5.05%, 09/10/30 *(a)* | 100000 | 98519 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 2.13%, 02/15/27 *(a)* | 170000 | 165458 |
| 5.88%, 11/15/27 *(a)* | 125000 | 127649 |
| 5.35%, 04/13/28 *(a)* | 80000 | 80736 |
| 2.85%, 09/30/28 *(a)* | 200000 | 189169 |
| 5.30%, 06/30/30 *(a)* | 105000 | 104619 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 80000 | 78186 |
| 3.13%, 04/13/27 *(a)* | 105000 | 102591 |
| 2.88%, 06/11/28 *(a)* | 225000 | 212592 |
| 5.95%, 03/15/29 *(a)* | 230000 | 232210 |
| 6.20%, 07/15/30 *(a)* | 105000 | 106442 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 4.70%, 02/08/27 *(a)* | 130000 | 129742 |
| 7.75%, 09/16/27 *(a)* | 125000 | 130025 |
| 7.95%, 06/13/28 *(a)* | 145000 | 153413 |
| 7.75%, 01/15/29 *(a)* | 150000 | 158709 |
| 6.60%, 09/15/29 *(a)* | 245000 | 252151 |
| 5.80%, 03/15/30 *(a)* | 230000 | 229804 |
| **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** |
| 2.50%, 01/15/27 *(a)* | 65000 | 63319 |
| 6.10%, 03/15/28 *(a)(e)* | 130000 | 130789 |
| 6.75%, 04/04/29 *(a)* | 150000 | 153490 |
| **Capital Southwest Corp.** | **Capital Southwest Corp.** | **Capital Southwest Corp.** |
| 5.95%, 09/18/30 *(a)* | 85000 | 85676 |
| **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** |
| 6.75%, 02/18/30 *(a)* | 105000 | 107622 |
| **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** |
| 7.20%, 06/15/29 *(a)* | 85000 | 87731 |
| 6.00%, 10/02/30 *(a)(e)* | 70000 | 69420 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 90000 | 87507 |
| 3.25%, 07/15/27 *(a)* | 135000 | 130280 |
| 3.13%, 10/12/28 *(a)* | 180000 | 166172 |
| 7.88%, 01/15/29 *(a)* | 100000 | 103737 |
| 6.88%, 08/15/29 *(a)* | 160000 | 161499 |
| 6.13%, 01/15/30 *(a)(c)* | 155000 | 152731 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 5.40%, 03/15/27 *(a)* | 100000 | 101483 |
| 3.85%, 03/30/27 *(a)* | 100000 | 99721 |
| 3.50%, 03/15/28 *(a)* | 75000 | 74001 |
| 4.55%, 11/07/28 *(a)* | 65000 | 65571 |
| 4.70%, 04/01/29 *(a)* | 115000 | 116386 |
| 4.00%, 06/30/30 *(a)* | 90000 | 88739 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| 6.38%, 03/11/27  | 170000 | 173775 |
| 5.65%, 09/09/30 *(a)* | 90000 | 90446 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 5.88%, 05/06/28 *(a)(e)* | 75000 | 76444 |
| 5.38%, 01/31/29 *(a)(e)* | 115000 | 115432 |
| 6.25%, 05/06/30 *(a)(c)(e)* | 150000 | 153103 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| 2.05%, 02/15/27 *(a)* | 115000 | 111645 |
| 7.05%, 12/05/28 *(a)* | 150000 | 158350 |
| 6.00%, 07/15/29 *(a)* | 170000 | 173903 |
| **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** |
| 5.45%, 08/15/28 *(a)(e)* | 75000 | 75516 |
| 5.80%, 09/12/29 *(a)* | 195000 | 197796 |
| 5.88%, 05/01/30 *(a)* | 100000 | 101623 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| 3.38%, 01/20/27 *(a)* | 75000 | 74022 |
| 6.00%, 06/16/30 *(a)* | 60000 | 60828 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.30%, 06/05/27 *(e)* | 25000 | 25160 |
| 5.45%, 01/14/28 *(a)(c)* | 165000 | 167013 |

---

*See financial notes*

**122**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.90%, 09/11/28 *(a)(e)* | 135000 | 134264 |
| 6.75%, 01/30/29 *(a)(c)* | 205000 | 214145 |
| 6.25%, 09/30/29 *(a)(c)* | 125000 | 129520 |
| 5.85%, 06/05/30 *(a)(e)* | 90000 | 91182 |
| 5.45%, 11/15/30 *(a)(e)* | 110000 | 109697 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| 6.50%, 06/04/27 *(a)* | 75000 | 76628 |
| 5.40%, 08/15/28 *(a)* | 70000 | 70366 |
| 6.95%, 03/01/29 *(a)* | 70000 | 73155 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| 4.50%, 02/11/27 *(a)* | 75000 | 74998 |
| 6.15%, 05/17/29 *(a)* | 160000 | 164745 |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.25%, 05/31/30 *(a)(e)* | 125000 | 125838 |
| **New Mountain Finance Corp.** | **New Mountain Finance Corp.** | **New Mountain Finance Corp.** |
| 6.20%, 10/15/27  | 70000 | 71232 |
| 6.88%, 02/01/29 *(a)* | 85000 | 86454 |
| **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** |
| 5.13%, 09/25/28 *(a)(e)* | 60000 | 59920 |
| 5.75%, 02/01/30 *(a)* | 100000 | 99969 |
| **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** |
| 6.65%, 03/15/30 *(a)* | 80000 | 82068 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| 2.70%, 01/15/27 *(a)* | 185000 | 181098 |
| 7.10%, 02/15/29 *(a)(c)* | 55000 | 56752 |
| 6.34%, 02/27/30 *(a)(c)* | 60000 | 60466 |
| **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** |
| 8.40%, 11/14/28 *(a)* | 110000 | 118641 |
| 6.50%, 07/23/29 *(a)* | 100000 | 102974 |
| 6.19%, 07/15/30 *(a)(e)* | 95000 | 95539 |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.50%, 03/11/29 *(a)* | 175000 | 181432 |
| 5.75%, 01/15/30 *(a)* | 105000 | 106488 |
| 6.13%, 07/15/30 *(a)* | 185000 | 189967 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 6.95%, 08/14/28 *(a)* | 65000 | 68190 |
| 6.13%, 03/01/29 *(a)(c)* | 80000 | 82650 |
| 5.63%, 08/15/30 *(a)* | 60000 | 60678 |
|  |  | **18219824** |
| ***Financial Other 0.1%***  | ***Financial Other 0.1%***  | ***Financial Other 0.1%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| 0.95%, 08/01/27 *(a)* | 70000 | 67077 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 3.70%, 07/18/27  | 110000 | 109532 |
| 5.00%, 09/13/27 *(c)* | 100000 | 101757 |
| 4.65%, 09/10/29  | 150000 | 152438 |
| 4.45%, 09/09/30  | 110000 | 110224 |
|  |  | **541028** |
| ***Insurance 3.6%***  | ***Insurance 3.6%***  | ***Insurance 3.6%***  |
| **ACE Capital Trust II** | **ACE Capital Trust II** | **ACE Capital Trust II** |
| 9.70%, 04/01/30  | 60000 | 72184 |
| **Aegon Ltd.** | **Aegon Ltd.** | **Aegon Ltd.** |
| 5.50%, 04/11/48 *(a)(b)* | 200000 | 202448 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| 3.60%, 04/01/30 *(a)* | 225000 | 221559 |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| 3.63%, 05/15/30 *(a)* | 160000 | 156366 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 5.05%, 06/24/29 *(a)* | 105000 | 108574 |
| 1.45%, 12/15/30 *(a)* | 150000 | 131004 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| 5.25%, 04/02/30 *(a)* | 65000 | 68148 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 4.85%, 05/07/30 *(a)* | 150000 | 153772 |
| 3.40%, 06/30/30 *(a)* | 60000 | 57934 |
| 5.75%, 04/01/48 *(a)(b)* | 75000 | 76177 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 5.00%, 06/15/27 *(a)* | 175000 | 176407 |
| 5.75%, 10/01/29 *(a)* | 110000 | 113924 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| 8.21%, 01/01/27  | 135000 | 140229 |
| 4.50%, 12/15/28 *(a)* | 125000 | 126597 |
| 3.75%, 05/02/29 *(a)* | 155000 | 153388 |
| 2.80%, 05/15/30 *(a)* | 225000 | 212447 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.85%, 05/28/27 *(a)* | 140000 | 137943 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.13%, 03/01/27 *(a)* | 120000 | 121524 |
| 5.15%, 03/01/29 *(a)* | 270000 | 277952 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 4.60%, 12/15/27 *(a)* | 175000 | 177004 |
| 4.85%, 12/15/29 *(a)* | 150000 | 153547 |
| **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** |
| 5.75%, 07/01/30 *(a)* | 50000 | 52185 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 4.90%, 03/27/28 *(a)* | 80000 | 81092 |
| 3.70%, 02/22/30 *(a)* | 75000 | 72874 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 6.13%, 09/15/28 *(a)* | 105000 | 110355 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 4.13%, 01/12/28 *(a)* | 235000 | 234836 |
| 6.15%, 04/03/30 *(a)* | 100000 | 106192 |
| **AXA SA** | **AXA SA** | **AXA SA** |
| 8.60%, 12/15/30  | 240000 | 281781 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| 3.90%, 07/15/29 *(a)* | 150000 | 148551 |
| 4.90%, 01/15/40 *(a)(b)* | 90000 | 86825 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| 4.00%, 12/06/27 *(a)* | 80000 | 79945 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.30%, 03/15/27 *(a)* | 185000 | 182169 |
| 1.85%, 03/12/30 *(a)* | 155000 | 142424 |
| 1.45%, 10/15/30 *(a)* | 150000 | 133865 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| 3.70%, 06/22/27 *(a)* | 150000 | 148402 |
| 5.63%, 05/15/30 *(a)(c)* | 150000 | 152227 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 4.70%, 06/23/28 *(a)* | 90000 | 91101 |
| 4.50%, 03/15/29 *(a)* | 85000 | 85306 |
| 4.90%, 06/23/30 *(a)* | 200000 | 202962 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 4.25%, 12/15/27 *(a)* | 535000 | 531965 |
| 2.45%, 07/15/28 *(a)* | 500000 | 468123 |
| 4.63%, 12/15/29 *(a)* | 855000 | 829502 |
| 3.38%, 02/15/30 *(a)* | 515000 | 474491 |
| 3.00%, 10/15/30 *(a)* | 500000 | 447679 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 4.65%, 08/15/29 *(a)* | 160000 | 163670 |
| 1.38%, 09/15/30 *(a)* | 230000 | 202732 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.92%, 05/15/28  | 50000 | 53297 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**123**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 3.45%, 08/15/27 *(a)* | 100000 | 99057 |
| 3.90%, 05/01/29 *(a)* | 130000 | 128759 |
| 2.05%, 08/15/30 *(a)(c)* | 115000 | 103530 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 5.25%, 05/30/29 *(a)* | 105000 | 106657 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.65%, 04/05/27 *(a)* | 285000 | 283426 |
| 3.85%, 04/05/29 *(a)* | 225000 | 221734 |
| 6.88%, 12/15/52 *(a)(b)* | 210000 | 215192 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 3.65%, 12/01/27 *(a)* | 365000 | 363420 |
| 4.10%, 03/01/28 *(a)* | 290000 | 290561 |
| 4.00%, 09/15/28 *(a)* | 160000 | 159807 |
| 5.15%, 06/15/29 *(a)* | 110000 | 113456 |
| 2.88%, 09/15/29 *(a)* | 235000 | 224002 |
| 4.75%, 02/15/30 *(a)* | 150000 | 153023 |
| 2.25%, 05/15/30 *(a)* | 250000 | 229617 |
| **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
| 6.25%, 05/28/29 *(a)* | 170000 | 178021 |
| **Enstar Finance LLC** | **Enstar Finance LLC** | **Enstar Finance LLC** |
| 5.50%, 01/15/42 *(a)(b)* | 110000 | 108783 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 4.95%, 06/01/29 *(a)* | 150000 | 151346 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 4.35%, 04/20/28 *(a)* | 290000 | 291251 |
| **Essent Group Ltd.** | **Essent Group Ltd.** | **Essent Group Ltd.** |
| 6.25%, 07/01/29 *(a)* | 100000 | 104499 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 7.40%, 01/13/28 *(a)* | 235000 | 246200 |
| 6.50%, 06/04/29 *(a)* | 110000 | 114626 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 4.85%, 04/17/28 *(a)* | 135000 | 136952 |
| 4.63%, 04/29/30 *(a)* | 125000 | 125511 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 4.50%, 08/15/28 *(a)* | 85000 | 85643 |
| 3.40%, 06/15/30 *(a)* | 160000 | 152849 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 96784 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.55%, 09/15/28 *(a)* | 120000 | 121198 |
| 2.15%, 08/15/30 *(a)* | 100000 | 90542 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| 2.50%, 09/01/30 *(a)* | 60000 | 54592 |
| **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** |
| 2.80%, 08/19/29 *(a)* | 130000 | 124395 |
| **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** |
| 7.25%, 09/15/28 *(a)* | 70000 | 75082 |
| 4.70%, 10/01/30 *(a)* | 70000 | 69516 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 1.35%, 02/03/27 *(a)* | 160000 | 155335 |
| 3.95%, 03/15/27 *(a)* | 135000 | 134721 |
| 5.75%, 03/01/28 *(a)* | 130000 | 134063 |
| 5.75%, 12/01/28 *(a)* | 150000 | 156084 |
| 3.70%, 03/23/29 *(a)* | 145000 | 142361 |
| 3.13%, 08/15/29 *(a)* | 90000 | 86350 |
| 4.88%, 04/01/30 *(a)* | 150000 | 152158 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 5.17%, 06/08/27 *(a)* | 175000 | 177253 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| 2.40%, 09/30/30 *(a)(c)* | 80000 | 71686 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.80%, 03/01/28 *(a)* | 100000 | 99505 |
| 3.05%, 01/15/30 *(a)* | 100000 | 95364 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 3.20%, 05/15/30 *(a)* | 115000 | 110165 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 2.48%, 05/19/27 *(a)* | 50000 | 49051 |
| 4.06%, 02/24/32 *(a)(b)* | 175000 | 174457 |
| **Markel Group, Inc.** | **Markel Group, Inc.** | **Markel Group, Inc.** |
| 3.50%, 11/01/27 *(a)* | 150000 | 148858 |
| 3.35%, 09/17/29 *(a)* | 75000 | 72587 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.55%, 11/08/27 *(a)* | 220000 | 222780 |
| 4.38%, 03/15/29 *(a)* | 320000 | 323450 |
| 4.65%, 03/15/30 *(a)* | 240000 | 244872 |
| 2.25%, 11/15/30 *(a)* | 200000 | 182766 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| 4.40%, 03/15/27 *(a)* | 95000 | 94919 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 4.55%, 03/23/30 *(a)* | 275000 | 280924 |
| **MGIC Investment Corp.** | **MGIC Investment Corp.** | **MGIC Investment Corp.** |
| 5.25%, 08/15/28 *(a)* | 175000 | 175121 |
| **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
| 6.00%, 08/15/29 *(a)* | 90000 | 93422 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 3.70%, 07/02/29 *(a)* | 120000 | 117171 |
| 4.50%, 10/01/50 *(a)(b)* | 110000 | 103597 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 3.70%, 05/15/29 *(a)* | 135000 | 132863 |
| 2.13%, 06/15/30 *(a)* | 100000 | 91137 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 2.45%, 01/15/27  | 100000 | 98600 |
| 2.50%, 03/15/27 *(a)* | 90000 | 88661 |
| 4.00%, 03/01/29 *(a)* | 140000 | 140393 |
| 6.63%, 03/01/29  | 50000 | 53899 |
| 3.20%, 03/26/30 *(a)* | 100000 | 96761 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 3.88%, 03/27/28 *(a)* | 130000 | 130095 |
| 2.10%, 03/10/30 *(a)* | 150000 | 139340 |
| 4.50%, 09/15/47 *(a)(b)* | 160000 | 158493 |
| 5.70%, 09/15/48 *(a)(b)* | 225000 | 227537 |
| 3.70%, 10/01/50 *(a)(b)* | 170000 | 158356 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.13%, 04/14/30  | 225000 | 215547 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| 4.88%, 03/15/27 *(a)* | 140000 | 140537 |
| 6.20%, 05/15/29 *(a)* | 120000 | 125801 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 3.90%, 05/15/29 *(a)* | 150000 | 148315 |
| 3.15%, 06/15/30 *(a)* | 120000 | 113678 |
| **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** |
| 3.45%, 07/01/27 *(a)* | 95000 | 94205 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 3.60%, 04/15/29 *(a)* | 150000 | 146985 |
| **SiriusPoint Ltd.** | **SiriusPoint Ltd.** | **SiriusPoint Ltd.** |
| 7.00%, 04/05/29 *(a)* | 90000 | 95477 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 3.45%, 01/15/27  | 150000 | 149406 |
| 3.38%, 04/15/27  | 180000 | 179022 |
| 4.60%, 04/15/27 *(a)* | 110000 | 110972 |
| 3.70%, 05/15/27 *(a)* | 160000 | 159773 |
| 2.95%, 10/15/27  | 200000 | 197231 |
| 5.25%, 02/15/28 *(a)* | 255000 | 262130 |
| 3.85%, 06/15/28  | 230000 | 229701 |

---

*See financial notes*

**124**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.40%, 06/15/28 *(a)* | 90000 | 91026 |
| 3.88%, 12/15/28  | 180000 | 179909 |
| 4.25%, 01/15/29 *(a)* | 315000 | 317201 |
| 4.70%, 04/15/29 *(a)* | 95000 | 96900 |
| 4.00%, 05/15/29 *(a)* | 290000 | 289770 |
| 2.88%, 08/15/29  | 245000 | 235342 |
| 4.80%, 01/15/30 *(a)* | 290000 | 297100 |
| 5.30%, 02/15/30 *(a)* | 285000 | 297257 |
| 2.00%, 05/15/30  | 275000 | 250929 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| 4.00%, 06/15/29 *(a)* | 90000 | 89164 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 4.70%, 01/23/48 *(a)(b)* | 75000 | 71066 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.65%, 06/15/27 *(a)* | 145000 | 146145 |
| 4.50%, 09/15/28 *(a)* | 230000 | 231750 |
| 2.95%, 09/15/29 *(a)* | 125000 | 119043 |
|  |  | **24020247** |
| ***REITs 3.0%***  | ***REITs 3.0%***  | ***REITs 3.0%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.00%, 06/15/28 *(a)* | 85000 | 81054 |
| 2.90%, 10/01/30 *(a)* | 70000 | 65582 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.95%, 01/15/27 *(a)* | 70000 | 69845 |
| 3.95%, 01/15/28 *(a)* | 90000 | 89572 |
| 4.50%, 07/30/29 *(a)* | 85000 | 85105 |
| 2.75%, 12/15/29 *(a)* | 135000 | 126776 |
| 4.70%, 07/01/30 *(a)* | 75000 | 75429 |
| 4.90%, 12/15/30 *(a)* | 170000 | 172370 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 4.25%, 02/15/28 *(a)* | 100000 | 100265 |
| 4.90%, 02/15/29 *(a)* | 125000 | 127098 |
| 4.95%, 06/15/30 *(a)* | 120000 | 122466 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 3.35%, 05/15/27 *(a)* | 90000 | 89344 |
| 3.20%, 01/15/28 *(a)* | 85000 | 83827 |
| 1.90%, 12/01/28 *(a)* | 85000 | 80370 |
| 3.30%, 06/01/29 *(a)* | 120000 | 116930 |
| 2.30%, 03/01/30 *(a)* | 155000 | 143738 |
| 4.35%, 12/01/30 *(a)* | 90000 | 90230 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 6.75%, 12/01/27 *(a)* | 165000 | 172757 |
| 4.50%, 12/01/28 *(a)* | 205000 | 206388 |
| 3.40%, 06/21/29 *(a)* | 200000 | 193644 |
| 2.90%, 03/15/30 *(a)* | 170000 | 159362 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 3.90%, 03/15/27 *(a)* | 90000 | 89817 |
| 2.25%, 04/01/28 *(a)* | 80000 | 76805 |
| 4.13%, 05/15/29 *(a)* | 180000 | 179266 |
| 4.05%, 07/01/30 *(a)* | 180000 | 177555 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 4.10%, 10/15/28 *(a)* | 90000 | 90421 |
| 3.15%, 07/01/29 *(a)* | 145000 | 140052 |
| 2.80%, 05/15/30 *(a)(c)* | 150000 | 141662 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.00%, 01/15/29 *(a)* | 75000 | 70050 |
| 4.50%, 10/15/30 *(a)* | 100000 | 99591 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.25%, 07/15/30 *(a)* | 105000 | 107875 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 2.25%, 12/15/28 *(a)* | 105000 | 99768 |
| 4.38%, 02/15/29 *(a)* | 80000 | 80245 |
| 3.00%, 02/15/30 *(a)* | 90000 | 85348 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| 3.70%, 08/15/27 *(a)* | 225000 | 223902 |
| 5.55%, 01/15/28 *(a)* | 205000 | 210727 |
| 4.45%, 07/15/28 *(a)* | 150000 | 151073 |
| 3.60%, 07/01/29 *(a)* | 185000 | 181362 |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 4.30%, 03/15/27 *(a)* | 195000 | 195378 |
| 3.95%, 01/15/28 *(a)* | 80000 | 79582 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 4.50%, 06/01/27 *(a)* | 150000 | 150262 |
| 4.95%, 04/15/28 *(a)* | 85000 | 85705 |
| 3.75%, 08/15/29 *(a)* | 120000 | 116380 |
| 4.75%, 11/15/30 *(a)* | 185000 | 183682 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 3.25%, 08/01/27 *(a)* | 150000 | 148614 |
| 3.50%, 03/01/28 *(a)* | 155000 | 153577 |
| 4.15%, 12/01/28 *(a)* | 90000 | 90499 |
| 3.00%, 07/01/29 *(a)* | 90000 | 86791 |
| 2.50%, 02/15/30 *(a)* | 170000 | 159581 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 3.63%, 05/01/27 *(a)* | 100000 | 99608 |
| 1.70%, 03/01/28 *(a)* | 125000 | 118718 |
| 4.00%, 03/01/29 *(a)* | 75000 | 74463 |
| 3.00%, 01/15/30 *(a)* | 115000 | 109243 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 3.88%, 12/15/27 *(a)* | 225000 | 224476 |
| 5.70%, 04/01/28 *(a)* | 170000 | 175731 |
| 3.90%, 04/01/29 *(a)* | 55000 | 54357 |
| 4.00%, 06/15/29 *(a)* | 85000 | 84228 |
| 5.50%, 07/01/30 *(a)* | 205000 | 213492 |
| 2.20%, 10/15/30 *(a)* | 80000 | 72430 |
| **Federal Realty OP LP** | **Federal Realty OP LP** | **Federal Realty OP LP** |
| 3.25%, 07/15/27 *(a)* | 150000 | 148288 |
| 5.38%, 05/01/28 *(a)* | 95000 | 97410 |
| 3.20%, 06/15/29 *(a)* | 100000 | 96569 |
| 3.50%, 06/01/30 *(a)* | 70000 | 67724 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 3.75%, 07/01/27 *(a)* | 130000 | 129202 |
| 3.10%, 02/15/30 *(a)* | 150000 | 142425 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 1.35%, 02/01/27 *(a)* | 110000 | 106848 |
| 2.13%, 12/01/28 *(a)* | 85000 | 80297 |
| 3.50%, 07/15/29 *(a)* | 190000 | 184824 |
| 3.00%, 01/15/30 *(a)* | 165000 | 156438 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 3.88%, 03/01/27 *(a)* | 50000 | 49693 |
| 4.13%, 03/15/28 *(a)* | 90000 | 89200 |
| 4.20%, 04/15/29 *(a)* | 85000 | 83678 |
| 3.05%, 02/15/30 *(a)* | 90000 | 83782 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 4.25%, 12/15/28 *(a)* | 90000 | 90102 |
| 3.38%, 12/15/29 *(a)* | 160000 | 153518 |
| 3.50%, 09/15/30 *(a)* | 150000 | 143120 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.30%, 11/15/28 *(a)* | 140000 | 133146 |
| 5.45%, 08/15/30 *(a)* | 100000 | 104028 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 4.75%, 12/15/28 *(a)* | 105000 | 105560 |
| 4.25%, 08/15/29 *(a)* | 115000 | 112790 |
| 3.05%, 02/15/30 *(a)* | 130000 | 120859 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 3.80%, 04/01/27 *(a)* | 105000 | 104939 |
| 1.90%, 03/01/28 *(a)* | 100000 | 96086 |
| 2.70%, 10/01/30 *(a)* | 100000 | 93756 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**125**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kite Realty Group Trust** | **Kite Realty Group Trust** | **Kite Realty Group Trust** |
| 4.75%, 09/15/30 *(a)* | 80000 | 80943 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** |
| 5.50%, 08/01/30 *(a)* | 115000 | 117760 |
| **Lineage OP LP** | **Lineage OP LP** | **Lineage OP LP** |
| 5.25%, 07/15/30 *(a)(e)* | 145000 | 146414 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 2.70%, 09/15/30 *(a)* | 80000 | 73384 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 3.60%, 06/01/27 *(a)* | 145000 | 144610 |
| 4.20%, 06/15/28 *(a)* | 100000 | 100429 |
| 3.95%, 03/15/29 *(a)* | 100000 | 99471 |
| 2.75%, 03/15/30 *(a)* | 195000 | 184461 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 3.50%, 10/15/27 *(a)* | 130000 | 128914 |
| 4.30%, 10/15/28 *(a)* | 100000 | 100643 |
| 2.50%, 04/15/30 *(a)* | 75000 | 69651 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 4.50%, 04/01/27 *(a)* | 155000 | 155565 |
| 4.75%, 01/15/28 *(a)* | 140000 | 141201 |
| 3.63%, 10/01/29 *(a)* | 135000 | 130698 |
| 5.20%, 07/01/30 *(a)* | 145000 | 147605 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 6.88%, 07/15/29 *(a)* | 90000 | 95746 |
| 3.15%, 08/15/30 *(a)(c)* | 60000 | 55284 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 2.13%, 04/15/27 *(a)* | 140000 | 137076 |
| 3.38%, 12/15/27 *(a)* | 100000 | 99248 |
| 4.88%, 06/15/28 *(a)* | 145000 | 148484 |
| 3.88%, 09/15/28 *(a)* | 95000 | 94786 |
| 4.00%, 09/15/28 *(a)* | 115000 | 115242 |
| 4.38%, 02/01/29 *(a)* | 60000 | 60613 |
| 2.88%, 11/15/29 *(a)* | 115000 | 109989 |
| 2.25%, 04/15/30 *(a)* | 230000 | 213561 |
| 1.75%, 07/01/30 *(a)* | 75000 | 67518 |
| 1.25%, 10/15/30 *(a)* | 150000 | 131463 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 3.09%, 09/15/27 *(a)* | 145000 | 143370 |
| 1.85%, 05/01/28 *(a)* | 155000 | 148000 |
| 1.95%, 11/09/28 *(a)* | 120000 | 113714 |
| 5.13%, 01/15/29 *(a)* | 105000 | 108540 |
| 3.39%, 05/01/29 *(a)* | 130000 | 127295 |
| 4.38%, 07/01/30 *(a)* | 110000 | 110985 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 3.00%, 01/15/27 *(a)* | 145000 | 143755 |
| 3.95%, 08/15/27 *(a)* | 100000 | 100060 |
| 3.40%, 01/15/28 *(a)* | 105000 | 103907 |
| 3.65%, 01/15/28 *(a)* | 135000 | 134186 |
| 2.10%, 03/15/28 *(a)* | 120000 | 115292 |
| 2.20%, 06/15/28 *(a)* | 145000 | 139208 |
| 4.70%, 12/15/28 *(a)* | 120000 | 122375 |
| 3.95%, 02/01/29 *(a)* | 85000 | 84766 |
| 4.75%, 02/15/29 *(a)* | 100000 | 101814 |
| 3.25%, 06/15/29 *(a)* | 105000 | 102118 |
| 4.00%, 07/15/29 *(a)* | 115000 | 114487 |
| 3.10%, 12/15/29 *(a)* | 150000 | 144417 |
| 3.40%, 01/15/30 *(a)* | 100000 | 97281 |
| 4.85%, 03/15/30 *(a)* | 160000 | 164336 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 3.60%, 02/01/27 *(a)* | 125000 | 124488 |
| 4.13%, 03/15/28 *(a)* | 80000 | 80265 |
| 2.95%, 09/15/29 *(a)* | 95000 | 91148 |
| 3.70%, 06/15/30 *(a)* | 140000 | 137236 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 5.00%, 06/15/28 *(a)* | 65000 | 66201 |
| 2.13%, 12/01/30 *(a)* | 80000 | 71626 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 3.90%, 10/15/29 *(a)* | 80000 | 78451 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 1.38%, 01/15/27 *(a)* | 100000 | 97431 |
| 3.38%, 06/15/27 *(a)* | 135000 | 134117 |
| 3.38%, 12/01/27 *(a)* | 230000 | 228309 |
| 1.75%, 02/01/28 *(a)* | 200000 | 191787 |
| 2.45%, 09/13/29 *(a)* | 290000 | 274174 |
| 2.65%, 07/15/30 *(a)* | 200000 | 187601 |
| 4.38%, 10/01/30 *(a)* | 160000 | 161299 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 4.50%, 03/15/28 *(a)* | 80000 | 80274 |
| 4.63%, 03/15/29 *(a)* | 85000 | 84700 |
| 5.40%, 04/30/30 *(a)(e)* | 75000 | 76388 |
| 2.75%, 11/18/30 *(a)* | 70000 | 63735 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.30%, 11/01/28 *(a)* | 110000 | 104713 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 3.88%, 07/15/27 *(a)* | 75000 | 74635 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.50%, 07/01/27 *(a)* | 85000 | 84345 |
| 3.50%, 01/15/28 *(a)* | 70000 | 69246 |
| 4.40%, 01/26/29 *(a)* | 65000 | 65329 |
| 3.20%, 01/15/30 *(a)* | 135000 | 129817 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 3.85%, 04/01/27 *(a)* | 65000 | 64867 |
| 4.00%, 03/01/28 *(a)* | 170000 | 169808 |
| 4.40%, 01/15/29 *(a)* | 160000 | 160792 |
| 3.00%, 01/15/30 *(a)* | 150000 | 142837 |
| 4.75%, 11/15/30 *(a)* | 110000 | 111555 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.70%, 02/15/27 *(a)* | 90000 | 88830 |
| 4.25%, 04/15/28 *(a)* | 215000 | 216503 |
| 2.05%, 01/15/29 *(a)* | 100000 | 94337 |
| 4.13%, 03/15/29 *(a)* | 120000 | 120274 |
| 3.10%, 01/15/30 *(a)* | 150000 | 143927 |
| 4.50%, 07/01/30 *(a)* | 250000 | 252808 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 3.85%, 07/15/29 *(a)* | 75000 | 73955 |
| 4.65%, 07/15/30 *(a)* | 80000 | 80626 |
|  |  | **20157849** |
|  |  | **282185841** |
| **Industrial 50.4%** | **Industrial 50.4%** | **Industrial 50.4%** |
| ***Basic Industry 1.9%***  | ***Basic Industry 1.9%***  | ***Basic Industry 1.9%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 1.85%, 05/15/27 *(a)* | 190000 | 185239 |
| 4.30%, 06/11/28 *(a)* | 130000 | 131368 |
| 4.60%, 02/08/29 *(a)* | 155000 | 157815 |
| 2.05%, 05/15/30 *(a)* | 205000 | 188607 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 4.65%, 06/01/27 *(a)* | 165000 | 166124 |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| 3.38%, 11/01/28 *(a)* | 205000 | 199737 |
| 3.75%, 10/01/30 *(a)* | 200000 | 192114 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.55%, 11/29/27 *(a)* | 290000 | 302035 |
| 4.25%, 07/16/29  | 135000 | 135244 |

---

*See financial notes*

**126**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 4.75%, 02/28/28 *(a)* | 230000 | 233747 |
| 5.10%, 09/08/28 *(a)* | 150000 | 154441 |
| 5.00%, 02/21/30 *(a)* | 225000 | 232049 |
| 5.25%, 09/08/30 *(a)* | 200000 | 208459 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 4.00%, 07/01/29 *(a)* | 70000 | 69318 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 11/30/28 *(a)* | 160000 | 162438 |
| 7.38%, 11/01/29  | 150000 | 165451 |
| 2.10%, 11/15/30 *(a)* | 160000 | 141762 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| 4.73%, 11/15/28 *(a)(c)* | 130000 | 132155 |
| 4.73%, 11/15/28 *(a)(e)* | 197000 | 199422 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 4.50%, 12/01/28 *(a)* | 80000 | 80729 |
| 5.00%, 08/01/29 *(a)* | 205000 | 209374 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 1.65%, 02/01/27 *(a)* | 115000 | 112454 |
| 3.25%, 12/01/27 *(a)* | 125000 | 124089 |
| 5.25%, 01/15/28 *(a)* | 130000 | 133587 |
| 4.30%, 06/15/28 *(a)* | 100000 | 101051 |
| 4.80%, 03/24/30 *(a)* | 185000 | 189844 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 2.30%, 07/15/30 *(a)* | 95000 | 87916 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.00%, 09/01/27 *(a)* | 125000 | 125229 |
| 4.13%, 03/01/28 *(a)* | 135000 | 134684 |
| 4.38%, 08/01/28 *(a)* | 125000 | 125054 |
| 5.25%, 09/01/29 *(a)* | 50000 | 50890 |
| 4.25%, 03/01/30 *(a)* | 140000 | 138979 |
| 4.63%, 08/01/30 *(a)* | 120000 | 120968 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 7.75%, 11/15/29  | 115000 | 129830 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| 4.45%, 09/26/28 *(a)* | 60000 | 60458 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| 1.10%, 08/10/30 *(a)(c)* | 205000 | 180030 |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| 3.50%, 03/02/27 *(a)* | 125000 | 124412 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| 2.25%, 10/01/30 *(a)* | 100000 | 89177 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 4.05%, 11/15/27 *(a)* | 165000 | 165062 |
| 5.38%, 11/15/28 *(a)* | 95000 | 98002 |
| 4.35%, 01/15/29 *(a)* | 110000 | 110335 |
| 4.60%, 11/15/30 *(a)* | 120000 | 120358 |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 3.25%, 05/13/30 *(a)* | 119000 | 115312 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 4.30%, 05/23/27 *(a)* | 180000 | 181267 |
| 3.95%, 05/01/28 *(a)* | 90000 | 90022 |
| 2.70%, 06/01/30 *(a)* | 110000 | 103615 |
| 4.65%, 06/01/30 *(a)* | 115000 | 117453 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 4.50%, 03/12/27  | 50000 | 50314 |
| 5.20%, 06/21/27 *(a)* | 110000 | 111875 |
| 4.90%, 03/27/28 *(a)* | 185000 | 188400 |
| 4.20%, 04/01/29 *(a)* | 180000 | 179843 |
| 2.95%, 05/13/30 *(a)* | 75000 | 70941 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 3.40%, 12/15/27 *(a)* | 100000 | 99094 |
| 3.00%, 12/15/29 *(a)* | 165000 | 157874 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 3.75%, 03/15/28 *(a)* | 175000 | 174738 |
| 2.80%, 08/15/29 *(a)* | 90000 | 86072 |
| 2.55%, 06/15/30 *(a)* | 90000 | 83872 |
| **Reliance, Inc.** | **Reliance, Inc.** | **Reliance, Inc.** |
| 2.15%, 08/15/30 *(a)* | 90000 | 81543 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| 7.13%, 07/15/28  | 155000 | 166840 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 4.38%, 03/12/27  | 100000 | 100705 |
| 4.50%, 03/14/28 *(a)* | 215000 | 217567 |
| 4.88%, 03/14/30 *(a)* | 410000 | 421419 |
| **Rohm & Haas Co.** | **Rohm & Haas Co.** | **Rohm & Haas Co.** |
| 7.85%, 07/15/29  | 125000 | 138967 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 3.75%, 03/15/27 *(a)* | 95000 | 94591 |
| 4.55%, 03/01/29 *(a)* | 70000 | 70803 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 3.45%, 06/01/27 *(a)* | 315000 | 312813 |
| 4.55%, 03/01/28 *(a)* | 140000 | 141682 |
| 4.30%, 08/15/28 *(a)* | 110000 | 110793 |
| 2.95%, 08/15/29 *(a)* | 180000 | 172664 |
| 2.30%, 05/15/30 *(a)* | 135000 | 124509 |
| 4.50%, 08/15/30 *(a)* | 100000 | 100995 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.20%, 01/15/30 *(a)* | 200000 | 206469 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 1.65%, 10/15/27 *(a)* | 75000 | 72129 |
| 4.00%, 12/15/28 *(a)* | 140000 | 139939 |
| 3.45%, 04/15/30 *(a)* | 100000 | 96697 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 2.50%, 09/15/28 *(a)* | 185000 | 175046 |
| 6.00%, 01/15/29 *(a)* | 410000 | 422219 |
| 5.00%, 01/15/30 *(a)* | 280000 | 280431 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 3.75%, 07/08/30 *(a)* | 340000 | 327686 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 3.38%, 06/15/30 *(a)* | 50000 | 47751 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 8.20%, 01/15/30  | 45000 | 51255 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 6.95%, 10/01/27  | 90000 | 94398 |
| 4.00%, 11/15/29 *(a)* | 165000 | 163416 |
| 4.00%, 04/15/30 *(a)* | 175000 | 172612 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 4.00%, 03/15/28 *(a)* | 115000 | 114761 |
| 3.90%, 06/01/28 *(a)* | 175000 | 174240 |
| 4.90%, 03/15/29 *(a)* | 170000 | 173237 |
|  |  | **12948906** |
| ***Capital Goods 5.7%***  | ***Capital Goods 5.7%***  | ***Capital Goods 5.7%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 2.88%, 10/15/27 *(a)* | 215000 | 211448 |
| 3.63%, 09/14/28 *(a)* | 125000 | 124186 |
| 3.38%, 03/01/29 *(a)* | 175000 | 171618 |
| 2.38%, 08/26/29 *(a)* | 225000 | 212240 |
| 4.80%, 03/15/30 *(a)* | 180000 | 184175 |
| 3.05%, 04/15/30 *(a)* | 130000 | 124273 |
| **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** |
| 3.80%, 04/03/28 *(a)* | 90000 | 90376 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| 2.15%, 12/15/30 *(a)* | 110000 | 98897 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**127**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.45%, 03/21/27 *(a)* | 105000 | 106423 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| 3.50%, 10/01/29 *(a)* | 85000 | 82880 |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 3.55%, 10/01/27 *(a)* | 90000 | 89222 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 4.50%, 05/15/28 *(a)* | 150000 | 150946 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 4.80%, 03/17/28  | 115000 | 116640 |
| 5.10%, 03/17/30 *(a)* | 190000 | 195122 |
| 2.63%, 06/19/30 *(a)* | 105000 | 97367 |
| **Amcor Group Finance PLC** | **Amcor Group Finance PLC** | **Amcor Group Finance PLC** |
| 5.45%, 05/23/29 *(a)* | 100000 | 103475 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 5.05%, 04/05/27 *(a)* | 85000 | 86200 |
| 3.80%, 11/15/27  | 150000 | 149925 |
| 4.38%, 06/12/28 *(a)* | 140000 | 141402 |
| 3.90%, 11/15/28 *(a)* | 265000 | 264787 |
| 5.05%, 04/05/29 *(a)* | 155000 | 159598 |
| 4.35%, 06/01/29 *(a)* | 90000 | 90924 |
| 2.80%, 02/15/30 *(a)* | 220000 | 209009 |
| 4.13%, 11/15/30 *(a)* | 270000 | 268667 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 4.60%, 04/07/27  | 170000 | 171192 |
| 4.70%, 04/07/28 *(a)* | 125000 | 126530 |
| 4.95%, 04/07/30 *(a)* | 315000 | 322319 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 4.88%, 12/06/28 *(a)* | 130000 | 132930 |
| 2.65%, 04/30/30 *(a)* | 150000 | 140056 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 1.65%, 01/15/27 *(a)* | 115000 | 112141 |
| 5.50%, 04/15/28 *(a)* | 75000 | 77338 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 2.70%, 02/01/27 *(a)* | 220000 | 216847 |
| 2.80%, 03/01/27 *(a)* | 90000 | 88619 |
| 5.04%, 05/01/27 *(a)* | 430000 | 434461 |
| 6.26%, 05/01/27 *(a)* | 390000 | 400282 |
| 3.25%, 02/01/28 *(a)* | 305000 | 299956 |
| 3.25%, 03/01/28 *(a)* | 105000 | 103067 |
| 3.45%, 11/01/28 *(a)* | 120000 | 117558 |
| 3.20%, 03/01/29 *(a)* | 160000 | 155157 |
| 6.30%, 05/01/29 *(a)* | 275000 | 292147 |
| 2.95%, 02/01/30 *(a)* | 180000 | 170648 |
| 5.15%, 05/01/30 *(a)* | 1050000 | 1079147 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 3.75%, 12/01/27 *(a)* | 190000 | 189159 |
| 2.75%, 03/01/30 *(a)* | 125000 | 117946 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.49%, 02/15/27 *(a)* | 185000 | 182019 |
| 2.72%, 02/15/30 *(a)* | 455000 | 428669 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| 4.50%, 01/07/27  | 70000 | 70541 |
| 1.70%, 01/08/27  | 355000 | 347956 |
| 4.50%, 01/08/27  | 75000 | 75599 |
| 5.00%, 05/14/27  | 235000 | 238935 |
| 3.60%, 08/12/27  | 155000 | 154796 |
| 1.10%, 09/14/27  | 100000 | 95881 |
| 4.40%, 10/15/27  | 140000 | 141776 |
| 4.60%, 11/15/27  | 180000 | 183017 |
| 4.40%, 03/03/28  | 60000 | 60697 |
| 4.10%, 08/15/28  | 150000 | 151005 |
| 3.95%, 11/14/28  | 230000 | 230569 |
| 4.85%, 02/27/29  | 120000 | 123369 |
| 4.38%, 08/16/29  | 180000 | 182668 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.70%, 11/15/29  | 190000 | 195041 |
| 4.80%, 01/08/30  | 125000 | 129306 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 2.60%, 09/19/29 *(a)* | 85000 | 81091 |
| 2.60%, 04/09/30 *(a)* | 225000 | 212946 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| 4.50%, 10/08/27 *(a)* | 140000 | 140893 |
| 4.75%, 03/21/28 *(a)* | 110000 | 111321 |
| 4.55%, 04/10/28 *(a)* | 130000 | 130945 |
| 5.50%, 01/12/29 *(a)* | 130000 | 134232 |
| 5.10%, 04/20/29 *(a)* | 165000 | 168721 |
| 4.50%, 10/16/30 *(a)* | 110000 | 110077 |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| 3.85%, 11/15/27 *(a)* | 130000 | 129559 |
| **CRH SMW Finance DAC** | **CRH SMW Finance DAC** | **CRH SMW Finance DAC** |
| 5.20%, 05/21/29 *(a)* | 240000 | 247874 |
| 5.13%, 01/09/30 *(a)* | 210000 | 216489 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 5.38%, 10/16/29  | 115000 | 120762 |
| 3.10%, 04/15/30 *(a)* | 165000 | 159071 |
| **Deere Funding Canada Corp.** | **Deere Funding Canada Corp.** | **Deere Funding Canada Corp.** |
| 4.15%, 10/09/30 *(a)* | 110000 | 110004 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 2.95%, 11/04/29 *(a)* | 105000 | 100473 |
| **Eaton Capital ULC** | **Eaton Capital ULC** | **Eaton Capital ULC** |
| 4.45%, 05/09/30 *(a)* | 200000 | 202203 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 3.10%, 09/15/27 *(a)* | 165000 | 163280 |
| 4.35%, 05/18/28 *(a)* | 50000 | 50611 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 2.00%, 12/21/28 *(a)* | 285000 | 270546 |
| 1.95%, 10/15/30 *(a)* | 190000 | 172595 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| 3.50%, 10/01/30 *(a)* | 110000 | 104907 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 3.25%, 09/15/29 *(a)* | 125000 | 120241 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 3.50%, 04/01/27 *(a)* | 155000 | 154711 |
| 2.63%, 11/15/27 *(a)* | 125000 | 122872 |
| 3.75%, 05/15/28 *(a)* | 215000 | 215545 |
| 3.63%, 04/01/30 *(a)* | 200000 | 196418 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 4.30%, 07/29/30 *(a)* | 225000 | 226908 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.25%, 08/01/28 *(a)* | 150000 | 154289 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 4.20%, 02/15/27 *(a)* | 105000 | 104705 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 1.10%, 03/01/27 *(a)* | 200000 | 193951 |
| 4.65%, 07/30/27 *(a)* | 245000 | 248160 |
| 4.95%, 02/15/28 *(a)* | 100000 | 102169 |
| 4.25%, 01/15/29 *(a)* | 230000 | 231861 |
| 2.70%, 08/15/29 *(a)* | 175000 | 167070 |
| 4.88%, 09/01/29 *(a)* | 120000 | 123368 |
| 4.70%, 02/01/30 *(a)* | 265000 | 270854 |
| 1.95%, 06/01/30 *(a)* | 230000 | 209992 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 6.75%, 01/15/28  | 95000 | 100068 |
| 3.00%, 01/15/29 *(a)* | 130000 | 126164 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 3.15%, 08/15/27 *(a)* | 90000 | 88821 |
| 3.50%, 02/15/28 *(a)* | 100000 | 99013 |

---

*See financial notes*

**128**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 3.48%, 12/01/27 *(a)* | 135000 | 133628 |
| 2.04%, 08/16/28 *(a)* | 140000 | 132650 |
| 5.35%, 01/15/30 *(a)* | 135000 | 139561 |
| 4.20%, 05/01/30 *(a)* | 125000 | 123881 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 4.95%, 09/01/29 *(a)* | 115000 | 117400 |
| 3.00%, 05/01/30 *(a)* | 100000 | 94664 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.20%, 06/15/27 *(a)* | 155000 | 157568 |
| 5.40%, 08/14/28 *(a)* | 100000 | 103400 |
| 5.18%, 06/15/29 *(a)* | 200000 | 206835 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 4.50%, 01/08/27  | 175000 | 176383 |
| 1.70%, 01/11/27  | 165000 | 161662 |
| 4.85%, 03/05/27  | 100000 | 101292 |
| 2.35%, 03/08/27  | 135000 | 132864 |
| 1.75%, 03/09/27  | 125000 | 122135 |
| 4.90%, 06/11/27  | 155000 | 157659 |
| 4.20%, 07/15/27  | 100000 | 100776 |
| 2.80%, 09/08/27  | 120000 | 118235 |
| 4.15%, 09/15/27  | 170000 | 171320 |
| 3.05%, 01/06/28  | 115000 | 113591 |
| 4.65%, 01/07/28  | 120000 | 122101 |
| 4.75%, 01/20/28  | 235000 | 239638 |
| 4.90%, 03/03/28  | 205000 | 209995 |
| 1.50%, 03/06/28  | 125000 | 119202 |
| 4.25%, 06/05/28  | 230000 | 232699 |
| 4.95%, 07/14/28  | 350000 | 359483 |
| 4.50%, 01/16/29  | 260000 | 264181 |
| 3.45%, 03/07/29  | 140000 | 138171 |
| 3.35%, 04/18/29  | 170000 | 166915 |
| 4.85%, 06/11/29  | 210000 | 215953 |
| 2.80%, 07/18/29  | 165000 | 158728 |
| 4.85%, 10/11/29  | 100000 | 103319 |
| 2.45%, 01/09/30  | 145000 | 137110 |
| 4.55%, 06/05/30  | 150000 | 152618 |
| 4.70%, 06/10/30  | 190000 | 194837 |
| 4.38%, 10/15/30  | 130000 | 131423 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 5.50%, 04/19/29 *(a)* | 150000 | 156228 |
| 1.75%, 09/15/30 *(a)* | 120000 | 107073 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 4.63%, 06/15/28 *(a)* | 80000 | 80459 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 5.40%, 01/15/27  | 300000 | 304344 |
| 4.40%, 06/15/28 *(a)* | 335000 | 337660 |
| 5.05%, 06/01/29 *(a)* | 180000 | 184966 |
| 2.90%, 12/15/29 *(a)* | 100000 | 95006 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| 3.50%, 11/15/27 *(a)* | 95000 | 93601 |
| 4.40%, 03/15/29 *(a)* | 150000 | 148504 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| 1.70%, 08/01/27 *(a)* | 95000 | 91743 |
| 5.50%, 09/15/28 *(a)* | 115000 | 118786 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 5.10%, 11/15/27 *(a)* | 175000 | 179276 |
| 4.45%, 05/15/28 *(a)* | 145000 | 146836 |
| 4.15%, 08/15/28 *(a)* | 85000 | 85581 |
| 4.50%, 02/15/29 *(a)* | 145000 | 147356 |
| 1.85%, 06/15/30 *(a)* | 60000 | 54423 |
| 4.40%, 08/15/30 *(a)* | 175000 | 176749 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 3.45%, 06/01/27 *(a)* | 85000 | 84498 |
| 3.50%, 12/15/27 *(a)* | 130000 | 129031 |
| 2.50%, 03/15/30 *(a)* | 150000 | 139825 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 3.50%, 11/15/27 *(a)* | 180000 | 178196 |
| 1.50%, 02/15/28 *(a)* | 165000 | 156291 |
| 2.00%, 10/01/30 *(a)* | 60000 | 53628 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| 5.85%, 09/18/28 *(a)* | 175000 | 182077 |
| 3.63%, 05/15/30 *(a)* | 105000 | 101883 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.60%, 09/15/28 *(a)* | 100000 | 103592 |
| 4.50%, 12/15/29 *(a)* | 135000 | 136086 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 3.20%, 02/01/27 *(a)* | 195000 | 193686 |
| 3.25%, 01/15/28 *(a)* | 485000 | 478855 |
| 4.60%, 02/01/29 *(a)* | 95000 | 96495 |
| 4.40%, 05/01/30 *(a)* | 210000 | 211840 |
| 4.65%, 07/15/30 *(a)* | 95000 | 96712 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 4.55%, 04/15/28 *(a)* | 120000 | 120751 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| 4.60%, 05/15/28 *(a)* | 95000 | 96178 |
| 3.10%, 03/01/30 *(a)* | 85000 | 80923 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 2.29%, 04/05/27 *(a)* | 130000 | 127422 |
| 5.25%, 08/16/28 *(a)* | 155000 | 159822 |
| 2.57%, 02/15/30 *(a)* | 360000 | 337149 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 5.50%, 06/15/27 *(a)* | 70000 | 71464 |
| 3.95%, 08/15/29 *(a)* | 125000 | 123948 |
| 3.50%, 02/15/30 *(a)* | 125000 | 121249 |
| 3.88%, 06/01/30 *(a)* | 100000 | 98263 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 3.25%, 03/01/27 *(a)* | 170000 | 168835 |
| 4.25%, 09/15/27 *(a)* | 245000 | 246659 |
| 3.25%, 06/14/29 *(a)* | 210000 | 204450 |
| 4.50%, 09/15/29 *(a)* | 260000 | 263704 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 4.50%, 07/01/29 *(a)* | 105000 | 105504 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.05%, 04/15/28 *(a)* | 255000 | 263865 |
| 6.30%, 02/15/30 *(a)* | 200000 | 212091 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 3.38%, 11/15/27 *(a)* | 150000 | 149006 |
| 3.95%, 05/15/28 *(a)* | 125000 | 125238 |
| 4.88%, 04/01/29 *(a)* | 175000 | 179354 |
| 5.00%, 11/15/29 *(a)* | 150000 | 155128 |
| 2.30%, 03/01/30 *(a)* | 135000 | 125545 |
| 4.75%, 07/15/30 *(a)* | 75000 | 76821 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 3.50%, 03/01/29 *(a)* | 100000 | 98475 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 3.50%, 03/15/27 *(a)* | 230000 | 228883 |
| 3.13%, 05/04/27 *(a)* | 255000 | 252383 |
| 7.20%, 08/15/27  | 125000 | 131367 |
| 4.13%, 11/16/28 *(a)* | 705000 | 707663 |
| 5.75%, 01/15/29 *(a)* | 165000 | 172697 |
| 7.50%, 09/15/29  | 135000 | 150356 |
| 2.25%, 07/01/30 *(a)* | 175000 | 161279 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| 3.25%, 03/01/27 *(a)* | 65000 | 64540 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 2.25%, 02/01/27 *(a)* | 110000 | 107925 |
| 4.60%, 09/01/29 *(a)* | 145000 | 146308 |
| 3.13%, 05/01/30 *(a)* | 100000 | 94655 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**129**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** |
| 4.60%, 06/15/28 *(a)* | 160000 | 160264 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 6.00%, 03/06/28 *(a)* | 105000 | 109043 |
| 4.25%, 11/15/28 *(a)* | 150000 | 150308 |
| 2.30%, 03/15/30 *(a)* | 195000 | 178712 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 3.65%, 03/15/27 *(a)* | 110000 | 109431 |
| 3.38%, 03/01/28 *(a)* | 70000 | 69007 |
| 3.90%, 09/17/29 *(a)* | 65000 | 64091 |
| 3.00%, 06/01/30 *(a)* | 160000 | 151465 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.50%, 12/15/28 *(a)* | 100000 | 100934 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 3.80%, 03/21/29 *(a)* | 145000 | 144091 |
| **Trane Technologies Holdco, Inc.** | **Trane Technologies Holdco, Inc.** | **Trane Technologies Holdco, Inc.** |
| 3.75%, 08/21/28 *(a)* | 165000 | 164547 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 3.13%, 08/15/27 *(a)* | 130000 | 128864 |
| 4.63%, 02/01/30 *(a)* | 70000 | 71393 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.35%, 09/18/28 *(a)* | 180000 | 185638 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.40%, 04/01/28 *(a)* | 140000 | 134296 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 3.90%, 04/01/27 *(a)* | 65000 | 65018 |
| 4.95%, 12/01/29 *(a)* | 140000 | 143741 |
| 3.50%, 06/01/30 *(a)* | 130000 | 126015 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 4.25%, 12/01/28 *(a)* | 120000 | 120919 |
| 3.50%, 05/01/29 *(a)* | 125000 | 122940 |
| 2.60%, 02/01/30 *(a)* | 145000 | 136797 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 4.95%, 07/03/27 *(a)* | 200000 | 203360 |
| 3.15%, 11/15/27 *(a)* | 195000 | 192877 |
| 1.15%, 03/15/28 *(a)* | 135000 | 127327 |
| 4.50%, 03/15/28 *(a)* | 265000 | 268614 |
| 3.88%, 01/15/29 *(a)* | 75000 | 74949 |
| 4.88%, 02/15/29 *(a)* | 170000 | 174535 |
| 2.00%, 06/01/29 *(a)* | 125000 | 116986 |
| 4.63%, 02/15/30 *(a)* | 155000 | 157977 |
| 4.65%, 03/15/30 *(a)* | 135000 | 137739 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 4.70%, 09/15/28 *(a)(f)* | 355000 | 359758 |
| 4.90%, 05/29/30 *(a)* | 80000 | 81865 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 1.95%, 01/30/28 *(a)* | 140000 | 134434 |
|  |  | **38625922** |
| ***Communications 5.1%***  | ***Communications 5.1%***  | ***Communications 5.1%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 3.63%, 04/22/29 *(a)* | 220000 | 215410 |
| 2.88%, 05/07/30 *(a)* | 225000 | 211932 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 2.75%, 01/15/27 *(a)* | 150000 | 148030 |
| 3.13%, 01/15/27 *(a)* | 85000 | 84234 |
| 3.65%, 03/15/27 *(a)* | 145000 | 144372 |
| 3.55%, 07/15/27 *(a)* | 190000 | 188704 |
| 3.60%, 01/15/28 *(a)* | 165000 | 163491 |
| 1.50%, 01/31/28 *(a)* | 175000 | 166071 |
| 5.50%, 03/15/28 *(a)* | 135000 | 138888 |
| 5.25%, 07/15/28 *(a)* | 130000 | 133671 |
| 5.80%, 11/15/28 *(a)* | 145000 | 151414 |
| 5.20%, 02/15/29 *(a)* | 155000 | 159591 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.95%, 03/15/29 *(a)* | 150000 | 148799 |
| 3.80%, 08/15/29 *(a)* | 385000 | 379221 |
| 2.90%, 01/15/30 *(a)* | 235000 | 223239 |
| 5.00%, 01/31/30 *(a)* | 140000 | 143434 |
| 4.90%, 03/15/30 *(a)* | 230000 | 234960 |
| 2.10%, 06/15/30 *(a)* | 180000 | 163518 |
| 1.88%, 10/15/30 *(a)* | 170000 | 151862 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.13%, 12/01/29 *(a)* | 305000 | 312905 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 3.80%, 02/15/27 *(a)* | 220000 | 219645 |
| 4.25%, 03/01/27 *(a)* | 365000 | 365917 |
| 2.30%, 06/01/27 *(a)* | 560000 | 547569 |
| 1.65%, 02/01/28 *(a)* | 470000 | 448070 |
| 4.10%, 02/15/28 *(a)* | 425000 | 425564 |
| 4.35%, 03/01/29 *(a)* | 730000 | 733964 |
| 4.30%, 02/15/30 *(a)* | 710000 | 711600 |
| 4.70%, 08/15/30 *(a)* | 275000 | 279659 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 5.13%, 12/04/28 *(a)* | 230000 | 236186 |
| 9.63%, 12/15/30 *(f)* | 600000 | 732529 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 3.75%, 02/15/28 *(a)* | 240000 | 236746 |
| 4.20%, 03/15/28 *(a)* | 245000 | 243921 |
| 2.25%, 01/15/29 *(a)* | 270000 | 252836 |
| 5.05%, 03/30/29 *(a)* | 275000 | 278363 |
| 6.10%, 06/01/29 *(a)* | 340000 | 354979 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 2.35%, 01/15/27 *(a)* | 220000 | 216749 |
| 3.30%, 02/01/27 *(a)* | 255000 | 253659 |
| 3.30%, 04/01/27 *(a)* | 150000 | 149020 |
| 5.35%, 11/15/27 *(a)* | 100000 | 102669 |
| 3.15%, 02/15/28 *(a)* | 325000 | 320032 |
| 3.55%, 05/01/28 *(a)* | 245000 | 243025 |
| 4.15%, 10/15/28 *(a)* | 745000 | 749049 |
| 4.55%, 01/15/29 *(a)* | 235000 | 238525 |
| 5.10%, 06/01/29 *(a)* | 140000 | 144535 |
| 2.65%, 02/01/30 *(a)* | 440000 | 415195 |
| 3.40%, 04/01/30 *(a)* | 400000 | 388164 |
| 4.25%, 10/15/30 *(a)* | 320000 | 320201 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 4.00%, 03/01/27 *(a)* | 125000 | 124819 |
| 2.90%, 03/15/27 *(a)* | 200000 | 197151 |
| 3.65%, 09/01/27 *(a)* | 205000 | 203438 |
| 5.00%, 01/11/28 *(a)* | 250000 | 254054 |
| 3.80%, 02/15/28 *(a)* | 235000 | 233240 |
| 4.80%, 09/01/28 *(a)* | 160000 | 162387 |
| 4.30%, 02/15/29 *(a)* | 125000 | 124834 |
| 5.60%, 06/01/29 *(a)* | 165000 | 171310 |
| 4.90%, 09/01/29 *(a)* | 150000 | 152427 |
| 3.10%, 11/15/29 *(a)* | 135000 | 128730 |
| 3.30%, 07/01/30 *(a)* | 165000 | 156555 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 8.75%, 06/15/30 *(f)* | 750000 | 875958 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 4.71%, 01/25/29 *(a)* | 455000 | 460914 |
| 3.50%, 04/08/30 *(a)* | 100000 | 97100 |
| **Koninklijke KPN NV** | **Koninklijke KPN NV** | **Koninklijke KPN NV** |
| 8.38%, 10/01/30  | 160000 | 186811 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 3.50%, 08/15/27 *(a)* | 690000 | 689011 |
| 4.60%, 05/15/28 *(a)* | 325000 | 331203 |
| 4.30%, 08/15/29 *(a)* | 260000 | 263164 |

---

*See financial notes*

**130**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.80%, 05/15/30 *(a)* | 215000 | 221514 |
| 4.20%, 11/15/30 *(a)* | 900000 | 901810 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.88%, 04/15/28  | 400000 | 408302 |
| 5.88%, 11/15/28  | 420000 | 441654 |
| 6.38%, 05/15/29  | 160000 | 171399 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 4.65%, 10/01/28 *(a)(e)* | 75000 | 75431 |
| 4.75%, 03/30/30 *(a)(e)* | 150000 | 151728 |
| 2.45%, 04/30/30 *(a)* | 130000 | 120239 |
| 4.20%, 06/01/30 *(a)* | 140000 | 138931 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 2.90%, 01/15/27 *(a)* | 215000 | 211538 |
| 3.38%, 02/15/28 *(a)* | 160000 | 155634 |
| 3.70%, 06/01/28 *(a)* | 130000 | 127330 |
| 4.20%, 06/01/29 *(a)* | 115000 | 112120 |
| 7.88%, 07/30/30  | 200000 | 216444 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 3.20%, 03/15/27 *(a)* | 255000 | 252578 |
| 5.00%, 02/15/29 *(a)* | 255000 | 259979 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 6.88%, 11/15/28  | 620000 | 665678 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 3.70%, 04/14/27 *(a)* | 180000 | 179309 |
| 4.95%, 03/28/28 *(a)* | 140000 | 142713 |
| 5.40%, 06/12/29 *(a)* | 90000 | 93122 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| 7.13%, 02/15/28  | 100000 | 106318 |
| **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
| 4.10%, 03/08/27  | 290000 | 289950 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| 8.25%, 09/15/30  | 310000 | 356108 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 2.80%, 02/16/27 *(a)* | 150000 | 147871 |
| 3.70%, 09/15/27 *(a)* | 125000 | 124196 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.75%, 04/15/27 *(a)* | 925000 | 922259 |
| 4.75%, 02/01/28 *(a)* | 370000 | 370452 |
| 2.05%, 02/15/28 *(a)* | 500000 | 480276 |
| 4.95%, 03/15/28 *(a)* | 175000 | 178371 |
| 4.80%, 07/15/28 *(a)* | 170000 | 173106 |
| 4.85%, 01/15/29 *(a)* | 245000 | 250332 |
| 2.63%, 02/15/29 *(a)* | 225000 | 215031 |
| 2.40%, 03/15/29 *(a)* | 135000 | 127890 |
| 3.38%, 04/15/29 *(a)* | 615000 | 599874 |
| 4.20%, 10/01/29 *(a)* | 150000 | 150317 |
| 3.88%, 04/15/30 *(a)* | 1585000 | 1558609 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 2.95%, 06/15/27  | 210000 | 207900 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 4.13%, 03/16/27  | 408000 | 409132 |
| 2.10%, 03/22/28 *(a)* | 565000 | 542688 |
| 4.33%, 09/21/28  | 720000 | 726232 |
| 3.88%, 02/08/29 *(a)* | 265000 | 264085 |
| 4.02%, 12/03/29 *(a)* | 855000 | 848987 |
| 3.15%, 03/22/30 *(a)* | 265000 | 253854 |
| 1.50%, 09/18/30 *(a)* | 180000 | 158795 |
| 1.68%, 10/30/30 *(a)* | 160000 | 141975 |
| 7.75%, 12/01/30  | 140000 | 160556 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 4.38%, 05/30/28  | 100000 | 101573 |
| 7.88%, 02/15/30  | 100000 | 113987 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 3.70%, 03/23/27  | 130000 | 129937 |
| 2.20%, 01/13/28  | 225000 | 218433 |
| 2.00%, 09/01/29 *(a)* | 430000 | 402117 |
| 3.80%, 03/22/30  | 325000 | 322303 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| 3.38%, 07/08/30 *(a)* | 200000 | 189708 |
|  |  | **34375898** |
| ***Consumer Cyclical 8.6%***  | ***Consumer Cyclical 8.6%***  | ***Consumer Cyclical 8.6%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 3.40%, 12/06/27 *(a)* | 610000 | 604680 |
| 4.88%, 05/26/30 *(a)* | 200000 | 206072 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 3.30%, 04/13/27 *(a)* | 310000 | 308772 |
| 1.20%, 06/03/27 *(a)* | 335000 | 323892 |
| 3.15%, 08/22/27 *(a)* | 860000 | 853986 |
| 4.55%, 12/01/27 *(a)* | 490000 | 498456 |
| 1.65%, 05/12/28 *(a)* | 530000 | 506105 |
| 3.90%, 11/20/28 *(a)* | 560000 | 561821 |
| 3.45%, 04/13/29 *(a)* | 420000 | 415001 |
| 4.65%, 12/01/29 *(a)* | 420000 | 431218 |
| 1.50%, 06/03/30 *(a)(c)* | 435000 | 392066 |
| 4.10%, 11/20/30 *(a)* | 560000 | 560754 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 2.35%, 01/08/27  | 145000 | 142799 |
| 4.90%, 03/12/27  | 130000 | 131443 |
| 4.55%, 07/09/27  | 100000 | 100994 |
| 4.90%, 07/09/27  | 165000 | 167357 |
| 4.45%, 10/22/27  | 150000 | 151384 |
| 4.70%, 01/12/28  | 150000 | 152065 |
| 3.50%, 02/15/28  | 100000 | 99028 |
| 4.55%, 03/03/28  | 200000 | 202189 |
| 2.00%, 03/24/28  | 210000 | 201258 |
| 5.13%, 07/07/28  | 235000 | 241069 |
| 4.25%, 09/01/28  | 150000 | 150910 |
| 5.65%, 11/15/28  | 245000 | 255597 |
| 2.25%, 01/12/29  | 200000 | 189386 |
| 4.90%, 03/13/29  | 145000 | 148192 |
| 4.40%, 09/05/29  | 245000 | 247517 |
| 4.80%, 03/05/30  | 150000 | 153256 |
| 4.60%, 04/17/30  | 175000 | 176936 |
| 4.50%, 09/04/30  | 140000 | 140515 |
| 5.85%, 10/04/30  | 120000 | 127516 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 4.65%, 09/13/29 *(a)* | 200000 | 203786 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 3.80%, 11/15/27 *(a)* | 75000 | 74485 |
| 1.95%, 08/01/28 *(a)* | 105000 | 99054 |
| 4.45%, 01/15/29 *(a)* | 130000 | 130420 |
| 4.75%, 06/01/30 *(a)* | 115000 | 116139 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 3.75%, 06/01/27 *(a)* | 185000 | 184359 |
| 4.50%, 02/01/28 *(a)* | 120000 | 121149 |
| 6.25%, 11/01/28 *(a)* | 105000 | 111035 |
| 3.75%, 04/18/29 *(a)* | 110000 | 108447 |
| 5.10%, 07/15/29 *(a)* | 145000 | 149224 |
| 4.00%, 04/15/30 *(a)* | 150000 | 148263 |
| 5.13%, 06/15/30 *(a)* | 115000 | 118733 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 4.45%, 10/01/28 *(a)* | 260000 | 262421 |
| 1.95%, 10/01/30 *(a)* | 130000 | 116907 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 2.50%, 07/15/28 *(a)* | 165000 | 157457 |
| 3.88%, 08/15/30 *(a)* | 180000 | 173417 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**131**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| 3.55%, 03/15/28 *(a)* | 130000 | 129012 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 2.65%, 07/01/27 *(a)* | 275000 | 269574 |
| 4.95%, 08/15/29 *(a)* | 130000 | 133091 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 5.50%, 04/01/29 *(a)* | 140000 | 145208 |
| 4.80%, 06/15/30 *(a)* | 110000 | 111584 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 12/01/29 *(a)* | 90000 | 87604 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 3.00%, 05/18/27 *(a)* | 210000 | 208635 |
| 1.38%, 06/20/27 *(a)* | 320000 | 310154 |
| 1.60%, 04/20/30 *(a)* | 410000 | 371642 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.90%, 02/20/29 *(a)* | 130000 | 133557 |
| 1.50%, 09/01/30 *(a)(c)* | 160000 | 142867 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 3.85%, 05/01/27 *(a)* | 145000 | 144699 |
| 4.35%, 10/15/27 *(a)* | 65000 | 65379 |
| 4.55%, 10/15/29 *(a)* | 115000 | 116121 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| 4.00%, 10/01/29 *(a)(e)* | 160000 | 157039 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 4.13%, 05/01/28 *(a)* | 140000 | 140295 |
| 5.20%, 07/05/28 *(a)* | 150000 | 153778 |
| 3.50%, 04/03/30 *(a)* | 210000 | 203158 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 4.20%, 05/15/28 *(a)* | 300000 | 300469 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 1.40%, 10/15/27 *(a)* | 140000 | 134002 |
| 4.85%, 10/15/30 *(a)* | 110000 | 112415 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 3.60%, 06/05/27 *(a)* | 180000 | 179172 |
| 5.95%, 11/22/27 *(a)* | 115000 | 119049 |
| 4.25%, 03/06/29 *(a)* | 130000 | 130515 |
| 2.70%, 03/11/30 *(a)* | 250000 | 235028 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 4.63%, 08/01/27 *(a)* | 190000 | 191470 |
| 3.80%, 02/15/28 *(a)* | 165000 | 164159 |
| 3.25%, 02/15/30 *(a)* | 300000 | 287841 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 6.63%, 10/01/28  | 85000 | 90013 |
| 9.63%, 04/22/30 *(a)* | 170000 | 197124 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 4.27%, 01/09/27 *(a)* | 265000 | 263820 |
| 5.80%, 03/05/27 *(a)* | 295000 | 298675 |
| 5.85%, 05/17/27 *(a)* | 200000 | 203069 |
| 4.95%, 05/28/27 *(a)* | 345000 | 346297 |
| 4.13%, 08/17/27 *(a)* | 355000 | 352630 |
| 3.82%, 11/02/27 *(a)* | 340000 | 334973 |
| 7.35%, 11/04/27 *(a)* | 280000 | 292419 |
| 2.90%, 02/16/28 *(a)* | 290000 | 279255 |
| 5.92%, 03/20/28 *(a)* | 200000 | 204720 |
| 6.80%, 05/12/28 *(a)* | 385000 | 401759 |
| 6.80%, 11/07/28 *(a)* | 290000 | 304211 |
| 2.90%, 02/10/29 *(a)* | 200000 | 188008 |
| 5.80%, 03/08/29 *(a)* | 370000 | 378223 |
| 5.11%, 05/03/29 *(a)* | 330000 | 330749 |
| 5.30%, 09/06/29 *(a)* | 200000 | 201382 |
| 5.88%, 11/07/29 *(a)* | 350000 | 359263 |
| 7.35%, 03/06/30 *(a)* | 265000 | 284526 |
| 7.20%, 06/10/30 *(a)* | 200000 | 214362 |
| 5.73%, 09/05/30 *(a)* | 270000 | 274438 |
| 4.00%, 11/13/30 *(a)* | 350000 | 330315 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 4.20%, 10/01/27 *(a)* | 175000 | 175269 |
| 6.80%, 10/01/27 *(a)* | 230000 | 239408 |
| 5.35%, 04/15/28 *(a)* | 150000 | 153740 |
| 5.00%, 10/01/28 *(a)* | 175000 | 178263 |
| 5.40%, 10/15/29 *(a)* | 215000 | 222803 |
| 5.63%, 04/15/30 *(a)* | 150000 | 156328 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 4.35%, 01/17/27 *(a)* | 285000 | 285549 |
| 2.35%, 02/26/27 *(a)* | 235000 | 230333 |
| 5.00%, 04/09/27 *(a)* | 265000 | 267908 |
| 5.40%, 05/08/27  | 255000 | 259257 |
| 5.00%, 07/15/27  | 115000 | 116513 |
| 5.35%, 07/15/27  | 220000 | 223957 |
| 2.70%, 08/20/27 *(a)* | 215000 | 210247 |
| 3.85%, 01/05/28 *(a)* | 95000 | 94521 |
| 6.00%, 01/09/28 *(a)* | 195000 | 201585 |
| 5.05%, 04/04/28  | 325000 | 331034 |
| 2.40%, 04/10/28 *(a)* | 210000 | 202249 |
| 5.80%, 06/23/28 *(a)* | 335000 | 347224 |
| 2.40%, 10/15/28 *(a)* | 230000 | 219421 |
| 4.20%, 10/27/28  | 220000 | 220413 |
| 5.80%, 01/07/29 *(a)* | 330000 | 344187 |
| 5.65%, 01/17/29 *(a)* | 160000 | 165783 |
| 4.30%, 04/06/29 *(a)* | 310000 | 309442 |
| 5.55%, 07/15/29 *(a)* | 270000 | 279989 |
| 4.90%, 10/06/29 *(a)* | 225000 | 228719 |
| 5.35%, 01/07/30 *(a)* | 315000 | 325324 |
| 5.85%, 04/06/30 *(a)* | 250000 | 262798 |
| 3.60%, 06/21/30 *(a)* | 230000 | 221646 |
| 5.45%, 07/15/30 *(a)* | 250000 | 259754 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 6.50%, 11/01/28 *(a)* | 150000 | 158656 |
| 4.95%, 08/15/29 *(a)* | 185000 | 188164 |
| 1.88%, 11/01/30 *(a)* | 100000 | 87893 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 5.75%, 06/01/28 *(a)* | 115000 | 118073 |
| 5.30%, 01/15/29 *(a)* | 180000 | 183359 |
| 4.00%, 01/15/30 *(a)* | 180000 | 174807 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 2.50%, 04/15/27 *(a)* | 200000 | 196980 |
| 2.88%, 04/15/27 *(a)* | 150000 | 148506 |
| 4.88%, 06/25/27 *(a)* | 255000 | 259402 |
| 2.80%, 09/14/27 *(a)* | 180000 | 177317 |
| 0.90%, 03/15/28 *(a)* | 125000 | 117873 |
| 1.50%, 09/15/28 *(a)* | 170000 | 160401 |
| 3.75%, 09/15/28 *(a)* | 110000 | 110089 |
| 3.90%, 12/06/28 *(a)* | 225000 | 225949 |
| 4.90%, 04/15/29 *(a)* | 160000 | 164702 |
| 2.95%, 06/15/29 *(a)* | 505000 | 488900 |
| 4.75%, 06/25/29 *(a)* | 275000 | 282137 |
| 2.70%, 04/15/30 *(a)* | 320000 | 302800 |
| 3.95%, 09/15/30 *(a)* | 210000 | 209391 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.53%, 03/10/27 *(a)* | 210000 | 206575 |
| 4.44%, 07/08/28 *(a)* | 40000 | 40377 |
| 4.69%, 07/08/30 *(a)* | 250000 | 253063 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.75%, 01/30/27 *(a)* | 125000 | 127003 |
| 5.05%, 03/30/28 *(a)* | 90000 | 91698 |
| 4.38%, 09/15/28 *(a)* | 150000 | 150462 |
| 5.25%, 06/30/29 *(a)* | 170000 | 175060 |
| 5.75%, 04/23/30 *(a)(g)* | 105000 | 109852 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| 3.38%, 01/14/30 *(a)* | 200000 | 194679 |

---

*See financial notes*

**132**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** |
| 6.88%, 12/01/28 *(a)* | 95000 | 101697 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 5.90%, 06/01/27 *(a)* | 255000 | 260041 |
| 5.63%, 06/15/28 *(a)* | 40000 | 41043 |
| 3.90%, 08/08/29 *(a)* | 230000 | 224204 |
| 6.00%, 08/15/29 *(a)* | 100000 | 104457 |
| 6.00%, 06/14/30 *(a)* | 175000 | 183572 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 3.80%, 09/15/27 *(a)* | 145000 | 144328 |
| 4.25%, 05/15/29 *(a)* | 85000 | 84747 |
| 3.50%, 05/30/30 *(a)* | 65000 | 62464 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 5.00%, 06/15/27 *(a)* | 130000 | 131059 |
| 4.75%, 11/29/27 *(a)* | 130000 | 131172 |
| 5.20%, 07/30/30 *(a)* | 195000 | 200569 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 5.75%, 06/15/28 *(a)* | 160000 | 165432 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 3.35%, 04/01/27 *(a)* | 190000 | 188756 |
| 3.10%, 05/03/27 *(a)* | 345000 | 341306 |
| 3.95%, 10/15/27  | 140000 | 140214 |
| 1.30%, 04/15/28 *(a)* | 255000 | 240585 |
| 1.70%, 09/15/28 *(a)* | 235000 | 221537 |
| 4.00%, 10/15/28 *(a)* | 165000 | 165370 |
| 6.50%, 03/15/29  | 100000 | 107263 |
| 3.65%, 04/05/29 *(a)* | 355000 | 350497 |
| 4.50%, 04/15/30 *(a)* | 265000 | 268503 |
| 1.70%, 10/15/30 *(a)* | 300000 | 266575 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 5.05%, 03/14/29 *(a)* | 160000 | 164413 |
| 2.45%, 06/15/30 *(a)* | 155000 | 144048 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 4.20%, 07/15/27  | 140000 | 140558 |
| 5.00%, 10/15/27 *(a)* | 185000 | 188304 |
| 4.00%, 04/15/28 *(a)* | 140000 | 140189 |
| 5.55%, 10/15/28 *(a)* | 140000 | 145464 |
| 4.65%, 12/01/28 *(a)* | 70000 | 71262 |
| 4.90%, 04/15/29 *(a)* | 180000 | 184136 |
| 4.88%, 05/15/29 *(a)* | 85000 | 86868 |
| 4.80%, 03/15/30 *(a)* | 100000 | 102183 |
| 4.63%, 06/15/30 *(a)* | 230000 | 233537 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.50%, 03/01/27 *(a)* | 195000 | 194217 |
| 3.50%, 07/01/27 *(a)* | 230000 | 228914 |
| 3.80%, 04/01/28 *(a)* | 240000 | 239749 |
| 4.80%, 08/14/28 *(a)* | 140000 | 143018 |
| 5.00%, 05/17/29 *(a)* | 110000 | 113264 |
| 2.63%, 09/01/29 *(a)* | 225000 | 214634 |
| 2.13%, 03/01/30 *(a)* | 210000 | 194042 |
| 4.60%, 05/15/30 *(a)* | 140000 | 142491 |
| 3.60%, 07/01/30 *(a)* | 250000 | 245402 |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.13%, 06/06/27 *(a)* | 80000 | 80554 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| 2.75%, 03/27/27 *(a)* | 175000 | 173034 |
| 2.85%, 03/27/30 *(a)* | 350000 | 334012 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| 3.00%, 05/15/30 *(a)* | 160000 | 151601 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 3.60%, 09/01/27 *(a)* | 175000 | 174027 |
| 4.35%, 06/01/28 *(a)* | 110000 | 110900 |
| 3.90%, 06/01/29 *(a)* | 125000 | 124022 |
| 4.20%, 04/01/30 *(a)* | 105000 | 104671 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 2.00%, 02/04/27  | 220000 | 215955 |
| 5.00%, 05/13/27  | 100000 | 101691 |
| 4.25%, 06/23/27  | 70000 | 70573 |
| 4.45%, 08/06/27  | 225000 | 227651 |
| 4.60%, 01/10/28  | 50000 | 50957 |
| 4.55%, 03/03/28  | 45000 | 45766 |
| 4.00%, 08/08/28  | 80000 | 80563 |
| 4.95%, 08/10/28  | 70000 | 72008 |
| 4.00%, 11/07/28  | 95000 | 95457 |
| 4.60%, 01/31/29  | 140000 | 142721 |
| 4.00%, 09/26/29  | 135000 | 135320 |
| 4.55%, 05/08/30  | 75000 | 76458 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 5.00%, 01/15/27 *(a)* | 120000 | 120904 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| 5.50%, 06/13/30 *(a)* | 110000 | 111906 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 2.95%, 06/15/30 *(a)* | 135000 | 128353 |
| **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
| 7.50%, 10/15/27  | 10000 | 10567 |
| 3.70%, 03/15/28 *(a)* | 180000 | 178031 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 2.30%, 03/08/27 *(a)(g)* | 200000 | 195172 |
| 5.40%, 08/08/28 *(a)(g)* | 545000 | 555452 |
| 4.38%, 06/18/30 *(a)(g)* | 200000 | 197222 |
| **Sekisui House U.S., Inc.** | **Sekisui House U.S., Inc.** | **Sekisui House U.S., Inc.** |
| 3.85%, 01/15/30 *(a)* | 90000 | 86709 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 4.85%, 02/08/27 *(a)* | 260000 | 262327 |
| 2.00%, 03/12/27 *(a)* | 145000 | 141728 |
| 3.50%, 03/01/28 *(a)* | 165000 | 163324 |
| 4.50%, 05/15/28 *(a)* | 100000 | 101053 |
| 4.00%, 11/15/28 *(a)* | 205000 | 204843 |
| 3.55%, 08/15/29 *(a)* | 255000 | 250598 |
| 2.25%, 03/12/30 *(a)(c)* | 205000 | 189188 |
| 4.80%, 05/15/30 *(a)* | 100000 | 102154 |
| 2.55%, 11/15/30 *(a)* | 260000 | 240471 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 4.13%, 07/15/27 *(a)* | 105000 | 104994 |
| 5.10%, 03/11/30 *(a)* | 165000 | 169432 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 1.95%, 01/15/27 *(a)* | 210000 | 206277 |
| 4.35%, 06/15/28 *(a)* | 140000 | 141657 |
| 3.38%, 04/15/29 *(a)* | 250000 | 245629 |
| 2.35%, 02/15/30 *(a)* | 170000 | 159193 |
| 2.65%, 09/15/30 *(a)* | 95000 | 89188 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 1.15%, 05/15/28 *(a)* | 95000 | 89318 |
| 3.88%, 04/15/30 *(a)* | 105000 | 104621 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 4.88%, 03/15/27 *(a)* | 85000 | 85641 |
| 4.35%, 02/15/28 *(a)* | 205000 | 205905 |
| 3.80%, 11/01/29 *(a)* | 110000 | 108182 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 4.19%, 06/30/27 *(a)* | 100000 | 100619 |
| 5.12%, 07/13/28 *(a)* | 135000 | 139151 |
| 3.67%, 07/20/28  | 115000 | 114717 |
| 2.76%, 07/02/29  | 160000 | 153587 |
| 4.45%, 06/30/30 *(a)* | 90000 | 91070 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 4.60%, 01/08/27  | 55000 | 55494 |
| 3.20%, 01/11/27  | 135000 | 134196 |
| 1.90%, 01/13/27  | 185000 | 181541 |
| 5.00%, 03/19/27  | 180000 | 182629 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**133**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.05%, 03/22/27  | 285000 | 282603 |
| 4.50%, 05/14/27  | 115000 | 116152 |
| 1.15%, 08/13/27  | 274000 | 263031 |
| 4.55%, 09/20/27  | 280000 | 283530 |
| 4.35%, 10/08/27  | 295000 | 298024 |
| 5.45%, 11/10/27  | 100000 | 102973 |
| 3.05%, 01/11/28  | 145000 | 142967 |
| 4.63%, 01/12/28  | 240000 | 243764 |
| 1.90%, 04/06/28  | 185000 | 177435 |
| 4.05%, 09/05/28  | 240000 | 241254 |
| 5.25%, 09/11/28  | 120000 | 124182 |
| 4.65%, 01/05/29  | 205000 | 208836 |
| 3.65%, 01/08/29  | 115000 | 113909 |
| 5.05%, 05/16/29  | 205000 | 211548 |
| 4.45%, 06/29/29  | 170000 | 172146 |
| 4.55%, 08/09/29  | 220000 | 223676 |
| 4.95%, 01/09/30  | 150000 | 154582 |
| 2.15%, 02/13/30  | 205000 | 190262 |
| 3.38%, 04/01/30  | 220000 | 213948 |
| 4.80%, 05/15/30  | 200000 | 205231 |
| 4.55%, 05/17/30  | 185000 | 188237 |
| 5.55%, 11/20/30  | 260000 | 275176 |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| 1.75%, 11/01/30 *(a)* | 130000 | 115260 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.30%, 01/15/30 *(a)* | 335000 | 336975 |
| **UL Solutions, Inc.** | **UL Solutions, Inc.** | **UL Solutions, Inc.** |
| 6.50%, 10/20/28 *(a)(e)* | 90000 | 95166 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 4.75%, 02/15/28 *(a)* | 285000 | 287900 |
| 4.75%, 04/01/28 *(a)* | 75000 | 75823 |
| 4.95%, 02/15/30 *(a)* | 215000 | 217668 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 5.88%, 04/05/27  | 200000 | 205902 |
| 4.10%, 04/28/27  | 175000 | 176256 |
| 3.95%, 09/09/27 *(a)* | 205000 | 206240 |
| 3.90%, 04/15/28 *(a)* | 160000 | 160855 |
| 3.70%, 06/26/28 *(a)* | 325000 | 325864 |
| 1.50%, 09/22/28 *(a)(c)* | 265000 | 250678 |
| 3.25%, 07/08/29 *(a)* | 185000 | 182203 |
| 2.38%, 09/24/29 *(a)* | 75000 | 71167 |
| 7.55%, 02/15/30  | 110000 | 125294 |
| 4.00%, 04/15/30 *(a)* | 105000 | 105980 |
| 4.35%, 04/28/30 *(a)* | 235000 | 238897 |
|  |  | **57687772** |
| ***Consumer Non-Cyclical 12.5%***  | ***Consumer Non-Cyclical 12.5%***  | ***Consumer Non-Cyclical 12.5%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| 1.15%, 01/30/28 *(a)* | 180000 | 171176 |
| 1.40%, 06/30/30 *(a)* | 170000 | 152197 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 4.80%, 03/15/27 *(a)* | 560000 | 566050 |
| 4.65%, 03/15/28 *(a)* | 260000 | 264408 |
| 4.25%, 11/14/28 *(a)* | 320000 | 323546 |
| 4.80%, 03/15/29 *(a)* | 555000 | 568866 |
| 3.20%, 11/21/29 *(a)* | 1255000 | 1217508 |
| 4.88%, 03/15/30 *(a)* | 375000 | 386456 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| 4.74%, 12/01/30 *(a)* | 100000 | 100442 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| 3.83%, 08/15/28 *(a)* | 100000 | 99882 |
| 2.21%, 06/15/30 *(a)* | 50000 | 46131 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 4.20%, 09/09/27 *(a)* | 130000 | 130696 |
| 2.75%, 09/15/29 *(a)* | 175000 | 167191 |
| 2.10%, 06/04/30 *(a)* | 80000 | 73116 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| 6.88%, 05/01/29  | 115000 | 124447 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 4.88%, 02/04/28 *(a)* | 125000 | 127138 |
| 6.20%, 11/01/28 *(a)* | 160000 | 168927 |
| 4.80%, 02/14/29 *(a)* | 445000 | 452835 |
| 3.40%, 05/06/30 *(a)* | 165000 | 158911 |
| 4.50%, 08/06/30 *(a)* | 100000 | 100769 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.20%, 02/21/27 *(a)* | 340000 | 333593 |
| 3.20%, 11/02/27 *(a)* | 300000 | 296407 |
| 5.15%, 03/02/28 *(a)* | 770000 | 787990 |
| 1.65%, 08/15/28 *(a)* | 265000 | 249834 |
| 3.00%, 02/22/29 *(a)* | 195000 | 189017 |
| 4.05%, 08/18/29 *(a)* | 295000 | 294827 |
| 2.45%, 02/21/30 *(a)* | 335000 | 312639 |
| 5.25%, 03/02/30 *(a)* | 615000 | 638114 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.75%, 01/23/29 *(a)* | 705000 | 719579 |
| 3.50%, 06/01/30 *(a)* | 420000 | 410261 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 3.25%, 03/27/30 *(a)* | 235000 | 227120 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 4.08%, 11/15/28 *(a)* | 110000 | 110543 |
| 2.53%, 11/15/29 *(a)* | 255000 | 241102 |
| 4.29%, 11/15/30 *(a)* | 180000 | 180459 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.80%, 02/26/27 *(a)* | 200000 | 202320 |
| 4.88%, 03/03/28 *(a)* | 300000 | 306520 |
| 1.75%, 05/28/28 *(a)* | 210000 | 200580 |
| 4.85%, 02/26/29 *(a)* | 255000 | 261822 |
| 4.90%, 03/03/30 *(a)* | 235000 | 242794 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 3.13%, 06/12/27 *(a)* | 170000 | 168728 |
| 4.00%, 01/17/29 *(a)* | 295000 | 295764 |
| 1.38%, 08/06/30 *(a)* | 330000 | 293375 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 2.34%, 01/01/30 *(a)* | 90000 | 84043 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 4.70%, 04/02/27 *(a)* | 160000 | 161053 |
| 3.56%, 08/15/27 *(a)* | 430000 | 426845 |
| 2.26%, 03/25/28 *(a)* | 450000 | 433151 |
| 3.46%, 09/06/29 *(a)* | 215000 | 209431 |
| 4.91%, 04/02/30 *(a)* | 280000 | 285977 |
| 6.34%, 08/02/30 *(a)* | 200000 | 216391 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| 4.45%, 03/16/28 *(a)* | 190000 | 191602 |
| 5.93%, 02/02/29 *(a)* | 190000 | 199500 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 1.92%, 02/01/27 *(a)* | 135000 | 131772 |
| 2.27%, 12/01/28 *(a)* | 320000 | 302168 |
| 4.45%, 02/15/29 *(a)* | 175000 | 175514 |
| 3.95%, 04/01/30 *(a)* | 75000 | 73095 |
| 4.90%, 12/15/30 *(a)* | 170000 | 171295 |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| 1.78%, 11/15/30 *(a)* | 60000 | 53832 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 3.70%, 06/06/27 *(a)* | 380000 | 378643 |
| 4.69%, 02/13/28 *(a)* | 200000 | 202633 |
| 4.87%, 02/08/29 *(a)* | 160000 | 163204 |

---

*See financial notes*

**134**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.08%, 06/07/29 *(a)* | 150000 | 154063 |
| 2.82%, 05/20/30 *(a)* | 150000 | 141472 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 2.25%, 05/01/30 *(a)* | 320000 | 294103 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.30%, 03/15/27 *(a)* | 110000 | 109058 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| 4.30%, 07/01/28 *(a)* | 75000 | 75395 |
| 3.46%, 06/01/30 *(a)* | 80000 | 78146 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 4.00%, 03/01/28 *(a)* | 90000 | 90286 |
| 2.65%, 06/01/30 *(a)* | 225000 | 211827 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 3.25%, 02/27/27  | 160000 | 159216 |
| 1.13%, 11/13/27 *(a)* | 220000 | 210136 |
| 3.45%, 11/15/27 *(a)* | 165000 | 164521 |
| 4.90%, 02/22/29 *(a)* | 150000 | 154328 |
| 3.40%, 07/26/29 *(a)* | 440000 | 431778 |
| 1.45%, 11/13/30 *(a)* | 250000 | 221513 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 5.85%, 03/18/29 *(a)* | 100000 | 103674 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 4.90%, 04/21/27 *(a)* | 90000 | 91014 |
| 3.75%, 09/25/27 *(a)* | 140000 | 139608 |
| 4.10%, 01/07/28 *(a)* | 100000 | 100260 |
| 4.20%, 09/17/29 *(a)* | 215000 | 215214 |
| 4.55%, 08/04/30 *(a)* | 130000 | 131262 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.20%, 03/19/27  | 135000 | 136830 |
| 4.15%, 03/15/28 *(a)* | 195000 | 195124 |
| 5.20%, 03/21/29 *(a)* | 160000 | 163956 |
| 2.38%, 04/24/30 *(a)* | 100000 | 91985 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 3.41%, 06/15/27 *(a)* | 230000 | 228328 |
| 5.13%, 02/15/29 *(a)* | 170000 | 174998 |
| 5.00%, 11/15/29 *(a)* | 175000 | 179806 |
| 4.50%, 09/15/30 *(a)* | 130000 | 131261 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 3.45%, 12/15/27 *(a)* | 155000 | 153722 |
| 4.63%, 12/15/27 *(a)* | 180000 | 182335 |
| 4.85%, 12/15/29 *(a)* | 140000 | 143213 |
| 2.80%, 05/15/30 *(a)* | 100000 | 94193 |
| **CHRISTUS Health** | **CHRISTUS Health** | **CHRISTUS Health** |
| 4.34%, 07/01/28 *(a)* | 95000 | 95375 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 3.15%, 08/01/27 *(a)* | 145000 | 143371 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 3.40%, 03/01/27 *(a)* | 300000 | 298145 |
| 3.05%, 10/15/27 *(a)* | 160000 | 157747 |
| 4.38%, 10/15/28 *(a)* | 820000 | 827478 |
| 5.00%, 05/15/29 *(a)* | 240000 | 246550 |
| 2.40%, 03/15/30 *(a)* | 345000 | 320399 |
| 4.50%, 09/15/30 *(a)* | 260000 | 261911 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 3.10%, 10/01/27 *(a)* | 140000 | 138212 |
| 3.90%, 05/15/28 *(a)* | 115000 | 115092 |
| 4.40%, 05/01/29 *(a)* | 110000 | 111179 |
| 1.80%, 05/15/30 *(a)* | 85000 | 76630 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 3.38%, 03/25/27  | 265000 | 264260 |
| 2.90%, 05/25/27  | 100000 | 99051 |
| 1.45%, 06/01/27  | 340000 | 330079 |
| 1.50%, 03/05/28  | 175000 | 167268 |
| 1.00%, 03/15/28  | 285000 | 269170 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.13%, 09/06/29  | 240000 | 226097 |
| 3.45%, 03/25/30  | 350000 | 343489 |
| 1.65%, 06/01/30  | 315000 | 285331 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.25%, 06/01/29 *(a)* | 150000 | 155238 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 2.75%, 01/22/30 *(a)* | 245000 | 231816 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.10%, 08/15/27 *(a)* | 160000 | 158620 |
| 4.60%, 03/01/28 *(a)* | 150000 | 152489 |
| 4.20%, 05/01/30 *(a)* | 125000 | 125916 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 6.07%, 11/01/27 *(a)* | 150000 | 155075 |
| 3.35%, 10/01/29 *(a)* | 190000 | 183687 |
| 4.35%, 09/01/30 *(a)* | 200000 | 199359 |
| 2.78%, 10/01/30 *(a)* | 115000 | 107120 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 1.38%, 11/01/27 *(a)* | 235000 | 223506 |
| 7.00%, 10/01/28  | 90000 | 95994 |
| 4.85%, 11/01/28 *(a)* | 305000 | 308703 |
| 5.00%, 08/01/30 *(a)* | 185000 | 187242 |
| 8.25%, 09/15/30  | 70000 | 80305 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 3.50%, 05/09/27 *(a)* | 145000 | 144051 |
| 4.35%, 05/09/27 *(a)* | 110000 | 110449 |
| 3.60%, 02/15/28 *(a)* | 145000 | 143744 |
| 4.65%, 11/15/28 *(a)* | 100000 | 101453 |
| 4.80%, 01/15/29 *(a)* | 120000 | 122000 |
| 3.15%, 08/01/29 *(a)* | 175000 | 168732 |
| 2.88%, 05/01/30 *(a)* | 125000 | 117755 |
| 4.80%, 05/01/30 *(a)* | 130000 | 132254 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 3.63%, 04/01/27 *(a)* | 155000 | 154199 |
| 6.25%, 06/01/27  | 105000 | 108089 |
| 1.30%, 08/21/27 *(a)* | 525000 | 502320 |
| 4.30%, 03/25/28 *(a)* | 1170000 | 1174520 |
| 5.00%, 01/30/29 *(a)* | 185000 | 189097 |
| 5.40%, 06/01/29 *(a)* | 240000 | 248627 |
| 3.25%, 08/15/29 *(a)* | 425000 | 410311 |
| 5.13%, 02/21/30 *(a)* | 340000 | 349484 |
| 3.75%, 04/01/30 *(a)* | 365000 | 356452 |
| 1.75%, 08/21/30 *(a)* | 330000 | 293290 |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| 3.25%, 06/01/30 *(a)(c)* | 165000 | 152553 |
| **DH Europe Finance II SARL** | **DH Europe Finance II SARL** | **DH Europe Finance II SARL** |
| 2.60%, 11/15/29 *(a)* | 180000 | 170674 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 5.30%, 10/24/27 *(a)* | 200000 | 204987 |
| 3.88%, 05/18/28 *(a)* | 200000 | 199674 |
| 2.38%, 10/24/29 *(a)* | 200000 | 188105 |
| 2.00%, 04/29/30 *(a)* | 200000 | 182947 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| 5.13%, 08/15/30 *(a)* | 200000 | 207305 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| 4.30%, 06/15/28 *(a)* | 140000 | 140942 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.50%, 02/09/27 *(a)* | 165000 | 166420 |
| 5.50%, 03/15/27  | 75000 | 76636 |
| 3.10%, 05/15/27 *(a)* | 105000 | 104137 |
| 4.15%, 08/14/27 *(a)* | 160000 | 161255 |
| 4.55%, 02/12/28 *(a)* | 200000 | 203460 |
| 4.00%, 10/15/28 *(a)* | 150000 | 151048 |
| 4.50%, 02/09/29 *(a)* | 225000 | 229335 |
| 3.38%, 03/15/29 *(a)* | 225000 | 221820 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**135**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.20%, 08/14/29 *(a)* | 250000 | 252568 |
| 4.75%, 02/12/30 *(a)* | 360000 | 370236 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 3.15%, 03/15/27 *(a)* | 110000 | 109075 |
| 4.38%, 05/15/28 *(a)* | 185000 | 186880 |
| 2.38%, 12/01/29 *(a)* | 175000 | 163856 |
| 2.60%, 04/15/30 *(a)* | 125000 | 117469 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 5.65%, 11/15/27 *(a)* | 410000 | 422199 |
| 4.15%, 12/15/28 *(a)* | 140000 | 140424 |
| 4.80%, 08/14/29 *(a)* | 240000 | 245465 |
| 5.86%, 03/15/30 *(a)* | 290000 | 306753 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 4.70%, 01/30/27 *(a)* | 170000 | 171342 |
| 3.20%, 02/10/27 *(a)* | 125000 | 124000 |
| 4.20%, 04/17/28 *(a)* | 340000 | 341173 |
| 5.50%, 10/17/28 *(a)* | 130000 | 134931 |
| 4.88%, 01/30/30 *(a)* | 150000 | 153508 |
| 2.88%, 04/15/30 *(a)* | 165000 | 156168 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 2.95%, 03/01/27 *(a)* | 300000 | 297162 |
| 1.20%, 10/01/27 *(a)* | 155000 | 148517 |
| 4.80%, 11/15/29 *(a)* | 140000 | 144003 |
| 1.65%, 10/01/30 *(a)* | 250000 | 223977 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| 4.32%, 03/12/27  | 190000 | 191469 |
| 3.38%, 06/01/29 *(a)* | 200000 | 196234 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 3.88%, 05/15/28  | 415000 | 415492 |
| 4.50%, 04/15/30 *(a)* | 175000 | 177876 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.38%, 03/24/27 *(a)* | 445000 | 441864 |
| 3.38%, 03/24/29 *(a)* | 290000 | 283230 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 3.50%, 09/15/27 *(a)* | 145000 | 143517 |
| 3.90%, 11/19/29 *(a)* | 125000 | 122929 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 4.50%, 02/15/27 *(a)* | 265000 | 265603 |
| 3.13%, 03/15/27 *(a)* | 210000 | 207858 |
| 5.00%, 03/01/28 *(a)* | 140000 | 142691 |
| 5.20%, 06/01/28 *(a)* | 255000 | 261419 |
| 5.63%, 09/01/28 *(a)* | 375000 | 386611 |
| 5.88%, 02/01/29 *(a)* | 205000 | 213692 |
| 3.38%, 03/15/29 *(a)* | 145000 | 141352 |
| 4.13%, 06/15/29 *(a)* | 495000 | 493524 |
| 5.25%, 03/01/30 *(a)* | 200000 | 206591 |
| 3.50%, 09/01/30 *(a)* | 600000 | 577176 |
| 4.30%, 11/15/30 *(a)* | 110000 | 109628 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 4.55%, 02/24/28 *(a)* | 90000 | 91473 |
| 4.25%, 05/04/28 *(a)* | 80000 | 80803 |
| 2.45%, 11/15/29 *(a)* | 105000 | 99046 |
| 4.75%, 02/24/30 *(a)* | 135000 | 138590 |
| 1.70%, 06/01/30 *(a)* | 145000 | 130868 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| 4.80%, 03/30/27 *(a)* | 125000 | 126399 |
| 1.70%, 06/03/28 *(a)* | 170000 | 161590 |
| 1.80%, 06/11/30 *(a)* | 210000 | 189754 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 5.81%, 05/08/27 *(a)* | 265000 | 270424 |
| 5.85%, 05/08/29 *(a)* | 135000 | 140999 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 5.75%, 12/13/27 *(a)* | 160000 | 164857 |
| 4.75%, 12/12/30 *(a)* | 120000 | 121199 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| 2.90%, 06/01/30 *(a)* | 165000 | 155481 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.70%, 05/15/28 *(a)* | 250000 | 257966 |
| 6.25%, 02/01/29 *(a)* | 265000 | 279449 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 3.38%, 12/15/27 *(a)* | 115000 | 113895 |
| 5.90%, 11/15/28 *(a)* | 155000 | 162541 |
| 2.38%, 03/15/30 *(a)* | 145000 | 134743 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 3.00%, 02/02/29 *(a)* | 160000 | 154118 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 4.50%, 03/01/27  | 170000 | 171791 |
| 2.95%, 03/03/27 *(a)* | 210000 | 208567 |
| 0.95%, 09/01/27 *(a)* | 365000 | 349726 |
| 2.90%, 01/15/28 *(a)* | 350000 | 345415 |
| 4.55%, 03/01/28 *(a)* | 175000 | 178335 |
| 4.80%, 06/01/29 *(a)* | 265000 | 273625 |
| 6.95%, 09/01/29  | 80000 | 88689 |
| 4.70%, 03/01/30 *(a)* | 245000 | 252486 |
| 1.30%, 09/01/30 *(a)* | 405000 | 361190 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| 3.15%, 05/01/27 *(a)* | 135000 | 134037 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 3.40%, 11/15/27 *(a)* | 150000 | 148853 |
| 4.30%, 05/15/28 *(a)* | 145000 | 145969 |
| 2.10%, 06/01/30 *(a)* | 140000 | 128204 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 5.05%, 03/22/28 *(a)* | 195000 | 199271 |
| 5.00%, 03/22/30 *(a)* | 275000 | 283664 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 5.10%, 03/15/27 *(a)* | 165000 | 166753 |
| 3.43%, 06/15/27 *(a)* | 260000 | 257828 |
| 4.35%, 05/15/28 *(a)* | 110000 | 110353 |
| 4.60%, 05/25/28 *(a)* | 255000 | 257165 |
| 5.05%, 03/15/29 *(a)* | 165000 | 168606 |
| 3.95%, 04/15/29 *(a)* | 230000 | 227510 |
| 3.20%, 05/01/30 *(a)* | 125000 | 118806 |
| 4.60%, 05/15/30 *(a)* | 135000 | 135752 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 1.05%, 09/15/27 *(a)* | 140000 | 133991 |
| 3.95%, 11/01/28 *(a)* | 140000 | 140353 |
| 3.20%, 04/25/29 *(a)* | 140000 | 136699 |
| 3.10%, 03/26/30 *(a)* | 195000 | 187818 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 3.88%, 05/15/27 *(a)* | 300000 | 299278 |
| 4.63%, 01/30/29 *(a)* | 100000 | 101327 |
| 3.75%, 04/01/30 *(a)* | 135000 | 132169 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 3.70%, 08/01/27 *(a)* | 140000 | 139549 |
| 4.50%, 01/15/29 *(a)* | 165000 | 167202 |
| 2.20%, 05/01/30 *(a)* | 86000 | 79191 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 3.60%, 09/01/27 *(a)* | 140000 | 139457 |
| 2.95%, 12/01/29 *(a)* | 155000 | 147765 |
| 4.35%, 04/01/30 *(a)* | 175000 | 175286 |
| **Mattel, Inc.** | **Mattel, Inc.** | **Mattel, Inc.** |
| 5.00%, 11/17/30 *(a)* | 160000 | 161181 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 3.40%, 08/15/27 *(a)* | 185000 | 183565 |
| 2.50%, 04/15/30 *(a)* | 75000 | 69749 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 3.95%, 02/16/28 *(a)* | 105000 | 104980 |
| 4.90%, 07/15/28 *(a)* | 100000 | 102499 |

---

*See financial notes*

**136**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.25%, 09/15/29 *(a)* | 75000 | 75433 |
| 4.65%, 05/30/30 *(a)* | 125000 | 127273 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.25%, 03/30/28 *(a)* | 235000 | 236787 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 1.70%, 06/10/27 *(a)* | 290000 | 282434 |
| 3.85%, 09/15/27  | 160000 | 160661 |
| 4.05%, 05/17/28 *(a)* | 230000 | 231696 |
| 1.90%, 12/10/28 *(a)* | 240000 | 227635 |
| 3.40%, 03/07/29 *(a)* | 375000 | 369251 |
| 3.85%, 03/15/29 *(a)* | 180000 | 180055 |
| 4.30%, 05/17/30 *(a)* | 160000 | 161715 |
| 1.45%, 06/24/30 *(a)* | 260000 | 232718 |
| 4.15%, 09/15/30 *(a)* | 170000 | 170612 |
| **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** |
| 5.95%, 12/01/28  | 100000 | 106072 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 2.63%, 03/17/27 *(a)* | 190000 | 187088 |
| 4.25%, 05/06/28 *(a)* | 110000 | 110628 |
| 4.13%, 05/07/28 *(a)* | 165000 | 165338 |
| 4.75%, 02/20/29 *(a)* | 130000 | 132623 |
| 2.75%, 04/13/30 *(a)* | 140000 | 131921 |
| 4.50%, 05/06/30 *(a)* | 125000 | 126300 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| 4.55%, 04/15/28 *(a)* | 185000 | 185260 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.00%, 02/14/27 *(a)* | 290000 | 284842 |
| 3.10%, 05/17/27 *(a)* | 260000 | 258099 |
| 3.90%, 11/05/28 *(a)* | 160000 | 160573 |
| 3.80%, 09/18/29 *(a)* | 230000 | 228955 |
| 2.20%, 08/14/30 *(a)* | 360000 | 333070 |
| 4.10%, 11/05/30 *(a)* | 390000 | 389802 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| 4.34%, 11/15/28 *(a)* | 90000 | 90469 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.65%, 02/16/27 *(a)* | 160000 | 161537 |
| 4.55%, 02/16/29 *(a)* | 100000 | 101653 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 4.40%, 02/07/27  | 130000 | 131017 |
| 2.63%, 03/19/27 *(a)* | 110000 | 108652 |
| 3.00%, 10/15/27 *(a)* | 340000 | 336713 |
| 4.45%, 02/07/28 *(a)* | 170000 | 172542 |
| 3.60%, 02/18/28 *(a)* | 175000 | 174660 |
| 4.45%, 05/15/28 *(a)* | 165000 | 167628 |
| 4.10%, 01/15/29 *(a)* | 165000 | 166015 |
| 7.00%, 03/01/29  | 100000 | 109095 |
| 4.50%, 07/17/29 *(a)* | 195000 | 198856 |
| 2.63%, 07/29/29 *(a)* | 300000 | 286682 |
| 4.60%, 02/07/30 *(a)* | 255000 | 260949 |
| 2.75%, 03/19/30 *(a)* | 350000 | 332615 |
| 1.63%, 05/01/30 *(a)* | 225000 | 203896 |
| 4.30%, 07/23/30 *(a)* | 125000 | 126340 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.45%, 05/19/28 *(a)* | 950000 | 962753 |
| 4.65%, 05/19/30 *(a)* | 710000 | 724668 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 3.88%, 11/15/27  | 220000 | 220772 |
| 3.60%, 09/15/28 *(a)* | 320000 | 319604 |
| 3.45%, 03/15/29 *(a)* | 325000 | 321333 |
| 2.63%, 04/01/30 *(a)* | 435000 | 410558 |
| 1.70%, 05/28/30 *(a)* | 190000 | 172076 |
| 4.20%, 11/15/30 *(a)* | 220000 | 220988 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| 6.60%, 12/01/28  | 135000 | 144985 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 4.75%, 02/12/27  | 125000 | 126274 |
| 3.13%, 08/17/27 *(a)* | 95000 | 93988 |
| 4.38%, 11/01/27  | 180000 | 181738 |
| 5.13%, 11/17/27 *(a)* | 350000 | 357716 |
| 4.88%, 02/15/28 *(a)* | 335000 | 341428 |
| 3.13%, 03/02/28 *(a)* | 120000 | 118109 |
| 4.13%, 04/28/28  | 200000 | 201048 |
| 5.25%, 09/07/28 *(a)* | 170000 | 175568 |
| 3.88%, 10/27/28 *(a)* | 200000 | 199766 |
| 4.88%, 02/13/29 *(a)* | 225000 | 230486 |
| 3.38%, 08/15/29 *(a)* | 200000 | 195123 |
| 4.63%, 11/01/29 *(a)* | 155000 | 157641 |
| 5.63%, 11/17/29 *(a)* | 260000 | 273480 |
| 5.13%, 02/15/30 *(a)* | 565000 | 584266 |
| 4.38%, 04/30/30 *(a)* | 150000 | 151000 |
| 2.10%, 05/01/30 *(a)* | 200000 | 183273 |
| 5.50%, 09/07/30 *(a)* | 160000 | 168299 |
| 4.00%, 10/29/30 *(a)* | 175000 | 173428 |
| 1.75%, 11/01/30 *(a)* | 150000 | 133705 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 6.95%, 03/15/29 *(a)* | 125000 | 132587 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 1.90%, 02/01/27  | 195000 | 191499 |
| 2.80%, 03/25/27  | 110000 | 108884 |
| 2.85%, 08/11/27  | 185000 | 183005 |
| 3.95%, 01/26/28  | 135000 | 136217 |
| 4.35%, 01/29/29  | 155000 | 157955 |
| 4.15%, 10/24/29  | 125000 | 126750 |
| 3.00%, 03/25/30  | 390000 | 376175 |
| 4.05%, 05/01/30  | 195000 | 196056 |
| 1.20%, 10/29/30  | 250000 | 220377 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 2.53%, 10/01/29 *(a)* | 150000 | 141205 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 4.60%, 12/15/27 *(a)* | 110000 | 111404 |
| 4.20%, 06/30/29 *(a)* | 120000 | 120414 |
| 4.63%, 12/15/29 *(a)* | 145000 | 147551 |
| 2.95%, 06/30/30 *(a)* | 150000 | 142000 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| 1.75%, 09/15/30 *(a)* | 305000 | 272142 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 1.90%, 09/15/28 *(a)* | 115000 | 108208 |
| 3.30%, 09/15/29 *(a)* | 215000 | 207192 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 1.75%, 09/02/27 *(a)* | 225000 | 216781 |
| 5.15%, 09/02/29 *(a)* | 125000 | 128443 |
| 2.20%, 09/02/30 *(a)* | 240000 | 217697 |
| **Rush System for Health Obligated Group** | **Rush System for Health Obligated Group** | **Rush System for Health Obligated Group** |
| 3.92%, 11/15/29 *(a)* | 95000 | 94286 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 3.75%, 11/03/27  | 100000 | 100193 |
| 3.63%, 06/19/28 *(a)* | 220000 | 219619 |
| 3.80%, 11/03/28 *(a)* | 100000 | 100123 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 5.15%, 03/20/27 *(a)* | 170000 | 171974 |
| 2.03%, 10/14/30 *(a)* | 200000 | 179882 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 02/25/27 *(a)* | 95000 | 96408 |
| 5.40%, 03/01/29 *(a)* | 185000 | 191750 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| 3.82%, 06/01/27 *(a)* | 155000 | 155040 |
| 4.89%, 06/01/28 *(a)* | 75000 | 76304 |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| 3.31%, 08/15/30 *(a)* | 70000 | 67734 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**137**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.55%, 02/10/27  | 140000 | 140993 |
| 4.70%, 02/10/28 *(a)* | 170000 | 172482 |
| 3.65%, 03/07/28 *(a)* | 205000 | 203899 |
| 4.85%, 12/08/28 *(a)* | 180000 | 184439 |
| 4.25%, 09/11/29 *(a)* | 155000 | 155867 |
| 4.85%, 02/10/30 *(a)* | 185000 | 189943 |
| 1.95%, 06/15/30 *(a)* | 170000 | 154423 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 3.70%, 08/15/28 *(a)* | 85000 | 84465 |
| 2.29%, 08/15/30 *(a)* | 175000 | 161136 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 3.25%, 07/15/27 *(a)* | 150000 | 148569 |
| 5.75%, 01/17/29 *(a)* | 120000 | 125458 |
| 2.40%, 02/15/30 *(a)* | 160000 | 148993 |
| 5.95%, 04/01/30 *(a)* | 150000 | 159119 |
| 5.10%, 09/23/30 *(a)* | 150000 | 154883 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.00%, 11/26/28 *(a)* | 375000 | 383853 |
| 2.05%, 03/31/30 *(a)* | 675000 | 617090 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 4.80%, 11/21/27 *(a)* | 165000 | 168112 |
| 1.75%, 10/15/28 *(a)* | 160000 | 151107 |
| 5.00%, 01/31/29 *(a)* | 300000 | 308946 |
| 2.60%, 10/01/29 *(a)* | 150000 | 142633 |
| 4.98%, 08/10/30 *(a)* | 225000 | 233303 |
| **Toledo Hospital** | **Toledo Hospital** | **Toledo Hospital** |
| 5.33%, 11/15/28  | 80000 | 81198 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 3.55%, 06/02/27 *(a)* | 300000 | 298009 |
| 4.35%, 03/01/29 *(a)* | 240000 | 240645 |
| 5.40%, 03/15/29 *(a)* | 140000 | 144792 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 2.90%, 05/05/27 *(a)* | 220000 | 217857 |
| 4.25%, 08/12/27 *(a)* | 170000 | 171475 |
| 3.50%, 03/22/28 *(a)* | 300000 | 298045 |
| 4.88%, 09/08/28 *(a)* | 190000 | 195019 |
| 2.13%, 09/06/29 *(a)* | 170000 | 159715 |
| 1.38%, 09/14/30 *(a)* | 175000 | 155515 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 4.63%, 10/15/29 *(a)* | 105000 | 105490 |
| 2.65%, 10/15/30 *(a)* | 160000 | 145924 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| 2.30%, 06/22/27 *(a)* | 205000 | 199191 |
| 2.70%, 06/22/30 *(a)* | 305000 | 278813 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 4.70%, 02/19/27  | 170000 | 171447 |
| 5.35%, 12/01/28 *(a)* | 105000 | 108590 |
| 5.05%, 02/19/30 *(a)* | 150000 | 154868 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 3.00%, 09/12/27 *(a)* | 180000 | 177611 |
| 4.15%, 08/17/28 *(a)* | 225000 | 226369 |
| 3.90%, 08/20/28 *(a)* | 125000 | 124993 |
| 2.00%, 05/15/30 *(a)* | 150000 | 137300 |
|  |  | **84592861** |
| ***Energy 5.8%***  | ***Energy 5.8%***  | ***Energy 5.8%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 4.25%, 01/15/30 *(a)* | 80000 | 78683 |
| **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** |
| 3.34%, 12/15/27 *(a)* | 310000 | 306732 |
| 3.14%, 11/07/29 *(a)* | 145000 | 140026 |
| 4.49%, 05/01/30 *(a)* | 105000 | 105854 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 4.45%, 07/15/27 *(a)* | 145000 | 145632 |
| 4.80%, 05/03/29 *(a)* | 120000 | 121593 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 3.02%, 01/16/27 *(a)* | 190000 | 188566 |
| 3.54%, 04/06/27 *(a)* | 105000 | 104712 |
| 3.59%, 04/14/27 *(a)* | 110000 | 109693 |
| 5.02%, 11/17/27 *(a)* | 225000 | 229763 |
| 3.94%, 09/21/28 *(a)* | 235000 | 235252 |
| 4.23%, 11/06/28 *(a)* | 500000 | 503628 |
| 4.70%, 04/10/29 *(a)* | 305000 | 311070 |
| 4.97%, 10/17/29 *(a)* | 170000 | 175145 |
| 4.87%, 11/25/29 *(a)* | 160000 | 164354 |
| 3.63%, 04/06/30 *(a)* | 290000 | 284519 |
| 1.75%, 08/10/30 *(a)* | 235000 | 211314 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| 3.28%, 09/19/27 *(a)* | 385000 | 382123 |
| 3.72%, 11/28/28 *(a)* | 200000 | 198825 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 3.85%, 06/01/27 *(a)* | 235000 | 234497 |
| 5.00%, 12/15/29 *(a)* | 160000 | 164121 |
| 2.95%, 07/15/30 *(a)* | 95000 | 89642 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| 5.13%, 06/30/27 *(a)* | 225000 | 227293 |
| 3.70%, 11/15/29 *(a)* | 250000 | 244359 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(a)* | 445000 | 446459 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 4.63%, 10/15/28 *(a)* | 305000 | 304938 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| 2.00%, 05/11/27 *(a)* | 225000 | 220107 |
| 2.24%, 05/11/30 *(a)* | 370000 | 343354 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.41%, 02/26/27  | 150000 | 151249 |
| 1.02%, 08/12/27 *(a)* | 320000 | 306985 |
| 3.95%, 08/13/27  | 190000 | 191068 |
| 3.85%, 01/15/28 *(a)* | 155000 | 155402 |
| 4.48%, 02/26/28 *(a)* | 200000 | 203119 |
| 4.05%, 08/13/28 *(a)* | 130000 | 131101 |
| 3.25%, 10/15/29 *(a)* | 115000 | 112261 |
| 4.69%, 04/15/30 *(a)* | 235000 | 240541 |
| 4.30%, 10/15/30 *(a)* | 270000 | 272709 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 6.95%, 04/15/29  | 225000 | 244863 |
| 4.70%, 01/15/30 *(a)* | 300000 | 305974 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| 4.38%, 01/15/28 *(a)* | 200000 | 199679 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 3.90%, 05/15/27 *(a)* | 150000 | 149599 |
| 4.38%, 03/15/29 *(a)* | 120000 | 120416 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 5.63%, 07/15/27 *(a)* | 130000 | 132496 |
| 5.13%, 05/15/29 *(a)* | 160000 | 163963 |
| 8.13%, 08/16/30  | 70000 | 81085 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 5.25%, 10/15/27 *(a)* | 110000 | 110162 |
| 5.88%, 06/15/28 *(a)(e)* | 55000 | 55076 |
| 4.50%, 01/15/30 *(a)(c)* | 150000 | 150626 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 5.20%, 04/18/27 *(a)* | 225000 | 228465 |
| 3.50%, 12/01/29 *(a)* | 215000 | 208676 |
| 5.15%, 01/30/30 *(a)* | 265000 | 272765 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| 3.00%, 11/15/29 *(a)* | 110000 | 105277 |

---

*See financial notes*

**138**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 5.25%, 04/05/27 *(a)* | 155000 | 157204 |
| 3.70%, 07/15/27 *(a)* | 140000 | 139316 |
| 4.60%, 06/20/28 *(a)* | 110000 | 111169 |
| 6.00%, 11/15/28 *(a)* | 191000 | 200809 |
| 4.20%, 11/20/28 *(a)* | 110000 | 110196 |
| 5.30%, 04/05/29 *(a)* | 155000 | 159828 |
| 3.13%, 11/15/29 *(a)* | 210000 | 201186 |
| 4.90%, 06/20/30 *(a)* | 110000 | 112484 |
| 6.20%, 11/15/30 *(a)* | 180000 | 193451 |
| 7.38%, 03/15/55 *(a)(b)* | 240000 | 254564 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 4.40%, 03/15/27 *(a)* | 120000 | 120415 |
| 4.20%, 04/15/27 *(a)* | 135000 | 135151 |
| 5.50%, 06/01/27 *(a)* | 265000 | 269424 |
| 4.00%, 10/01/27 *(a)* | 145000 | 144874 |
| 5.55%, 02/15/28 *(a)* | 220000 | 225891 |
| 4.95%, 05/15/28 *(a)* | 185000 | 188126 |
| 4.95%, 06/15/28 *(a)* | 245000 | 249147 |
| 6.10%, 12/01/28 *(a)* | 105000 | 110449 |
| 5.25%, 04/15/29 *(a)* | 295000 | 303256 |
| 5.25%, 07/01/29 *(a)* | 210000 | 216226 |
| 4.15%, 09/15/29 *(a)* | 120000 | 119333 |
| 5.20%, 04/01/30 *(a)* | 180000 | 185551 |
| 3.75%, 05/15/30 *(a)* | 325000 | 316468 |
| 6.40%, 12/01/30 *(a)* | 300000 | 324311 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| 7.30%, 11/15/27  | 105000 | 111060 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/11/27 *(a)* | 240000 | 241794 |
| 3.95%, 02/15/27 *(a)* | 100000 | 100166 |
| 4.30%, 06/20/28 *(a)* | 140000 | 141255 |
| 4.15%, 10/16/28 *(a)* | 225000 | 226528 |
| 3.13%, 07/31/29 *(a)* | 280000 | 271645 |
| 2.80%, 01/31/30 *(a)* | 330000 | 313606 |
| 5.25%, 08/16/77 *(a)(b)* | 215000 | 214550 |
| 5.38%, 02/15/78 *(a)(b)* | 170000 | 169175 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 07/15/28 *(a)* | 205000 | 207414 |
| 4.38%, 04/15/30 *(a)* | 150000 | 151051 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 6.50%, 07/01/27 *(a)* | 165000 | 168750 |
| 3.90%, 10/01/27 *(a)* | 225000 | 224127 |
| 5.70%, 04/01/28 *(a)* | 100000 | 103210 |
| 4.50%, 01/15/29 *(a)* | 135000 | 135307 |
| 5.00%, 01/15/29 *(a)* | 120000 | 121667 |
| 6.38%, 04/01/29 *(a)* | 130000 | 134645 |
| 7.00%, 02/01/30 *(a)(f)* | 135000 | 146796 |
| 7.50%, 06/01/30 *(a)* | 100000 | 110163 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 5.38%, 02/01/29 *(a)* | 160000 | 160256 |
| 5.38%, 03/15/30 *(a)* | 380000 | 386118 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 3.29%, 03/19/27 *(a)* | 220000 | 219112 |
| 2.44%, 08/16/29 *(a)* | 290000 | 277232 |
| 3.48%, 03/19/30 *(a)* | 535000 | 523591 |
| 2.61%, 10/15/30 *(a)* | 460000 | 431401 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 2.92%, 03/01/30 *(a)* | 245000 | 232075 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 4.65%, 12/01/27 *(a)* | 75000 | 75682 |
| 4.85%, 12/01/29 *(a)* | 100000 | 100578 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 4.30%, 04/01/27 *(a)* | 225000 | 226091 |
| 7.88%, 10/01/29  | 105000 | 118820 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.00%, 02/01/28 *(a)* | 135000 | 135077 |
| 4.50%, 10/01/30 *(a)* | 85000 | 83743 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 4.30%, 03/01/28 *(a)* | 250000 | 251369 |
| 5.00%, 02/01/29 *(a)* | 250000 | 256040 |
| 5.10%, 08/01/29 *(a)* | 170000 | 174976 |
| 5.15%, 06/01/30 *(a)* | 210000 | 217163 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 3.80%, 04/01/28 *(a)* | 115000 | 114461 |
| 5.15%, 03/01/30 *(a)* | 325000 | 334981 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.13%, 03/01/27 *(a)* | 330000 | 330232 |
| 4.25%, 12/01/27 *(a)* | 155000 | 155571 |
| 4.00%, 03/15/28 *(a)* | 250000 | 249721 |
| 4.80%, 02/15/29 *(a)* | 190000 | 193063 |
| 2.65%, 08/15/30 *(a)* | 330000 | 305850 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 3.95%, 09/15/27 *(a)* | 90000 | 89654 |
| 4.75%, 09/01/28 *(a)* | 110000 | 111346 |
| 5.50%, 03/15/30 *(a)* | 175000 | 180529 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| 4.00%, 04/01/27 *(a)* | 110000 | 110033 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| 3.60%, 12/01/29 *(a)* | 110000 | 107287 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.50%, 07/15/27 *(a)* | 155000 | 162042 |
| 5.00%, 08/01/27 *(a)* | 110000 | 112121 |
| 6.38%, 09/01/28 *(a)* | 140000 | 146789 |
| 5.20%, 08/01/29 *(a)* | 280000 | 286884 |
| 8.88%, 07/15/30 *(a)* | 210000 | 242546 |
| 6.63%, 09/01/30 *(a)* | 330000 | 354707 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 4.00%, 07/13/27 *(a)* | 110000 | 109939 |
| 4.25%, 09/24/27 *(a)* | 150000 | 150534 |
| 4.55%, 07/15/28 *(a)* | 155000 | 156409 |
| 5.65%, 11/01/28 *(a)* | 155000 | 161109 |
| 4.35%, 03/15/29 *(a)* | 165000 | 165663 |
| 5.38%, 06/01/29 *(a)* | 140000 | 144453 |
| 3.40%, 09/01/29 *(a)* | 165000 | 159955 |
| 4.40%, 10/15/29 *(a)* | 185000 | 185665 |
| 3.10%, 03/15/30 *(a)* | 195000 | 185609 |
| 3.25%, 06/01/30 *(a)* | 160000 | 152521 |
| 5.80%, 11/01/30 *(a)* | 130000 | 137049 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 5.65%, 05/15/28 *(a)* | 170000 | 175027 |
| 8.13%, 09/15/30  | 70000 | 80148 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 3.95%, 02/01/28 *(a)* | 145000 | 143545 |
| 5.15%, 11/15/29 *(a)* | 90000 | 90880 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 3.90%, 03/15/28 *(a)* | 170000 | 169404 |
| 2.15%, 12/15/30 *(a)* | 180000 | 161595 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 4.95%, 12/01/27 *(a)* | 190000 | 193180 |
| 3.75%, 03/01/28 *(a)* | 100000 | 99330 |
| 3.15%, 12/15/29 *(a)* | 150000 | 144067 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 1.90%, 08/15/30 *(a)* | 275000 | 249214 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 3.55%, 12/15/29 *(a)* | 200000 | 194536 |
| 3.80%, 09/15/30 *(a)* | 150000 | 145577 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**139**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| 5.00%, 03/15/27 *(a)* | 290000 | 291974 |
| 4.20%, 03/15/28 *(a)* | 335000 | 335512 |
| 4.50%, 05/15/30 *(a)* | 495000 | 497600 |
| **Schlumberger Investment SA** | **Schlumberger Investment SA** | **Schlumberger Investment SA** |
| 2.65%, 06/26/30 *(a)* | 95000 | 89218 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 3.88%, 11/13/28 *(a)(e)* | 335000 | 334865 |
| 2.38%, 11/07/29 *(a)* | 255000 | 240644 |
| 2.75%, 04/06/30 *(a)* | 305000 | 289230 |
| 4.13%, 11/06/30 *(a)* | 220000 | 220037 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 2.38%, 11/07/29 *(a)* | 95000 | 89667 |
| 2.75%, 04/06/30 *(a)* | 75000 | 71262 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 4.91%, 09/01/27 *(a)* | 100000 | 100946 |
| 5.03%, 10/01/29 *(a)* | 205000 | 208136 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 5.20%, 07/01/27 *(a)* | 125000 | 127085 |
| 4.35%, 01/15/29 *(a)* | 170000 | 170469 |
| 6.15%, 03/01/29 *(a)* | 235000 | 247472 |
| 4.90%, 09/15/30 *(a)* | 165000 | 168299 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 5.00%, 01/15/28 *(a)* | 155000 | 155112 |
| 6.88%, 01/15/29 *(a)* | 150000 | 151885 |
| 5.50%, 03/01/30 *(a)* | 360000 | 365811 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| 3.90%, 05/25/27 *(a)* | 160000 | 159562 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| 7.00%, 03/15/27  | 65000 | 67425 |
| 7.00%, 10/15/28  | 160000 | 172016 |
| **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
| 3.46%, 02/19/29 *(a)* | 270000 | 266008 |
| 2.83%, 01/10/30 *(a)* | 315000 | 301632 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 3.88%, 10/11/28  | 255000 | 255447 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.25%, 05/15/28 *(a)* | 330000 | 330953 |
| 4.10%, 04/15/30 *(a)* | 275000 | 272042 |
| 7.00%, 06/01/65 *(a)(b)* | 170000 | 175365 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| 4.00%, 03/15/28 *(a)* | 100000 | 99914 |
| 3.25%, 05/15/30 *(a)* | 100000 | 95854 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 2.15%, 09/15/27 *(a)* | 150000 | 145438 |
| 4.35%, 06/01/28 *(a)* | 170000 | 170910 |
| 4.00%, 04/01/29 *(a)* | 85000 | 84415 |
| 5.15%, 02/15/30 *(a)* | 130000 | 133917 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| 4.50%, 03/15/28 *(a)* | 110000 | 110811 |
| **Viper Energy Partners LLC** | **Viper Energy Partners LLC** | **Viper Energy Partners LLC** |
| 4.90%, 08/01/30 *(a)* | 100000 | 101195 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 4.50%, 03/01/28 *(a)* | 85000 | 85406 |
| 4.75%, 08/15/28 *(a)* | 90000 | 91142 |
| 6.35%, 01/15/29 *(a)* | 135000 | 142227 |
| 4.05%, 02/01/30 *(a)(g)* | 255000 | 249927 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.75%, 06/15/27 *(a)* | 290000 | 288919 |
| 5.30%, 08/15/28 *(a)* | 205000 | 211099 |
| 4.90%, 03/15/29 *(a)* | 285000 | 291105 |
| 4.80%, 11/15/29 *(a)* | 110000 | 112167 |
| 4.63%, 06/30/30 *(a)* | 225000 | 227503 |
| 3.50%, 11/15/30 *(a)* | 255000 | 244927 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 4.90%, 05/19/28 *(a)* | 125000 | 126927 |
| 5.40%, 05/19/30 *(a)* | 250000 | 256863 |
|  |  | **38846439** |
| ***Industrial Other 0.3%***  | ***Industrial Other 0.3%***  | ***Industrial Other 0.3%***  |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 3.70%, 04/01/27 *(a)* | 375000 | 374335 |
| 4.20%, 05/01/28 *(a)* | 75000 | 75430 |
| **Cornell University** | **Cornell University** | **Cornell University** |
| 4.17%, 06/15/30 *(a)* | 110000 | 110575 |
| **Emory University** | **Emory University** | **Emory University** |
| 2.14%, 09/01/30 *(a)* | 105000 | 96291 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 6.35%, 08/18/28 *(a)* | 125000 | 131658 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 1.29%, 06/01/27 *(a)* | 85000 | 82372 |
| 4.15%, 08/01/30 *(a)* | 100000 | 100640 |
| **MasTec, Inc.** | **MasTec, Inc.** | **MasTec, Inc.** |
| 5.90%, 06/15/29 *(a)* | 135000 | 141053 |
| **President & Fellows of Harvard College** | **President & Fellows of Harvard College** | **President & Fellows of Harvard College** |
| 4.89%, 03/15/30 *(a)* | 105000 | 108486 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 4.75%, 08/09/27 *(a)* | 150000 | 151960 |
| 4.30%, 08/09/28 *(a)* | 135000 | 135789 |
| 2.90%, 10/01/30 *(a)* | 210000 | 196782 |
| **Trustees of Dartmouth College** | **Trustees of Dartmouth College** | **Trustees of Dartmouth College** |
| 4.27%, 06/01/30 *(a)* | 50000 | 50477 |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| 4.65%, 07/01/30 *(a)* | 70000 | 71701 |
| **Yale University** | **Yale University** | **Yale University** |
| 1.48%, 04/15/30 *(a)* | 135000 | 121793 |
|  |  | **1949342** |
| ***Technology 9.2%***  | ***Technology 9.2%***  | ***Technology 9.2%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 3.90%, 10/04/27 *(a)* | 225000 | 225919 |
| 4.05%, 10/04/29 *(a)* | 330000 | 331215 |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 2.15%, 02/01/27 *(a)* | 165000 | 162290 |
| 4.85%, 04/04/27 *(a)* | 120000 | 121640 |
| 4.75%, 01/17/28 *(a)* | 225000 | 229513 |
| 4.80%, 04/04/29 *(a)* | 210000 | 215441 |
| 4.95%, 01/17/30 *(a)* | 150000 | 155347 |
| 2.30%, 02/01/30 *(a)* | 250000 | 234128 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 4.32%, 03/24/28 *(a)* | 165000 | 166700 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 0.80%, 08/15/27 *(a)* | 275000 | 263240 |
| 3.88%, 11/15/28 *(a)* | 220000 | 221093 |
| 4.00%, 05/15/30 *(a)* | 175000 | 175493 |
| 1.10%, 08/15/30 *(a)* | 530000 | 467268 |
| 4.10%, 11/15/30 *(a)* | 590000 | 592023 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| 2.54%, 06/15/30 *(a)* | 150000 | 137751 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 3.45%, 06/15/27 *(a)* | 100000 | 99476 |
| 4.25%, 06/15/28 *(a)* | 160000 | 161353 |
| 1.70%, 10/01/28 *(a)* | 175000 | 165207 |
| 4.50%, 06/15/30 *(a)(c)* | 155000 | 157196 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 3.35%, 02/09/27 *(a)* | 505000 | 503653 |
| 3.20%, 05/11/27 *(a)* | 405000 | 402945 |

---

*See financial notes*

**140**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.00%, 06/20/27 *(a)* | 305000 | 302567 |
| 2.90%, 09/12/27 *(a)* | 420000 | 415055 |
| 3.00%, 11/13/27 *(a)* | 365000 | 361708 |
| 1.20%, 02/08/28 *(a)* | 540000 | 513747 |
| 4.00%, 05/10/28 *(a)* | 320000 | 322555 |
| 4.00%, 05/12/28 *(a)* | 300000 | 302390 |
| 1.40%, 08/05/28 *(a)* | 500000 | 472649 |
| 3.25%, 08/08/29 *(a)* | 250000 | 245607 |
| 2.20%, 09/11/29 *(a)* | 530000 | 500234 |
| 4.15%, 05/10/30 *(a)* | 170000 | 171954 |
| 1.65%, 05/11/30 *(a)* | 425000 | 386650 |
| 4.20%, 05/12/30 *(a)* | 300000 | 303560 |
| 1.25%, 08/20/30 *(a)* | 280000 | 248467 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 3.30%, 04/01/27 *(a)* | 285000 | 283725 |
| 4.80%, 06/15/29 *(a)* | 175000 | 179453 |
| 1.75%, 06/01/30 *(a)* | 185000 | 167386 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 3.88%, 01/12/28 *(a)* | 115000 | 114224 |
| 5.15%, 08/21/29 *(a)* | 120000 | 122790 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.25%, 05/15/29 *(a)* | 150000 | 154493 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 3.50%, 06/15/27 *(a)* | 125000 | 124214 |
| 2.85%, 01/15/30 *(a)* | 120000 | 113538 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.70%, 05/15/28 *(a)* | 265000 | 253129 |
| 1.25%, 09/01/30 *(a)* | 205000 | 181382 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 6.25%, 03/15/28 *(a)* | 115000 | 119203 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 3.63%, 07/06/27  | 200000 | 199190 |
| 4.38%, 03/29/28 *(a)* | 200000 | 201650 |
| 4.88%, 11/14/28 *(a)* | 200000 | 204592 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| 3.50%, 01/15/28 *(a)* | 135000 | 133899 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 5.05%, 07/12/27 *(a)* | 285000 | 290058 |
| 1.95%, 02/15/28 *(a)* | 325000 | 312126 |
| 4.15%, 02/15/28 *(a)* | 165000 | 165671 |
| 4.80%, 04/15/28 *(a)* | 220000 | 223988 |
| 4.11%, 09/15/28 *(a)* | 375000 | 376172 |
| 4.00%, 04/15/29 *(a)(e)* | 185000 | 184308 |
| 4.75%, 04/15/29 *(a)* | 345000 | 351529 |
| 5.05%, 07/12/29 *(a)* | 495000 | 509913 |
| 4.35%, 02/15/30 *(a)* | 380000 | 382593 |
| 5.00%, 04/15/30 *(a)* | 155000 | 159660 |
| 5.05%, 04/15/30 *(a)* | 170000 | 175504 |
| 4.60%, 07/15/30 *(a)* | 385000 | 391311 |
| 4.20%, 10/15/30 *(a)* | 220000 | 219859 |
| 4.15%, 11/15/30 *(a)* | 415000 | 413376 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.90%, 12/01/29 *(a)* | 190000 | 180228 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.20%, 09/10/27  | 110000 | 110704 |
| 4.30%, 09/10/29 *(a)* | 200000 | 201055 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 4.25%, 04/01/28 *(a)* | 145000 | 144743 |
| 3.28%, 12/01/28 *(a)* | 125000 | 121568 |
| 3.25%, 02/15/29 *(a)* | 185000 | 178326 |
| 5.10%, 03/01/30 *(a)* | 120000 | 122292 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 4.95%, 03/14/30 *(a)(e)* | 185000 | 187480 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 4.80%, 02/26/27 *(a)* | 465000 | 470267 |
| 4.55%, 02/24/28 *(a)* | 230000 | 233782 |
| 4.85%, 02/26/29 *(a)* | 610000 | 626629 |
| 4.75%, 02/24/30 *(a)* | 200000 | 205669 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.60%, 08/02/28 *(a)(c)* | 165000 | 170418 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 6.10%, 07/15/27 *(a)* | 160000 | 164397 |
| 5.25%, 02/01/28 *(a)* | 200000 | 204544 |
| 4.75%, 04/01/28 *(a)* | 150000 | 152208 |
| 4.15%, 02/15/29 *(a)* | 160000 | 159901 |
| 5.30%, 10/01/29 *(a)* | 455000 | 469739 |
| 4.35%, 02/01/30 *(a)* | 150000 | 150150 |
| 5.00%, 04/01/30 *(a)* | 175000 | 179313 |
| 6.20%, 07/15/30 *(a)* | 225000 | 240344 |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| 7.10%, 04/15/28  | 100000 | 106290 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| 2.38%, 09/15/28 *(a)* | 190000 | 179329 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 5.10%, 12/15/27 *(a)* | 155000 | 158096 |
| 5.10%, 06/01/28 *(a)* | 165000 | 168703 |
| 4.80%, 09/15/29 *(a)* | 130000 | 132244 |
| 3.10%, 05/15/30 *(a)* | 160000 | 151614 |
| **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** |
| 4.60%, 11/15/30 *(a)* | 280000 | 280945 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 1.80%, 07/15/27 *(a)* | 120000 | 116106 |
| 1.55%, 03/15/28 *(a)* | 110000 | 104461 |
| 2.00%, 05/15/28 *(a)* | 115000 | 109789 |
| 3.20%, 11/18/29 *(a)* | 235000 | 225835 |
| 2.15%, 07/15/30 *(a)* | 280000 | 254245 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 2.90%, 03/01/27 *(a)* | 155000 | 152768 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 1.65%, 03/01/28 *(a)* | 170000 | 161444 |
| 3.75%, 05/21/29 *(a)* | 135000 | 132282 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 5.15%, 03/15/27 *(a)* | 245000 | 247662 |
| 2.25%, 06/01/27 *(a)* | 215000 | 209370 |
| 5.45%, 03/02/28 *(a)* | 185000 | 189524 |
| 5.38%, 08/21/28 *(a)* | 175000 | 179620 |
| 4.20%, 10/01/28 *(a)* | 235000 | 234466 |
| 3.50%, 07/01/29 *(a)* | 695000 | 674199 |
| 4.75%, 03/15/30 *(a)* | 195000 | 196134 |
| 2.65%, 06/01/30 *(a)* | 270000 | 249084 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 6.00%, 01/15/28 *(a)* | 95000 | 98147 |
| 4.88%, 06/15/29 *(a)* | 210000 | 213027 |
| 4.88%, 05/12/30 *(a)* | 100000 | 101440 |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| 6.00%, 06/04/29 *(a)* | 95000 | 99222 |
| **Genpact U.K. Finco PLC/Genpact USA, Inc.** | **Genpact U.K. Finco PLC/Genpact USA, Inc.** | **Genpact U.K. Finco PLC/Genpact USA, Inc.** |
| 4.95%, 11/18/30 *(a)* | 140000 | 140083 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.15%, 01/15/27 *(a)* | 160000 | 156676 |
| 4.95%, 08/15/27 *(a)* | 125000 | 126525 |
| 4.45%, 06/01/28 *(a)* | 140000 | 140080 |
| 4.50%, 11/15/28 *(a)* | 390000 | 390925 |
| 3.20%, 08/15/29 *(a)* | 295000 | 281390 |
| 5.30%, 08/15/29 *(a)* | 125000 | 127984 |
| 2.90%, 05/15/30 *(a)* | 210000 | 194758 |
| 4.88%, 11/15/30 *(a)* | 380000 | 380451 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**141**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.05%, 09/15/27  | 190000 | 190127 |
| 4.40%, 09/25/27 *(a)* | 290000 | 291676 |
| 5.25%, 07/01/28 *(a)* | 130000 | 133335 |
| 4.15%, 09/15/28 *(a)* | 180000 | 180207 |
| 4.55%, 10/15/29 *(a)* | 450000 | 452760 |
| 4.40%, 10/15/30 *(a)* | 190000 | 189432 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 3.00%, 06/17/27 *(a)* | 220000 | 216718 |
| 4.75%, 01/15/28 *(a)* | 230000 | 232853 |
| 4.00%, 04/15/29 *(a)* | 195000 | 193043 |
| 5.40%, 04/25/30 *(a)* | 115000 | 119213 |
| 3.40%, 06/17/30 *(a)* | 150000 | 143703 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.60%, 02/05/27 *(a)* | 155000 | 156117 |
| 4.60%, 02/05/29 *(a)* | 175000 | 177730 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 3.75%, 03/25/27 *(a)* | 225000 | 224108 |
| 3.15%, 05/11/27 *(a)* | 205000 | 202569 |
| 3.75%, 08/05/27 *(a)* | 280000 | 278619 |
| 4.88%, 02/10/28 *(a)* | 370000 | 375404 |
| 1.60%, 08/12/28 *(a)* | 225000 | 211166 |
| 4.00%, 08/05/29 *(a)* | 235000 | 232569 |
| 2.45%, 11/15/29 *(a)* | 465000 | 434031 |
| 5.13%, 02/10/30 *(a)* | 290000 | 297350 |
| 3.90%, 03/25/30 *(a)* | 415000 | 406897 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 3.30%, 01/27/27  | 135000 | 134199 |
| 2.20%, 02/09/27 *(a)* | 170000 | 166958 |
| 1.70%, 05/15/27 *(a)* | 210000 | 204161 |
| 4.15%, 07/27/27 *(a)* | 185000 | 186085 |
| 6.22%, 08/01/27  | 75000 | 77813 |
| 6.50%, 01/15/28  | 105000 | 110282 |
| 4.50%, 02/06/28 *(a)* | 250000 | 252519 |
| 4.65%, 02/10/28 *(a)* | 200000 | 202991 |
| 3.50%, 05/15/29  | 765000 | 750087 |
| 4.80%, 02/10/30 *(a)* | 200000 | 204659 |
| 1.95%, 05/15/30 *(a)* | 300000 | 273472 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 1.35%, 07/15/27 *(a)* | 175000 | 169104 |
| 5.13%, 09/15/28 *(a)* | 175000 | 180553 |
| 1.65%, 07/15/30 *(a)* | 95000 | 85472 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 4.25%, 05/15/27 *(a)* | 125000 | 125273 |
| 3.95%, 01/12/28 *(a)* | 165000 | 164778 |
| 5.45%, 02/01/29 *(a)* | 90000 | 92982 |
| 3.60%, 01/15/30 *(a)* | 150000 | 145470 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 3.75%, 08/15/29 *(a)* | 120000 | 117214 |
| 2.00%, 12/10/30 *(a)* | 80000 | 70753 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.60%, 04/06/27 *(a)* | 160000 | 160838 |
| 3.00%, 10/30/29 *(a)* | 105000 | 100687 |
| 5.35%, 07/30/30 *(a)* | 265000 | 276417 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.10%, 03/15/29 *(a)* | 180000 | 180493 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 2.70%, 10/15/28 *(a)* | 150000 | 143871 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| 4.00%, 03/15/29 *(a)* | 205000 | 205259 |
| 1.90%, 06/15/30 *(a)* | 175000 | 159314 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 4.38%, 05/15/30 *(a)* | 125000 | 124891 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.45%, 04/15/28 *(a)* | 190000 | 183021 |
| 4.88%, 06/22/28 *(a)* | 110000 | 111918 |
| 5.75%, 02/15/29 *(a)* | 125000 | 130450 |
| 4.75%, 07/15/30 *(a)* | 95000 | 96309 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 3.30%, 03/26/27 *(a)* | 200000 | 199038 |
| 4.10%, 01/15/28 *(a)* | 205000 | 206650 |
| 3.50%, 02/26/28 *(a)* | 95000 | 94714 |
| 4.88%, 03/09/28 *(a)* | 150000 | 153464 |
| 4.55%, 03/15/28 *(a)* | 110000 | 111897 |
| 2.95%, 06/01/29 *(a)* | 215000 | 208330 |
| 3.35%, 03/26/30 *(a)* | 360000 | 351824 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| 4.90%, 03/15/28  | 200000 | 202918 |
| 5.05%, 03/15/29 *(a)* | 230000 | 234633 |
| 5.05%, 02/15/30 *(a)* | 200000 | 204141 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.33%, 02/06/29 *(a)* | 140000 | 144428 |
| 4.66%, 02/15/30 *(a)* | 220000 | 222563 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 3.30%, 02/06/27 *(a)* | 845000 | 841936 |
| 3.40%, 06/15/27 *(a)* | 160000 | 159719 |
| 1.35%, 09/15/30 *(a)* | 80000 | 71750 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 3.25%, 01/15/28 *(a)* | 90000 | 88854 |
| 4.25%, 02/01/29 *(a)* | 115000 | 115750 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.60%, 02/23/28 *(a)* | 115000 | 116313 |
| 5.00%, 04/15/29 *(a)* | 150000 | 153705 |
| 4.60%, 05/23/29 *(a)* | 145000 | 146767 |
| 4.85%, 08/15/30 *(a)* | 135000 | 137749 |
| 2.30%, 11/15/30 *(a)* | 180000 | 163540 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 2.38%, 06/22/27 *(a)* | 180000 | 176001 |
| 2.70%, 06/22/30 *(a)* | 130000 | 121184 |
| **Nokia OYJ** | **Nokia OYJ** | **Nokia OYJ** |
| 4.38%, 06/12/27  | 115000 | 115074 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 1.55%, 06/15/28 *(a)* | 290000 | 275729 |
| 2.85%, 04/01/30 *(a)* | 315000 | 301176 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| 5.55%, 12/01/28 *(a)* | 135000 | 139916 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 3.15%, 05/01/27 *(a)* | 75000 | 74211 |
| 4.40%, 06/01/27 *(a)* | 135000 | 135616 |
| 4.30%, 08/19/28 *(a)* | 165000 | 165663 |
| 4.30%, 06/18/29 *(a)* | 260000 | 260563 |
| 3.40%, 05/01/30 *(a)* | 155000 | 149512 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.80%, 04/01/27 *(a)* | 580000 | 568954 |
| 3.25%, 11/15/27 *(a)* | 625000 | 612235 |
| 2.30%, 03/25/28 *(a)* | 450000 | 429292 |
| 4.50%, 05/06/28 *(a)* | 250000 | 250040 |
| 4.80%, 08/03/28 *(a)* | 380000 | 381892 |
| 4.20%, 09/27/29 *(a)* | 445000 | 436368 |
| 6.15%, 11/09/29 *(a)* | 265000 | 276672 |
| 2.95%, 04/01/30 *(a)* | 710000 | 655559 |
| 4.65%, 05/06/30 *(a)* | 245000 | 242737 |
| 3.25%, 05/15/30 *(a)* | 75000 | 69904 |
| 4.45%, 09/26/30 *(a)* | 630000 | 616208 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.10%, 04/15/30 *(a)* | 350000 | 360518 |

---

*See financial notes*

**142**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 3.90%, 06/01/27 *(a)* | 125000 | 125266 |
| 4.45%, 03/06/28 *(a)* | 100000 | 101266 |
| 2.85%, 10/01/29 *(a)* | 350000 | 335464 |
| 2.30%, 06/01/30 *(a)* | 230000 | 213171 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| 4.38%, 10/15/29 *(a)* | 225000 | 221815 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 3.25%, 05/20/27 *(a)* | 435000 | 433023 |
| 1.30%, 05/20/28 *(a)(c)* | 245000 | 231239 |
| 2.15%, 05/20/30 *(a)* | 335000 | 308711 |
| 4.50%, 05/20/30 *(a)* | 100000 | 101721 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.00%, 03/18/29 *(a)* | 200000 | 199420 |
| 4.75%, 03/27/30 *(a)* | 195000 | 198909 |
| 3.00%, 05/22/30 *(a)* | 200000 | 190415 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 1.40%, 09/15/27 *(a)* | 165000 | 158024 |
| 4.20%, 09/15/28 *(a)* | 200000 | 200696 |
| 4.25%, 09/15/28 *(a)* | 165000 | 165752 |
| 2.95%, 09/15/29 *(a)* | 145000 | 138700 |
| 4.50%, 10/15/29 *(a)* | 100000 | 101004 |
| 2.00%, 06/30/30 *(a)* | 100000 | 90512 |
| 4.45%, 09/15/30 *(a)* | 110000 | 110528 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 2.95%, 01/22/27 *(a)* | 135000 | 133773 |
| 2.45%, 03/01/27 *(a)* | 210000 | 206757 |
| 4.75%, 08/01/28 *(a)* | 210000 | 214041 |
| 2.70%, 03/01/29 *(a)* | 280000 | 269358 |
| 4.25%, 05/01/29 *(a)* | 210000 | 211209 |
| 2.50%, 12/01/29 *(a)* | 135000 | 127425 |
| 1.25%, 08/15/30 *(a)* | 100000 | 87983 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 3.70%, 04/11/28 *(a)* | 300000 | 300105 |
| 1.50%, 07/15/28 *(a)* | 255000 | 241644 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| 1.40%, 09/01/30 *(a)* | 330000 | 290970 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.55%, 04/01/27  | 175000 | 176284 |
| 4.65%, 04/01/28 *(a)* | 205000 | 207861 |
| 4.85%, 04/01/30 *(a)* | 545000 | 556563 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 2.38%, 08/09/28 *(a)* | 165000 | 157124 |
| 4.30%, 01/17/29 *(a)* | 120000 | 119828 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| 2.50%, 08/01/30 *(a)* | 105000 | 97193 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.25%, 04/01/28 *(a)* | 150000 | 144227 |
| **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** |
| 2.00%, 09/03/30 *(a)* | 200000 | 180748 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 4.60%, 02/08/27 *(a)* | 105000 | 105927 |
| 2.90%, 11/03/27 *(a)* | 120000 | 118831 |
| 4.60%, 02/15/28 *(a)* | 245000 | 248905 |
| 4.60%, 02/08/29 *(a)* | 130000 | 132801 |
| 2.25%, 09/04/29 *(a)* | 200000 | 188527 |
| 1.75%, 05/04/30 *(a)* | 175000 | 159395 |
| 4.50%, 05/23/30 *(a)* | 195000 | 198313 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 4.90%, 06/15/28 *(a)* | 145000 | 147186 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 3.88%, 04/22/27 *(a)* | 350000 | 349894 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 4.75%, 07/15/27 *(a)* | 160000 | 160091 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 4.13%, 03/15/29 *(a)* | 95000 | 94830 |
| 4.50%, 08/15/30 *(a)* | 150000 | 151506 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.90%, 04/15/27 *(a)* | 330000 | 323480 |
| 0.75%, 08/15/27 *(a)* | 170000 | 162766 |
| 2.75%, 09/15/27 *(a)* | 215000 | 212484 |
| 2.05%, 04/15/30 *(a)* | 315000 | 292248 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 3.90%, 08/21/27 *(a)* | 290000 | 290157 |
| 1.80%, 08/15/28 *(a)* | 175000 | 165588 |
| 4.70%, 05/15/30 *(a)* | 175000 | 177830 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 2.85%, 02/01/29 *(a)* | 160000 | 153213 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.50%, 04/01/27 *(a)* | 250000 | 248533 |
| 3.70%, 04/01/29 *(a)* | 205000 | 202168 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| 2.38%, 06/01/30 *(a)* | 180000 | 167349 |
|  |  | **62058023** |
| ***Transportation 1.3%***  | ***Transportation 1.3%***  | ***Transportation 1.3%***  |
| **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** |
| 3.38%, 11/01/28  | 135114 | 132848 |
| **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** |
| 3.60%, 03/22/29  | 54991 | 54241 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.58%, 07/15/29  | 57194 | 56419 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| 3.20%, 12/15/29  | 87675 | 85461 |
| **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** |
| 3.00%, 04/15/30  | 57368 | 55605 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| 3.65%, 08/15/30  | 97556 | 95559 |
| **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** |
| 3.35%, 04/15/31  | 59408 | 57476 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| 3.25%, 06/15/27 *(a)* | 115000 | 114299 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 6.90%, 07/15/28  | 100000 | 107401 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 4.00%, 06/01/28 *(a)* | 145000 | 145162 |
| 2.88%, 11/15/29 *(a)* | 100000 | 95659 |
| 2.05%, 03/05/30 *(a)* | 150000 | 137844 |
| 4.80%, 03/30/30 *(a)* | 145000 | 148355 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| 4.20%, 04/15/28 *(a)* | 200000 | 200720 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 3.25%, 06/01/27 *(a)* | 180000 | 178548 |
| 3.80%, 03/01/28 *(a)* | 175000 | 174829 |
| 4.25%, 03/15/29 *(a)* | 205000 | 206807 |
| 2.40%, 02/15/30 *(a)* | 105000 | 98295 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| 2.00%, 12/10/29  | 137582 | 132577 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 4.38%, 04/19/28 *(a)* | 85000 | 85307 |
| 4.95%, 07/10/28 *(a)* | 210000 | 213817 |
| 3.75%, 10/28/29 *(a)* | 110000 | 107613 |
| 5.25%, 07/10/30 *(a)* | 250000 | 257110 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 3.40%, 02/15/28 *(a)* | 75000 | 73961 |
| 3.10%, 08/05/29 *(a)* | 240000 | 230988 |
| 4.25%, 05/15/30 *(a)* | 150000 | 150861 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**143**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 6.25%, 05/06/29 *(a)* | 170000 | 179291 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| 4.90%, 03/15/30 *(a)* | 190000 | 194316 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| 4.20%, 03/01/28 *(a)* | 115000 | 115056 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 7.80%, 05/15/27  | 80000 | 84121 |
| 3.15%, 06/01/27 *(a)* | 125000 | 123700 |
| 3.80%, 08/01/28 *(a)* | 145000 | 144362 |
| 2.55%, 11/01/29 *(a)* | 105000 | 99192 |
| 5.05%, 08/01/30 *(a)* | 110000 | 114091 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 2.85%, 03/01/27 *(a)* | 160000 | 158015 |
| 5.30%, 03/15/27 *(a)* | 55000 | 55796 |
| 4.30%, 06/15/27 *(a)* | 50000 | 50237 |
| 5.65%, 03/01/28 *(a)* | 120000 | 123872 |
| 5.25%, 06/01/28 *(a)* | 155000 | 159260 |
| 6.30%, 12/01/28 *(a)* | 80000 | 84802 |
| 5.38%, 03/15/29 *(a)* | 120000 | 124296 |
| 5.50%, 06/01/29 *(a)* | 40000 | 41674 |
| 4.95%, 09/01/29 *(a)* | 65000 | 66513 |
| 4.90%, 12/01/29 *(a)* | 75000 | 76610 |
| 5.00%, 03/15/30 *(a)* | 120000 | 122973 |
| 4.85%, 06/15/30 *(a)* | 60000 | 61248 |
| 4.30%, 12/01/30 *(a)* | 70000 | 69754 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 5.13%, 06/15/27 *(a)* | 380000 | 384862 |
| 3.45%, 11/16/27 *(a)* | 90000 | 88758 |
| 4.38%, 11/15/28 *(a)* | 180000 | 180456 |
| 2.63%, 02/10/30 *(a)* | 125000 | 116209 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.15%, 02/05/27 *(a)* | 80000 | 78589 |
| 3.00%, 04/15/27 *(a)* | 80000 | 79232 |
| 3.95%, 09/10/28 *(a)* | 225000 | 225512 |
| 6.63%, 02/01/29  | 100000 | 107889 |
| 3.70%, 03/01/29 *(a)* | 160000 | 158868 |
| 2.40%, 02/05/30 *(a)* | 205000 | 192065 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.10%, 01/07/30  | 101128 | 98534 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| 2.88%, 04/07/30  | 66244 | 63794 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| 3.50%, 09/01/31  | 65060 | 62938 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29  | 224438 | 229741 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 3.05%, 11/15/27 *(a)* | 190000 | 187911 |
| 3.40%, 03/15/29 *(a)* | 190000 | 187269 |
| 2.50%, 09/01/29 *(a)* | 105000 | 99652 |
| 4.45%, 04/01/30 *(a)* | 195000 | 198602 |
| 4.65%, 10/15/30 *(a)* | 110000 | 112657 |
|  |  | **8500479** |
|  |  | **339585642** |
| **Utility 6.7%** | **Utility 6.7%** | **Utility 6.7%** |
| ***Electric 5.9%***  | ***Electric 5.9%***  | ***Electric 5.9%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 3.95%, 06/01/28 *(a)* | 140000 | 139461 |
| 5.45%, 05/15/29 *(a)* | 160000 | 165745 |
| 2.10%, 07/01/30 *(a)* | 145000 | 132182 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 5.45%, 06/01/28 *(a)* | 180000 | 184254 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 3.75%, 09/01/27 *(a)* | 120000 | 120128 |
| 1.45%, 09/15/30 *(a)(c)* | 135000 | 119881 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 1.95%, 03/15/27 *(a)* | 115000 | 112365 |
| 1.75%, 03/15/28 *(a)* | 105000 | 99849 |
| 5.00%, 01/15/29 *(a)* | 175000 | 179026 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.80%, 05/15/28 *(a)* | 105000 | 104757 |
| 1.55%, 11/15/30 *(a)* | 70000 | 61876 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.75%, 11/01/27 *(a)* | 150000 | 154717 |
| 3.20%, 11/13/27 *(a)* | 125000 | 123322 |
| 4.30%, 12/01/28 *(a)* | 140000 | 141172 |
| 5.20%, 01/15/29 *(a)* | 175000 | 180512 |
| 2.30%, 03/01/30 *(a)* | 100000 | 92520 |
| 7.05%, 12/15/54 *(a)(b)* | 75000 | 78505 |
| 3.88%, 02/15/62 *(a)(b)(c)* | 135000 | 132686 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| 3.30%, 06/01/27 *(a)* | 65000 | 64429 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.95%, 09/15/27 *(a)* | 85000 | 83682 |
| 2.60%, 08/15/29 *(a)* | 130000 | 123077 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| 4.00%, 10/15/28 *(a)* | 80000 | 80189 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| 3.80%, 06/01/29 *(a)* | 150000 | 148163 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.25%, 04/15/28 *(a)* | 155000 | 152925 |
| 3.70%, 07/15/30 *(a)* | 250000 | 245985 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 3.15%, 01/15/27 *(a)* | 85000 | 84244 |
| 5.95%, 03/15/28 *(a)* | 85000 | 88222 |
| 3.05%, 10/15/29 *(a)* | 125000 | 119503 |
| 2.50%, 06/15/30 *(a)* | 70000 | 64965 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 3.00%, 02/01/27 *(a)* | 60000 | 59509 |
| 5.20%, 10/01/28 *(a)* | 165000 | 170411 |
| 4.80%, 03/15/30 *(a)* | 100000 | 102510 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 5.40%, 06/01/29 *(a)* | 150000 | 155443 |
| 2.95%, 03/01/30 *(a)* | 86000 | 81527 |
| 7.00%, 02/15/55 *(a)(b)* | 135000 | 140992 |
| 6.70%, 05/15/55 *(a)(b)* | 75000 | 77174 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 3.45%, 08/15/27 *(a)* | 140000 | 138809 |
| 4.75%, 06/01/50 *(a)(b)* | 100000 | 98453 |
| 3.75%, 12/01/50 *(a)(b)* | 90000 | 83018 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 2.95%, 08/15/27 *(a)* | 115000 | 113501 |
| 3.70%, 08/15/28 *(a)* | 125000 | 124593 |
| 2.20%, 03/01/30 *(a)* | 75000 | 69552 |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 3.20%, 03/15/27 *(a)* | 130000 | 129078 |
| 4.65%, 01/01/29 *(a)* | 50000 | 50987 |
| 4.95%, 01/15/30 *(a)* | 145000 | 148788 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 3.13%, 11/15/27 *(a)* | 110000 | 108772 |
| 3.80%, 05/15/28 *(a)* | 125000 | 124712 |
| 4.00%, 12/01/28 *(a)* | 40000 | 40159 |
| 3.35%, 04/01/30 *(a)* | 150000 | 145398 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.60%, 03/01/28 *(a)* | 160000 | 165181 |

---

*See financial notes*

**144**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.65%, 03/01/28 *(a)* | 75000 | 76238 |
| 3.80%, 11/15/28 *(a)* | 85000 | 84795 |
| 4.90%, 02/15/29 *(a)* | 115000 | 118007 |
| 4.60%, 05/30/29 *(a)* | 140000 | 142368 |
| 4.70%, 01/15/30 *(a)* | 155000 | 158479 |
| **Dayton Power & Light Co.** | **Dayton Power & Light Co.** | **Dayton Power & Light Co.** |
| 4.55%, 08/15/30 *(a)(e)* | 145000 | 144396 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 3.60%, 03/15/27 *(a)* | 85000 | 84630 |
| 4.60%, 05/15/28 *(a)* | 225000 | 227777 |
| 4.25%, 06/01/28 *(a)* | 95000 | 95339 |
| 3.38%, 04/01/30 *(a)* | 325000 | 313720 |
| 5.00%, 06/15/30 *(a)* | 175000 | 179878 |
| 6.88%, 02/01/55 *(a)(b)* | 230000 | 239468 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 4.25%, 05/14/27  | 75000 | 75573 |
| 1.90%, 04/01/28 *(a)* | 130000 | 124677 |
| 2.25%, 03/01/30 *(a)* | 140000 | 130319 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 4.95%, 07/01/27 *(a)* | 250000 | 253359 |
| 4.88%, 06/01/28 *(a)* | 250000 | 254372 |
| 5.10%, 03/01/29 *(a)* | 250000 | 256382 |
| 3.40%, 06/15/29 *(a)* | 145000 | 141077 |
| 2.95%, 03/01/30 *(a)* | 85000 | 80555 |
| 5.20%, 04/01/30 *(a)* | 250000 | 258179 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 3.95%, 11/15/28 *(a)* | 170000 | 170430 |
| 6.00%, 12/01/28  | 50000 | 52822 |
| 2.45%, 08/15/29 *(a)* | 115000 | 108935 |
| 2.45%, 02/01/30 *(a)* | 105000 | 98509 |
| 4.85%, 03/15/30 *(a)* | 105000 | 108184 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 4.85%, 01/05/27  | 135000 | 136328 |
| 3.15%, 08/15/27 *(a)* | 150000 | 148339 |
| 5.00%, 12/08/27 *(a)* | 110000 | 112270 |
| 4.30%, 03/15/28 *(a)* | 196000 | 197149 |
| 4.85%, 01/05/29 *(a)* | 170000 | 173542 |
| 3.40%, 06/15/29 *(a)* | 100000 | 97665 |
| 2.45%, 06/01/30 *(a)* | 235000 | 218068 |
| 3.25%, 01/15/82 *(a)(b)* | 110000 | 106993 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 3.20%, 01/15/27 *(a)* | 145000 | 144225 |
| 3.80%, 07/15/28 *(a)* | 140000 | 139935 |
| 2.50%, 12/01/29 *(a)* | 165000 | 155902 |
| 1.75%, 06/15/30 *(a)* | 105000 | 94739 |
| 4.20%, 12/01/30 *(a)* | 120000 | 120191 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 3.65%, 02/01/29 *(a)* | 135000 | 133772 |
| 2.13%, 06/01/30 *(a)* | 80000 | 73350 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 4.35%, 03/06/27  | 65000 | 65543 |
| 3.70%, 09/01/28 *(a)* | 141000 | 140572 |
| 3.45%, 03/15/29 *(a)* | 130000 | 128145 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.75%, 06/15/27 *(a)* | 120000 | 122201 |
| 4.13%, 03/15/28 *(a)* | 125000 | 123652 |
| 5.25%, 11/15/28 *(a)* | 135000 | 136871 |
| 5.45%, 06/15/29 *(a)* | 105000 | 106863 |
| 6.95%, 11/15/29 *(a)* | 125000 | 133145 |
| 6.25%, 03/15/30 *(a)* | 110000 | 115148 |
| **Enel Chile SA** | **Enel Chile SA** | **Enel Chile SA** |
| 4.88%, 06/12/28 *(a)* | 235000 | 238332 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 4.00%, 06/01/28 *(a)* | 95000 | 95150 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 1.90%, 06/15/28 *(a)* | 185000 | 175565 |
| 2.80%, 06/15/30 *(a)* | 100000 | 93699 |
| 7.13%, 12/01/54 *(a)(b)* | 275000 | 289182 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 3.12%, 09/01/27 *(a)* | 60000 | 59339 |
| 3.25%, 04/01/28 *(a)* | 160000 | 157816 |
| 1.60%, 12/15/30 *(a)* | 60000 | 53065 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 2.85%, 06/01/28 *(a)* | 80000 | 77957 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 4.00%, 03/30/29 *(a)* | 115000 | 114971 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 3.10%, 04/01/27 *(a)* | 70000 | 69374 |
| 4.70%, 03/13/28  | 120000 | 121871 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 2.25%, 06/01/30 *(a)* | 80000 | 73843 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| 2.90%, 09/15/29 *(a)* | 170000 | 162185 |
| 6.65%, 06/01/55 *(a)(b)* | 115000 | 117722 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 5.00%, 01/01/27  | 95000 | 95834 |
| 2.90%, 03/01/27 *(a)* | 140000 | 138174 |
| 4.60%, 07/01/27 *(a)* | 145000 | 146096 |
| 3.30%, 01/15/28 *(a)* | 120000 | 117963 |
| 5.45%, 03/01/28 *(a)* | 205000 | 210192 |
| 5.95%, 02/01/29 *(a)* | 180000 | 188291 |
| 4.25%, 04/01/29 *(a)* | 125000 | 124839 |
| 1.65%, 08/15/30 *(a)* | 180000 | 159002 |
| 4.45%, 12/15/30 *(a)* | 140000 | 139356 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 2.75%, 03/15/27 *(a)* | 140000 | 137935 |
| 5.15%, 03/15/28 *(a)* | 220000 | 224894 |
| 5.15%, 03/15/29 *(a)* | 150000 | 154340 |
| 4.05%, 04/15/30 *(a)* | 280000 | 277564 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 3.90%, 07/15/27 *(a)(g)* | 305000 | 304141 |
| 2.65%, 03/01/30 *(a)* | 170000 | 158607 |
| 2.25%, 09/01/30 *(a)* | 120000 | 108715 |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 4.55%, 01/15/30 *(a)* | 125000 | 126004 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 3.30%, 05/30/27 *(a)* | 115000 | 114483 |
| 5.05%, 04/01/28 *(a)* | 200000 | 205166 |
| 4.40%, 05/15/28 *(a)* | 145000 | 146870 |
| 5.15%, 06/15/29 *(a)* | 210000 | 218319 |
| 4.63%, 05/15/30 *(a)* | 105000 | 107157 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 5.00%, 02/23/27 *(a)* | 50000 | 50672 |
| 3.25%, 03/30/27 *(a)* | 120000 | 119299 |
| 4.65%, 05/16/28 *(a)* | 145000 | 147359 |
| 4.00%, 10/01/28 *(a)* | 160000 | 160644 |
| 2.65%, 09/15/29 *(a)* | 150000 | 142880 |
| 4.55%, 03/15/30 *(a)* | 175000 | 178007 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| 3.85%, 05/15/28 *(a)* | 100000 | 99917 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 4.10%, 09/26/28 *(a)* | 120000 | 120002 |
| 3.60%, 04/01/29 *(a)* | 85000 | 83395 |
| 2.30%, 06/01/30 *(a)* | 70000 | 64328 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 4.25%, 05/01/30 *(a)* | 170000 | 166700 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| 3.35%, 11/15/27 *(a)* | 110000 | 108863 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**145**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
| 4.15%, 01/15/29 *(a)(e)* | 75000 | 74948 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 3.10%, 05/01/27 *(a)* | 100000 | 99095 |
| 3.65%, 04/15/29 *(a)* | 170000 | 168172 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| 3.95%, 03/30/28 *(a)* | 65000 | 65028 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.60%, 06/12/28 *(a)* | 155000 | 160100 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 4.80%, 02/05/27 *(a)* | 150000 | 151504 |
| 3.05%, 04/25/27 *(a)* | 75000 | 74265 |
| 5.10%, 05/06/27 *(a)* | 95000 | 96451 |
| 4.12%, 09/16/27 *(a)* | 90000 | 90432 |
| 3.95%, 12/10/27  | 150000 | 158697 |
| 3.40%, 02/07/28 *(a)* | 200000 | 198238 |
| 4.75%, 02/07/28 *(a)* | 135000 | 137139 |
| 4.80%, 03/15/28 *(a)* | 140000 | 142641 |
| 4.15%, 08/25/28 *(a)* | 140000 | 140820 |
| 5.05%, 09/15/28 *(a)* | 105000 | 107782 |
| 3.90%, 11/01/28 *(a)* | 130000 | 129912 |
| 4.85%, 02/07/29 *(a)* | 110000 | 112637 |
| 3.70%, 03/15/29 *(a)* | 100000 | 98855 |
| 5.15%, 06/15/29 *(a)* | 125000 | 129364 |
| 4.95%, 02/07/30 *(a)* | 100000 | 102956 |
| 2.40%, 03/15/30 *(a)* | 125000 | 116708 |
| 4.30%, 12/10/30 *(a)* | 90000 | 90208 |
| 7.13%, 09/15/53 *(a)(b)* | 70000 | 73403 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| 3.70%, 05/01/29 *(a)* | 120000 | 118275 |
| 2.40%, 05/01/30 *(a)* | 95000 | 87853 |
| 6.25%, 05/15/55 *(a)(b)* | 80000 | 80868 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 1.88%, 01/15/27 *(a)* | 175000 | 171385 |
| 3.55%, 05/01/27 *(a)* | 515000 | 512214 |
| 4.63%, 07/15/27 *(a)* | 250000 | 252932 |
| 4.69%, 09/01/27  | 410000 | 415012 |
| 4.85%, 02/04/28  | 200000 | 203817 |
| 4.90%, 02/28/28 *(a)* | 295000 | 300620 |
| 1.90%, 06/15/28 *(a)* | 355000 | 338380 |
| 4.90%, 03/15/29 *(a)* | 215000 | 220504 |
| 3.50%, 04/01/29 *(a)* | 160000 | 157015 |
| 2.75%, 11/01/29 *(a)* | 265000 | 252510 |
| 5.00%, 02/28/30 *(a)* | 125000 | 128941 |
| 5.05%, 03/15/30 *(a)* | 255000 | 263355 |
| 2.25%, 06/01/30 *(a)* | 430000 | 395635 |
| 6.70%, 09/01/54 *(a)(b)* | 240000 | 249462 |
| 6.38%, 08/15/55 *(a)(b)* | 350000 | 361770 |
| 4.80%, 12/01/77 *(a)(b)* | 120000 | 118228 |
| 5.65%, 05/01/79 *(a)(b)* | 120000 | 121358 |
| 3.80%, 03/15/82 *(a)(b)* | 140000 | 137359 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 3.20%, 05/15/27 *(a)* | 140000 | 138748 |
| 3.25%, 05/15/29 *(a)* | 115000 | 111779 |
| 4.85%, 03/01/30 *(a)* | 135000 | 137991 |
| 3.95%, 04/01/30 *(a)* | 80000 | 79024 |
| **OGE Energy Corp.** | **OGE Energy Corp.** | **OGE Energy Corp.** |
| 5.45%, 05/15/29 *(a)* | 85000 | 88136 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| 2.60%, 04/01/30 *(a)* | 75000 | 70062 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 3.80%, 08/15/28 *(a)* | 100000 | 99770 |
| 3.30%, 03/15/30 *(a)* | 85000 | 82031 |
| 3.25%, 04/01/30 *(a)* | 50000 | 48031 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 4.50%, 03/20/27 *(e)* | 130000 | 131068 |
| 4.30%, 05/15/28 *(a)* | 165000 | 166420 |
| 3.70%, 11/15/28 *(a)* | 50000 | 49682 |
| 5.75%, 03/15/29 *(a)* | 105000 | 109901 |
| 4.65%, 11/01/29 *(a)* | 200000 | 203400 |
| 2.75%, 05/15/30 *(a)* | 145000 | 136693 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 3.30%, 03/15/27 *(a)* | 90000 | 89077 |
| 5.45%, 06/15/27 *(a)* | 150000 | 152630 |
| 2.10%, 08/01/27 *(a)* | 230000 | 223006 |
| 3.30%, 12/01/27 *(a)* | 235000 | 231288 |
| 5.00%, 06/04/28 *(a)* | 145000 | 147607 |
| 3.00%, 06/15/28 *(a)* | 210000 | 203842 |
| 3.75%, 07/01/28  | 195000 | 192579 |
| 4.65%, 08/01/28 *(a)* | 100000 | 100749 |
| 6.10%, 01/15/29 *(a)* | 190000 | 198990 |
| 4.20%, 03/01/29 *(a)* | 110000 | 109357 |
| 5.55%, 05/15/29 *(a)* | 200000 | 206558 |
| 4.55%, 07/01/30 *(a)* | 695000 | 692499 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.10%, 02/15/29 *(a)* | 115000 | 117510 |
| 3.50%, 06/15/29 *(a)* | 125000 | 121623 |
| 2.70%, 09/15/30 *(a)* | 80000 | 73577 |
| **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
| 4.90%, 05/15/28 *(a)* | 85000 | 86623 |
| 5.15%, 05/15/30 *(a)* | 75000 | 77305 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 4.13%, 04/15/30 *(a)* | 75000 | 74554 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| 3.70%, 06/15/28 *(a)* | 70000 | 69734 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 4.40%, 07/01/28  | 60000 | 60591 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 3.00%, 05/15/27 *(a)* | 130000 | 128661 |
| 3.70%, 05/01/28 *(a)* | 85000 | 84648 |
| 3.65%, 09/01/28 *(a)* | 105000 | 104310 |
| 3.20%, 05/15/29 *(a)* | 85000 | 82885 |
| 2.45%, 01/15/30 *(a)* | 90000 | 84627 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 5.85%, 11/15/27 *(a)* | 145000 | 149624 |
| 5.88%, 10/15/28 *(a)* | 100000 | 104499 |
| 5.20%, 04/01/29 *(a)* | 170000 | 174903 |
| 4.90%, 03/15/30 *(a)* | 130000 | 133057 |
| 1.60%, 08/15/30 *(a)* | 100000 | 88723 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 2.38%, 06/15/28 *(a)* | 100000 | 95751 |
| 4.10%, 06/15/30 *(a)* | 150000 | 147021 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 4.95%, 08/15/28 *(a)* | 130000 | 133359 |
| 1.70%, 10/01/30 *(a)* | 215000 | 192075 |
| **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** |
| 6.20%, 12/15/55 *(a)(b)* | 100000 | 99453 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 4.88%, 02/01/27 *(a)* | 110000 | 110766 |
| 4.70%, 06/01/27 *(a)* | 160000 | 161295 |
| 5.85%, 11/01/27 *(a)* | 150000 | 154236 |
| 3.65%, 03/01/28 *(a)* | 150000 | 148292 |
| 5.30%, 03/01/28 *(a)* | 150000 | 153261 |
| 5.65%, 10/01/28 *(a)* | 145000 | 150209 |
| 4.20%, 03/01/29 *(a)* | 115000 | 114273 |
| 6.65%, 04/01/29  | 75000 | 78687 |
| 5.15%, 06/01/29 *(a)* | 135000 | 138039 |
| 2.85%, 08/01/29 *(a)* | 150000 | 142251 |

---

*See financial notes*

**146**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 03/15/30 *(a)* | 205000 | 210486 |
| 2.25%, 06/01/30 *(a)* | 120000 | 108968 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 5.11%, 08/01/27 *(g)* | 195000 | 198243 |
| 1.75%, 03/15/28 *(a)* | 125000 | 119113 |
| 4.85%, 06/15/28 *(a)* | 245000 | 249488 |
| 5.50%, 03/15/29 *(a)* | 200000 | 207770 |
| 3.70%, 04/30/30 *(a)* | 230000 | 224656 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| 4.25%, 10/01/30 *(a)* | 120000 | 119853 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 4.10%, 09/15/28 *(a)* | 170000 | 170063 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 6.00%, 04/15/28 *(a)* | 90000 | 93472 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 4.90%, 03/01/29 *(a)* | 125000 | 127751 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 1.50%, 08/01/30 *(a)* | 50000 | 44524 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 3.50%, 03/15/29 *(a)* | 125000 | 122880 |
| 2.95%, 03/15/30 *(a)* | 100000 | 95324 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 3.50%, 03/15/27 *(a)* | 165000 | 164311 |
| 3.75%, 05/15/27 *(a)* | 165000 | 164747 |
| 3.80%, 04/01/28 *(a)* | 180000 | 179376 |
| 2.88%, 07/15/29 *(a)* | 155000 | 148756 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.15%, 10/01/27 *(a)* | 100000 | 102043 |
| 1.38%, 10/15/27 *(a)* | 115000 | 110085 |
| 4.75%, 01/15/28 *(a)* | 100000 | 101557 |
| 2.20%, 12/15/28 *(a)* | 75000 | 71317 |
| 1.80%, 10/15/30 *(a)* | 110000 | 97948 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 1.70%, 06/15/28 *(a)* | 95000 | 90323 |
| 3.95%, 03/01/29 *(a)* | 70000 | 70035 |
| 5.00%, 05/15/29 *(a)* | 85000 | 87673 |
| 4.15%, 10/15/30 *(a)* | 110000 | 109973 |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 3.05%, 10/15/27 *(a)* | 75000 | 73915 |
| 3.00%, 07/01/29 *(a)* | 130000 | 125179 |
| **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
| 4.55%, 12/01/29 *(a)* | 70000 | 71371 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 1.75%, 03/15/27 *(a)* | 125000 | 121824 |
| 4.75%, 03/21/28 *(a)* | 115000 | 116553 |
| 4.00%, 06/15/28 *(a)* | 180000 | 180086 |
| 2.60%, 12/01/29 *(a)(c)* | 155000 | 145579 |
| 3.40%, 06/01/30 *(a)* | 100000 | 96210 |
|  |  | **40121704** |
| ***Natural Gas 0.6%***  | ***Natural Gas 0.6%***  | ***Natural Gas 0.6%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 3.00%, 06/15/27 *(a)* | 130000 | 128752 |
| 2.63%, 09/15/29 *(a)* | 105000 | 99886 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 5.25%, 03/01/28 *(a)* | 230000 | 235741 |
| 4.00%, 04/01/28 *(a)* | 80000 | 79945 |
| 1.75%, 10/01/30 *(a)* | 100000 | 89230 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 3.49%, 05/15/27 *(a)* | 225000 | 223668 |
| 5.25%, 03/30/28 *(a)* | 230000 | 235969 |
| 5.20%, 07/01/29 *(a)* | 145000 | 149566 |
| 2.95%, 09/01/29 *(a)* | 130000 | 124802 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.60%, 05/01/30 *(a)* | 235000 | 228583 |
| 6.95%, 11/30/54 *(a)(b)* | 150000 | 156384 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 5.10%, 04/01/29 *(a)* | 170000 | 175164 |
| 2.00%, 05/15/30 *(a)(c)* | 75000 | 68666 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 3.50%, 06/01/29 *(a)* | 175000 | 171146 |
| **Sempra** | **Sempra** | **Sempra** |
| 3.25%, 06/15/27 *(a)* | 190000 | 187971 |
| 3.40%, 02/01/28 *(a)* | 190000 | 187245 |
| 3.70%, 04/01/29 *(a)* | 100000 | 98463 |
| 4.13%, 04/01/52 *(a)(b)* | 235000 | 230980 |
| 6.88%, 10/01/54 *(a)(b)* | 275000 | 282914 |
| 6.63%, 04/01/55 *(a)(b)* | 100000 | 101204 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 2.95%, 04/15/27 *(a)* | 255000 | 252323 |
| 2.55%, 02/01/30 *(a)* | 150000 | 141503 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| 4.05%, 09/15/28 *(a)* | 90000 | 90072 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 5.80%, 12/01/27 *(a)* | 65000 | 67021 |
| 5.45%, 03/23/28 *(a)* | 110000 | 112871 |
| 3.70%, 04/01/28 *(a)* | 65000 | 64489 |
| 2.20%, 06/15/30 *(a)* | 70000 | 63702 |
|  |  | **4048260** |
| ***Utility Other 0.2%***  | ***Utility Other 0.2%***  | ***Utility Other 0.2%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.95%, 09/01/27 *(a)* | 154000 | 151812 |
| 3.75%, 09/01/28 *(a)* | 150000 | 149501 |
| 3.45%, 06/01/29 *(a)* | 125000 | 122663 |
| 2.80%, 05/01/30 *(a)* | 105000 | 99662 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 4.80%, 08/15/27 *(a)* | 225000 | 227986 |
| 3.57%, 05/01/29 *(a)* | 110000 | 107867 |
| 2.70%, 04/15/30 *(a)* | 75000 | 70460 |
| **United Utilities PLC** | **United Utilities PLC** | **United Utilities PLC** |
| 6.88%, 08/15/28  | 80000 | 85204 |
|  |  | **1015155** |
|  |  | **45185119** |
| **Total Corporates** <br>**(Cost $658,087,990)** | **Total Corporates** <br>**(Cost $658,087,990)** | **666956602** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.7% OF NET ASSETS | **Short-Term Investments** 0.7% OF NET ASSETS | **Short-Term Investments** 0.7% OF NET ASSETS |
| **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.74% *(h)*<br>| 2680986 | 2680986 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.74% *(h)(i)*<br>| 2247098 | 2247098 |
|  |  | **4928084** |
| **Total Short-Term Investments** <br>**(Cost $4,928,084)** | **Total Short-Term Investments** <br>**(Cost $4,928,084)** | **4928084** |
| **Total Investments in Securities** <br>**(Cost $663,016,074)** | **Total Investments in Securities** <br>**(Cost $663,016,074)** | **671884686** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**147**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| 2 Year US Treasury Notes <br> (CBOT), expires 03/31/26<br>| 1 | 208789 | (103)<br>|
| 5 Year US Treasury Notes <br> (CBOT), expires 03/31/26<br>| 6 | 655828 | (63)<br>|
|  |  |  | **(166)**<br>|
| **Short** |  |  |  |
| 3 Year US Treasury Notes <br> (CBOT), expires 03/31/26<br>| (7)<br>| (1492586)<br>| **(486)**<br>|
| **Total Net Unrealized Depreciation on Futures Contracts** | **Total Net Unrealized Depreciation on Futures Contracts** | **Total Net Unrealized Depreciation on Futures Contracts** | **(652)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* All or a portion of this security is on loan. Securities on loan were valued at $2,170,029.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $3,786,518 or 0.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CBOT — Chicago Board of Trade <br> DAC — Designated Activity Company <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/25<br>| FACE AMOUNT<br> AT 12/31/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS |
| **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** |
| **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 3.45%, 02/13/26 | $49293 | $9870 | ($59436)<br>| ($584)<br>| $896 | ($39)<br>| $— | $— | $349 |
| 0.90%, 03/11/26 | 172284 |  | (174052)<br>| (5591)<br>| 7267 | 92 |  |  | 405 |
| 1.15%, 05/13/26 | 148060 | 28822 | (179374)<br>| (3795)<br>| 5620 | 667 |  |  | 796 |
| 5.88%, 08/24/26 | 173067 | 15253 | (187819)<br>| 1697 | (1500)<br>| (698)<br>|  |  | 6591 |
| 3.20%, 03/02/27 | 101736 | 73955 | (49133)<br>| (947)<br>| 2194 | 1225 | 129030 | 130000 | 3330 |
| 2.45%, 03/03/27 | 248281 | 63660 |  |  | 5354 | 2891 | 320186 | 325000 | 6756 |
| 3.30%, 04/01/27 | 116557 | 34646 |  |  | 1780 | 1110 | 154093 | 155000 | 4172 |
| 3.20%, 01/25/28 | 100524 | 54083 |  |  | 1257 | 1986 | 157850 | 160000 | 3752 |
| 2.00%, 03/20/28 | 164954 | 86048 |  |  | 3642 | 5197 | 259841 | 270000 | 4098 |
| 4.00%, 02/01/29 | 82428 | 64450 | (24810)<br>| 675 | 2058 | 679 | 125480 | 125000 | 4201 |
| 5.64%, 05/19/29 | 204167 | 57130 |  |  | 3851 | (372)<br>| 264776 | 255000 | 12322 |
| 3.25%, 05/22/29 | 84334 | 43812 |  |  | 2040 | 1360 | 131546 | 135000 | 3275 |
| 2.75%, 10/01/29 | 45514 | 48974 |  |  | 2332 | 1391 | 98211 | 103000 | 2340 |
| 6.20%, 11/17/29 | 213674 | 79877 |  |  | 4307 | (1526)<br>| 296332 | 280000 | 14110 |
| 4.63%, 03/22/30 |  | 100806 |  |  | 1599 | (91)<br>| 102314 | 100000 | 3070 |
| 4.34%, 11/14/31 |  | 200610 |  |  | (848)<br>| (10)<br>| 199752 | 200000 | 724 |
| **Total** | **$1904873** | **$961996** | **($674624)**<br>| **($8545)**<br>| **$41849** | **$13862** | **$2239411** |  | **$70291** |

---

*See financial notes*

**148**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $666956602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $666956602 |
| Short-Term Investments<sup>1</sup> <br>| 4928084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4928084 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (652)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (652)<br>|
| **Total** | **$4927432** | &nbsp;&nbsp; **$666956602** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$671884034** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**149**

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $2,206,737)  |  | $2239411 |
| Investments in securities, at value - unaffiliated issuers (cost $660,809,337) including securities on loan of $2,170,029 |  | 669645275 |
| Deposit with broker for futures contracts |  | 58500 |
| Receivables: |  |  |
| Investments sold |  | 7547543 |
| Interest |  | 7432378 |
| Dividends |  | 7693 |
| Income from securities on loan | + | 2918 |
| **Total assets** |  | **686933718** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2247098 |
| Payables: |  |  |
| Investments bought |  | 10258742 |
| Management fees |  | 16725 |
| Variation margin on futures contracts | + | 834 |
| **Total liabilities** |  | **12523399** |
| **Net assets** |  | **$674410319** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $675842739 |
| Total distributable loss | + | (1432420)<br>|
| **Net assets** |  | **$674410319** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $674410319 |  | &nbsp;&nbsp;&nbsp;&nbsp; 27100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $24.89 |

---

*See financial notes*

**150**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $25035449 |
| Interest received from securities - affiliated issuers |  | 84153 |
| Dividends received from securities - unaffiliated issuers  |  | 75171 |
| Other Interest |  | 2195 |
| Securities on loan, net | + | 18640 |
| **Total investment income**  |  | **25215608** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 166281 |
| **Total expenses** | – | **166281** |
| **Net investment income** |  | **25049327** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (9524)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (817941)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 979 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 320520 |
| Net realized losses on futures contracts | + | (25795)<br>|
| **Net realized losses** |  | **(531761)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 41849 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 11241743 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 792 |
| **Net change in unrealized appreciation (depreciation)** |  | **11284384** |
| **Net realized and unrealized gains** |  | **10752623** |
| **Increase in net assets resulting from operations** |  | **$35801950** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**151**

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $25049327 | &nbsp;&nbsp;&nbsp; $17195034 |
| Net realized losses |  | (531761)<br>| &nbsp;&nbsp;&nbsp; (2794175)<br>|
| Net change in unrealized appreciation (depreciation) | + | 11284384 | &nbsp;&nbsp;&nbsp; 5797658 |
| **Increase in net assets resulting from operations** |  | **$35801950** | &nbsp;&nbsp;&nbsp; **$20198517** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($25006360)**<br>| &nbsp;&nbsp;&nbsp; **($17176230)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 8800000 | &nbsp;&nbsp;&nbsp; $217920451 | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; $150663215 |
| Shares redeemed | + | (1200000)<br>| &nbsp;&nbsp;&nbsp; (29508588)<br>| &nbsp;&nbsp;&nbsp; (2800000)<br>| &nbsp;&nbsp;&nbsp; (67656096)<br>|
| **Net transactions in fund shares**  |  | **7600000** | &nbsp;&nbsp;&nbsp; **$188411863** | &nbsp;&nbsp;&nbsp; **3400000** | &nbsp;&nbsp;&nbsp; **$83007119** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 19500000 | &nbsp;&nbsp;&nbsp; $475202866 | &nbsp;&nbsp;&nbsp; 16100000 | &nbsp;&nbsp;&nbsp; $389173460 |
| Total increase | + | 7600000 | &nbsp;&nbsp;&nbsp; 199207453 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; 86029406 |
| **End of period** |  | **27100000** | &nbsp;&nbsp;&nbsp; **$674410319** | &nbsp;&nbsp;&nbsp; **19500000** | &nbsp;&nbsp;&nbsp; **$475202866** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). 

*See financial notes*

**152**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 1/1/22– <br>12/31/22<sup>1</sup> <br>| 1/1/21– <br>12/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $22.49 | &nbsp;&nbsp; $21.60 | &nbsp;&nbsp; $25.87 | &nbsp;&nbsp; $26.85 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 1.15 | 1.14 | 1.10 | 0.68 | 0.51 |
| Net realized and unrealized gains (losses) | 0.89 | &nbsp;&nbsp; (0.41)<br>| 0.75 | &nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp; (0.99)<br>|
| Total from investment operations | 2.04 | 0.73 | 1.85 | &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; (0.48)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.50)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $22.98 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $22.49 | &nbsp;&nbsp; $21.60 | &nbsp;&nbsp; $25.87 |
| Total return | 9.42<br> %<br>| 3.32<br> %<br>| 8.84<br> %<br>| &nbsp;&nbsp; (14.00<br> %)<br>| &nbsp;&nbsp; (1.80<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04 %<sup>4,5</sup><br>| 0.05 %<sup>6</sup><br>|
| Net investment income (loss) | 5.09<br> %<br>| 5.12<br> %<br>| 5.05<br> %<br>| 2.97<br> %<br>| 1.96<br> %<br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $9809 | &nbsp;&nbsp; $7740 | &nbsp;&nbsp; $5762 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> 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. 

<sup>3</sup> Calculated based on the average shares outstanding during the period.

<sup>4</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended December 31, 2022, is a blended ratio.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended December 31, 2021, is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**153**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025

------

All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and if the coupon rate is not available, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 98.7% OF NET ASSETS | **CORPORATES** 98.7% OF NET ASSETS | **CORPORATES** 98.7% OF NET ASSETS |
| **Financial Institutions 36.8%** | **Financial Institutions 36.8%** | **Financial Institutions 36.8%** |
| ***Banking 24.6%***  | ***Banking 24.6%***  | ***Banking 24.6%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 8.00%, 11/01/31  | 11342000 | 12881447 |
| 5.55%, 07/31/33 *(a)(b)* | 2800000 | 2821030 |
| 6.18%, 07/26/35 *(a)(b)* | 3525000 | 3657398 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 4.99%, 05/26/33 *(a)(b)* | 3435000 | 3495925 |
| 4.92%, 07/20/33 *(a)(b)* | 7910000 | 8052454 |
| 4.42%, 08/03/33 *(a)(b)* | 5730000 | 5692434 |
| 5.04%, 05/01/34 *(a)(b)* | 5730000 | 5877376 |
| 5.63%, 07/28/34 *(a)(b)* | 2230000 | 2333028 |
| 5.92%, 04/25/35 *(a)(b)* | 2480000 | 2638893 |
| 5.28%, 07/26/35 *(a)(b)* | 7730000 | 7973758 |
| 5.44%, 01/30/36 *(a)(b)* | 5725000 | 5952059 |
| 5.67%, 04/25/36 *(a)(b)* | 7015000 | 7413500 |
| 4.80%, 10/24/36 *(a)(b)* | 9150000 | 9049143 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 7.88%, 11/15/34 *(a)(b)* | 3400000 | 3961260 |
| 6.03%, 03/13/35 *(a)(b)* | 4400000 | 4690494 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 2.96%, 03/25/31  | 3400000 | 3161319 |
| 5.44%, 07/15/31  | 6800000 | 7152493 |
| 3.23%, 11/22/32 *(a)(b)* | 4600000 | 4218707 |
| 6.92%, 08/08/33  | 9200000 | 10208168 |
| 6.94%, 11/07/33  | 6800000 | 7792718 |
| 6.35%, 03/14/34  | 5600000 | 6040068 |
| 6.03%, 01/17/35  | 4600000 | 4937282 |
| 5.13%, 11/06/35  | 5800000 | 5813009 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 2.65%, 03/11/32 *(a)(b)* | 9150000 | 8408692 |
| 2.69%, 04/22/32 *(a)(b)* | 20740000 | 19036178 |
| 2.30%, 07/21/32 *(a)(b)* | 17430000 | 15588118 |
| 2.57%, 10/20/32 *(a)(b)* | 14905000 | 13447045 |
| 2.97%, 02/04/33 *(a)(b)* | 17105000 | 15652098 |
| 4.57%, 04/27/33 *(a)(b)* | 18260000 | 18226316 |
| 5.02%, 07/22/33 *(a)(b)* | 22845000 | 23318506 |
| 5.29%, 04/25/34 *(a)(b)* | 22875000 | 23609365 |
| 5.87%, 09/15/34 *(a)(b)* | 17140000 | 18303549 |
| 5.47%, 01/23/35 *(a)(b)* | 22965000 | 23939508 |
| 5.43%, 08/15/35 *(a)(b)* | 11640000 | 11911253 |
| 5.52%, 10/25/35 *(a)(b)* | 15985000 | 16401139 |
| 5.51%, 01/24/36 *(a)(b)* | 16005000 | 16722018 |
| 5.74%, 02/12/36 *(a)(b)* | 11635000 | 12137333 |
| 5.46%, 05/09/36 *(a)(b)* | 9330000 | 9717020 |
| 2.48%, 09/21/36 *(a)(b)* | 9155000 | 8048472 |
| 3.85%, 03/08/37 *(a)(b)* | 11508000 | 10862603 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 5.51%, 06/04/31 *(a)* | 3765000 | 3963892 |
| 3.09%, 01/10/37 *(a)(b)* | 5765000 | 5189162 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 1.65%, 01/28/31 *(a)* | 2265000 | 2004634 |
| 1.80%, 07/28/31 *(a)* | 2365000 | 2083829 |
| 2.50%, 01/26/32 *(a)(c)* | 2580000 | 2354995 |
| 5.06%, 07/22/32 *(a)(b)* | 5085000 | 5273653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.29%, 06/13/33 *(a)(b)* | 3290000 | 3248219 |
| 5.83%, 10/25/33 *(a)(b)* | 6815000 | 7356299 |
| 4.71%, 02/01/34 *(a)(b)* | 3330000 | 3345085 |
| 4.97%, 04/26/34 *(a)(b)* | 4540000 | 4631958 |
| 6.47%, 10/25/34 *(a)(b)* | 5075000 | 5678948 |
| 5.19%, 03/14/35 *(a)(b)* | 4625000 | 4779197 |
| 5.23%, 11/20/35 *(a)(b)* | 3450000 | 3575081 |
| 5.32%, 06/06/36 *(a)(b)* | 3510000 | 3638810 |
| 5.61%, 07/21/39 *(a)(b)* | 2015000 | 2116462 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 2.15%, 08/01/31  | 3075000 | 2741423 |
| 2.45%, 02/02/32  | 3865000 | 3454379 |
| 4.74%, 11/10/32 *(a)(b)* | 2950000 | 2986177 |
| 5.65%, 02/01/34  | 3940000 | 4189279 |
| 4.59%, 05/04/37 *(a)(b)* | 5645000 | 5506412 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 2.67%, 03/10/32 *(a)(b)* | 4580000 | 4173015 |
| 2.89%, 11/24/32 *(a)(b)* | 5777000 | 5254637 |
| 5.75%, 08/09/33 *(a)(b)* | 4615000 | 4850756 |
| 7.44%, 11/02/33 *(a)(b)* | 9125000 | 10446536 |
| 6.22%, 05/09/34 *(a)(b)* | 9240000 | 9946462 |
| 7.12%, 06/27/34 *(a)(b)* | 6820000 | 7644265 |
| 6.69%, 09/13/34 *(a)(b)* | 6705000 | 7430134 |
| 5.34%, 09/10/35 *(a)(b)* | 9235000 | 9388473 |
| 5.79%, 02/25/36 *(a)(b)* | 9105000 | 9543617 |
| **BOKF NA** | **BOKF NA** | **BOKF NA** |
| 6.11%, 11/06/40 *(a)(b)* | 1820000 | 1860567 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 3.60%, 04/07/32 *(a)* | 4505000 | 4297430 |
| 6.09%, 10/03/33 *(a)* | 5110000 | 5558521 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 2.36%, 07/29/32 *(a)(b)* | 4755000 | 4168556 |
| 2.62%, 11/02/32 *(a)(b)* | 2265000 | 2033979 |
| 6.70%, 11/29/32 *(a)* | 3455000 | 3828052 |
| 5.27%, 05/10/33 *(a)(b)* | 5145000 | 5282322 |
| 5.82%, 02/01/34 *(a)(b)* | 5724000 | 5999291 |
| 6.38%, 06/08/34 *(a)(b)* | 7855000 | 8500199 |
| 7.96%, 11/02/34 *(a)(b)* | 4545000 | 5362256 |
| 6.05%, 02/01/35 *(a)(b)* | 4970000 | 5290194 |
| 5.88%, 07/26/35 *(a)(b)* | 4585000 | 4829175 |
| 6.18%, 01/30/36 *(a)(b)* | 8010000 | 8376168 |
| 5.20%, 09/11/36 *(a)(b)* | 6850000 | 6819833 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 5.57%, 04/30/34 *(a)* | 9240000 | 9787658 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 2.56%, 05/01/32 *(a)(b)* | 13740000 | 12474510 |
| 6.63%, 06/15/32  | 4590000 | 5087904 |
| 2.52%, 11/03/32 *(a)(b)* | 8075000 | 7239865 |
| 3.06%, 01/25/33 *(a)(b)* | 13855000 | 12698682 |
| 5.88%, 02/22/33  | 2290000 | 2449877 |
| 3.79%, 03/17/33 *(a)(b)* | 13843000 | 13203984 |
| 4.91%, 05/24/33 *(a)(b)* | 11545000 | 11684191 |
| 6.00%, 10/31/33  | 3040000 | 3274365 |
| 6.27%, 11/17/33 *(a)(b)* | 12650000 | 13784234 |
| 6.17%, 05/25/34 *(a)(b)* | 14725000 | 15678414 |
| 5.83%, 02/13/35 *(a)(b)* | 11410000 | 11875337 |
| 5.45%, 06/11/35 *(a)(b)* | 11385000 | 11787855 |
| 6.02%, 01/24/36 *(a)(b)* | 13705000 | 14379894 |

---

*See financial notes*

**154**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.33%, 03/27/36 *(a)(b)* | 10340000 | 10581889 |
| 5.17%, 09/11/36 *(a)(b)* | 13730000 | 13880175 |
| 5.41%, 09/19/39 *(a)(b)* | 5065000 | 5104277 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 5.72%, 07/23/32 *(a)(b)* | 5590000 | 5868857 |
| 2.64%, 09/30/32 *(a)* | 2795000 | 2416410 |
| 6.65%, 04/25/35 *(a)(b)* | 3440000 | 3785466 |
| 5.64%, 05/21/37 *(a)(b)* | 1930000 | 1963693 |
| **Comerica Bank** | **Comerica Bank** | **Comerica Bank** |
| 5.33%, 08/25/33 *(a)(b)(c)* | 2305000 | 2325755 |
| **Credit Suisse USA LLC** | **Credit Suisse USA LLC** | **Credit Suisse USA LLC** |
| 7.13%, 07/15/32  | 3370000 | 3853790 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 3.73%, 01/14/32 *(a)(b)* | 5705000 | 5399779 |
| 3.04%, 05/28/32 *(a)(b)* | 4150000 | 3813071 |
| 3.74%, 01/07/33 *(a)(b)* | 5735000 | 5331558 |
| 7.08%, 02/10/34 *(a)(b)* | 6950000 | 7647735 |
| 5.40%, 09/11/35 *(a)(b)* | 5785000 | 5906369 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 5.63%, 01/29/32 *(a)(b)* | 4675000 | 4907783 |
| 4.34%, 04/25/33 *(a)(b)* | 2610000 | 2554591 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 6.25%, 03/12/40 *(a)(b)* | 3430000 | 3498043 |
| **Goldman Sachs Capital I** | **Goldman Sachs Capital I** | **Goldman Sachs Capital I** |
| 6.35%, 02/15/34  | 4295000 | 4574626 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 1.99%, 01/27/32 *(a)(b)* | 11385000 | 10115520 |
| 2.62%, 04/22/32 *(a)(b)* | 17145000 | 15643247 |
| 2.38%, 07/21/32 *(a)(b)* | 18515000 | 16592032 |
| 2.65%, 10/21/32 *(a)(b)* | 13685000 | 12358655 |
| 6.13%, 02/15/33  | 5175000 | 5668812 |
| 3.10%, 02/24/33 *(a)(b)* | 18440000 | 16985287 |
| 6.56%, 10/24/34 *(a)(b)* | 5705000 | 6362444 |
| 5.85%, 04/25/35 *(a)(b)* | 11420000 | 12148823 |
| 5.33%, 07/23/35 *(a)(b)* | 13710000 | 14090388 |
| 5.02%, 10/23/35 *(a)(b)* | 16015000 | 16108162 |
| 5.54%, 01/28/36 *(a)(b)* | 13690000 | 14219992 |
| 4.94%, 10/21/36 *(a)(b)* | 16010000 | 15903979 |
| **HSBC Bank USA NA** | **HSBC Bank USA NA** | **HSBC Bank USA NA** |
| 5.88%, 11/01/34  | 1675000 | 1782973 |
| 5.63%, 08/15/35  | 1845000 | 1924044 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 5.73%, 05/17/32 *(a)(b)* | 6485000 | 6838426 |
| 2.80%, 05/24/32 *(a)(b)* | 13840000 | 12660749 |
| 2.87%, 11/22/32 *(a)(b)* | 8105000 | 7364509 |
| 4.76%, 03/29/33 *(a)(b)* | 9260000 | 9224542 |
| 5.40%, 08/11/33 *(a)(b)* | 11490000 | 11916158 |
| 8.11%, 11/03/33 *(a)(b)* | 9125000 | 10704819 |
| 6.25%, 03/09/34 *(a)(b)* | 10200000 | 11103456 |
| 6.55%, 06/20/34 *(a)(b)* | 9200000 | 9972409 |
| 7.40%, 11/13/34 *(a)(b)* | 9235000 | 10548242 |
| 5.72%, 03/04/35 *(a)(b)* | 5710000 | 6024175 |
| 5.87%, 11/18/35 *(a)(b)* | 8045000 | 8406268 |
| 5.45%, 03/03/36 *(a)(b)* | 10235000 | 10576141 |
| 5.79%, 05/13/36 *(a)(b)* | 9260000 | 9786640 |
| 5.74%, 09/10/36 *(a)(b)* | 6805000 | 7006056 |
| 5.13%, 11/06/36 *(a)(b)* | 10205000 | 10230990 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 5.02%, 05/17/33 *(a)(b)* | 1880000 | 1903462 |
| 5.71%, 02/02/35 *(a)(b)* | 5725000 | 5990073 |
| 2.49%, 08/15/36 *(a)(b)* | 2500000 | 2169320 |
| 6.14%, 11/18/39 *(a)(b)* | 2860000 | 2987122 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 2.73%, 04/01/32 *(a)(b)* | 3360000 | 3094762 |
| 4.25%, 03/28/33 *(a)(b)* | 4655000 | 4577035 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.11%, 09/11/34 *(a)(b)* | 5610000 | 6068512 |
| 5.55%, 03/19/35 *(a)(b)* | 6870000 | 7155093 |
| 5.53%, 03/25/36 *(a)(b)* | 4520000 | 4697879 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 1.95%, 02/04/32 *(a)(b)* | 13660000 | 12186863 |
| 2.58%, 04/22/32 *(a)(b)* | 15995000 | 14625244 |
| 2.55%, 11/08/32 *(a)(b)* | 13810000 | 12463318 |
| 2.96%, 01/25/33 *(a)(b)* | 16065000 | 14748705 |
| 4.59%, 04/26/33 *(a)(b)* | 11455000 | 11513294 |
| 4.91%, 07/25/33 *(a)(b)* | 20750000 | 21157223 |
| 5.72%, 09/14/33 *(a)(b)* | 16185000 | 17156427 |
| 5.35%, 06/01/34 *(a)(b)* | 20605000 | 21429379 |
| 6.25%, 10/23/34 *(a)(b)* | 13820000 | 15182975 |
| 5.34%, 01/23/35 *(a)(b)* | 13815000 | 14329672 |
| 5.77%, 04/22/35 *(a)(b)* | 13820000 | 14732294 |
| 5.29%, 07/22/35 *(a)(b)* | 15935000 | 16452625 |
| 4.95%, 10/22/35 *(a)(b)* | 13815000 | 13957245 |
| 5.50%, 01/24/36 *(a)(b)* | 12580000 | 13166246 |
| 5.57%, 04/22/36 *(a)(b)* | 16050000 | 16852282 |
| 5.58%, 07/23/36 *(a)(b)* | 18490000 | 19162857 |
| 4.81%, 10/22/36 *(a)(b)* | 13710000 | 13625330 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 4.90%, 08/08/32  | 3325000 | 3319321 |
| 5.00%, 01/26/33 *(a)* | 4585000 | 4632153 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 4.79%, 06/01/33 *(a)(b)* | 3410000 | 3410281 |
| 6.40%, 03/06/35 *(a)(b)* | 4650000 | 5054109 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 4.98%, 08/11/33 *(a)(b)* | 5775000 | 5875309 |
| 7.95%, 11/15/33 *(a)(b)* | 4600000 | 5365825 |
| 5.68%, 01/05/35 *(a)(b)* | 9090000 | 9579275 |
| 5.59%, 11/26/35 *(a)(b)* | 4650000 | 4866025 |
| 6.07%, 06/13/36 *(a)(b)* | 5635000 | 5931052 |
| 4.94%, 11/04/36 *(a)(b)* | 5715000 | 5657557 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 6.08%, 03/13/32 *(a)(b)* | 3840000 | 4087194 |
| 5.05%, 01/27/34 *(a)(b)* | 4510000 | 4541242 |
| 5.39%, 01/16/36 *(a)(b)* | 4645000 | 4725242 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 2.31%, 07/20/32 *(a)(b)* | 8340000 | 7440878 |
| 2.49%, 10/13/32 *(a)(b)* | 3535000 | 3168571 |
| 2.85%, 01/19/33 *(a)(b)* | 4450000 | 4037486 |
| 4.32%, 04/19/33 *(a)(b)* | 3140000 | 3088892 |
| 5.13%, 07/20/33 *(a)(b)* | 6890000 | 7080651 |
| 5.47%, 09/13/33 *(a)(b)* | 3460000 | 3623667 |
| 5.44%, 02/22/34 *(a)(b)* | 5695000 | 5961585 |
| 5.41%, 04/19/34 *(a)(b)(c)* | 4510000 | 4715287 |
| 5.43%, 04/17/35 *(a)(b)* | 7450000 | 7751608 |
| 5.57%, 01/16/36 *(a)(b)* | 5360000 | 5609853 |
| 5.62%, 04/24/36 *(a)(b)* | 6950000 | 7280824 |
| 5.19%, 09/12/36 *(a)(b)* | 4595000 | 4673910 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 2.56%, 09/13/31  | 4585000 | 4104240 |
| 2.17%, 05/22/32 *(a)(b)* | 2680000 | 2380582 |
| 2.26%, 07/09/32 *(a)(b)* | 3395000 | 3022453 |
| 5.67%, 09/13/33 *(a)(b)* | 3345000 | 3547192 |
| 5.75%, 05/27/34 *(a)(b)* | 4145000 | 4391974 |
| 5.75%, 07/06/34 *(a)(b)* | 4925000 | 5218068 |
| 5.58%, 05/26/35 *(a)(b)* | 3410000 | 3571374 |
| 5.59%, 07/10/35 *(a)(b)* | 3280000 | 3436689 |
| 5.42%, 05/13/36 *(a)(b)* | 4010000 | 4158039 |
| 5.32%, 07/08/36 *(a)(b)* | 4555000 | 4683036 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 1.79%, 02/13/32 *(a)(b)* | 12610000 | 11085635 |
| 7.25%, 04/01/32  | 4530000 | 5221264 |
| 1.93%, 04/28/32 *(a)(b)* | 11465000 | 10064369 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**155**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.24%, 07/21/32 *(a)(b)* | 16105000 | 14307466 |
| 2.51%, 10/20/32 *(a)(b)* | 11455000 | 10282116 |
| 2.94%, 01/21/33 *(a)(b)* | 11485000 | 10486353 |
| 4.89%, 07/20/33 *(a)(b)* | 9175000 | 9307524 |
| 6.34%, 10/18/33 *(a)(b)* | 13900000 | 15245202 |
| 5.25%, 04/21/34 *(a)(b)* | 14835000 | 15278704 |
| 5.42%, 07/21/34 *(a)(b)* | 11585000 | 12062207 |
| 6.63%, 11/01/34 *(a)(b)* | 9175000 | 10262634 |
| 5.47%, 01/18/35 *(a)(b)* | 11445000 | 11900528 |
| 5.83%, 04/19/35 *(a)(b)* | 13900000 | 14788827 |
| 5.32%, 07/19/35 *(a)(b)* | 14850000 | 15298883 |
| 5.59%, 01/18/36 *(a)(b)* | 13755000 | 14389283 |
| 5.66%, 04/17/36 *(a)(b)* | 13640000 | 14344241 |
| 2.48%, 09/16/36 *(a)(b)* | 13735000 | 12081093 |
| 4.89%, 10/22/36 *(a)(b)* | 13760000 | 13648611 |
| 5.30%, 04/20/37 *(a)(b)* | 9165000 | 9329097 |
| 5.95%, 01/19/38 *(a)(b)* | 9015000 | 9505737 |
| 5.94%, 02/07/39 *(a)(b)* | 6880000 | 7246385 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 6.02%, 03/02/34 *(a)(b)* | 4750000 | 5100302 |
| 5.78%, 03/01/35 *(a)(b)* | 6705000 | 7100690 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 6.13%, 11/02/32 *(a)* | 4615000 | 5038862 |
| 5.12%, 11/19/40 *(a)(b)* | 3370000 | 3376799 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 2.31%, 04/23/32 *(a)(b)* | 4637000 | 4186081 |
| 4.81%, 10/21/32 *(a)(b)* | 6935000 | 7064248 |
| 4.63%, 06/06/33 *(a)(b)* | 3774000 | 3747836 |
| 6.04%, 10/28/33 *(a)(b)* | 6814000 | 7369468 |
| 5.07%, 01/24/34 *(a)(b)* | 6784000 | 6947785 |
| 5.94%, 08/18/34 *(a)(b)* | 3495000 | 3755099 |
| 6.88%, 10/20/34 *(a)(b)* | 10405000 | 11783506 |
| 5.68%, 01/22/35 *(a)(b)* | 6875000 | 7257990 |
| 5.40%, 07/23/35 *(a)(b)* | 6905000 | 7156370 |
| 5.58%, 01/29/36 *(a)(b)* | 8055000 | 8410466 |
| 5.37%, 07/21/36 *(a)(b)* | 6865000 | 7072859 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 5.50%, 09/06/35 *(a)(b)* | 4580000 | 4722902 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 2.30%, 11/03/31  | 6895000 | 6208503 |
| 3.88%, 05/04/32  | 4670000 | 4537762 |
| 5.00%, 02/01/33  | 7770000 | 8002322 |
| 5.00%, 05/02/33  | 4185000 | 4298670 |
| 5.15%, 02/01/34  | 5700000 | 5950417 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 6.34%, 05/31/35 *(a)(b)(c)* | 3470000 | 3723151 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.90%, 03/15/32 *(a)(b)* | 2805000 | 2576534 |
| 5.14%, 09/22/36 *(a)(b)* | 4595000 | 4572728 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 2.20%, 03/03/31  | 3845000 | 3463841 |
| 4.68%, 10/22/32 *(a)(b)* | 3705000 | 3777430 |
| 2.62%, 02/07/33 *(a)(b)* | 2555000 | 2311118 |
| 4.42%, 05/13/33 *(a)(b)* | 2455000 | 2445380 |
| 4.16%, 08/04/33 *(a)(b)* | 3530000 | 3462642 |
| 4.82%, 01/26/34 *(a)(b)* | 3400000 | 3447680 |
| 5.16%, 05/18/34 *(a)(b)* | 4620000 | 4778579 |
| 6.12%, 11/21/34 *(a)(b)* | 2210000 | 2391641 |
| 5.15%, 02/28/36 *(a)(b)* | 3475000 | 3559860 |
| 4.78%, 10/23/36 *(a)(b)* | 4625000 | 4606723 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 1.71%, 01/12/31  | 2280000 | 2005114 |
| 5.42%, 07/09/31  | 4130000 | 4323580 |
| 2.22%, 09/17/31  | 4595000 | 4082393 |
| 5.45%, 01/15/32  | 2750000 | 2876412 |
| 5.77%, 01/13/33  | 7880000 | 8396231 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 07/08/33 *(a)(b)* | 3385000 | 3447994 |
| 5.78%, 07/13/33  | 2845000 | 3033695 |
| 5.81%, 09/14/33  | 4200000 | 4499390 |
| 5.56%, 07/09/34  | 6205000 | 6525068 |
| 5.63%, 01/15/35 *(c)* | 4715000 | 4998432 |
| 5.25%, 07/08/36 *(a)(b)* | 3185000 | 3266109 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 2.88%, 10/28/31 *(a)* | 3445000 | 3092422 |
| 6.00%, 07/29/36 *(a)(b)* | 2305000 | 2368806 |
| **Synovus Bank** | **Synovus Bank** | **Synovus Bank** |
| 5.96%, 01/15/36 *(a)(b)* | 2750000 | 2770427 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 2.00%, 09/10/31  | 4165000 | 3723191 |
| 2.45%, 01/12/32  | 2830000 | 2530774 |
| 5.30%, 01/30/32  | 3425000 | 3580006 |
| 3.20%, 03/10/32  | 6935000 | 6465926 |
| 4.46%, 06/08/32  | 9015000 | 9007623 |
| 4.93%, 10/15/35  | 5810000 | 5812167 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 5.15%, 08/05/32 *(a)(b)* | 4595000 | 4749973 |
| 4.92%, 07/28/33 *(a)(b)* | 4580000 | 4615252 |
| 6.12%, 10/28/33 *(a)(b)* | 3485000 | 3767779 |
| 5.12%, 01/26/34 *(a)(b)* | 6845000 | 6976998 |
| 5.87%, 06/08/34 *(a)(b)* | 7955000 | 8466934 |
| 5.71%, 01/24/35 *(a)(b)* | 9155000 | 9644334 |
| 4.96%, 10/23/36 *(a)(b)* | 5720000 | 5661681 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 2.68%, 01/27/33 *(a)(b)* | 3919000 | 3536579 |
| 4.97%, 07/22/33 *(a)(b)* | 5890000 | 5946099 |
| 5.85%, 10/21/33 *(a)(b)* | 6880000 | 7369298 |
| 4.84%, 02/01/34 *(a)(b)* | 9150000 | 9222544 |
| 5.84%, 06/12/34 *(a)(b)* | 8006000 | 8548499 |
| 5.68%, 01/23/35 *(a)(b)* | 9125000 | 9644750 |
| 5.42%, 02/12/36 *(a)(b)* | 5500000 | 5715847 |
| 2.49%, 11/03/36 *(a)(b)* | 5959000 | 5208695 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| 5.50%, 08/01/35  | 3725000 | 3843709 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 3.35%, 03/02/33 *(a)(b)* | 18280000 | 17067265 |
| 4.90%, 07/25/33 *(a)(b)* | 19600000 | 19916005 |
| 5.39%, 04/24/34 *(a)(b)* | 17070000 | 17750926 |
| 5.56%, 07/25/34 *(a)(b)* | 19440000 | 20403981 |
| 6.49%, 10/23/34 *(a)(b)* | 14875000 | 16487495 |
| 5.50%, 01/23/35 *(a)(b)* | 13720000 | 14321737 |
| 5.38%, 02/07/35  | 2205000 | 2322103 |
| 5.21%, 12/03/35 *(a)(b)* | 11435000 | 11694935 |
| 5.61%, 04/23/36 *(a)(b)* | 13995000 | 14681813 |
| 4.89%, 09/15/36 *(a)(b)* | 8030000 | 8007037 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 2.15%, 06/03/31  | 4615000 | 4170731 |
| 5.41%, 08/10/33 *(a)(b)* | 4465000 | 4614879 |
| 6.82%, 11/17/33  | 3515000 | 3933289 |
| 5.62%, 11/20/35 *(a)(b)* | 6810000 | 7040966 |
| 3.02%, 11/18/36 *(a)(b)* | 5735000 | 5180480 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| 6.82%, 11/19/35 *(a)(b)* | 2310000 | 2460569 |
|  |  | **2412732109** |
| ***Brokerage/Asset Managers/Exchanges 2.1%***  | ***Brokerage/Asset Managers/Exchanges 2.1%***  | ***Brokerage/Asset Managers/Exchanges 2.1%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 5.50%, 08/20/34 *(a)* | 1840000 | 1886636 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 4.50%, 05/13/32 *(a)* | 2220000 | 2242153 |
| 5.15%, 05/15/33 *(a)* | 3455000 | 3591489 |
| 5.20%, 04/15/35 *(a)* | 3490000 | 3568454 |

---

*See financial notes*

**156**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** |
| 4.60%, 01/15/31 *(a)* | 1810000 | 1821919 |
| 6.38%, 11/15/33 *(a)* | 2310000 | 2539961 |
| 5.15%, 08/12/35 *(a)* | 3935000 | 3943273 |
| 6.00%, 12/15/54 *(a)(b)* | 2270000 | 2253509 |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 5.00%, 03/14/34 *(a)* | 4645000 | 4802733 |
| 4.90%, 01/08/35 *(a)* | 2420000 | 2473101 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 1.90%, 01/28/31 *(a)* | 5745000 | 5166113 |
| 2.10%, 02/25/32 *(a)* | 4525000 | 3998183 |
| 4.75%, 05/25/33 *(a)* | 5680000 | 5811816 |
| **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** |
| 5.00%, 12/06/34 *(a)* | 3390000 | 3421645 |
| **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
| 3.13%, 06/10/31 *(a)* | 3250000 | 2945901 |
| 4.38%, 02/15/32 *(a)* | 1830000 | 1741003 |
| 6.25%, 04/18/34 *(a)* | 4630000 | 4783809 |
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| 5.80%, 04/24/35 *(a)* | 3400000 | 3560714 |
| **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** |
| 6.09%, 06/14/33 *(a)* | 2560000 | 2742529 |
| **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** |
| 2.34%, 01/30/32 *(a)(c)* | 2785000 | 2444211 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 2.72%, 04/15/31 *(a)* | 2255000 | 2066435 |
| 6.35%, 01/05/34 *(a)* | 3105000 | 3375490 |
| 5.68%, 01/15/35 *(a)* | 2165000 | 2242474 |
| **Carlyle Group, Inc.** | **Carlyle Group, Inc.** | **Carlyle Group, Inc.** |
| 5.05%, 09/19/35 *(a)* | 3710000 | 3663668 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.00%, 03/16/32 *(a)* | 1480000 | 1369308 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 1.65%, 03/11/31 *(a)(d)* | 3360000 | 2950622 |
| 2.30%, 05/13/31 *(a)(d)* | 3395000 | 3076183 |
| 1.95%, 12/01/31 *(a)(d)* | 3870000 | 3391165 |
| 2.90%, 03/03/32 *(a)(d)* | 4550000 | 4170464 |
| 5.85%, 05/19/34 *(a)(b)(d)* | 5905000 | 6326681 |
| 6.14%, 08/24/34 *(a)(b)(d)* | 6145000 | 6703723 |
| 4.91%, 11/14/36 *(a)(b)(d)* | 4510000 | 4488452 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 2.65%, 03/15/32 *(a)* | 3350000 | 3068136 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 4.20%, 03/15/31 *(a)* | 2935000 | 2937889 |
| 5.25%, 06/15/31 *(a)* | 3505000 | 3673127 |
| 1.85%, 09/15/32 *(a)* | 6980000 | 5957375 |
| 4.60%, 03/15/33 *(a)* | 6790000 | 6876152 |
| **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** |
| 5.45%, 09/10/34 *(a)* | 1825000 | 1857219 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 2.63%, 10/15/31 *(a)* | 4565000 | 4053621 |
| 2.75%, 10/15/32 *(a)* | 2365000 | 2059898 |
| 6.20%, 04/14/34 *(a)* | 6830000 | 7217640 |
| **KKR & Co., Inc.** | **KKR & Co., Inc.** | **KKR & Co., Inc.** |
| 5.10%, 08/07/35 *(a)* | 4070000 | 4073224 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 6.00%, 03/15/31 *(a)* | 1865000 | 1974410 |
| 5.63%, 08/01/35 *(a)* | 1360000 | 1394782 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 6.00%, 05/20/34 *(a)* | 2285000 | 2403596 |
| 5.65%, 03/15/35 *(a)* | 2355000 | 2415697 |
| 5.75%, 06/15/35 *(a)* | 2260000 | 2329600 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 1.65%, 01/15/31 *(a)* | 3010000 | 2670195 |
| 5.55%, 02/15/34 *(a)* | 5240000 | 5508759 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 2.61%, 07/14/31  | 4620000 | 4176750 |
| 3.00%, 01/22/32  | 3440000 | 3125724 |
| 6.18%, 01/18/33  | 3545000 | 3834624 |
| 6.09%, 07/12/33  | 2710000 | 2922544 |
| 5.78%, 07/03/34  | 4640000 | 4901935 |
| 5.49%, 06/29/35  | 2335000 | 2408146 |
| 5.04%, 06/10/36 *(a)(b)* | 3415000 | 3376571 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.90%, 09/11/35 *(a)* | 3005000 | 2988696 |
| **TPG Operating Group II LP** | **TPG Operating Group II LP** | **TPG Operating Group II LP** |
| 5.88%, 03/05/34 *(a)* | 2790000 | 2917902 |
|  |  | **200688029** |
| ***Finance Companies 1.1%***  | ***Finance Companies 1.1%***  | ***Finance Companies 1.1%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 5.38%, 12/15/31 *(a)* | 3380000 | 3507230 |
| 3.30%, 01/30/32 *(a)* | 18270000 | 16907931 |
| 3.40%, 10/29/33 *(a)* | 6940000 | 6279234 |
| 5.30%, 01/19/34 *(a)* | 3340000 | 3422348 |
| 4.95%, 09/10/34 *(a)* | 4990000 | 4988574 |
| 5.00%, 11/15/35 *(a)* | 2770000 | 2741843 |
| 6.50%, 01/31/56 *(a)(b)* | 2225000 | 2298757 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 5.20%, 07/15/31 *(a)* | 2835000 | 2882422 |
| 2.88%, 01/15/32 *(a)* | 3395000 | 3047033 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 6.70%, 07/29/31 *(a)* | 4575000 | 4835764 |
| 6.55%, 03/15/32 *(a)* | 2290000 | 2364460 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 5.10%, 01/15/31 *(a)* | 2985000 | 2946919 |
| 3.20%, 11/15/31 *(a)* | 3215000 | 2856429 |
| 5.80%, 03/08/32 *(a)* | 4585000 | 4633158 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.15%, 01/15/31 *(a)(e)* | 2365000 | 2321743 |
| 6.20%, 03/21/32 *(a)* | 3450000 | 3543084 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 6.25%, 01/25/31 *(a)* | 2345000 | 2419728 |
| 6.00%, 01/29/32 *(a)* | 4570000 | 4643175 |
| 6.00%, 11/22/34 *(a)* | 3625000 | 3665597 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 5.13%, 01/31/31 *(a)(c)* | 2270000 | 2242496 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 6.65%, 03/15/31 *(a)* | 3450000 | 3557898 |
| **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** |
| 5.75%, 02/15/31 *(a)* | 1380000 | 1360570 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 6.13%, 01/15/31 *(a)* | 1870000 | 1826255 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 1.90%, 06/01/31 *(a)* | 1840000 | 1613144 |
| 3.50%, 06/01/32 *(a)* | 1915000 | 1789848 |
| 4.90%, 03/15/33 *(a)* | 2100000 | 2106959 |
| 5.45%, 09/15/33 *(a)* | 1805000 | 1871042 |
| 6.05%, 03/15/34 *(a)* | 2275000 | 2421591 |
| 6.90%, 05/01/34 *(a)* | 1955000 | 2195780 |
| 5.50%, 06/15/35 *(a)* | 3060000 | 3140082 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 5.88%, 01/31/31 *(a)(e)* | 2270000 | 2277191 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.95%, 04/14/32 *(a)* | 2305000 | 2342207 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**157**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.13%, 02/05/31 *(a)(e)* | 1830000 | 1819632 |
|  |  | **110870124** |
| ***Financial Other 0.2%***  | ***Financial Other 0.2%***  | ***Financial Other 0.2%***  |
| **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** |
| 6.15%, 01/15/31 *(a)* | 2700000 | 2776746 |
| 6.38%, 07/01/34 *(a)* | 4560000 | 4647271 |
| 6.75%, 07/15/35 *(a)* | 1880000 | 1969454 |
| **J Paul Getty Trust** | **J Paul Getty Trust** | **J Paul Getty Trust** |
| 4.91%, 04/01/35 *(a)* | 2325000 | 2371705 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 2.25%, 03/09/31 *(c)* | 2155000 | 1941180 |
| 4.00%, 04/13/32  | 2195000 | 2135012 |
| 5.20%, 09/13/32  | 2205000 | 2278917 |
| 5.40%, 02/25/35  | 2455000 | 2534627 |
|  |  | **20654912** |
| ***Insurance 4.6%***  | ***Insurance 4.6%***  | ***Insurance 4.6%***  |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 5.25%, 03/30/33 *(a)* | 3405000 | 3544724 |
| 5.35%, 06/01/33  | 1555000 | 1614491 |
| 5.55%, 05/09/35  | 2475000 | 2600332 |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| 5.00%, 09/23/35 *(a)* | 1560000 | 1534963 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 5.13%, 03/27/33 *(a)* | 3435000 | 3537251 |
| 3.88%, 01/15/35 *(a)* | 2325000 | 2173805 |
| 5.45%, 05/07/35 *(a)* | 2830000 | 2949915 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 6.00%, 07/15/35 *(a)* | 3170000 | 3218606 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.05%, 08/23/31 *(a)* | 1755000 | 1550725 |
| 2.60%, 12/02/31 *(a)* | 2270000 | 2053641 |
| 5.00%, 09/12/32 *(a)* | 2205000 | 2261392 |
| 5.35%, 02/28/33 *(a)* | 3420000 | 3563970 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.30%, 03/01/31 *(a)* | 3085000 | 3218730 |
| 5.45%, 03/01/34 *(a)* | 7985000 | 8307075 |
| **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
| 7.35%, 05/01/34  | 1395000 | 1617867 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 2.40%, 11/09/31 *(a)* | 1940000 | 1734010 |
| 5.00%, 02/15/32 *(a)* | 2285000 | 2338812 |
| 5.50%, 03/02/33 *(a)* | 1610000 | 1677809 |
| 6.50%, 02/15/34 *(a)* | 1820000 | 2006679 |
| 5.45%, 07/15/34 *(a)* | 2360000 | 2449837 |
| 5.15%, 02/15/35 *(a)* | 6775000 | 6852073 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 2.65%, 01/15/32 *(a)* | 1650000 | 1463947 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 3.15%, 06/15/31 *(a)* | 2320000 | 2190305 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 3.50%, 01/15/31 *(a)* | 2320000 | 2194155 |
| 6.65%, 02/01/33 *(a)* | 1850000 | 2007106 |
| 5.88%, 01/15/34 *(a)(c)* | 2700000 | 2803156 |
| 6.63%, 10/15/54 *(a)(b)* | 2715000 | 2711894 |
| 6.88%, 06/28/55 *(a)(b)* | 2840000 | 2838840 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.88%, 03/15/32 *(a)* | 4490000 | 4187985 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 2.38%, 03/15/31 *(a)* | 3115000 | 2795833 |
| 4.20%, 03/17/32 *(a)* | 2755000 | 2665480 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 06/23/32 *(a)* | 2210000 | 2260641 |
| 5.65%, 06/11/34 *(a)* | 2865000 | 2961376 |
| 5.55%, 06/23/35 *(a)* | 4585000 | 4707912 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 2.50%, 03/01/31 *(a)* | 10065000 | 8687427 |
| 2.63%, 08/01/31 *(a)* | 5935000 | 5102744 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 5.00%, 03/15/34 *(a)* | 7325000 | 7499345 |
| 4.90%, 08/15/35 *(a)* | 5770000 | 5801166 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.13%, 11/01/34  | 1675000 | 1804855 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 5.50%, 06/15/33 *(a)* | 2305000 | 2392600 |
| 5.13%, 02/15/34 *(a)* | 2275000 | 2291014 |
| 5.20%, 08/15/35 *(a)* | 2400000 | 2413200 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 6.45%, 06/15/34 *(a)* | 3200000 | 3387738 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.90%, 04/05/32 *(a)* | 6795000 | 6454069 |
| 6.05%, 09/15/33 *(a)* | 2170000 | 2305696 |
| 5.75%, 01/15/34 *(a)* | 3560000 | 3724828 |
| 6.38%, 09/15/54 *(a)(b)* | 3450000 | 3480919 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 2.55%, 03/15/31 *(a)* | 4600000 | 4201722 |
| 4.95%, 11/01/31 *(a)* | 3410000 | 3486175 |
| 4.10%, 05/15/32 *(a)* | 2780000 | 2706818 |
| 4.60%, 09/15/32 *(a)* | 3455000 | 3450894 |
| 5.50%, 10/15/32 *(a)* | 2990000 | 3149538 |
| 4.75%, 02/15/33 *(a)* | 4575000 | 4595265 |
| 5.38%, 06/15/34 *(a)* | 4600000 | 4756510 |
| 5.95%, 12/15/34  | 1585000 | 1693559 |
| 5.20%, 02/15/35 *(a)* | 5410000 | 5528574 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 3.10%, 09/01/31 *(a)* | 2320000 | 2085028 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 5.59%, 01/11/33 *(a)* | 2245000 | 2344127 |
| 6.70%, 03/28/55 *(a)(b)* | 2310000 | 2411912 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 6.25%, 10/04/34 *(a)* | 2310000 | 2353287 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 3.38%, 03/03/31 *(a)* | 2760000 | 2604807 |
| 5.63%, 08/16/32 *(a)* | 3330000 | 3476670 |
| 6.00%, 12/07/33 *(a)* | 3440000 | 3652523 |
| 5.75%, 05/20/35 *(a)* | 2350000 | 2447823 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 2.45%, 03/15/31 *(a)* | 2660000 | 2376580 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 2.40%, 08/15/31 *(a)* | 2870000 | 2507281 |
| 5.45%, 09/30/34 *(a)* | 2125000 | 2131540 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.80%, 06/15/32 *(a)* | 1880000 | 1895754 |
| 5.85%, 09/15/34 *(a)* | 2035000 | 2139332 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| 5.50%, 09/01/35 *(a)* | 2315000 | 2352684 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 5.38%, 04/15/31 *(a)* | 6850000 | 7082347 |
| 2.15%, 02/03/32 *(a)* | 3435000 | 2979802 |
| 5.88%, 03/01/33 *(a)* | 3430000 | 3606266 |
| 5.95%, 03/15/34 *(a)* | 3880000 | 4076434 |
| 5.55%, 05/01/35 *(a)* | 3445000 | 3519514 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 3.13%, 11/23/31 *(a)* | 2360000 | 2147193 |
| 5.67%, 06/08/32 *(a)* | 1660000 | 1726040 |

---

*See financial notes*

**158**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| 3.80%, 02/23/32 *(a)(c)* | 1895000 | 1754174 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.40%, 01/15/31 *(a)* | 2205000 | 2097500 |
| 3.40%, 03/01/32 *(a)* | 1365000 | 1265942 |
| 5.85%, 03/15/34 *(a)* | 1735000 | 1822449 |
| 5.35%, 11/15/35 *(a)* | 2300000 | 2321927 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 6.00%, 02/01/35  | 1395000 | 1504757 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 3.70%, 03/16/32 *(a)* | 3455000 | 3314612 |
| 4.99%, 12/11/35 *(a)* | 4600000 | 4598586 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.85%, 11/15/31 *(a)* | 4650000 | 4769832 |
| 2.38%, 12/15/31 *(a)* | 2070000 | 1857615 |
| 5.75%, 11/01/32 *(a)* | 2225000 | 2385529 |
| 5.88%, 08/01/33  | 1560000 | 1693347 |
| 5.40%, 09/15/33 *(a)* | 2660000 | 2796311 |
| 5.15%, 03/15/34 *(a)* | 2310000 | 2388395 |
| 5.00%, 03/15/35 *(a)* | 8995000 | 9118831 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 6.50%, 12/15/32  | 2800000 | 3144942 |
| 5.38%, 07/15/33 *(a)* | 4470000 | 4715980 |
| 6.38%, 06/15/34  | 3335000 | 3733718 |
| 5.30%, 12/15/34 *(a)* | 3420000 | 3561135 |
| 5.70%, 06/15/35  | 4625000 | 4947236 |
| 6.35%, 03/15/55 *(a)(b)* | 4740000 | 4997564 |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| 5.75%, 03/28/34 *(a)* | 1855000 | 1930977 |
| **Primerica, Inc.** | **Primerica, Inc.** | **Primerica, Inc.** |
| 2.80%, 11/19/31 *(a)* | 2690000 | 2444787 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 5.38%, 03/15/33 *(a)* | 1855000 | 1939346 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 3.00%, 03/15/32 *(a)* | 2270000 | 2098429 |
| 6.25%, 12/01/32  | 1865000 | 2064102 |
| 4.95%, 06/15/33 *(a)* | 2265000 | 2326005 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 5.75%, 07/15/33  | 1860000 | 2006178 |
| 5.20%, 03/14/35 *(a)* | 3575000 | 3669948 |
| 5.13%, 03/01/52 *(a)(b)* | 4580000 | 4541541 |
| 6.00%, 09/01/52 *(a)(b)* | 5585000 | 5768785 |
| 6.75%, 03/01/53 *(a)(b)* | 2285000 | 2442899 |
| 6.50%, 03/15/54 *(a)(b)* | 4495000 | 4747574 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.63%, 03/24/32 *(a)* | 1615000 | 1532691 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 6.00%, 09/15/33 *(a)* | 1850000 | 1973679 |
| 5.75%, 09/15/34 *(a)* | 3020000 | 3149295 |
| 6.65%, 09/15/55 *(a)(b)* | 3210000 | 3316683 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 5.75%, 06/05/33 *(a)* | 3395000 | 3553659 |
| 5.80%, 04/01/35 *(a)* | 2290000 | 2395159 |
| **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** |
| 5.90%, 04/15/35 *(a)* | 1915000 | 2009919 |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| 3.60%, 11/15/31 *(a)* | 2075000 | 1838980 |
| **Travelers Cos., Inc.** | **Travelers Cos., Inc.** | **Travelers Cos., Inc.** |
| 5.05%, 07/24/35 *(a)* | 2250000 | 2289514 |
| **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** |
| 6.38%, 03/15/33  | 2335000 | 2629051 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 4.65%, 01/15/31 *(a)* | 3495000 | 3568679 |
| 4.90%, 04/15/31 *(a)* | 4425000 | 4544859 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.30%, 05/15/31 *(a)* | 6900000 | 6226437 |
| 4.95%, 01/15/32 *(a)* | 6765000 | 6942355 |
| 4.20%, 05/15/32 *(a)* | 6750000 | 6667931 |
| 5.35%, 02/15/33 *(a)* | 9205000 | 9596731 |
| 4.50%, 04/15/33 *(a)* | 6850000 | 6801530 |
| 5.00%, 04/15/34 *(a)* | 5815000 | 5913200 |
| 5.15%, 07/15/34 *(a)* | 9115000 | 9347144 |
| 5.30%, 06/15/35 *(a)* | 4655000 | 4822574 |
| 4.63%, 07/15/35  | 4660000 | 4600060 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| 5.25%, 12/15/35 *(a)* | 1370000 | 1360883 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 5.00%, 09/20/34 *(a)* | 1860000 | 1848814 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.55%, 03/15/31 *(a)* | 3710000 | 3717928 |
| 5.35%, 05/15/33 *(a)* | 3433000 | 3543310 |
|  |  | **454388955** |
| ***REITs 4.2%***  | ***REITs 4.2%***  | ***REITs 4.2%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 4.80%, 10/01/32 *(a)* | 1530000 | 1542604 |
| 2.60%, 06/15/33 *(a)* | 1395000 | 1205347 |
| 5.63%, 06/15/34 *(a)* | 2040000 | 2135674 |
| 5.60%, 06/15/35 *(a)* | 1700000 | 1782346 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.38%, 08/15/31 *(a)* | 3450000 | 3226048 |
| 2.00%, 05/18/32 *(a)* | 4140000 | 3503529 |
| 1.88%, 02/01/33 *(a)* | 4585000 | 3756641 |
| 2.95%, 03/15/34 *(a)* | 3665000 | 3141981 |
| 4.75%, 04/15/35 *(a)* | 2310000 | 2227386 |
| 5.50%, 10/01/35 *(a)* | 2535000 | 2577822 |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| 3.38%, 02/01/31 *(a)* | 2300000 | 2098080 |
| 6.15%, 10/01/34 *(a)* | 2365000 | 2402806 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 2.38%, 07/15/31 *(a)* | 2100000 | 1878420 |
| 3.63%, 04/15/32 *(a)* | 2620000 | 2478698 |
| 5.50%, 02/01/34 *(a)* | 2775000 | 2870905 |
| 5.50%, 07/15/34 *(a)* | 2320000 | 2398873 |
| 5.25%, 03/15/35 *(a)* | 2310000 | 2348549 |
| **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** |
| 5.60%, 05/15/32 *(a)* | 1935000 | 1950198 |
| 5.41%, 09/12/34 *(a)* | 2255000 | 2204338 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 2.45%, 01/15/31 *(a)* | 2807000 | 2569369 |
| 2.05%, 01/15/32 *(a)* | 3225000 | 2832229 |
| 5.00%, 02/15/33 *(a)* | 1590000 | 1629457 |
| 5.30%, 12/07/33 *(a)* | 1845000 | 1925482 |
| 5.35%, 06/01/34 *(a)* | 1820000 | 1893503 |
| 5.00%, 08/01/35 *(a)* | 1810000 | 1832082 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 3.25%, 01/30/31 *(a)* | 5895000 | 5528922 |
| 2.55%, 04/01/32 *(a)* | 3930000 | 3432526 |
| 2.45%, 10/01/33 *(a)* | 3920000 | 3248055 |
| 6.50%, 01/15/34 *(a)* | 3355000 | 3617404 |
| 5.75%, 01/15/35 *(a)* | 3845000 | 3956837 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 2.50%, 08/16/31 *(a)* | 2215000 | 1992420 |
| 5.20%, 04/01/32 *(a)* | 1795000 | 1839158 |
| 4.85%, 02/15/33 *(a)* | 1900000 | 1905377 |
| 5.50%, 02/15/34 *(a)* | 1830000 | 1889749 |
| 5.75%, 02/15/35 *(a)* | 1915000 | 2013514 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| 2.60%, 09/15/31 *(a)* | 1835000 | 1625129 |
| 5.00%, 11/01/32 *(a)* | 1500000 | 1504458 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**159**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 4.90%, 01/15/34 *(a)* | 1850000 | 1875366 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.75%, 04/15/31 *(a)* | 2790000 | 2546747 |
| 2.90%, 12/01/33 *(a)* | 1780000 | 1521084 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.38%, 02/15/32 *(a)* | 1875000 | 1934118 |
| 5.88%, 10/01/34 *(a)* | 2270000 | 2374200 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 2.00%, 02/15/31 *(a)* | 2145000 | 1897836 |
| 2.50%, 02/15/32 *(a)* | 2235000 | 1978945 |
| 5.13%, 11/01/35 *(a)* | 2030000 | 2034206 |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 2.63%, 11/01/31 *(a)* | 2180000 | 1961151 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 3.60%, 11/15/31 *(a)* | 1840000 | 1707093 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 1.85%, 08/01/31 *(a)* | 2303000 | 2031888 |
| 4.95%, 06/15/32 *(a)* | 2315000 | 2367694 |
| 4.65%, 09/15/34 *(a)* | 2755000 | 2729865 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| 2.95%, 07/15/31 *(a)* | 1875000 | 1713049 |
| 5.40%, 12/01/35 *(a)* | 1840000 | 1847301 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 1.65%, 01/15/31 *(a)* | 1425000 | 1244309 |
| 2.55%, 06/15/31 *(a)* | 1400000 | 1270067 |
| 2.65%, 03/15/32 *(a)* | 2920000 | 2605974 |
| 5.50%, 04/01/34 *(a)* | 2555000 | 2648702 |
| 5.38%, 04/01/35 *(a)* | 1765000 | 1818760 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 5.90%, 01/15/31 *(a)* | 2725000 | 2891342 |
| 2.55%, 06/01/31 *(a)(c)* | 2150000 | 1944770 |
| 2.40%, 10/15/31 *(a)* | 2850000 | 2532909 |
| 2.35%, 03/15/32 *(a)* | 2830000 | 2478287 |
| 4.95%, 01/15/33 *(a)* | 3575000 | 3615607 |
| 5.40%, 02/01/34 *(a)* | 2800000 | 2877840 |
| 5.35%, 01/15/35 *(a)* | 1760000 | 1802494 |
| 5.40%, 06/15/35 *(a)* | 2225000 | 2283418 |
| **First Industrial LP** | **First Industrial LP** | **First Industrial LP** |
| 5.25%, 01/15/31 *(a)* | 2085000 | 2130321 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 2.00%, 03/15/31 *(a)* | 3675000 | 3226550 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 2.88%, 01/15/31 *(a)* | 2740000 | 2540414 |
| 5.25%, 12/15/32 *(a)* | 3535000 | 3625999 |
| 4.75%, 01/15/33 *(a)* | 2290000 | 2279153 |
| 5.38%, 02/15/35 *(a)* | 2310000 | 2361288 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 2.60%, 02/01/31 *(a)* | 1835000 | 1645846 |
| 5.35%, 01/15/33 *(a)* | 1585000 | 1586390 |
| 7.65%, 02/01/34 *(a)* | 1625000 | 1856457 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 2.90%, 12/15/31 *(a)* | 2135000 | 1935512 |
| 5.70%, 06/15/32 *(a)* | 2220000 | 2318670 |
| 5.70%, 07/01/34 *(a)* | 2765000 | 2859358 |
| 5.50%, 04/15/35 *(a)* | 3280000 | 3323355 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.00%, 08/15/31 *(a)* | 2955000 | 2584307 |
| 4.15%, 04/15/32 *(a)* | 2760000 | 2681171 |
| 4.95%, 01/15/33 *(a)* | 2805000 | 2847805 |
| 5.50%, 08/15/33 *(a)* | 1665000 | 1726610 |
| 2.70%, 01/15/34 *(a)* | 1790000 | 1532084 |
| 4.88%, 02/01/35 *(a)* | 2255000 | 2228510 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 2.50%, 11/15/32 *(a)* | 1874000 | 1564949 |
| 2.65%, 11/15/33 *(a)* | 2130000 | 1749680 |
| 5.88%, 10/15/35 *(a)* | 1790000 | 1800594 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 2.25%, 12/01/31 *(a)* | 2080000 | 1846220 |
| 3.20%, 04/01/32 *(a)* | 2865000 | 2661503 |
| 4.60%, 02/01/33 *(a)* | 3010000 | 3008981 |
| 6.40%, 03/01/34 *(a)* | 2310000 | 2550332 |
| 4.85%, 03/01/35 *(a)* | 2320000 | 2310933 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| 4.95%, 12/15/31 *(a)* | 1655000 | 1683495 |
| 5.20%, 08/15/32 *(a)* | 1420000 | 1454256 |
| 5.50%, 03/01/34 *(a)* | 1525000 | 1574969 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 2.38%, 10/01/31 *(a)* | 1840000 | 1608386 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 1.70%, 02/15/31 *(a)* | 2150000 | 1884813 |
| 5.30%, 02/15/32 *(a)* | 1820000 | 1898752 |
| 4.65%, 01/15/33 *(a)* | 1800000 | 1797559 |
| 5.00%, 03/15/34 *(a)* | 1550000 | 1568236 |
| 4.95%, 03/01/35 *(a)* | 1610000 | 1623433 |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| 3.00%, 02/01/31 *(a)* | 1865000 | 1693798 |
| 5.35%, 02/01/33 *(a)* | 1585000 | 1583815 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 4.60%, 02/15/31 *(a)* | 2290000 | 2306330 |
| 5.60%, 10/15/33 *(a)* | 2305000 | 2409962 |
| 5.50%, 06/15/34 *(a)* | 2295000 | 2378008 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 3.38%, 02/01/31 *(a)* | 3224000 | 3015412 |
| 3.25%, 04/15/33 *(a)* | 3175000 | 2823681 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| 2.63%, 11/15/31 *(a)* | 1540000 | 1381621 |
| 5.25%, 08/15/32 *(a)* | 1590000 | 1626513 |
| 5.75%, 07/15/34 *(a)* | 1695000 | 1774858 |
| 4.95%, 01/15/35 *(a)* | 1600000 | 1580149 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 2.75%, 04/01/32 *(a)* | 1300000 | 1119991 |
| 5.63%, 01/15/33 *(a)* | 1890000 | 1914256 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 4.75%, 01/15/31 *(a)* | 2405000 | 2459674 |
| 1.75%, 02/01/31 *(a)* | 2090000 | 1849059 |
| 1.63%, 03/15/31 *(a)* | 1890000 | 1653737 |
| 2.25%, 01/15/32 *(a)* | 2355000 | 2086167 |
| 4.63%, 01/15/33 *(a)* | 3100000 | 3129769 |
| 4.75%, 06/15/33 *(a)* | 3275000 | 3305432 |
| 5.13%, 01/15/34 *(a)* | 3465000 | 3561032 |
| 5.00%, 03/15/34 *(a)* | 3655000 | 3726450 |
| 5.00%, 01/31/35 *(a)* | 3250000 | 3297752 |
| 5.25%, 05/15/35 *(a)* | 3280000 | 3386706 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 2.30%, 05/01/31 *(a)* | 2960000 | 2679230 |
| 2.25%, 11/09/31 *(a)* | 2585000 | 2307275 |
| 5.10%, 08/01/33 *(a)* | 3140000 | 3254151 |
| 5.00%, 07/01/35 *(a)* | 1825000 | 1854117 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 3.25%, 01/15/31 *(a)* | 4450000 | 4237266 |
| 3.20%, 02/15/31 *(a)* | 1985000 | 1883175 |
| 2.70%, 02/15/32 *(a)* | 1540000 | 1391298 |
| 5.63%, 10/13/32 *(a)* | 3405000 | 3615548 |
| 2.85%, 12/15/32 *(a)* | 3170000 | 2846129 |
| 4.50%, 02/01/33 *(a)* | 1800000 | 1782660 |
| 1.80%, 03/15/33 *(a)* | 1800000 | 1495341 |
| 4.90%, 07/15/33 *(a)* | 2800000 | 2842175 |

---

*See financial notes*

**160**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.13%, 02/15/34 *(a)* | 3695000 | 3788613 |
| 5.13%, 04/15/35 *(a)* | 2795000 | 2845279 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 5.00%, 07/15/32 *(a)* | 1845000 | 1889817 |
| 5.25%, 01/15/34 *(a)* | 1825000 | 1877703 |
| 5.10%, 01/15/35 *(a)* | 1495000 | 1515205 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 2.15%, 09/01/31 *(a)* | 1910000 | 1674764 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 3.20%, 12/01/31 *(a)* | 3685000 | 3373459 |
| **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** |
| 2.80%, 06/15/31 *(a)(c)* | 1965000 | 1808645 |
| 2.85%, 01/15/32 *(a)(c)* | 1710000 | 1539612 |
| 6.10%, 04/01/34 *(a)* | 1360000 | 1443521 |
| 5.65%, 01/15/35 *(a)* | 1730000 | 1779791 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 2.20%, 02/01/31 *(a)* | 3275000 | 2963634 |
| 2.25%, 01/15/32 *(a)* | 3195000 | 2821719 |
| 2.65%, 02/01/32 *(a)* | 3190000 | 2874455 |
| 5.50%, 03/08/33 *(a)* | 2930000 | 3089197 |
| 6.25%, 01/15/34 *(a)* | 2410000 | 2647539 |
| 4.75%, 09/26/34 *(a)* | 4560000 | 4539511 |
| 5.13%, 10/01/35 *(a)* | 3605000 | 3661872 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 2.70%, 12/01/31 *(a)* | 1645000 | 1452944 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.70%, 07/15/31 *(a)* | 3360000 | 3057794 |
| 4.20%, 04/15/32 *(a)* | 2760000 | 2680189 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 2.75%, 09/01/31 *(a)* | 1885000 | 1705941 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.00%, 08/15/31 *(a)* | 2770000 | 2565627 |
| 2.10%, 08/01/32 *(a)* | 1865000 | 1595032 |
| 1.90%, 03/15/33 *(a)* | 1515000 | 1251924 |
| 2.10%, 06/15/33 *(a)* | 1410000 | 1173866 |
| 5.13%, 09/01/34 *(a)* | 1350000 | 1365727 |
| 3.10%, 11/01/34 *(a)* | 1465000 | 1272315 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 2.50%, 09/01/31 *(a)* | 2310000 | 2076946 |
| 5.10%, 07/15/32 *(a)* | 2280000 | 2344610 |
| 5.63%, 07/01/34 *(a)* | 2270000 | 2373705 |
| 5.00%, 01/15/35 *(a)* | 2515000 | 2521296 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.75%, 01/15/31 *(a)* | 2765000 | 2572593 |
| 2.80%, 06/01/31 *(a)* | 3580000 | 3320211 |
| 2.75%, 01/15/32 *(a)* | 2310000 | 2104622 |
| 3.85%, 06/15/32 *(a)* | 2460000 | 2375709 |
| 5.13%, 07/01/35 *(a)* | 5700000 | 5825817 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 2.40%, 02/01/31 *(a)* | 2330000 | 2101258 |
| 2.45%, 02/01/32 *(a)* | 1770000 | 1561238 |
| 2.25%, 04/01/33 *(a)* | 1955000 | 1650685 |
| 5.38%, 06/30/34 *(a)* | 1735000 | 1794561 |
|  |  | **410509312** |
|  |  | **3609843441** |
| **Industrial 52.4%** | **Industrial 52.4%** | **Industrial 52.4%** |
| ***Basic Industry 2.4%***  | ***Basic Industry 2.4%***  | ***Basic Industry 2.4%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 4.75%, 02/08/31 *(a)* | 2755000 | 2828748 |
| 4.90%, 10/11/32 *(a)* | 2310000 | 2380681 |
| 4.80%, 03/03/33 *(a)* | 2795000 | 2849077 |
| 4.85%, 02/08/34 *(a)* | 5145000 | 5236086 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 5.05%, 06/01/32 *(a)* | 2785000 | 2806317 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.80%, 11/29/32 *(a)* | 4575000 | 5128109 |
| 6.00%, 06/17/34 *(a)* | 2370000 | 2554054 |
| **Barrick Mining Corp.** | **Barrick Mining Corp.** | **Barrick Mining Corp.** |
| 6.45%, 10/15/35  | 1300000 | 1438927 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 5.13%, 02/21/32 *(a)* | 3545000 | 3675785 |
| 4.90%, 02/28/33 *(a)* | 3410000 | 3481734 |
| 5.25%, 09/08/33 *(a)* | 6875000 | 7146559 |
| 5.30%, 02/21/35 *(a)* | 5645000 | 5836117 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 5.00%, 06/30/32 *(a)* | 1860000 | 1895115 |
| **CF Industries, Inc.** | **CF Industries, Inc.** | **CF Industries, Inc.** |
| 5.15%, 03/15/34  | 3530000 | 3551268 |
| 5.30%, 11/26/35 *(a)* | 4570000 | 4559712 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 01/15/31 *(a)* | 3440000 | 3422165 |
| 6.30%, 03/15/33 *(a)* | 2745000 | 2911986 |
| 5.15%, 02/15/34 *(a)* | 2755000 | 2740062 |
| 4.25%, 10/01/34 *(a)* | 2115000 | 1935287 |
| 5.35%, 03/15/35 *(a)* | 1860000 | 1843907 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 5.75%, 03/08/33 *(a)* | 2260000 | 2373456 |
| 5.63%, 02/20/34 *(a)* | 3395000 | 3506145 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 1.30%, 01/30/31 *(a)* | 2725000 | 2369810 |
| 2.13%, 02/01/32 *(a)* | 2780000 | 2454407 |
| 5.00%, 09/01/35 *(a)* | 2365000 | 2413513 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 5.13%, 05/15/32 *(a)* | 2370000 | 2433606 |
| 4.80%, 05/15/33 *(a)* | 2725000 | 2723109 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.40%, 11/14/34 *(a)* | 3380000 | 3491215 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 8.88%, 05/15/31  | 1855000 | 2252585 |
| **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** |
| 5.75%, 06/09/35 *(a)* | 3010000 | 3113598 |
| **International Paper Co.** | **International Paper Co.** | **International Paper Co.** |
| 5.00%, 09/15/35 *(a)* | 1835000 | 1822651 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 6.25%, 07/15/33 *(a)* | 2300000 | 2514296 |
| **Lubrizol Corp.** | **Lubrizol Corp.** | **Lubrizol Corp.** |
| 6.50%, 10/01/34  | 1420000 | 1602883 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| 5.13%, 01/15/31 *(a)* | 2275000 | 2285719 |
| 5.63%, 05/15/33 *(a)* | 2090000 | 2122262 |
| 5.50%, 03/01/34 *(a)* | 3505000 | 3468747 |
| 6.15%, 05/15/35 *(a)* | 2380000 | 2446019 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 5.45%, 11/15/33 *(a)* | 2270000 | 2335737 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| 2.70%, 03/18/31 *(a)* | 1875000 | 1716821 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| 2.60%, 07/15/32 *(a)* | 3610000 | 3290236 |
| 5.88%, 04/01/35  | 2165000 | 2343667 |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 5.35%, 03/15/34 *(a)* | 4575000 | 4795520 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 3.13%, 04/01/32 *(a)* | 2585000 | 2404603 |
| 5.10%, 06/01/35 *(a)* | 2235000 | 2288422 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**161**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 5.25%, 03/12/32 *(a)* | 2760000 | 2845626 |
| 5.40%, 06/21/34 *(a)* | 2760000 | 2848605 |
| 4.13%, 03/15/35 *(a)* | 1985000 | 1837008 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 5.70%, 12/01/33 *(a)* | 1860000 | 1965324 |
| 5.20%, 08/15/35 *(a)* | 2255000 | 2292984 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 4.38%, 03/15/31 *(a)* | 3145000 | 3143282 |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| 2.75%, 05/17/31 *(a)* | 2105000 | 1898339 |
| **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** |
| 7.25%, 03/15/31  | 1870000 | 2130610 |
| 6.13%, 12/15/33  | 3410000 | 3737136 |
| 5.75%, 06/01/35  | 1470000 | 1567657 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 5.00%, 03/14/32 *(a)* | 5740000 | 5924389 |
| 5.00%, 03/09/33 *(a)* | 3005000 | 3088531 |
| 5.25%, 03/14/35 *(a)* | 7895000 | 8141873 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 2.95%, 01/15/32 *(a)* | 1420000 | 1287419 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 4.80%, 09/01/31 *(a)* | 2180000 | 2231768 |
| 2.20%, 03/15/32 *(a)* | 2275000 | 1995038 |
| 5.15%, 08/15/35 *(a)* | 2165000 | 2206282 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.44%, 04/03/34 *(a)* | 4620000 | 4784000 |
| **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** |
| 5.42%, 01/15/35 *(a)* | 3860000 | 3981509 |
| **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
| 7.50%, 07/27/35  | 4645000 | 5473975 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 3.25%, 01/15/31 *(a)* | 2315000 | 2202185 |
| 5.38%, 08/15/34 *(a)* | 2770000 | 2871470 |
| 5.25%, 05/15/35 *(a)* | 3410000 | 3486741 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 3.75%, 01/15/31 *(a)* | 5705000 | 5382191 |
| 3.13%, 01/15/32 *(a)* | 4615000 | 4123585 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 6.13%, 06/12/33 *(a)* | 7165000 | 7668548 |
| 8.25%, 01/17/34  | 1478000 | 1780530 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 5.55%, 11/15/35 *(a)* | 2805000 | 2808423 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 7.95%, 02/15/31  | 1400000 | 1602373 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 7.38%, 03/15/32  | 3090000 | 3521866 |
| 3.38%, 03/09/33 *(a)* | 2035000 | 1862438 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 4.20%, 06/01/32 *(a)* | 2280000 | 2217121 |
| 3.00%, 06/15/33 *(a)* | 2725000 | 2431308 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| 2.63%, 08/15/31 *(a)(e)* | 2305000 | 2073871 |
|  |  | **238204728** |
| ***Capital Goods 5.3%***  | ***Capital Goods 5.3%***  | ***Capital Goods 5.3%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 5.15%, 03/15/35 *(a)* | 2530000 | 2589987 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.80%, 03/21/34 *(a)* | 3125000 | 3271400 |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 5.41%, 07/01/32 *(a)* | 2790000 | 2907659 |
| 5.60%, 05/29/34 *(a)* | 1895000 | 1982463 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 5.63%, 05/26/33 *(a)* | 2185000 | 2284440 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 2.69%, 05/25/31 *(a)* | 3680000 | 3367295 |
| 5.50%, 03/17/35 *(a)* | 3390000 | 3507771 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 2.20%, 09/15/31 *(a)* | 3575000 | 3194607 |
| 4.40%, 02/15/33 *(a)* | 5650000 | 5591309 |
| 5.25%, 04/05/34 *(a)* | 2785000 | 2898539 |
| 5.00%, 01/15/35 *(a)* | 3460000 | 3528501 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 5.40%, 04/07/35 *(a)* | 4560000 | 4705572 |
| **AptarGroup, Inc.** | **AptarGroup, Inc.** | **AptarGroup, Inc.** |
| 4.75%, 03/30/31 *(a)* | 2710000 | 2731188 |
| 3.60%, 03/15/32 *(a)* | 1950000 | 1823884 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 2.25%, 02/15/32 *(a)* | 2385000 | 2097525 |
| 5.75%, 03/15/33 *(a)* | 1875000 | 1992210 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 5.80%, 06/15/31 *(a)* | 3735000 | 3945319 |
| 5.65%, 01/15/34 *(a)* | 3725000 | 3886812 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 3.63%, 02/01/31 *(a)* | 6415000 | 6165930 |
| 6.39%, 05/01/31 *(a)* | 4580000 | 4972361 |
| 6.13%, 02/15/33  | 1785000 | 1930466 |
| 3.60%, 05/01/34 *(a)* | 3905000 | 3553506 |
| 6.53%, 05/01/34 *(a)* | 11385000 | 12610512 |
| 3.25%, 02/01/35 *(a)* | 3465000 | 3038244 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 2.20%, 03/01/32 *(a)* | 2540000 | 2217978 |
| 5.25%, 09/15/35 *(a)* | 2170000 | 2216333 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.70%, 02/15/31 *(a)(e)* | 3415000 | 3165738 |
| 5.90%, 03/15/34 *(a)* | 4000000 | 4294142 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 1.90%, 03/12/31 *(a)* | 2245000 | 2022745 |
| 5.20%, 05/15/35 *(a)* | 7845000 | 8146701 |
| 5.30%, 09/15/35  | 1520000 | 1596960 |
| **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** |
| 4.40%, 02/09/31 *(a)* | 4450000 | 4453442 |
| 5.40%, 05/21/34 *(a)* | 3480000 | 3615347 |
| 5.50%, 01/09/35 *(a)* | 5695000 | 5940441 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 7.13%, 03/03/31  | 1340000 | 1523464 |
| 5.45%, 01/16/35 *(a)* | 5665000 | 5979680 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 5.38%, 10/15/35  | 1370000 | 1433100 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| 2.50%, 07/01/31 *(a)* | 3515000 | 3193458 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 4.00%, 11/02/32  | 3170000 | 3108369 |
| 4.15%, 03/15/33 *(a)* | 6015000 | 5922827 |
| **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** |
| 5.98%, 02/11/35 *(a)* | 2965000 | 3148462 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 2.20%, 12/21/31 *(a)* | 4460000 | 3981549 |
| 5.00%, 03/15/35 *(a)* | 2360000 | 2422434 |
| **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** |
| 4.35%, 03/15/31 *(a)* | 3550000 | 3537889 |
| 5.00%, 10/03/34 *(a)* | 3265000 | 3296666 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| 2.80%, 01/15/32 *(a)* | 2200000 | 1968766 |

---

*See financial notes*

**162**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 4.00%, 03/25/32 *(a)* | 2225000 | 2134175 |
| 5.88%, 06/01/33 *(a)* | 2640000 | 2793750 |
| **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
| 4.55%, 05/15/32 *(a)* | 2145000 | 2168120 |
| **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** |
| 4.42%, 11/15/35  | 4945000 | 4831069 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 2.25%, 06/01/31 *(a)* | 2480000 | 2255323 |
| 4.95%, 08/15/35 *(a)* | 3490000 | 3563277 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 6.75%, 03/15/32  | 6065000 | 6870629 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.35%, 08/01/33 *(a)* | 2780000 | 2883995 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 5.88%, 02/26/35 *(a)* | 1420000 | 1489214 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 1.75%, 09/01/31 *(a)* | 6775000 | 5923548 |
| 4.95%, 09/01/31 *(a)* | 2455000 | 2539290 |
| 4.75%, 02/01/32 *(a)* | 3045000 | 3107658 |
| 5.00%, 02/15/33 *(a)* | 4940000 | 5087535 |
| 4.50%, 01/15/34 *(a)* | 4580000 | 4540613 |
| 5.00%, 03/01/35 *(a)* | 6545000 | 6668850 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 4.85%, 10/15/31 *(a)* | 2325000 | 2388713 |
| 4.55%, 11/15/32 *(a)* | 2260000 | 2270629 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 2.30%, 03/15/31 *(a)* | 1425000 | 1298228 |
| 4.80%, 11/15/35 *(a)* | 1780000 | 1769699 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 5.75%, 01/15/35 *(a)* | 2225000 | 2355079 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 2.63%, 06/15/31 *(a)* | 2160000 | 1975523 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.31%, 06/15/31 *(a)* | 2370000 | 2481376 |
| 5.70%, 08/14/33 *(a)* | 4490000 | 4761999 |
| 5.45%, 06/15/34 *(a)* | 3430000 | 3571549 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 1.45%, 01/15/31  | 2655000 | 2339462 |
| 4.90%, 03/07/31  | 3945000 | 4073566 |
| 2.00%, 06/17/31  | 2850000 | 2546638 |
| 4.40%, 09/08/31  | 5570000 | 5624540 |
| 3.90%, 06/07/32  | 2356000 | 2309950 |
| 4.35%, 09/15/32  | 2830000 | 2840168 |
| 5.15%, 09/08/33  | 4450000 | 4667258 |
| 5.10%, 04/11/34  | 4530000 | 4685948 |
| 5.05%, 06/12/34  | 3560000 | 3677034 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 2.00%, 09/16/31 *(a)* | 2205000 | 1943337 |
| 4.90%, 12/01/32 *(a)* | 3055000 | 3110386 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 2.80%, 03/01/31 *(a)* | 1385000 | 1269153 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 1.80%, 01/15/31 *(a)* | 2855000 | 2521512 |
| 5.25%, 06/01/31 *(a)* | 3400000 | 3538611 |
| 5.40%, 07/31/33 *(a)* | 6795000 | 7084669 |
| 5.35%, 06/01/34 *(a)* | 3320000 | 3438197 |
| 4.85%, 04/27/35 *(a)* | 2010000 | 2007739 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 4.70%, 12/15/31 *(a)* | 2925000 | 3000055 |
| 3.90%, 06/15/32 *(a)* | 3650000 | 3578968 |
| 5.25%, 01/15/33 *(a)* | 4530000 | 4764008 |
| 4.75%, 02/15/34 *(a)* | 3755000 | 3808763 |
| 4.80%, 08/15/34 *(a)* | 2655000 | 2684070 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.60%, 03/01/35 *(a)* | 2420000 | 2236583 |
| 5.00%, 08/15/35 *(a)* | 3620000 | 3691506 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 2.40%, 07/15/31 *(a)* | 4240000 | 3826299 |
| 5.15%, 12/01/34 *(a)* | 3365000 | 3436803 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 2.00%, 02/15/31 *(a)* | 2965000 | 2623188 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.80%, 09/15/33 *(a)* | 2275000 | 2413858 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 4.70%, 03/15/33 *(a)* | 4555000 | 4601719 |
| 4.90%, 06/01/34 *(a)* | 3905000 | 3961981 |
| 5.25%, 07/15/35 *(a)* | 2305000 | 2389159 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 2.75%, 11/15/31 *(a)* | 1370000 | 1234362 |
| 5.65%, 05/15/33 *(a)* | 2230000 | 2327271 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 5.13%, 11/19/31 *(a)* | 2720000 | 2823519 |
| 5.13%, 09/04/35 *(a)* | 2220000 | 2264517 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 5.70%, 06/15/34 *(a)* | 3670000 | 3858808 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 4.20%, 11/21/34 *(a)* | 2330000 | 2262954 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 5.90%, 07/15/32 *(a)* | 1905000 | 2025117 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.40%, 04/15/33 *(a)* | 5630000 | 6057018 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 1.45%, 02/15/31 *(a)* | 3030000 | 2643718 |
| 1.75%, 02/15/32 *(a)* | 3520000 | 3038117 |
| 2.38%, 03/15/33 *(a)* | 3220000 | 2813019 |
| 5.00%, 12/15/33 *(a)* | 3240000 | 3352411 |
| 5.00%, 04/01/34 *(a)* | 3670000 | 3765148 |
| 5.20%, 11/15/34 *(a)* | 2335000 | 2419057 |
| 5.15%, 03/15/35 *(a)* | 3005000 | 3104908 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 1.75%, 08/15/31 *(a)* | 2135000 | 1869848 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 6.00%, 03/15/31 *(a)* | 4445000 | 4791404 |
| 1.90%, 09/01/31 *(a)* | 4825000 | 4236736 |
| 2.38%, 03/15/32 *(a)* | 4680000 | 4170821 |
| 5.15%, 02/27/33 *(a)* | 5680000 | 5884889 |
| 6.10%, 03/15/34 *(a)* | 6805000 | 7454056 |
| 5.40%, 05/01/35  | 2030000 | 2135848 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 2.85%, 02/01/32 *(a)* | 2240000 | 2023211 |
| 5.00%, 09/01/34 *(a)* | 3220000 | 3194019 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 3.00%, 05/15/32 *(a)* | 2305000 | 2088523 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 2.45%, 03/15/31 *(a)* | 2270000 | 2059267 |
| 6.10%, 11/15/33 *(a)* | 1615000 | 1744469 |
| 5.50%, 05/15/35 *(a)* | 2290000 | 2375316 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.13%, 04/01/32 *(a)* | 1540000 | 1480318 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 5.25%, 03/03/33 *(a)* | 3260000 | 3398814 |
| 5.10%, 06/13/34 *(a)* | 2335000 | 2393533 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 4.50%, 02/09/31 *(a)* | 2025000 | 2048833 |
| 2.50%, 02/04/32 *(a)* | 2840000 | 2547485 |
| 5.00%, 05/09/35 *(a)* | 1920000 | 1946517 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.45%, 09/18/33 *(a)* | 3145000 | 3285720 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**163**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.95%, 04/01/31 *(a)* | 2785000 | 2556670 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 5.35%, 12/01/34 *(a)* | 3440000 | 3568992 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 2.20%, 01/15/32 *(a)* | 3020000 | 2669472 |
| 3.20%, 06/01/32 *(a)* | 2330000 | 2168968 |
| 4.20%, 01/15/33 *(a)* | 3380000 | 3316243 |
| 5.00%, 03/01/34 *(a)* | 3490000 | 3563583 |
| 5.25%, 09/01/35 *(a)* | 2385000 | 2470865 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 1.50%, 03/15/31 *(a)* | 4565000 | 3988414 |
| 4.95%, 07/03/31 *(a)* | 3465000 | 3587587 |
| 4.80%, 03/15/32 *(a)* | 3475000 | 3556661 |
| 4.15%, 04/15/32 *(a)* | 4511000 | 4473537 |
| 4.63%, 02/15/33 *(a)* | 2310000 | 2343297 |
| 4.88%, 02/15/34 *(a)* | 5785000 | 5941897 |
| 4.95%, 03/15/35 *(a)* | 6700000 | 6808978 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 5.61%, 03/11/34 *(a)* | 2245000 | 2361123 |
| 5.50%, 05/29/35 *(a)* | 3495000 | 3646930 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| 4.45%, 09/15/34 *(a)* | 2375000 | 2355820 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 2.25%, 01/30/31 *(a)* | 2195000 | 1992271 |
|  |  | **516679839** |
| ***Communications 6.7%***  | ***Communications 6.7%***  | ***Communications 6.7%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 4.70%, 07/21/32 *(a)* | 3485000 | 3489721 |
| 5.00%, 01/20/33 *(a)* | 2140000 | 2174606 |
| 6.38%, 03/01/35  | 4575000 | 5035490 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 2.70%, 04/15/31 *(a)* | 3240000 | 2975386 |
| 2.30%, 09/15/31 *(a)* | 3360000 | 2987878 |
| 4.05%, 03/15/32 *(a)* | 3000000 | 2922181 |
| 4.70%, 12/15/32 *(a)* | 3750000 | 3757053 |
| 5.65%, 03/15/33 *(a)* | 3700000 | 3900580 |
| 5.55%, 07/15/33 *(a)* | 3825000 | 4011671 |
| 5.90%, 11/15/33 *(a)* | 3420000 | 3659045 |
| 5.45%, 02/15/34 *(a)* | 2935000 | 3048968 |
| 5.40%, 01/31/35 *(a)* | 2785000 | 2868272 |
| 5.35%, 03/15/35 *(a)* | 3340000 | 3427986 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.38%, 12/01/31 *(a)* | 4530000 | 4696519 |
| 5.50%, 12/01/34 *(a)* | 4575000 | 4704369 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 2.75%, 06/01/31 *(a)* | 13585000 | 12481753 |
| 2.25%, 02/01/32 *(a)* | 11415000 | 10024604 |
| 4.55%, 11/01/32 *(a)* | 5465000 | 5434751 |
| 2.55%, 12/01/33 *(a)* | 17265000 | 14743269 |
| 5.40%, 02/15/34 *(a)* | 12665000 | 13136994 |
| 4.50%, 05/15/35 *(a)* | 11385000 | 10944271 |
| 5.38%, 08/15/35 *(a)* | 5840000 | 5986950 |
| 4.90%, 11/01/35 *(a)* | 5570000 | 5507405 |
| **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** |
| 2.15%, 02/15/32 *(a)* | 1875000 | 1624390 |
| 5.10%, 05/11/33 *(a)* | 3935000 | 3996186 |
| 5.20%, 02/15/34 *(a)(c)* | 3200000 | 3255774 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 2.80%, 04/01/31 *(a)* | 7375000 | 6642727 |
| 2.30%, 02/01/32 *(a)* | 4560000 | 3925419 |
| 4.40%, 04/01/33 *(a)* | 4610000 | 4354078 |
| 6.65%, 02/01/34 *(a)* | 4270000 | 4506511 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.55%, 06/01/34 *(a)* | 6735000 | 7093949 |
| 6.38%, 10/23/35 *(a)* | 9105000 | 9403677 |
| 5.85%, 12/01/35 *(a)* | 5600000 | 5596356 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 1.95%, 01/15/31 *(a)* | 6980000 | 6226711 |
| 1.50%, 02/15/31 *(a)(c)* | 8000000 | 6957046 |
| 4.95%, 05/15/32 *(a)* | 3305000 | 3387523 |
| 5.50%, 11/15/32 *(a)* | 4560000 | 4823640 |
| 4.25%, 01/15/33  | 7690000 | 7522381 |
| 4.65%, 02/15/33 *(a)* | 4715000 | 4735776 |
| 7.05%, 03/15/33  | 3410000 | 3903314 |
| 4.80%, 05/15/33 *(a)* | 4580000 | 4625456 |
| 5.30%, 06/01/34 *(a)* | 5950000 | 6137726 |
| 4.20%, 08/15/34 *(a)* | 4515000 | 4320358 |
| 5.30%, 05/15/35 *(a)(c)* | 3815000 | 3910255 |
| 5.65%, 06/15/35  | 3415000 | 3587637 |
| 4.40%, 08/15/35 *(a)* | 3750000 | 3589163 |
| 6.50%, 11/15/35  | 2760000 | 3066620 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 2.25%, 01/15/31 *(a)* | 5160000 | 4614707 |
| 2.10%, 04/01/31 *(a)* | 4525000 | 3995842 |
| 2.50%, 07/15/31 *(a)* | 3570000 | 3194018 |
| 5.10%, 05/01/33 *(a)* | 3370000 | 3400496 |
| 5.80%, 03/01/34 *(a)* | 3460000 | 3632587 |
| 5.20%, 09/01/34 *(a)* | 3075000 | 3108347 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 9.25%, 06/01/32  | 2310000 | 2877107 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| 1.85%, 02/15/31 *(a)* | 3440000 | 3312604 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 6.50%, 10/13/33 *(a)* | 5715000 | 6307423 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 4.55%, 08/15/31 *(a)* | 4870000 | 4959499 |
| 3.85%, 08/15/32 *(a)* | 13715000 | 13313118 |
| 4.60%, 11/15/32 *(a)* | 18280000 | 18434016 |
| 4.95%, 05/15/33 *(a)* | 7865000 | 8103166 |
| 4.75%, 08/15/34 *(a)* | 11510000 | 11613961 |
| 4.88%, 11/15/35 *(a)* | 29900000 | 29884325 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.90%, 08/15/34 *(a)* | 4555000 | 4669011 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 2.40%, 03/01/31 *(a)(e)* | 2080000 | 1873393 |
| 2.60%, 08/01/31 *(a)* | 3650000 | 3313571 |
| 5.30%, 11/01/34 *(a)* | 2730000 | 2789728 |
| **Orange SA** | **Orange SA** | **Orange SA** |
| 9.00%, 03/01/31  | 11255000 | 13559447 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 4.95%, 01/15/31 *(a)* | 5700000 | 5480023 |
| 4.20%, 05/19/32 *(a)* | 4545000 | 4112898 |
| 5.50%, 05/15/33  | 1985000 | 1896312 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 3.80%, 03/15/32 *(a)* | 8900000 | 8393343 |
| 5.30%, 02/15/34 *(a)* | 5725000 | 5772032 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 8.75%, 03/15/32  | 9135000 | 11055242 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 4.00%, 04/14/32 *(a)* | 2340000 | 2270477 |
| 5.60%, 06/12/34 *(a)* | 1340000 | 1398548 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 3.40%, 05/13/32 *(a)* | 4105000 | 3790069 |
| **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |
| 8.38%, 07/15/33  | 4595000 | 5309198 |

---

*See financial notes*

**164**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 2.55%, 02/15/31 *(a)* | 11735000 | 10722762 |
| 2.88%, 02/15/31 *(a)* | 4785000 | 4447736 |
| 3.50%, 04/15/31 *(a)* | 11305000 | 10827598 |
| 2.25%, 11/15/31 *(a)* | 4810000 | 4265545 |
| 2.70%, 03/15/32 *(a)* | 4735000 | 4259386 |
| 5.13%, 05/15/32 *(a)* | 5685000 | 5854011 |
| 4.63%, 01/15/33 *(a)* | 3585000 | 3567244 |
| 5.20%, 01/15/33 *(a)* | 5570000 | 5754123 |
| 5.05%, 07/15/33 *(a)* | 11885000 | 12133376 |
| 6.70%, 12/15/33  | 2160000 | 2423852 |
| 5.75%, 01/15/34 *(a)* | 4590000 | 4864537 |
| 5.15%, 04/15/34 *(a)* | 5650000 | 5781574 |
| 4.70%, 01/15/35 *(a)* | 4090000 | 4021632 |
| 5.30%, 05/15/35 *(a)(c)* | 4785000 | 4909904 |
| 4.95%, 11/15/35 *(a)* | 4490000 | 4468991 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 7.00%, 03/01/32  | 2420000 | 2757111 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 1.75%, 01/20/31 *(a)* | 10180000 | 8961461 |
| 2.55%, 03/21/31 *(a)* | 17075000 | 15598253 |
| 2.36%, 03/15/32 *(a)* | 21200000 | 18695517 |
| 4.75%, 01/15/33 *(a)* | 9235000 | 9230228 |
| 5.05%, 05/09/33 *(a)* | 4595000 | 4713364 |
| 4.50%, 08/10/33  | 9865000 | 9715212 |
| 6.40%, 09/15/33  | 1615000 | 1781194 |
| 4.40%, 11/01/34 *(a)* | 8810000 | 8507177 |
| 4.78%, 02/15/35 *(a)* | 10040000 | 9900468 |
| 5.25%, 04/02/35 *(a)* | 10075000 | 10249255 |
| 5.85%, 09/15/35  | 1965000 | 2093793 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 6.25%, 11/30/32  | 2315000 | 2528242 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 2.65%, 01/13/31  | 11365000 | 10633347 |
| 6.55%, 03/15/33  | 1590000 | 1798281 |
| 6.20%, 12/15/34  | 4510000 | 5068067 |
| 6.40%, 12/15/35  | 4375000 | 4944597 |
|  |  | **661024741** |
| ***Consumer Cyclical 7.1%***  | ***Consumer Cyclical 7.1%***  | ***Consumer Cyclical 7.1%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 2.13%, 02/09/31 *(a)* | 6780000 | 6151558 |
| 4.50%, 11/28/34 *(a)* | 3260000 | 3218634 |
| 5.25%, 05/26/35 *(a)* | 5425000 | 5649963 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 2.10%, 05/12/31 *(a)* | 13760000 | 12436362 |
| 3.60%, 04/13/32 *(a)* | 11480000 | 11137702 |
| 4.70%, 12/01/32 *(a)* | 10330000 | 10625005 |
| 4.35%, 03/20/33 *(a)* | 6825000 | 6807418 |
| 4.80%, 12/05/34 *(a)* | 5770000 | 5934177 |
| 4.65%, 11/20/35 *(a)* | 15980000 | 15911350 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 1.80%, 01/13/31  | 2445000 | 2157849 |
| 5.05%, 07/10/31  | 3385000 | 3478860 |
| 4.85%, 10/23/31  | 3270000 | 3335032 |
| 5.15%, 07/09/32  | 3500000 | 3597611 |
| 4.90%, 01/10/34  | 3435000 | 3452514 |
| 5.20%, 03/05/35  | 2290000 | 2323843 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 3.25%, 03/01/32 *(a)* | 3465000 | 3239147 |
| 5.15%, 09/13/34 *(a)* | 2300000 | 2322721 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 2.40%, 08/01/31 *(a)* | 2110000 | 1866440 |
| 3.85%, 03/01/32 *(a)* | 3220000 | 3030702 |
| 5.89%, 03/15/35 *(a)* | 2305000 | 2390462 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 1.65%, 01/15/31 *(a)* | 2685000 | 2353745 |
| 4.75%, 08/01/32 *(a)* | 3475000 | 3509951 |
| 4.75%, 02/01/33 *(a)* | 2575000 | 2582336 |
| 5.20%, 08/01/33 *(a)* | 1435000 | 1474082 |
| 6.55%, 11/01/33 *(a)* | 2205000 | 2454176 |
| 5.40%, 07/15/34 *(a)* | 3155000 | 3267948 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 5.38%, 09/15/32 *(a)* | 1550000 | 1560406 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 5.40%, 08/15/34 *(a)* | 2340000 | 2414561 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 2.50%, 04/01/31 *(a)* | 2375000 | 2157450 |
| 4.90%, 01/15/33 *(a)* | 3390000 | 3408359 |
| 5.95%, 08/15/34 *(a)* | 4575000 | 4893432 |
| 5.50%, 06/15/35 *(a)* | 2300000 | 2377469 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 01/15/31 *(a)* | 2325000 | 2215189 |
| 5.85%, 08/01/34 *(a)* | 2790000 | 2846729 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 1.75%, 04/20/32 *(a)* | 4570000 | 3966741 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.70%, 02/15/31 *(a)* | 3225000 | 3293497 |
| 5.15%, 02/20/34 *(a)* | 3465000 | 3591366 |
| 5.30%, 05/09/35 *(a)* | 4410000 | 4578478 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 6.30%, 10/10/33 *(a)* | 2330000 | 2533814 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| 3.15%, 01/15/32 *(a)* | 3485000 | 3206423 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 5.00%, 11/01/32 *(a)* | 3290000 | 3339284 |
| 5.45%, 07/05/33 *(a)* | 4420000 | 4589443 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 2.65%, 12/01/31 *(a)* | 3685000 | 3328994 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 5.00%, 10/15/34 *(a)* | 3220000 | 3261769 |
| 5.50%, 10/15/35 *(a)* | 3225000 | 3359960 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 2.60%, 05/10/31 *(a)* | 3380000 | 3089806 |
| 6.30%, 11/22/32 *(a)* | 2015000 | 2203023 |
| 5.13%, 11/06/35 *(a)* | 1800000 | 1802329 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 2.95%, 03/15/31 *(a)* | 2335000 | 2172361 |
| 5.40%, 02/15/35 *(a)* | 4535000 | 4656331 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 7.45%, 07/16/31  | 4910000 | 5432575 |
| 3.25%, 02/12/32 *(a)* | 11175000 | 9859851 |
| 6.10%, 08/19/32 *(a)* | 8000000 | 8248991 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 6.05%, 03/05/31 *(a)* | 4455000 | 4577531 |
| 3.63%, 06/17/31 *(a)* | 4625000 | 4239654 |
| 6.05%, 11/05/31 *(a)* | 5885000 | 6028907 |
| 6.53%, 03/19/32 *(a)(c)* | 3350000 | 3505644 |
| 7.12%, 11/07/33 *(a)* | 5620000 | 6042917 |
| 6.13%, 03/08/34 *(a)* | 7600000 | 7725743 |
| 6.50%, 02/07/35 *(a)* | 5820000 | 6034411 |
| 5.87%, 10/31/35 *(a)(c)* | 4755000 | 4703523 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 5.60%, 10/15/32 *(a)* | 5750000 | 6017544 |
| 5.00%, 04/01/35  | 3345000 | 3283241 |
| 6.25%, 04/15/35 *(a)* | 2330000 | 2473457 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 2.35%, 01/08/31 *(a)* | 4505000 | 4050384 |
| 5.75%, 02/08/31 *(a)* | 4540000 | 4775920 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**165**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.70%, 06/10/31 *(a)* | 4620000 | 4186522 |
| 5.60%, 06/18/31 *(a)* | 4595000 | 4790706 |
| 3.10%, 01/12/32 *(a)* | 5740000 | 5237433 |
| 5.63%, 04/04/32 *(a)* | 3480000 | 3625750 |
| 6.40%, 01/09/33 *(a)* | 4545000 | 4909850 |
| 6.10%, 01/07/34 *(a)* | 7160000 | 7593199 |
| 5.95%, 04/04/34 *(a)* | 5725000 | 5999755 |
| 5.45%, 09/06/34 *(a)* | 3405000 | 3457601 |
| 5.90%, 01/07/35 *(a)* | 4475000 | 4663621 |
| 6.15%, 07/15/35 *(a)* | 3470000 | 3660310 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 2.75%, 02/01/32 *(a)* | 2235000 | 1979550 |
| 6.88%, 11/01/33 *(a)* | 1800000 | 2002621 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 4.00%, 01/15/31 *(a)* | 3210000 | 3074173 |
| 3.25%, 01/15/32 *(a)* | 3677000 | 3328110 |
| 5.25%, 02/15/33 *(a)* | 2760000 | 2768821 |
| 6.75%, 12/01/33 *(a)* | 1870000 | 2031233 |
| 5.63%, 09/15/34 *(a)* | 3665000 | 3719786 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 1.38%, 03/15/31 *(a)* | 5810000 | 5048039 |
| 4.85%, 06/25/31 *(a)* | 4625000 | 4784129 |
| 1.88%, 09/15/31 *(a)* | 4645000 | 4091801 |
| 3.25%, 04/15/32 *(a)* | 5765000 | 5429828 |
| 4.50%, 09/15/32 *(a)* | 5560000 | 5632647 |
| 4.95%, 06/25/34 *(a)* | 7860000 | 8039431 |
| 4.65%, 09/15/35 *(a)* | 4590000 | 4552428 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.97%, 03/10/32 *(a)* | 3395000 | 3104651 |
| 5.34%, 07/08/35 *(a)* | 4510000 | 4610849 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.38%, 12/15/31 *(a)* | 2135000 | 2199360 |
| 5.75%, 03/30/32 *(a)* | 2270000 | 2382502 |
| 5.50%, 06/30/34 *(a)* | 1550000 | 1600891 |
| 5.40%, 12/15/35 *(a)* | 1850000 | 1857259 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 6.20%, 08/15/34 *(a)* | 2265000 | 2385144 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 2.60%, 01/15/32 *(a)* | 1855000 | 1650191 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 6.25%, 06/15/33 *(a)(c)* | 2670000 | 2861384 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 4.25%, 03/15/31 *(a)* | 5095000 | 5076033 |
| 2.63%, 04/01/31 *(a)* | 6725000 | 6172071 |
| 3.75%, 04/01/32 *(a)* | 6905000 | 6624194 |
| 4.50%, 10/15/32 *(a)* | 5990000 | 5963272 |
| 5.00%, 04/15/33 *(a)* | 5585000 | 5724669 |
| 5.15%, 07/01/33 *(a)* | 4580000 | 4732979 |
| 4.85%, 10/15/35 *(a)* | 5530000 | 5488098 |
| 5.50%, 10/15/35  | 1970000 | 2058240 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 5.50%, 03/21/33 *(a)* | 2255000 | 2363586 |
| 5.88%, 06/01/35 *(a)* | 1960000 | 2079595 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 2.85%, 04/15/31 *(a)* | 4940000 | 4586296 |
| 4.50%, 10/15/31 *(a)* | 2345000 | 2353076 |
| 5.10%, 04/15/32 *(a)* | 2345000 | 2417100 |
| 3.50%, 10/15/32 *(a)* | 4635000 | 4330266 |
| 2.75%, 10/15/33 *(a)* | 3180000 | 2780865 |
| 5.30%, 05/15/34 *(a)* | 4600000 | 4750519 |
| 5.35%, 03/15/35 *(a)* | 4515000 | 4647221 |
| 5.25%, 10/15/35 *(a)* | 2710000 | 2749192 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 4.40%, 02/12/31 *(a)* | 2540000 | 2561041 |
| 4.60%, 09/09/32 *(a)* | 3575000 | 3643980 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 08/14/33 *(a)* | 2795000 | 2885207 |
| 5.20%, 05/17/34 *(a)* | 2345000 | 2444944 |
| 4.95%, 03/03/35 *(a)* | 4530000 | 4586202 |
| 4.70%, 12/09/35 *(a)* | 3440000 | 3421892 |
| **MercadoLibre, Inc.** | **MercadoLibre, Inc.** | **MercadoLibre, Inc.** |
| 3.13%, 01/14/31 *(a)(c)* | 2290000 | 2119442 |
| 4.90%, 01/15/33 *(a)* | 3420000 | 3388289 |
| **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
| 8.50%, 01/18/31  | 6880000 | 8154593 |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.65%, 03/15/35 *(a)* | 2240000 | 2290774 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 1.75%, 03/15/31 *(a)* | 2155000 | 1889248 |
| 4.70%, 06/15/32 *(a)* | 4055000 | 4093743 |
| 5.00%, 08/19/34 *(a)* | 2210000 | 2228050 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 5.00%, 03/22/34  | 1820000 | 1884945 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 7.88%, 06/15/32  | 1365000 | 1601892 |
| 6.38%, 05/15/33  | 1850000 | 2031045 |
| 6.00%, 02/15/35  | 1430000 | 1538730 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 5.00%, 06/15/32 *(a)* | 2430000 | 2498820 |
| **Rollins, Inc.** | **Rollins, Inc.** | **Rollins, Inc.** |
| 5.25%, 02/24/35 *(a)* | 2300000 | 2352484 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| 1.88%, 04/15/31 *(a)* | 2350000 | 2070701 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 3.25%, 08/08/31 *(a)(f)* | 2715000 | 2504634 |
| **Sekisui House U.S., Inc.** | **Sekisui House U.S., Inc.** | **Sekisui House U.S., Inc.** |
| 2.50%, 01/15/31 *(a)* | 1600000 | 1422773 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 4.90%, 02/15/31 *(a)* | 2285000 | 2350795 |
| 3.00%, 02/14/32 *(a)* | 4540000 | 4186817 |
| 4.80%, 02/15/33 *(a)* | 2375000 | 2405714 |
| 5.00%, 02/15/34 *(a)* | 2250000 | 2295312 |
| 5.40%, 05/15/35 *(a)(c)* | 2240000 | 2329414 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 3.05%, 03/15/32 *(a)* | 2195000 | 2002207 |
| 5.50%, 03/11/35 *(a)* | 3420000 | 3500656 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 4.50%, 09/15/32 *(a)* | 4620000 | 4668802 |
| 6.35%, 11/01/32  | 1450000 | 1610815 |
| 4.40%, 01/15/33 *(a)* | 2275000 | 2276182 |
| 4.50%, 09/15/34 *(a)* | 3345000 | 3313711 |
| 5.00%, 04/15/35 *(a)* | 4635000 | 4703276 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 1.60%, 05/15/31 *(a)* | 2295000 | 2016592 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 5.60%, 06/15/35 *(a)(c)* | 2325000 | 2407361 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 2.36%, 03/25/31 *(a)* | 2140000 | 1962469 |
| 5.12%, 07/13/33 *(a)* | 2350000 | 2443546 |
| 5.05%, 06/30/35 *(a)* | 2335000 | 2402589 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 1.65%, 01/10/31  | 2585000 | 2285418 |
| 5.10%, 03/21/31  | 4055000 | 4212205 |
| 1.90%, 09/12/31  | 2355000 | 2070065 |
| 4.60%, 10/10/31  | 3435000 | 3486541 |
| 2.40%, 01/13/32 *(c)* | 1900000 | 1703166 |
| 4.65%, 09/03/32  | 3195000 | 3225636 |
| 4.70%, 01/12/33  | 2235000 | 2263807 |
| 4.80%, 01/05/34  | 3670000 | 3744963 |
| 5.35%, 01/09/35  | 3930000 | 4118660 |

---

*See financial notes*

**166**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| 5.25%, 05/15/33 *(a)* | 3445000 | 3565584 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.15%, 01/15/31 *(a)* | 4500000 | 4480738 |
| 4.80%, 09/15/34 *(a)* | 7025000 | 7012506 |
| 4.80%, 09/15/35 *(a)* | 5575000 | 5538189 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 5.13%, 11/15/31 *(a)* | 3495000 | 3541315 |
| 5.13%, 05/15/32 *(a)* | 6780000 | 6829099 |
| 5.75%, 04/01/34 *(a)* | 2585000 | 2671633 |
| 5.63%, 04/01/35 *(a)* | 4180000 | 4273398 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 1.80%, 09/22/31 *(a)* | 8925000 | 7953476 |
| 4.15%, 09/09/32 *(a)* | 6010000 | 6050416 |
| 4.10%, 04/15/33 *(a)* | 6675000 | 6664203 |
| 4.90%, 04/28/35 *(a)* | 6870000 | 7070944 |
| 5.25%, 09/01/35  | 6040000 | 6396736 |
|  |  | **696362327** |
| ***Consumer Non-Cyclical 12.8%***  | ***Consumer Non-Cyclical 12.8%***  | ***Consumer Non-Cyclical 12.8%***  |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 4.95%, 03/15/31 *(a)* | 8940000 | 9249555 |
| 5.05%, 03/15/34 *(a)* | 13865000 | 14256345 |
| 4.55%, 03/15/35 *(a)* | 7695000 | 7587809 |
| 5.20%, 03/15/35 *(a)* | 4900000 | 5072075 |
| 4.50%, 05/14/35 *(a)* | 11415000 | 11217240 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| 5.43%, 03/01/32 *(a)* | 1630000 | 1671867 |
| 5.76%, 12/01/34 *(a)* | 1945000 | 2007651 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 2.30%, 03/12/31 *(a)* | 3885000 | 3518787 |
| 4.75%, 09/09/34 *(a)* | 2750000 | 2747398 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 2.45%, 02/04/32 *(a)* | 8000000 | 7079250 |
| 6.88%, 11/01/33 *(a)* | 2480000 | 2803883 |
| 5.63%, 02/06/35 *(a)* | 2255000 | 2345142 |
| 5.25%, 08/06/35 *(a)* | 2610000 | 2644107 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.30%, 02/25/31 *(a)* | 5725000 | 5193306 |
| 2.00%, 01/15/32 *(a)* | 4565000 | 3980335 |
| 3.35%, 02/22/32 *(a)* | 4740000 | 4468096 |
| 4.20%, 03/01/33 *(a)* | 3410000 | 3334906 |
| 5.25%, 03/02/33 *(a)* | 19345000 | 20042832 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.90%, 01/23/31 *(a)* | 3450000 | 3576874 |
| 5.00%, 06/15/34 *(a)* | 4570000 | 4727174 |
| 5.88%, 06/15/35  | 1455000 | 1586852 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 2.90%, 03/01/32 *(a)* | 3340000 | 3071448 |
| 5.94%, 10/01/32  | 1710000 | 1864719 |
| 4.50%, 08/15/33 *(a)* | 2325000 | 2328960 |
| 5.38%, 09/15/35  | 1915000 | 2017425 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 4.92%, 11/15/35 *(a)* | 3700000 | 3708878 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.90%, 02/26/31 *(a)(c)* | 4615000 | 4777904 |
| 2.25%, 05/28/31 *(a)* | 3480000 | 3166005 |
| 4.88%, 03/03/33 *(a)* | 2260000 | 2332819 |
| 5.00%, 02/26/34 *(a)* | 6800000 | 7042321 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 1.90%, 01/01/31 *(a)* | 1290000 | 1156919 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 5.83%, 02/20/31 *(a)* | 3875000 | 4115095 |
| 2.73%, 03/25/31 *(a)* | 5740000 | 5291242 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.74%, 03/16/32 *(a)* | 4195000 | 4235939 |
| 5.35%, 08/15/32 *(a)* | 4620000 | 4805785 |
| 7.75%, 10/19/32 *(a)* | 2760000 | 3228905 |
| 4.63%, 03/22/33 *(a)* | 3410000 | 3390233 |
| 6.42%, 08/02/33 *(a)* | 5540000 | 6117765 |
| 6.00%, 02/20/34 *(a)* | 3850000 | 4126629 |
| 5.63%, 08/15/35 *(a)* | 4570000 | 4763794 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 1.73%, 04/01/31 *(a)* | 3055000 | 2618889 |
| 2.54%, 02/01/32 *(a)* | 7050000 | 6145742 |
| 5.65%, 12/15/35 *(a)* | 4500000 | 4565788 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 1.96%, 02/11/31 *(a)* | 4695000 | 4179227 |
| 4.30%, 08/22/32 *(a)* | 2310000 | 2275791 |
| 5.11%, 02/08/34 *(a)* | 2485000 | 2538545 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 5.05%, 01/15/31 *(a)* | 1880000 | 1940773 |
| 5.75%, 05/15/35 *(a)* | 2945000 | 3103367 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.70%, 03/15/32 *(a)* | 3705000 | 3499497 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 6.25%, 11/15/35 *(g)* | 1645000 | 1849109 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 5.75%, 02/01/31 *(a)* | 4770000 | 5105951 |
| 5.10%, 02/22/31 *(a)* | 5710000 | 5952663 |
| 2.95%, 03/15/32 *(a)* | 7990000 | 7407873 |
| 5.90%, 11/15/33 *(a)* | 3340000 | 3649682 |
| 5.20%, 02/22/34 *(a)* | 11185000 | 11636724 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| 4.75%, 04/15/33 *(a)* | 3015000 | 3058692 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 2.40%, 08/18/31 *(a)* | 2540000 | 2225393 |
| 4.40%, 09/15/32 *(a)* | 2060000 | 1966792 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 3.20%, 04/21/31 *(a)* | 2710000 | 2552142 |
| 2.75%, 05/14/31 *(a)* | 4615000 | 4240808 |
| 4.65%, 09/17/34 *(a)* | 3615000 | 3549605 |
| 5.15%, 08/04/35 *(a)* | 3015000 | 3064828 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 4.55%, 03/21/31 *(a)* | 2665000 | 2654682 |
| 5.40%, 03/21/34 *(a)* | 4590000 | 4678657 |
| 4.75%, 03/23/35 *(a)* | 3670000 | 3551885 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 5.45%, 02/15/34 *(a)* | 2220000 | 2309222 |
| 5.35%, 11/15/34 *(a)* | 4630000 | 4775534 |
| 5.15%, 09/15/35 *(a)* | 1850000 | 1882275 |
| **Cedars-Sinai Health System** | **Cedars-Sinai Health System** | **Cedars-Sinai Health System** |
| 2.29%, 08/15/31 *(a)* | 1385000 | 1248544 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 2.70%, 03/15/31 *(a)* | 4560000 | 4205528 |
| 5.13%, 02/15/34 *(a)* | 2270000 | 2329821 |
| 5.15%, 02/15/35 *(a)* | 3195000 | 3269240 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 2.30%, 12/15/31 *(a)* | 1855000 | 1649503 |
| 5.60%, 11/15/32 *(a)* | 2350000 | 2499191 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 2.38%, 03/15/31 *(a)* | 6770000 | 6130937 |
| 5.13%, 05/15/31 *(a)* | 3465000 | 3581327 |
| 4.88%, 09/15/32 *(a)* | 5665000 | 5740103 |
| 5.40%, 03/15/33 *(a)* | 3800000 | 3960631 |
| 5.25%, 02/15/34 *(a)* | 5665000 | 5829537 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 4.60%, 05/01/32 *(a)* | 2785000 | 2814328 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**167**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 2.00%, 03/05/31  | 3370000 | 3055273 |
| 1.38%, 03/15/31  | 5895000 | 5173815 |
| 2.25%, 01/05/32  | 9200000 | 8317508 |
| 5.00%, 05/13/34 *(a)* | 4650000 | 4849784 |
| 4.65%, 08/14/34 *(a)(c)* | 3435000 | 3509013 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.45%, 06/01/34 *(a)* | 2215000 | 2319942 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 1.85%, 09/01/32 *(a)* | 3130000 | 2639918 |
| 5.10%, 05/06/35 *(a)* | 2365000 | 2399732 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.25%, 08/15/32 *(a)* | 2280000 | 2150709 |
| 4.60%, 03/01/33 *(a)* | 2240000 | 2289458 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 5.21%, 12/01/31 *(a)* | 3535000 | 3665662 |
| 5.32%, 12/01/34 *(a)* | 3315000 | 3381644 |
| 4.83%, 09/01/35 *(a)* | 1435000 | 1420499 |
| 4.98%, 09/01/35 *(a)* | 2910000 | 2879518 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 5.75%, 08/01/35 *(a)* | 2330000 | 2381425 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 2.25%, 08/01/31 *(a)* | 4655000 | 4133978 |
| 4.75%, 05/09/32 *(a)* | 3120000 | 3136205 |
| 4.90%, 05/01/33 *(a)* | 3440000 | 3458616 |
| 4.95%, 11/01/35 *(a)* | 2270000 | 2246487 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 5.25%, 01/30/31 *(a)* | 3465000 | 3582083 |
| 1.88%, 02/28/31 *(a)* | 5765000 | 5064286 |
| 5.55%, 06/01/31 *(a)* | 4610000 | 4828022 |
| 2.13%, 09/15/31 *(a)* | 4625000 | 4065294 |
| 5.00%, 09/15/32 *(a)* | 3645000 | 3720170 |
| 5.25%, 02/21/33 *(a)* | 7815000 | 8051058 |
| 5.30%, 06/01/33 *(a)* | 5835000 | 6026596 |
| 5.70%, 06/01/34 *(a)* | 5750000 | 6031897 |
| 4.88%, 07/20/35 *(a)* | 3110000 | 3063084 |
| 5.45%, 09/15/35 *(a)* | 6805000 | 6968623 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 2.13%, 04/29/32 *(a)* | 3270000 | 2848331 |
| 5.50%, 01/24/33 *(a)* | 3445000 | 3632391 |
| 5.63%, 10/05/33 *(a)* | 4285000 | 4563804 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| 5.63%, 04/15/35 *(a)* | 3415000 | 3618963 |
| 7.45%, 04/15/35  | 2005000 | 2415850 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.25%, 03/15/31 *(a)* | 3600000 | 3628197 |
| 4.90%, 02/12/32 *(a)* | 4585000 | 4748531 |
| 4.55%, 10/15/32 *(a)* | 4690000 | 4759298 |
| 4.70%, 02/27/33 *(a)* | 4490000 | 4589570 |
| 4.70%, 02/09/34 *(a)* | 6780000 | 6874386 |
| 4.60%, 08/14/34 *(a)* | 5835000 | 5856522 |
| 5.10%, 02/12/35 *(a)* | 5535000 | 5726622 |
| 4.90%, 10/15/35 *(a)* | 5755000 | 5857302 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 1.95%, 03/15/31 *(a)* | 2655000 | 2369771 |
| 4.65%, 05/15/33 *(a)* | 3280000 | 3302595 |
| 5.00%, 02/14/34 *(a)* | 3020000 | 3068204 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 2.40%, 03/15/31 *(a)* | 2350000 | 2078846 |
| 5.75%, 03/15/35 *(a)* | 2225000 | 2233343 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 4.80%, 01/15/31 *(a)* | 3070000 | 3127706 |
| 5.91%, 11/22/32 *(a)* | 8120000 | 8750644 |
| 5.50%, 06/15/35 *(a)* | 3935000 | 4091659 |
| 4.95%, 12/15/35 *(a)* | 2980000 | 2978608 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 2.25%, 10/14/31 *(a)* | 2440000 | 2168070 |
| 4.95%, 03/29/33 *(a)* | 4600000 | 4668890 |
| 5.25%, 01/30/35 *(a)(c)* | 3400000 | 3472312 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 5.25%, 10/15/33 *(a)* | 4560000 | 4794885 |
| 5.10%, 06/15/35 *(a)* | 4545000 | 4661239 |
| 4.60%, 09/01/35 *(a)* | 4635000 | 4587101 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 5.38%, 04/15/34  | 2350000 | 2486009 |
| 4.88%, 04/15/35 *(a)* | 3465000 | 3503782 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.63%, 03/24/32 *(a)* | 9050000 | 8622636 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 6.05%, 05/14/34 *(a)* | 2310000 | 2454027 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 5.45%, 04/01/31 *(a)* | 7970000 | 8318305 |
| 2.38%, 07/15/31 *(a)* | 3995000 | 3581544 |
| 5.50%, 03/01/32 *(a)* | 3460000 | 3609120 |
| 3.63%, 03/15/32 *(a)* | 9080000 | 8585393 |
| 4.60%, 11/15/32 *(a)* | 4505000 | 4471058 |
| 5.50%, 06/01/33 *(a)* | 5670000 | 5901690 |
| 5.60%, 04/01/34 *(a)* | 5965000 | 6227586 |
| 5.45%, 09/15/34 *(a)* | 5715000 | 5886489 |
| 5.75%, 03/01/35 *(a)* | 6855000 | 7198579 |
| 4.90%, 11/15/35 *(a)* | 4600000 | 4539972 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 4.95%, 02/24/32 *(a)* | 2290000 | 2375277 |
| 4.50%, 05/04/33 *(a)* | 1890000 | 1899200 |
| 5.10%, 02/24/35 *(a)* | 2265000 | 2330962 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 6.00%, 05/08/34 *(a)* | 2190000 | 2318693 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 2.55%, 03/23/31 *(a)* | 2355000 | 2136578 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 2.13%, 03/15/32 *(a)* | 1790000 | 1550559 |
| 6.20%, 11/15/33 *(a)* | 4510000 | 4891152 |
| 4.25%, 03/15/35  | 2910000 | 2746418 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 3.75%, 12/01/31 *(a)* | 2155000 | 2045177 |
| 3.63%, 01/15/32 *(a)* | 4350000 | 4077849 |
| 3.00%, 05/15/32 *(a)* | 4505000 | 4044839 |
| 5.75%, 04/01/33 *(a)* | 7555000 | 7890907 |
| 6.75%, 03/15/34 *(a)* | 6870000 | 7583768 |
| **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** |
| 5.95%, 04/20/35 *(a)(e)* | 4645000 | 4884777 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 4.90%, 06/01/31 *(a)* | 5350000 | 5586269 |
| 4.85%, 03/01/32 *(a)* | 5860000 | 6085072 |
| 4.95%, 05/15/33  | 2320000 | 2446670 |
| 4.38%, 12/05/33 *(a)* | 3845000 | 3901986 |
| 4.95%, 06/01/34 *(a)(c)* | 3930000 | 4128221 |
| 5.00%, 03/01/35 *(a)(c)* | 5695000 | 5935990 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 7.45%, 04/01/31  | 2780000 | 3181188 |
| 5.25%, 03/01/33 *(a)* | 1825000 | 1894662 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 4.85%, 05/22/32 *(a)* | 3430000 | 3508027 |
| 4.90%, 03/22/33 *(a)* | 5725000 | 5845204 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 2.25%, 03/15/31 *(a)* | 2330000 | 2077854 |
| 5.20%, 03/15/31 *(a)* | 2260000 | 2323018 |
| 4.05%, 04/15/32 *(a)* | 3910000 | 3763653 |

---

*See financial notes*

**168**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.30%, 03/15/34 *(a)* | 3000000 | 3062892 |
| 5.15%, 05/15/35 *(a)* | 2300000 | 2307622 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 2.00%, 11/02/31 *(a)* | 2680000 | 2415731 |
| 4.50%, 02/16/33 *(a)* | 1625000 | 1648130 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 4.25%, 03/01/31 *(a)* | 1710000 | 1691949 |
| 5.20%, 03/15/32 *(a)* | 2280000 | 2346786 |
| 6.75%, 03/15/32  | 1510000 | 1667184 |
| 5.40%, 03/15/35 *(a)* | 2220000 | 2284486 |
| 5.00%, 07/15/35 *(a)* | 2860000 | 2851852 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 1.70%, 01/15/31 *(a)* | 2285000 | 2014322 |
| 7.50%, 04/01/31  | 1995000 | 2275315 |
| 5.00%, 09/15/34 *(a)* | 9995000 | 10060942 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 2.70%, 06/01/31 *(a)* | 2315000 | 2125997 |
| 4.55%, 04/01/32 *(a)* | 2330000 | 2329573 |
| 4.80%, 10/01/34 *(a)* | 3885000 | 3853702 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 1.85%, 02/15/31 *(a)* | 2280000 | 2015065 |
| 4.95%, 04/15/33 *(a)* | 2295000 | 2331323 |
| 4.70%, 10/15/34 *(a)* | 2365000 | 2334104 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 4.95%, 05/30/32 *(a)* | 3015000 | 3099792 |
| 5.10%, 07/15/33 *(a)* | 2710000 | 2802510 |
| 5.25%, 05/30/35 *(a)* | 3235000 | 3343507 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.50%, 03/30/33 *(a)* | 4430000 | 4446791 |
| **Medtronic, Inc.** | **Medtronic, Inc.** | **Medtronic, Inc.** |
| 4.38%, 03/15/35  | 8875000 | 8723829 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 4.15%, 03/15/31 *(a)* | 4580000 | 4566832 |
| 2.15%, 12/10/31 *(a)* | 8955000 | 7973335 |
| 4.55%, 09/15/32 *(a)* | 4800000 | 4858096 |
| 4.45%, 12/04/32 *(a)* | 4610000 | 4619438 |
| 4.50%, 05/17/33 *(a)* | 6865000 | 6934254 |
| 6.50%, 12/01/33 *(g)* | 2920000 | 3303725 |
| 4.95%, 09/15/35 *(a)* | 7875000 | 8002740 |
| 4.75%, 12/04/35 *(a)* | 6890000 | 6875665 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 1.50%, 02/04/31 *(a)* | 2405000 | 2095134 |
| 3.00%, 03/17/32 *(a)* | 3280000 | 3010760 |
| 1.88%, 10/15/32 *(a)* | 2920000 | 2515796 |
| 4.75%, 08/28/34 *(a)* | 2380000 | 2372100 |
| 5.13%, 05/06/35 *(a)* | 1700000 | 1740443 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 4.00%, 09/18/31 *(a)* | 4040000 | 4021208 |
| 4.30%, 11/05/32 *(a)* | 4235000 | 4218500 |
| 4.20%, 09/18/34 *(a)* | 4950000 | 4843975 |
| 4.60%, 11/05/35 *(a)* | 4235000 | 4197753 |
| **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** |
| 2.51%, 05/15/31 *(a)* | 1475000 | 1271031 |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| 2.30%, 11/15/31 *(a)* | 1425000 | 1281063 |
| **Orlando Health Obligated Group** | **Orlando Health Obligated Group** | **Orlando Health Obligated Group** |
| 5.48%, 10/01/35 *(a)* | 1770000 | 1849295 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| 4.86%, 11/15/32 *(a)* | 1920000 | 1937570 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.70%, 02/16/34 *(a)* | 2345000 | 2369547 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 1.40%, 02/25/31 *(a)* | 3510000 | 3077734 |
| 1.95%, 10/21/31 *(a)* | 5790000 | 5150508 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.90%, 07/18/32 *(a)* | 5630000 | 5535655 |
| 4.65%, 07/23/32 *(a)* | 3875000 | 3952257 |
| 4.45%, 02/15/33 *(a)* | 4645000 | 4729073 |
| 4.80%, 07/17/34 *(a)* | 2845000 | 2907363 |
| 5.00%, 02/07/35 *(a)* | 5535000 | 5704233 |
| 5.00%, 07/23/35 *(a)* | 5785000 | 5914705 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.75%, 05/19/33 *(a)* | 22950000 | 23214148 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 1.75%, 08/18/31 *(a)* | 4635000 | 4095582 |
| 4.50%, 11/15/32 *(a)* | 5630000 | 5643587 |
| 4.88%, 11/15/35 *(a)* | 5780000 | 5804600 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 5.13%, 02/13/31 *(a)* | 5800000 | 6012398 |
| 4.75%, 11/01/31 *(a)* | 3445000 | 3519684 |
| 4.25%, 10/29/32 *(a)* | 3855000 | 3794931 |
| 5.75%, 11/17/32 *(a)* | 6755000 | 7223126 |
| 5.38%, 02/15/33 *(a)* | 10145000 | 10617841 |
| 5.63%, 09/07/33 *(a)* | 4660000 | 4944781 |
| 5.25%, 02/13/34 *(a)* | 8000000 | 8273503 |
| 4.90%, 11/01/34 *(a)* | 3750000 | 3783898 |
| 4.88%, 04/30/35 *(a)* | 2855000 | 2867946 |
| 4.63%, 10/29/35 *(a)* | 3910000 | 3826943 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| 2.04%, 01/01/32 *(a)* | 1425000 | 1235818 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| 4.25%, 04/15/31 *(a)* | 4550000 | 4431137 |
| 3.50%, 03/01/32 *(a)* | 4030000 | 3723532 |
| 6.25%, 07/01/33 *(a)* | 4505000 | 4813429 |
| 6.88%, 05/15/34 *(a)* | 2415000 | 2675572 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 5.60%, 03/01/31 *(a)* | 2330000 | 2356294 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 1.95%, 04/23/31  | 4585000 | 4145391 |
| 2.30%, 02/01/32  | 3845000 | 3514104 |
| 4.10%, 11/03/32  | 3500000 | 3482157 |
| 4.05%, 01/26/33  | 3740000 | 3741109 |
| 4.55%, 01/29/34  | 3275000 | 3328308 |
| 5.80%, 08/15/34  | 1840000 | 2010742 |
| 4.55%, 10/24/34  | 2425000 | 2457418 |
| 4.60%, 05/01/35  | 2555000 | 2596118 |
| 4.35%, 11/03/35  | 2385000 | 2355739 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 5.37%, 10/01/32 *(a)* | 1915000 | 1982353 |
| 5.40%, 10/01/33 *(a)* | 2610000 | 2691832 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 2.80%, 06/30/31 *(a)* | 2710000 | 2499179 |
| 6.40%, 11/30/33 *(a)* | 3290000 | 3645020 |
| 5.00%, 12/15/34 *(a)* | 3810000 | 3858160 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 2.55%, 03/15/31 *(a)* | 1840000 | 1665001 |
| 2.25%, 09/15/31 *(a)* | 2330000 | 2053293 |
| **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
| 5.70%, 08/15/35 *(a)* | 3480000 | 3637633 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 4.45%, 03/25/31 *(a)* | 2765000 | 2758108 |
| 2.15%, 09/02/31 *(a)* | 2715000 | 2389663 |
| 5.40%, 09/02/34 *(a)* | 2240000 | 2296572 |
| 5.20%, 09/25/35 *(a)* | 4170000 | 4196845 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 4.20%, 11/03/32 *(a)* | 5400000 | 5392812 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 5.40%, 03/20/34 *(a)* | 2970000 | 3069764 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**169**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 03/13/31 *(a)* | 4560000 | 4757945 |
| 5.60%, 03/23/34 *(a)* | 7645000 | 7965025 |
| **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** |
| 2.70%, 03/15/31 *(a)* | 3135000 | 2893114 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.63%, 09/11/34 *(a)* | 3565000 | 3546102 |
| 5.20%, 02/10/35 *(a)* | 4645000 | 4774143 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 5.21%, 08/15/32 *(a)* | 2330000 | 2416481 |
| 5.16%, 08/15/33 *(a)* | 1610000 | 1658041 |
| 5.54%, 08/15/35 *(a)* | 3725000 | 3892878 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 2.45%, 12/14/31 *(a)* | 2145000 | 1923248 |
| 6.00%, 01/17/34 *(a)* | 2280000 | 2466677 |
| 5.40%, 03/23/35 *(a)* | 2470000 | 2561301 |
| 5.38%, 09/21/35  | 1800000 | 1858629 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.30%, 07/05/34 *(a)* | 5120000 | 5287267 |
| **Takeda U.S. Financing, Inc.** | **Takeda U.S. Financing, Inc.** | **Takeda U.S. Financing, Inc.** |
| 5.20%, 07/07/35 *(a)* | 7555000 | 7698371 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 4.20%, 03/01/31 *(a)* | 2200000 | 2199557 |
| 2.00%, 10/15/31 *(a)* | 5572000 | 4972574 |
| 4.47%, 10/07/32 *(a)* | 3490000 | 3501657 |
| 4.95%, 11/21/32 *(a)* | 2684000 | 2774186 |
| 5.09%, 08/10/33 *(a)* | 4599000 | 4775049 |
| 5.20%, 01/31/34 *(a)* | 2300000 | 2395487 |
| 4.79%, 10/07/35 *(a)* | 3480000 | 3493531 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 5.70%, 03/15/34 *(a)* | 4190000 | 4423714 |
| 4.88%, 08/15/34 *(a)* | 2190000 | 2186053 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 1.75%, 08/12/31 *(a)* | 4030000 | 3553360 |
| 5.90%, 11/15/32  | 4555000 | 4976240 |
| 5.00%, 12/08/33 *(a)* | 3635000 | 3768597 |
| 4.63%, 08/12/34 *(a)* | 4450000 | 4483444 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 2.65%, 01/15/32 *(a)* | 2340000 | 2067836 |
| 5.05%, 10/15/34 *(a)* | 2295000 | 2255282 |
| **UPMC** | **UPMC** | **UPMC** |
| 5.04%, 05/15/33 *(a)* | 2340000 | 2390571 |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| 6.50%, 02/01/34  | 3385000 | 3803689 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 2.60%, 11/24/31 *(a)* | 3435000 | 3107419 |
| 5.20%, 09/15/34 *(a)* | 3230000 | 3296297 |
| 5.50%, 02/19/35 *(a)* | 2770000 | 2876272 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 5.60%, 11/16/32 *(a)* | 3490000 | 3711280 |
| 5.00%, 08/17/35 *(a)* | 4520000 | 4572179 |
|  |  | **1253789953** |
| ***Energy 6.7%***  | ***Energy 6.7%***  | ***Energy 6.7%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 6.10%, 02/15/35 *(a)* | 1595000 | 1641209 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 3.40%, 02/15/31 *(a)* | 2200000 | 2082325 |
| 3.60%, 09/01/32 *(a)* | 2235000 | 2087653 |
| 5.63%, 08/01/34 *(a)* | 2880000 | 3014438 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 2.72%, 01/12/32 *(a)* | 9120000 | 8320260 |
| 4.81%, 02/13/33 *(a)* | 10205000 | 10348042 |
| 4.89%, 09/11/33 *(a)* | 6875000 | 6997040 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.99%, 04/10/34 *(a)* | 4602000 | 4696378 |
| 5.23%, 11/17/34 *(a)* | 8940000 | 9231103 |
| **Burlington Resources LLC** | **Burlington Resources LLC** | **Burlington Resources LLC** |
| 7.20%, 08/15/31  | 2085000 | 2372207 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 7.20%, 01/15/32  | 1885000 | 2118747 |
| 6.45%, 06/30/33  | 1870000 | 2019723 |
| 5.40%, 12/15/34 *(a)* | 3480000 | 3543557 |
| 5.85%, 02/01/35  | 1435000 | 1498673 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 4.65%, 03/20/31 *(a)* | 2280000 | 2274272 |
| 2.65%, 01/15/32 *(a)* | 2280000 | 2027421 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.00%, 03/01/31 *(a)* | 6905000 | 6729215 |
| 3.25%, 01/31/32 *(a)* | 5510000 | 5085803 |
| 5.95%, 06/30/33 *(a)* | 6440000 | 6839687 |
| 5.75%, 08/15/34 *(a)* | 5520000 | 5770614 |
| 5.55%, 10/30/35 *(a)(e)* | 4540000 | 4651861 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 5.65%, 04/15/34 *(a)* | 6625000 | 6878749 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.82%, 04/15/32 *(a)* | 2970000 | 3056887 |
| 4.50%, 10/15/32 *(a)* | 5660000 | 5717259 |
| 4.98%, 04/15/35 *(a)* | 3335000 | 3420229 |
| 4.85%, 10/15/35 *(a)* | 4240000 | 4294261 |
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| 5.90%, 10/15/32  | 2420000 | 2629872 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 4.85%, 01/15/32 *(a)* | 2880000 | 2961568 |
| 5.05%, 09/15/33 *(a)* | 4570000 | 4705642 |
| 5.00%, 01/15/35 *(a)* | 5680000 | 5768093 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 5.60%, 03/15/34 *(a)* | 2285000 | 2358584 |
| 5.40%, 02/15/35 *(a)* | 3465000 | 3518366 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 3.25%, 02/15/32 *(a)* | 1870000 | 1722374 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 7.88%, 09/30/31  | 3155000 | 3649849 |
| 7.95%, 04/15/32  | 1680000 | 1963011 |
| 5.20%, 09/15/34 *(a)* | 5575000 | 5555354 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 3.13%, 03/24/31 *(a)* | 3640000 | 3404175 |
| 6.25%, 03/15/33 *(a)* | 5050000 | 5449065 |
| 5.40%, 04/18/34 *(a)* | 5965000 | 6111917 |
| 5.55%, 04/01/35 *(a)* | 5410000 | 5567501 |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| 5.80%, 01/15/35 *(a)* | 3125000 | 3304068 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 4.50%, 02/15/31 *(a)* | 2250000 | 2248369 |
| 5.70%, 03/08/33 *(a)* | 10390000 | 10954949 |
| 2.50%, 08/01/33 *(a)* | 4585000 | 3943321 |
| 5.63%, 04/05/34 *(a)* | 5610000 | 5861983 |
| 5.55%, 06/20/35 *(a)* | 4025000 | 4172310 |
| 5.20%, 11/20/35 *(a)* | 2385000 | 2407246 |
| 7.20%, 06/27/54 *(a)(b)* | 3190000 | 3384043 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 5.75%, 02/15/33 *(a)* | 6890000 | 7237791 |
| 6.55%, 12/01/33 *(a)* | 6995000 | 7675853 |
| 5.55%, 05/15/34 *(a)* | 5750000 | 5915943 |
| 5.60%, 09/01/34 *(a)* | 5695000 | 5864958 |
| 4.90%, 03/15/35 *(a)* | 2460000 | 2405759 |
| 5.70%, 04/01/35 *(a)* | 5845000 | 6056987 |

---

*See financial notes*

**170**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/15/31 *(a)* | 5860000 | 5936120 |
| 5.35%, 01/31/33 *(a)* | 4630000 | 4838686 |
| 6.88%, 03/01/33  | 2530000 | 2869880 |
| 4.85%, 01/31/34 *(a)* | 4560000 | 4611029 |
| 6.65%, 10/15/34  | 1765000 | 1990530 |
| 4.95%, 02/15/35 *(a)* | 5110000 | 5176202 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 01/15/31 *(a)* | 3370000 | 3383635 |
| 5.00%, 07/15/32 *(a)* | 5745000 | 5885189 |
| 3.90%, 04/01/35 *(a)* | 2270000 | 2114914 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 4.75%, 01/15/31 *(a)* | 4950000 | 4984814 |
| 5.75%, 02/01/34 *(a)* | 3455000 | 3613102 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 4.75%, 02/01/32 *(a)* | 5240000 | 5177394 |
| 5.70%, 01/15/35 *(a)* | 3475000 | 3598708 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 4.85%, 11/15/35 *(a)* | 4650000 | 4596576 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 2.90%, 09/29/31 *(a)* | 2450000 | 2189380 |
| 5.50%, 12/01/34 *(a)(c)* | 2570000 | 2537315 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 7.30%, 08/15/31  | 2805000 | 3225209 |
| 7.13%, 03/15/33  | 2735000 | 3170664 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.75%, 01/15/31 *(a)* | 2870000 | 2966968 |
| 5.50%, 09/01/32 *(a)* | 2315000 | 2349297 |
| 6.25%, 01/15/35 *(a)* | 3495000 | 3651833 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| 7.40%, 03/15/31  | 1525000 | 1722716 |
| 7.75%, 03/15/32  | 1395000 | 1627323 |
| 7.30%, 08/15/33  | 2310000 | 2659513 |
| 5.80%, 03/15/35  | 2395000 | 2518412 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 2.00%, 02/15/31 *(a)* | 3480000 | 3110171 |
| 7.80%, 08/01/31  | 2555000 | 2961438 |
| 7.75%, 01/15/32  | 4605000 | 5352555 |
| 4.80%, 02/01/33 *(a)* | 3469000 | 3480727 |
| 5.20%, 06/01/33 *(a)* | 6770000 | 6970697 |
| 5.40%, 02/01/34 *(a)* | 4505000 | 4654450 |
| 5.30%, 12/01/34 *(a)* | 3430000 | 3501997 |
| 5.85%, 06/01/35 *(a)* | 3250000 | 3440608 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 5.70%, 03/01/35 *(a)* | 4105000 | 4233881 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.80%, 02/15/31 *(a)* | 5695000 | 5759965 |
| 4.95%, 09/01/32 *(a)* | 4540000 | 4575790 |
| 5.00%, 01/15/33 *(a)* | 3410000 | 3424051 |
| 5.00%, 03/01/33 *(a)* | 4995000 | 5020796 |
| 5.50%, 06/01/34 *(a)* | 7595000 | 7753511 |
| 5.40%, 04/01/35 *(a)* | 4650000 | 4687158 |
| 5.40%, 09/15/35 *(a)* | 6820000 | 6875886 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 2.95%, 03/01/31 *(a)* | 2245000 | 2050313 |
| 5.95%, 03/15/35 *(a)* | 2265000 | 2373422 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 6.13%, 01/01/31 *(a)* | 5250000 | 5545065 |
| 7.50%, 05/01/31  | 4220000 | 4744927 |
| 7.88%, 09/15/31  | 2390000 | 2736582 |
| 5.38%, 01/01/32 *(a)* | 4610000 | 4710970 |
| 5.55%, 10/01/34 *(a)(c)* | 5400000 | 5500340 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 6.35%, 01/15/31 *(a)* | 2735000 | 2937922 |
| 4.75%, 10/15/31 *(a)* | 5910000 | 5943485 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 10/15/32 *(a)* | 3310000 | 3326573 |
| 6.10%, 11/15/32 *(a)* | 3455000 | 3701971 |
| 6.05%, 09/01/33 *(a)* | 6900000 | 7346541 |
| 5.65%, 09/01/34 *(a)* | 2215000 | 2294255 |
| 5.05%, 11/01/34 *(a)* | 7265000 | 7214710 |
| 6.00%, 06/15/35  | 1885000 | 1996036 |
| 5.40%, 10/15/35 *(a)* | 4555000 | 4607541 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 7.20%, 11/01/31  | 1640000 | 1812633 |
| 7.38%, 11/01/31  | 2300000 | 2568644 |
| 6.25%, 07/15/33 *(a)* | 2785000 | 2959049 |
| 6.50%, 08/15/34  | 2755000 | 2963613 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 7.15%, 10/01/33 *(a)* | 1875000 | 2006559 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 4.65%, 11/15/34 *(a)* | 4690000 | 4597513 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 5.25%, 06/15/31 *(a)* | 5470000 | 5688524 |
| 5.30%, 06/30/33 *(a)* | 4225000 | 4364213 |
| 4.95%, 03/15/35 *(a)* | 2760000 | 2747063 |
| 5.88%, 03/15/56 *(a)(b)* | 4400000 | 4349998 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 2.15%, 01/15/31 *(a)* | 4540000 | 4123262 |
| **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** |
| 5.95%, 06/15/35 *(a)* | 4630000 | 4826629 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 4.70%, 01/15/31 *(a)* | 4465000 | 4493491 |
| 5.70%, 09/15/34 *(a)* | 2955000 | 3052316 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 4.13%, 05/11/35  | 5405000 | 5196678 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 4.13%, 05/11/35  | 1370000 | 1363015 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 5.58%, 10/01/34 *(a)* | 5725000 | 5788828 |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| 7.15%, 02/01/32  | 2320000 | 2607966 |
| 5.95%, 12/01/34  | 2205000 | 2335579 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 4.20%, 02/01/33 *(a)* | 3375000 | 3232481 |
| 6.13%, 03/15/33 *(a)* | 4130000 | 4420781 |
| 6.50%, 03/30/34 *(a)* | 4610000 | 5040554 |
| 5.50%, 02/15/35 *(a)* | 4455000 | 4568529 |
| 5.55%, 08/15/35 *(a)* | 4585000 | 4697753 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 4.88%, 02/01/31 *(a)* | 4612000 | 4644186 |
| 4.00%, 01/15/32 *(a)* | 4585000 | 4381224 |
| **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** |
| 7.00%, 07/15/32  | 2085000 | 2341657 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 5.15%, 04/05/34 *(a)* | 5670000 | 5894423 |
| 4.72%, 09/10/34 *(a)* | 3475000 | 3507667 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.63%, 03/01/34 *(a)* | 5695000 | 5556949 |
| 5.60%, 03/31/34  | 1665000 | 1733282 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 2.80%, 12/01/31 *(a)* | 2140000 | 1952764 |
| 7.50%, 04/15/32  | 3380000 | 3875310 |
| **Viper Energy Partners LLC** | **Viper Energy Partners LLC** | **Viper Energy Partners LLC** |
| 5.70%, 08/01/35 *(a)* | 5025000 | 5112736 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 4.80%, 03/01/31 *(a)* | 2620000 | 2619584 |
| 6.15%, 04/01/33 *(a)* | 3455000 | 3666539 |
| 5.45%, 11/15/34 *(a)* | 3705000 | 3736211 |
| 5.50%, 12/15/35 *(a)* | 2750000 | 2741270 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**171**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 7.50%, 01/15/31  | 1470000 | 1670873 |
| 2.60%, 03/15/31 *(a)* | 6855000 | 6265138 |
| 8.75%, 03/15/32  | 2050000 | 2489982 |
| 4.65%, 08/15/32 *(a)* | 4620000 | 4633029 |
| 5.65%, 03/15/33 *(a)* | 3430000 | 3611383 |
| 5.15%, 03/15/34 *(a)* | 5985000 | 6095588 |
| 5.60%, 03/15/35 *(a)* | 4565000 | 4745764 |
| 5.30%, 09/30/35 *(a)* | 3360000 | 3422731 |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 5.70%, 05/19/32 *(a)* | 2450000 | 2551090 |
| 5.10%, 09/12/34 *(a)* | 5760000 | 5697625 |
| 6.00%, 05/19/35 *(a)* | 5700000 | 5940688 |
|  |  | **662439671** |
| ***Industrial Other 0.4%***  | ***Industrial Other 0.4%***  | ***Industrial Other 0.4%***  |
| **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** |
| 5.95%, 08/04/33 *(a)* | 2985000 | 3114634 |
| 5.95%, 04/15/35 *(a)* | 2970000 | 3082778 |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 4.00%, 05/01/32 *(a)* | 3660000 | 3582898 |
| **Cornell University** | **Cornell University** | **Cornell University** |
| 4.84%, 06/15/34 *(a)* | 2305000 | 2347150 |
| 4.73%, 06/15/35 *(a)* | 2270000 | 2278665 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 5.90%, 03/01/33 *(a)* | 2274000 | 2398029 |
| **Johns Hopkins University** | **Johns Hopkins University** | **Johns Hopkins University** |
| 4.71%, 07/01/32 *(a)* | 1384000 | 1408417 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 4.68%, 03/01/35 *(a)* | 1505000 | 1519248 |
| **Northwestern University** | **Northwestern University** | **Northwestern University** |
| 4.94%, 12/01/35 *(a)* | 2350000 | 2400508 |
| **President & Fellows of Harvard College** | **President & Fellows of Harvard College** | **President & Fellows of Harvard College** |
| 4.61%, 02/15/35 *(a)(c)* | 3430000 | 3464830 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 4.50%, 01/15/31 *(a)* | 2320000 | 2323711 |
| 2.35%, 01/15/32 *(a)* | 2410000 | 2124996 |
| 5.25%, 08/09/34 *(a)* | 3075000 | 3162288 |
| 5.10%, 08/09/35 *(a)* | 2255000 | 2262403 |
| **Trustees of Columbia University in the City of New York** | **Trustees of Columbia University in the City of New York** | **Trustees of Columbia University in the City of New York** |
| 4.36%, 10/01/35 *(a)(c)* | 1580000 | 1551418 |
| **Yale University** | **Yale University** | **Yale University** |
| 4.70%, 04/15/32 *(a)* | 1820000 | 1875683 |
|  |  | **38897656** |
| ***Technology 9.8%***  | ***Technology 9.8%***  | ***Technology 9.8%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 4.25%, 10/04/31 *(a)* | 5510000 | 5515459 |
| 4.50%, 10/04/34 *(a)* | 6990000 | 6896383 |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 4.95%, 04/04/34 *(a)* | 3395000 | 3510180 |
| 5.30%, 01/17/35 *(a)* | 2300000 | 2425478 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 3.92%, 06/01/32 *(a)* | 2335000 | 2289746 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 4.38%, 11/15/32 *(a)* | 5770000 | 5791467 |
| 4.50%, 05/15/35 *(a)* | 5800000 | 5773471 |
| 4.70%, 11/15/35 *(a)* | 16000000 | 16016109 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 2.10%, 10/01/31 *(a)* | 5110000 | 4542536 |
| 5.05%, 04/01/34 *(a)* | 2975000 | 3078709 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 1.65%, 02/08/31 *(a)* | 12555000 | 11202574 |
| 1.70%, 08/05/31 *(a)* | 4645000 | 4116421 |
| 4.50%, 05/12/32 *(a)* | 4485000 | 4588156 |
| 3.35%, 08/08/32 *(a)* | 6835000 | 6548445 |
| 4.30%, 05/10/33 *(a)* | 4565000 | 4631932 |
| 4.75%, 05/12/35 *(a)* | 4590000 | 4708681 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 4.00%, 01/15/31 *(a)* | 2540000 | 2527533 |
| 5.10%, 10/01/35 *(a)(c)* | 2295000 | 2367548 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 2.95%, 02/15/32 *(a)* | 2370000 | 2120296 |
| 5.88%, 04/10/34 *(a)* | 2220000 | 2318593 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.50%, 05/15/34 *(a)* | 2365000 | 2449294 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 2.40%, 12/15/31 *(a)* | 4920000 | 4378744 |
| 5.30%, 06/15/35 *(a)* | 2360000 | 2423749 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 4.75%, 05/08/32 *(a)* | 4540000 | 4655329 |
| 4.45%, 09/09/34 *(a)* | 4595000 | 4585010 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 3.00%, 05/15/31 *(a)* | 1475000 | 1331748 |
| 5.50%, 06/01/32 *(a)* | 1235000 | 1253250 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 2.38%, 08/23/31 *(a)(c)* | 3305000 | 3007772 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 2.45%, 02/15/31 *(a)* | 12545000 | 11477762 |
| 5.15%, 11/15/31 *(a)* | 6865000 | 7123073 |
| 4.55%, 02/15/32 *(a)* | 4025000 | 4038900 |
| 4.15%, 04/15/32 *(a)(e)* | 5505000 | 5388546 |
| 5.20%, 04/15/32 *(a)* | 5040000 | 5232833 |
| 4.90%, 07/15/32 *(a)* | 7995000 | 8167061 |
| 4.30%, 11/15/32 *(a)* | 9140000 | 9019245 |
| 2.60%, 02/15/33 *(a)* | 7995000 | 7050456 |
| 3.42%, 04/15/33 *(a)* | 10435000 | 9665033 |
| 3.47%, 04/15/34 *(a)* | 14775000 | 13502816 |
| 4.80%, 10/15/34 *(a)* | 8025000 | 8039020 |
| 5.20%, 07/15/35 *(a)* | 11520000 | 11815304 |
| 3.14%, 11/15/35 *(a)(e)* | 14935000 | 12872557 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.60%, 05/01/31 *(a)* | 4550000 | 4136986 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.70%, 09/10/34 *(a)* | 4545000 | 4548821 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 3.57%, 12/01/31 *(a)* | 4625000 | 4307110 |
| 5.55%, 08/22/34 *(a)* | 2725000 | 2779903 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 2.30%, 09/14/31 *(a)* | 1860000 | 1650918 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 4.95%, 02/26/31 *(a)* | 11470000 | 11894588 |
| 4.95%, 02/24/32 *(a)* | 4575000 | 4724976 |
| 5.05%, 02/26/34 *(a)* | 11425000 | 11768041 |
| 5.10%, 02/24/35 *(a)* | 5600000 | 5761881 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.85%, 08/02/33 *(a)(c)* | 2550000 | 2600096 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 4.50%, 02/15/31 *(a)* | 5440000 | 5436836 |
| 5.30%, 04/01/32 *(a)* | 4615000 | 4747953 |
| 4.75%, 10/06/32 *(a)* | 5815000 | 5810830 |
| 5.75%, 02/01/33 *(a)* | 4675000 | 4932239 |
| 5.40%, 04/15/34 *(a)* | 4535000 | 4662681 |
| 4.85%, 02/01/35 *(a)* | 3670000 | 3623256 |
| 5.50%, 04/01/35 *(a)* | 4555000 | 4695274 |

---

*See financial notes*

**172**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 2.35%, 09/15/31 *(a)* | 4475000 | 3981968 |
| **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** |
| 5.50%, 06/15/34 *(a)* | 3440000 | 3563351 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 2.50%, 05/15/31 *(a)* | 4580000 | 4148874 |
| 3.90%, 04/15/32 *(a)* | 5495000 | 5286067 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 3.45%, 03/01/32 *(a)* | 2325000 | 2162010 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 2.25%, 03/01/31 *(a)* | 3855000 | 3444948 |
| 5.10%, 07/15/32 *(a)* | 3525000 | 3604730 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 4.55%, 02/15/31 *(a)* | 4415000 | 4380129 |
| 5.35%, 03/15/31 *(a)* | 2290000 | 2350926 |
| 5.60%, 03/02/33 *(a)* | 4095000 | 4231642 |
| 5.63%, 08/21/33 *(a)* | 5990000 | 6177539 |
| 5.45%, 03/15/34 *(a)* | 3350000 | 3400166 |
| 5.15%, 08/12/34 *(a)* | 4110000 | 4083876 |
| 5.25%, 08/11/35 *(a)* | 4690000 | 4684458 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 5.25%, 01/15/32 *(a)* | 2930000 | 2987907 |
| 5.38%, 11/13/35 *(a)* | 2805000 | 2801461 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| 2.20%, 03/15/31 *(a)* | 2355000 | 2113767 |
| **Gartner, Inc.** | **Gartner, Inc.** | **Gartner, Inc.** |
| 4.95%, 03/20/31 *(a)* | 1580000 | 1587301 |
| 5.60%, 11/20/35 *(a)* | 2030000 | 2031831 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.90%, 11/15/31 *(a)* | 3500000 | 3138296 |
| 5.40%, 08/15/32 *(a)* | 3500000 | 3561697 |
| 5.20%, 11/15/32 *(a)* | 4640000 | 4644685 |
| 5.55%, 11/15/35 *(a)* | 7820000 | 7779292 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.85%, 10/15/31 *(a)* | 5755000 | 5811580 |
| 5.00%, 10/15/34 *(a)* | 9105000 | 9039092 |
| 6.20%, 10/15/35 *(a)* | 3400000 | 3681520 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 2.65%, 06/17/31 *(a)* | 4455000 | 4017852 |
| 4.20%, 04/15/32 *(a)* | 3085000 | 2996431 |
| 5.50%, 01/15/33 *(a)* | 4990000 | 5152744 |
| 6.10%, 04/25/35 *(a)(c)* | 2370000 | 2505371 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.75%, 02/05/31 *(a)* | 1920000 | 1956202 |
| 4.90%, 02/05/34 *(a)* | 4505000 | 4549603 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 5.00%, 02/21/31 *(a)* | 2320000 | 2374150 |
| 2.00%, 08/12/31 *(a)* | 5660000 | 4965369 |
| 4.15%, 08/05/32 *(a)* | 5665000 | 5467379 |
| 4.00%, 12/15/32  | 3800000 | 3628507 |
| 5.20%, 02/10/33 *(a)* | 10240000 | 10441216 |
| 5.15%, 02/21/34 *(a)(c)* | 4160000 | 4213448 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 2.72%, 02/09/32 *(a)* | 2315000 | 2098491 |
| 5.00%, 02/10/32 *(a)* | 4035000 | 4145905 |
| 4.40%, 07/27/32 *(a)* | 3480000 | 3474325 |
| 5.88%, 11/29/32  | 3175000 | 3424690 |
| 4.75%, 02/06/33 *(a)* | 3355000 | 3409590 |
| 5.20%, 02/10/35 *(a)* | 4195000 | 4303829 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 5.20%, 09/15/33 *(a)* | 5740000 | 6001329 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 3.00%, 01/15/31 *(a)* | 2630000 | 2450681 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.95%, 10/15/34 *(a)* | 2775000 | 2799787 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.65%, 07/15/32 *(a)* | 4575000 | 4646327 |
| 4.70%, 02/01/34 *(a)* | 2350000 | 2363287 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 3.15%, 10/15/31 *(a)* | 2875000 | 2626426 |
| 6.35%, 02/20/34 *(a)* | 2295000 | 2434749 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 2.30%, 02/15/31 *(a)* | 4490000 | 4038228 |
| 5.40%, 03/15/32 *(a)* | 2315000 | 2409328 |
| 5.75%, 03/15/33 *(a)* | 3515000 | 3726914 |
| 5.50%, 03/15/35 *(a)* | 2355000 | 2448815 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.95%, 04/15/31 *(a)* | 3440000 | 3188325 |
| 5.95%, 09/15/33 *(a)* | 2300000 | 2461639 |
| 5.45%, 07/15/35 *(a)* | 2325000 | 2396725 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 1.90%, 03/15/31 *(a)* | 2660000 | 2387336 |
| 2.00%, 11/18/31 *(a)* | 3530000 | 3146839 |
| 4.35%, 01/15/32 *(a)* | 5260000 | 5292564 |
| 4.95%, 03/15/32 *(a)* | 2375000 | 2462971 |
| 4.85%, 03/09/33 *(a)* | 3415000 | 3512428 |
| 4.88%, 05/09/34 *(a)* | 4515000 | 4634649 |
| 4.55%, 01/15/35 *(a)* | 4985000 | 4989261 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.30%, 01/15/31 *(a)* | 4530000 | 4693257 |
| 2.70%, 04/15/32 *(a)* | 4545000 | 4079492 |
| 5.65%, 11/01/32 *(a)* | 2370000 | 2494122 |
| 5.88%, 02/09/33 *(a)* | 3410000 | 3628496 |
| 5.88%, 09/15/33 *(a)* | 4095000 | 4352265 |
| 5.80%, 01/15/35 *(a)* | 4475000 | 4719227 |
| 6.05%, 11/01/35 *(a)* | 5780000 | 6171711 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 3.50%, 02/12/35 *(a)(c)* | 7090000 | 6686451 |
| 4.20%, 11/03/35 *(a)* | 3340000 | 3330751 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 2.00%, 08/19/31 *(a)* | 2765000 | 2458715 |
| 4.25%, 08/08/32 *(a)* | 2265000 | 2236858 |
| 5.00%, 08/05/34 *(a)* | 2315000 | 2361599 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 2.75%, 05/24/31 *(a)* | 3865000 | 3538986 |
| 5.60%, 06/01/32 *(a)* | 2790000 | 2936555 |
| 5.20%, 08/15/32 *(a)* | 2335000 | 2409132 |
| 5.40%, 04/15/34 *(a)* | 4170000 | 4308396 |
| 5.55%, 08/15/35 *(a)* | 4035000 | 4194508 |
| **MSCI, Inc.** | **MSCI, Inc.** | **MSCI, Inc.** |
| 5.25%, 09/01/35 *(a)* | 5740000 | 5783462 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 5.50%, 03/17/32 *(a)* | 2875000 | 2992946 |
| 5.70%, 03/17/35 *(a)* | 2910000 | 3050299 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 2.00%, 06/15/31 *(a)* | 5735000 | 5165007 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 2.50%, 05/11/31 *(a)* | 4550000 | 4121592 |
| 2.65%, 02/15/32 *(a)* | 4625000 | 4157723 |
| 4.85%, 08/19/32 *(a)* | 1430000 | 1438413 |
| 5.00%, 01/15/33 *(a)* | 4600000 | 4674899 |
| 5.25%, 08/19/35 *(a)* | 3115000 | 3162088 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.88%, 03/25/31 *(a)* | 14830000 | 13304855 |
| 5.25%, 02/03/32 *(a)* | 5765000 | 5756318 |
| 4.80%, 09/26/32 *(a)* | 13705000 | 13242171 |
| 6.25%, 11/09/32 *(a)* | 10245000 | 10693727 |
| 4.90%, 02/06/33 *(a)* | 6845000 | 6591320 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**173**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.30%, 07/08/34 *(a)* | 8020000 | 7258077 |
| 4.70%, 09/27/34 *(a)* | 8005000 | 7434076 |
| 3.90%, 05/15/35 *(a)* | 5765000 | 4982470 |
| 5.50%, 08/03/35 *(a)* | 8075000 | 7923188 |
| 5.20%, 09/26/35 *(a)* | 18345000 | 17618362 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.35%, 04/15/32 *(a)* | 6845000 | 7095116 |
| 5.60%, 04/15/35 *(a)* | 5455000 | 5716535 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 4.40%, 06/01/32 *(a)* | 4595000 | 4595481 |
| 5.15%, 06/01/34 *(a)* | 3940000 | 4043175 |
| 5.10%, 04/01/35 *(a)* | 2735000 | 2784645 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 1.65%, 05/20/32 *(a)* | 5615000 | 4798228 |
| 4.25%, 05/20/32 *(a)* | 2745000 | 2742069 |
| 4.75%, 05/20/32 *(a)* | 1780000 | 1818166 |
| 5.40%, 05/20/33 *(a)* | 3165000 | 3355665 |
| 4.65%, 05/20/35 *(a)* | 4545000 | 4567883 |
| 5.00%, 05/20/35 *(a)* | 2800000 | 2843338 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.75%, 05/20/32 *(a)* | 2395000 | 2437507 |
| 5.25%, 03/27/35 *(a)* | 3430000 | 3547237 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 1.75%, 02/15/31 *(a)* | 4590000 | 4029681 |
| 4.75%, 02/15/32 *(a)* | 2260000 | 2284926 |
| 4.90%, 10/15/34 *(a)* | 5000000 | 4991282 |
| 5.10%, 09/15/35 *(a)* | 4525000 | 4563779 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 4.25%, 01/15/31 *(a)(e)* | 2760000 | 2760937 |
| 2.90%, 03/01/32 *(a)* | 6830000 | 6302198 |
| 5.25%, 09/15/33 *(a)* | 3425000 | 3598850 |
| 4.80%, 12/04/35 *(a)(e)* | 1840000 | 1836162 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 1.95%, 07/15/31 *(a)* | 6785000 | 6040158 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| 3.00%, 06/01/31 *(a)* | 2320000 | 2105933 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 5.00%, 04/01/32 *(a)* | 6775000 | 6921280 |
| 5.15%, 04/01/35 *(a)* | 10965000 | 11149328 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 2.65%, 08/09/31 *(a)* | 2520000 | 2266530 |
| 6.10%, 04/12/34 *(a)* | 2835000 | 2996918 |
| 5.30%, 10/10/35 *(a)* | 2730000 | 2709314 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.75%, 04/01/31 *(a)* | 4760000 | 4407164 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 1.90%, 09/15/31 *(a)* | 2490000 | 2211137 |
| 3.65%, 08/16/32 *(a)* | 1965000 | 1889142 |
| 4.90%, 03/14/33 *(a)* | 4290000 | 4429078 |
| 4.85%, 02/08/34 *(a)* | 2725000 | 2796927 |
| 5.10%, 05/23/35 *(a)* | 3020000 | 3110873 |
| **TR Finance LLC** | **TR Finance LLC** | **TR Finance LLC** |
| 5.50%, 08/15/35 *(c)* | 1735000 | 1805258 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 6.10%, 03/15/33 *(a)* | 3695000 | 3981296 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 2.50%, 10/25/31 *(a)* | 5775000 | 5265555 |
| 4.25%, 04/22/32 *(a)* | 4505000 | 4512666 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 2.70%, 06/15/31 *(a)* | 3450000 | 3142151 |
| 5.25%, 06/01/32 *(a)* | 2330000 | 2395857 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 5.75%, 04/01/33 *(a)* | 2305000 | 2442685 |
| 5.25%, 06/05/34 *(a)* | 2790000 | 2857746 |
| 5.25%, 03/15/35 *(a)* | 3120000 | 3177784 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.10%, 02/15/31 *(a)* | 4525000 | 3946994 |
| 4.15%, 12/14/35 *(a)* | 6920000 | 6741739 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 2.20%, 08/15/31 *(a)* | 6855000 | 6093639 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 3.10%, 02/01/32 *(a)* | 2325000 | 2144283 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| 2.75%, 03/15/31 *(a)(c)* | 1425000 | 1298560 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.80%, 04/01/32 *(a)* | 5700000 | 5457640 |
|  |  | **957714440** |
| ***Transportation 1.2%***  | ***Transportation 1.2%***  | ***Transportation 1.2%***  |
| **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** |
| 2.88%, 01/11/36  | 2949544 | 2695738 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| 3.15%, 08/15/33  | 1925803 | 1814424 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 4.20%, 03/12/31 *(a)* | 1000000 | 998675 |
| 3.85%, 08/05/32 *(a)* | 3700000 | 3593317 |
| 5.85%, 11/01/33 *(a)* | 1400000 | 1517263 |
| 6.25%, 08/01/34  | 2520000 | 2784544 |
| 4.38%, 09/18/34 *(a)* | 3395000 | 3342036 |
| 4.75%, 11/12/35 *(a)* | 1800000 | 1800507 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 7.13%, 10/15/31  | 1570000 | 1782358 |
| 2.45%, 12/02/31 *(a)* | 6580000 | 5923210 |
| 5.20%, 03/30/35 *(a)* | 2750000 | 2833835 |
| 4.80%, 09/15/35 *(a)* | 1315000 | 1306665 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 4.10%, 11/15/32 *(a)* | 4150000 | 4074552 |
| 5.20%, 11/15/33 *(a)* | 2820000 | 2938375 |
| 5.05%, 06/15/35 *(a)* | 4190000 | 4264965 |
| **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** |
| 1.88%, 08/20/35  | 3300529 | 2888823 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 2.40%, 05/15/31 *(a)* | 1595000 | 1448083 |
| 2.40%, 05/15/31 *(a)(c)* | 2815000 | 2551708 |
| 4.90%, 01/15/34  | 1665000 | 1671988 |
| 3.90%, 02/01/35  | 1860000 | 1726667 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 2.65%, 07/15/31 *(a)* | 1830000 | 1649328 |
| 6.50%, 05/06/34 *(a)* | 2390000 | 2585447 |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| 2.75%, 11/15/33  | 2054356 | 1832344 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| 4.00%, 05/15/34 *(a)(c)* | 1840149 | 1745197 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 2.30%, 05/15/31 *(a)* | 2335000 | 2115221 |
| 3.00%, 03/15/32 *(a)* | 2620000 | 2416321 |
| 4.45%, 03/01/33 *(a)* | 2482000 | 2476176 |
| 5.55%, 03/15/34 *(a)* | 2020000 | 2134259 |
| 5.10%, 05/01/35 *(a)* | 1820000 | 1860680 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 6.60%, 12/01/33 *(a)* | 2705000 | 3020532 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 5.25%, 11/15/35 *(a)* | 3430000 | 3357323 |

---

*See financial notes*

**174**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| 3.25%, 03/15/32 *(a)* | 2755000 | 2503408 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.38%, 05/20/31 *(a)* | 4535000 | 4161513 |
| 2.80%, 02/14/32 *(a)* | 5703000 | 5240376 |
| 4.50%, 01/20/33 *(a)* | 4130000 | 4172279 |
| 3.38%, 02/01/35 *(a)* | 2115000 | 1912588 |
| 5.10%, 02/20/35 *(a)* | 4540000 | 4689138 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| 4.15%, 02/25/33  | 1995374 | 1958898 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| 2.70%, 11/01/33  | 2493947 | 2284320 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 4.88%, 03/03/33 *(a)* | 4125000 | 4250320 |
| 5.15%, 05/22/34 *(a)* | 4105000 | 4265167 |
| 5.25%, 05/14/35 *(a)* | 5750000 | 5966170 |
|  |  | **118554738** |
|  |  | **5143668093** |
| **Utility 9.5%** | **Utility 9.5%** | **Utility 9.5%** |
| ***Electric 8.4%***  | ***Electric 8.4%***  | ***Electric 8.4%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 4.70%, 05/15/32 *(a)* | 2370000 | 2380402 |
| 5.40%, 06/01/33 *(a)* | 1920000 | 1983521 |
| 5.70%, 05/15/34 *(a)* | 2360000 | 2464389 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| 5.15%, 04/01/34 *(a)* | 2085000 | 2129072 |
| 5.38%, 06/15/35 *(a)* | 1900000 | 1964309 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 2.45%, 01/15/31 *(a)* | 4580000 | 4154475 |
| 5.80%, 03/15/32 *(a)* | 3675000 | 3770935 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 4.30%, 03/15/31 *(a)* | 2250000 | 2258699 |
| 3.05%, 03/15/32 *(a)* | 3215000 | 2987866 |
| 3.94%, 09/01/32 *(a)* | 2004000 | 1945301 |
| 5.85%, 11/15/33 *(a)* | 1315000 | 1414310 |
| 5.10%, 04/02/35 *(a)* | 2220000 | 2274531 |
| **Alliant Energy Corp.** | **Alliant Energy Corp.** | **Alliant Energy Corp.** |
| 5.75%, 04/01/56 *(a)(b)* | 3275000 | 3270855 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 3.50%, 01/15/31 *(a)* | 3535000 | 3401650 |
| 5.38%, 03/15/35 *(a)* | 3615000 | 3721935 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.85%, 09/01/32 *(a)* | 2405000 | 2312870 |
| 4.95%, 06/01/33 *(a)* | 2190000 | 2240387 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.95%, 11/01/32 *(a)* | 2335000 | 2510694 |
| 5.63%, 03/01/33 *(a)* | 3870000 | 4067572 |
| 6.95%, 12/15/54 *(a)(b)* | 2800000 | 3009194 |
| 5.80%, 03/15/56 *(a)(b)* | 6655000 | 6608787 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| 2.70%, 04/01/31 *(a)* | 2360000 | 2161272 |
| 4.50%, 08/01/32 *(a)* | 2350000 | 2330183 |
| 5.65%, 04/01/34 *(a)* | 1800000 | 1885474 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.20%, 12/15/31 *(a)* | 2125000 | 1865519 |
| 6.35%, 12/15/32 *(a)* | 1855000 | 2027049 |
| 5.55%, 08/01/33 *(a)* | 2355000 | 2464883 |
| 5.70%, 08/15/34 *(a)* | 3060000 | 3220066 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| 2.30%, 03/15/31 *(a)* | 1670000 | 1515431 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** |
| 2.25%, 06/15/31 *(a)* | 2725000 | 2464237 |
| 5.30%, 06/01/34 *(a)* | 1880000 | 1948788 |
| 5.45%, 06/01/35 *(a)* | 3070000 | 3184655 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 1.65%, 05/15/31 *(a)* | 2278000 | 1985528 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 4.55%, 01/31/31 *(a)* | 2020000 | 2020831 |
| 4.35%, 05/01/33 *(a)* | 1880000 | 1814290 |
| 6.15%, 05/15/34 *(a)* | 2130000 | 2286592 |
| 6.00%, 01/15/35 *(a)* | 2160000 | 2306875 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 2.35%, 04/01/31 *(a)* | 1730000 | 1567447 |
| 3.00%, 03/01/32 *(a)* | 1375000 | 1264591 |
| 4.45%, 10/01/32 *(a)* | 2255000 | 2247251 |
| 6.95%, 03/15/33  | 1535000 | 1744400 |
| 4.95%, 04/01/33 *(a)* | 2710000 | 2764827 |
| 5.15%, 03/01/34 *(a)* | 1890000 | 1933183 |
| 5.05%, 03/01/35 *(a)* | 2185000 | 2211846 |
| 4.95%, 08/15/35 *(a)* | 2715000 | 2738822 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 6.85%, 02/15/55 *(a)(b)* | 1875000 | 2004742 |
| 5.95%, 04/01/56 *(a)(b)* | 3230000 | 3255924 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 6.50%, 06/01/55 *(a)(b)* | 4645000 | 4779430 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 3.15%, 03/15/32 *(a)* | 1455000 | 1349468 |
| 4.90%, 02/01/33 *(a)* | 1945000 | 1992858 |
| 5.30%, 06/01/34 *(a)* | 1865000 | 1945494 |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 2.05%, 07/01/31 *(a)* | 1800000 | 1600165 |
| 4.90%, 07/01/33 *(a)* | 1360000 | 1380915 |
| 4.95%, 08/15/34 *(a)* | 1300000 | 1313619 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 2.40%, 06/15/31 *(a)* | 4040000 | 3696418 |
| 5.20%, 03/01/33 *(a)* | 2295000 | 2390939 |
| 5.50%, 03/15/34 *(a)* | 2770000 | 2910546 |
| 5.38%, 05/15/34 *(a)* | 1820000 | 1892465 |
| 5.30%, 03/01/35  | 1705000 | 1757871 |
| 5.13%, 03/15/35 *(a)* | 2150000 | 2200475 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.80%, 03/01/33 *(a)* | 2760000 | 2949285 |
| 6.13%, 01/15/34 *(a)* | 2300000 | 2496054 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.50%, 01/15/31 *(a)* | 2315000 | 2341575 |
| 3.60%, 08/15/32 *(a)* | 1575000 | 1495339 |
| 4.63%, 05/15/33 *(a)* | 3379000 | 3394201 |
| 5.05%, 05/15/35 *(a)* | 2720000 | 2769618 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| 2.30%, 12/01/31 *(a)* | 1870000 | 1669226 |
| 6.63%, 02/01/32  | 1420000 | 1583292 |
| 5.30%, 05/15/33  | 1395000 | 1454014 |
| 5.30%, 01/15/35 *(a)* | 2110000 | 2186456 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 2.25%, 08/15/31 *(a)* | 3860000 | 3441854 |
| 4.35%, 08/15/32 *(a)* | 1610000 | 1582373 |
| 5.38%, 11/15/32 *(a)* | 3930000 | 4085584 |
| 6.30%, 03/15/33  | 1195000 | 1300999 |
| 5.25%, 08/01/33 *(a)* | 2400000 | 2463384 |
| 5.45%, 03/15/35 *(a)* | 3175000 | 3255662 |
| 5.95%, 06/15/35  | 2320000 | 2475200 |
| 7.00%, 06/01/54 *(a)(b)* | 4575000 | 4961781 |
| 6.63%, 05/15/55 *(a)(b)* | 5770000 | 5945697 |
| 6.00%, 02/15/56 *(a)(b)* | 6665000 | 6714111 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**175**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 2.63%, 03/01/31 *(a)* | 2805000 | 2594240 |
| 3.00%, 03/01/32 *(a)* | 2300000 | 2129055 |
| 5.20%, 04/01/33 *(a)* | 2750000 | 2863232 |
| 5.20%, 03/01/34 *(a)* | 2345000 | 2422480 |
| 5.25%, 05/15/35 *(a)* | 3105000 | 3195967 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 5.85%, 06/01/34 *(a)* | 3845000 | 4103133 |
| 5.05%, 10/01/35 *(a)* | 2570000 | 2570626 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 2.55%, 04/15/31 *(a)* | 2525000 | 2326427 |
| 2.85%, 03/15/32 *(a)* | 2345000 | 2149976 |
| 6.45%, 10/15/32  | 1565000 | 1736547 |
| 4.95%, 01/15/33 *(a)* | 5530000 | 5702136 |
| 4.85%, 01/15/34 *(a)* | 2515000 | 2548500 |
| 5.25%, 03/15/35 *(a)* | 3225000 | 3336570 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 2.55%, 06/15/31 *(a)* | 4614000 | 4204915 |
| 4.50%, 08/15/32 *(a)* | 5320000 | 5309728 |
| 5.75%, 09/15/33 *(a)* | 2800000 | 2968430 |
| 5.45%, 06/15/34 *(a)* | 3375000 | 3518226 |
| 4.95%, 09/15/35 *(a)* | 4585000 | 4549123 |
| 6.45%, 09/01/54 *(a)(b)* | 4625000 | 4853195 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 2.40%, 12/15/31 *(a)* | 3040000 | 2749449 |
| 5.88%, 11/15/33 *(a)* | 2785000 | 3009477 |
| 4.85%, 12/01/35 *(a)* | 2760000 | 2752496 |
| **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** |
| 5.25%, 03/01/34 *(a)* | 1390000 | 1441304 |
| 6.12%, 10/15/35  | 1655000 | 1796063 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 5.25%, 04/01/33 *(a)* | 1705000 | 1767958 |
| 5.30%, 06/15/35 *(a)* | 1655000 | 1709302 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 2.00%, 08/15/31 *(a)(c)* | 3090000 | 2745290 |
| 3.40%, 04/01/32 *(a)* | 2350000 | 2225379 |
| 5.25%, 03/15/33 *(a)* | 2430000 | 2529803 |
| 5.10%, 03/15/34 *(a)* | 2315000 | 2387342 |
| 5.05%, 03/15/35 *(a)* | 3755000 | 3824288 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.25%, 03/15/32 *(a)(c)* | 2555000 | 2558035 |
| **El Paso Electric Co.** | **El Paso Electric Co.** | **El Paso Electric Co.** |
| 6.00%, 05/15/35  | 1830000 | 1905952 |
| **Emera U.S. Finance LP** | **Emera U.S. Finance LP** | **Emera U.S. Finance LP** |
| 2.64%, 06/15/31 *(a)* | 1905000 | 1724000 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 5.15%, 01/15/33 *(a)* | 2033000 | 2104095 |
| 5.30%, 09/15/33 *(a)* | 1305000 | 1361207 |
| 5.45%, 06/01/34 *(a)* | 3205000 | 3353887 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 2.40%, 06/15/31 *(a)* | 2940000 | 2642764 |
| 5.88%, 06/15/56 *(a)(b)* | 2690000 | 2691751 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 3.05%, 06/01/31 *(a)* | 1575000 | 1478606 |
| 2.35%, 06/15/32 *(a)* | 2227000 | 1967178 |
| 4.00%, 03/15/33 *(a)* | 3365000 | 3248963 |
| 5.35%, 03/15/34 *(a)* | 2290000 | 2381250 |
| 5.15%, 09/15/34 *(a)* | 3225000 | 3301256 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 5.00%, 09/01/33 *(a)* | 1455000 | 1482895 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 1.75%, 03/15/31 *(a)* | 2627000 | 2319495 |
| 5.25%, 04/15/35 *(a)* | 2240000 | 2299716 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 5.90%, 11/15/33 *(a)* | 1280000 | 1375264 |
| 5.25%, 03/15/35 *(a)* | 3225000 | 3294411 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 4.95%, 04/15/33 *(a)* | 1470000 | 1495685 |
| 5.40%, 04/01/34 *(a)* | 1405000 | 1462947 |
| 5.13%, 08/15/35 *(a)* | 1820000 | 1842019 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 2.55%, 03/15/31 *(a)* | 1615000 | 1461711 |
| 5.85%, 04/15/31 *(a)* | 3170000 | 3347699 |
| 3.38%, 03/01/32 *(a)* | 3040000 | 2815138 |
| 5.13%, 05/15/33 *(a)* | 3705000 | 3744994 |
| 5.50%, 01/01/34 *(a)* | 2975000 | 3061587 |
| 5.95%, 07/15/34 *(a)* | 3220000 | 3408202 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 5.13%, 03/15/31 *(a)* | 2185000 | 2258010 |
| 3.35%, 03/15/32 *(a)* | 2450000 | 2293594 |
| 5.30%, 03/15/33 *(a)* | 3955000 | 4112754 |
| 5.45%, 03/15/34 *(a)* | 2865000 | 2982281 |
| 4.95%, 06/15/35 *(a)(e)* | 1505000 | 1501363 |
| 5.63%, 06/15/35  | 2370000 | 2482855 |
| 6.50%, 03/15/55 *(a)(b)* | 4665000 | 4863154 |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 4.75%, 01/15/33 *(a)(e)* | 2120000 | 2119961 |
| 5.00%, 01/15/35 *(a)* | 1935000 | 1942457 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 2.45%, 02/03/32 *(a)* | 6840000 | 6178064 |
| 5.10%, 04/01/33 *(a)* | 3455000 | 3583146 |
| 4.80%, 05/15/33 *(a)* | 3430000 | 3500395 |
| 5.63%, 04/01/34  | 2140000 | 2284015 |
| 5.30%, 06/15/34 *(a)* | 5050000 | 5294269 |
| 5.00%, 08/01/34 *(a)* | 1635000 | 1672745 |
| 4.95%, 06/01/35  | 1310000 | 1330560 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 4.85%, 03/15/31 *(a)* | 3455000 | 3545039 |
| 4.70%, 05/15/32 *(a)* | 3150000 | 3197614 |
| 4.95%, 05/17/33 *(a)* | 4456000 | 4549159 |
| 5.25%, 03/15/34 *(a)* | 4050000 | 4183925 |
| 5.20%, 03/15/35 *(a)* | 3245000 | 3332573 |
| **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
| 5.20%, 08/15/34 *(a)* | 1410000 | 1451242 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 5.70%, 10/15/33 *(a)* | 1410000 | 1483486 |
| 4.95%, 09/30/34 *(a)* | 1640000 | 1635836 |
| 5.60%, 06/29/35 *(a)* | 2685000 | 2797601 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 5.75%, 04/01/34 *(a)* | 1945000 | 1989033 |
| **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
| 4.40%, 01/15/31 *(a)(e)* | 2105000 | 2098381 |
| 5.10%, 01/15/35 *(a)* | 3250000 | 3291715 |
| **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
| 5.45%, 04/15/33 *(a)* | 1900000 | 1993670 |
| **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** |
| 5.45%, 04/15/33 *(a)* | 1715000 | 1795957 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 6.75%, 12/30/31  | 1720000 | 1936421 |
| 5.35%, 01/15/34 *(a)* | 1780000 | 1860104 |
| 5.75%, 11/01/35  | 1360000 | 1451222 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.81%, 06/12/33 *(a)* | 3635000 | 3869505 |
| 5.42%, 01/11/34 *(a)* | 3455000 | 3577055 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 5.00%, 02/07/31 *(a)* | 2070000 | 2140264 |
| 1.35%, 03/15/31 *(a)* | 1935000 | 1672259 |

---

*See financial notes*

**176**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.65%, 06/15/31 *(a)* | 1695000 | 1476748 |
| 8.00%, 03/01/32  | 1975000 | 2335162 |
| 2.75%, 04/15/32 *(a)* | 2440000 | 2207746 |
| 4.02%, 11/01/32 *(a)* | 2630000 | 2558527 |
| 4.15%, 12/15/32 *(a)* | 1770000 | 1735734 |
| 5.80%, 01/15/33 *(a)* | 2927000 | 3146092 |
| 5.00%, 08/15/34 *(a)* | 1700000 | 1733291 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 2.44%, 01/15/32 *(a)* | 4660000 | 4152428 |
| 5.30%, 03/15/32 *(a)* | 3340000 | 3484072 |
| 5.00%, 07/15/32 *(a)* | 4540000 | 4653140 |
| 5.05%, 02/28/33 *(a)* | 4605000 | 4715409 |
| 5.25%, 03/15/34 *(a)* | 5015000 | 5149199 |
| 5.45%, 03/15/35 *(a)* | 4575000 | 4738355 |
| 6.75%, 06/15/54 *(a)(b)* | 5435000 | 5803386 |
| 6.50%, 08/15/55 *(a)(b)* | 4595000 | 4842343 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| 2.25%, 04/01/31 *(a)* | 1950000 | 1772443 |
| 5.05%, 05/15/35 *(a)* | 2710000 | 2766036 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 1.95%, 08/15/31 *(a)* | 1475000 | 1301392 |
| 5.40%, 06/01/34 *(a)* | 2790000 | 2894311 |
| 5.20%, 03/01/35 *(a)* | 3145000 | 3212470 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| 1.63%, 01/15/31 *(a)* | 2040000 | 1792853 |
| 5.00%, 06/01/33 *(a)* | 1722000 | 1749064 |
| 5.65%, 06/01/34 *(a)* | 1665000 | 1738419 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 5.40%, 01/15/33 *(a)* | 2085000 | 2185161 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 7.00%, 05/01/32  | 2300000 | 2599220 |
| 4.15%, 06/01/32 *(a)* | 1825000 | 1787840 |
| 4.55%, 09/15/32 *(a)* | 3210000 | 3212179 |
| 7.25%, 01/15/33  | 1480000 | 1699285 |
| 5.65%, 11/15/33 *(a)* | 3670000 | 3904447 |
| 5.35%, 04/01/35 *(a)(e)* | 3020000 | 3117222 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 2.50%, 02/01/31 *(a)* | 9005000 | 8109618 |
| 3.25%, 06/01/31 *(a)* | 4560000 | 4248924 |
| 4.40%, 03/01/32 *(a)* | 2050000 | 2003067 |
| 5.90%, 06/15/32 *(a)* | 2850000 | 2987333 |
| 5.05%, 10/15/32 *(a)* | 3995000 | 4023497 |
| 6.15%, 01/15/33 *(a)* | 3370000 | 3580910 |
| 6.40%, 06/15/33 *(a)* | 5180000 | 5592589 |
| 6.95%, 03/15/34 *(a)* | 3770000 | 4196869 |
| 5.80%, 05/15/34 *(a)* | 4865000 | 5061098 |
| 5.70%, 03/01/35 *(a)* | 4555000 | 4687810 |
| 6.00%, 08/15/35 *(a)* | 3910000 | 4109887 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.30%, 02/15/31 *(a)* | 3190000 | 3286983 |
| 7.70%, 11/15/31  | 1375000 | 1564982 |
| 5.45%, 02/15/34 *(a)* | 5015000 | 5090890 |
| 5.25%, 06/15/35  | 1450000 | 1451545 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| 4.90%, 06/15/33 *(a)* | 2694000 | 2755602 |
| 4.88%, 09/15/35 *(a)* | 2350000 | 2372896 |
| **Potomac Electric Power Co.** | **Potomac Electric Power Co.** | **Potomac Electric Power Co.** |
| 5.20%, 03/15/34 *(a)* | 1675000 | 1722333 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 5.25%, 09/01/34 *(a)* | 3500000 | 3587941 |
| **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** |
| 5.00%, 05/15/33 *(a)* | 2870000 | 2942344 |
| 4.85%, 02/15/34 *(a)* | 2845000 | 2879584 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| 7.75%, 03/01/31  | 3025000 | 3469140 |
| 7.00%, 10/30/31  | 1740000 | 1955474 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| 1.90%, 01/15/31 *(a)* | 1755000 | 1562918 |
| 1.88%, 06/15/31 *(a)* | 3510000 | 3090570 |
| 4.10%, 06/01/32 *(a)* | 1340000 | 1314389 |
| 5.35%, 05/15/34 *(a)* | 3875000 | 3990305 |
| 5.15%, 09/15/35 *(a)* | 3635000 | 3686002 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 2.20%, 06/15/31 *(a)* | 1705000 | 1532119 |
| 5.35%, 10/01/33 *(a)* | 2790000 | 2914727 |
| **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** |
| 2.20%, 08/15/31 *(a)* | 1945000 | 1726865 |
| 5.25%, 01/15/33 *(a)* | 2080000 | 2136363 |
| 5.20%, 01/15/35 *(a)* | 2735000 | 2768158 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 1.90%, 08/15/31 *(a)* | 2010000 | 1776101 |
| 3.10%, 03/15/32 *(a)* | 2215000 | 2055886 |
| 4.90%, 12/15/32 *(a)* | 1775000 | 1816674 |
| 4.65%, 03/15/33 *(a)* | 2340000 | 2356361 |
| 5.20%, 08/01/33 *(a)* | 2330000 | 2418599 |
| 5.20%, 03/01/34 *(a)* | 2105000 | 2171004 |
| 4.85%, 08/01/34 *(a)* | 2640000 | 2663264 |
| 5.05%, 03/01/35 *(a)* | 1875000 | 1917755 |
| 4.90%, 08/15/35 *(a)* | 1935000 | 1949706 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 2.45%, 11/15/31 *(a)* | 3480000 | 3117178 |
| 6.13%, 10/15/33 *(a)* | 1875000 | 2020839 |
| 5.45%, 04/01/34 *(a)* | 2330000 | 2410746 |
| 5.40%, 03/15/35 *(a)* | 1880000 | 1935583 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 4.22%, 03/15/32 *(a)* | 2010000 | 1928457 |
| 5.73%, 03/15/35 *(a)* | 2680000 | 2752429 |
| **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
| 5.33%, 06/15/34 *(a)* | 1850000 | 1907901 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 3.00%, 03/15/32 *(a)* | 2360000 | 2171589 |
| 5.40%, 04/15/35 *(a)* | 3940000 | 4083137 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 2.50%, 06/01/31 *(a)* | 2075000 | 1863126 |
| 5.45%, 06/01/31 *(a)* | 3460000 | 3583226 |
| 2.75%, 02/01/32 *(a)* | 2350000 | 2093794 |
| 5.95%, 11/01/32 *(a)* | 3455000 | 3663461 |
| 6.00%, 01/15/34  | 2320000 | 2438466 |
| 5.20%, 06/01/34 *(a)* | 4220000 | 4245696 |
| 5.45%, 03/01/35 *(a)* | 3870000 | 3926660 |
| 5.75%, 04/01/35  | 1645000 | 1703205 |
| 5.35%, 07/15/35  | 1810000 | 1823229 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 5.70%, 10/15/32 *(a)* | 2315000 | 2455218 |
| 5.20%, 06/15/33 *(a)* | 3595000 | 3695989 |
| 5.70%, 03/15/34 *(a)* | 4910000 | 5176479 |
| 4.85%, 03/15/35 *(a)* | 3550000 | 3511295 |
| 6.38%, 03/15/55 *(a)(b)* | 8245000 | 8600032 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| 4.90%, 10/01/35 *(a)* | 2500000 | 2476413 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 5.30%, 04/01/33 *(a)* | 1665000 | 1710909 |
| **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
| 5.30%, 05/15/35 *(a)* | 2235000 | 2285127 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 5.30%, 12/15/34 *(a)* | 2505000 | 2535267 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**177**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 2.40%, 03/15/31 *(a)* | 1945000 | 1774669 |
| 5.15%, 03/01/35 *(a)* | 2670000 | 2708906 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 3.25%, 05/15/32 *(a)* | 1565000 | 1459873 |
| 5.20%, 09/15/34 *(a)* | 1850000 | 1896074 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 2.15%, 03/15/32 *(a)* | 2330000 | 2047305 |
| 5.20%, 04/01/34 *(a)* | 2200000 | 2269106 |
| 5.25%, 04/15/35 *(a)* | 2365000 | 2437823 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 2.30%, 11/15/31 *(a)* | 2340000 | 2082606 |
| 2.40%, 03/30/32 *(a)* | 2800000 | 2491075 |
| 5.00%, 04/01/33 *(a)* | 3445000 | 3528669 |
| 5.30%, 08/15/33 *(a)* | 1795000 | 1865249 |
| 5.00%, 01/15/34 *(a)* | 2350000 | 2384139 |
| 5.05%, 08/15/34 *(a)* | 2735000 | 2774251 |
| 5.15%, 03/15/35 *(a)* | 2840000 | 2893091 |
| 4.90%, 09/15/35 *(a)* | 3765000 | 3752732 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.63%, 05/15/56 *(a)(b)* | 2730000 | 2751844 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 4.75%, 09/30/32 *(a)* | 2330000 | 2376191 |
| 5.63%, 05/15/33  | 1535000 | 1646222 |
| 4.60%, 10/01/34 *(a)* | 1320000 | 1309050 |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 1.95%, 09/16/31 *(a)* | 1410000 | 1236109 |
| 3.95%, 09/01/32 *(a)* | 2785000 | 2687774 |
| 4.95%, 04/01/33 *(a)* | 1390000 | 1411403 |
| 5.38%, 03/30/34 *(a)* | 1410000 | 1455343 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 2.35%, 11/15/31 *(a)* | 1430000 | 1270831 |
| 4.60%, 06/01/32 *(a)* | 3210000 | 3197808 |
| 5.45%, 08/15/33 *(a)* | 3690000 | 3813472 |
| 5.50%, 03/15/34 *(a)* | 3720000 | 3842129 |
| 5.60%, 04/15/35 *(a)* | 3455000 | 3583744 |
|  |  | **825321871** |
| ***Natural Gas 0.9%***  | ***Natural Gas 0.9%***  | ***Natural Gas 0.9%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 1.50%, 01/15/31 *(a)* | 2780000 | 2439454 |
| 5.45%, 10/15/32 *(a)* | 1335000 | 1413460 |
| 5.90%, 11/15/33 *(a)* | 3315000 | 3588545 |
| 5.20%, 08/15/35 *(a)(c)* | 2265000 | 2338084 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 4.40%, 07/01/32 *(a)* | 2225000 | 2203101 |
| 5.40%, 07/01/34 *(a)* | 1895000 | 1956545 |
| **National Grid USA** | **National Grid USA** | **National Grid USA** |
| 5.80%, 04/01/35  | 1485000 | 1558489 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 1.70%, 02/15/31 *(a)* | 3400000 | 2985660 |
| 5.40%, 06/30/33 *(a)* | 2080000 | 2161298 |
| 5.35%, 04/01/34 *(a)* | 3130000 | 3228894 |
| 5.35%, 07/15/35 *(a)* | 4235000 | 4335508 |
| 6.38%, 03/31/55 *(a)(b)* | 2265000 | 2346786 |
| 5.75%, 07/15/56 *(a)(b)* | 4510000 | 4546245 |
| **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** |
| 7.00%, 09/15/55 *(a)(b)* | 1480000 | 1540260 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 4.25%, 09/01/32 *(a)* | 1305000 | 1287536 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 2.50%, 03/15/31 *(a)(c)* | 1659000 | 1513862 |
| 5.40%, 06/15/33 *(a)* | 1635000 | 1701749 |
| 5.10%, 02/15/35 *(a)* | 1780000 | 1811174 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sempra** | **Sempra** | **Sempra** |
| 5.50%, 08/01/33 *(a)* | 3220000 | 3367875 |
| 6.40%, 10/01/54 *(a)(b)* | 5660000 | 5756320 |
| 6.55%, 04/01/55 *(a)(b)* | 2745000 | 2804050 |
| 6.38%, 04/01/56 *(a)(b)* | 3600000 | 3681266 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 5.20%, 06/01/33 *(a)* | 2350000 | 2426341 |
| 5.05%, 09/01/34 *(a)* | 2725000 | 2773986 |
| 5.45%, 06/15/35 *(a)* | 2620000 | 2729593 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| 1.75%, 01/15/31 *(a)* | 2225000 | 1970461 |
| 5.15%, 09/15/32 *(a)* | 2315000 | 2379973 |
| 5.75%, 09/15/33 *(a)* | 2335000 | 2477635 |
| 4.95%, 09/15/34 *(a)* | 2015000 | 2024563 |
| 5.10%, 09/15/35 *(a)* | 2080000 | 2097731 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 4.05%, 03/15/32 *(a)* | 2745000 | 2651279 |
| **Spire Missouri, Inc.** | **Spire Missouri, Inc.** | **Spire Missouri, Inc.** |
| 4.80%, 02/15/33 *(a)* | 1790000 | 1802363 |
| 5.15%, 08/15/34 *(a)* | 1385000 | 1421668 |
| **Spire, Inc.** | **Spire, Inc.** | **Spire, Inc.** |
| 6.25%, 06/01/56 *(a)(b)* | 2010000 | 2000006 |
|  |  | **85321760** |
| ***Utility Other 0.2%***  | ***Utility Other 0.2%***  | ***Utility Other 0.2%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.30%, 06/01/31 *(a)* | 2502000 | 2261710 |
| 4.45%, 06/01/32 *(a)* | 3600000 | 3606054 |
| 5.15%, 03/01/34 *(a)* | 3190000 | 3291973 |
| 5.25%, 03/01/35 *(a)* | 3735000 | 3851094 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 2.40%, 05/01/31 *(a)* | 1905000 | 1724710 |
| 5.38%, 01/15/34 *(a)* | 2185000 | 2256963 |
| 5.25%, 08/15/35 *(a)* | 2285000 | 2333474 |
|  |  | **19325978** |
|  |  | **929969609** |
| **Total Corporates** <br>**(Cost $9,430,644,231)** | **Total Corporates** <br>**(Cost $9,430,644,231)** | **9683481143** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.7% OF NET ASSETS | **Short-Term Investments** 0.7% OF NET ASSETS | **Short-Term Investments** 0.7% OF NET ASSETS |
| **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.74% *(h)*<br>| 16785940 | 16785940 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.74% *(h)(i)*<br>| 54830168 | 54830168 |
|  |  | **71616108** |
| **Total Short-Term Investments** <br>**(Cost $71,616,108)** | **Total Short-Term Investments** <br>**(Cost $71,616,108)** | **71616108** |
| **Total Investments in Securities** <br>**(Cost $9,502,260,339)** | **Total Investments in Securities** <br>**(Cost $9,502,260,339)** | **9755097251** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**178**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| 10 Year US Treasury Notes <br> (CBOT), expires 03/20/26<br>| 20 | 2248750 | 1220 |
| 10 Year US Treasury Notes Ultra <br> Futures, expires 03/20/26<br>| 6 | 690094 | 553 |
|  |  |  | **1773** |
| **Short** |  |  |  |
| 5 Year US Treasury Notes <br> (CBOT), expires 03/31/26<br>| (3)<br>| (327914)<br>| **(168)**<br>|
| **Total Net Unrealized Appreciation on Futures Contracts** | **Total Net Unrealized Appreciation on Futures Contracts** | **Total Net Unrealized Appreciation on Futures Contracts** | **1605** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* All or a portion of this security is on loan. Securities on loan were valued at $52,992,270.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $54,763,335 or 0.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CBOT — Chicago Board of Trade <br> DAC — Designated Activity Company <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY <br> DATE<br>| VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/25<br>| FACE AMOUNT<br> AT 12/31/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS |
| **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** |
| **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 4.63%, 03/22/30 | $1862368 | $— | ($1875164)<br>| $51559 | ($40532)<br>| $1769 | $— | $— | $21564 |
| 1.65%, 03/11/31 | 2368589 | 508368 | (109412)<br>| 2664 | 99293 | 81120 | 2950622 | 3360000 | 51908 |
| 2.30%, 05/13/31 | 2467053 | 677659 | (243848)<br>| 15315 | 95267 | 64737 | 3076183 | 3395000 | 72959 |
| 1.95%, 12/01/31 | 2690348 | 874704 | (387637)<br>| 17267 | 114758 | 81725 | 3391165 | 3870000 | 70153 |
| 2.90%, 03/03/32 | 3338662 | 995464 | (391837)<br>| 18232 | 142975 | 66968 | 4170464 | 4550000 | 121878 |
| 5.85%, 05/19/34 | 5154379 | 1456685 | (507952)<br>| 36580 | 196005 | (9016)<br>| 6326681 | 5905000 | 320996 |
| 6.14%, 08/24/34 | 5423139 | 1584544 | (533843)<br>| 6676 | 231470 | (8263)<br>| 6703723 | 6145000 | 348287 |
| 4.91%, 11/14/36 |  | 4520553 |  |  | (32029)<br>| (72)<br>| 4488452 | 4510000 | 18382 |
| **Total** | **$23304538** | **$10617977** | **($4049693)**<br>| **$148293** | **$807207** | **$278968** | **$31107290** |  | **$1026127** |

---

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $9683481143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9683481143 |
| Short-Term Investments<sup>1</sup> <br>| 71616108 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71616108 |
| Futures Contracts<sup>2</sup> <br>| 1773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1773 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**179**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| ($168)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($168)<br>|
| **Total** | **$71617713** | &nbsp;&nbsp; **$9683481143** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$9755098856** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**180**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $29,933,915)  |  | $31107290 |
| Investments in securities, at value - unaffiliated issuers (cost $9,472,326,424) including securities on loan of $52,992,270 |  | 9723989961 |
| Deposit with broker for futures contracts |  | 1697025 |
| Receivables: |  |  |
| Investments sold |  | 145271122 |
| Interest |  | 124868719 |
| Dividends |  | 77123 |
| Income from securities on loan | + | 54644 |
| **Total assets** |  | **10027065884** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 54830168 |
| Payables: |  |  |
| Investments bought |  | 91547700 |
| Fund shares redeemed |  | 71247780 |
| Management fees |  | 247436 |
| Variation margin on futures contracts | + | 1576 |
| **Total liabilities** |  | **217874660** |
| **Net assets** |  | **$9809191224** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $9606273784 |
| Total distributable earnings | + | 202917440 |
| **Net assets** |  | **$9809191224** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $9809191224 |  | &nbsp;&nbsp;&nbsp;&nbsp; 426800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $22.98 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**181**

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $442142357 |
| Interest received from securities - affiliated issuers |  | 1305095 |
| Dividends received from securities - unaffiliated issuers  |  | 870461 |
| Other Interest |  | 63682 |
| Securities on loan, net | + | 424797 |
| **Total investment income**  |  | **444806392** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 2605179 |
| **Total expenses** | – | **2605179** |
| **Net investment income** |  | **442201213** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (8426)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (309690)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 156719 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 67855888 |
| Net realized losses on futures contracts | + | (502810)<br>|
| **Net realized gains** |  | **67191681** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 807207 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 273671741 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 11588 |
| **Net change in unrealized appreciation (depreciation)** |  | **274490536** |
| **Net realized and unrealized gains** |  | **341682217** |
| **Increase in net assets resulting from operations** |  | **$783883430** |

---

*See financial notes*

**182**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $442201213 | &nbsp;&nbsp;&nbsp; $348677168 |
| Net realized gains (losses) |  | 67191681 | &nbsp;&nbsp;&nbsp; (360131)<br>|
| Net change in unrealized appreciation (depreciation) | + | 274490536 | &nbsp;&nbsp;&nbsp; (126041711)<br>|
| **Increase in net assets resulting from operations** |  | **$783883430** | &nbsp;&nbsp;&nbsp; **$222275326** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($442268890)**<br>| &nbsp;&nbsp;&nbsp; **($348286925)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 179800000 | &nbsp;&nbsp;&nbsp; $4083823785 | &nbsp;&nbsp;&nbsp; 109500000 | &nbsp;&nbsp;&nbsp; $2445809400 |
| Shares redeemed | + | (103400000)<br>| &nbsp;&nbsp;&nbsp; (2356086287)<br>| &nbsp;&nbsp;&nbsp; (15300000)<br>| &nbsp;&nbsp;&nbsp; (342445920)<br>|
| **Net transactions in fund shares**  |  | **76400000** | &nbsp;&nbsp;&nbsp; **$1727737498** | &nbsp;&nbsp;&nbsp; **94200000** | &nbsp;&nbsp;&nbsp; **$2103363480** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 350400000 | &nbsp;&nbsp;&nbsp; $7739839186 | &nbsp;&nbsp;&nbsp; 256200000 | &nbsp;&nbsp;&nbsp; $5762487305 |
| Total increase | + | 76400000 | &nbsp;&nbsp;&nbsp; 2069352038 | &nbsp;&nbsp;&nbsp; 94200000 | &nbsp;&nbsp;&nbsp; 1977351881 |
| **End of period** |  | **426800000** | &nbsp;&nbsp;&nbsp; **$9809191224** | &nbsp;&nbsp;&nbsp; **350400000** | &nbsp;&nbsp;&nbsp; **$7739839186** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional information). 

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**183**

------

Schwab Municipal Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 1/1/24– <br>12/31/24<sup>1,2</sup> <br>| 1/1/23– <br>12/31/23<sup>1</sup> <br>| 10/12/22<sup>3</sup>– <br>12/31/22<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.67 | &nbsp;&nbsp; $26.24 | &nbsp;&nbsp; $25.58 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss)<sup>4</sup> <br>| 0.94 | 0.90 | 0.87 | 0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.62)<br>| 0.57 | 0.49 |
| Total from investment operations | 0.91 | 0.28 | 1.44 | 0.69 |
| Less distributions: |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.15)<br>|
| Other capital<sup>4</sup> <br>| 0.02 | 0.01 | 0.04 | 0.04 |
| Net asset value at end of period | &nbsp;&nbsp; $25.73 | &nbsp;&nbsp; $25.67 | &nbsp;&nbsp; $26.24 | &nbsp;&nbsp; $25.58 |
| Total return | 3.70<br> %<br>| 1.14<br> %<br>| 5.87<br> %<br>| 2.93 %<sup>5</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>6</sup><br>|
| Net investment income (loss) | 3.73<br> %<br>| 3.47<br> %<br>| 3.41<br> %<br>| 3.50 %<sup>6</sup><br>|
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp; 17 %<sup>8</sup><br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 13 %<sup>5</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2766 | &nbsp;&nbsp; $488 | &nbsp;&nbsp; $247 | &nbsp;&nbsp; $61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024 (see financial note 10 for additional information). 

<sup>2</sup> Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, Distributions from net investment income, and Other capital 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. 

<sup>3</sup> Commencement of operations.

<sup>4</sup> Calculated based on the average shares outstanding during the period.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

<sup>8</sup> Portfolio turnover rate excludes variable rate demand note transactions (see financial note 2b for additional information).

*See financial notes*

**184**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). For variable rate securities, the rate shown is the rate as of the report date based on each security's rate reset date and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.9% OF NET ASSETS |
| **ALABAMA** 0.6%  | **ALABAMA** 0.6%  | **ALABAMA** 0.6%  | **ALABAMA** 0.6%  | **ALABAMA** 0.6%  |
| **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** | **Alabama Corrections Institution Finance Authority** |
| RB Series 2022 A  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104518 |
| **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** | **Alabama Federal Aid Highway Finance Authority** |
| Refunding RB Series 2025 B  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272603 |
| Refunding RB Series 2025 B  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 287291 |
| Refunding RB Series 2025 B  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 135274 |
| **Alabama Highway Authority** | **Alabama Highway Authority** | **Alabama Highway Authority** | **Alabama Highway Authority** | **Alabama Highway Authority** |
| RB Series 2025  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1116655 |
| **Alabama Public School & College Authority** | **Alabama Public School & College Authority** | **Alabama Public School & College Authority** | **Alabama Public School & College Authority** | **Alabama Public School & College Authority** |
| Refunding RB Series 2020 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 485699 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 331213 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 322296 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105914 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55550 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 482759 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 524387 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140494 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35754 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 289463 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1261590 |
| **Auburn University** | **Auburn University** | **Auburn University** | **Auburn University** | **Auburn University** |
| RB Series 2018 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359046 |
| **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** | **Birmingham-Jefferson Civic Center Authority** |
| Special Tax Series 2018 A  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190420 |
| **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** |
| Refunding RB Series 2024  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp; 988619 |
| Refunding RB Series 2024  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66948 |
| Refunding RB Series 2024  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22471 |
| Refunding RB Series 2024  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11201 |
| Refunding RB Series 2024  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220037 |
| Refunding RB Series 2024  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 547252 |
| Refunding RB Series 2024  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 141301 |
| Refunding RB Series 2024  | 5.25% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1097530 |
| Refunding RB Series 2024  | 5.25% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106812 |
| Refunding RB Series 2024  | 5.25% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262813 |
| Refunding RB Series 2024  | 5.25% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp; 2247906 |
| Refunding RB Series 2024  | 5.50% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp; 1742356 |
| **Homewood Educational Building Authority** | **Homewood Educational Building Authority** | **Homewood Educational Building Authority** | **Homewood Educational Building Authority** | **Homewood Educational Building Authority** |
| RB CHF - Horizons II LLC Series 2024 C  | 5.50% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101358 |
| RB CHF - Horizons II LLC Series 2024 C  | 5.50% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151405 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**185**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** | **Tuscaloosa City Board of Education** |
| RB Series 2016  | 5.00% | 08/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202729 |
| **University of Alabama** | **University of Alabama** | **University of Alabama** | **University of Alabama** | **University of Alabama** |
| Refunding RB Series 2012 A  | 3.50% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 120189 |
| **Water Works Board of the City of Birmingham** | **Water Works Board of the City of Birmingham** | **Water Works Board of the City of Birmingham** | **Water Works Board of the City of Birmingham** | **Water Works Board of the City of Birmingham** |
| RB Series 2016 B  | 5.00% | 01/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1147527 |
|  |  |  |  | &nbsp;&nbsp; **15679380** |
| **ALASKA** 0.0%  | **ALASKA** 0.0%  | **ALASKA** 0.0%  | **ALASKA** 0.0%  | **ALASKA** 0.0%  |
| **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** | **Municipality of Anchorage Solid Waste Services Revenue** |
| Refunding RB Series 2022 A  | 4.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; **96762** |
| **ARIZONA** 1.1%  | **ARIZONA** 1.1%  | **ARIZONA** 1.1%  | **ARIZONA** 1.1%  | **ARIZONA** 1.1%  |
| **Arizona Board of Regents** | **Arizona Board of Regents** | **Arizona Board of Regents** | **Arizona Board of Regents** | **Arizona Board of Regents** |
| Refunding RB Arizona State University Series 2025 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1037520 |
| Refunding RB University of Arizona SPEED Fund Series 2020 A  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243322 |
| **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** | **Arizona Department of Transportation State Highway Fund Revenue** |
| RB Series 2023  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111406 |
| RB Series 2023  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134917 |
| RB Series 2023  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124937 |
| RB Series 2023  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33256 |
| RB Series 2023  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 162458 |
| **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** | **City of Mesa Utility System Revenue** |
| RB Series 2019 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77777 |
| Refunding RB Series 2014  | 3.25% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40010 |
| Refunding RB Series 2016  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65295 |
| Refunding RB Series 2020  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41589 |
| **City of Phoenix** | **City of Phoenix** | **City of Phoenix** | **City of Phoenix** | **City of Phoenix** |
| Refunding GO Bonds Series 2016  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 485968 |
| Refunding GO Bonds Series 2016  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75897 |
| **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** | **City of Phoenix Civic Improvement Corp.** |
| RB Airport Revenue Series 2019 A  | 3.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 130733 |
| RB Airport Revenue Series 2019 A  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93714 |
| RB Airport Revenue Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1021420 |
| RB Phoenix Sky Harbor International Airport Customer Facility Charges Revenue Series <br> 2019 A <br>| 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1806664 |
| RB Wastewater Revenue Series 2020 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 188315 |
| RB Wastewater Revenue Series 2023  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160228 |
| RB Water System Revenue Series 2020 B  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046193 |
| Refunding RB Airport Revenue Series 2017 D  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51611 |
| Refunding RB Airport Revenue Series 2017 D  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41105 |
| Refunding RB Airport Revenue Series 2017 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 133378 |
| Refunding RB Airport Revenue Series 2017 D  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501245 |
| Refunding RB Wastewater Revenue Series 2017  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85837 |
| **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** | **Gilbert Water Resource Municipal Property Corp.** |
| RB Waterworks & Sewer System Revenue Series 2022  | 5.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 185249 |
| RB Waterworks & Sewer System Revenue Series 2022  | 4.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142859 |
| **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** | **Maricopa County Special Health Care District** |
| GO Bonds Series 2018 C  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301360 |

---

*See financial notes*

**186**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** |
| RB Series 2019 A  | 4.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 321016 |
| RB Series 2019 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102655 |
| RB Series 2023 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 320031 |
| RB Series 2023 B  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4860000 | &nbsp;&nbsp; 5107679 |
| RB Series 2023 B  | 5.25% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp; 1431319 |
| RB Series 2024 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105458 |
| RB Series 2024 A  | 5.25% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265712 |
| RB Series 2024 B  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274838 |
| RB Series 2025 C  | 5.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1595000 | &nbsp;&nbsp; 1677468 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56357 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10253 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204955 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25570 |
| Refunding RB Series 2016 A  | 4.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 475958 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 225429 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105179 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68008 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3126892 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63017 |
| Refunding RB Series 2022 A  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112153 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 570402 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 2422522 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 591540 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4729604 |
|  |  |  |  | &nbsp;&nbsp; **30918278** |
| **ARKANSAS** 0.1%  | **ARKANSAS** 0.1%  | **ARKANSAS** 0.1%  | **ARKANSAS** 0.1%  | **ARKANSAS** 0.1%  |
| **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** | **City of Springdale Sales & Use Tax Revenue** |
| RB Series 2023 B  | 4.25% | 08/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72320 |
| **Fayetteville School District No. 1** | **Fayetteville School District No. 1** | **Fayetteville School District No. 1** | **Fayetteville School District No. 1** | **Fayetteville School District No. 1** |
| GO Bonds Series 2024  | 4.00% | 02/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 421240 |
| Refunding GO Bonds Series 2020  | 2.75% | 06/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36147 |
| Refunding GO Bonds Series 2020  | 3.00% | 06/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 94082 |
| **Springdale School District No. 50** | **Springdale School District No. 50** | **Springdale School District No. 50** | **Springdale School District No. 50** | **Springdale School District No. 50** |
| Refunding GO Bonds Series 2022 B  | 3.00% | 06/01/51 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 149001 |
| **University of Arkansas** | **University of Arkansas** | **University of Arkansas** | **University of Arkansas** | **University of Arkansas** |
| RB Medical Sciences Series 2021 A  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 384649 |
|  |  |  |  | &nbsp;&nbsp; **1157439** |
| **CALIFORNIA** 17.7%  | **CALIFORNIA** 17.7%  | **CALIFORNIA** 17.7%  | **CALIFORNIA** 17.7%  | **CALIFORNIA** 17.7%  |
| **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** |
| RB Series 1999 A  | 3.71% | 10/01/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 35950 |
| RB Series 2022 C  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 272865 |
| RB Series 2024 A  | 4.88% | 10/01/52 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 84241 |
| Refunding RB Series 2016 B  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30381 |
| Refunding RB Series 2016 B  | 4.00% | 10/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60159 |
| Refunding RB Series 2016 B  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151778 |
| **Alameda County Transportation Commission** | **Alameda County Transportation Commission** | **Alameda County Transportation Commission** | **Alameda County Transportation Commission** | **Alameda County Transportation Commission** |
| RB Series 2022  | 5.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 117733 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**187**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** | **Anaheim Public Financing Authority** |
| RB Series 1997 C  | 3.20% | 09/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219513 |
| RB Series 1997 C  | 3.57% | 09/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 164381 |
| RB Series 1997 C  | 3.54% | 09/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19058 |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| GO Bonds Series 2025 D  | 4.69% | 02/01/50 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 78627 |
| **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** |
| RB Series 2017 F-1  | 5.00% | 04/01/56 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98256 |
| RB Series 2019 S-8  | 5.00% | 04/01/56 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220373 |
| RB Series 2023 F-1  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109374 |
| RB Series 2023 F-1  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1200319 |
| RB Series 2023 F-1  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 103355 |
| RB Series 2023 F-1  | 5.25% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 276610 |
| Refunding RB Series 2017  | 4.00% | 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25440 |
| Refunding RB Series 2017  | 4.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142283 |
| Refunding RB Series 2017  | 4.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192892 |
| Refunding RB Series 2017  | 3.25% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 190065 |
| Refunding RB Series 2017  | 4.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251890 |
| Refunding RB Series 2017  | 4.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998748 |
| Refunding RB Series 2017  | 4.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238541 |
| Refunding RB Series 2019 S-8  | 3.00% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 287380 |
| Refunding RB Series 2021 F-2  | 2.60% | 04/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 160791 |
| Refunding RB Series 2024 S-11  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 53405 |
| Refunding RB Series 2024 S-11  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 188215 |
| Refunding RB Series 2025 F-1  | 5.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265047 |
| **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** |
| GO Bonds Series 2009  | 2.58% | 08/01/32 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 215886 |
| GO Bonds Series 2009  | 3.32% | 08/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 122925 |
| **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** |
| RB Chapman University Series 2017 B  | 4.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46274 |
| RB Leland Stanford Junior University Series 2007 T-1  | 5.00% | 03/15/39  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 253072 |
| RB Leland Stanford Junior University Series 2010  | 5.25% | 04/01/40  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 31358 |
| RB Leland Stanford Junior University Series 2014 U-6  | 5.00% | 05/01/45  | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 469079 |
| RB Leland Stanford Junior University Series 2016 U-7  | 5.00% | 06/01/46  | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1242770 |
| RB Leland Stanford Junior University Series 2019 V-1  | 5.00% | 05/01/49  | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1328404 |
| RB Leland Stanford Junior University Series 2023 V-3  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 119724 |
| RB University of San Francisco Series 2018 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170818 |
| RB University of San Francisco Series 2018 A  | 5.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250573 |
| RB University of Southern California Series 2025 A  | 5.00% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1326476 |
| Refunding RB Leland Stanford Junior University Series 2014 V-2  | 5.00% | 04/01/51  | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1640017 |
| Refunding RB Leland Stanford Junior University Series 2021 V-2  | 2.25% | 04/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 192835 |
| Refunding RB Loma Linda University Series 2017 A  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301742 |
| **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** |
| RB Castilleja School Foundation Series 2024  | 4.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91534 |
| RB County of Riverside Series 2024 A  | 5.25% | 11/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68775 |
| RB County of Riverside Series 2024 B  | 5.25% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 525282 |
| **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** |
| RB Series 2023  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3071422 |
| RB Series 2023  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1771873 |
| RB Series 2023  | 4.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194769 |

---

*See financial notes*

**188**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Academy of Motion Picture Arts & Sciences Obligated Group Series 2020 A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284091 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 500787 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.00% | 07/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121243 |
| RB Department of Transportation Seismic Surcharge Revenue Series 2003 A  | 5.13% | 07/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 258556 |
| RB Infrastructure St. Revolving Series 2016 A  | 4.00% | 10/01/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50636 |
| RB Science Center Foundation Series 2021 B  | 4.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 211533 |
| RB Teachers' Retirement System Series 2019  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258155 |
| RB University of California Series 2017  | 5.00% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103470 |
| RB University of California Series 2017  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204325 |
| RB University of California Series 2025  | 4.50% | 05/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501618 |
| RB University of California Series 2025  | 5.25% | 05/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533236 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2017  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10369 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2018  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136684 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2022 A  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26583 |
| RB Water Resources Control Board Water Pollution Control Revolving Fund Series 2022 A  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36745 |
| Refunding RB Broad Series 2021 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 390776 |
| Refunding RB California Academy of Sciences Series 2024 A  | 3.25% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50435 |
| Refunding RB J Paul Getty Trust Series 2023 A  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 59708 |
| Refunding RB Los Angeles County Museum of Natural History Foundation Series 2020  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 276931 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| RB Capital Facilities Development Corp. Series 2018 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513735 |
| RB Ignatian Corp. Series 2024 A  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261919 |
| RB Ignatian Corp. Series 2024 A  | 5.00% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154491 |
| RB Pomona College Series 2017  | 4.00% | 01/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155437 |
| **California School Facilities Financing Authority** | **California School Facilities Financing Authority** | **California School Facilities Financing Authority** | **California School Facilities Financing Authority** | **California School Facilities Financing Authority** |
| RB Azusa Unified School District Series 2010 A  | 5.04% | 08/01/49 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 29546 |
| **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** |
| RB Series 2019 C  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208499 |
| RB Series 2021 B  | 4.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 343283 |
| RB Series 2021 C  | 5.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210296 |
| RB Series 2024 A  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 873739 |
| RB Series 2024 A  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 574437 |
| RB Series 2024 A  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 328413 |
| RB Series 2024 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269161 |
| RB Series 2024 A  | 5.00% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5685000 | &nbsp;&nbsp; 6013810 |
| RB Series 2025 A  | 5.25% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5932422 |
| RB Series 2025 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271097 |
| RB Series 2025 A  | 5.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264682 |
| Refunding RB Series 2015 F  | 5.00% | 05/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75103 |
| Refunding RB Series 2017 B  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104538 |
| Refunding RB Series 2021 A  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 529639 |
| Refunding RB Series 2021 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225665 |
| Refunding RB Series 2021 A  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28692 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 202901 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111771 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34166 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 107748 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225180 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84061 |
| Refunding RB Series 2022 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39012 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**189**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2022 C  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84061 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51199 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31519 |
| Refunding RB Series 2023 B  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107657 |
| Refunding RB Series 2023 C  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 178617 |
| Refunding RB Series 2024 C  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 176087 |
| Refunding RB Series 2024 C  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 146248 |
| **California State University** | **California State University** | **California State University** | **California State University** | **California State University** |
| RB Series 2023 A  | 5.25% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1364639 |
| RB Series 2024 A  | 4.00% | 11/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 204523 |
| RB Series 2024 A  | 5.50% | 11/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219209 |
| Refunding RB Series 2015 A  | 4.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74193 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116013 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252248 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100896 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 544820 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 171427 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25066 |
| Refunding RB Series 2016 A  | 3.13% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 220865 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 280433 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70329 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242542 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 327336 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103521 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 383582 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 367561 |
| Refunding RB Series 2017 A  | 5.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5068312 |
| Refunding RB Series 2025 A  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281837 |
| Refunding RB Series 2025 A  | 5.25% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1087550 |
| Refunding RB Series 2025 A  | 4.63% | 11/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1523402 |
| **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** | **Chabot-Las Positas Community College District** |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4021486 |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1174415 |
| **Chaffey Community College District** | **Chaffey Community College District** | **Chaffey Community College District** | **Chaffey Community College District** | **Chaffey Community College District** |
| GO Bonds Series 2019 A  | 5.00% | 06/01/48 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106307 |
| **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** |
| GO Bonds Series 2024 H  | 4.66% | 08/01/49 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 331944 |
| **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** |
| GO Bonds Series 2020 B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 108478 |
| GO Bonds Series 2020 B  | 5.00% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 164627 |
| GO Bonds Series 2024 D  | 5.00% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 787488 |
| **Citrus Community College District** | **Citrus Community College District** | **Citrus Community College District** | **Citrus Community College District** | **Citrus Community College District** |
| GO Bonds Series 2024 B  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265697 |
| **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** |
| Refunding COP Series 2024 R-1  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97202 |
| Refunding GO Bonds Series 2022 R-1  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 144687 |
| Refunding GO Bonds Series 2022 R-1  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45166 |
| Refunding GO Bonds Series 2022 R-1  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 64559 |
| Refunding GO Bonds Series 2024 R-1  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 113932 |

---

*See financial notes*

**190**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** |
| RB Series 2019 E  | 5.00% | 05/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 802882 |
| RB Series 2020 D  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190374 |
| RB Series 2022 B  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1094649 |
| RB Series 2022 I  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 313975 |
| RB Series 2025 E  | 5.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2545000 | &nbsp;&nbsp; 2694098 |
| RB Series 2025 E  | 5.25% | 05/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1071236 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109751 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 228888 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135241 |
| Refunding RB Series 2020 A  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42844 |
| Refunding RB Series 2020 B  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 150729 |
| Refunding RB Series 2021 B  | 5.00% | 05/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 582219 |
| Refunding RB Series 2021 B  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104303 |
| Refunding RB Series 2025 D  | 5.25% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 808243 |
| **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** |
| RB Series 2017 A  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25393 |
| RB Series 2022 A  | 5.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 84568 |
| RB Series 2025 A  | 5.00% | 06/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265674 |
| Refunding RB Series 2018 B  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119575 |
| Refunding RB Series 2022 C  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112583 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1185838 |
| **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** | **City of Riverside Electric Revenue** |
| Refunding RB Series 2024 A  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31891 |
| **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** | **City of Sacramento Transient Occupancy Tax Revenue** |
| RB Series 2018 A  | 5.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255211 |
| **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** |
| RB Series 2020 A  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 305135 |
| RB Series 2020 B  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45637 |
| RB Series 2023 A  | 5.25% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429467 |
| RB Series 2023 A  | 5.25% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 961424 |
| Refunding RB Series 2016 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357878 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40184 |
| Refunding RB Series 2016 A  | 4.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315268 |
| Refunding RB Series 2023 C  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1181944 |
| Refunding RB Series 2023 C  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 116648 |
| **City of San Jose** | **City of San Jose** | **City of San Jose** | **City of San Jose** | **City of San Jose** |
| GO Bonds Series 2019 A-1  | 5.00% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260037 |
| **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** |
| RB Series 2021 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31065 |
| **Clovis Unified School District** | **Clovis Unified School District** | **Clovis Unified School District** | **Clovis Unified School District** | **Clovis Unified School District** |
| GO Bonds Series 2024 C  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1840000 | &nbsp;&nbsp; 1758630 |
| **Coast Community College District** | **Coast Community College District** | **Coast Community College District** | **Coast Community College District** | **Coast Community College District** |
| GO Bonds Series 2006 B  | 2.82% | 08/01/27 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 105630 |
| GO Bonds Series 2006 B  | 3.01% | 08/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 341502 |
| GO Bonds Series 2017 D  | 4.50% | 08/01/39 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129483 |
| GO Bonds Series 2019 F  | 4.14% | 08/01/40 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 169908 |
| **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** |
| GO Bonds Series 2019 B  | 4.00% | 06/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143539 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**191**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Contra Costa Community College District** | **Contra Costa Community College District** | **Contra Costa Community College District** | **Contra Costa Community College District** | **Contra Costa Community College District** |
| GO Bonds Series 2014 A  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000678 |
| **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** | **Contra Costa Transportation Authority Sales Tax Revenue** |
| Refunding RB Series 2021 A  | 4.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42909 |
| **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** |
| GO Bonds Series 2019 C  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47481 |
| **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** |
| RB Series 2024  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159236 |
| RB Series 2024  | 5.25% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 809500 |
| **County of San Bernardino** | **County of San Bernardino** | **County of San Bernardino** | **County of San Bernardino** | **County of San Bernardino** |
| Refunding COP Series 2019 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40794 |
| **County of San Diego** | **County of San Diego** | **County of San Diego** | **County of San Diego** | **County of San Diego** |
| COP Series 2023  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105454 |
| **County of Santa Clara** | **County of Santa Clara** | **County of Santa Clara** | **County of Santa Clara** | **County of Santa Clara** |
| Refunding GO Bonds Series 2017 C  | 3.25% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 473338 |
| **Desert Community College District** | **Desert Community College District** | **Desert Community College District** | **Desert Community College District** | **Desert Community College District** |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 666912 |
| **Downey Unified School District** | **Downey Unified School District** | **Downey Unified School District** | **Downey Unified School District** | **Downey Unified School District** |
| GO Bonds Series 2023 A  | 4.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 936662 |
| **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** |
| RB Series 2017 A  | 5.00% | 06/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3705000 | &nbsp;&nbsp; 3790993 |
| RB Series 2017 A  | 4.00% | 06/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155011 |
| RB Series 2024 A  | 5.00% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64138 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72878 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 275886 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83230 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119381 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31063 |
| **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** | **East County Advanced Water Purification Joint Powers Authority** |
| RB Series 2024 A-1  | 3.13% | 09/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 571177 |
| RB Series 2024 A-2  | 5.00% | 09/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 333562 |
| **East Side Union High School District** | **East Side Union High School District** | **East Side Union High School District** | **East Side Union High School District** | **East Side Union High School District** |
| GO Bonds Series 2024 B  | 5.00% | 08/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112933 |
| **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** | **Eastern Municipal Water District Financing Authority** |
| RB Series 2017 D  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86408 |
| **El Camino Community College District Fountation** | **El Camino Community College District Fountation** | **El Camino Community College District Fountation** | **El Camino Community College District Fountation** | **El Camino Community College District Fountation** |
| GO Bonds Series 2012 C  | 2.89% | 08/01/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 585884 |
| **Elk Grove Unified School District** | **Elk Grove Unified School District** | **Elk Grove Unified School District** | **Elk Grove Unified School District** | **Elk Grove Unified School District** |
| GO Bonds Series 2019  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186962 |
| Refunding COP Series 2016  | 3.13% | 02/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 227396 |
| **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** | **Folsom Cordova Unified School District** |
| GO Bonds Series 2019 D  | 4.00% | 10/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 348334 |
| **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** | **Foothill-De Anza Community College District** |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100002 |
| **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** |
| RB Series 1995 A  | 2.48% | 01/01/28 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 324330 |
| RB Series 2021 A  | 4.00% | 01/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 777549 |
| Refunding RB Series 2014 B-2  | 3.50% | 01/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 52474 |
| Refunding RB Series 2015  | 2.94% | 01/15/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 786801 |

---

*See financial notes*

**192**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 A  | 4.00% | 01/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 335978 |
| Refunding RB Series 2021 C  | 4.00% | 01/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1092171 |
| **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** |
| GO Bonds Series 2022 B  | 4.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 139389 |
| Refunding GO Bonds Series 2016 B  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 381067 |
| **Glendale Community College District** | **Glendale Community College District** | **Glendale Community College District** | **Glendale Community College District** | **Glendale Community College District** |
| GO Bonds Series 2017 A  | 5.25% | 08/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104745 |
| GO Bonds Series 2017 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1442830 |
| GO Bonds Series 2020 B  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 160690 |
| **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** | **Grossmont-Cuyamaca Community College District** |
| GO Bonds Series 2018 B  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 126478 |
| **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** | **Hayward Area Recreation & Park District** |
| Refunding GO Bonds Series 2017 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24803 |
| **Hayward Unified School District** | **Hayward Unified School District** | **Hayward Unified School District** | **Hayward Unified School District** | **Hayward Unified School District** |
| GO Bonds Series 2017  | 4.00% | 08/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35006 |
| GO Bonds Series 2019 A  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237993 |
| GO Bonds Series 2020  | 4.00% | 08/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 146074 |
| GO Bonds Series 2020  | 4.00% | 08/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 142110 |
| GO Bonds Series 2025 B  | 4.25% | 08/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1964623 |
| Refunding GO Bonds Series 2019  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996521 |
| **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** | **Imperial Irrigation District Electric System Revenue** |
| RB Series 2016 B-1  | 5.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50395 |
| **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** | **Irvine Facilities Financing Authority** |
| RB Series 2023 A  | 4.25% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95378 |
| Special Tax Community Facilities District No. 2013-3 Series 2023 A  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525348 |
| Special Tax Community Facilities District No. 2013-3 Series 2023 A  | 5.25% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26574 |
| Special Tax Community Facilities District No. 2013-3 Series 2023 A  | 4.00% | 09/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91692 |
| **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** |
| GO Bonds Series 2019  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233528 |
| **Long Beach Community College District** | **Long Beach Community College District** | **Long Beach Community College District** | **Long Beach Community College District** | **Long Beach Community College District** |
| GO Bonds Series 2019 C  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 142444 |
| GO Bonds Series 2025 E  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 538295 |
| **Long Beach Unified School District** | **Long Beach Unified School District** | **Long Beach Unified School District** | **Long Beach Unified School District** | **Long Beach Unified School District** |
| GO Bonds Series 2019 B  | 3.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 115468 |
| GO Bonds Series 2019 B  | 3.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 265156 |
| GO Bonds Series 2019 F  | 3.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 2523773 |
| GO Bonds Series 2023 C  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95249 |
| **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** |
| GO Bonds Series 2017 J  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003594 |
| GO Bonds Series 2019 K  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4065000 | &nbsp;&nbsp; 4072078 |
| GO Bonds Series 2019 K  | 3.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 261060 |
| GO Bonds Series 2022 C-1  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25418 |
| GO Bonds Series 2022 L  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28740 |
| GO Bonds Series 2023 D  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69888 |
| GO Bonds Series 2023 D  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113073 |
| GO Bonds Series 2024  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88908 |
| GO Bonds Series 2024  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 53568 |
| GO Bonds Series 2024  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 204622 |
| GO Bonds Series 2024 E  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107520 |
| GO Bonds Series 2024 E  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 723667 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**193**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2015 C  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80951 |
| Refunding GO Bonds Series 2016  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50129 |
| **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** | **Los Angeles County Facilities 2, Inc.** |
| RB Series 2024 A  | 5.25% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 667847 |
| **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** | **Los Angeles County Facilities, Inc.** |
| RB Series 2018 A  | 4.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95399 |
| **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** | **Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue** |
| RB Series 2017 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31054 |
| RB Series 2017 A  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153714 |
| RB Series 2017 A  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204952 |
| RB Series 2019 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 126593 |
| RB Series 2019 B  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63606 |
| RB Series 2019 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 179767 |
| RB Series 2020 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 182137 |
| RB Series 2020 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp; 925451 |
| RB Series 2020 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 181252 |
| RB Series 2020 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp; 2606493 |
| RB Series 2020 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259221 |
| RB Series 2020 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55372 |
| RB Series 2020 A  | 4.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1347343 |
| RB Series 2020 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38590 |
| RB Series 2020 A  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54873 |
| RB Series 2021 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21998 |
| RB Series 2021 A  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 118307 |
| RB Series 2021 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 91523 |
| RB Series 2021 A  | 4.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 291118 |
| RB Series 2021 A  | 4.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180785 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504675 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1152440 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 89453 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 146445 |
| **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** |
| RB Series 2016 D  | 4.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200025 |
| RB Series 2020 A  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70013 |
| RB Series 2021 F  | 4.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97364 |
| RB Series 2025 J  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1337385 |
| RB Series 2025 J  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075060 |
| RB Series 2025 J  | 5.25% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 975549 |
| RB Series 2025 J  | 5.50% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 340633 |
| Refunding RB Series 2024 H  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 563535 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| RB Power System Revenue Series 2017 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 163172 |
| RB Power System Revenue Series 2017 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100480 |
| RB Power System Revenue Series 2017 C  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3021404 |
| RB Power System Revenue Series 2019 A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142440 |
| RB Power System Revenue Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176387 |
| RB Power System Revenue Series 2021 C  | 4.00% | 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50291 |
| RB Power System Revenue Series 2021 C  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51239 |
| RB Power System Revenue Series 2022 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134155 |
| RB Power System Revenue Series 2022 A  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 271564 |

---

*See financial notes*

**194**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Power System Revenue Series 2022 B  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52791 |
| RB Power System Revenue Series 2022 B  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 113809 |
| RB Power System Revenue Series 2023 B  | 5.25% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41670 |
| RB Power System Revenue Series 2024 D  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74921 |
| RB Power System Revenue Series 2024 D  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104347 |
| RB Power System Revenue Series 2024 D  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103818 |
| Refunding RB Power System Revenue Series 2017 B  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10188 |
| Refunding RB Power System Revenue Series 2018 D  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262204 |
| Refunding RB Power System Revenue Series 2019 B  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 148844 |
| Refunding RB Power System Revenue Series 2019 B  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212100 |
| Refunding RB Power System Revenue Series 2019 D  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1073206 |
| Refunding RB Power System Revenue Series 2019 D  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256229 |
| Refunding RB Power System Revenue Series 2020 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161914 |
| Refunding RB Power System Revenue Series 2020 B  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 249177 |
| Refunding RB Power System Revenue Series 2020 B  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 720614 |
| Refunding RB Power System Revenue Series 2021 B  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105779 |
| Refunding RB Power System Revenue Series 2021 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82348 |
| Refunding RB Power System Revenue Series 2021 B  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154011 |
| Refunding RB Power System Revenue Series 2022 C  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 415194 |
| Refunding RB Power System Revenue Series 2022 C  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160219 |
| Refunding RB Power System Revenue Series 2022 E  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101219 |
| Refunding RB Power System Revenue Series 2022 E  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207384 |
| Refunding RB Power System Revenue Series 2022 E  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107942 |
| Refunding RB Power System Revenue Series 2023 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52813 |
| Refunding RB Power System Revenue Series 2023 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 117276 |
| Refunding RB Power System Revenue Series 2023 D  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 339560 |
| Refunding RB Power System Revenue Series 2023 D  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5361 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1133592 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 366289 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 423053 |
| Refunding RB Power System Revenue Series 2023 E  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128485 |
| Refunding RB Power System Revenue Series 2024 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 96434 |
| Refunding RB Power System Revenue Series 2024 B  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 467188 |
| Refunding RB Power System Revenue Series 2024 B  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 167987 |
| Refunding RB Power System Revenue Series 2024 C  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 468009 |
| Refunding RB Power System Revenue Series 2024 C  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 150361 |
| Refunding RB Power System Revenue Series 2024 C  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1905000 | &nbsp;&nbsp; 2012113 |
| Refunding RB Power System Revenue Series 2024 C  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp; 851006 |
| Refunding RB Power System Revenue Series 2024 E  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279986 |
| Refunding RB Power System Revenue Series 2025 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1567929 |
| Refunding RB Power System Revenue Series 2025 A  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2080026 |
| Refunding RB Power System Revenue Series 2025 B  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1099120 |
| Refunding RB Power System Revenue Series 2025 B  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3350741 |
| Refunding RB Power System Revenue Series 2025 C  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2177339 |
| Refunding RB Power System Revenue Series 2025 C  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 816190 |
| **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** |
| RB Series 2018 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85532 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89460 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**195**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2020 A  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306593 |
| Refunding RB Series 2021 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029354 |
| Refunding RB Series 2021 C  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107968 |
| Refunding RB Series 2021 C  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 231045 |
| Refunding RB Series 2021 C  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 112481 |
| Refunding RB Series 2021 C  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 275685 |
| Refunding RB Series 2022 B  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 304527 |
| Refunding RB Series 2022 B  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 184700 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82480 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 103996 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108425 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 262923 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 372319 |
| Refunding RB Series 2022 C  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158374 |
| Refunding RB Series 2022 D  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56904 |
| Refunding RB Series 2022 D  | 5.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153958 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85661 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56894 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281606 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 615968 |
| Refunding RB Series 2025 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp; 758746 |
| Refunding RB Series 2025 C  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2263898 |
| Refunding RB Series 2025 C  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044328 |
| **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** |
| COP Series 2023 A  | 5.00% | 10/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1416811 |
| COP Series 2023 A  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp; 937615 |
| COP Series 2023 A  | 5.00% | 10/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 71436 |
| COP Series 2023 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46154 |
| COP Series 2023 A  | 5.00% | 10/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 65483 |
| COP Series 2023 A  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39952 |
| GO Bonds Series 2016 A  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 109998 |
| GO Bonds Series 2018 B-1  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105628 |
| GO Bonds Series 2018 B-1  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 447458 |
| GO Bonds Series 2018 B-1  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131480 |
| GO Bonds Series 2018 B-1  | 5.25% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 322139 |
| GO Bonds Series 2020 C  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 224263 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 149450 |
| GO Bonds Series 2020 C  | 3.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69217 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83052 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51398 |
| GO Bonds Series 2020 C  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 203515 |
| GO Bonds Series 2020 C  | 3.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79973 |
| GO Bonds Series 2020 RYQ  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95027 |
| GO Bonds Series 2020 RYQ  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222158 |
| GO Bonds Series 2020 RYQ  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120057 |
| GO Bonds Series 2020 RYQ  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25954 |
| GO Bonds Series 2020 RYQ  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 625436 |
| GO Bonds Series 2021 RYRR  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 130948 |
| GO Bonds Series 2022 QRR  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 154074 |
| GO Bonds Series 2022 QRR  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 274420 |

---

*See financial notes*

**196**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11633 |
| GO Bonds Series 2023  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28891 |
| GO Bonds Series 2023  | 5.25% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 581491 |
| GO Bonds Series 2023  | 5.25% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56243 |
| GO Bonds Series 2023  | 5.25% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 1390534 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1815643 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 81416 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57336 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276590 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2193259 |
| GO Bonds Series 2024 QRR  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48999 |
| GO Bonds Series 2024 QRR  | 5.25% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 92072 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 157047 |
| Refunding GO Bonds Series 2016 B  | 2.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96598 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30388 |
| Refunding GO Bonds Series 2016 B  | 3.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165091 |
| Refunding GO Bonds Series 2016 B  | 3.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49917 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 415813 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 495465 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 247619 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 627318 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130386 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 294951 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1075028 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 464173 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp; 938481 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp; 957458 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 574704 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp; 2369409 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 7955000 | &nbsp;&nbsp; 9469438 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 07/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 283767 |
| **Marin Healthcare District** | **Marin Healthcare District** | **Marin Healthcare District** | **Marin Healthcare District** | **Marin Healthcare District** |
| GO Bonds Series 2017 A  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 328669 |
| **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** |
| RB Series 2020 A  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1610540 |
| RB Series 2021 A  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212676 |
| RB Series 2023 A  | 5.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42295 |
| Refunding RB Series 2017 A  | 2.50% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99799 |
| Refunding RB Series 2017 A  | 2.50% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149136 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27487 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1468584 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4314968 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67899 |
| Refunding RB Series 2020 C  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21735 |
| Refunding RB Series 2022 A  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 594000 |
| Refunding RB Series 2022 A  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277180 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28750 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 132843 |
| **Mountain View-Whisman School District** | **Mountain View-Whisman School District** | **Mountain View-Whisman School District** | **Mountain View-Whisman School District** | **Mountain View-Whisman School District** |
| GO Bonds Series 2022 B  | 4.25% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40344 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**197**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mt San Antonio Community College District** | **Mt San Antonio Community College District** | **Mt San Antonio Community College District** | **Mt San Antonio Community College District** | **Mt San Antonio Community College District** |
| GO Bonds Series 2019 A  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 501542 |
| GO Bonds Series 2021 E  | 4.07% | 08/01/46 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 95931 |
| **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** | **Municipal Improvement Corp. of Los Angeles** |
| RB Series 2025 A  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1065747 |
| Refunding RB Series 2016 B  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76557 |
| Refunding RB Series 2016 B  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35709 |
| Refunding RB Series 2016 B  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 321303 |
| Refunding RB Series 2016 B  | 4.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 583912 |
| Refunding RB Series 2016 B  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502653 |
| Refunding RB Series 2016 B  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150552 |
| **Natomas Unified School District** | **Natomas Unified School District** | **Natomas Unified School District** | **Natomas Unified School District** | **Natomas Unified School District** |
| GO Bonds Series 2020 A  | 4.00% | 08/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23919 |
| **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** |
| GO Bonds Series 2009  | 3.52% | 08/01/33 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 100466 |
| **Newport Mesa Unified School District** | **Newport Mesa Unified School District** | **Newport Mesa Unified School District** | **Newport Mesa Unified School District** | **Newport Mesa Unified School District** |
| GO Bonds Series 2011  | 3.10% | 08/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 202893 |
| **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** | **Norman Y Mineta San Jose International Airport SJC** |
| Refunding RB Series 2017 B  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101508 |
| Refunding RB Series 2017 B  | 5.00% | 03/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 161536 |
| **North Orange County Community College District** | **North Orange County Community College District** | **North Orange County Community College District** | **North Orange County Community College District** | **North Orange County Community College District** |
| GO Bonds Series 2003 B  | 2.97% | 08/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32903 |
| **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** | **Northern California Sanitation Agencies Financing Authority** |
| Refunding RB Sacramento Area Sewer District Series 2020 A  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103446 |
| Refunding RB Sacramento Area Sewer District Series 2021  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 40730 |
| Refunding RB Sacramento Area Sewer District Series 2021  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 148211 |
| Refunding RB Sacramento Area Sewer District Series 2021  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 133291 |
| Refunding RB Sacramento Area Sewer District Series 2024 A  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 78833 |
| Refunding RB Sacramento Area Sewer District Series 2024 A  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 64975 |
| **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** |
| GO Bonds Series 2021 A  | 4.00% | 08/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 285467 |
| **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** |
| RB Series 2019  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105081 |
| **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** |
| GO Bonds Series 2018 A  | 5.00% | 08/01/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101557 |
| GO Bonds Series 2022 C  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47959 |
| **Palomar Community College District** | **Palomar Community College District** | **Palomar Community College District** | **Palomar Community College District** | **Palomar Community College District** |
| GO Bonds Series 2017 D  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97257 |
| **Pasadena Area Community College District** | **Pasadena Area Community College District** | **Pasadena Area Community College District** | **Pasadena Area Community College District** | **Pasadena Area Community College District** |
| Refunding GO Bonds Series 2023 A-1  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 242666 |
| **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** | **Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue** |
| RB Series 2022 A  | 5.00% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312735 |
| **Peralta Community College District** | **Peralta Community College District** | **Peralta Community College District** | **Peralta Community College District** | **Peralta Community College District** |
| GO Bonds Series 2022 B  | 5.50% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1077807 |
| **Perris Union High School District** | **Perris Union High School District** | **Perris Union High School District** | **Perris Union High School District** | **Perris Union High School District** |
| GO Bonds Series 2019 A  | 4.00% | 09/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35051 |
| **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** |
| GO Bonds Series 2023  | 4.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp; 524837 |

---

*See financial notes*

**198**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2009 A  | 0.00% | 08/01/31 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 51458 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 3.98% | 08/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 68101 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 2.92% | 08/01/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 216430 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 4.12% | 08/01/37 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 169300 |
| GO Bonds Facilities Improvement District No. 2007-1 Series 2011  | 4.61% | 08/01/51 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2635000 | &nbsp;&nbsp; 820193 |
| **Rancho Santiago Community College District** | **Rancho Santiago Community College District** | **Rancho Santiago Community College District** | **Rancho Santiago Community College District** | **Rancho Santiago Community College District** |
| GO Bonds Series 2006 C  | 3.31% | 09/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 245854 |
| **Rio Hondo Community College District** | **Rio Hondo Community College District** | **Rio Hondo Community College District** | **Rio Hondo Community College District** | **Rio Hondo Community College District** |
| GO Bonds Series 2022 D  | 4.49% | 08/01/44 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 207960 |
| GO Bonds Series 2025 A  | 4.38% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 349883 |
| **River Islands Public Financing Authority** | **River Islands Public Financing Authority** | **River Islands Public Financing Authority** | **River Islands Public Financing Authority** | **River Islands Public Financing Authority** |
| Refunding Special Tax Community Facilities District No. 2003-1 Area 1 Series 2022 A-1  | 5.25% | 09/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526254 |
| **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** |
| GO Bonds Series 2025 A  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239218 |
| GO Bonds Series 2025 A  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 236279 |
| **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61065 |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 277303 |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 79935 |
| Refunding RB Series 2021 B-1  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136121 |
| Refunding RB Series 2021 C  | 4.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44795 |
| **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** | **Riverside County Transportation Commission Sales Tax Revenue** |
| Refunding RB Series 2017 B  | 5.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21095 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 326461 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 236054 |
| Refunding RB Series 2017 B  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26139 |
| **Riverside Unified School District** | **Riverside Unified School District** | **Riverside Unified School District** | **Riverside Unified School District** | **Riverside Unified School District** |
| GO Bonds Series 2019 B  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200055 |
| **Sacramento City Financing Authority** | **Sacramento City Financing Authority** | **Sacramento City Financing Authority** | **Sacramento City Financing Authority** | **Sacramento City Financing Authority** |
| Refunding RB Series 2006  | 5.25% | 12/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110587 |
| **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** | **Sacramento City Unified School District** |
| GO Bonds Series 2022 A  | 5.50% | 08/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp; 858666 |
| GO Bonds Series 2025 C  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 315566 |
| GO Bonds Series 2025 C  | 5.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2615633 |
| **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** | **Sacramento Municipal Utility District** |
| RB Series 2019 G  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37423 |
| RB Series 2019 G  | 5.00% | 08/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 148902 |
| RB Series 2020 H  | 4.00% | 08/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 321359 |
| RB Series 2023 K  | 5.00% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3020000 | &nbsp;&nbsp; 3214891 |
| RB Series 2023 K  | 5.00% | 08/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110447 |
| RB Series 2024 M  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 95992 |
| RB Series 2024 M  | 5.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36915 |
| Refunding RB Series 2024 N-1  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 142091 |
| **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** | **Sacramento Transportation Authority Sales Tax Revenue** |
| Refunding RB Series 2023  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 111934 |
| Refunding RB Series 2023  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 211256 |
| **San Bernardino City Unified School District** | **San Bernardino City Unified School District** | **San Bernardino City Unified School District** | **San Bernardino City Unified School District** | **San Bernardino City Unified School District** |
| GO Bonds Series 2020 F  | 3.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 824741 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**199**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** |
| GO Bonds Series 2009 B  | 4.63% | 08/01/48 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 54160 |
| GO Bonds Series 2019 A  | 4.00% | 08/01/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61735 |
| GO Bonds Series 2023 B  | 4.13% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123541 |
| GO Bonds Series 2023 B  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125011 |
| GO Bonds Series 2025 F  | 5.17% | 08/01/50 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 280035 |
| **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** |
| GO Bonds Series 2016  | 5.00% | 08/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 223514 |
| GO Bonds Series 2016  | 5.00% | 08/01/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25399 |
| GO Bonds Series 2024  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84875 |
| GO Bonds Series 2025 A-1  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 962633 |
| GO Bonds Series 2025 A-1  | 5.00% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1616675 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| RB Series 2021 A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 1021473 |
| RB Series 2021 A  | 4.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 326306 |
| RB Series 2021 A  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36333 |
| RB Series 2021 A  | 4.00% | 07/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 499453 |
| RB Series 2021 A  | 5.00% | 07/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56794 |
| Refunding RB Series 2019 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59254 |
| Refunding RB Series 2019 A  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25430 |
| **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** |
| RB Series 2016 A  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200545 |
| Refunding RB Series 2023 A  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109671 |
| Refunding RB Series 2023 A  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 88008 |
| Refunding RB Series 2023 A  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 632120 |
| **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** |
| Refunding RB Series 2021 B  | 4.00% | 05/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32365 |
| Refunding RB Series 2021 B  | 4.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 85792 |
| Refunding RB Series 2021 B  | 4.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 276538 |
| Refunding RB Series 2021 B  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52708 |
| Refunding RB Series 2021 S-1  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53093 |
| **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** |
| RB Series 2021 A  | 4.00% | 10/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 248728 |
| RB Series 2023 A  | 4.00% | 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 120673 |
| RB Sewer Utility Revenue Series 2022 A  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15851 |
| RB Sewer Utility Revenue Series 2023 A  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37745 |
| RB Sewer Utility Revenue Series 2024 A  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263497 |
| RB Water Utility Revenue Series 2019 A  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208212 |
| Refunding RB Series 2025 A  | 5.25% | 10/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2682379 |
| Refunding RB Sewer Utility Revenue Series 2016 A  | 5.00% | 05/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75732 |
| Refunding RB Sewer Utility Revenue Series 2016 B  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76156 |
| **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** |
| GO Bonds Series 2010 C  | 3.08% | 07/01/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 26712 |
| GO Bonds Series 2010 C  | 3.41% | 07/01/35 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 149930 |
| GO Bonds Series 2010 C  | 3.96% | 07/01/38 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1302241 |
| GO Bonds Series 2010 C  | 4.23% | 07/01/45 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 64532 |
| GO Bonds Series 2012 R-1  | 3.04% | 07/01/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 146918 |
| GO Bonds Series 2017 I  | 3.13% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 155104 |
| GO Bonds Series 2017 I  | 4.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95120 |
| GO Bonds Series 2019 B  | 3.25% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 286399 |

---

*See financial notes*

**200**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2019 L  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95973 |
| GO Bonds Series 2020 M-2  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190812 |
| GO Bonds Series 2021 N-2  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | &nbsp;&nbsp; 1731027 |
| GO Bonds Series 2022 F-2  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71604 |
| GO Bonds Series 2023 A-3  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1179800 |
| GO Bonds Series 2023 A-3  | 4.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 377871 |
| GO Bonds Series 2023 G  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 734870 |
| GO Bonds Series 2023 G  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 93608 |
| GO Bonds Series 2023 G  | 4.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 500679 |
| GO Bonds Series 2023 N-2  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58723 |
| GO Bonds Series 2023 N-2  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 189454 |
| GO Bonds Series 2024 B-3  | 4.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 329736 |
| GO Bonds Series 2024 H-2  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp; 1770365 |
| GO Bonds Series 2025 C-3  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1601020 |
| Refunding GO Bonds Series 2005 E-2  | 5.50% | 07/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157586 |
| Refunding GO Bonds Series 2006 F-1  | 5.25% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 97212 |
| Refunding GO Bonds Series 2025 ZR-6A  | 5.00% | 07/01/42  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 356863 |
| **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** | **San Francisco Bay Area Rapid Transit District** |
| GO Bonds Series 2017 A-1  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150110 |
| GO Bonds Series 2019 B-1  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 302383 |
| GO Bonds Series 2019 B-1  | 3.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 114101 |
| GO Bonds Series 2020 C-1  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 200543 |
| GO Bonds Series 2020 C-1  | 3.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75216 |
| GO Bonds Series 2022 D1  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96876 |
| GO Bonds Series 2022 D-1  | 5.25% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 203529 |
| GO Bonds Series 2022 D-1  | 4.25% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 133161 |
| Refunding GO Bonds Series 2017 E  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51752 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| RB Series 2017 B  | 5.00% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151641 |
| RB Series 2018 E  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101957 |
| RB Series 2019 B  | 5.00% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30800 |
| RB Series 2019 F  | 5.00% | 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102471 |
| Refunding RB Series 2019 D  | 5.00% | 05/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54279 |
| Refunding RB Series 2019 D  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 70387 |
| Refunding RB Series 2019 D  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 407196 |
| Refunding RB Series 2021 B  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 68471 |
| Refunding RB Series 2022 B  | 4.00% | 05/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 400103 |
| Refunding RB Series 2022 B  | 5.00% | 05/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1158001 |
| Refunding RB Series 2023 B  | 5.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43537 |
| Refunding RB Series 2023 D  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1382356 |
| **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** | **San Francisco City & County Public Utilities Commission Power Revenue** |
| RB Series 2023 A  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2088395 |
| **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** | **San Francisco City & County Public Utilities Commission Wastewater Revenue** |
| RB Series 2013 B  | 4.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 786513 |
| RB Series 2018 A  | 4.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200096 |
| RB Series 2021 A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 330741 |
| RB Series 2021 A  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5303360 |
| RB Series 2023 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21000 |
| RB Series 2023 A  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32383 |
| RB Series 2023 A  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27699 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**201**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2023 A  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113514 |
| RB Series 2024 C  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53000 |
| RB Series 2024 C  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054498 |
| **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** |
| GO Bonds Series 2024 B  | 5.25% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535195 |
| **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** | **San Francisco Municipal Transportation Agency** |
| RB Series 2017  | 4.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96236 |
| **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** | **San Joaquin Hills Transportation Corridor Agency** |
| RB Series 1993  | 2.51% | 01/01/26 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| Refunding RB Series 1997 A  | 3.62% | 01/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 82007 |
| Refunding RB Series 2014 A  | 4.00% | 01/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90983 |
| Refunding RB Series 2021 A  | 5.00% | 01/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55600 |
| Refunding RB Series 2021 A  | 4.00% | 01/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 376425 |
| **San Jose Financing Authority** | **San Jose Financing Authority** | **San Jose Financing Authority** | **San Jose Financing Authority** | **San Jose Financing Authority** |
| RB Wastewater Revenue Series 2022 B  | 5.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106504 |
| RB Wastewater Revenue Series 2022 B  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183919 |
| **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** | **San Jose Redevelopment Successor Agency** |
| Refunding Tax Allocation Series 2017 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129484 |
| Refunding Tax Allocation Series 2017 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155121 |
| **San Marcos Unified School District** | **San Marcos Unified School District** | **San Marcos Unified School District** | **San Marcos Unified School District** | **San Marcos Unified School District** |
| GO Bonds Series 2025 A  | 5.25% | 08/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1079069 |
| **San Mateo County Community College District** | **San Mateo County Community College District** | **San Mateo County Community College District** | **San Mateo County Community College District** | **San Mateo County Community College District** |
| GO Bonds Series 2006 B  | 2.75% | 09/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 340766 |
| GO Bonds Series 2006 B  | 3.52% | 09/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38673 |
| GO Bonds Series 2018 B  | 5.00% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155355 |
| **San Mateo Foster City School District** | **San Mateo Foster City School District** | **San Mateo Foster City School District** | **San Mateo Foster City School District** | **San Mateo Foster City School District** |
| GO Bonds Series 2023 B  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 144139 |
| **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** | **San Mateo Joint Powers Financing Authority** |
| RB Series 2018 A  | 5.00% | 07/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155283 |
| **Santa Clara County Financing Authority** | **Santa Clara County Financing Authority** | **Santa Clara County Financing Authority** | **Santa Clara County Financing Authority** | **Santa Clara County Financing Authority** |
| RB Series 2019 A  | 3.13% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 221035 |
| **Santa Clara Unified School District** | **Santa Clara Unified School District** | **Santa Clara Unified School District** | **Santa Clara Unified School District** | **Santa Clara Unified School District** |
| GO Bonds Series 2017  | 3.50% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23964 |
| **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251675 |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54720 |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 129906 |
| Refunding RB 2000 Measure A Sales Tax Series 2023 A  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46679 |
| **Santa Clara Valley Water District** | **Santa Clara Valley Water District** | **Santa Clara Valley Water District** | **Santa Clara Valley Water District** | **Santa Clara Valley Water District** |
| COP Series 2023 C1-2  | 4.00% | 06/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30167 |
| **Santa Monica Community College District** | **Santa Monica Community College District** | **Santa Monica Community College District** | **Santa Monica Community College District** | **Santa Monica Community College District** |
| GO Bonds Series 2018 A  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145521 |
| GO Bonds Series 2022 B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149325 |
| **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** |
| GO Bonds Series 2025 A  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 274667 |
| **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** |
| RB Los Angeles Department of Water & Power Power System Revenue Series 2023 1  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 559397 |
| Refunding RB Series 2015 C  | 5.00% | 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200485 |
| **Southwestern Community College District** | **Southwestern Community College District** | **Southwestern Community College District** | **Southwestern Community College District** | **Southwestern Community College District** |
| GO Bonds Series 2017 A  | 4.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48645 |

---

*See financial notes*

**202**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| GO Bonds Series 2003  | 5.00% | 02/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73810 |
| GO Bonds Series 2013  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 59886 |
| GO Bonds Series 2015  | 4.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97984 |
| GO Bonds Series 2016  | 5.00% | 09/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127027 |
| GO Bonds Series 2016  | 4.00% | 09/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 181483 |
| GO Bonds Series 2016  | 4.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 408133 |
| GO Bonds Series 2016  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200925 |
| GO Bonds Series 2016  | 3.00% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 213392 |
| GO Bonds Series 2017  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050211 |
| GO Bonds Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 218756 |
| GO Bonds Series 2017  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 193685 |
| GO Bonds Series 2017  | 4.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 144242 |
| GO Bonds Series 2017  | 5.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3105000 | &nbsp;&nbsp; 3158466 |
| GO Bonds Series 2018  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125789 |
| GO Bonds Series 2018  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2305278 |
| GO Bonds Series 2018  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160946 |
| GO Bonds Series 2018  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 294640 |
| GO Bonds Series 2018  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004498 |
| GO Bonds Series 2018  | 3.63% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 270127 |
| GO Bonds Series 2018  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50120 |
| GO Bonds Series 2019  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 336068 |
| GO Bonds Series 2019  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134299 |
| GO Bonds Series 2019  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33018 |
| GO Bonds Series 2019  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274084 |
| GO Bonds Series 2019  | 5.00% | 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 530896 |
| GO Bonds Series 2019  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21447 |
| GO Bonds Series 2019  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 235531 |
| GO Bonds Series 2019  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 275437 |
| GO Bonds Series 2019  | 3.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1144813 |
| GO Bonds Series 2019  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 313501 |
| GO Bonds Series 2019  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180695 |
| GO Bonds Series 2020  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36757 |
| GO Bonds Series 2020  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110061 |
| GO Bonds Series 2020  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1117701 |
| GO Bonds Series 2020  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109854 |
| GO Bonds Series 2020  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121658 |
| GO Bonds Series 2020  | 5.00% | 03/01/35 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11065 |
| GO Bonds Series 2020  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 437933 |
| GO Bonds Series 2020  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 142068 |
| GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21340 |
| GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3085000 | &nbsp;&nbsp; 3218436 |
| GO Bonds Series 2020  | 5.00% | 03/01/36 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22129 |
| GO Bonds Series 2020  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 267152 |
| GO Bonds Series 2020  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27506 |
| GO Bonds Series 2020  | 3.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 95933 |
| GO Bonds Series 2020  | 4.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1128045 |
| GO Bonds Series 2020  | 2.50% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 61881 |
| GO Bonds Series 2021  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 104353 |
| GO Bonds Series 2021  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 224137 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**203**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2021  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151390 |
| GO Bonds Series 2021  | 4.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 661685 |
| GO Bonds Series 2021  | 4.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264245 |
| GO Bonds Series 2021  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 232483 |
| GO Bonds Series 2021  | 4.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10503 |
| GO Bonds Series 2021  | 2.38% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 22586 |
| GO Bonds Series 2021  | 3.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 55714 |
| GO Bonds Series 2021  | 2.50% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 69384 |
| GO Bonds Series 2021  | 2.38% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 16385 |
| GO Bonds Series 2022  | 5.00% | 04/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp; 501503 |
| GO Bonds Series 2022  | 5.00% | 04/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79439 |
| GO Bonds Series 2022  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277218 |
| GO Bonds Series 2022  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 96950 |
| GO Bonds Series 2022  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 662695 |
| GO Bonds Series 2022  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 528479 |
| GO Bonds Series 2022  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1155701 |
| GO Bonds Series 2022  | 5.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46022 |
| GO Bonds Series 2022  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 340865 |
| GO Bonds Series 2022  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105577 |
| GO Bonds Series 2022  | 5.25% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6330000 | &nbsp;&nbsp; 6803139 |
| GO Bonds Series 2022  | 4.00% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242493 |
| GO Bonds Series 2023  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | &nbsp;&nbsp; 1367237 |
| GO Bonds Series 2023  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 308421 |
| GO Bonds Series 2023  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 64221 |
| GO Bonds Series 2023  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 230894 |
| GO Bonds Series 2023  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 288652 |
| GO Bonds Series 2023  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1310052 |
| GO Bonds Series 2023  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 382311 |
| GO Bonds Series 2023  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160582 |
| GO Bonds Series 2023  | 5.25% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 706893 |
| GO Bonds Series 2023  | 4.00% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp; 831363 |
| GO Bonds Series 2023  | 5.25% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 181861 |
| GO Bonds Series 2023  | 5.25% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1282029 |
| GO Bonds Series 2024  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253935 |
| GO Bonds Series 2024  | 4.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41173 |
| GO Bonds Series 2024  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 176203 |
| GO Bonds Series 2024  | 5.00% | 09/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111874 |
| GO Bonds Series 2024  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115979 |
| GO Bonds Series 2024  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 293938 |
| GO Bonds Series 2024  | 5.00% | 09/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 357316 |
| GO Bonds Series 2024  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 269529 |
| GO Bonds Series 2024  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56949 |
| GO Bonds Series 2024  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5572694 |
| GO Bonds Series 2024  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 434686 |
| GO Bonds Series 2024  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 260812 |
| GO Bonds Series 2024  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 256080 |
| GO Bonds Series 2024  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242436 |
| GO Bonds Series 2024  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106800 |
| GO Bonds Series 2024  | 5.50% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 437527 |
| GO Bonds Series 2025  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1622512 |

---

*See financial notes*

**204**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2025  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 881815 |
| GO Bonds Series 2025  | 5.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1095644 |
| GO Bonds Series 2025  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1066980 |
| GO Bonds Series 2025  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3705503 |
| GO Bonds Series 2025  | 5.00% | 03/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 898132 |
| Refunding GO Bonds Series 2007  | 5.25% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 344959 |
| Refunding GO Bonds Series 2014  | 4.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 133129 |
| Refunding GO Bonds Series 2015  | 5.00% | 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10020 |
| Refunding GO Bonds Series 2015  | 3.50% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200030 |
| Refunding GO Bonds Series 2015 C  | 3.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55006 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 290134 |
| Refunding GO Bonds Series 2016  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30454 |
| Refunding GO Bonds Series 2016  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 177480 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508107 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101582 |
| Refunding GO Bonds Series 2016  | 2.50% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24095 |
| Refunding GO Bonds Series 2016  | 3.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499653 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50387 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40601 |
| Refunding GO Bonds Series 2016  | 3.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 154024 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201180 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100590 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70324 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45607 |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200737 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20261 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203148 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127824 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203025 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15753 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40567 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26216 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81129 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104822 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp; 5222406 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26192 |
| Refunding GO Bonds Series 2017  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125651 |
| Refunding GO Bonds Series 2017  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 91536 |
| Refunding GO Bonds Series 2017  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 753082 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129484 |
| Refunding GO Bonds Series 2017  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167405 |
| Refunding GO Bonds Series 2017  | 4.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200658 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30345 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206882 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 3390000 | &nbsp;&nbsp; 3443361 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62596 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26697 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 224409 |
| Refunding GO Bonds Series 2018  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70416 |
| Refunding GO Bonds Series 2018  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1067286 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**205**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 271714 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 780527 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73352 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132398 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 670139 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 542758 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 103124 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 291091 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110887 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113187 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140850 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109491 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162306 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 2414517 |
| Refunding GO Bonds Series 2019  | 3.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180019 |
| Refunding GO Bonds Series 2019  | 4.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4880000 | &nbsp;&nbsp; 5089214 |
| Refunding GO Bonds Series 2019  | 3.13% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75076 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214207 |
| Refunding GO Bonds Series 2019  | 3.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 684940 |
| Refunding GO Bonds Series 2019  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 100731 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 202780 |
| Refunding GO Bonds Series 2019  | 3.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 469905 |
| Refunding GO Bonds Series 2019  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5258195 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1155232 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 354550 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66037 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 286159 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 600612 |
| Refunding GO Bonds Series 2020  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 78239 |
| Refunding GO Bonds Series 2020  | 4.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2310000 | &nbsp;&nbsp; 2395412 |
| Refunding GO Bonds Series 2020  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155852 |
| Refunding GO Bonds Series 2020  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82658 |
| Refunding GO Bonds Series 2020  | 3.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90871 |
| Refunding GO Bonds Series 2020  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71580 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512449 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20911 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157183 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 231560 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5361110 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53829 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp; 2268310 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp; 1096361 |
| Refunding GO Bonds Series 2021  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114571 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 102365 |
| Refunding GO Bonds Series 2021  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66713 |
| Refunding GO Bonds Series 2021  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 378952 |
| Refunding GO Bonds Series 2021  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 259435 |
| Refunding GO Bonds Series 2022  | 4.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75860 |
| Refunding GO Bonds Series 2022  | 4.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128666 |
| Refunding GO Bonds Series 2022  | 4.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1061836 |

---

*See financial notes*

**206**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2022  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56132 |
| Refunding GO Bonds Series 2022  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57200 |
| Refunding GO Bonds Series 2022  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 116261 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284521 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1169788 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56212 |
| Refunding GO Bonds Series 2022  | 4.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202417 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307238 |
| Refunding GO Bonds Series 2022  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108404 |
| Refunding GO Bonds Series 2022  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 168800 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153389 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 378676 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 365488 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 305404 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 235254 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156836 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26197 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109631 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 191854 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219691 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp; 1077523 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104592 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 443837 |
| Refunding GO Bonds Series 2023  | 4.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 749115 |
| Refunding GO Bonds Series 2023  | 5.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 212517 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp; 5931071 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1159794 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10433 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 76592 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 547082 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223357 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45555 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284720 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 69503 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3475139 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 579897 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 52909 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp; 6002514 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 118131 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 294394 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114591 |
| Refunding GO Bonds Series 2024  | 5.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 547437 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 366265 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5285054 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1151021 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 292350 |
| Refunding GO Bonds Series 2025  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 587877 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 299034 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2352175 |
| Refunding GO Bonds Series 2025  | 4.13% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 3605757 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**207**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 380159 |
| Refunding GO Bonds Series 2025  | 5.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1089436 |
| **State of California Department of Water Resources** | **State of California Department of Water Resources** | **State of California Department of Water Resources** | **State of California Department of Water Resources** | **State of California Department of Water Resources** |
| RB Series 2019 BA  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59795 |
| RB Series 2025 BG  | 5.00% | 12/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 180791 |
| Refunding RB Series 2016 AW  | 5.00% | 12/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25628 |
| Refunding RB Series 2016 AW  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102453 |
| Refunding RB Series 2016 AW  | 4.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50402 |
| Refunding RB Series 2017 AX  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58060 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25659 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 227139 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50921 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8940000 | &nbsp;&nbsp; 10079167 |
| Refunding RB Series 2020 BB  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84024 |
| Refunding RB Series 2022 BF  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 87551 |
| Refunding RB Series 2022 BF  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 118710 |
| Refunding RB Series 2022 BF  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 82279 |
| **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** | **Sunnyvale Financing Authority** |
| RB Series 2020  | 4.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238569 |
| **Sweetwater Union High School District** | **Sweetwater Union High School District** | **Sweetwater Union High School District** | **Sweetwater Union High School District** | **Sweetwater Union High School District** |
| GO Bonds Series 2022 A-1  | 5.00% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 388536 |
| **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** |
| Refunding GO Bonds Series 2016  | 4.56% | 08/01/41 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 194140 |
| **University of California** | **University of California** | **University of California** | **University of California** | **University of California** |
| RB Series 2016 K  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10061 |
| RB Series 2016 K  | 4.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300998 |
| RB Series 2016 K  | 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48238 |
| RB Series 2017 AV  | 5.25% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153656 |
| RB Series 2017 M  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155119 |
| RB Series 2017 M  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92818 |
| RB Series 2017 M  | 5.00% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168385 |
| RB Series 2017 M  | 4.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47970 |
| RB Series 2022 BK  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1159172 |
| RB Series 2022 BK  | 5.00% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | &nbsp;&nbsp; 1802964 |
| RB Series 2023 BQ  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp; 5504166 |
| RB Series 2023 BQ  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56939 |
| RB Series 2023 BQ  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 128821 |
| RB Series 2024 BT  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85837 |
| RB Series 2024 BX  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 96797 |
| RB Series 2025  | 5.25% | 05/15/40  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1223316 |
| RB Series 2025 CA  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 53093 |
| RB Series 2025 CA  | 5.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2135000 | &nbsp;&nbsp; 2462157 |
| RB Series 2025 CB  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3979921 |
| RB Series 2025 CC  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 290290 |
| RB Series 2025 CC  | 5.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 288309 |
| RB Series 2025 CC  | 5.00% | 05/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1683527 |
| RB Series 2025 CC  | 5.00% | 05/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 370187 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77868 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129562 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51794 |

---

*See financial notes*

**208**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 227567 |
| Refunding RB Series 2017 AY  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25752 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211675 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211199 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 147556 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41899 |
| Refunding RB Series 2018 AZ  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 380840 |
| Refunding RB Series 2018 AZ  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1917574 |
| Refunding RB Series 2018 O  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 148397 |
| Refunding RB Series 2018 O  | 5.00% | 05/15/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 756981 |
| Refunding RB Series 2020 BE  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44030 |
| Refunding RB Series 2020 BE  | 5.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106308 |
| Refunding RB Series 2020 BE  | 4.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4100566 |
| Refunding RB Series 2020 BE  | 4.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 951257 |
| Refunding RB Series 2021 BH  | 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24285 |
| Refunding RB Series 2021 BH  | 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 165986 |
| Refunding RB Series 2021 Q  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 375606 |
| Refunding RB Series 2021 Q  | 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 155290 |
| Refunding RB Series 2023 BM  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34775 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65640 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; 703854 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1551706 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 386805 |
| Refunding RB Series 2023 BN  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp; 1690200 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79983 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38223 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 63754 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 3115000 | &nbsp;&nbsp; 3687263 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2770048 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 267642 |
| Refunding RB Series 2024 BS  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71055 |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 235330 |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 556577 |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222638 |
| Refunding RB Series 2024 BV  | 5.00% | 05/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 188713 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16381 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11388 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 146387 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 170614 |
| Refunding RB Series 2024 BW  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1209603 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272939 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27883 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 295928 |
| Refunding RB Series 2025 BZ  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3483482 |
| Refunding RB Series 2025 BZ  | 5.25% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 301311 |
| **Ventura County Community College District** | **Ventura County Community College District** | **Ventura County Community College District** | **Ventura County Community College District** | **Ventura County Community College District** |
| Refunding GO Bonds Series 2015  | 3.13% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200036 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**209**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Washington Township Health Care District** | **Washington Township Health Care District** | **Washington Township Health Care District** | **Washington Township Health Care District** | **Washington Township Health Care District** |
| GO Bonds Series 2015 B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48691 |
| GO Bonds Series 2023 B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270811 |
| GO Bonds Series 2023 B  | 5.50% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 702315 |
| **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** |
| GO Bonds Series 2024 B  | 5.00% | 08/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 393312 |
| **William S Hart Union High School District** | **William S Hart Union High School District** | **William S Hart Union High School District** | **William S Hart Union High School District** | **William S Hart Union High School District** |
| GO Bonds Series 2013 C  | 3.50% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 194992 |
|  |  |  |  | &nbsp;&nbsp; **489938763** |
| **COLORADO** 1.1%  | **COLORADO** 1.1%  | **COLORADO** 1.1%  | **COLORADO** 1.1%  | **COLORADO** 1.1%  |
| **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** |
| GO Bonds Series 2021 A  | 5.00% | 12/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71322 |
| GO Bonds Series 2025  | 5.50% | 12/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2055475 |
| GO Bonds Series 2025  | 5.50% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1213720 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 12/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51067 |
| **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** | **Adams & Weld Counties School District No. 27J Brighton** |
| GO Bonds Series 2015  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25001 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79239 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158178 |
| **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** | **Adams 12 Five Star Schools** |
| GO Bonds Series 2025  | 5.00% | 12/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97257 |
| **Adams County School District No. 1** | **Adams County School District No. 1** | **Adams County School District No. 1** | **Adams County School District No. 1** | **Adams County School District No. 1** |
| GO Bonds Series 2017  | 5.25% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20284 |
| **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** | **Arapahoe County School District No. 5 Cherry Creek** |
| GO Bonds Series 2024  | 5.25% | 12/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2649299 |
| **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** | **Board of Governors of Colorado State University System** |
| Refunding RB Series 2013 A  | 5.00% | 03/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 192863 |
| **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** | **Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J** |
| GO Bonds Series 2024  | 5.00% | 12/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102395 |
| **City & County of Denver** | **City & County of Denver** | **City & County of Denver** | **City & County of Denver** | **City & County of Denver** |
| COP Series 2018 A  | 5.38% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25131 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 135192 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10653 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 87216 |
| **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** |
| RB Series 2012 B  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1270000 | &nbsp;&nbsp; 1251564 |
| Refunding RB Series 2022 C  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133707 |
| Refunding RB Series 2022 C  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164018 |
| **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** |
| RB Series 2021 A  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91939 |
| Refunding RB Series 2016 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150891 |
| Refunding RB Series 2016 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp; 1386022 |
| **City of Aurora Water Revenue** | **City of Aurora Water Revenue** | **City of Aurora Water Revenue** | **City of Aurora Water Revenue** | **City of Aurora Water Revenue** |
| RB Series 2016  | 5.00% | 08/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 730035 |
| RB Series 2024  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93269 |
| **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** | **City of Colorado Springs Utilities System Revenue** |
| RB Series 2022 B  | 5.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207933 |
| RB Series 2022 B  | 5.25% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 684959 |
| RB Series 2023 A  | 5.25% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160197 |

---

*See financial notes*

**210**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 A  | 5.25% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1037720 |
| RB Series 2025 A  | 5.25% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076924 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 277897 |
| Refunding RB Series 2022 A  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 100591 |
| **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** | **City of Westminster Water & Wastewater Utility Revenue** |
| RB Series 2024  | 5.00% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105084 |
| **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** | **Colorado Bridge & Tunnel Enterprise** |
| RB Series 2024 A  | 5.50% | 12/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269497 |
| RB Series 2025 A  | 5.25% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 243896 |
| **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** | **Colorado High Performance Transportation Enterprise** |
| RB C-470 Express Lanes System Series 2017  | 5.00% | 12/31/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 320621 |
| **Denver City & County School District No. 1** | **Denver City & County School District No. 1** | **Denver City & County School District No. 1** | **Denver City & County School District No. 1** | **Denver City & County School District No. 1** |
| GO Bonds Series 2017  | 5.00% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96414 |
| GO Bonds Series 2017  | 4.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10025 |
| GO Bonds Series 2022 A  | 5.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124759 |
| GO Bonds Series 2022 A  | 5.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211262 |
| GO Bonds Series 2025 A  | 5.00% | 12/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 296615 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1177180 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 292486 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 333664 |
| GO Bonds Series 2025 A  | 5.25% | 12/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 259082 |
| Refunding GO Bonds Series 2016  | 4.00% | 12/01/26 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10020 |
| **E-470 Public Highway Authority** | **E-470 Public Highway Authority** | **E-470 Public Highway Authority** | **E-470 Public Highway Authority** | **E-470 Public Highway Authority** |
| RB Series 1997 B  | 3.53% | 09/01/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49093 |
| RB Series 2000 B  | 3.09% | 09/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 280952 |
| RB Series 2004 A  | 2.52% | 09/01/27 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1434205 |
| RB Series 2004 A  | 3.54% | 09/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 106864 |
| Refunding RB Series 2020 A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 329989 |
| **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** | **El Paso County School District No. 20 Academy** |
| GO Bonds Series 2017  | 4.00% | 12/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45140 |
| **Jefferson County School District R-1** | **Jefferson County School District R-1** | **Jefferson County School District R-1** | **Jefferson County School District R-1** | **Jefferson County School District R-1** |
| GO Bonds Series 2018  | 5.00% | 12/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 153636 |
| **Metropolitan State University of Denver** | **Metropolitan State University of Denver** | **Metropolitan State University of Denver** | **Metropolitan State University of Denver** | **Metropolitan State University of Denver** |
| RB Series 2025 A  | 5.00% | 12/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256661 |
| **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** |
| RB Series 2016 A  | 5.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100641 |
| Refunding RB Series 2013 A  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 663481 |
| Refunding RB Series 2013 A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 421362 |
| Refunding RB Series 2017 B  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 306097 |
| Refunding RB Series 2021 B  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107013 |
| Refunding RB Series 2021 B  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 169639 |
| Refunding RB Series 2021 B  | 2.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 40329 |
| Refunding RB Series 2023 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78476 |
| Refunding RB Series 2023 A  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 119385 |
| Refunding RB Series 2023 A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61958 |
| **State of Colorado** | **State of Colorado** | **State of Colorado** | **State of Colorado** | **State of Colorado** |
| COP Series 2018 A  | 5.00% | 12/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32165 |
| COP Series 2018 A  | 4.00% | 12/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016651 |
| COP Series 2018 N  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103538 |
| COP Series 2019 O  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 536464 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**211**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| COP Series 2020 A  | 5.00% | 12/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55779 |
| COP Series 2020 A  | 5.00% | 12/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110631 |
| COP Series 2020 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38561 |
| COP Series 2020 A  | 4.00% | 12/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155564 |
| COP Series 2020 A  | 3.00% | 12/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 284847 |
| COP Series 2020 A  | 4.00% | 12/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15310 |
| COP Series 2020 A  | 4.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192451 |
| COP Series 2021 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 151288 |
| COP Series 2021 A  | 5.00% | 12/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 94887 |
| COP Series 2021 A  | 4.00% | 12/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40978 |
| COP Series 2021 A  | 4.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25314 |
| COP Series 2021 A  | 4.00% | 12/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151325 |
| COP Series 2022  | 6.00% | 12/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 346914 |
| COP Series 2022  | 6.00% | 12/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1160631 |
| **University of Colorado** | **University of Colorado** | **University of Colorado** | **University of Colorado** | **University of Colorado** |
| Refunding RB Series 2017 A2  | 4.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97684 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2137269 |
| **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** | **Weld County School District No. 6 Greeley** |
| GO Bonds Series 2021  | 4.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193158 |
| **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** | **Weld County School District No. RE-2 Eaton** |
| GO Bonds Series 2019  | 5.00% | 12/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 227597 |
| **Weld County School District No. RE-4** | **Weld County School District No. RE-4** | **Weld County School District No. RE-4** | **Weld County School District No. RE-4** | **Weld County School District No. RE-4** |
| GO Bonds Series 2023  | 5.25% | 12/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 557191 |
| **Westminster Public Schools** | **Westminster Public Schools** | **Westminster Public Schools** | **Westminster Public Schools** | **Westminster Public Schools** |
| GO Bonds Series 2024 A  | 5.00% | 12/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263341 |
|  |  |  |  | &nbsp;&nbsp; **30987022** |
| **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  | **CONNECTICUT** 1.8%  |
| **City of New Haven** | **City of New Haven** | **City of New Haven** | **City of New Haven** | **City of New Haven** |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111668 |
| **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** |
| RB Yale University Series 1997 S  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77893 |
| RB Yale University Series 1999 U  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp; 2391692 |
| RB Yale University Series 2003 X-2  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 467167 |
| Refunding RB Fairfield University Series 2017 R  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245657 |
| Refunding RB Quinnipiac University Series 2015 L  | 4.13% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95009 |
| Refunding RB Sacred Heart University, Inc. Series 2017 I-1  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101481 |
| Refunding RB Yale University Series 2017 B1  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81691 |
| **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** |
| GO Bonds Series 2016 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120564 |
| GO Bonds Series 2016 A  | 4.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50033 |
| GO Bonds Series 2016 E  | 3.00% | 10/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200115 |
| GO Bonds Series 2016 E  | 4.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35122 |
| GO Bonds Series 2017 A  | 5.00% | 04/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129033 |
| GO Bonds Series 2017 A  | 5.00% | 04/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51448 |
| GO Bonds Series 2018 C  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 811200 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 95067 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32429 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107677 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 295226 |

---

*See financial notes*

**212**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2019 A  | 5.00% | 04/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138933 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 101194 |
| GO Bonds Series 2019 A  | 4.00% | 04/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151936 |
| GO Bonds Series 2019 A  | 5.00% | 04/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68501 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100088 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25649 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31507 |
| GO Bonds Series 2020 A  | 5.00% | 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137132 |
| GO Bonds Series 2020 A  | 4.00% | 01/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103985 |
| GO Bonds Series 2020 A  | 4.00% | 01/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5680000 | &nbsp;&nbsp; 5878857 |
| GO Bonds Series 2021 A  | 4.00% | 01/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72996 |
| GO Bonds Series 2021 A  | 4.00% | 01/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121531 |
| GO Bonds Series 2021 A  | 4.00% | 01/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32049 |
| GO Bonds Series 2021 A  | 3.00% | 01/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122762 |
| GO Bonds Series 2021 A  | 2.00% | 01/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 70029 |
| GO Bonds Series 2022 A  | 4.00% | 01/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130350 |
| GO Bonds Series 2022 A  | 4.00% | 01/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 276239 |
| GO Bonds Series 2022 B  | 4.00% | 01/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115317 |
| GO Bonds Series 2022 B  | 3.00% | 01/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 21895 |
| GO Bonds Series 2022 B  | 3.00% | 01/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 248229 |
| GO Bonds Series 2022 E  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27356 |
| GO Bonds Series 2022 E  | 5.00% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57173 |
| GO Bonds Series 2022 F  | 5.00% | 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 244109 |
| GO Bonds Series 2024 A  | 5.00% | 01/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5486819 |
| GO Bonds Series 2024 A  | 5.00% | 01/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279698 |
| GO Bonds Series 2024 A  | 5.00% | 01/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 103640 |
| GO Bonds Series 2024 B  | 5.00% | 01/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166174 |
| GO Bonds Series 2024 F  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109423 |
| GO Bonds Series 2024 F  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1685000 | &nbsp;&nbsp; 1949497 |
| GO Bonds Series 2024 G  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1525294 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147541 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1131535 |
| Refunding GO Bonds Series 2022 D  | 5.00% | 09/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 607880 |
| Refunding GO Bonds Series 2022 G  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 251321 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25362 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114462 |
| Refunding GO Bonds Series 2025 B  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp; 995901 |
| **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** | **State of Connecticut Clean Water Fund-State Revolving Fund** |
| RB Series 2019 A  | 4.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117953 |
| **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** |
| RB Series 2016 A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50827 |
| RB Series 2016 A  | 5.00% | 09/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 309566 |
| RB Series 2016 A  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 314561 |
| RB Series 2016 A  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp; 681825 |
| RB Series 2018 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78699 |
| RB Series 2018 A  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 303863 |
| RB Series 2018 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208509 |
| RB Series 2018 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104028 |
| RB Series 2018 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2075883 |
| RB Series 2018 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125283 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**213**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2018 B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32026 |
| RB Series 2018 B  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 533741 |
| RB Series 2018 B  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264818 |
| RB Series 2018 B  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052432 |
| RB Series 2020 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 327651 |
| RB Series 2020 A  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258348 |
| RB Series 2020 A  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211478 |
| RB Series 2020 A  | 5.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 298001 |
| RB Series 2020 A  | 5.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219855 |
| RB Series 2020 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 469560 |
| RB Series 2020 A  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 587220 |
| RB Series 2021 A  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105739 |
| RB Series 2021 A  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 173012 |
| RB Series 2021 A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 292535 |
| RB Series 2021 A  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 67473 |
| RB Series 2021 A  | 5.00% | 05/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 267841 |
| RB Series 2021 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 500292 |
| RB Series 2021 A  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 237929 |
| RB Series 2021 A  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98951 |
| RB Series 2021 A  | 4.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 263618 |
| RB Series 2021 A  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266878 |
| RB Series 2021 D  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61801 |
| RB Series 2021 D  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279829 |
| RB Series 2021 D  | 4.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254556 |
| RB Series 2021 D  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008296 |
| RB Series 2022 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25310 |
| RB Series 2022 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51884 |
| RB Series 2022 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212297 |
| RB Series 2022 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135669 |
| RB Series 2022 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1107620 |
| RB Series 2022 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 823224 |
| RB Series 2022 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28384 |
| RB Series 2022 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140937 |
| RB Series 2022 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89054 |
| RB Series 2023 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271339 |
| RB Series 2023 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276905 |
| RB Series 2023 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 120053 |
| RB Series 2023 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 851391 |
| RB Series 2023 A  | 5.25% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 379809 |
| RB Series 2023 A  | 5.25% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 268627 |
| RB Series 2024 A-1  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 784598 |
| RB Series 2024 A-1  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265371 |
| RB Series 2024 A-1  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 379874 |
| RB Series 2024 A-2  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 165788 |
| RB Series 2024 A-2  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 312517 |
| RB Series 2024 A-2  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1169100 |
| RB Series 2024 A-2  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 285299 |
| RB Series 2024 A-2  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271132 |
| Refunding RB Series 2022 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 539589 |
| Refunding RB Series 2023 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265371 |

---

*See financial notes*

**214**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2023 B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54268 |
| Refunding RB Series 2023 B  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55381 |
| Refunding RB Series 2023 B  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281952 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1169653 |
|  |  |  |  | &nbsp;&nbsp; **49959809** |
| **DELAWARE** 0.1%  | **DELAWARE** 0.1%  | **DELAWARE** 0.1%  | **DELAWARE** 0.1%  | **DELAWARE** 0.1%  |
| **Delaware River & Bay Authority** | **Delaware River & Bay Authority** | **Delaware River & Bay Authority** | **Delaware River & Bay Authority** | **Delaware River & Bay Authority** |
| Refunding RB Series 2019  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98918 |
| **Delaware Transportation Authority** | **Delaware Transportation Authority** | **Delaware Transportation Authority** | **Delaware Transportation Authority** | **Delaware Transportation Authority** |
| RB U.S. 301 Project Revenue Series 2015  | 5.00% | 06/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100010 |
| Refunding RB Series 2020  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83207 |
| **State of Delaware** | **State of Delaware** | **State of Delaware** | **State of Delaware** | **State of Delaware** |
| Refunding GO Bonds Series 2017 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp; 2128840 |
| Refunding GO Bonds Series 2022  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135181 |
|  |  |  |  | &nbsp;&nbsp; **2546156** |
| **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  |
| **District of Columbia** | **District of Columbia** | **District of Columbia** | **District of Columbia** | **District of Columbia** |
| GO Bonds Series 2015 A  | 4.00% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124996 |
| GO Bonds Series 2016 A  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35143 |
| GO Bonds Series 2017 D  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20585 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 280464 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267190 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27015 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 167210 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 452523 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160584 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 149440 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53222 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 291784 |
| GO Bonds Series 2019 A  | 4.00% | 10/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503731 |
| GO Bonds Series 2019 A  | 5.00% | 10/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 246704 |
| GO Bonds Series 2023 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 390103 |
| GO Bonds Series 2023 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210030 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1119620 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 385634 |
| GO Bonds Series 2024 B  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277358 |
| GO Bonds Series 2024 B  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 23185 |
| GO Bonds Series 2024 B  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 342970 |
| RB Series 2020  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161589 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309831 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77285 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154142 |
| Refunding GO Bonds Series 2017 A  | 4.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90584 |
| Refunding GO Bonds Series 2021 E  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 353365 |
| Refunding GO Bonds Series 2021 E  | 4.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128946 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25260 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47685 |
| Refunding GO Bonds Series 2023 B  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 444168 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**215**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2024 C  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 293690 |
| Refunding GO Bonds Series 2024 C  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1554243 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256222 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76676 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255111 |
| Refunding RB Georgetown University Series 2017  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71360 |
| **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** | **District of Columbia Income Tax Revenue** |
| RB Series 2019 A  | 5.00% | 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 375094 |
| RB Series 2019 A  | 5.00% | 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27099 |
| RB Series 2019 A  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 750830 |
| RB Series 2019 A  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 323204 |
| RB Series 2019 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 145054 |
| RB Series 2019 A  | 4.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132750 |
| RB Series 2019 A  | 4.00% | 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011824 |
| RB Series 2019 A  | 4.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105547 |
| RB Series 2019 A  | 4.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193404 |
| RB Series 2020 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 276853 |
| RB Series 2020 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32430 |
| RB Series 2020 A  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161420 |
| RB Series 2020 A  | 5.00% | 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 314532 |
| RB Series 2020 C  | 5.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25821 |
| RB Series 2022 A  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271821 |
| RB Series 2022 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 329541 |
| RB Series 2022 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2593817 |
| RB Series 2023 A  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 341047 |
| RB Series 2023 A  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 288778 |
| RB Series 2023 A  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 317921 |
| RB Series 2023 C  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 459110 |
| Refunding RB Series 2019 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 402513 |
| Refunding RB Series 2019 C  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 325682 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 183424 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208980 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 224240 |
| Refunding RB Series 2020 B  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50088 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 204609 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54765 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115026 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56950 |
| Refunding RB Series 2022 C  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84311 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; 734623 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 146557 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 583089 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 274602 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529838 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 381603 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2092340 |
| **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** |
| RB Series 2017 A  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85613 |
| RB Series 2018 A  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101377 |
| RB Series 2018 B  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30681 |

---

*See financial notes*

**216**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2018 B  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101377 |
| RB Series 2019 A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180309 |
| RB Series 2022 C-1  | 4.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 474746 |
| RB Series 2025 C-2  | 2.55% | 10/01/60 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp; 1990000 |
| Refunding RB Series 2014 C  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 849986 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp; 6213087 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 404205 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 289754 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 242678 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 162438 |
| **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** |
| RB Series 2009  | 3.36% | 10/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 69321 |
| RB Series 2009  | 3.34% | 10/01/31 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 83753 |
| RB Series 2009  | 3.15% | 10/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 72610 |
| RB Series 2009  | 3.65% | 10/01/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 35471 |
| RB Series 2010 A  | 4.56% | 10/01/37 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 150103 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 497736 |
| Refunding RB Series 2019 B  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505717 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 509211 |
| Refunding RB Series 2019 B  | 3.00% | 10/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 58053 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 531402 |
| Refunding RB Series 2019 B  | 4.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 82271 |
| Refunding RB Series 2022 A  | 4.00% | 10/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp; 648775 |
| **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** | **Washington Convention & Sports Authority** |
| Refunding RB Series 2018 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 289569 |
| Refunding RB Series 2018 A  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57236 |
| **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** | **Washington Metropolitan Area Transit Authority** |
| RB Series 2017 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 410452 |
| RB Series 2017 B  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 457056 |
| **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** | **Washington Metropolitan Area Transit Authority Dedicated Revenue** |
| RB Series 2020 A  | 5.00% | 07/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26903 |
| RB Series 2020 A  | 5.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 245597 |
| RB Series 2020 A  | 5.00% | 07/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 395924 |
| RB Series 2021 A  | 5.00% | 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 184640 |
| RB Series 2021 A  | 4.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104219 |
| RB Series 2021 A  | 5.00% | 07/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 147352 |
| RB Series 2021 A  | 4.00% | 07/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1021334 |
| RB Series 2021 A  | 4.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25423 |
| RB Series 2021 A  | 3.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 221662 |
| RB Series 2021 A  | 5.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532370 |
| RB Series 2021 A  | 5.00% | 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 288314 |
| RB Series 2023 A  | 5.00% | 07/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 173549 |
| RB Series 2023 A  | 5.00% | 07/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52218 |
| RB Series 2023 A  | 4.13% | 07/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp; 572521 |
| RB Series 2023 A  | 5.00% | 07/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033832 |
| RB Series 2023 A  | 5.50% | 07/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159132 |
| RB Series 2023 A  | 5.25% | 07/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 2373809 |
| RB Series 2024 A  | 5.00% | 07/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205497 |
| RB Series 2024 A  | 5.00% | 07/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66647 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**217**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 A  | 5.25% | 07/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 674457 |
| RB Series 2025 A  | 5.00% | 07/15/60 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1258001 |
|  |  |  |  | &nbsp;&nbsp; **50309173** |
| **FLORIDA** 3.1%  | **FLORIDA** 3.1%  | **FLORIDA** 3.1%  | **FLORIDA** 3.1%  | **FLORIDA** 3.1%  |
| **Central Florida Expressway Authority** | **Central Florida Expressway Authority** | **Central Florida Expressway Authority** | **Central Florida Expressway Authority** | **Central Florida Expressway Authority** |
| RB Series 2016 B  | 4.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5036870 |
| RB Series 2016 B  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50614 |
| RB Series 2016 B  | 5.00% | 07/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2024570 |
| RB Series 2016 B  | 4.00% | 07/01/35 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60442 |
| RB Series 2018  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101818 |
| RB Series 2019 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155093 |
| RB Series 2019 A  | 3.13% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 240898 |
| RB Series 2019 B  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118904 |
| RB Series 2019 B  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76588 |
| RB Series 2021 D  | 5.00% | 07/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 292422 |
| RB Series 2024 A  | 5.00% | 07/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 213986 |
| RB Series 2024 B  | 5.00% | 07/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 754427 |
| Refunding RB Series 2016 A  | 3.25% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 393914 |
| Refunding RB Series 2016 B  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60657 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50259 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130629 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130347 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500541 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25029 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120063 |
| Refunding RB Series 2017  | 4.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497145 |
| Refunding RB Series 2017  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127544 |
| Refunding RB Series 2021  | 5.00% | 07/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202377 |
| Refunding RB Series 2021  | 5.00% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 95376 |
| Refunding RB Series 2021  | 5.00% | 07/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 128875 |
| Refunding RB Series 2021  | 5.00% | 07/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 94748 |
| Refunding RB Series 2021  | 4.00% | 07/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 185194 |
| Refunding RB Series 2021  | 4.00% | 07/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 288880 |
| Refunding RB Series 2021  | 4.00% | 07/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35648 |
| **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** |
| Refunding RB Series 2017  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256852 |
| Refunding Special Assessment Utility Improvement Assessment North 1 West Area <br> Series 2023 <br>| 5.65% | 03/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212972 |
| **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** | **City of Fort Lauderdale Water & Sewer Revenue** |
| RB Series 2023 A  | 5.50% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271445 |
| RB Series 2023 A  | 5.50% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 220165 |
| **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** | **City of Fort Myers Utility System Revenue** |
| Refunding RB Series 2019 A  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122350 |
| Refunding RB Series 2019 A  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138787 |
| Refunding RB Series 2023  | 5.25% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 496135 |
| **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** | **City of Gainesville Utilities System Revenue** |
| RB Series 2017 A  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180466 |
| RB Series 2017 A  | 4.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25082 |
| RB Series 2019 A  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 547213 |

---

*See financial notes*

**218**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** |
| Refunding RB Series 2023 A  | 5.50% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 320951 |
| **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** | **City of Lakeland Department of Electric Utilities** |
| RB Series 2021  | 5.00% | 10/01/48  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108291 |
| **City of Miami** | **City of Miami** | **City of Miami** | **City of Miami** | **City of Miami** |
| RB Series 2023 A  | 5.00% | 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1185788 |
| RB Series 2024 A  | 5.50% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107571 |
| **City of Miami Beach** | **City of Miami Beach** | **City of Miami Beach** | **City of Miami Beach** | **City of Miami Beach** |
| RB Series 2015  | 5.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205193 |
| Refunding GO Bonds Series 2019  | 4.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99279 |
| **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** | **City of Miami Beach Water & Sewer Revenue** |
| Refunding RB Series 2017  | 5.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252734 |
| **City of Orlando** | **City of Orlando** | **City of Orlando** | **City of Orlando** | **City of Orlando** |
| RB Contract Tourist Development Tax Revenue Series 2025  | 5.50% | 11/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267681 |
| RB Covenant Revenues Series 2018 B  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127264 |
| **City of Port St. Lucie** | **City of Port St. Lucie** | **City of Port St. Lucie** | **City of Port St. Lucie** | **City of Port St. Lucie** |
| Refunding Special Assessment Southwest Annexation Special Assessment District No. 1 <br> Series 2016 <br>| 3.25% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 125687 |
| **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** |
| RB State of Florida Cigarette Tax Revenue Series 2020 A  | 5.00% | 09/01/45 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 110945 |
| RB State of Florida Cigarette Tax Revenue Series 2020 A  | 5.18% | 09/01/53 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 120620 |
| Refunding RB University of Tampa, Inc. Series 2020 A  | 4.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 139560 |
| **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** | **City of Tampa Water & Wastewater System Revenue** |
| RB Series 2020 A  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1200906 |
| RB Series 2022 A  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26172 |
| RB Series 2022 A  | 5.25% | 10/01/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209974 |
| RB Series 2024  | 5.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106769 |
| RB Series 2024  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 503742 |
| **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** | **County of Broward Airport System Revenue** |
| RB Series 2012 Q-1  | 4.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 486266 |
| **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** | **County of Broward Convention Center Hotel Revenue** |
| RB Series 2022  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129513 |
| **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** | **County of Broward Tourist Development Tax Revenue** |
| RB Series 2021  | 4.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90276 |
| RB Series 2021  | 4.00% | 09/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 221573 |
| **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** | **County of Broward Water & Sewer Utility Revenue** |
| RB Series 2019 A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132298 |
| RB Series 2019 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52741 |
| **County of Hillsborough** | **County of Hillsborough** | **County of Hillsborough** | **County of Hillsborough** | **County of Hillsborough** |
| RB Series 2021  | 3.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38485 |
| RB Series 2021  | 2.25% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 99374 |
| **County of Manatee** | **County of Manatee** | **County of Manatee** | **County of Manatee** | **County of Manatee** |
| RB Series 2023  | 5.25% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 676865 |
| Refunding RB Series 2022  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140745 |
| **County of Miami-Dade** | **County of Miami-Dade** | **County of Miami-Dade** | **County of Miami-Dade** | **County of Miami-Dade** |
| GO Bonds Series 2014 A  | 3.75% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp; 957426 |
| GO Bonds Series 2014 A  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249996 |
| GO Bonds Series 2021 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 904151 |
| RB Series 2009 C  | 4.76% | 10/01/44 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 316757 |
| RB Series 2023 A  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258673 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 206604 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**219**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2009 A  | 6.88% | 10/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 274031 |
| Refunding RB Series 2016  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 325523 |
| Refunding RB Series 2016  | 4.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175398 |
| **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** |
| RB Series 2025 B  | 5.25% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050211 |
| Refunding RB Series 2015 B  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75128 |
| Refunding RB Series 2016  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50816 |
| **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** |
| Refunding RB Series 2021 A-2  | 4.00% | 10/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 498933 |
| Refunding RB Series 2021 A-2  | 3.00% | 10/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 74281 |
| Refunding RB Series 2021 B-2  | 4.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124102 |
| **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** | **County of Miami-Dade Transit System** |
| RB Series 2018  | 4.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 457245 |
| RB Series 2022  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77833 |
| RB Series 2022  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256762 |
| RB Series 2022  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 312460 |
| RB Series 2022  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 398325 |
| RB Series 2022  | 5.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 356770 |
| Refunding RB Series 2017  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500932 |
| **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** | **County of Miami-Dade Water & Sewer System Revenue** |
| RB Series 2017 A  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 291357 |
| RB Series 2017 A  | 3.38% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 437377 |
| RB Series 2017 A  | 4.00% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18578 |
| RB Series 2019 B  | 3.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 186140 |
| RB Series 2019 B  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 636841 |
| RB Series 2021  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78040 |
| RB Series 2021  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 444259 |
| RB Series 2021  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251977 |
| RB Series 2021  | 4.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 405580 |
| RB Series 2021  | 3.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40555 |
| RB Series 2021  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24343 |
| RB Series 2021  | 4.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140403 |
| RB Series 2021  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51985 |
| RB Series 2021  | 4.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91828 |
| RB Series 2021  | 4.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 57406 |
| RB Series 2024 A  | 4.13% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186532 |
| RB Series 2024 A  | 5.25% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525328 |
| RB Series 2024 B  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115905 |
| RB Series 2025 A  | 4.50% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 975541 |
| Refunding RB Series 2017 B  | 4.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7600000 | &nbsp;&nbsp; 7709546 |
| Refunding RB Series 2017 B  | 4.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50459 |
| Refunding RB Series 2017 B  | 3.13% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp; 680269 |
| **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** | **County of Osceola Transportation Revenue** |
| Refunding RB Series 2020 A-1  | 4.00% | 10/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 131032 |
| **County of Pasco** | **County of Pasco** | **County of Pasco** | **County of Pasco** | **County of Pasco** |
| RB State of Florida Cigarette Tax Revenue Series 2023 A  | 5.00% | 09/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254968 |
| **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** | **County of Pasco Water & Sewer Revenue** |
| RB Series 2014 B  | 4.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143987 |
| **County of Seminole** | **County of Seminole** | **County of Seminole** | **County of Seminole** | **County of Seminole** |
| Refunding RB Series 2022  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308201 |

---

*See financial notes*

**220**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Duval County Public Schools** | **Duval County Public Schools** | **Duval County Public Schools** | **Duval County Public Schools** | **Duval County Public Schools** |
| COP Series 2022 A  | 5.00% | 07/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30357 |
| COP Series 2022 A  | 5.00% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 301670 |
| COP Series 2022 A  | 5.00% | 07/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 351492 |
| COP Series 2022 A  | 5.00% | 07/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27545 |
| COP Series 2022 A  | 5.00% | 07/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54912 |
| COP Series 2022 A  | 5.00% | 07/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 409493 |
| COP Series 2022 A  | 5.00% | 07/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43450 |
| **Florida Department of Management Services** | **Florida Department of Management Services** | **Florida Department of Management Services** | **Florida Department of Management Services** | **Florida Department of Management Services** |
| Refunding COP Series 2018 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56114 |
| **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** |
| Refunding RB Rollins College Series 2020 A  | 3.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 43064 |
| **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** |
| RB Guaranty Association, Inc. Series 2023 A-1  | 5.00% | 09/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220737 |
| RB Guaranty Association, Inc. Series 2023 A-1  | 5.00% | 09/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 309283 |
| **Florida Municipal Power Agency** | **Florida Municipal Power Agency** | **Florida Municipal Power Agency** | **Florida Municipal Power Agency** | **Florida Municipal Power Agency** |
| Refunding RB All-Requirements Power Supply Project Revenue Series 2016 A  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 137337 |
| **Florida State Board of Governors** | **Florida State Board of Governors** | **Florida State Board of Governors** | **Florida State Board of Governors** | **Florida State Board of Governors** |
| RB Florida State University Athletics Association, Inc. Series 2024 A  | 4.25% | 10/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 236471 |
| **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** |
| Refunding RB Series 2022 A  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 476920 |
| **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** | **Hillsborough County Aviation Authority** |
| RB Series 2018 F  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153993 |
| RB Series 2018 F  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254420 |
| **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** |
| Refunding RB Series 2017 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25996 |
| Refunding RB Series 2017 B  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51952 |
| Refunding RB Series 2017 B  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259538 |
| Refunding RB Series 2017 III-B  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 165658 |
| Refunding RB Series 2024 3  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 293640 |
| Refunding RB Series 2024 3rd  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26613 |
| Refunding RB Series 2024 3rd  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 317699 |
| Refunding RB Series 2024 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115184 |
| **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** | **JEA Water & Sewer System Revenue** |
| Refunding RB Series 2017 A  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 114818 |
| Refunding RB Series 2017 A  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50005 |
| Refunding RB Series 2024 A  | 5.25% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 398058 |
| Refunding RB Series 2024 A  | 5.50% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1206404 |
| Refunding RB Series 2025 A  | 5.25% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133415 |
| **Lee County School Board** | **Lee County School Board** | **Lee County School Board** | **Lee County School Board** | **Lee County School Board** |
| COP Series 2023 A  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94091 |
| COP Series 2023 A  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231670 |
| **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** | **Miami-Dade County Educational Facilities Authority** |
| RB University of Miami Series 2018 A  | 4.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 30937 |
| RB University of Miami Series 2018 A  | 5.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50314 |
| Refunding RB Series 2015 A  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 385879 |
| Refunding RB Series 2024 A  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1106804 |
| Refunding RB University of Miami Series 2024 A  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 471872 |
| Refunding RB University of Miami Series 2024 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 316200 |
| Refunding RB University of Miami Series 2024 A  | 5.00% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26195 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**221**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** | **Miami-Dade County Expressway Authority** |
| RB Series 2010 A  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155681 |
| RB Series 2014 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225028 |
| RB Series 2014 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199379 |
| **Orange County Convention Center** | **Orange County Convention Center** | **Orange County Convention Center** | **Orange County Convention Center** | **Orange County Convention Center** |
| RB Series 2016 A  | 4.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140436 |
| **Orange County School Board** | **Orange County School Board** | **Orange County School Board** | **Orange County School Board** | **Orange County School Board** |
| COP Series 2016 C  | 5.00% | 08/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152134 |
| COP Series 2024 A  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57445 |
| COP Series 2024 A  | 5.00% | 08/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 98515 |
| **Orlando Utilities Commission** | **Orlando Utilities Commission** | **Orlando Utilities Commission** | **Orlando Utilities Commission** | **Orlando Utilities Commission** |
| RB Series 2023 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 363600 |
| RB Series 2025 A  | 5.00% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1209284 |
| Refunding RB Series 2024 B  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 171146 |
| Refunding RB Series 2024 B  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226316 |
| **Palm Beach County School District** | **Palm Beach County School District** | **Palm Beach County School District** | **Palm Beach County School District** | **Palm Beach County School District** |
| COP Series 2020 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54393 |
| Refunding COP Series 2017 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145082 |
| Refunding COP Series 2018 C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31905 |
| Refunding COP Series 2025 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1813529 |
| Refunding COP Series 2025 A  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 553802 |
| **Peace River Manasota Regional Water Supply Authority** | **Peace River Manasota Regional Water Supply Authority** | **Peace River Manasota Regional Water Supply Authority** | **Peace River Manasota Regional Water Supply Authority** | **Peace River Manasota Regional Water Supply Authority** |
| RB Series 2025 A  | 5.25% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 543388 |
| RB Series 2025 A  | 5.50% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537561 |
| **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** |
| GO Bonds Series 2022 A  | 5.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127808 |
| Refunding COP Series 2015 D  | 5.00% | 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50091 |
| Refunding COP Series 2015 D  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100182 |
| Refunding COP Series 2015 D  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65114 |
| Refunding COP Series 2016 C  | 3.25% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300016 |
| **School District of Broward County** | **School District of Broward County** | **School District of Broward County** | **School District of Broward County** | **School District of Broward County** |
| COP Series 2020 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 334689 |
| COP Series 2020 A  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 158632 |
| COP Series 2020 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 544554 |
| COP Series 2020 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65283 |
| COP Series 2022 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 533037 |
| GO Bonds Series 2022  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169828 |
| Refunding COP Series 2019 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116024 |
| Refunding COP Series 2025 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5177874 |
| **South Florida Water Management District** | **South Florida Water Management District** | **South Florida Water Management District** | **South Florida Water Management District** | **South Florida Water Management District** |
| Refunding COP Series 2016  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175590 |
| **State of Florida** | **State of Florida** | **State of Florida** | **State of Florida** | **State of Florida** |
| Refunding GO Bonds Series 2021 A  | 5.00% | 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28759 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30309 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26522 |
| Refunding GO Bonds Series 2022 B  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 145735 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 434980 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 5030000 | &nbsp;&nbsp; 5932149 |

---

*See financial notes*

**222**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** | **State of Florida Department of Transportation Turnpike System Revenue** |
| RB Series 2021 C  | 3.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 374557 |
| RB Series 2022 C  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3955000 | &nbsp;&nbsp; 4147915 |
| RB Series 2025 D  | 4.25% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 724687 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88215 |
| **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** | **State of Florida Lottery Revenue** |
| Refunding RB Series 2017 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 171216 |
| Refunding RB Series 2017 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132467 |
| **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** |
| RB Series 2022  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36245 |
| RB Series 2024 A  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 522772 |
| RB Series 2024 A  | 5.25% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4855000 | &nbsp;&nbsp; 5156430 |
| Refunding RB Series 2001 A  | 6.00% | 10/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 106228 |
| **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** | **Tampa-Hillsborough County Expressway Authority** |
| Refunding RB Series 2017 B  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 515771 |
| **Wildwood Utility Dependent District** | **Wildwood Utility Dependent District** | **Wildwood Utility Dependent District** | **Wildwood Utility Dependent District** | **Wildwood Utility Dependent District** |
| RB Series 2021  | 5.00% | 10/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116919 |
|  |  |  |  | &nbsp;&nbsp; **86362804** |
| **GEORGIA** 2.5%  | **GEORGIA** 2.5%  | **GEORGIA** 2.5%  | **GEORGIA** 2.5%  | **GEORGIA** 2.5%  |
| **Atlanta Development Authority** | **Atlanta Development Authority** | **Atlanta Development Authority** | **Atlanta Development Authority** | **Atlanta Development Authority** |
| RB Hotel Motel Tax Series 2015 A-1  | 5.25% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50017 |
| **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** | **Augusta Water & Sewer Revenue** |
| Refunding RB Series 2012  | 3.50% | 10/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44475 |
| **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** | **City of Atlanta Airport Passenger Facility Charge** |
| RB Series 2019 C  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 250827 |
| **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** | **City of Atlanta Department of Aviation** |
| RB Series 2022 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520180 |
| RB Series 2023 B-1  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 266535 |
| RB Series 2024 A-1  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262105 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 307831 |
| Refunding RB Series 2020 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27691 |
| **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** | **City of Atlanta Water & Wastewater Revenue** |
| RB Series 2018 B  | 3.50% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 448530 |
| RB Series 2018 B  | 5.00% | 11/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 94089 |
| RB Series 2018 B  | 5.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10163 |
| RB Series 2024  | 5.00% | 11/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44260 |
| Refunding RB Series 2015  | 5.00% | 11/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55105 |
| Refunding RB Series 2015  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80158 |
| Refunding RB Series 2015  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50096 |
| Refunding RB Series 2015  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180220 |
| **Cobb-Marietta Coliseum & Exhibit Hall Authority** | **Cobb-Marietta Coliseum & Exhibit Hall Authority** | **Cobb-Marietta Coliseum & Exhibit Hall Authority** | **Cobb-Marietta Coliseum & Exhibit Hall Authority** | **Cobb-Marietta Coliseum & Exhibit Hall Authority** |
| RB Series 2025  | 5.50% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272767 |
| **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** | **County of DeKalb Water & Sewerage Revenue** |
| RB Series 2025 A  | 5.00% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 806566 |
| Refunding RB Series 2022  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276887 |
| Refunding RB Series 2022  | 5.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 243680 |
| Refunding RB Series 2022  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103247 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**223**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** | **County of Fulton Water & Sewerage Revenue** |
| RB Series 2020 A  | 2.25% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 324236 |
| RB Series 2020 A  | 2.25% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 109181 |
| RB Series 2020 A  | 2.38% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 143355 |
| Refunding RB Series 2025  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1154257 |
| **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** | **County of Paulding Water & Sewerage Revenue** |
| Refunding RB Series 2016  | 3.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 79278 |
| **Georgia Ports Authority** | **Georgia Ports Authority** | **Georgia Ports Authority** | **Georgia Ports Authority** | **Georgia Ports Authority** |
| RB Series 2021  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9673 |
| RB Series 2021  | 2.63% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 67225 |
| RB Series 2021  | 4.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93086 |
| RB Series 2022  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15312 |
| RB Series 2022  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108336 |
| RB Series 2022  | 4.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 432296 |
| RB Series 2022  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 579960 |
| RB Series 2022  | 5.25% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1158905 |
| **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** |
| RB Series 2020  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138110 |
| RB Series 2020  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10980 |
| **Gwinnett County School District** | **Gwinnett County School District** | **Gwinnett County School District** | **Gwinnett County School District** | **Gwinnett County School District** |
| GO Bonds Series 2019  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4310000 | &nbsp;&nbsp; 4563217 |
| GO Bonds Series 2021  | 4.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25957 |
| GO Bonds Series 2022 B  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155990 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11032593 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11464697 |
| **Jefferson Public Building Authority** | **Jefferson Public Building Authority** | **Jefferson Public Building Authority** | **Jefferson Public Building Authority** | **Jefferson Public Building Authority** |
| RB City School District Series 2025  | 4.50% | 02/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99565 |
| **Macon Water Authority** | **Macon Water Authority** | **Macon Water Authority** | **Macon Water Authority** | **Macon Water Authority** |
| RB Series 2024  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523156 |
| **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** |
| RB Series 2016 B  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121486 |
| RB Series 2016 B  | 5.00% | 07/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25310 |
| RB Series 2024 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 239390 |
| RB Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 228637 |
| RB Series 2025 A  | 5.25% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535312 |
| RB Series 2025 A  | 5.00% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044422 |
| Refunding RB Series 2017 C  | 3.25% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97883 |
| Refunding RB Series 2017 C  | 3.50% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9808 |
| Refunding RB Series 2017 C  | 3.25% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 989144 |
| **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** |
| RB Series 2023 A  | 5.25% | 07/01/64 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 201605 |
| RB JEA Electric System Revenue Series 2019 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2601004 |
| RB JEA Electric System Revenue Series 2022 A  | 4.50% | 07/01/63 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 482721 |
| RB JEA Electric System Revenue Series 2023 A  | 5.00% | 07/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253285 |
| RB JEA Electric System Revenue Series 2023 A  | 5.00% | 07/01/64 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 758522 |
| RB PowerSouth Energy Cooperative Series 2019 B  | 4.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 443176 |
| RB PowerSouth Energy Cooperative Series 2019 B  | 5.00% | 01/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 39384 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141624 |
| Refunding RB Series 2018 HH  | 4.13% | 01/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 260950 |
| Refunding RB Series 2024 A  | 5.25% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208844 |

---

*See financial notes*

**224**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** | **Private Colleges & Universities Authority** |
| RB Emory University Series 2023 B  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 9460000 | &nbsp;&nbsp; 10955044 |
| Refunding RB Emory University Series 2016 B  | 4.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9999 |
| Refunding RB Emory University Series 2019 A  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 298755 |
| Refunding RB Emory University Series 2020 B  | 4.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116105 |
| Refunding RB Emory University Series 2020 B  | 4.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 345938 |
| Refunding RB Emory University Series 2022 A  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114455 |
| **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** | **Rockdale County Public Facilities Authority** |
| RB Series 2024  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41814 |
| **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** | **Sandy Springs Public Facilities Authority** |
| RB Series 2015  | 5.00% | 05/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 191525 |
| **State of Georgia** | **State of Georgia** | **State of Georgia** | **State of Georgia** | **State of Georgia** |
| GO Bonds Series 2016 A  | 4.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25015 |
| GO Bonds Series 2016 A  | 2.50% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 583843 |
| GO Bonds Series 2017 A-2  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205384 |
| GO Bonds Series 2017 A-2  | 3.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99808 |
| GO Bonds Series 2017 A-2  | 4.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55457 |
| GO Bonds Series 2017 A-2  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 331600 |
| GO Bonds Series 2018 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36324 |
| GO Bonds Series 2018 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116956 |
| GO Bonds Series 2018 A  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180705 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67458 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 196699 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 255728 |
| GO Bonds Series 2019 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108502 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103994 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69245 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3271684 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138416 |
| GO Bonds Series 2020 A  | 3.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 34349 |
| GO Bonds Series 2022 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 322035 |
| Refunding GO Bonds Series 2016 E  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 235284 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105000 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4151280 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 168719 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56497 |
| Refunding GO Bonds Series 2021 A  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110952 |
| Refunding GO Bonds Series 2021 A  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 212235 |
| Refunding GO Bonds Series 2022 C  | 4.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83130 |
| Refunding GO Bonds Series 2022 C  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 461222 |
| Refunding GO Bonds Series 2023 C  | 4.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 299073 |
| **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** | **Valdosta & Lowndes County Hospital Authority** |
| RB South Georgia Medical Center Obligated Group Series 2024  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124584 |
|  |  |  |  | &nbsp;&nbsp; **69652114** |
| **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  |
| **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** | **City & County Honolulu Wastewater System Revenue** |
| RB Series 2018 A  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998031 |
| RB Series 2022 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249764 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**225**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 A  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160530 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1129004 |
| **City & County of Honolulu** | **City & County of Honolulu** | **City & County of Honolulu** | **City & County of Honolulu** | **City & County of Honolulu** |
| GO Bonds Series 2019 A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 91495 |
| GO Bonds Series 2019 A  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208412 |
| GO Bonds Series 2019 A  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53312 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 231588 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 216153 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107827 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275571 |
| GO Bonds Series 2021 E  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56116 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160646 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53914 |
| **State of Hawaii** | **State of Hawaii** | **State of Hawaii** | **State of Hawaii** | **State of Hawaii** |
| GO Bonds Series 2016 FB  | 3.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 63250 |
| GO Bonds Series 2017 FK  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51630 |
| GO Bonds Series 2017 FK  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103348 |
| GO Bonds Series 2017 FK  | 4.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101562 |
| GO Bonds Series 2017 FK  | 4.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25346 |
| GO Bonds Series 2017 FK  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154325 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 276744 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36725 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 408206 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98883 |
| GO Bonds Series 2018 FT  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103629 |
| GO Bonds Series 2019 FW  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58913 |
| Refunding GO Bonds Series 2016 FE  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203492 |
| Refunding GO Bonds Series 2016 FH  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 162995 |
| Refunding GO Bonds Series 2016 FH  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 376461 |
| Refunding GO Bonds Series 2016 FH  | 4.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50361 |
| **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** |
| Refunding RB Series 2020 D  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 87464 |
| Refunding RB Series 2020 D  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 125328 |
|  |  |  |  | &nbsp;&nbsp; **6481025** |
| **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  |
| **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** |
| RB Sales Tax Revenue Series 2022 A  | 5.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156491 |
| RB Sales Tax Revenue Series 2023 A  | 5.25% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266815 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp; 763426 |
| Refunding RB Series 2021 A  | 5.00% | 07/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43253 |
| Refunding RB Series 2021 A  | 4.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 359665 |
| **Idaho State Building Authority** | **Idaho State Building Authority** | **Idaho State Building Authority** | **Idaho State Building Authority** | **Idaho State Building Authority** |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151552 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517905 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 173607 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 376409 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22828 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 577095 |
| RB Sales Tax Revenue Series 2025 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 84832 |

---

*See financial notes*

**226**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Sales Tax Revenue Series 2025 A  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33212 |
| RB Sales Tax Revenue Series 2025 A  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 320482 |
|  |  |  |  | &nbsp;&nbsp; **3847572** |
| **ILLINOIS** 5.2%  | **ILLINOIS** 5.2%  | **ILLINOIS** 5.2%  | **ILLINOIS** 5.2%  | **ILLINOIS** 5.2%  |
| **Board of Trustees of the University of Illinois** | **Board of Trustees of the University of Illinois** | **Board of Trustees of the University of Illinois** | **Board of Trustees of the University of Illinois** | **Board of Trustees of the University of Illinois** |
| Refunding RB Auxiliary Facilities System Series 2018 A  | 4.13% | 04/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93378 |
| **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** | **Chicago Board of Education Dedicated Capital Improvement Tax** |
| RB Series 2017  | 6.10% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 235967 |
| RB Series 2017  | 6.00% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101170 |
| RB Series 2023  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200218 |
| **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** |
| Refunding RB Series 2016 B  | 5.00% | 01/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| Refunding RB Series 2023 B  | 5.00% | 01/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50000 |
| Refunding RB Series 2023 B  | 5.00% | 01/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 469697 |
| Refunding RB Series 2025 B  | 5.00% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040765 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| RB Series 2017 D  | 5.00% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2005069 |
| RB Series 2018 B  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10491 |
| RB Series 2018 B  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104315 |
| RB Series 2018 B  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124823 |
| RB Series 2018 B  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 373349 |
| RB Series 2018 B  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2559459 |
| RB Series 2018 B  | 4.00% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88980 |
| RB Series 2018 B  | 5.00% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 216504 |
| RB Series 2022 B  | 4.50% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 33626 |
| RB Series 2022 B  | 5.25% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255984 |
| RB Series 2024 B  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206545 |
| RB Series 2024 B  | 5.25% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 416235 |
| RB Series 2024 B  | 5.50% | 01/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 370475 |
| Refunding RB Series 2016 B  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 205234 |
| Refunding RB Series 2016 C  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40046 |
| Refunding RB Series 2016 C  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100114 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 166471 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509533 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 278490 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 258866 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25241 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 610698 |
| Refunding RB Series 2022 D  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 127977 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523144 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp; 1039812 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 579925 |
| Refunding RB Series 2024 D  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 103331 |
| **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** | **Chicago Transit Authority Capital Grant Receipts Revenue** |
| Refunding RB Series 2021  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 83700 |
| **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** |
| RB Series 2017  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95346 |
| RB Series 2017  | 5.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255633 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 599504 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**227**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2020 A  | 4.00% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 29950 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85006 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77853 |
| Refunding RB Series 2022 A  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 85239 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25323 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008263 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 570503 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 803819 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 222440 |
| Refunding RB Series 2024 A  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5270000 | &nbsp;&nbsp; 5464163 |
| **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** |
| GO Bonds Series 1999  | 4.54% | 01/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 44541 |
| GO Bonds Series 2019 A  | 5.50% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208194 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 423057 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 327017 |
| GO Bonds Series 2019 A  | 5.50% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 440262 |
| GO Bonds Series 2023 A  | 4.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 92650 |
| GO Bonds Series 2023 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52277 |
| GO Bonds Series 2023 A  | 5.25% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1076959 |
| GO Bonds Series 2023A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 289077 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 1978060 |
| GO Bonds Series 2025 B  | 5.50% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1561787 |
| Refunding GO Bonds Series 2017 A  | 6.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 416405 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 186233 |
| Refunding GO Bonds Series 2020 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104521 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26184 |
| Refunding GO Bonds Series 2021 A  | 4.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23765 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 680869 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532857 |
| **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** |
| RB Series 2017 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001823 |
| RB Series 2017 A  | 4.00% | 01/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1767810 |
| RB Series 2023 A  | 5.25% | 01/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206302 |
| RB Series 2023 A  | 5.25% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52052 |
| RB Series 2023 A  | 5.25% | 01/01/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181842 |
| **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** |
| RB Series 1999  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 198530 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50426 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 115599 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 301036 |
| Refunding RB Series 2023 B  | 4.00% | 11/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252816 |
| **City of Springfield Electric Revenue** | **City of Springfield Electric Revenue** | **City of Springfield Electric Revenue** | **City of Springfield Electric Revenue** | **City of Springfield Electric Revenue** |
| Refunding RB Series 2024  | 5.00% | 03/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 550184 |
| **County of Cook** | **County of Cook** | **County of Cook** | **County of Cook** | **County of Cook** |
| Refunding GO Bonds Series 2016 A  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71407 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106507 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82121 |
| **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** | **County of Cook Sales Tax Revenue** |
| Refunding RB Series 2021 A  | 4.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249091 |
| Refunding RB Series 2021 A  | 4.00% | 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 221726 |

---

*See financial notes*

**228**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2022 A  | 5.25% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52827 |
| Refunding RB Series 2024  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265770 |
| **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** |
| RB University of Chicago Series 2023 A  | 5.25% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131204 |
| RB University of Chicago Series 2023 A  | 5.25% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156058 |
| RB Water Revolving Fund - Clean Water Program Series 2020  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229703 |
| RB Water Revolving Fund - Clean Water Program Series 2020  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15197 |
| RB Water Revolving Fund - Clean Water Program Series 2025 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271751 |
| Refunding RB DePaul University Series 2016 A  | 4.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49710 |
| Refunding RB University of Chicago Series 2024 A  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27839 |
| Refunding RB University of Chicago Series 2024 A  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 208969 |
| Refunding RB University of Chicago Series 2024 A  | 5.00% | 04/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 190390 |
| Refunding RB University of Chicago Series 2024 B  | 5.00% | 04/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28571 |
| Refunding RB University of Chicago Series 2024 B  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11538778 |
| **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** |
| Refunding RB Series 2025 A  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106980 |
| Refunding RB Series 2025 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278022 |
| **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** |
| RB Series 2014 C  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50076 |
| RB Series 2015 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125191 |
| RB Series 2015 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225212 |
| RB Series 2015 B  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 545514 |
| RB Series 2016 B  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1161208 |
| RB Series 2017 A  | 5.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510639 |
| RB Series 2019 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2159234 |
| RB Series 2020 A  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 734512 |
| RB Series 2021 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 699896 |
| RB Series 2021 A  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136867 |
| RB Series 2021 A  | 4.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 473396 |
| RB Series 2021 A  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1161830 |
| RB Series 2023 A  | 5.25% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 443451 |
| RB Series 2023 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 443477 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115224 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130245 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107155 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2130000 | &nbsp;&nbsp; 2182138 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218981 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65375 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76836 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62873 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 208893 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp; 755484 |
| Refunding RB Series 2019 C  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 103510 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1163818 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 477083 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57879 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 540065 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 1965713 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**229**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 146858 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp; 1482596 |
| **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.53% | 12/15/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63889 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.38% | 12/15/31 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 312576 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.76% | 06/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 56510 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.62% | 12/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 197985 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.69% | 06/15/33 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 201861 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.37% | 06/15/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp; 443587 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.27% | 06/15/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 242825 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 3.73% | 12/15/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 335049 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.30% | 06/15/37 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 38637 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.11% | 06/15/38 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 281614 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.08% | 12/15/38 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 128386 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.24% | 06/15/39 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 58379 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2002 A  | 4.43% | 12/15/39 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 113649 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2012 B  | 4.33% | 12/15/41 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 38034 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2012 B  | 4.70% | 12/15/51 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 143655 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2015 A  | 4.45% | 12/15/52 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 13503 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2015 A  | 5.00% | 06/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 497267 |
| RB State of Illinois McCormick Place Expansion Project Fund Series 2017 A  | 5.00% | 06/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp; 820013 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 1994 A  | 3.60% | 06/15/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 208257 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.80% | 06/15/43 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 115669 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.54% | 06/15/44 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 434705 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.61% | 06/15/45 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 1058537 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.69% | 06/15/46 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 76717 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2010  | 4.86% | 06/15/47 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp; 266697 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2017 B  | 5.06% | 12/15/54 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 490476 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2017 B  | 5.51% | 12/15/56 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 82381 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2020 A  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp; 1414663 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2020 A  | 5.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1370000 | &nbsp;&nbsp; 1365114 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2020 B  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511197 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2022 A  | 4.00% | 12/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp; 1816340 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2022 A  | 4.00% | 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 47363 |
| Refunding RB State of Illinois McCormick Place Expansion Project Fund Series 2024 B  | 4.00% | 12/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201825 |
| **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** |
| GO Bonds Series 2016 C  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100306 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 656061 |
| GO Bonds Series 2024 A  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537737 |
| Refunding GO Bonds Series 2007 C  | 5.25% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 186447 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132725 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15302 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117317 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96862 |
| Refunding GO Bonds Series 2021 C  | 5.00% | 12/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44531 |
| Refunding GO Bonds Series 2021 C  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113389 |
| **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** | **Northern Illinois Municipal Power Agency** |
| Refunding RB Series 2016 A  | 4.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75023 |
| **Regional Transportation Authority** | **Regional Transportation Authority** | **Regional Transportation Authority** | **Regional Transportation Authority** | **Regional Transportation Authority** |
| RB Series 2004 A  | 5.75% | 06/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 573490 |

---

*See financial notes*

**230**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** |
| Refunding RB Series 2018 C  | 5.50% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37558 |
| Refunding RB Series 2018 C  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153070 |
| Refunding RB Series 2018 C  | 5.25% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128429 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50000 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62420 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 493153 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161862 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36876 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 273757 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 215616 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 547509 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109293 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137833 |
| Refunding RB Series 2021 A  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33289 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 665775 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 714679 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40745 |
| Refunding RB Series 2023 C  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 142936 |
| Refunding RB Series 2023 C  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54701 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 362187 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 335831 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 203890 |
| Refunding RB Series 2025 A  | 5.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 790274 |
| **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** |
| GO Bonds Series 2017 A  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 139466 |
| GO Bonds Series 2017 A  | 4.50% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp; 1262150 |
| GO Bonds Series 2017 C  | 5.00% | 11/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp; 2197040 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1099673 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 244264 |
| GO Bonds Series 2017 D  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1136041 |
| GO Bonds Series 2019 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129768 |
| GO Bonds Series 2019 B  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53631 |
| GO Bonds Series 2019 B  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98453 |
| GO Bonds Series 2020  | 5.50% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 101694 |
| GO Bonds Series 2020  | 5.50% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 705000 | &nbsp;&nbsp; 754689 |
| GO Bonds Series 2020  | 5.75% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263847 |
| GO Bonds Series 2020 B  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54530 |
| GO Bonds Series 2020 B  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 244835 |
| GO Bonds Series 2020 B  | 4.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255955 |
| GO Bonds Series 2020 C  | 4.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99284 |
| GO Bonds Series 2020 C  | 4.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95685 |
| GO Bonds Series 2020 C  | 4.25% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 284504 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 261399 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1595419 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107389 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 795200 |
| GO Bonds Series 2021 A  | 4.00% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 365793 |
| GO Bonds Series 2021 A  | 4.00% | 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9805 |
| GO Bonds Series 2021 A  | 4.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1035451 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**231**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2021 A  | 5.00% | 03/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152764 |
| GO Bonds Series 2021 B  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25627 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60218 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307528 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57502 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 170229 |
| GO Bonds Series 2022 A  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54936 |
| GO Bonds Series 2022 A  | 5.25% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109396 |
| GO Bonds Series 2022 A  | 5.25% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162966 |
| GO Bonds Series 2022 A  | 5.50% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 188334 |
| GO Bonds Series 2022 A  | 5.50% | 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157183 |
| GO Bonds Series 2022 C  | 5.50% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 546059 |
| GO Bonds Series 2022 C  | 5.50% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27102 |
| GO Bonds Series 2022 C  | 5.25% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 243205 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 267444 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 416493 |
| GO Bonds Series 2023 B  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 124018 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48841 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 121068 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66784 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 268265 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 577034 |
| GO Bonds Series 2023 B  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 165152 |
| GO Bonds Series 2023 B  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp; 645216 |
| GO Bonds Series 2023 B  | 5.25% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1090925 |
| GO Bonds Series 2023 B  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 200361 |
| GO Bonds Series 2023 B  | 5.25% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106834 |
| GO Bonds Series 2023 B  | 5.50% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 524282 |
| GO Bonds Series 2023 C  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4271477 |
| GO Bonds Series 2023 C  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 268402 |
| GO Bonds Series 2023 C  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1541929 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11006 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137766 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 91390 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 165139 |
| GO Bonds Series 2024 B  | 5.25% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42508 |
| GO Bonds Series 2024 B  | 5.25% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 84338 |
| GO Bonds Series 2024 B  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1290992 |
| GO Bonds Series 2025 C  | 5.25% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1118146 |
| GO Bonds Series 2025 D  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1376268 |
| GO Bonds Series 2025 F  | 5.25% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042953 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4730000 | &nbsp;&nbsp; 4837035 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51132 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 413940 |
| Refunding GO Bonds Series 2016  | 4.00% | 02/01/30 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136387 |
| Refunding GO Bonds Series 2016  | 4.00% | 02/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302748 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129587 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 605701 |
| Refunding GO Bonds Series 2018 B  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105339 |
| Refunding GO Bonds Series 2022 B  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 165550 |

---

*See financial notes*

**232**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 439775 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77417 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120994 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 219556 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1224300 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 250819 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4080000 | &nbsp;&nbsp; 4515940 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109297 |
| Refunding GO Bonds Series 2023 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 1093755 |
| Refunding GO Bonds Series 2023 D  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 258970 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30053 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31313 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90384 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27033 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43883 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282149 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108679 |
| **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** | **State of Illinois Sales Tax Revenue** |
| RB Series 2024 A  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 387392 |
| RB Series 2024 A  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28069 |
| RB Series 2024 A  | 5.00% | 06/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 367429 |
| RB Series 2024 B  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 286597 |
| RB Series 2024 B  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 423203 |
| RB Series 2024 B  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 441574 |
| RB Series 2024 C  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 640746 |
| RB Series 2024 C  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 740766 |
| RB Series 2025 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 231496 |
| RB Series 2025 B  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111470 |
| RB Series 2025 B  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 548891 |
| RB Series 2025 B  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1097781 |
| RB Series 2025 B  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 86923 |
| RB Series 2025 C  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 797908 |
| RB Series 2025 C  | 5.00% | 06/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89569 |
| RB Series 2025 C  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130639 |
| **Village of Rosemont** | **Village of Rosemont** | **Village of Rosemont** | **Village of Rosemont** | **Village of Rosemont** |
| GO Bonds Series 2017 A  | 5.00% | 12/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150220 |
| **Village of Schaumburg** | **Village of Schaumburg** | **Village of Schaumburg** | **Village of Schaumburg** | **Village of Schaumburg** |
| Refunding GO Bonds Series 2013 A  | 4.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50005 |
| **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** | **Will County Community High School District No. 210 Lincoln-Way** |
| GO Bonds Series 2006  | 2.96% | 01/01/26 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145000 |
|  |  |  |  | &nbsp;&nbsp; **143609351** |
| **INDIANA** 0.5%  | **INDIANA** 0.5%  | **INDIANA** 0.5%  | **INDIANA** 0.5%  | **INDIANA** 0.5%  |
| **Allen County Building Corp.** | **Allen County Building Corp.** | **Allen County Building Corp.** | **Allen County Building Corp.** | **Allen County Building Corp.** |
| RB Series 2024  | 4.00% | 07/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1017065 |
| **Carmel Local Public Improvement Bond Bank** | **Carmel Local Public Improvement Bond Bank** | **Carmel Local Public Improvement Bond Bank** | **Carmel Local Public Improvement Bond Bank** | **Carmel Local Public Improvement Bond Bank** |
| RB Series 2016  | 5.00% | 01/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 257364 |
| **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** | **Fishers Town Hall Building Corp.** |
| RB Series 2023 A  | 5.75% | 07/15/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 829291 |
| RB Series 2023 A  | 5.75% | 01/15/63 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276430 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**233**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** | **Hamilton County Public Building Corp.** |
| RB Series 2024  | 4.00% | 01/10/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90852 |
| **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** |
| RB Deaconess Health System Obligated Group Series 2016 A  | 4.00% | 03/01/44 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 146221 |
| RB State Revolving Fund Series 2019 A  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63578 |
| RB State Revolving Fund Series 2019 A  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31608 |
| RB State Revolving Fund Series 2019 A  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5755000 | &nbsp;&nbsp; 6059162 |
| Refunding RB CWA Authority, Inc. Series 2021 1  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 194894 |
| Refunding RB CWA Authority, Inc. Series 2021 1  | 4.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26191 |
| Refunding RB CWA Authority, Inc. Series 2021 1  | 4.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51887 |
| Refunding RB Department of Transportation Series 2016 C  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 132776 |
| Refunding RB Department of Transportation Series 2016 C  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105847 |
| Refunding RB Department of Transportation Series 2016 C  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140701 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 541686 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55029 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28047 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 4.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52614 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 178012 |
| Refunding RB Marion County Capital Improvement Board Series 2022 A  | 4.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119329 |
| Refunding RB State Revolving Fund Series 2017 C  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105073 |
| **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** | **Indiana Municipal Power Agency** |
| Refunding RB Series 2016 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126101 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135970 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 312966 |
| Refunding RB Series 2025 A  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 747343 |
| **Indiana University** | **Indiana University** | **Indiana University** | **Indiana University** | **Indiana University** |
| RB Series 2024 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 262071 |
| **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** |
| RB Series 1999 E  | 3.25% | 02/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234046 |
| RB Series 2019 A  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153578 |
| RB Series 2019 A  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203125 |
| Refunding RB Series 2021 A  | 4.00% | 06/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026241 |
| Refunding RB Series 2022 B  | 4.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94884 |
| **Northern Indiana Commuter Transportation District** | **Northern Indiana Commuter Transportation District** | **Northern Indiana Commuter Transportation District** | **Northern Indiana Commuter Transportation District** | **Northern Indiana Commuter Transportation District** |
| RB Series 2024  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040236 |
| **Purdue University** | **Purdue University** | **Purdue University** | **Purdue University** | **Purdue University** |
| Refunding RB Series 2025 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34935 |
|  |  |  |  | &nbsp;&nbsp; **14875153** |
| **IOWA** 0.0%  | **IOWA** 0.0%  | **IOWA** 0.0%  | **IOWA** 0.0%  | **IOWA** 0.0%  |
| **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** |
| RB State Revolving Fund Series 2024 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 87841 |
| Refunding RB State Revolving Fund Series 2017  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104025 |
| Refunding RB State Revolving Fund Series 2023 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57867 |
| Refunding RB State Revolving Fund Series 2023 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 143555 |
| Refunding RB State Revolving Fund Series 2023 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39896 |
| **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** | **Iowa Higher Education Loan Authority** |
| RB Trustees of Grinnell College Series 2017  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100439 |

---

*See financial notes*

**234**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Iowa** | **State of Iowa** | **State of Iowa** | **State of Iowa** | **State of Iowa** |
| Refunding RB Series 2016 A  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100934 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 146352 |
| Refunding RB Series 2019 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107248 |
| Refunding RB Series 2019 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 154973 |
|  |  |  |  | &nbsp;&nbsp; **1043130** |
| **KANSAS** 0.3%  | **KANSAS** 0.3%  | **KANSAS** 0.3%  | **KANSAS** 0.3%  | **KANSAS** 0.3%  |
| **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** | **Ellis County Unified School District No. 489 Hays** |
| Refunding GO Bonds Series 2022 B  | 5.00% | 09/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115855 |
| **Kansas Development Finance Authority** | **Kansas Development Finance Authority** | **Kansas Development Finance Authority** | **Kansas Development Finance Authority** | **Kansas Development Finance Authority** |
| RB Kansas Athletics, Inc. Series 2025 C-1  | 4.50% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4021132 |
| **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** | **State of Kansas Department of Transportation** |
| Refunding RB Series 2024 A  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 149134 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1741564 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 361236 |
| Refunding RB Series 2025 A  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2082790 |
| **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** | **Wyandotte County Unified School District No. 500 Kansas City** |
| GO Bonds Series 2016 A  | 5.50% | 09/01/47 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 657781 |
| GO Bonds Series 2025  | 5.25% | 09/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99803 |
|  |  |  |  | &nbsp;&nbsp; **9229295** |
| **KENTUCKY** 0.6%  | **KENTUCKY** 0.6%  | **KENTUCKY** 0.6%  | **KENTUCKY** 0.6%  | **KENTUCKY** 0.6%  |
| **Commonwealth of Kentucky** | **Commonwealth of Kentucky** | **Commonwealth of Kentucky** | **Commonwealth of Kentucky** | **Commonwealth of Kentucky** |
| COP Series 2018 A  | 4.00% | 04/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 328354 |
| **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** | **Kentucky Bond Development Corp.** |
| RB Series 2018  | 4.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 557670 |
| **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** | **Kentucky Economic Development Finance Authority** |
| Refunding RB Series 2017 A  | 4.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp; 1175569 |
| Refunding RB Series 2017 A  | 5.00% | 12/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75753 |
| **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** |
| Refunding RB Series 2015 A  | 4.00% | 09/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499984 |
| **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** | **Kentucky State Property & Building Commission** |
| RB Series 2024 A  | 5.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 324932 |
| RB Commonwealth of Kentucky Series 2024 A  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28495 |
| RB Commonwealth of Kentucky Series 2024 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 166100 |
| RB Commonwealth of Kentucky Series 2024 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66360 |
| RB Commonwealth of Kentucky Series 2025 A  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85456 |
| RB Commonwealth of Kentucky Series 2025 A  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2195033 |
| Refunding RB Series 2016 B  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229663 |
| Refunding RB Commonwealth of Kentucky Series 2016 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255023 |
| Refunding RB Commonwealth of Kentucky Series 2024 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76507 |
| Refunding RB Commonwealth of Kentucky Series 2024 B  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 368218 |
| **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** |
| RB Series 2016 A  | 3.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 597879 |
| Refunding RB Series 2023 C  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155455 |
| Refunding RB Series 2024 A  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7745000 | &nbsp;&nbsp; 8864990 |
| **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** | **Louisville & Jefferson County Visitors & Convention Commission** |
| RB Series 2016  | 3.13% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 438063 |
| RB Series 2016  | 3.13% | 06/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 214760 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**235**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** | **Scott County School District Finance Corp.** |
| RB Board of Education Series 2022  | 4.00% | 09/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 38859 |
| **University of Kentucky** | **University of Kentucky** | **University of Kentucky** | **University of Kentucky** | **University of Kentucky** |
| RB Series 2024  | 4.13% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 460312 |
|  |  |  |  | &nbsp;&nbsp; **17203435** |
| **LOUISIANA** 0.3%  | **LOUISIANA** 0.3%  | **LOUISIANA** 0.3%  | **LOUISIANA** 0.3%  | **LOUISIANA** 0.3%  |
| **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** | **City of Shreveport Water & Sewer Revenue** |
| RB Series 2019 B  | 4.00% | 12/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45162 |
| Refunding RB Series 2015  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 701131 |
| **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** | **East Baton Rouge Sewerage Commission** |
| Refunding RB Series 2019 A  | 4.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp; 489107 |
| Refunding RB Series 2019 A  | 4.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 293575 |
| **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** | **Lafayette Parish School Board Sale Tax Revenue** |
| RB Series 2023  | 4.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69067 |
| **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** | **Louisiana Local Government Environmental Facilities & Community Development Authority** |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108423 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103212 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 175372 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82231 |
| RB Louisiana Insurance Guaranty Association Series 2022 B  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76956 |
| **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** |
| RB Loyola University New Orleans Series 2023 A  | 5.25% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 173551 |
| Refunding RB Tulane University Series 2020 A  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307870 |
| Refunding RB Tulane University Series 2023 A  | 5.00% | 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103051 |
| Refunding RB Tulane University Series 2023 A  | 5.00% | 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 297414 |
| **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** |
| Refunding RB Series 2023 A  | 5.25% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1140549 |
| Refunding RB Series 2023A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026717 |
| **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** | **Louisiana State Citizens Property Insurance Corp.** |
| Refunding RB Series 2016 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151527 |
| **New Orleans Aviation Board** | **New Orleans Aviation Board** | **New Orleans Aviation Board** | **New Orleans Aviation Board** | **New Orleans Aviation Board** |
| RB Parking Facilities Corp. Series 2018 A  | 5.00% | 10/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252911 |
| **State of Louisiana** | **State of Louisiana** | **State of Louisiana** | **State of Louisiana** | **State of Louisiana** |
| GO Bonds Series 2024 E  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11304 |
| GO Bonds Series 2024 E  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114521 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152108 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152032 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38485 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 145382 |
| **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** |
| RB Series 2024 A  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 91214 |
| RB Series 2024 A  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1172704 |
| RB Series 2025 B  | 5.00% | 05/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 863754 |
|  |  |  |  | &nbsp;&nbsp; **8339330** |
| **MAINE** 0.0%  | **MAINE** 0.0%  | **MAINE** 0.0%  | **MAINE** 0.0%  | **MAINE** 0.0%  |
| **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** |
| RB Northeastern University Series 2024 B  | 5.25% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; **340903** |

---

*See financial notes*

**236**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MARYLAND** 1.8%  | **MARYLAND** 1.8%  | **MARYLAND** 1.8%  | **MARYLAND** 1.8%  | **MARYLAND** 1.8%  |
| **City of Baltimore** | **City of Baltimore** | **City of Baltimore** | **City of Baltimore** | **City of Baltimore** |
| RB Wastewater Utility Fund Series 2017 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100540 |
| RB Wastewater Utility Fund Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152386 |
| RB Water Utility Fund Series 2019 A  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 647328 |
| **County of Montgomery** | **County of Montgomery** | **County of Montgomery** | **County of Montgomery** | **County of Montgomery** |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147769 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88951 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25586 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 603444 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 288762 |
| **County of Prince George's** | **County of Prince George's** | **County of Prince George's** | **County of Prince George's** | **County of Prince George's** |
| GO Bonds Series 2018 A  | 5.00% | 07/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109075 |
| GO Bonds Series 2018 A  | 5.00% | 07/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21274 |
| GO Bonds Series 2018 A  | 5.00% | 07/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 499193 |
| GO Bonds Series 2018 A  | 4.00% | 07/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25848 |
| **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** |
| RB Baltimore City Public School Construction Financing Fund Series 2016  | 5.00% | 05/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1562541 |
| RB Baltimore City Public School Construction Financing Fund Series 2018 A  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 209828 |
| RB Built to Learn Revenue Series 2021  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 477444 |
| RB Built to Learn Revenue Series 2021  | 2.75% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 68388 |
| RB Built to Learn Revenue Series 2022 A  | 4.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 297238 |
| RB Built to Learn Revenue Series 2024  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1915873 |
| **Maryland State Transportation Authority** | **Maryland State Transportation Authority** | **Maryland State Transportation Authority** | **Maryland State Transportation Authority** | **Maryland State Transportation Authority** |
| RB Series 2020  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 140945 |
| Refunding RB Series 2021 A  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 187719 |
| Refunding RB Series 2021 A  | 5.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155192 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 143243 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 58021 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34967 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3795000 | &nbsp;&nbsp; 4323063 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 130155 |
| **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** |
| GO Bonds Series 2016 1st  | 3.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 295001 |
| GO Bonds Series 2017 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 254784 |
| GO Bonds Series 2017 A  | 5.00% | 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308411 |
| GO Bonds Series 2017 A  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46655 |
| GO Bonds Series 2017 A  | 4.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35574 |
| GO Bonds Series 2017 A  | 4.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 260454 |
| GO Bonds Series 2017 A  | 3.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25014 |
| GO Bonds Series 2018 2  | 4.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25801 |
| GO Bonds Series 2018 A  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 185927 |
| GO Bonds Series 2018 A  | 5.00% | 03/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 205883 |
| GO Bonds Series 2019 1st  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92724 |
| GO Bonds Series 2019 1st  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48478 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202904 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26633 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1385836 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 113968 |
| GO Bonds Series 2019 A  | 2.13% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 264371 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**237**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2019 A  | 2.25% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90503 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36398 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37286 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55586 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 288424 |
| GO Bonds Series 2020 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 224837 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 70855 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112388 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 90573 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 123722 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 259660 |
| GO Bonds Series 2021 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137442 |
| GO Bonds Series 2021 A  | 4.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78556 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31834 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108436 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 216515 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 294972 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 169356 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140269 |
| GO Bonds Series 2022 A  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222986 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 228728 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 9251187 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46024 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112924 |
| GO Bonds Series 2023 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5505000 | &nbsp;&nbsp; 6175763 |
| GO Bonds Series 2024 A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5455000 | &nbsp;&nbsp; 6362993 |
| GO Bonds Series 2024 A  | 5.00% | 06/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 173622 |
| GO Bonds Series 2024 A  | 5.00% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 63145 |
| Refunding GO Bonds Series 2015 B  | 4.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp; 791903 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187686 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129992 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 175775 |
| Refunding GO Bonds Series 2022 C  | 4.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31412 |
| Refunding GO Bonds Series 2022 D  | 4.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 179052 |
| **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** | **State of Maryland Department of Transportation** |
| RB Series 2017  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 381280 |
| RB Series 2017  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57265 |
| RB Series 2017  | 3.00% | 09/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50124 |
| RB Series 2017  | 3.00% | 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 305282 |
| RB Series 2018  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 290378 |
| RB Series 2018  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86578 |
| RB Series 2018  | 3.50% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250560 |
| RB Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26105 |
| RB Series 2019  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 307717 |
| RB Series 2019  | 3.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250878 |
| RB Series 2019  | 2.13% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 268718 |
| RB Series 2019  | 2.50% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 184486 |
| RB Series 2019  | 3.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 128454 |
| RB Series 2020  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22225 |
| RB Series 2020  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38438 |

---

*See financial notes*

**238**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2021 A  | 2.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88420 |
| RB Series 2021 A  | 2.13% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 197087 |
| RB Series 2025 B  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 577007 |
| RB Series 2025 B  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1129670 |
| Refunding RB Series 2025 C  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 856785 |
| Refunding RB Series 2025 C  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1280973 |
|  |  |  |  | &nbsp;&nbsp; **49672425** |
| **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  |
| **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** |
| GO Bonds Series 2006 E  | 5.00% | 11/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5104 |
| GO Bonds Series 2015  | 4.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 158051 |
| GO Bonds Series 2015 E  | 3.25% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1062546 |
| GO Bonds Series 2015 E  | 3.25% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 358409 |
| GO Bonds Series 2016 E  | 4.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85031 |
| GO Bonds Series 2016 E  | 3.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 391684 |
| GO Bonds Series 2016 E  | 4.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249991 |
| GO Bonds Series 2016 E  | 3.00% | 04/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 276091 |
| GO Bonds Series 2016 E  | 4.00% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 407621 |
| GO Bonds Series 2016 G  | 4.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115404 |
| GO Bonds Series 2016 G  | 3.00% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1462039 |
| GO Bonds Series 2016 H  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 537060 |
| GO Bonds Series 2016 J  | 4.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 310635 |
| GO Bonds Series 2016 J  | 4.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239275 |
| GO Bonds Series 2017 A  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35313 |
| GO Bonds Series 2017 B  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121072 |
| GO Bonds Series 2017 D  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66413 |
| GO Bonds Series 2017 D  | 3.25% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241373 |
| GO Bonds Series 2017 D  | 3.50% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 106808 |
| GO Bonds Series 2017 D  | 4.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237062 |
| GO Bonds Series 2017 E  | 3.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 114799 |
| GO Bonds Series 2017 E  | 3.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149212 |
| GO Bonds Series 2017 F  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102655 |
| GO Bonds Series 2017 F  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510664 |
| GO Bonds Series 2017 F  | 5.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8665000 | &nbsp;&nbsp; 8829027 |
| GO Bonds Series 2018 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20876 |
| GO Bonds Series 2018 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25743 |
| GO Bonds Series 2018 A  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25673 |
| GO Bonds Series 2018 B  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10479 |
| GO Bonds Series 2018 B  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 167521 |
| GO Bonds Series 2018 D  | 4.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 187118 |
| GO Bonds Series 2018 E  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52283 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5269650 |
| GO Bonds Series 2019 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15266 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26243 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261264 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93630 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154786 |
| GO Bonds Series 2019 C  | 5.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 159423 |
| GO Bonds Series 2019 G  | 3.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149440 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**239**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2020 B  | 2.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31373 |
| GO Bonds Series 2020 B  | 2.50% | 03/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75904 |
| GO Bonds Series 2020 C  | 3.00% | 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 389916 |
| GO Bonds Series 2020 C  | 3.00% | 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 266223 |
| GO Bonds Series 2020 C  | 2.75% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 103266 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276683 |
| GO Bonds Series 2020 D  | 3.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199555 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 326005 |
| GO Bonds Series 2020 D  | 3.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1120205 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 111919 |
| GO Bonds Series 2020 D  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103856 |
| GO Bonds Series 2020 E  | 5.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260275 |
| GO Bonds Series 2020 E  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308194 |
| GO Bonds Series 2021 A  | 3.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 494400 |
| GO Bonds Series 2021 B  | 2.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1285000 | &nbsp;&nbsp; 761434 |
| GO Bonds Series 2021 C  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 487768 |
| GO Bonds Series 2021 C  | 2.38% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 36702 |
| GO Bonds Series 2021 D  | 5.00% | 09/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257366 |
| GO Bonds Series 2022 A  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1133939 |
| GO Bonds Series 2022 A  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 74126 |
| GO Bonds Series 2022 A  | 4.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 202918 |
| GO Bonds Series 2022 B  | 3.00% | 02/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1080882 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2125000 | &nbsp;&nbsp; 2446117 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226304 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 139569 |
| GO Bonds Series 2022 C  | 5.25% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp; 976086 |
| GO Bonds Series 2022 C  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 216572 |
| GO Bonds Series 2022 D  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 102382 |
| GO Bonds Series 2022 E  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 183222 |
| GO Bonds Series 2022 E  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128954 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226858 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3565000 | &nbsp;&nbsp; 3725283 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 387361 |
| GO Bonds Series 2023 B  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46605 |
| GO Bonds Series 2023 B  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39914 |
| GO Bonds Series 2023 C  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105439 |
| GO Bonds Series 2023 C  | 5.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312423 |
| GO Bonds Series 2023 D  | 5.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103520 |
| GO Bonds Series 2023 D  | 5.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206906 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102508 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 292079 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51808 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 209703 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16910 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222136 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55002 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104466 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2238224 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34331 |
| GO Bonds Series 2024 B  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33878 |

---

*See financial notes*

**240**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2024 B  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37024 |
| GO Bonds Series 2024 E  | 5.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129794 |
| GO Bonds Series 2024 G  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 70035 |
| GO Bonds Series 2024 H  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 566075 |
| GO Bonds Series 2024 H  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274476 |
| GO Bonds Series 2024 H  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160530 |
| GO Bonds Series 2024 I  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1048827 |
| GO Bonds Series 2025 A  | 5.00% | 04/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6225000 | &nbsp;&nbsp; 6473755 |
| GO Bonds Series 2025 B  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3772437 |
| GO Bonds Series 2025 C  | 5.00% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1366370 |
| Refunding GO Bonds Series 2015 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86065 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 363237 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159410 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25299 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50562 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1783025 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 219282 |
| Refunding GO Bonds Series 2017 E  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142918 |
| Refunding GO Bonds Series 2017 E  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151720 |
| Refunding GO Bonds Series 2018 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 541995 |
| Refunding GO Bonds Series 2018 B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 255552 |
| Refunding GO Bonds Series 2020 B  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110355 |
| Refunding GO Bonds Series 2020 D  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36001 |
| Refunding GO Bonds Series 2020 D  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150766 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 545757 |
| Refunding GO Bonds Series 2021 A  | 5.00% | 09/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55679 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82017 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 468485 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 227192 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2320331 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 925830 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 117043 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 161349 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 283720 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32725 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 169949 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 195060 |
| Refunding GO Bonds Series 2024 B  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109241 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 772094 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 399553 |
| Refunding RB Series 2005  | 5.50% | 01/01/27 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 221122 |
| Refunding RB Series 2005  | 5.50% | 01/01/28 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21147 |
| Refunding RB Series 2005  | 5.50% | 01/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 701100 |
| **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** | **Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue** |
| RB Series 2014 A  | 5.00% | 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25035 |
| **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** |
| RB Series 2016 B  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 958133 |
| RB Series 2019 A  | 5.00% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509184 |
| RB Series 2021 A  | 4.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 321451 |
| RB Series 2022 A  | 5.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 292384 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**241**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2022 B  | 5.00% | 06/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309333 |
| RB Series 2023 A  | 5.00% | 06/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 201992 |
| RB Series 2023 B  | 5.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261354 |
| RB Series 2024 B  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3115344 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75767 |
| Refunding RB Series 2021 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136686 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 442192 |
| Refunding RB Series 2025 A  | 5.00% | 06/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 485243 |
| **Greater Fall River Vocational School District** | **Greater Fall River Vocational School District** | **Greater Fall River Vocational School District** | **Greater Fall River Vocational School District** | **Greater Fall River Vocational School District** |
| GO Bonds Series 2025  | 5.00% | 06/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1133201 |
| **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** |
| Sr Sales Tax Bonds Series 2005A Series 2005 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 212642 |
| **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** | **Massachusetts Bay Transportation Authority Assessment Revenue** |
| Refunding RB Series 2016 A  | 4.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70534 |
| Refunding RB Series 2016 A  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126558 |
| Refunding RB Series 2022 A-1  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83960 |
| Refunding RB Series 2022 A-1  | 3.13% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44420 |
| Refunding RB Series 2022 A-2  | 5.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258588 |
| **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** |
| RB Series 2005 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249077 |
| RB Series 2005 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56831 |
| RB Series 2023 A-1  | 5.25% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31933 |
| RB Series 2023 A-1  | 4.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 932877 |
| RB Series 2023 A-1  | 5.25% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1056609 |
| RB Series 2025 B  | 4.75% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1532582 |
| Refunding RB Series 2007 A-1  | 5.25% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 114182 |
| Refunding RB Series 2016 A  | 3.34% | 07/01/32 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 138506 |
| Refunding RB Series 2020 B-1  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2531255 |
| Refunding RB Series 2021 A-1  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207407 |
| Refunding RB Series 2021 A-1  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 753908 |
| Refunding RB Series 2021 A-1  | 4.00% | 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1343492 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 913148 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 287969 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp; 2086262 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28394 |
| Refunding RB Series 2024 A  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244367 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2643192 |
| Refunding RB Series 2024 A  | 5.25% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265903 |
| **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** | **Massachusetts Clean Water Trust** |
| RB State Revolving Fund Series 2025 26B  | 5.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275570 |
| **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** | **Massachusetts Department of Transportation** |
| RB Series 1997 A  | 3.45% | 01/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 66288 |
| RB Series 1997 A  | 3.26% | 01/01/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 36826 |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| RB Emerson College Series 2016 A  | 5.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 486578 |
| RB Massachusetts Institute of Technology Series 2020 P  | 5.00% | 07/01/50  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1127396 |
| RB President & Fellows of Harvard College Series 2024 B  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 9010000 | &nbsp;&nbsp; 10568955 |
| RB President & Fellows of Harvard College Series 2024 B  | 4.00% | 02/15/36  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 551872 |
| RB Trustees of Boston College Series 2021 V  | 5.00% | 07/01/55  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273036 |
| RB Trustees of Boston University Series 2025 B-2  | 4.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 469761 |

---

*See financial notes*

**242**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Trustees of Boston University Series 2025 B-2  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 399856 |
| Refunding RB Broad Institute, Inc. Series 2017  | 4.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249457 |
| Refunding RB Northeastern University Series 2022  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 226819 |
| Refunding RB Northeastern University Series 2022  | 5.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 533077 |
| Refunding RB Northeastern University Series 2022  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 355714 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 278716 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506609 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 263634 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 4.00% | 07/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 185994 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151694 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 4.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 550038 |
| Refunding RB President & Fellows of Harvard College Series 2016 A  | 5.00% | 07/15/36  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 101416 |
| Refunding RB Smith College Series 2025  | 5.00% | 07/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 296570 |
| Refunding RB Suffolk University Series 2025  | 5.25% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2464269 |
| Refunding RB Trustees of Boston College Series 2017 T  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84326 |
| Refunding RB Trustees of Boston College Series 2025 W  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280353 |
| Refunding RB Trustees of Boston College Series 2025 W  | 4.25% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 956757 |
| Refunding RB Trustees of Boston College Series 2025 W  | 5.00% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261209 |
| Refunding RB Trustees of Boston University Series 2025 B-1  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 283761 |
| **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** | **Massachusetts Health & Educational Facilities Authority** |
| RB Massachusetts Institute of Technology Series 2002 K  | 5.50% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 112504 |
| **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** |
| RB Series 2015 B  | 4.00% | 01/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193433 |
| RB Series 2018 A  | 4.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 43612 |
| RB Series 2018 A  | 5.25% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204255 |
| RB Series 2018 B  | 5.25% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357446 |
| RB Series 2019 A  | 5.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514859 |
| RB Series 2019 A  | 5.00% | 02/15/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140400 |
| RB Series 2025 A  | 5.00% | 02/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1438955 |
| RB Series 2025 A  | 5.00% | 02/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042575 |
| Refunding RB Series 2025 B  | 5.00% | 02/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1355938 |
| **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** | **Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue** |
| Refunding RB Series 2018 A  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107635 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130000 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25629 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 312283 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 620120 |
| **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** | **Massachusetts Water Resources Authority** |
| RB Series 2016 C  | 5.00% | 08/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101469 |
| RB Series 2016 C  | 5.00% | 08/01/40 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 786387 |
| Refunding RB Series 2007 B  | 5.25% | 08/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167680 |
| Refunding RB Series 2007 B  | 5.25% | 08/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161002 |
| Refunding RB Series 2007 B  | 5.25% | 08/01/33 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 297477 |
| Refunding RB Series 2016 C  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25349 |
| Refunding RB Series 2016 C  | 4.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65177 |
| Refunding RB Series 2016 C  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000957 |
| Refunding RB Series 2016 D  | 3.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42192 |
| Refunding RB Series 2017 C  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93576 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**243**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** | **University of Massachusetts Building Authority** |
| RB Series 2015 1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50045 |
| RB Series 2017 1  | 5.25% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2563195 |
| RB Series 2020 1  | 5.00% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102371 |
| RB Series 2022 1  | 4.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95220 |
| RB Series 2022 1  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66635 |
| Refunding RB Series 2021 1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26789 |
|  |  |  |  | &nbsp;&nbsp; **128628718** |
| **MICHIGAN** 1.1%  | **MICHIGAN** 1.1%  | **MICHIGAN** 1.1%  | **MICHIGAN** 1.1%  | **MICHIGAN** 1.1%  |
| **City of Grand Rapids** | **City of Grand Rapids** | **City of Grand Rapids** | **City of Grand Rapids** | **City of Grand Rapids** |
| GO Bonds Series 2025  | 5.00% | 04/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520365 |
| **City of Lansing** | **City of Lansing** | **City of Lansing** | **City of Lansing** | **City of Lansing** |
| GO Bonds Series 2023 B  | 4.13% | 06/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143564 |
| **Detroit City School District** | **Detroit City School District** | **Detroit City School District** | **Detroit City School District** | **Detroit City School District** |
| Refunding GO Bonds Series 2005 A  | 5.25% | 05/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138721 |
| Refunding GO Bonds Series 2005 A  | 5.25% | 05/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 377348 |
| **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** | **Great Lakes Water Authority Sewage Disposal System Revenue** |
| RB Series 2022 B  | 5.50% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529873 |
| Refunding RB Series 2016 C  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151754 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 328880 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 222809 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 222956 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46240 |
| Refunding RB Series 2025 B  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1164641 |
| **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** |
| RB Series 2016 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100384 |
| RB Series 2022 A  | 5.25% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5090000 | &nbsp;&nbsp; 5389323 |
| Refunding RB Series 2016 D  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75866 |
| Refunding RB Series 2016 D  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75689 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281541 |
| **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** | **L'Anse Creuse Public Schools** |
| GO Bonds Series 2025 I  | 5.00% | 05/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41933 |
| **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** |
| RB Series 2019 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1055000 | &nbsp;&nbsp; 1078226 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 182873 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88787 |
| **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** |
| RB County of Wayne Series 2018  | 4.00% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90819 |
| RB Drinking Water Revolving Fund Series 2024 A  | 4.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 488711 |
| Refunding RB Clean Water Revolving Fund Series 2016 B  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101679 |
| **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** |
| RB Series 2021 I  | 4.00% | 10/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4737 |
| RB Series 2022 I  | 4.00% | 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229671 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50963 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 387196 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 188402 |
| Refunding RB Series 2016 I  | 5.00% | 04/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 192255 |
| Refunding RB Series 2016 I  | 5.00% | 10/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70437 |
| Refunding RB Series 2019 I  | 4.00% | 04/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 227981 |

---

*See financial notes*

**244**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2020 I  | 3.00% | 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79666 |
| Refunding RB Series 2025 I  | 5.00% | 04/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2112147 |
| Refunding RB Series 2025 I  | 5.25% | 04/15/60 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265775 |
| **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** |
| RB Series 2019 B  | 4.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98012 |
| RB Series 2024 A  | 5.00% | 08/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 404395 |
| **State of Michigan** | **State of Michigan** | **State of Michigan** | **State of Michigan** | **State of Michigan** |
| Refunding RB Series 2016  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 658138 |
| **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** |
| RB Series 2020 B  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 214708 |
| RB Series 2020 B  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 147930 |
| RB Series 2020 B  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp; 870651 |
| RB Series 2020 B  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111717 |
| RB Series 2020 B  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55515 |
| RB Series 2020 B  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102788 |
| RB Series 2020 B  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 510073 |
| RB Series 2020 B  | 5.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5320000 | &nbsp;&nbsp; 5477027 |
| RB Series 2021 A  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 615906 |
| RB Series 2021 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105821 |
| RB Series 2021 A  | 4.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93966 |
| RB Series 2021 A  | 4.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518923 |
| RB Series 2021 A  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51657 |
| RB Series 2021 A  | 4.00% | 11/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205539 |
| RB Series 2021 A  | 4.00% | 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141700 |
| RB Series 2021 A  | 4.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp; 714342 |
| RB Series 2021 A  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 664447 |
| RB Series 2023  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33560 |
| RB Series 2023  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 230304 |
| RB Series 2023  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85069 |
| RB Series 2023  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1084314 |
| RB Series 2023  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157840 |
| RB Series 2023  | 5.25% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212970 |
| RB Series 2023  | 5.50% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 135176 |
| **Troy School District** | **Troy School District** | **Troy School District** | **Troy School District** | **Troy School District** |
| GO Bonds Series 2023  | 5.00% | 05/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134095 |
| **University of Michigan** | **University of Michigan** | **University of Michigan** | **University of Michigan** | **University of Michigan** |
| RB Series 2015  | 5.00% | 04/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60351 |
| RB Series 2018 A  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256343 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30180 |
| **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** | **Wayne County Airport Authority** |
| RB Detroit Metropolitan Wayne County Airport Series 2021 A  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514923 |
|  |  |  |  | &nbsp;&nbsp; **30350592** |
| **MINNESOTA** 0.5%  | **MINNESOTA** 0.5%  | **MINNESOTA** 0.5%  | **MINNESOTA** 0.5%  | **MINNESOTA** 0.5%  |
| **Metropolitan Council** | **Metropolitan Council** | **Metropolitan Council** | **Metropolitan Council** | **Metropolitan Council** |
| GO Bonds Series 2021 C  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 148251 |
| GO Bonds Series 2021 C  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20943 |
| **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** |
| RB Series 2024 A  | 5.00% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46507 |
| RB Series 2024 A  | 4.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 352989 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**245**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2016 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105000 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358672 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117658 |
| Refunding RB Series 2022 A  | 5.00% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 424124 |
| **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** | **Minnesota Public Facilities Authority State Revolving Fund** |
| RB Series 2023 A  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25099 |
| RB Series 2023 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 90076 |
| RB Series 2023 A  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114546 |
| RB Series 2023 A  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 737582 |
| RB Series 2023 A  | 5.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114159 |
| **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** | **North St. Paul-Maplewood-Oakdale Independent School District No. 622** |
| GO Bonds Series 2019 A  | 3.00% | 02/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 7922 |
| **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** | **Southern Minnesota Municipal Power Agency** |
| RB Series 1994 A  | 3.51% | 01/01/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000 |
| **State of Minnesota** | **State of Minnesota** | **State of Minnesota** | **State of Minnesota** | **State of Minnesota** |
| COP Series 2023  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 301114 |
| COP Series 2023  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 338674 |
| COP Series 2023  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44898 |
| COP Series 2023  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163721 |
| GO Bonds Series 2021 A  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15987 |
| GO Bonds Series 2021 A  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 223459 |
| GO Bonds Series 2021 A  | 4.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 89772 |
| GO Bonds Series 2021 A  | 4.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5195737 |
| GO Bonds Series 2021 A  | 4.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61769 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74463 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 229968 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1162978 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 348819 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111487 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108483 |
| GO Bonds Series 2025 A  | 5.00% | 08/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 296027 |
| Refunding GO Bonds Series 2016 D  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126837 |
| Refunding GO Bonds Series 2017 D  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp; 914134 |
| Refunding GO Bonds Series 2017 D  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104486 |
| Refunding GO Bonds Series 2023 E  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 268894 |
| Refunding GO Bonds Series 2023 E  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132969 |
| Refunding GO Bonds Series 2023 E  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp; 1305067 |
| Refunding RB Series 2022 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 185207 |
| Refunding RB Series 2022 A  | 5.00% | 03/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148639 |
| **University of Minnesota** | **University of Minnesota** | **University of Minnesota** | **University of Minnesota** | **University of Minnesota** |
| RB Series 2016 A  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25046 |
|  |  |  |  | &nbsp;&nbsp; **14667163** |
| **MISSISSIPPI** 0.1%  | **MISSISSIPPI** 0.1%  | **MISSISSIPPI** 0.1%  | **MISSISSIPPI** 0.1%  | **MISSISSIPPI** 0.1%  |
| **State of Mississippi** | **State of Mississippi** | **State of Mississippi** | **State of Mississippi** | **State of Mississippi** |
| GO Bonds Series 2017 A  | 5.00% | 10/01/32 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 240569 |
| GO Bonds Series 2017 A  | 5.00% | 10/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115055 |
| GO Bonds Series 2019 B  | 4.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150558 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 167072 |

---

*See financial notes*

**246**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52147 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp; 870953 |
| **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** | **State of Mississippi Gaming Tax Revenue** |
| RB Series 2019 A  | 4.00% | 10/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1302428 |
| **West Rankin Utility Authority** | **West Rankin Utility Authority** | **West Rankin Utility Authority** | **West Rankin Utility Authority** | **West Rankin Utility Authority** |
| RB Series 2018  | 5.00% | 01/01/48 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52504 |
|  |  |  |  | &nbsp;&nbsp; **2951286** |
| **MISSOURI** 0.2%  | **MISSOURI** 0.2%  | **MISSOURI** 0.2%  | **MISSOURI** 0.2%  | **MISSOURI** 0.2%  |
| **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** | **City of Kansas City Sanitary Sewer System Revenue** |
| RB Series 2018 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20011 |
| **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** | **City of Kansas City Water Revenue** |
| RB Series 2025 A  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264100 |
| **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** | **City of Springfield Public Utility Revenue** |
| Refunding RB Series 2025  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282345 |
| Refunding RB Series 2025  | 5.00% | 08/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1170592 |
| **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** |
| RB Series 2005  | 5.50% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48162 |
| RB Series 2024 A  | 5.25% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 281148 |
| RB Series 2024 A  | 5.25% | 07/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 690475 |
| **County of Jackson** | **County of Jackson** | **County of Jackson** | **County of Jackson** | **County of Jackson** |
| RB Series 2023 A  | 4.38% | 12/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97244 |
| **Curators of the University of Missouri** | **Curators of the University of Missouri** | **Curators of the University of Missouri** | **Curators of the University of Missouri** | **Curators of the University of Missouri** |
| RB Series 2020 B  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111489 |
| Refunding RB Series 2024  | 5.00% | 11/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 587976 |
| **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** |
| RB St. Louis University Series 2019 A  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56079 |
| **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** | **Metropolitan St. Louis Sewer District** |
| RB Series 2016 C  | 4.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50155 |
| Refunding RB Series 2017 A  | 5.00% | 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77451 |
| **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** |
| RB Zoological Subdistrict of the Metropolitan Zoo Park & Museum District of St. Louis <br> Series 2022 <br>| 5.25% | 05/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25716 |
| **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** | **Missouri Highway & Transportation Commission** |
| RB Series 2022 A  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103379 |
| RB Series 2022 A  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 116441 |
| RB Series 2023 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 428439 |
| RB Series 2025 A  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 152246 |
| Refunding RB Series 2014 A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 655368 |
| **Springfield School District No. R-12** | **Springfield School District No. R-12** | **Springfield School District No. R-12** | **Springfield School District No. R-12** | **Springfield School District No. R-12** |
| GO Bonds Series 2019  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 142146 |
| GO Bonds Series 2023  | 4.00% | 03/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506526 |
| **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** | **St. Charles County Francis Howell R-III School District** |
| Refunding GO Bonds Series 2022  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 344384 |
|  |  |  |  | &nbsp;&nbsp; **6211872** |
| **MONTANA** 0.0%  | **MONTANA** 0.0%  | **MONTANA** 0.0%  | **MONTANA** 0.0%  | **MONTANA** 0.0%  |
| **Lewis & Clark County High School District No. 1 Helena** | **Lewis & Clark County High School District No. 1 Helena** | **Lewis & Clark County High School District No. 1 Helena** | **Lewis & Clark County High School District No. 1 Helena** | **Lewis & Clark County High School District No. 1 Helena** |
| GO Bonds Series 2025  | 5.00% | 07/01/56 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; **259835** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**247**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  |
| **Nebraska Public Power District** | **Nebraska Public Power District** | **Nebraska Public Power District** | **Nebraska Public Power District** | **Nebraska Public Power District** |
| Refunding RB Series 2023 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 571526 |
| **Omaha Public Power District** | **Omaha Public Power District** | **Omaha Public Power District** | **Omaha Public Power District** | **Omaha Public Power District** |
| RB Series 2019 A  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214834 |
| RB Series 2021 A  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82474 |
| RB Series 2022 A  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103519 |
| RB Series 2022 A  | 5.25% | 02/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156753 |
| RB Series 2023 A  | 5.25% | 02/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4965000 | &nbsp;&nbsp; 5226122 |
| RB Series 2024 A  | 5.50% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 113566 |
| RB Series 2024 C  | 4.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93145 |
| RB Series 2025 B  | 5.00% | 02/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526615 |
| Refunding RB Series 2017 A  | 4.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150234 |
| Refunding RB Series 2021 B  | 4.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp; 534046 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115575 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 573939 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 79183 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 78577 |
| Refunding RB Series 2024 D  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 168594 |
| **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** | **Omaha Public Power District Nebraska City Station Unit 2** |
| Refunding RB Series 2016 A  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 545276 |
| **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** | **University of Nebraska Facilities Corp.** |
| RB Series 2021 A  | 4.00% | 07/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 98833 |
| RB Series 2021 A  | 4.00% | 07/15/62 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 179188 |
|  |  |  |  | &nbsp;&nbsp; **9611999** |
| **NEVADA** 0.4%  | **NEVADA** 0.4%  | **NEVADA** 0.4%  | **NEVADA** 0.4%  | **NEVADA** 0.4%  |
| **City of Henderson** | **City of Henderson** | **City of Henderson** | **City of Henderson** | **City of Henderson** |
| GO Bonds Series 2020 A-1  | 4.00% | 06/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97326 |
| **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** |
| Refunding GO Bonds Series 2017 A  | 5.00% | 06/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50542 |
| Refunding GO Bonds Series 2025 B  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 312237 |
| Refunding GO Bonds Series 2025 B  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1093688 |
| **Clark County Water Reclamation District** | **Clark County Water Reclamation District** | **Clark County Water Reclamation District** | **Clark County Water Reclamation District** | **Clark County Water Reclamation District** |
| GO Bonds Series 2023  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259463 |
| **County of Clark** | **County of Clark** | **County of Clark** | **County of Clark** | **County of Clark** |
| GO Bonds Series 2018  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 274524 |
| GO Bonds Series 2018 A  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168996 |
| GO Bonds Series 2018 A  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 305233 |
| RB Regional Transportation Commission of Southern Nevada Motor Fuel Tax Revenue <br> Series 2022 <br>| 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22335 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 188779 |
| **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** |
| RB Series 2024 B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 162436 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1082908 |
| **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** | **County of Clark Passenger Facility Charge Revenue** |
| Refunding RB Series 2019 E  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107286 |
| **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** | **County of Washoe Gas Tax Revenue** |
| Refunding RB Series 2018  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2071702 |

---

*See financial notes*

**248**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** | **Las Vegas Convention & Visitors Authority** |
| RB County of Clark & City of Las Vegas Combined Room Tax Revenue Series 2018 B  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1125421 |
| RB County of Clark & City of Las Vegas Combined Room Tax Revenue Series 2018 B  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31779 |
| RB County of Clark & City of Las Vegas Combined Room Tax Revenue Series 2023 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154624 |
| **Las Vegas Valley Water District** | **Las Vegas Valley Water District** | **Las Vegas Valley Water District** | **Las Vegas Valley Water District** | **Las Vegas Valley Water District** |
| GO Bonds Series 2022 A  | 4.00% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 706543 |
| GO Bonds Series 2025 A  | 5.00% | 06/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 129371 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75365 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200571 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp; 668895 |
| **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** | **State of Nevada Highway Improvement Revenue** |
| RB Series 2017  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 232376 |
| RB Series 2017  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103208 |
| RB Series 2017  | 4.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp; 1326319 |
| **Washoe County School District** | **Washoe County School District** | **Washoe County School District** | **Washoe County School District** | **Washoe County School District** |
| GO Bonds Series 2020 A  | 4.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 289962 |
|  |  |  |  | &nbsp;&nbsp; **11241889** |
| **NEW HAMPSHIRE** 0.0%  | **NEW HAMPSHIRE** 0.0%  | **NEW HAMPSHIRE** 0.0%  | **NEW HAMPSHIRE** 0.0%  | **NEW HAMPSHIRE** 0.0%  |
| **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** |
| RB Novant Health Obligated Group Series 2025A  | 5.00% | 06/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297205 |
| **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** |
| RB Trustees of Dartmouth College Series 2025 A  | 5.00% | 06/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 326296 |
|  |  |  |  | &nbsp;&nbsp; **623501** |
| **NEW JERSEY** 4.4%  | **NEW JERSEY** 4.4%  | **NEW JERSEY** 4.4%  | **NEW JERSEY** 4.4%  | **NEW JERSEY** 4.4%  |
| **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** | **Gloucester County Improvement Authority** |
| RB Rowan University Series 2024  | 5.00% | 07/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103555 |
| **Hudson County Improvement Authority** | **Hudson County Improvement Authority** | **Hudson County Improvement Authority** | **Hudson County Improvement Authority** | **Hudson County Improvement Authority** |
| RB Series 2016  | 5.25% | 05/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50135 |
| RB Series 2020  | 4.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47054 |
| **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** | **Middlesex County Improvement Authority** |
| RB Rutgers The State University of New Jersey Series 2023 A  | 5.00% | 08/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520106 |
| **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** |
| RB Series 2015 WW  | 5.25% | 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100132 |
| RB Series 2016 AAA  | 5.00% | 06/15/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 450579 |
| RB Series 2016 BBB  | 5.50% | 06/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128590 |
| RB Series 2016 BBB  | 4.75% | 06/15/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1200502 |
| RB Series 2016 BBB  | 5.50% | 06/15/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77154 |
| RB Series 2017 B  | 4.13% | 06/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30340 |
| RB Series 2017 DDD  | 5.00% | 06/15/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 440634 |
| RB Series 2018 A  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1273048 |
| RB Series 2018 A  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252158 |
| RB Series 2020 A  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502956 |
| RB Series 2020 A  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1028097 |
| RB Series 2021 QQQ  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 326338 |
| RB Series 2021 QQQ  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89848 |
| RB Series 2022 A  | 5.00% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 301313 |
| Refunding RB Series 2005 N1  | 5.50% | 09/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1161754 |
| Refunding RB Series 2023 RRR  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003807 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**249**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2023 RRR  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1313775 |
| Refunding RB Series 2024 SSS  | 5.00% | 06/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505353 |
| Refunding RB Series 2024 SSS  | 5.25% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 29029 |
| Refunding RB Motor Vehicle Surcharge Revenue Series 2017 A  | 3.13% | 07/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73776 |
| Refunding RB New Jersey Transit Corp. Series 2017 B  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509880 |
| **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** |
| RB Series 2016 B  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 161773 |
| RB Trustees of Princeton University Series 2015 D  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98009 |
| RB Trustees of Princeton University Series 2022 A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1415419 |
| RB Trustees of Princeton University Series 2024 A1  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 349105 |
| RB Trustees of Princeton University Series 2024 A1  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 893933 |
| RB Trustees of Princeton University Series 2024 A-2  | 5.00% | 03/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp; 1942595 |
| RB Trustees of Princeton University Series 2024 B  | 4.00% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191462 |
| RB Trustees of Princeton University Series 2024 B  | 5.25% | 03/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215544 |
| Refunding RB Trustees of Princeton University Series 2017 B  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93392 |
| Refunding RB Trustees of Princeton University Series 2017 B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103795 |
| Refunding RB Trustees of Princeton University Series 2024 C  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30882 |
| Refunding RB Trustees of Princeton University Series 2024 C  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 248441 |
| Refunding RB Trustees of Princeton University Series 2024 C  | 5.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270802 |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| RB Series 2006 C  | 2.91% | 12/15/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 43791 |
| RB Series 2006 C  | 3.44% | 12/15/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 55033 |
| RB Series 2006 C  | 3.15% | 12/15/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 187692 |
| RB Series 2006 C  | 3.28% | 12/15/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43136 |
| RB Series 2006 C  | 4.11% | 12/15/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 5380000 | &nbsp;&nbsp; 4349008 |
| RB Series 2006 C  | 4.24% | 12/15/33 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3113122 |
| RB Series 2006 C  | 3.64% | 12/15/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 344625 |
| RB Series 2006 C  | 3.39% | 12/15/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 24865 |
| RB Series 2008 A  | 3.57% | 12/15/28 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 100894 |
| RB Series 2008 A  | 4.07% | 12/15/35 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 152739 |
| RB Series 2008 A  | 3.63% | 12/15/36 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 20289 |
| RB Series 2008 A  | 4.29% | 12/15/38 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 113170 |
| RB Series 2009 A  | 3.48% | 12/15/32 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 212756 |
| RB Series 2009 A  | 3.77% | 12/15/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 177609 |
| RB Series 2009 A  | 3.84% | 12/15/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 126245 |
| RB Series 2009 A  | 3.99% | 12/15/38 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 183520 |
| RB Series 2009 A  | 4.02% | 12/15/39 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 29001 |
| RB Series 2010 A  | 2.69% | 12/15/26 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1605655 |
| RB Series 2010 A  | 2.61% | 12/15/27 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 283496 |
| RB Series 2010 A  | 3.46% | 12/15/28 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 642052 |
| RB Series 2010 A  | 3.36% | 12/15/29 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 111287 |
| RB Series 2010 A  | 2.78% | 12/15/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1509756 |
| RB Series 2010 A  | 3.78% | 12/15/31 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 175083 |
| RB Series 2010 A  | 3.75% | 12/15/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 77221 |
| RB Series 2010 A  | 3.53% | 12/15/34 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 63122 |
| RB Series 2010 A  | 4.47% | 12/15/40 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 153351 |
| RB Series 2014 AA  | 4.25% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996716 |
| RB Series 2014 BB1  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 637358 |
| RB Series 2014 BB-1  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 84754 |
| RB Series 2016 A-1  | 5.00% | 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 | &nbsp;&nbsp; 4141228 |

---

*See financial notes*

**250**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2016 A-1  | 5.00% | 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504711 |
| RB Series 2016 A-1  | 5.00% | 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp; 1493577 |
| RB Series 2016 A-1  | 4.10% | 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100466 |
| RB Series 2019 AA  | 4.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1524609 |
| RB Series 2019 AA  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1101635 |
| RB Series 2019 BB  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211885 |
| RB Series 2019 BB  | 3.25% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 591134 |
| RB Series 2019 BB  | 4.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 961325 |
| RB Series 2019 BB  | 3.50% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 250944 |
| RB Series 2019 BB  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1043796 |
| RB Series 2019 BB  | 5.00% | 06/15/50 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 209605 |
| RB Series 2019BB  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 357539 |
| RB Series 2020 AA  | 4.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 227194 |
| RB Series 2020 AA  | 4.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 143729 |
| RB Series 2020 AA  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108561 |
| RB Series 2020 AA  | 5.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215053 |
| RB Series 2020 AA  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99318 |
| RB Series 2020 AA  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp; 738129 |
| RB Series 2020 AA  | 3.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 184095 |
| RB Series 2020 AA  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 157469 |
| RB Series 2020 AA  | 5.00% | 06/15/50 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50537 |
| RB Series 2020 AA  | 5.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 157352 |
| RB Series 2022 A  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49659 |
| RB Series 2022 A  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98707 |
| RB Series 2022 BB  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49561 |
| RB Series 2022 BB  | 4.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502484 |
| RB Series 2022 BB  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224956 |
| RB Series 2022 CC  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56169 |
| RB Series 2022 CC  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 195229 |
| RB Series 2022 CC  | 5.25% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109208 |
| RB Series 2022 CC  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157576 |
| RB Series 2022 CC  | 5.25% | 06/15/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 123540 |
| RB Series 2022 CC  | 5.25% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 221496 |
| RB Series 2022 CC  | 5.00% | 06/15/48 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 69642 |
| RB Series 2022 CC  | 5.50% | 06/15/50 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1788682 |
| RB Series 2023 BB  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 136694 |
| RB Series 2023 BB  | 5.00% | 06/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1597094 |
| RB Series 2023 BB  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 500113 |
| RB Series 2023 BB  | 5.25% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1260000 | &nbsp;&nbsp; 1321454 |
| RB Series 2024 CC  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55818 |
| RB Series 2024 CC  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282761 |
| RB Series 2024 CC  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 577190 |
| RB Series 2024 CC  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2555112 |
| RB Series 2024 CC  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 73901 |
| RB Series 2024 CC  | 5.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263572 |
| RB Series 2024 CC  | 4.13% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp; 1049645 |
| RB Series 2024 CC  | 4.13% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90814 |
| RB Series 2024 CC  | 5.25% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 349467 |
| RB Series 2025 AA  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1129529 |
| RB Series 2025 AA  | 5.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1588839 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**251**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2025 AA  | 5.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2318397 |
| RB Series 2025 AA  | 5.00% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2052520 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287920 |
| Refunding RB Series 2018 A  | 5.00% | 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75688 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159851 |
| Refunding RB Series 2018 A  | 5.00% | 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 292607 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1169067 |
| Refunding RB Series 2018 A  | 5.00% | 12/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 221663 |
| Refunding RB Series 2019 A  | 4.00% | 12/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65033 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264256 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10784 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148240 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111582 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 222445 |
| Refunding RB Series 2021 A  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110810 |
| Refunding RB Series 2021 A  | 4.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31211 |
| Refunding RB Series 2021 A  | 4.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 222680 |
| Refunding RB Series 2022 AA  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034784 |
| Refunding RB Series 2022 AA  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 115298 |
| Refunding RB Series 2022 AA  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 220510 |
| Refunding RB Series 2023 A  | 4.25% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1171118 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32942 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39825 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 565656 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27916 |
| Refunding RB Series 2023 AA  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22000 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1860000 | &nbsp;&nbsp; 2103743 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 589034 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 4328260 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 340542 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp; 981810 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1136934 |
| Refunding RB Series 2024 A  | 5.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 563835 |
| Refunding RB Series 2024 A  | 5.25% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 130964 |
| Refunding RB Series 2024 AA  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 1597658 |
| Refunding RB Series 2024 AA  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248294 |
| Refunding RB Series 2024 AA  | 5.25% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1114470 |
| Refunding RB Series 2024 AA  | 4.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 487745 |
| Refunding RB Series 2024 AA  | 5.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216365 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| RB Series 2005 D-3  | 5.25% | 01/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 270000 |
| RB Series 2005 D-4  | 5.25% | 01/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1330000 |
| RB Series 2017 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204856 |
| RB Series 2019 A  | 4.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp; 2045423 |
| RB Series 2019 A  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3063381 |
| RB Series 2020 D  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117543 |
| RB Series 2021 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1293976 |
| RB Series 2021 A  | 4.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92758 |
| RB Series 2022 B  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125965 |
| RB Series 2022 B  | 4.50% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5059316 |

---

*See financial notes*

**252**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2022 B  | 5.25% | 01/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158286 |
| RB Series 2024 B  | 5.25% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1199962 |
| RB Series 2025 A  | 4.75% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3086587 |
| RB Series 2025 B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3000000 |
| RB Series 2025 B  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1144616 |
| RB Series 2025 B  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1156614 |
| Refunding RB Series 2005 A  | 5.25% | 01/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118119 |
| Refunding RB Series 2005 A  | 5.25% | 01/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 84330 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104828 |
| Refunding RB Series 2017 B  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96114 |
| Refunding RB Series 2017 E  | 5.00% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99623 |
| Refunding RB Series 2017 G  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93541 |
| Refunding RB Series 2017 G  | 3.25% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 192628 |
| Refunding RB Series 2017 G  | 4.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 146730 |
| Refunding RB Series 2022 C  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109331 |
| Refunding RB Series 2024 C  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 426708 |
| Refunding RB Series 2024 C  | 5.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159059 |
| **South Jersey Transportation Authority** | **South Jersey Transportation Authority** | **South Jersey Transportation Authority** | **South Jersey Transportation Authority** | **South Jersey Transportation Authority** |
| RB Series 2022 A  | 4.63% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84650 |
| RB Series 2022 A  | 5.25% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205411 |
| RB Series 2022 A  | 5.25% | 11/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519431 |
| **State of New Jersey** | **State of New Jersey** | **State of New Jersey** | **State of New Jersey** | **State of New Jersey** |
| GO Bonds Series 2020 A  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 328281 |
| GO Bonds Series 2020 A  | 5.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 543354 |
| GO Bonds Series 2020 A  | 5.00% | 06/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1588064 |
| GO Bonds Series 2020 A  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1805000 | &nbsp;&nbsp; 1954188 |
| GO Bonds Series 2020 A  | 4.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | &nbsp;&nbsp; 1896478 |
| GO Bonds Series 2020 A  | 4.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 811066 |
| GO Bonds Series 2020 A  | 4.00% | 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1325536 |
|  |  |  |  | &nbsp;&nbsp; **122016424** |
| **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  |
| **New Mexico Finance Authority** | **New Mexico Finance Authority** | **New Mexico Finance Authority** | **New Mexico Finance Authority** | **New Mexico Finance Authority** |
| RB Department of Transportation Series 2021 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 429757 |
| RB Department of Transportation Series 2021 A  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 287700 |
| RB Department of Transportation Series 2021 A  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 227407 |
| Refunding RB Department of Transportation Series 2018 A  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103667 |
| Refunding RB Department of Transportation Series 2018 A  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26528 |
| Refunding RB Department of Transportation Series 2018 A  | 5.00% | 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 175184 |
| **State of New Mexico** | **State of New Mexico** | **State of New Mexico** | **State of New Mexico** | **State of New Mexico** |
| GO Bonds Series 2023  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34216 |
| GO Bonds Series 2025  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 303500 |
| **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** | **State of New Mexico Severance Tax Permanent Fund** |
| RB Series 2021 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 136652 |
| RB Series 2021 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 137799 |
| RB Series 2021 A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 509295 |
| RB Series 2021 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110627 |
| RB Series 2021 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 135206 |
| RB Series 2022 A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 719077 |
| RB Series 2022 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39995 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**253**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2022 B  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202447 |
| RB Series 2022 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285236 |
| RB Series 2022 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37100 |
|  |  |  |  | &nbsp;&nbsp; **3901393** |
| **NEW YORK** 25.1%  | **NEW YORK** 25.1%  | **NEW YORK** 25.1%  | **NEW YORK** 25.1%  | **NEW YORK** 25.1%  |
| **Battery Park City Authority** | **Battery Park City Authority** | **Battery Park City Authority** | **Battery Park City Authority** | **Battery Park City Authority** |
| RB Series 2019 A  | 4.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99478 |
| RB Series 2019 A  | 5.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15375 |
| RB Series 2023 A  | 5.00% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 340549 |
| RB Series 2023 A  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2055000 | &nbsp;&nbsp; 2140629 |
| Refunding RB Series 2019 D-2  | 2.45% | 11/01/38 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp; 980000 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 293853 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 253585 |
| **City of New York** | **City of New York** | **City of New York** | **City of New York** | **City of New York** |
| GO Bonds Series 2008 J-10  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 588421 |
| GO Bonds Series 2008 L-5  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 155017 |
| GO Bonds Series 2008 L-5  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33062 |
| GO Bonds Series 2012 1  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 153575 |
| GO Bonds Series 2012 1  | 5.00% | 04/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83555 |
| GO Bonds Series 2012 1  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16460 |
| GO Bonds Series 2015 F-1  | 3.50% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20002 |
| GO Bonds Series 2016 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151919 |
| GO Bonds Series 2016 A-1  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105288 |
| GO Bonds Series 2016 A-1  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175329 |
| GO Bonds Series 2016 A-1  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25237 |
| GO Bonds Series 2016 B-1  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40868 |
| GO Bonds Series 2016 B-1  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25365 |
| GO Bonds Series 2016 B-1  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151678 |
| GO Bonds Series 2016 B-1  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95132 |
| GO Bonds Series 2017 1  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108933 |
| GO Bonds Series 2017 B1  | 5.25% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261065 |
| GO Bonds Series 2017 B-1  | 5.25% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156218 |
| GO Bonds Series 2017 B-1  | 3.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98510 |
| GO Bonds Series 2017 B-1  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 226238 |
| GO Bonds Series 2017 B-1  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76946 |
| GO Bonds Series 2018 D1  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10468 |
| GO Bonds Series 2018 D-1  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105843 |
| GO Bonds Series 2018 D-1  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156144 |
| GO Bonds Series 2018 E-1  | 5.25% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523569 |
| GO Bonds Series 2018 E-1  | 5.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51382 |
| GO Bonds Series 2018 E-1  | 3.63% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 62159 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26122 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208616 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26017 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181668 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25835 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169729 |
| GO Bonds Series 2018 F-1  | 5.00% | 04/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127424 |
| GO Bonds Series 2018 F-1  | 3.50% | 04/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 47107 |

---

*See financial notes*

**254**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2019 A-1  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106439 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1158585 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75372 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498498 |
| GO Bonds Series 2019 A-1  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 281810 |
| GO Bonds Series 2019 A-1  | 3.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38935 |
| GO Bonds Series 2019 B-1  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59011 |
| GO Bonds Series 2019 B-1  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 240776 |
| GO Bonds Series 2019 B-1  | 4.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50355 |
| GO Bonds Series 2019 B-1  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108263 |
| GO Bonds Series 2019 B-1  | 3.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 63642 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 197588 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 181535 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 300640 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 114327 |
| GO Bonds Series 2020 C  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303950 |
| GO Bonds Series 2020 C  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175234 |
| GO Bonds Series 2020 C  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9986 |
| GO Bonds Series 2020 C  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78235 |
| GO Bonds Series 2020 D-1  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30588 |
| GO Bonds Series 2020 D-1  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53406 |
| GO Bonds Series 2020 D-1  | 5.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31553 |
| GO Bonds Series 2020 D-1  | 3.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58762 |
| GO Bonds Series 2020 D-1  | 4.00% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 465414 |
| GO Bonds Series 2021 1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106272 |
| GO Bonds Series 2021 1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 67199 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31180 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504127 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49930 |
| GO Bonds Series 2021 A-1  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1075003 |
| GO Bonds Series 2021 A-1  | 3.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 372067 |
| GO Bonds Series 2021 A-1  | 4.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180005 |
| GO Bonds Series 2021 F1  | 4.00% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 693732 |
| GO Bonds Series 2021 F1  | 4.00% | 03/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2520000 | &nbsp;&nbsp; 2523716 |
| GO Bonds Series 2021 F-1  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15439 |
| GO Bonds Series 2021 F-1  | 3.00% | 03/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98480 |
| GO Bonds Series 2021 F-1  | 5.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 147220 |
| GO Bonds Series 2021 F-1  | 3.00% | 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 128442 |
| GO Bonds Series 2021 F-1  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36683 |
| GO Bonds Series 2021 F-1  | 4.00% | 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 160436 |
| GO Bonds Series 2021 F-1  | 3.00% | 03/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 148044 |
| GO Bonds Series 2021-1  | 4.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15180 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2084123 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21294 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136546 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21728 |
| GO Bonds Series 2022 A-1  | 5.25% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1094631 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 478725 |
| GO Bonds Series 2022 A-1  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158330 |
| GO Bonds Series 2022 A-1  | 4.00% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32614 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**255**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21334 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83054 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56858 |
| GO Bonds Series 2022 B-1  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110916 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49193 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53691 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 181564 |
| GO Bonds Series 2022 B-1  | 5.25% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10442 |
| GO Bonds Series 2022 D-1  | 5.00% | 05/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 152736 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140676 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 859722 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 139903 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42754 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257167 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102490 |
| GO Bonds Series 2023 A  | 4.13% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 230193 |
| GO Bonds Series 2023 E1  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1101801 |
| GO Bonds Series 2023 E1  | 5.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59028 |
| GO Bonds Series 2023 E-1  | 5.00% | 04/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 135765 |
| GO Bonds Series 2023 E-1  | 5.25% | 04/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213042 |
| GO Bonds Series 2023 E-1  | 5.25% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183339 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 129832 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11202 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp; 1848834 |
| GO Bonds Series 2024 C  | 4.00% | 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24965 |
| GO Bonds Series 2024 C  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37566 |
| GO Bonds Series 2024 C  | 5.25% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209817 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1823608 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2242819 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219311 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271342 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp; 716274 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36946 |
| GO Bonds Series 2024 C-1  | 5.25% | 09/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264967 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 408393 |
| GO Bonds Series 2024 C-1  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258001 |
| GO Bonds Series 2024 C-1  | 5.25% | 09/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 445914 |
| GO Bonds Series 2024 C-1  | 4.00% | 09/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 291526 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 314470 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 649927 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp; 1587450 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 553690 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38240 |
| GO Bonds Series 2024 D  | 4.00% | 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 319549 |
| GO Bonds Series 2024 D  | 5.00% | 04/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132840 |
| GO Bonds Series 2024 D  | 5.25% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 331953 |
| GO Bonds Series 2024 D  | 5.50% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2673445 |
| GO Bonds Series 2024 D  | 5.25% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 240201 |
| GO Bonds Series 2025 D  | 5.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050860 |
| GO Bonds Series 2025 D  | 5.25% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1053216 |

---

*See financial notes*

**256**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2025 D  | 5.25% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1049976 |
| GO Bonds Series 2025 G-1  | 5.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 11520978 |
| GO Bonds Series 2025 G-1  | 5.00% | 02/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1161928 |
| GO Bonds Series 2025 G-1  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 561776 |
| GO Bonds Series 2025 G-1  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2167729 |
| GO Bonds Series 2025 G-1  | 5.25% | 02/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525457 |
| Refunding GO Bonds Series 2016 C  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150284 |
| Refunding GO Bonds Series 2016 C  | 3.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 208522 |
| Refunding GO Bonds Series 2016 E  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152041 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253630 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98794 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20515 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119593 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76932 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 177899 |
| Refunding GO Bonds Series 2018 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 360154 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp; 504369 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74647 |
| Refunding GO Bonds Series 2019 E  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79902 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 170035 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 505109 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 182153 |
| Refunding GO Bonds Series 2020 A-1  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110021 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138154 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 292548 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164667 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 202249 |
| Refunding GO Bonds Series 2020 C-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81662 |
| Refunding GO Bonds Series 2022 B-1  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 7360000 | &nbsp;&nbsp; 7994844 |
| Refunding GO Bonds Series 2022 B-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1103956 |
| Refunding GO Bonds Series 2022 B-1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 223995 |
| Refunding GO Bonds Series 2023 C  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35508 |
| Refunding GO Bonds Series 2023 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp; 1570303 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 114393 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79704 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110396 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56270 |
| Refunding GO Bonds Series 2023 F-1  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp; 870815 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 738354 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 414241 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 131953 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 5275000 | &nbsp;&nbsp; 6105017 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 172472 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 604123 |
| Refunding GO Bonds Series 2025 F  | 5.00% | 08/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1147420 |
| **County of Nassau** | **County of Nassau** | **County of Nassau** | **County of Nassau** | **County of Nassau** |
| GO Bonds Series 2019 B  | 5.00% | 04/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 470706 |
| GO Bonds Series 2023 A  | 4.00% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92534 |
| GO Bonds Series 2024 A  | 4.00% | 04/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 461972 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**257**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96843 |
| Refunding GO Bonds Series 2017 C  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52289 |
| **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** | **Dutchess County Local Development Corp.** |
| Refunding RB Vassar College Series 2017  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 114155 |
| **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** |
| RB State of New York Personal Income Tax Revenue Series 2016 A  | 5.00% | 03/15/27 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55287 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131818 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26199 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62410 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51624 |
| RB State of New York Personal Income Tax Revenue Series 2019 A  | 4.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231024 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27611 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 247131 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 326999 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 978364 |
| RB State of New York Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 78264 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226678 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 120121 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80837 |
| RB State of New York Sales Tax Revenue Series 2023 A  | 5.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2540000 | &nbsp;&nbsp; 2613400 |
| Refunding RB Series 2016 A  | 5.00% | 03/15/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120625 |
| Refunding RB Series 2022 A  | 5.00% | 09/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 94041 |
| Refunding RB Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1433596 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 A  | 5.00% | 03/15/26 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110573 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 A  | 5.00% | 03/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 159893 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205165 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-1  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201014 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-2  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57147 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-2  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 363472 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2017 C-3  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205390 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110558 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1122296 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 575854 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6535070 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252175 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29852 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 329530 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 225168 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 842582 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 139927 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 5.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5145356 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 3.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 799366 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 C  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136516 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 254019 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 250076 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 406982 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2840000 | &nbsp;&nbsp; 2825972 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 77722 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp; 788257 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2020 E  | 4.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231310 |

---

*See financial notes*

**258**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB State of New York Personal Income Tax Revenue Series 2022 A  | 5.00% | 09/15/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4285272 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2022 A  | 5.25% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101896 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2022 A  | 5.25% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61444 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259237 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2023 A  | 4.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2719791 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/63 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102258 |
| Refunding RB State of New York Personal Income Tax Revenue Series 2023 B  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 228728 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107258 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 203188 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41955 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 4.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197432 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 291102 |
| Refunding RB State of New York Sales Tax Revenue Series 2019 A  | 3.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 1283682 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 403713 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255159 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 577369 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 3.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp; 545430 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 3.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 69761 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 364324 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 57563 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141532 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 252475 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 3.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | &nbsp;&nbsp; 1196878 |
| Refunding RB State of New York Sales Tax Revenue Series 2021 A  | 2.63% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp; 824261 |
| **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** | **Hudson Yards Infrastructure Corp.** |
| Refunding RB Series 2017 A  | 5.00% | 02/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35114 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 159852 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56479 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 344057 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118086 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 225782 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61470 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51187 |
| Refunding RB Series 2017 A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 292051 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp; 566850 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509485 |
| Refunding RB Series 2017 A  | 5.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1095093 |
| Refunding RB Series 2017 A  | 4.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1283076 |
| Refunding RB Series 2017 A  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 749643 |
| Refunding RB Series 2021 A  | 4.00% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 306511 |
| **Long Island Power Authority** | **Long Island Power Authority** | **Long Island Power Authority** | **Long Island Power Authority** | **Long Island Power Authority** |
| RB Series 2000  | 3.23% | 06/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 64869 |
| RB Series 2017  | 5.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25580 |
| RB Series 2018  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 243749 |
| RB Series 2018  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 406401 |
| RB Series 2018  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125667 |
| RB Series 2018  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp; 2240943 |
| RB Series 2023 E  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520319 |
| RB Series 2023 E  | 5.00% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103773 |
| Refunding RB Series 2016 B  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40597 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**259**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2016 B  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 182164 |
| Refunding RB Series 2016 B  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1160039 |
| Refunding RB Series 2021 A  | 4.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 79873 |
| Refunding RB Series 2023 F  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 585814 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34774 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 827472 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26558 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260056 |
| Refunding RB Series 2024 A  | 5.00% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103524 |
| Refunding RB Series 2024 A  | 5.25% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527605 |
| Refunding RB Series 2025 A  | 5.25% | 09/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 531052 |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| RB Series 2006 B  | 5.25% | 11/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1787988 |
| RB Series 2012 H  | 3.63% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67555 |
| RB Series 2013 B  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 192852 |
| RB Series 2013 C  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32198 |
| RB Series 2015 B  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 107758 |
| RB Series 2015 E3  | 2.50% | 11/15/50 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp; 4800000 |
| RB Series 2016 A-1  | 5.25% | 11/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 515616 |
| RB Series 2017 A1  | 5.25% | 11/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251404 |
| RB Series 2019 A-2  | 5.00% | 11/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 479073 |
| RB Series 2019 B  | 4.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 219645 |
| RB Series 2019 C  | 5.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57364 |
| RB Series 2019 C  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181035 |
| RB Series 2019 C  | 4.00% | 11/15/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229029 |
| RB Series 2019 C  | 4.00% | 11/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 237309 |
| RB Series 2020 A-1  | 5.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2630000 | &nbsp;&nbsp; 2670885 |
| RB Series 2020 A-1  | 4.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87483 |
| RB Series 2020 A-1  | 4.00% | 11/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22063 |
| RB Series 2020 B  | 2.50% | 11/15/46 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2150000 |
| RB Series 2020 C-1  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 607349 |
| RB Series 2020 C-1  | 5.25% | 11/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1429083 |
| RB Series 2020 D-1  | 5.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102749 |
| RB Series 2020 D3  | 4.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1565387 |
| RB Series 2020 D-3  | 4.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp; 790588 |
| RB Series 2020C-1  | 4.75% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp; 926278 |
| RB Series 2021 A1  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 243091 |
| Refunding RB Series 2002 D-2B  | 2.50% | 11/01/32 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 485000 | &nbsp;&nbsp; 485000 |
| Refunding RB Series 2016 B  | 4.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp; 1509533 |
| Refunding RB Series 2016 B  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101220 |
| Refunding RB Series 2016 C2A  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99959 |
| Refunding RB Series 2016 D  | 5.00% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 55981 |
| Refunding RB Series 2016 D  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 208513 |
| Refunding RB Series 2017 A2  | 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51594 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 214018 |
| Refunding RB Series 2017 C1  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1278889 |
| Refunding RB Series 2017 C1  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73497 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 137819 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 152363 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1066942 |

---

*See financial notes*

**260**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 441395 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208910 |
| Refunding RB Series 2017 C-1  | 3.25% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 59079 |
| Refunding RB Series 2017 C-1  | 4.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 495562 |
| Refunding RB Series 2017 C-1  | 4.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249649 |
| Refunding RB Series 2017 C-2  | 2.89% | 11/15/27 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 378391 |
| Refunding RB Series 2017 C-2  | 3.92% | 11/15/29 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 137854 |
| Refunding RB Series 2017 C-2  | 3.29% | 11/15/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 230089 |
| Refunding RB Series 2017 C-2  | 3.98% | 11/15/39 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 25375 |
| Refunding RB Series 2017 C-2  | 4.70% | 11/15/40 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 213976 |
| Refunding RB Series 2017 D  | 5.00% | 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63056 |
| Refunding RB Series 2017 D  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262064 |
| Refunding RB Series 2017 D  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46889 |
| Refunding RB Series 2017 D  | 4.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1430853 |
| Refunding RB Series 2017 D  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 120976 |
| Refunding RB Series 2018 B  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20880 |
| Refunding RB Series 2020 E  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 63667 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 102869 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 79761 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112161 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 267062 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 367904 |
| Refunding RB Series 2024 A  | 5.50% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268672 |
| Refunding RB Series 2024 A  | 4.00% | 11/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 453985 |
| Refunding RB Series 2024 B  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 441459 |
| Refunding RB Series 2024 B  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4380000 | &nbsp;&nbsp; 4940052 |
| Refunding RB Series 2024 B  | 5.00% | 11/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110356 |
| Refunding RB Series 2025 A  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 339832 |
| Refunding RB Series 2025 A  | 4.63% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1226325 |
| Refunding RB Series 2025 A  | 5.25% | 11/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 627669 |
| Refunding RB Series 2025 B  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020878 |
| Refunding RB Series 2025 B  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1085747 |
| **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** | **Metropolitan Transportation Authority Dedicated Tax Fund** |
| RB Series 2016 B-1  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202998 |
| RB Series 2016 B-1  | 5.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2103832 |
| RB Series 2017 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 375075 |
| RB Series 2017 B-1  | 4.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136266 |
| RB Series 2017 B-2  | 3.13% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 147985 |
| RB Series 2017 B-2  | 5.25% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109748 |
| RB Series 2022 A  | 4.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231122 |
| Refunding RB Series 2008 A-1  | 2.45% | 11/01/31 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp; 840000 |
| Refunding RB Series 2012 A  | 4.27% | 11/15/30 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 130048 |
| Refunding RB Series 2016 A  | 5.25% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204359 |
| Refunding RB Series 2016 A  | 5.25% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 725723 |
| Refunding RB Series 2016 A  | 5.25% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 434294 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1597391 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269756 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93614 |
| Refunding RB Series 2024 B-1  | 5.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 415760 |
| Refunding RB Series 2024 B-1  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 732450 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**261**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 B-2  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 184338 |
| Refunding RB Series 2024 B-2  | 5.00% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1569010 |
| Special Tax Series 2024 A  | 4.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92449 |
| Special Tax Series 2024 A  | 5.25% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 126905 |
| Special Tax State of Illinois McCormick Place Expansion Project Fund Series 2024 A  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 417349 |
| **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** | **Monroe County Industrial Development Corp.** |
| RB University of Rochester Series 2020 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 910296 |
| RB University of Rochester Series 2023 A  | 5.00% | 07/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 624655 |
| Refunding RB University of Rochester Series 2017 C  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 88354 |
| **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** | **MTA Hudson Rail Yards Trust Obligations** |
| RB Series 2016 A  | 5.00% | 11/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7850000 | &nbsp;&nbsp; 7849805 |
| **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** | **Nassau County Interim Finance Authority** |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp; 916291 |
| Refunding RB Series 2021 A  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 537039 |
| Refunding RB Series 2021 A  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45518 |
| Refunding RB Series 2021 A  | 4.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1073836 |
| Refunding RB Series 2021 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39267 |
| **New York City** | **New York City** | **New York City** | **New York City** | **New York City** |
| GO Bonds Fiscal 2012 Series G6 Series 2012 G6  | 2.50% | 04/01/42 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 710000 |
| GO Bonds Fiscal 2016 Series C Series 2016 C  | 5.00% | 08/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45084 |
| GO Bonds Fiscal 2017 Series A1 Series 2016 A-4  | 2.50% | 08/01/44 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1160000 |
| GO Bonds Fiscal 2017 Series A5 Series 2016 A5  | 2.50% | 08/01/44 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp; 880000 |
| GO Bonds Fiscal 2018 Series E-5 Series 2018 E5  | 2.45% | 03/01/48 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1225000 |
| GO Bonds Fiscal 2023 Series A1 Series 2022 A-1  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 320233 |
| **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** |
| RB Water & Sewer System Series 2009 CC  | 2.45% | 06/15/41 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165000 |
| RB Water & Sewer System Series 2012 BB  | 4.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 115121 |
| RB Water & Sewer System Series 2013 AA-3  | 2.45% | 06/15/49 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| RB Water & Sewer System Series 2013 CC  | 3.75% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87747 |
| RB Water & Sewer System Series 2014 AA  | 4.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 485385 |
| RB Water & Sewer System Series 2014 BB-1  | 2.50% | 06/15/49 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 3765000 | &nbsp;&nbsp; 3765000 |
| RB Water & Sewer System Series 2014 CC  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 129840 |
| RB Water & Sewer System Series 2016 AA  | 3.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 416579 |
| RB Water & Sewer System Series 2016 AA  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47678 |
| RB Water & Sewer System Series 2017  | 4.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40061 |
| RB Water & Sewer System Series 2017  | 4.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138152 |
| RB Water & Sewer System Series 2017 BB-1  | 3.38% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 254333 |
| RB Water & Sewer System Series 2017 BB-2  | 5.00% | 06/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31082 |
| RB Water & Sewer System Series 2017 DD  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115902 |
| RB Water & Sewer System Series 2018 DD-1  | 3.63% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 890529 |
| RB Water & Sewer System Series 2019 BB-1  | 5.00% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 240833 |
| RB Water & Sewer System Series 2019 CC-1  | 4.00% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32181 |
| RB Water & Sewer System Series 2019 DD-1  | 4.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007781 |
| RB Water & Sewer System Series 2020 AA-2  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58524 |
| RB Water & Sewer System Series 2020 AA-2  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108843 |
| RB Water & Sewer System Series 2020 AA-2  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 161367 |
| RB Water & Sewer System Series 2020 AA-2  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111357 |
| RB Water & Sewer System Series 2020 AA-2  | 3.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135243 |
| RB Water & Sewer System Series 2020 AA-2  | 4.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 307371 |
| RB Water & Sewer System Series 2020 BB-1  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 182084 |

---

*See financial notes*

**262**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Water & Sewer System Series 2020 GG-1  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 200682 |
| RB Water & Sewer System Series 2020 GG-1  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91197 |
| RB Water & Sewer System Series 2020 GG-2  | 5.00% | 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 99584 |
| RB Water & Sewer System Series 2021 AA-1  | 3.50% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 96474 |
| RB Water & Sewer System Series 2021 AA-1  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 310489 |
| RB Water & Sewer System Series 2021 AA-1  | 4.00% | 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2445000 | &nbsp;&nbsp; 2218005 |
| RB Water & Sewer System Series 2021 CC-2  | 5.00% | 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 450164 |
| RB Water & Sewer System Series 2022 AA-1  | 5.25% | 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp; 765861 |
| RB Water & Sewer System Series 2022 CC-1  | 4.00% | 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180962 |
| RB Water & Sewer System Series 2023 AA-2  | 5.00% | 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1086245 |
| RB Water & Sewer System Series 2023 CC  | 2.50% | 06/15/53 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| RB Water & Sewer System Series 2024 AA  | 5.00% | 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1106527 |
| RB Water & Sewer System Series 2024 AA  | 5.25% | 06/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1584746 |
| RB Water & Sewer System Series 2024 AA  | 4.00% | 06/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224476 |
| RB Water & Sewer System Series 2024 CC-1  | 5.25% | 06/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 568329 |
| RB Water & Sewer System Series 2025 AA-1  | 5.00% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039180 |
| RB Water & Sewer System Series 2025 BB  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5050000 | &nbsp;&nbsp; 5282925 |
| RB Water & Sewer System Series 2025 BB  | 4.25% | 06/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141933 |
| RB Water & Sewer System Series 2025 BB  | 5.25% | 06/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 5710266 |
| RB Water & Sewer System Series 2025 EE-1  | 2.45% | 06/15/55 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155000 |
| Refunding RB Water & Sewer System Series 2015  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 523736 |
| Refunding RB Water & Sewer System Series 2015 FF  | 3.50% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75003 |
| Refunding RB Water & Sewer System Series 2016 A  | 4.50% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100727 |
| Refunding RB Water & Sewer System Series 2016 A  | 3.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1717113 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100820 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35030 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25013 |
| Refunding RB Water & Sewer System Series 2016 CC-1  | 4.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190710 |
| Refunding RB Water & Sewer System Series 2017 AA  | 3.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237744 |
| Refunding RB Water & Sewer System Series 2017 EE  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 108546 |
| Refunding RB Water & Sewer System Series 2017 EE  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 231579 |
| Refunding RB Water & Sewer System Series 2017 EE  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256836 |
| Refunding RB Water & Sewer System Series 2018 DD-2  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157001 |
| Refunding RB Water & Sewer System Series 2018 DD-2  | 3.50% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 429374 |
| Refunding RB Water & Sewer System Series 2018 DD-2  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51463 |
| Refunding RB Water & Sewer System Series 2018 EE  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |
| Refunding RB Water & Sewer System Series 2018 EE  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123510 |
| Refunding RB Water & Sewer System Series 2018 FF  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68367 |
| Refunding RB Water & Sewer System Series 2019 AA  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp; 612066 |
| Refunding RB Water & Sewer System Series 2019 AA  | 5.00% | 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 60047 |
| Refunding RB Water & Sewer System Series 2019 AA  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501127 |
| Refunding RB Water & Sewer System Series 2019 AA  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212561 |
| Refunding RB Water & Sewer System Series 2019 EE-2  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 369355 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 225432 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 4.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25360 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 5.00% | 06/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238973 |
| Refunding RB Water & Sewer System Series 2019 FF-2  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 998296 |
| Refunding RB Water & Sewer System Series 2020 AA-1  | 4.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 487074 |
| Refunding RB Water & Sewer System Series 2020 DD-3  | 4.00% | 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 292149 |
| Refunding RB Water & Sewer System Series 2020 EE  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp; 685753 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**263**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Water & Sewer System Series 2020 EE  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37052 |
| Refunding RB Water & Sewer System Series 2020 FF  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103740 |
| Refunding RB Water & Sewer System Series 2020 FF  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 186214 |
| Refunding RB Water & Sewer System Series 2020 FF  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1492703 |
| Refunding RB Water & Sewer System Series 2020 FF  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 164087 |
| Refunding RB Water & Sewer System Series 2021 BB-1  | 5.00% | 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 341515 |
| Refunding RB Water & Sewer System Series 2021 BB-1  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238391 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 414725 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108843 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 153019 |
| Refunding RB Water & Sewer System Series 2021 DD  | 5.00% | 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28039 |
| Refunding RB Water & Sewer System Series 2022 AA-3  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249502 |
| Refunding RB Water & Sewer System Series 2022 EE  | 5.00% | 06/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133010 |
| Refunding RB Water & Sewer System Series 2022 EE  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp; 6868381 |
| Refunding RB Water & Sewer System Series 2022 EE  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 491086 |
| Refunding RB Water & Sewer System Series 2022 EE  | 5.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2348280 |
| Refunding RB Water & Sewer System Series 2022 EE  | 5.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1176973 |
| Refunding RB Water & Sewer System Series 2023 AA-3  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 35296 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 138923 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1421985 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 195637 |
| Refunding RB Water & Sewer System Series 2023 DD  | 4.13% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp; 4807335 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31357 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.25% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062356 |
| Refunding RB Water & Sewer System Series 2023 DD  | 5.25% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 174427 |
| Refunding RB Water & Sewer System Series 2024 AA-2  | 5.00% | 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 339342 |
| Refunding RB Water & Sewer System Series 2024 AA-2  | 5.00% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 594072 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 111770 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 219223 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 255171 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/36  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 154544 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 120851 |
| Refunding RB Water & Sewer System Series 2024 BB  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 106419 |
| Refunding RB Water & Sewer System Series 2024 CC-2  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 2117753 |
| Refunding RB Water & Sewer System Series 2024 CC-2  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104813 |
| Refunding RB Water & Sewer System Series 2025 AA-2  | 5.00% | 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044200 |
| Refunding RB Water & Sewer System Series 2025 CC  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 283369 |
| Refunding RB Water & Sewer System Series 2025 CC  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284140 |
| **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** |
| RB Series 2012 S-1  | 4.00% | 07/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 125842 |
| RB Series 2015 S-2  | 4.00% | 07/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 313534 |
| RB Series 2016 S-1  | 5.00% | 07/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60054 |
| RB Series 2016 S-1  | 5.00% | 07/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30027 |
| RB Series 2016 S-1  | 4.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100003 |
| RB Series 2016 S-1  | 5.00% | 07/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115104 |
| RB Series 2018 S-1  | 5.00% | 07/15/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1531134 |
| RB Series 2018 S-1  | 3.50% | 07/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 320166 |
| RB Series 2018 S3  | 5.25% | 07/15/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp; 1099106 |
| RB Series 2018 S-3  | 3.63% | 07/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 283831 |
| Refunding RB Series 2017 S1  | 5.00% | 07/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 264230 |

---

*See financial notes*

**264**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017 S1  | 5.00% | 07/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035833 |
| Refunding RB Series 2017 S-1  | 4.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151011 |
| Refunding RB Series 2018 S  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 154236 |
| Refunding RB Series 2018 S  | 5.00% | 07/15/29 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 418172 |
| Refunding RB Series 2018 S  | 5.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78962 |
| Refunding RB Series 2018 S2A  | 4.00% | 07/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252886 |
| Refunding RB Series 2018 S-2A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211289 |
| Refunding RB Series 2018 S-2A  | 5.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105283 |
| Refunding RB Series 2018 S-2A  | 5.00% | 07/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183804 |
| Refunding RB Series 2018 S-2A  | 4.00% | 07/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252370 |
| Refunding RB Series 2018 S-2A  | 4.00% | 07/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1864561 |
| Refunding RB Series 2018 S-3  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21274 |
| Refunding RB Series 2018 S-3  | 5.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105283 |
| Refunding RB Series 2018 S3A  | 5.00% | 07/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1047932 |
| Refunding RB Series 2018 S3A  | 5.00% | 07/15/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1470295 |
| Refunding RB Series 2018 S3A  | 5.00% | 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 429581 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56991 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 285241 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52735 |
| Refunding RB Series 2018 S-3A  | 5.00% | 07/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125371 |
| Refunding RB Series 2018 S-3A  | 4.00% | 07/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 403148 |
| Refunding RB Series 2018 S-4A  | 5.00% | 07/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233144 |
| Refunding RB Series 2018 S-4A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 73951 |
| Refunding RB Series 2018S-3A  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157546 |
| Refunding RB Series 2021 S-1A  | 5.00% | 07/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43536 |
| Refunding RB Series 2021 S-1A  | 5.00% | 07/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56418 |
| Refunding RB Series 2021 S-1A  | 5.00% | 07/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 6470000 | &nbsp;&nbsp; 7261225 |
| Refunding RB Series 2021 S-1A  | 4.00% | 07/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104429 |
| Refunding RB Series 2021 S-1A  | 4.00% | 07/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30733 |
| Refunding RB Series 2022 S  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21274 |
| Refunding RB Series 2022 S  | 5.00% | 07/15/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 17276 |
| Refunding RB Series 2022 S-1A  | 5.00% | 07/15/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38908 |
| Refunding RB Series 2022 S-1A  | 5.00% | 07/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22877 |
| **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** |
| RB Series 2013 I  | 4.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191637 |
| RB Series 2015 B-1  | 3.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15004 |
| RB Series 2016 A-1  | 5.00% | 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166204 |
| RB Series 2016 A-1  | 4.00% | 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250871 |
| RB Series 2016 A-1  | 5.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125883 |
| RB Series 2016 A-1  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150900 |
| RB Series 2016 A-1  | 4.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150211 |
| RB Series 2016 A-1  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25100 |
| RB Series 2016 A-1  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001769 |
| RB Series 2016 B1  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3760000 | &nbsp;&nbsp; 3763029 |
| RB Series 2016 B-1  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25321 |
| RB Series 2016 B-1  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 230745 |
| RB Series 2016 B-1  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250426 |
| RB Series 2016 B-1  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25081 |
| RB Series 2016 B-1  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 409482 |
| RB Series 2016 E-1  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40089 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**265**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2016 E-1  | 3.00% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 183525 |
| RB Series 2016 E-1  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35078 |
| RB Series 2016 E-1  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50111 |
| RB Series 2016 E-1  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25056 |
| RB Series 2016 F-3  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25056 |
| RB Series 2016 F-3  | 3.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 89645 |
| RB Series 2016 F-3  | 4.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255329 |
| RB Series 2016 F-3  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 628286 |
| RB Series 2016 F-3  | 3.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88650 |
| RB Series 2016 F-3  | 3.25% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 181708 |
| RB Series 2017 A-2  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 150069 |
| RB Series 2017 A-2  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 139536 |
| RB Series 2017 A-3  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81955 |
| RB Series 2017 A-3  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 622346 |
| RB Series 2017 B-1  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103898 |
| RB Series 2017 B-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 450206 |
| RB Series 2017 B-1  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 388966 |
| RB Series 2017 B-1  | 5.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 71078 |
| RB Series 2017 E-1  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30822 |
| RB Series 2017 E-1  | 5.00% | 02/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66722 |
| RB Series 2017 E-1  | 5.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122947 |
| RB Series 2017 E-1  | 5.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 354425 |
| RB Series 2017 E-1  | 4.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191441 |
| RB Series 2017 F-1  | 4.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155787 |
| RB Series 2017 F-1  | 5.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp; 686270 |
| RB Series 2017 F-1  | 3.25% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 264891 |
| RB Series 2018 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 142233 |
| RB Series 2018 A-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 272987 |
| RB Series 2018 A-1  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 113575 |
| RB Series 2018 B-1  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262487 |
| RB Series 2018 B-1  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41740 |
| RB Series 2018 B-1  | 5.25% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209675 |
| RB Series 2018 B-1  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005487 |
| RB Series 2019 A-2  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 170834 |
| RB Series 2019 A-2  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 368550 |
| RB Series 2019 A-2  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68127 |
| RB Series 2019 A3  | 4.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196262 |
| RB Series 2019 A-3  | 4.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 163963 |
| RB Series 2019 A-3  | 4.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141537 |
| RB Series 2019 A-3  | 3.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 198766 |
| RB Series 2019 B-1  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 | &nbsp;&nbsp; 1491781 |
| RB Series 2019 B-1  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186517 |
| RB Series 2019 B-1  | 3.00% | 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 114434 |
| RB Series 2019 C-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp; 604415 |
| RB Series 2019 C-1  | 4.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101069 |
| RB Series 2019 C-1  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70519 |
| RB Series 2019 C-1  | 4.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250768 |
| RB Series 2019 C-1  | 4.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1755000 | &nbsp;&nbsp; 1721696 |
| RB Series 2020 C-1  | 5.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55509 |
| RB Series 2020 C-1  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 631695 |

---

*See financial notes*

**266**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2020 C-1  | 4.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131710 |
| RB Series 2020 C-1  | 4.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35125 |
| RB Series 2020 C-1  | 4.00% | 05/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198950 |
| RB Series 2020 C-1  | 4.00% | 05/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243590 |
| RB Series 2020 C-1  | 4.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp; 1861701 |
| RB Series 2020 C-1  | 4.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1282023 |
| RB Series 2020 D-1  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92429 |
| RB Series 2021 B  | 5.00% | 08/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86190 |
| RB Series 2021 B-1  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10142 |
| RB Series 2021 B-1  | 3.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 114170 |
| RB Series 2021 B-1  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 79822 |
| RB Series 2021 B-1  | 3.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 909585 |
| RB Series 2021 B-1  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 137620 |
| RB Series 2021 E1  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 158838 |
| RB Series 2021 E-1  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 197248 |
| RB Series 2021 E-1  | 4.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10034 |
| RB Series 2021 E-1  | 4.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24835 |
| RB Series 2021 E-1  | 4.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32529 |
| RB Series 2021 E-1  | 4.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 233058 |
| RB Series 2022 A-1  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59744 |
| RB Series 2022 A-1  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 602898 |
| RB Series 2022 A-1  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85409 |
| RB Series 2022 A-1  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 505610 |
| RB Series 2022 A-1  | 5.25% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 142010 |
| RB Series 2022 A-1  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32020 |
| RB Series 2022 A-1  | 5.25% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26853 |
| RB Series 2022 A-1  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2100559 |
| RB Series 2022 A-1  | 5.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 72646 |
| RB Series 2022 A-1  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2091056 |
| RB Series 2022 C1  | 4.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 994408 |
| RB Series 2022 C-1  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 296852 |
| RB Series 2022 C-1  | 4.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24379 |
| RB Series 2022 C-1  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156255 |
| RB Series 2022 C-1  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2314753 |
| RB Series 2022 D-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 379297 |
| RB Series 2022 D-1  | 5.25% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161512 |
| RB Series 2022 D-1  | 5.25% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183223 |
| RB Series 2022 F-1  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53547 |
| RB Series 2022 F-1  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 242365 |
| RB Series 2022 F-1  | 5.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130847 |
| RB Series 2022 F-1  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93704 |
| RB Series 2022 F-1  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154317 |
| RB Series 2022 F-1  | 4.00% | 02/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 280144 |
| RB Series 2022 F-1  | 5.00% | 02/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 214883 |
| RB Series 2023 A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 224100 |
| RB Series 2023 A  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38209 |
| RB Series 2023 A  | 5.00% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 346359 |
| RB Series 2023 A  | 5.00% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128021 |
| RB Series 2023 B  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 108931 |
| RB Series 2023 B  | 5.25% | 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046685 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**267**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2023 B  | 4.38% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145224 |
| RB Series 2023 C  | 5.50% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218826 |
| RB Series 2023 C  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157643 |
| RB Series 2023 C  | 5.50% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106599 |
| RB Series 2023 F-1  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210271 |
| RB Series 2023 F-1  | 4.00% | 02/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp; 2437211 |
| RB Series 2024 C  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155326 |
| RB Series 2024 C  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 399720 |
| RB Series 2024 C  | 5.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263695 |
| RB Series 2024 C  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 314249 |
| RB Series 2024 C  | 5.25% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 316082 |
| RB Series 2024 C  | 5.00% | 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031331 |
| RB Series 2024 D  | 5.00% | 05/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1150238 |
| RB Series 2024 D  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1285990 |
| RB Series 2024 D  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 228389 |
| RB Series 2024 D  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 389901 |
| RB Series 2024 D  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 170952 |
| RB Series 2024 D  | 5.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265137 |
| RB Series 2024 D  | 5.25% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 252519 |
| RB Series 2024 D  | 5.00% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3320000 | &nbsp;&nbsp; 3433173 |
| RB Series 2024 D  | 5.00% | 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 551762 |
| RB Series 2024 D  | 4.25% | 05/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 474688 |
| RB Series 2024 F-1  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 228828 |
| RB Series 2024 F-1  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 123426 |
| RB Series 2024 F-1  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 219837 |
| RB Series 2024 F-1  | 5.00% | 02/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034615 |
| RB Series 2024 F-1  | 5.25% | 02/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp; 2769143 |
| RB Series 2024 G-1  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 442614 |
| RB Series 2024 G-1  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 151704 |
| RB Series 2024 G-1  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 241542 |
| RB Series 2024 G-1  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261314 |
| RB Series 2024 G-1  | 5.00% | 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20752 |
| RB Series 2024 G-1  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 131706 |
| RB Series 2024 G-1  | 5.25% | 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105110 |
| RB Series 2024 G-1  | 5.25% | 05/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 345790 |
| RB Series 2024 G-1  | 4.13% | 05/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 167366 |
| RB Series 2025 A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp; 1601777 |
| RB Series 2025 A  | 5.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3197461 |
| RB Series 2025 B  | 5.00% | 05/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 2145221 |
| RB Series 2025 B  | 5.25% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1061599 |
| RB Series 2025 B  | 5.00% | 05/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2525000 | &nbsp;&nbsp; 2606720 |
| RB Series 2025 E  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281698 |
| RB Series 2025 E  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 551437 |
| RB Series 2025 E  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 269476 |
| RB Series 2025 E  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530447 |
| RB Series 2025 E  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 755000 | &nbsp;&nbsp; 776385 |
| RB Series 2025 H  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277878 |
| RB Series 2025 H  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226007 |
| RB Series 2025 H  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 283231 |
| RB Series 2025 H  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276949 |

---

*See financial notes*

**268**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2002 1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15657 |
| Refunding RB Series 2002 1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 197712 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25833 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 134334 |
| Refunding RB Series 2017 C  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25820 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66328 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104378 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 393172 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66559 |
| Refunding RB Series 2020 A  | 3.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 304131 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 352676 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1135831 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50018 |
| Refunding RB Series 2021 A-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225531 |
| Refunding RB Series 2021 A-1  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127211 |
| Refunding RB Series 2021 A-1  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 141883 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 311230 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130473 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 138933 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp; 660748 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38903 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 285572 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 201236 |
| Refunding RB Series 2021 F-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 210807 |
| Refunding RB Series 2021 F-1  | 4.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203262 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 219391 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 360408 |
| Refunding RB Series 2022 B-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333454 |
| Refunding RB Series 2022 B-1  | 5.25% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 224409 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 207508 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 100036 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56447 |
| Refunding RB Series 2022 D-1  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108978 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 275515 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 501016 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106871 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136518 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 144497 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 655421 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 171344 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 22851 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3274977 |
| Refunding RB Series 2023 E-1  | 5.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5423106 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142860 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1503048 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 160307 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61133 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3850000 | &nbsp;&nbsp; 4397837 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 283279 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1560000 | &nbsp;&nbsp; 1817191 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**269**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3940000 | &nbsp;&nbsp; 4566931 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2010000 | &nbsp;&nbsp; 2308291 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp; 1865065 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61398 |
| Refunding RB Series 2024 A-1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 215061 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156567 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90841 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27788 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113004 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 301653 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 212965 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 519165 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 474788 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39219 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp; 741068 |
| Refunding RB Series 2024 D-1  | 5.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 597613 |
| Refunding RB Series 2025 F-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3712459 |
| Refunding RB Series 2025 F-1  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10375000 | &nbsp;&nbsp; 11868118 |
| Refunding RB Series 2025 G-1  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 294551 |
| Refunding RB Series 2025 G-1  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56502 |
| Refunding RB Series 2025 G-1  | 5.00% | 11/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp; 1263879 |
| Refunding RB Series 2025 J-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4175132 |
| **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** | **New York Convention Center Development Corp.** |
| RB New York City Hotel Unit Fee Revenue Series 2016 A  | 4.80% | 11/15/47 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 107420 |
| Refunding RB New York City Hotel Unit Fee Revenue Series 2015  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125001 |
| **New York Liberty Development Corp.** | **New York Liberty Development Corp.** | **New York Liberty Development Corp.** | **New York Liberty Development Corp.** | **New York Liberty Development Corp.** |
| Refunding RB Portfolio Authority of New York & New Jersey Series 2021 1  | 3.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 560860 |
| Refunding RB Portfolio Authority of New York & New Jersey Series 2021 1  | 4.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1432020 |
| Refunding RB Portfolio Authority of New York & New Jersey Series 2021 1  | 2.75% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 114119 |
| **New York Power Authority** | **New York Power Authority** | **New York Power Authority** | **New York Power Authority** | **New York Power Authority** |
| RB Series 2024 A  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 226781 |
| RB SFP Transmission Project Series 2022 A  | 4.00% | 11/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92359 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1062444 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 275516 |
| Refunding RB Series 2020 A  | 4.00% | 11/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 407454 |
| Refunding RB Series 2020 A  | 3.25% | 11/15/60 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 738739 |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| RB Series 2018 A  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 284471 |
| RB Series 2019 A  | 5.00% | 10/01/30 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36514 |
| RB Series 2020 A  | 5.00% | 10/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 329898 |
| RB Series 2020 A  | 5.00% | 10/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 301902 |
| RB Series 2020 A  | 5.00% | 10/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68377 |
| RB Series 2022 A  | 5.00% | 10/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122220 |
| RB Series 2022 A  | 5.00% | 10/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 87752 |
| RB Series 2022 A  | 5.00% | 10/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 168519 |
| RB Series 2023 A  | 5.00% | 10/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 407399 |
| RB Series 2023 A  | 5.00% | 10/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 64201 |
| RB Series 2023 A  | 5.00% | 10/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278741 |
| RB Series 2023 A  | 5.00% | 10/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51770 |
| RB Series 2023 A  | 5.00% | 10/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 189899 |

---

*See financial notes*

**270**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2023 A  | 5.00% | 10/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 254129 |
| RB Series 2023 A  | 5.00% | 10/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1100055 |
| RB Series 2023 A-1  | 5.00% | 03/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp; 957917 |
| RB Series 2024 A  | 5.00% | 10/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018497 |
| RB Series 2024 A  | 5.00% | 10/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53501 |
| RB Series 2024 A  | 5.00% | 10/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 143806 |
| RB Series 2024 A  | 5.00% | 10/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 167847 |
| RB Series 2024 A  | 5.00% | 10/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 116596 |
| RB Series 2025 A  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4178198 |
| RB Series 2025 A  | 5.00% | 10/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1707773 |
| RB Dormitory Facilities Revenue Series 2019 A  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91160 |
| RB Fordham University Series 2020  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 170907 |
| RB Fordham University Series 2020  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67242 |
| RB Institute of Technology Series 2024  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102292 |
| RB New York University Series 2016 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252190 |
| RB New York University Series 2016 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75583 |
| RB New York University Series 2016 A  | 4.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95088 |
| RB New York University Series 2016 A  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 192722 |
| RB New York University Series 2019 A  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 421914 |
| RB New York University Series 2019 A  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3940000 | &nbsp;&nbsp; 4042721 |
| RB Pace University Series 2024 A  | 5.50% | 05/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169909 |
| RB Personal Income Tax Revenue Series 2016 A  | 5.00% | 02/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202616 |
| RB Personal Income Tax Revenue Series 2016 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45566 |
| RB Personal Income Tax Revenue Series 2016 A  | 5.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101148 |
| RB Personal Income Tax Revenue Series 2016 D  | 5.00% | 02/15/27 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | &nbsp;&nbsp; 1762285 |
| RB Personal Income Tax Revenue Series 2016 D  | 5.00% | 02/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 665301 |
| RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp; 699434 |
| RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257145 |
| RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1140489 |
| RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40196 |
| RB Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 111818 |
| RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37783 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp; 728677 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 411193 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280643 |
| RB Personal Income Tax Revenue Series 2021 E  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51325 |
| RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 151132 |
| RB Rochester Institute of Technology Series 2019 A  | 4.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190412 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 185922 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/27 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152637 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30527 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203357 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304887 |
| RB Sales Tax Revenue Series 2016 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101419 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 149385 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 525423 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51476 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154396 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 539654 |
| RB Sales Tax Revenue Series 2017 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 235938 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**271**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 342095 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 184081 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 362420 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 146236 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51650 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66952 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 210520 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158759 |
| RB Sales Tax Revenue Series 2018 A  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204024 |
| RB Sales Tax Revenue Series 2018 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69495 |
| RB Sales Tax Revenue Series 2018 A  | 4.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 193364 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 287550 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2980000 | &nbsp;&nbsp; 3399382 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp; 804224 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3515000 | &nbsp;&nbsp; 3868742 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 652753 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130725 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207706 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 944414 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145204 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 139839 |
| RB Sales Tax Revenue Series 2024 A  | 5.00% | 03/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103511 |
| RB Trustees of Columbia University in the City of New York Series 2016 A2  | 5.00% | 10/01/46  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 847017 |
| RB Trustees of Columbia University in the City of New York Series 2016 A-2  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30109 |
| RB Trustees of Columbia University in the City of New York Series 2017 A  | 5.00% | 10/01/47  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281316 |
| RB Trustees of Columbia University in the City of New York Series 2023 A  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 168400 |
| Refunding RB Series 2023 A-1  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118890 |
| Refunding RB Cornell University Series 2020 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50649 |
| Refunding RB Cornell University Series 2020 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 254201 |
| Refunding RB Cornell University Series 2024 A  | 5.50% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1439970 |
| Refunding RB Icahn School of Medicine at Mount Sinai Series 2015 A  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196821 |
| Refunding RB Icahn School of Medicine at Mount Sinai Series 2015 A  | 4.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23483 |
| Refunding RB New School Series 2016 A  | 4.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 411868 |
| Refunding RB New School Series 2022 A  | 4.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 64772 |
| Refunding RB New York University Series 2017 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 165750 |
| Refunding RB New York University Series 2017 A  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 413270 |
| Refunding RB New York University Series 2021 A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18652 |
| Refunding RB Personal Income Tax Revenue Series 2015 E  | 3.25% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 152006 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 97715 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10267 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102602 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 4.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1340199 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 4.00% | 02/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125726 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170663 |
| Refunding RB Personal Income Tax Revenue Series 2017 A  | 5.00% | 02/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101967 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56669 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128574 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102413 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1470000 | &nbsp;&nbsp; 1502442 |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 346751 |

---

*See financial notes*

**272**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Personal Income Tax Revenue Series 2017 B  | 5.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25449 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212387 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101370 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 5.25% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 786553 |
| Refunding RB Personal Income Tax Revenue Series 2018 A  | 4.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91034 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 165625 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 330152 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69028 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68829 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31584 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 147052 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119655 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 362478 |
| Refunding RB Personal Income Tax Revenue Series 2019 A  | 5.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255714 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65330 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66165 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55520 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; 590966 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 626768 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155362 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 200652 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 335235 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48030 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69138 |
| Refunding RB Personal Income Tax Revenue Series 2020 A  | 3.00% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 147763 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 5.00% | 02/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 126599 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41043 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3605000 | &nbsp;&nbsp; 3632522 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156123 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 460444 |
| Refunding RB Personal Income Tax Revenue Series 2020 D  | 4.00% | 02/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp; 1133644 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26980 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 126816 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 443988 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66286 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164751 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273228 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 220108 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015889 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 54790 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138276 |
| Refunding RB Personal Income Tax Revenue Series 2021 A  | 3.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 110191 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 426797 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 100836 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 4.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 27399 |
| Refunding RB Personal Income Tax Revenue Series 2021 E  | 3.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 816156 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211336 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45298 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26107 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76405 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**273**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 232571 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 326611 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 509103 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48445 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 511825 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1136144 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 3.50% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 150412 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27569 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 5125000 | &nbsp;&nbsp; 5753183 |
| Refunding RB Personal Income Tax Revenue Series 2023 A  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 40424 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030387 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 75545 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 454642 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 547467 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 204209 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 200906 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1431030 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 359796 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 284636 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 119060 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1072523 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.00% | 03/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119860 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 932221 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.25% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158507 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 5.25% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp; 997523 |
| Refunding RB Personal Income Tax Revenue Series 2024 A  | 4.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 452346 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 294519 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2761256 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1555530 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp; 2191504 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516479 |
| Refunding RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 386500 |
| Refunding RB Personal Income Tax Revenue Series 2025 C  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1549355 |
| Refunding RB Personal Income Tax Revenue Series 2025 C  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 812590 |
| Refunding RB Personal Income Tax Revenue Series 2025 C  | 5.25% | 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1064416 |
| Refunding RB Rockefeller University Series 2019 C  | 4.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 273938 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163203 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 294692 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 231292 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 | &nbsp;&nbsp; 1238547 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1465000 | &nbsp;&nbsp; 1535059 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 292897 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1041162 |
| Refunding RB Sales Tax Revenue Series 2018 C  | 5.00% | 03/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102692 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 164839 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26604 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 408703 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 322512 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 463881 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 414885 |

---

*See financial notes*

**274**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30895 |
| Refunding RB Sales Tax Revenue Series 2018 E  | 5.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255382 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 127674 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 217562 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84786 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262486 |
| Refunding RB Sales Tax Revenue Series 2023 A-1  | 5.00% | 03/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2229648 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264064 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 381028 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 334170 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/35  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1183005 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 350712 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 450757 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280378 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108068 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 450506 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp; 2833868 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 4.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp; 519135 |
| Refunding RB Sales Tax Revenue Series 2024 B  | 5.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 223232 |
| Refunding RB Sales Tax Revenue Series 2025 A  | 4.25% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1222628 |
| Refunding RB Sales Tax Revenue Series 2025 A  | 5.00% | 03/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 727403 |
| Refunding RB State University of New York Dormitory Facilities Revenue Series 2017 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50604 |
| Refunding RB Trustees of Columbia University in the City of New York Series 2018 B  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp; 2124853 |
| Refunding RB Yeshiva University Series 2022 A  | 5.00% | 07/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244623 |
| **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** | **New York State Environmental Facilities Corp.** |
| RB Water & Sewer System Series 2017 E  | 5.00% | 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202652 |
| Refunding RB Water & Sewer System Series 2016 A  | 5.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100351 |
| Refunding RB Water & Sewer System Series 2017 A  | 5.00% | 06/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp; 2104291 |
| Refunding RB Water & Sewer System Series 2020 A  | 4.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96889 |
| Refunding RB Water & Sewer System Series 2022 A  | 5.00% | 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260550 |
| Refunding RB Water & Sewer System Series 2024 A  | 5.00% | 06/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10384 |
| Refunding RB Water & Sewer System Series 2024 A  | 5.00% | 06/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 81067 |
| Refunding RB Water & Sewer System Series 2024 A  | 5.00% | 06/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 94988 |
| Refunding RB Water & Sewer System Series 2024 A  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 125076 |
| Refunding RB Water & Sewer System Series 2024 A  | 5.25% | 06/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 807670 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| RB Series 2016 A  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200053 |
| RB Series 2016 A  | 4.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 75547 |
| RB Series 2016 A  | 5.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75012 |
| RB Series 2016 A  | 5.25% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200072 |
| RB Series 2019 B  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148298 |
| RB Series 2019 B  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3520000 | &nbsp;&nbsp; 3556563 |
| RB Series 2019 B  | 4.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100802 |
| RB Series 2019 B  | 4.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176002 |
| RB Series 2019 B  | 4.00% | 01/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50061 |
| RB Series 2019 B  | 4.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122956 |
| RB Series 2019 B  | 4.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 701869 |
| RB Series 2019 B  | 4.00% | 01/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95553 |
| RB Series 2019 B  | 3.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 700822 |
| RB Series 2019 B  | 3.00% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 72155 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**275**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2019 B  | 4.00% | 01/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 27170 |
| RB Series 2020 N  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 89764 |
| RB Series 2020 N  | 3.00% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 50485 |
| RB Personal Income Tax Revenue Series 2022 C  | 5.00% | 03/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp; 5172719 |
| RB Personal Income Tax Revenue Series 2022 C  | 4.13% | 03/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 418492 |
| RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1141435 |
| RB Personal Income Tax Revenue Series 2025 A  | 5.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 640553 |
| RB Personal Income Tax Revenue Series 2025 B  | 5.00% | 03/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 774592 |
| RB Personal Income Tax Revenue Series 2025 B  | 5.00% | 03/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029627 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104879 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 141275 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 224763 |
| Refunding RB Series 2018 L  | 5.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 135711 |
| Refunding RB Series 2018 L  | 4.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25220 |
| Refunding RB Series 2018 L  | 3.50% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324470 |
| Refunding RB Series 2021 O  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6315000 | &nbsp;&nbsp; 7053562 |
| Refunding RB Series 2021 O  | 4.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226131 |
| Refunding RB Series 2021 O  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149782 |
| Refunding RB Series 2021 O  | 4.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 727031 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1127474 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 182065 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28956 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107101 |
| Refunding RB Series 2024 P  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104984 |
| Refunding RB Series 2024 P  | 5.25% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 312633 |
| Refunding RB Series 2024 Q  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 100100 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99209 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 3.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 753280 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 4.00% | 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 637908 |
| Refunding RB Personal Income Tax Revenue Series 2021 A1  | 4.00% | 03/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 456116 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275345 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5080000 | &nbsp;&nbsp; 5183715 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249892 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 211022 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 467636 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 3.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 98631 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 304319 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 316418 |
| Refunding RB Personal Income Tax Revenue Series 2021 A-1  | 4.00% | 03/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 193230 |
| Refunding RB Personal Income Tax Revenue Series 2022  | 5.00% | 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 239503 |
| Refunding RB Personal Income Tax Revenue Series 2022  | 4.00% | 03/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 225046 |
| Refunding RB Personal Income Tax Revenue Series 2022  | 4.00% | 03/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 227989 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47482 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 242511 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4486136 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 429157 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 209184 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 5.00% | 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46478 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 419548 |
| Refunding RB Personal Income Tax Revenue Series 2022 A  | 4.00% | 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 601470 |

---

*See financial notes*

**276**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** | **Onondaga Civic Development Corp.** |
| RB Syracuse University Series 2025  | 4.50% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 981800 |
| **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** | **Onondaga County Trust for Cultural Resources** |
| Refunding RB Syracuse University Series 2019  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516383 |
| Refunding RB Syracuse University Series 2019  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 448617 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| RB Series 2012 175th  | 3.25% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp; 689414 |
| RB Series 2019  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200969 |
| RB Series 2019  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2620000 | &nbsp;&nbsp; 2709585 |
| RB Series 2022 237  | 5.00% | 01/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1104188 |
| RB Series 2023 241  | 5.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10937 |
| RB Series 2023 241  | 5.00% | 07/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 270988 |
| Refunding RB Series 2016 198  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25185 |
| Refunding RB Series 2016 198  | 5.25% | 11/15/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160597 |
| Refunding RB Series 2017  | 5.25% | 10/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202873 |
| Refunding RB Series 2017 205  | 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104340 |
| Refunding RB Series 2017 205  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130030 |
| Refunding RB Series 2018 209  | 5.00% | 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158959 |
| Refunding RB Series 2018 209  | 5.00% | 07/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68630 |
| Refunding RB Series 2018 209  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 337302 |
| Refunding RB Series 2018 211  | 4.00% | 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 146696 |
| Refunding RB Series 2019 212  | 4.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254709 |
| Refunding RB Series 2019 212th  | 5.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 145399 |
| Refunding RB Series 2019 212th  | 4.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506405 |
| Refunding RB Series 2019 213  | 5.00% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215405 |
| Refunding RB Series 2020 222  | 5.00% | 07/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137460 |
| Refunding RB Series 2020 222  | 5.00% | 07/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164356 |
| Refunding RB Series 2020 222  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 267684 |
| Refunding RB Series 2020 222  | 4.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101956 |
| Refunding RB Series 2020 222  | 4.00% | 07/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40603 |
| Refunding RB Series 2021 224  | 4.00% | 07/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151895 |
| Refunding RB Series 2021 224  | 4.00% | 07/15/61 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 269023 |
| Refunding RB Series 2022 230  | 4.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25361 |
| Refunding RB Series 2022 233  | 5.25% | 08/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 190101 |
| Refunding RB Series 2023 240  | 5.00% | 07/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208708 |
| Refunding RB Series 2023 243  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101839 |
| Refunding RB Series 2024 244  | 5.00% | 07/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 292506 |
| Refunding RB Series 2024 244  | 5.00% | 07/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2286903 |
| Refunding RB Series 2024 244  | 5.00% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 164598 |
| Refunding RB Series 2024 245  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 74902 |
| Refunding RB Series 2024 245  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1049026 |
| Refunding RB Series 2024 245  | 5.00% | 09/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261121 |
| Refunding RB Series 2025 250  | 5.00% | 10/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2407222 |
| Refunding RB Series 2025 250  | 5.00% | 10/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1155751 |
| **State of New York** | **State of New York** | **State of New York** | **State of New York** | **State of New York** |
| GO Bonds Series 2013 A  | 3.50% | 03/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 42332 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 03/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 176486 |
| **Suffolk County Water Authority** | **Suffolk County Water Authority** | **Suffolk County Water Authority** | **Suffolk County Water Authority** | **Suffolk County Water Authority** |
| Refunding RB Series 2015  | 4.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100115 |
| Refunding RB Series 2015  | 3.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100034 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**277**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** |
| RB Series 2015 A  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125008 |
| RB Series 2017 C-2  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3579903 |
| RB Series 2018 A  | 5.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204554 |
| RB Series 2018 A  | 4.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 185284 |
| RB Series 2018 A  | 4.00% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 923718 |
| RB Series 2020 A  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1180893 |
| RB Series 2020 A  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 525820 |
| RB Series 2020 A  | 5.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3068011 |
| RB Series 2021 A  | 5.00% | 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142871 |
| RB Series 2022 A  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32079 |
| RB Series 2022 A  | 5.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 301154 |
| RB Series 2022 A  | 5.50% | 11/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1064132 |
| RB Series 2024 A-1  | 4.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31731 |
| RB Series 2025 A  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1473274 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C1A  | 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92650 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C1A  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 122852 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C3  | 3.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 367503 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C-3  | 2.50% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 197133 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 C-3  | 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 113036 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 4.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100564 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201857 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 169943 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217603 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1447269 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 B  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 178087 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 5.25% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48962 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 407807 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 4.13% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 931210 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 C  | 5.25% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 343180 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 D-2  | 4.50% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20114 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 D-2  | 5.25% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115754 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2022 D-2  | 5.50% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 684267 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2023 B  | 5.00% | 11/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 608803 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2024 A  | 5.00% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 176908 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2024 A  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155316 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2025 B-1  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1463321 |
| RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2025 B-2  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1083720 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 174010 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57540 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 548865 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536195 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.25% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 2219054 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.25% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1107716 |
| RB Real Estate Transfer Tax Series 2025 A  | 5.50% | 12/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267284 |
| Refunding RB Series 2012 B  | 3.68% | 11/15/32 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 162264 |
| Refunding RB Series 2013 A  | 4.54% | 11/15/31 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 255139 |
| Refunding RB Series 2016 A  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100197 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67090 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25829 |

---

*See financial notes*

**278**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017 B  | 5.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516354 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 515411 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205962 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308490 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 492692 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 317752 |
| Refunding RB Series 2017 C-1  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 359297 |
| Refunding RB Series 2018 B  | 5.00% | 11/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56006 |
| Refunding RB Series 2018 C  | 5.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 194118 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1482294 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214506 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 136740 |
| Refunding RB Series 2023 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 152699 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2021 A-1 <br>| 4.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1250769 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2021 A-1 <br>| 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2095037 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2021 C-2 <br>| 3.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25258 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 139377 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 4.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 158250 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 5.00% | 05/15/52  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277573 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 A <br>| 5.00% | 05/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254392 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 E <br>| 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 286181 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 E <br>| 5.00% | 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 378403 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2022 E-1 <br>| 5.00% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312197 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 A <br>| 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 2285000 | &nbsp;&nbsp; 2335492 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 A <br>| 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 74586 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 C <br>| 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34693 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 C <br>| 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 108491 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2023 C <br>| 5.25% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 128892 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 B <br>| 4.13% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; 621154 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 B-1 <br>| 5.25% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1788404 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 B-2 <br>| 5.00% | 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2431916 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 2225000 | &nbsp;&nbsp; 2628963 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3500632 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**279**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6946897 |
| Refunding RB Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series <br> 2024 C <br>| 5.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 313094 |
| **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** |
| RB Series 2022 A  | 4.00% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183296 |
| RB Series 2022 A  | 5.25% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 272961 |
| RB Series 2022 A  | 4.00% | 05/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 134740 |
| RB Series 2022 A  | 5.25% | 05/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520517 |
| RB Series 2023 A  | 4.13% | 05/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 139923 |
| RB Series 2023 A  | 4.25% | 05/15/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 325745 |
| RB Series 2023A  | 4.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 429734 |
| RB Series 2024 A-1  | 5.00% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1038204 |
| RB Series 2024 A-1  | 4.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 135128 |
| RB Series 2024 A-1  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 351328 |
| RB Series 2024 A-1  | 5.25% | 05/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2545000 | &nbsp;&nbsp; 2659270 |
| RB Series 2024 A-1  | 4.13% | 05/15/64 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 470000 | &nbsp;&nbsp; 423932 |
| RB Series 2024 A-1  | 5.25% | 05/15/64 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1301716 |
| **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** | **Troy Capital Resource Corp.** |
| Refunding RB Rensselaer Polytechnic Institute Series 2020 A  | 4.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198664 |
| **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** | **Trust for Cultural Resources of The City of New York** |
| Refunding RB Lincoln Center for the Performing Arts, Inc. Series 2020 A  | 4.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259009 |
| **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** | **Utility Debt Securitization Authority** |
| Refunding RB Series 2016 A  | 5.00% | 12/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202207 |
| Refunding RB Series 2022 TE  | 5.00% | 12/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138109 |
| Refunding RB Series 2022 TE  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95281 |
| Refunding RB Series 2022 TE  | 5.00% | 12/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 221684 |
| Refunding RB Series 2025 TE-2  | 5.00% | 12/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1597018 |
|  |  |  |  | &nbsp;&nbsp; **694623039** |
| **NORTH CAROLINA** 1.0%  | **NORTH CAROLINA** 1.0%  | **NORTH CAROLINA** 1.0%  | **NORTH CAROLINA** 1.0%  | **NORTH CAROLINA** 1.0%  |
| **City of Charlotte** | **City of Charlotte** | **City of Charlotte** | **City of Charlotte** | **City of Charlotte** |
| Refunding COP Series 2021 A  | 3.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 127868 |
| **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** | **City of Charlotte Airport Revenue** |
| RB Series 2022 A  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 470635 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526046 |
| Refunding RB Series 2025 A  | 5.25% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1072077 |
| **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** | **City of Charlotte Water & Sewer System Revenue** |
| RB Series 2024  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264047 |
| **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** | **City of Raleigh Combined Enterprise System Revenue** |
| Refunding RB Series 2023  | 5.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264015 |
| **County of Guilford** | **County of Guilford** | **County of Guilford** | **County of Guilford** | **County of Guilford** |
| GO Bonds Series 2025  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28187 |
| GO Bonds Series 2025  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2865194 |
| GO Bonds Series 2025  | 5.00% | 03/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1498395 |
| GO Bonds Series 2025  | 5.00% | 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3290000 | &nbsp;&nbsp; 3831747 |
| **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** | **County of Union Enterprise System Revenue** |
| RB Series 2021  | 3.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 78243 |
| **County of Wake** | **County of Wake** | **County of Wake** | **County of Wake** | **County of Wake** |
| Refunding GO Bonds Series 2023 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6710000 | &nbsp;&nbsp; 7761197 |

---

*See financial notes*

**280**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** |
| Refunding RB Duke University Series 2016 B  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101040 |
| **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** | **North Carolina Municipal Power Agency No. 1** |
| Refunding RB Series 2015 A  | 5.00% | 01/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60127 |
| Refunding RB Series 2015 A  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1103334 |
| **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** | **North Carolina State University at Raleigh** |
| Refunding RB Series 2020 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 170937 |
| **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** | **North Carolina Turnpike Authority** |
| RB Series 2009 B  | 3.89% | 01/01/37 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 16619 |
| RB Series 2019  | 4.58% | 01/01/40 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 111822 |
| RB Series 2019  | 4.56% | 01/01/41 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 102842 |
| RB Series 2019  | 4.51% | 01/01/49 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 82986 |
| RB Series 2019  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 323655 |
| RB Series 2019  | 4.00% | 01/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173491 |
| RB Series 2024 A  | 5.00% | 01/01/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1139557 |
| Refunding RB Series 2017 A  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200275 |
| Refunding RB Series 2018  | 4.00% | 01/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40408 |
| Refunding RB Series 2018  | 4.00% | 01/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140149 |
| **State of North Carolina** | **State of North Carolina** | **State of North Carolina** | **State of North Carolina** | **State of North Carolina** |
| GO Bonds Series 2019 B  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 141190 |
| RB Series 2019  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25714 |
| RB Series 2019  | 5.00% | 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214777 |
| RB Series 2019  | 5.00% | 03/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134161 |
| RB Series 2019  | 5.00% | 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107168 |
| RB Series 2019  | 5.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37424 |
| RB Series 2019  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80000 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 299723 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31729 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54083 |
| RB Highway Trust Fund Series 2020 B  | 5.00% | 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 247849 |
| RB Highway Trust Fund Series 2020 B  | 3.00% | 05/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24877 |
| RB Highway Trust Fund Series 2020 B  | 3.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29704 |
| Refunding GO Bonds Series 2025 C  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 582574 |
| Refunding GO Bonds Series 2025 C  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 588437 |
| Refunding RB Series 2014 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95979 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 196597 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 341064 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp; 960704 |
| Refunding RB Series 2017 B  | 5.00% | 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82575 |
| Refunding RB Series 2025  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121082 |
| Refunding RB Series 2025  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076056 |
|  |  |  |  | &nbsp;&nbsp; **28028360** |
| **OHIO** 0.9%  | **OHIO** 0.9%  | **OHIO** 0.9%  | **OHIO** 0.9%  | **OHIO** 0.9%  |
| **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** |
| RB Greenup Hydroelectric Revenue Series 2016 A  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275800 |
| Refunding RB Fremont Energy Center Revenue Series 2021 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 137588 |
| Refunding RB Fremont Energy Center Revenue Series 2021 A  | 4.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158498 |
| Refunding RB Fremont Energy Center Revenue Series 2021 A  | 4.00% | 02/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254236 |
| Refunding RB Prairie State Energy Campus Revenue Series 2019 C  | 4.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 277741 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**281**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Prairie State Energy Campus Revenue Series 2021 A  | 4.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67110 |
| Refunding RB Prairie State Energy Campus Revenue Series 2021 A  | 4.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 353074 |
| **Bedford City School District** | **Bedford City School District** | **Bedford City School District** | **Bedford City School District** | **Bedford City School District** |
| GO Bonds Series 2025  | 5.50% | 12/01/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 247876 |
| **Brunswick City School District** | **Brunswick City School District** | **Brunswick City School District** | **Brunswick City School District** | **Brunswick City School District** |
| GO Bonds Series 2023  | 5.50% | 12/01/60 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63363 |
| **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** |
| Refunding GO Bonds Series 2016 1  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126554 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 04/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104372 |
| **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** | **City of Columbus Sewerage Revenue** |
| Refunding RB Series 2015  | 5.00% | 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85828 |
| **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** |
| Refunding RB Series 2025 B  | 5.25% | 01/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263240 |
| **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** | **County of Hamilton Sales Tax Revenue** |
| Refunding RB Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76703 |
| Refunding RB Series 2016 A  | 4.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 454542 |
| **JobsOhio Beverage System** | **JobsOhio Beverage System** | **JobsOhio Beverage System** | **JobsOhio Beverage System** | **JobsOhio Beverage System** |
| Refunding RB Series 2025 A  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp; 1018787 |
| **North Ridgeville City School District** | **North Ridgeville City School District** | **North Ridgeville City School District** | **North Ridgeville City School District** | **North Ridgeville City School District** |
| GO Bonds Series 2024  | 4.50% | 12/01/61 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241913 |
| **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** | **Northeast Ohio Regional Sewer District** |
| Refunding RB Series 2017  | 4.00% | 11/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98724 |
| **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** |
| RB Oberlin College Series 2023 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259382 |
| RB Oberlin College Series 2023 A  | 5.25% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151225 |
| Refunding RB Case Western Reserve University Series 2016  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201843 |
| Refunding RB John Carroll University Series 2022  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 59010 |
| **Ohio State University** | **Ohio State University** | **Ohio State University** | **Ohio State University** | **Ohio State University** |
| RB Series 2023 B  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 109439 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 153232 |
| **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** |
| RB Series 2013 A-2  | 3.79% | 02/15/36 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 214464 |
| RB Series 2018 A  | 4.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128124 |
| RB Series 2018 A  | 5.00% | 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209924 |
| RB Series 2018 A  | 5.00% | 02/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 214782 |
| RB Series 2021 A  | 5.00% | 02/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp; 5410979 |
| Refunding RB Series 2022 A  | 5.00% | 02/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55918 |
| Refunding RB Series 2022 A  | 5.00% | 02/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 116532 |
| **Ohio University** | **Ohio University** | **Ohio University** | **Ohio University** | **Ohio University** |
| Refunding RB Series 2017 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 405094 |
| **Ohio Water Development Authority** | **Ohio Water Development Authority** | **Ohio Water Development Authority** | **Ohio Water Development Authority** | **Ohio Water Development Authority** |
| RB Series 2018  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 295273 |
| RB Drinking Water Assistance Fund Series 2019  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 191047 |
| RB Drinking Water Assistance Fund Series 2023 A  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5812671 |
| RB Drinking Water Assistance Fund Series 2024 A  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 665994 |
| RB Drinking Water Assistance Fund Series 2024 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53885 |
| RB Fresh Water Fund Series 2024 A  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 152399 |
| **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** | **Ohio Water Development Authority Water Pollution Control Loan Fund** |
| RB Series 2024 C  | 2.45% | 12/01/54 *(a)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| RB Series 2024 D  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 117326 |

---

*See financial notes*

**282**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 D  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 63976 |
| RB Series 2024 E  | 5.00% | 12/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 263351 |
| RB Series 2025  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1484792 |
| Refunding RB Series 2023 A  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20970 |
| **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** | **Port of Greater Cincinnati Development Authority** |
| Refunding RB Series 2024 B  | 4.25% | 12/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 57556 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101533 |
| Refunding RB Series 2024 B  | 4.38% | 12/01/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237380 |
| **Shaker Heights City School District** | **Shaker Heights City School District** | **Shaker Heights City School District** | **Shaker Heights City School District** | **Shaker Heights City School District** |
| GO Bonds Series 2024  | 5.25% | 12/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158192 |
| **State of Ohio** | **State of Ohio** | **State of Ohio** | **State of Ohio** | **State of Ohio** |
| RB Series 2018 1  | 5.00% | 12/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115361 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 09/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 400632 |
| Refunding GO Bonds Series 2017 U  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75614 |
| Refunding GO Bonds Series 2017 U  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 268717 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 09/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38249 |
| Refunding GO Bonds Series 2021 B  | 5.00% | 09/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34087 |
| **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** |
| RB Series 2024 A  | 5.00% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 305939 |
| RB Series 2024 A  | 5.25% | 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 84289 |
|  |  |  |  | &nbsp;&nbsp; **23395130** |
| **OKLAHOMA** 0.7%  | **OKLAHOMA** 0.7%  | **OKLAHOMA** 0.7%  | **OKLAHOMA** 0.7%  | **OKLAHOMA** 0.7%  |
| **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** | **Canadian County Educational Facilities Authority** |
| RB Independent School District No. 69 Mustang Series 2017  | 3.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99826 |
| RB Independent School District No. 69 Mustang Series 2023 A  | 5.25% | 09/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 86363 |
| **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** | **Cleveland County Educational Facilities Authority** |
| RB Independent School District No. 2 Moore Series 2021  | 4.00% | 06/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229004 |
| **Grand River Dam Authority** | **Grand River Dam Authority** | **Grand River Dam Authority** | **Grand River Dam Authority** | **Grand River Dam Authority** |
| RB Electric System Revenue Series 2023  | 5.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 243406 |
| RB Electric System Revenue Series 2023  | 5.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55007 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35712 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 183611 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76484 |
| Refunding RB Series 2016 A  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45862 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105622 |
| Refunding RB Series 2024 A  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 624779 |
| **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** | **Oklahoma Capitol Improvement Authority** |
| RB Series 2020 B  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92913 |
| **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** | **Oklahoma City Water Utilities Trust** |
| RB Series 2024  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5248133 |
| **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** | **Oklahoma County Finance Authority** |
| RB Independent School District No. 4 Choctaw-Nicoma Park Series 2023  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 756777 |
| **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** | **Oklahoma County Independent School District No. 89 Oklahoma City** |
| GO Bonds Series 2023 A  | 3.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 375647 |
| GO Bonds Series 2024 A  | 1.25% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148971 |
| GO Bonds Series 2024 A  | 4.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45991 |
| **Oklahoma Industries Authority** | **Oklahoma Industries Authority** | **Oklahoma Industries Authority** | **Oklahoma Industries Authority** | **Oklahoma Industries Authority** |
| RB Oklahoma County Independent School District No. 89 Oklahoma City Series 2024  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1093586 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**283**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oklahoma Municipal Power Authority** | **Oklahoma Municipal Power Authority** | **Oklahoma Municipal Power Authority** | **Oklahoma Municipal Power Authority** | **Oklahoma Municipal Power Authority** |
| Refunding RB Series 2025 A  | 5.25% | 01/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062595 |
| **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** | **Oklahoma Turnpike Authority** |
| RB Series 2017 A  | 5.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25000 |
| RB Series 2017 A  | 4.00% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 103191 |
| RB Series 2017 C  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 850556 |
| RB Series 2018 A  | 4.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94106 |
| RB Series 2023  | 5.50% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 361429 |
| RB Series 2025 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 136429 |
| RB Series 2025 A  | 5.25% | 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2152615 |
| RB Series 2025 A  | 5.50% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | &nbsp;&nbsp; 1916618 |
| Refunding RB Series 2017 D  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105000 |
| Refunding RB Series 2017 D  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128110 |
| Refunding RB Series 2017 D  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78576 |
| Refunding RB Series 2020 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 38224 |
| **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** |
| RB Series 2021  | 5.00% | 04/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155013 |
| RB Series 2024 B  | 4.25% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 292562 |
| RB Drinking Water State Revolving Fund Series 2023 A  | 4.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 240749 |
| RB Drinking Water State Revolving Fund Series 2023 A  | 4.13% | 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186518 |
| RB State Revolving Fund Series 2025 A  | 5.25% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 799989 |
| **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** |
| RB Series 2021 A  | 5.00% | 07/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 140206 |
| RB Series 2021 A  | 4.00% | 07/01/51 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 253791 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155992 |
|  |  |  |  | &nbsp;&nbsp; **18824963** |
| **OREGON** 0.5%  | **OREGON** 0.5%  | **OREGON** 0.5%  | **OREGON** 0.5%  | **OREGON** 0.5%  |
| **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** | **City of Portland Sewer System Revenue** |
| Refunding RB Series 2023 A  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104286 |
| Refunding RB Series 2025 A  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 556513 |
| **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** | **Clackamas County School District No. 12 North Clackamas** |
| GO Bonds Series 2017 A  | 4.02% | 06/15/36 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 31888 |
| GO Bonds Series 2017 A  | 4.15% | 06/15/38 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 289082 |
| GO Bonds Series 2017 B  | 5.00% | 06/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205183 |
| **County of Multnomah** | **County of Multnomah** | **County of Multnomah** | **County of Multnomah** | **County of Multnomah** |
| GO Bonds Series 2021 A  | 5.00% | 06/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65119 |
| **Deschutes Public Library District** | **Deschutes Public Library District** | **Deschutes Public Library District** | **Deschutes Public Library District** | **Deschutes Public Library District** |
| GO Bonds Series 2021  | 3.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43325 |
| **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** | **Hillsboro School District No. 1J** |
| GO Bonds Series 2017  | 5.00% | 06/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25616 |
| **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** |
| GO Bonds Series 2017 B  | 5.00% | 06/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51296 |
| **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** | **Multnomah County School District No. 1J Portland** |
| GO Bonds Series 2020  | 5.00% | 06/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101098 |
| GO Bonds Series 2020  | 5.00% | 06/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 111393 |
| **Oregon City School District No. 62** | **Oregon City School District No. 62** | **Oregon City School District No. 62** | **Oregon City School District No. 62** | **Oregon City School District No. 62** |
| GO Bonds Series 2018 B  | 5.00% | 06/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152347 |
| GO Bonds Series 2025 B  | 5.00% | 06/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266203 |

---

*See financial notes*

**284**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** | **Salem-Keizer School District No. 24J** |
| GO Bonds Series 2009 B  | 3.22% | 06/15/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 63420 |
| GO Bonds Series 2018  | 5.00% | 06/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 78430 |
| **State of Oregon** | **State of Oregon** | **State of Oregon** | **State of Oregon** | **State of Oregon** |
| GO Bonds Series 2023 A  | 5.00% | 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 86389 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34135 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84701 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84177 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118282 |
| GO Bonds Series 2023 A  | 5.00% | 05/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125606 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 144694 |
| **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** |
| RB Series 2020 A  | 5.00% | 11/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 309560 |
| RB Series 2022 A  | 5.25% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10672 |
| RB Series 2023 A  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108166 |
| Refunding RB Series 2019 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214329 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 8750044 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 294741 |
| **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** | **Tri-County Metropolitan Transportation District of Oregon** |
| RB Payroll Tax Revenue Series 2018 A  | 5.00% | 09/01/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104123 |
| **University of Oregon** | **University of Oregon** | **University of Oregon** | **University of Oregon** | **University of Oregon** |
| RB Series 2020 A  | 5.00% | 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255044 |
| **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** | **Washington & Multnomah Counties School District No. 48J Beaverton** |
| GO Bonds Series 2022 B  | 5.00% | 06/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259035 |
| GO Bonds Series 2025 A  | 4.98% | 06/15/42 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 470960 |
| GO Bonds Series 2025 A  | 5.07% | 06/15/43 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 440911 |
| GO Bonds Series 2025 A  | 5.21% | 06/15/45 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 388142 |
|  |  |  |  | &nbsp;&nbsp; **14428910** |
| **PENNSYLVANIA** 3.0%  | **PENNSYLVANIA** 3.0%  | **PENNSYLVANIA** 3.0%  | **PENNSYLVANIA** 3.0%  | **PENNSYLVANIA** 3.0%  |
| **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** | **Allegheny County Sanitary Authority** |
| RB Series 2018  | 5.00% | 06/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153877 |
| RB Series 2018  | 4.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 66374 |
| Refunding RB Series 2024  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 107554 |
| Refunding RB Series 2025  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2094336 |
| **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** |
| GO Bonds Series 2025 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 551394 |
| GO Bonds Series 2025 A  | 5.25% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 158040 |
| Refunding GO Bonds Series 2025 C  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529815 |
| Refunding GO Bonds Series 2025 C  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 568421 |
| **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** | **City of Philadelphia Water & Wastewater Revenue** |
| RB Series 2018 A  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30935 |
| RB Series 2018 A  | 5.00% | 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25480 |
| RB Series 2018 A  | 5.00% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 81319 |
| RB Series 2019 B  | 5.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3070000 | &nbsp;&nbsp; 3148833 |
| RB Series 2019 B  | 5.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204607 |
| RB Series 2021 C  | 5.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 233525 |
| RB Series 2021 C  | 4.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 274522 |
| RB Series 2024 C  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 102873 |
| RB Series 2024 C  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 170324 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**285**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2024 C  | 5.25% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 69399 |
| Refunding RB Series 2023 B  | 5.00% | 09/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90500 |
| **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** |
| GO Bonds Series 2020-1  | 3.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 490135 |
| GO Bonds Series 2016 1st  | 3.13% | 02/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 497456 |
| GO Bonds Series 2016 2nd  | 4.00% | 09/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100861 |
| GO Bonds Series 2016 2nd  | 4.00% | 09/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35290 |
| GO Bonds Series 2016 2nd  | 4.00% | 09/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125989 |
| GO Bonds Series 2016 2nd  | 3.00% | 09/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97446 |
| GO Bonds Series 2016 2nd  | 4.00% | 09/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25171 |
| GO Bonds Series 2016 2nd  | 3.00% | 09/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 511437 |
| GO Bonds Series 2016 2nd  | 3.00% | 09/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 260123 |
| GO Bonds Series 2018 1st  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257291 |
| GO Bonds Series 2018 1st  | 5.00% | 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 183752 |
| GO Bonds Series 2018 1st  | 4.00% | 03/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023133 |
| GO Bonds Series 2018 1st  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 8205000 | &nbsp;&nbsp; 8357385 |
| GO Bonds Series 2018 1st  | 3.75% | 03/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100307 |
| GO Bonds Series 2020 1  | 2.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 180544 |
| GO Bonds Series 2020 1  | 2.13% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 65458 |
| GO Bonds Series 2021 1st  | 2.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 271752 |
| GO Bonds Series 2021 1st  | 2.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 32065 |
| GO Bonds Series 2021 1st  | 2.00% | 05/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19524 |
| GO Bonds Series 2021 1st  | 2.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 228990 |
| GO Bonds Series 2021 1st  | 2.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 108770 |
| GO Bonds Series 2022  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254662 |
| GO Bonds Series 2022  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 224124 |
| GO Bonds Series 2022  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83444 |
| GO Bonds Series 2022  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56879 |
| GO Bonds Series 2022  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164891 |
| GO Bonds Series 2022  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27118 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016547 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 448015 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 117177 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 707551 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 367733 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284026 |
| GO Bonds Series 2023 1st  | 5.00% | 09/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 559400 |
| GO Bonds Series 2023 1st  | 4.00% | 09/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp; 4476078 |
| GO Bonds Series 2023 1st  | 4.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3046605 |
| GO Bonds Series 2023 1st  | 4.00% | 09/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100447 |
| GO Bonds Series 2024 1st  | 5.00% | 08/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260191 |
| GO Bonds Series 2024 1st  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54431 |
| GO Bonds Series 2024 1st  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 73530 |
| GO Bonds Series 2024 1st  | 5.00% | 08/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46509 |
| GO Bonds Series 2024 1st  | 5.00% | 08/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 205809 |
| GO Bonds Series 2024 BID  | 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28537 |
| GO Bonds Series 2024 BID  | 4.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203475 |
| Refunding COP Series 2018 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204592 |
| Refunding GO Bonds Series 2016 1  | 5.00% | 09/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203505 |
| Refunding GO Bonds Series 2016 2  | 5.00% | 01/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307572 |

---

*See financial notes*

**286**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2016 2nd  | 5.00% | 01/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30779 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120000 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 368992 |
| Refunding GO Bonds Series 2017 1  | 5.00% | 01/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 711893 |
| Refunding GO Bonds Series 2017 1  | 3.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74399 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253338 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 643966 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 196502 |
| Refunding GO Bonds Series 2019  | 5.00% | 07/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108592 |
| Refunding GO Bonds Series 2023 1st  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 218558 |
| Refunding GO Bonds Series 2023 1st  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65359 |
| Refunding GO Bonds Series 2023 1st  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 3085000 | &nbsp;&nbsp; 3545172 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 08/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 494364 |
| **County of Allegheny** | **County of Allegheny** | **County of Allegheny** | **County of Allegheny** | **County of Allegheny** |
| GO Bonds Series 2020 C-78  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48602 |
| GO Bonds Series 2020 C-78  | 4.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2543595 |
| GO Bonds Series 2024 C-80  | 5.00% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154258 |
| **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** | **Delaware River Joint Toll Bridge Commission** |
| RB Series 2017  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101947 |
| **Delaware River Port Authority** | **Delaware River Port Authority** | **Delaware River Port Authority** | **Delaware River Port Authority** | **Delaware River Port Authority** |
| Refunding RB Series 2018 B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130000 |
| **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** | **Delaware Valley Regional Finance Authority** |
| RB Series 1998 A  | 5.50% | 08/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 624870 |
| RB Series 2002  | 5.75% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 756963 |
| Refunding RB Series 2023 A  | 4.00% | 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 472079 |
| Refunding RB Series 2023 A  | 4.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 95698 |
| **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** |
| Refunding RB Lafayette College Series 2017  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258564 |
| Refunding RB Lehigh University Series 2024 A  | 5.00% | 11/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 234245 |
| **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** |
| RB Villanova University Series 2024  | 5.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262020 |
| **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** |
| RB Series 2016 AT-1  | 3.00% | 06/15/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4239 |
| RB Series 2016 AT-1  | 3.00% | 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 251204 |
| RB Trustees of the University of Pennsylvania Series 2017 A  | 4.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45069 |
| RB Trustees of the University of Pennsylvania Series 2018 A  | 4.00% | 02/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 212491 |
| **Pennsylvania State University** | **Pennsylvania State University** | **Pennsylvania State University** | **Pennsylvania State University** | **Pennsylvania State University** |
| RB Series 2016 A  | 5.00% | 09/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005196 |
| RB Series 2017 A  | 5.00% | 09/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151545 |
| RB Series 2023  | 5.25% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10635 |
| Refunding RB Series 2025 A  | 5.25% | 09/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2366362 |
| **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** |
| RB Series 2016 A-1  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 452911 |
| RB Series 2016 A-1  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250862 |
| RB Series 2017 A  | 4.00% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100621 |
| RB Series 2017 A-1  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013822 |
| RB Series 2017 B-1  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202676 |
| RB Series 2018 A2  | 5.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511176 |
| RB Series 2018 A-2  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 92863 |
| RB Series 2019 A  | 5.00% | 12/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53044 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**287**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2019 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 315095 |
| RB Series 2019 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207861 |
| RB Series 2019 A  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93397 |
| RB Series 2019 A  | 4.00% | 12/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 383500 |
| RB Series 2019 A  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123596 |
| RB Series 2020 B  | 5.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 375013 |
| RB Series 2020 B  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp; 759757 |
| RB Series 2021 A  | 3.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 67197 |
| RB Series 2021 A  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58899 |
| RB Series 2021 A  | 4.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 254772 |
| RB Series 2021 A  | 4.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1023712 |
| RB Series 2024 C  | 5.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 736294 |
| RB Series 2024 C  | 5.25% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213226 |
| RB Series 2025 A  | 4.13% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 937927 |
| RB Series 2025 A  | 5.25% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 235033 |
| Refunding RB Series 2015 A-1  | 4.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 109998 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 194105 |
| Refunding RB Series 2016 A  | 3.38% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 343110 |
| Refunding RB Series 2016 B  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121183 |
| Refunding RB Series 2016 B  | 4.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120499 |
| Refunding RB Series 2016 B  | 4.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50192 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261354 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52118 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62466 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98630 |
| Refunding RB Series 2017 2nd  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 398859 |
| Refunding RB Series 2017 3  | 5.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 503508 |
| Refunding RB Series 2017 B2  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62074 |
| Refunding RB Series 2017 B-2  | 4.00% | 06/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 368827 |
| Refunding RB Series 2017 B-2  | 4.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125834 |
| Refunding RB Series 2017 B-2  | 4.00% | 06/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100582 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 500957 |
| Refunding RB Series 2022 A  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 229211 |
| Refunding RB Series 2022 B  | 5.25% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262908 |
| Refunding RB Series 2023 1st  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6863924 |
| Refunding RB Series 2023 A  | 5.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208401 |
| Refunding RB Series 2023 A  | 5.25% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211991 |
| Refunding RB Series 2024 1st  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 143706 |
| Refunding RB Series 2024 1st  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 66538 |
| Refunding RB Series 2024 1st  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275486 |
| Refunding RB Series 2024 1st  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1097107 |
| Refunding RB Series 2024 1st  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 320030 |
| Refunding RB Series 2025 2nd  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255629 |
| **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** |
| RB Series 2018 A  | 5.25% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517620 |
| RB Series 2018 A  | 5.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102235 |
| RB Series 2018 B  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513846 |
| RB Series 2018 B  | 5.00% | 12/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508294 |
| RB Series 2025 A  | 5.25% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1099740 |
| RB Series 2025 B  | 5.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518342 |

---

*See financial notes*

**288**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2021 A  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130818 |
| Refunding RB Series 2021 A  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 641745 |
| Refunding RB Series 2021 B  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 269911 |
| Refunding RB Series 2021 B  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92301 |
| Refunding RB Series 2021 B  | 4.00% | 12/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183392 |
| **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** | **Philadelphia Authority for Industrial Development** |
| RB St. Joseph's University Series 2022  | 5.25% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 318265 |
| Refunding RB St. Joseph's University Series 2020 A  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 180883 |
| **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** | **Philadelphia Gas Works Co.** |
| RB Series 2020 A  | 4.00% | 08/01/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 358391 |
| RB Series 2020 A  | 5.00% | 08/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 184489 |
| RB Series 2024 A  | 5.25% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263527 |
| Refunding RB Series 2017 15th  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152329 |
| Refunding RB Series 2017 15th  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 352626 |
| **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** | **Pittsburgh Water & Sewer Authority** |
| RB Series 1998 B  | 3.23% | 09/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 13866 |
| RB Series 1998 B  | 3.26% | 09/01/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 13456 |
| Refunding RB Series 2019 B  | 4.00% | 09/01/34 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77696 |
| **School District of Philadelphia** | **School District of Philadelphia** | **School District of Philadelphia** | **School District of Philadelphia** | **School District of Philadelphia** |
| GO Bonds Series 2018 B  | 4.00% | 09/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 190467 |
| GO Bonds Series 2019 A  | 5.00% | 09/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117515 |
| GO Bonds Series 2019 D  | 3.00% | 09/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40419 |
| GO Bonds Series 2023 A  | 5.50% | 09/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105954 |
| Refunding GO Bonds Series 2007 A  | 5.00% | 06/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 142453 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 09/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20299 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 09/01/27 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86329 |
| Refunding GO Bonds Series 2016 F  | 5.00% | 09/01/28 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 111650 |
| **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** | **Southeastern Pennsylvania Transportation Authority** |
| RB Series 2022  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52516 |
| RB Series 2022  | 5.25% | 06/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260325 |
| **State Public School Building Authority** | **State Public School Building Authority** | **State Public School Building Authority** | **State Public School Building Authority** | **State Public School Building Authority** |
| RB School District of Philadelphia Series 2006 B  | 5.00% | 06/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 101756 |
| Refunding RB School District of Philadelphia Series 2016 A  | 5.00% | 06/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 96569 |
| Refunding RB School District of Philadelphia Series 2016 A  | 5.00% | 06/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101597 |
| Refunding RB School District of Philadelphia Series 2016 A  | 5.00% | 06/01/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; 680277 |
| **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** |
| RB Series 2023 A  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 931951 |
| Refunding RB Series 2021  | 4.00% | 04/15/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 180281 |
| Refunding RB Series 2023  | 5.00% | 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp; 602275 |
|  |  |  |  | &nbsp;&nbsp; **83908237** |
| **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  | **RHODE ISLAND** 0.1%  |
| **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** | **Rhode Island Commerce Corp.** |
| RB Series 2016 B  | 5.00% | 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100974 |
| RB Series 2016 B  | 5.00% | 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252249 |
| RB Series 2016 B  | 5.00% | 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80759 |
| **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** |
| RB Providence College Series 2023  | 5.00% | 11/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153353 |
| Refunding RB Brown University Series 2017 A  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 171366 |
| Refunding RB Bryant University Series 2024  | 5.00% | 06/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255627 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**289**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** | **Rhode Island Turnpike & Bridge Authority** |
| Refunding RB Series 2016 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1252783 |
|  |  |  |  | &nbsp;&nbsp; **2267111** |
| **SOUTH CAROLINA** 0.6%  | **SOUTH CAROLINA** 0.6%  | **SOUTH CAROLINA** 0.6%  | **SOUTH CAROLINA** 0.6%  | **SOUTH CAROLINA** 0.6%  |
| **Charleston County Airport District** | **Charleston County Airport District** | **Charleston County Airport District** | **Charleston County Airport District** | **Charleston County Airport District** |
| RB Series 2024 B  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 380018 |
| **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** | **Charleston Educational Excellence Finance Corp.** |
| Refunding RB School District Series 2023  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76634 |
| **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** | **City of Charleston Waterworks & Sewer System Revenue** |
| RB Series 2024 A  | 5.00% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212914 |
| RB Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2639615 |
| **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** | **City of Columbia Waterworks & Sewer System Revenue** |
| Refunding RB Series 2016 B  | 4.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100090 |
| **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** | **City of Rock Hill Combined Utility System Revenue** |
| RB Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205347 |
| **Greenville County School District** | **Greenville County School District** | **Greenville County School District** | **Greenville County School District** | **Greenville County School District** |
| Refunding RB Series 2023  | 5.00% | 12/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153432 |
| Refunding RB Series 2023  | 5.00% | 12/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 309197 |
| **Greenville-Spartanburg Airport District** | **Greenville-Spartanburg Airport District** | **Greenville-Spartanburg Airport District** | **Greenville-Spartanburg Airport District** | **Greenville-Spartanburg Airport District** |
| RB Series 2024 A  | 5.25% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263902 |
| **Horry County School District** | **Horry County School District** | **Horry County School District** | **Horry County School District** | **Horry County School District** |
| GO Bonds Series 2024  | 5.00% | 03/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 168670 |
| GO Bonds Series 2024  | 5.00% | 03/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 178020 |
| **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** |
| Refunding RB Catawba Project Power Sales Revenue Series 2021 C  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 234326 |
| **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** |
| RB Series 2015 E  | 5.25% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350100 |
| RB Series 2021 B  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 221586 |
| RB Series 2021 B  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 75015 |
| RB Series 2022 A  | 5.00% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61722 |
| RB Series 2022 A  | 4.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 152211 |
| RB Series 2022 A  | 5.00% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 498750 |
| RB Series 2022 A  | 4.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 452943 |
| RB Series 2022 A  | 4.00% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 290033 |
| RB Series 2022E  | 5.75% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 386871 |
| RB Series 2024 A  | 5.25% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2075000 | &nbsp;&nbsp; 2182975 |
| RB Series 2025 A  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261150 |
| RB Series 2025 A  | 5.00% | 12/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255512 |
| Refunding RB Series 2014 C  | 4.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 27656 |
| Refunding RB Series 2015 A  | 5.00% | 12/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 110010 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85781 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126143 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 403017 |
| Refunding RB Series 2016 A  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115733 |
| Refunding RB Series 2016 B  | 5.00% | 12/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30421 |
| Refunding RB Series 2016 B  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100359 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82718 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 230054 |
| Refunding RB Series 2020 A  | 4.00% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1488768 |

---

*See financial notes*

**290**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2020 A  | 4.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145326 |
| Refunding RB Series 2020 A  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40951 |
| Refunding RB Series 2021 A  | 4.00% | 12/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 170451 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62294 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 146595 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 298011 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47875 |
| Refunding RB Series 2024 B  | 4.13% | 12/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 204639 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 270608 |
| Refunding RB Series 2024 B  | 5.00% | 12/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp; 2271764 |
| Refunding RB Series 2024 B  | 5.25% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208420 |
| **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** |
| Refunding RB Series 2017 A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25634 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50921 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52140 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 192057 |
| Refunding RB Series 2021 B  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28342 |
| **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** | **Spartanburg County School District No. 4** |
| GO Bonds Series 2022 A  | 5.25% | 03/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 394572 |
| **University of South Carolina** | **University of South Carolina** | **University of South Carolina** | **University of South Carolina** | **University of South Carolina** |
| RB Series 2021 A  | 5.00% | 05/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 68166 |
|  |  |  |  | &nbsp;&nbsp; **17590459** |
| **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  |
| **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** | **City of Clarksville Water Sewer & Gas Revenue** |
| RB Series 2021 A  | 5.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36392 |
| RB Series 2021 A  | 4.00% | 02/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 249188 |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** |
| RB Belmont University Series 2023  | 5.25% | 05/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51311 |
| RB Vanderbilt University Series 2024  | 5.00% | 10/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11759 |
| RB Vanderbilt University Series 2024  | 4.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92824 |
| RB Vanderbilt University Series 2024  | 5.00% | 10/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1054681 |
| Refunding RB Lipscomb University Obligated Group Series 2019 A  | 5.25% | 10/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239556 |
| **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** | **Metropolitan Government Nashville & Davidson County Sports Authority** |
| RB Series 2023 A  | 5.25% | 07/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262681 |
| RB Sports Authority Series 2023 A  | 5.25% | 07/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1041944 |
| **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** | **Metropolitan Government of Nashville & Davidson County** |
| GO Bonds Series 2017  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 66129 |
| GO Bonds Series 2017  | 4.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202152 |
| GO Bonds Series 2018  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151873 |
| GO Bonds Series 2018  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41519 |
| GO Bonds Series 2018  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132496 |
| GO Bonds Series 2018  | 4.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127899 |
| GO Bonds Series 2018  | 4.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151797 |
| GO Bonds Series 2021 C  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53667 |
| GO Bonds Series 2021 C  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54865 |
| GO Bonds Series 2021 C  | 4.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48121 |
| GO Bonds Series 2021 C  | 3.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49792 |
| GO Bonds Series 2021 C  | 3.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 123505 |
| GO Bonds Series 2021 C  | 3.00% | 01/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 53956 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**291**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2022 B  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 270569 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 506860 |
| GO Bonds Series 2024 A  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 8595000 | &nbsp;&nbsp; 9926788 |
| GO Bonds Series 2024 B  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 6233611 |
| GO Bonds Series 2024 B  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 58012 |
| GO Bonds Series 2024 C  | 5.00% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 383695 |
| GO Bonds Series 2024 C  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 82503 |
| GO Bonds Series 2024 C  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243543 |
| GO Bonds Series 2024 C  | 4.00% | 01/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 480456 |
| Refunding GO Bonds Series 2016  | 2.50% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 306250 |
| **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** | **Metropolitan Government of Nashville & Davidson County Electric Revenue** |
| RB Series 2021 A  | 5.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25975 |
| RB Series 2024 A  | 5.25% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161084 |
| **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** |
| RB Series 2021 A  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 461797 |
| Refunding RB Series 2025  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 626531 |
| **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** |
| RB Series 2019 A  | 4.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22941 |
| **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** | **Tennessee State School Bond Authority** |
| RB Series 2022 A  | 5.00% | 11/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120384 |
| RB Series 2022 A  | 5.00% | 11/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103890 |
|  |  |  |  | &nbsp;&nbsp; **24312996** |
| **TEXAS** 10.1%  | **TEXAS** 10.1%  | **TEXAS** 10.1%  | **TEXAS** 10.1%  | **TEXAS** 10.1%  |
| **Alamo Community College District** | **Alamo Community College District** | **Alamo Community College District** | **Alamo Community College District** | **Alamo Community College District** |
| GO Bonds Series 2022  | 5.00% | 02/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 673076 |
| GO Bonds Series 2022  | 5.00% | 02/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10939 |
| **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2331612 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2313600 |
| **Allen Independent School District** | **Allen Independent School District** | **Allen Independent School District** | **Allen Independent School District** | **Allen Independent School District** |
| GO Bonds Series 2025  | 4.38% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249576 |
| **Anna Independent School District** | **Anna Independent School District** | **Anna Independent School District** | **Anna Independent School District** | **Anna Independent School District** |
| GO Bonds Series 2025  | 5.25% | 02/15/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 510841 |
| **Aubrey Independent School District** | **Aubrey Independent School District** | **Aubrey Independent School District** | **Aubrey Independent School District** | **Aubrey Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190535 |
| GO Bonds Series 2022  | 4.00% | 02/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 953166 |
| **Austin Community College District** | **Austin Community College District** | **Austin Community College District** | **Austin Community College District** | **Austin Community College District** |
| GO Bonds Series 2015  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 324990 |
| GO Bonds Series 2023  | 5.25% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57938 |
| Refunding GO Bonds Series 2025  | 5.25% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212150 |
| **Austin Independent School District** | **Austin Independent School District** | **Austin Independent School District** | **Austin Independent School District** | **Austin Independent School District** |
| GO Bonds Series 2023  | 4.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 475019 |
| GO Bonds Series 2023  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51103 |
| GO Bonds Series 2024  | 5.00% | 08/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114471 |
| GO Bonds Series 2024  | 5.00% | 08/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56768 |
| GO Bonds Series 2024  | 5.00% | 08/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 78941 |
| GO Bonds Series 2024  | 4.00% | 08/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 352706 |
| GO Bonds Series 2024  | 4.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 342590 |

---

*See financial notes*

**292**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Azle Independent School District** | **Azle Independent School District** | **Azle Independent School District** | **Azle Independent School District** | **Azle Independent School District** |
| Refunding GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1155994 |
| **Barbers Hill Independent School District** | **Barbers Hill Independent School District** | **Barbers Hill Independent School District** | **Barbers Hill Independent School District** | **Barbers Hill Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100611 |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 430277 |
| **Bastrop Independent School District** | **Bastrop Independent School District** | **Bastrop Independent School District** | **Bastrop Independent School District** | **Bastrop Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130038 |
| GO Bonds Series 2023  | 5.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031476 |
| **Belton Independent School District** | **Belton Independent School District** | **Belton Independent School District** | **Belton Independent School District** | **Belton Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 370508 |
| **Bexar County Hospital District** | **Bexar County Hospital District** | **Bexar County Hospital District** | **Bexar County Hospital District** | **Bexar County Hospital District** |
| GO Bonds Series 2020  | 5.00% | 02/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25629 |
| GO Bonds Series 2020  | 4.00% | 02/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp; 756847 |
| GO Bonds Series 2022  | 4.25% | 02/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 844085 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 254417 |
| **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** |
| RB Series 2016 B  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 269073 |
| RB Series 2016 E  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50769 |
| RB Series 2016 J  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 187844 |
| RB Series 2017 B  | 3.38% | 08/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 163066 |
| RB Series 2019 B  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 413124 |
| RB Series 2019 B  | 5.00% | 08/15/49  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 334599 |
| RB Series 2023 A  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 365472 |
| RB Series 2023 A  | 5.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 738544 |
| RB Series 2023 A  | 5.00% | 08/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4720000 | &nbsp;&nbsp; 5032967 |
| RB Series 2024 B  | 5.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 143603 |
| RB Series 2024 B  | 5.00% | 08/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 114790 |
| RB Series 2024 B  | 4.00% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1064209 |
| RB Series 2025 A  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 462047 |
| Refunding RB Series 2014 B  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 223382 |
| Refunding RB Series 2019 A  | 5.00% | 08/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27016 |
| Refunding RB Series 2019 A  | 5.00% | 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 252561 |
| Refunding RB Series 2020 A  | 5.00% | 08/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 166473 |
| Refunding RB Series 2020 C  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 163866 |
| Refunding RB Series 2021 A  | 4.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52359 |
| Refunding RB Series 2021 A  | 2.00% | 08/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 213617 |
| Refunding RB Series 2022 A  | 3.25% | 08/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39400 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203074 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 196727 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 298971 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 93218 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 286514 |
| Refunding RB Series 2024 A  | 4.13% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 83954 |
| **Canutillo Independent School District** | **Canutillo Independent School District** | **Canutillo Independent School District** | **Canutillo Independent School District** | **Canutillo Independent School District** |
| GO Bonds Series 2024 A  | 5.25% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 387301 |
| **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** | **Carrollton-Farmers Branch Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34559 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 229551 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 230597 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**293**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 515444 |
| **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** |
| RB Series 2020 E  | 4.00% | 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 140621 |
| RB Series 2021 B  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 308399 |
| RB Series 2021 B  | 4.00% | 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 807130 |
| RB Series 2021 C  | 5.00% | 01/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200588 |
| Refunding RB Series 2016  | 3.38% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 129220 |
| Refunding RB Series 2021 D  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 517047 |
| **Central Texas Turnpike System** | **Central Texas Turnpike System** | **Central Texas Turnpike System** | **Central Texas Turnpike System** | **Central Texas Turnpike System** |
| RB Series 2002 A  | 3.54% | 08/15/26 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98197 |
| RB Series 2002 A  | 3.60% | 08/15/27 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95389 |
| RB Series 2002 A  | 3.26% | 08/15/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 202394 |
| RB Series 2002 A  | 3.61% | 08/15/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87231 |
| Refunding RB Series 2020 A  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90451 |
| Refunding RB Series 2020 A  | 3.00% | 08/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp; 342049 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 346503 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 172018 |
| Refunding RB Series 2024 A  | 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62055 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 61574 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 348743 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp; 1457229 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 150983 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 449917 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275200 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 109191 |
| Refunding RB Series 2024 C  | 5.00% | 08/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 866288 |
| **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** | **Chambers County Justice Center Public Facilities Corp.** |
| RB Series 2024  | 5.50% | 06/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26436 |
| **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** |
| RB Series 2017 A  | 5.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150650 |
| **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** | **City of Austin Electric Utility Revenue** |
| RB Series 2019 B  | 5.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 232157 |
| RB Series 2024  | 5.00% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 654351 |
| Refunding RB Series 2020 A  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205362 |
| Refunding RB Series 2023  | 5.00% | 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15635 |
| Refunding RB Series 2025  | 5.00% | 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 847516 |
| **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** | **City of Austin Water & Wastewater System Revenue** |
| Refunding RB Series 2016  | 5.00% | 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25170 |
| Refunding RB Series 2022  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 278110 |
| Refunding RB Series 2022  | 5.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103907 |
| **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** |
| Refunding RB Series 2024  | 5.00% | 07/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 771860 |
| **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** |
| Refunding GO Bonds Series 2017  | 3.00% | 02/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124263 |
| Refunding GO Bonds Series 2017  | 3.13% | 02/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98700 |
| Refunding GO Bonds Series 2017  | 3.25% | 02/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 252790 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 85852 |

---

*See financial notes*

**294**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** | **City of Dallas Waterworks & Sewer System Revenue** |
| RB Series 2018 C  | 4.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 490122 |
| RB Series 2021 C  | 3.00% | 10/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 158365 |
| RB Series 2023 A  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 433088 |
| Refunding RB Series 2016 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86421 |
| **City of El Paso** | **City of El Paso** | **City of El Paso** | **City of El Paso** | **City of El Paso** |
| GO Bonds Series 2016  | 4.00% | 08/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 325308 |
| GO Bonds Series 2016  | 4.00% | 08/15/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5044 |
| GO Bonds Series 2021 B  | 4.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183306 |
| **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** | **City of El Paso Water & Sewer Revenue** |
| RB Series 2022  | 5.00% | 03/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51072 |
| RB Series 2022 A  | 4.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 191677 |
| RB Series 2023  | 5.25% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 63092 |
| Refunding RB Series 2025  | 4.00% | 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229950 |
| **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** | **City of Georgetown Utility System Revenue** |
| RB Series 2022  | 5.00% | 08/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105422 |
| RB Series 2022  | 4.25% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48027 |
| **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** |
| GO Bonds Series 2023 A  | 5.00% | 03/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 227175 |
| GO Bonds Series 2023 A  | 5.25% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 597166 |
| GO Bonds Series 2024 A  | 5.00% | 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265362 |
| GO Bonds Series 2024 A  | 5.25% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1809820 |
| GO Bonds Series 2024 A  | 4.13% | 03/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 415348 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120465 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25098 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257099 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 03/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 168358 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 543089 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107504 |
| **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** |
| Refunding RB Series 2018 B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52822 |
| Refunding RB Series 2018 D  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 135399 |
| Refunding RB Series 2018 D  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119501 |
| Refunding RB Series 2023 B  | 5.00% | 07/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 353250 |
| **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** | **City of Houston Combined Utility System Revenue** |
| RB Series 1998 A  | 3.08% | 12/01/28 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 101181 |
| RB Series 2019 B  | 4.00% | 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143781 |
| RB Series 2019 B  | 5.00% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102393 |
| Refunding RB Series 2016 B  | 4.00% | 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 95817 |
| Refunding RB Series 2016 B  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30473 |
| Refunding RB Series 2016 B  | 4.00% | 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 380870 |
| Refunding RB Series 2017 B  | 5.00% | 11/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127607 |
| Refunding RB Series 2017 B  | 4.00% | 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 462188 |
| Refunding RB Series 2019 A  | 5.00% | 11/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275134 |
| Refunding RB Series 2021 A  | 4.00% | 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 189132 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 109855 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 409466 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 143022 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 46175 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 150410 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**295**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024 A  | 5.00% | 11/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 298717 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 381511 |
| Refunding RB Series 2024 A  | 5.25% | 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 293918 |
| Refunding RB Series 2024 A  | 5.25% | 11/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 255062 |
| **City of Hutto** | **City of Hutto** | **City of Hutto** | **City of Hutto** | **City of Hutto** |
| GO Bonds Series 2024  | 4.13% | 08/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237709 |
| GO Bonds Series 2024  | 4.25% | 08/01/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 233665 |
| **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** | **City of Lubbock Electric Light & Power System Revenue** |
| RB Series 2021  | 4.00% | 04/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 55448 |
| RB Series 2021  | 4.00% | 04/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223752 |
| **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** | **City of New Braunfels Utility System Revenue** |
| Refunding RB Series 2024  | 4.00% | 07/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 267048 |
| **City of Pflugerville** | **City of Pflugerville** | **City of Pflugerville** | **City of Pflugerville** | **City of Pflugerville** |
| GO Bonds Series 2023  | 4.00% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 230435 |
| **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** |
| RB Series 2018 A  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 170330 |
| RB Series 2020  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 424968 |
| RB Series 2021 A  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1649907 |
| RB Series 2023 A  | 5.25% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5467 |
| RB Series 2023 A  | 5.50% | 02/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 806398 |
| RB Series 2024 A  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 276245 |
| RB Series 2024 A  | 5.25% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 372016 |
| RB Series 2024 A  | 5.25% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 227851 |
| RB Series 2024 A  | 5.25% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 521524 |
| RB Series 2024 C  | 5.00% | 02/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258328 |
| RB Series 2024 E  | 5.25% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 410951 |
| Refunding RB Series 2015  | 4.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75076 |
| Refunding RB Series 2016  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125243 |
| Refunding RB Series 2016  | 5.00% | 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40541 |
| Refunding RB Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152050 |
| Refunding RB Series 2016  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10133 |
| Refunding RB Series 2017  | 4.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 752895 |
| Refunding RB Series 2018  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 404589 |
| Refunding RB Series 2018 0  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51342 |
| Refunding RB Series 2019  | 5.00% | 02/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 205030 |
| Refunding RB Series 2019  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32236 |
| Refunding RB Series 2019  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 117735 |
| Refunding RB Series 2019  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 89777 |
| Refunding RB Series 2024 B  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1105858 |
| Refunding RB Series 2024 B  | 5.25% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 282049 |
| **City of Seguin** | **City of Seguin** | **City of Seguin** | **City of Seguin** | **City of Seguin** |
| GO Bonds Series 2024  | 5.25% | 09/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208083 |
| GO Bonds Series 2025  | 5.50% | 09/01/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076238 |
| **City of Waco** | **City of Waco** | **City of Waco** | **City of Waco** | **City of Waco** |
| GO Bonds Series 2024 A  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 367045 |
| **Cleburne Independent School District** | **Cleburne Independent School District** | **Cleburne Independent School District** | **Cleburne Independent School District** | **Cleburne Independent School District** |
| GO Bonds Series 2016  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 90056 |
| **Comal Independent School District** | **Comal Independent School District** | **Comal Independent School District** | **Comal Independent School District** | **Comal Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/01/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996183 |
| GO Bonds Series 2022  | 2.63% | 02/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 70295 |

---

*See financial notes*

**296**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2025  | 5.00% | 02/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2632622 |
| Refunding GO Bonds Series 2024  | 3.00% | 02/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 348157 |
| **Conroe Independent School District** | **Conroe Independent School District** | **Conroe Independent School District** | **Conroe Independent School District** | **Conroe Independent School District** |
| GO Bonds Series 2022 A  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 950020 |
| GO Bonds Series 2024  | 5.00% | 02/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51120 |
| GO Bonds Series 2024  | 5.00% | 02/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp; 398011 |
| GO Bonds Series 2024  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 401060 |
| GO Bonds Series 2024  | 5.00% | 02/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80920 |
| **County of Bexar** | **County of Bexar** | **County of Bexar** | **County of Bexar** | **County of Bexar** |
| GO Bonds Series 2017  | 5.00% | 06/15/43 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp; 419400 |
| Refunding GO Bonds Series 2017  | 4.00% | 06/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 220021 |
| **County of Fort Bend** | **County of Fort Bend** | **County of Fort Bend** | **County of Fort Bend** | **County of Fort Bend** |
| GO Bonds Series 2023  | 5.25% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 37055 |
| **County of Fort Bend Toll Road Revenue** | **County of Fort Bend Toll Road Revenue** | **County of Fort Bend Toll Road Revenue** | **County of Fort Bend Toll Road Revenue** | **County of Fort Bend Toll Road Revenue** |
| Refunding RB Series 2025  | 5.25% | 03/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 370677 |
| **County of Harris** | **County of Harris** | **County of Harris** | **County of Harris** | **County of Harris** |
| GO Bonds Series 2023 A  | 5.00% | 09/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261849 |
| GO Bonds Series 2024  | 4.00% | 09/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46739 |
| Refunding GO Bonds Series 2022 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 117136 |
| Refunding GO Bonds Series 2024 A  | 5.00% | 09/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044856 |
| Refunding GO Bonds Series 2025 A  | 5.00% | 09/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 286748 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45619 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101246 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251550 |
| Refunding RB Toll Road Revenue Series 2016 A  | 5.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25094 |
| **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** |
| RB Series 2024 A  | 5.00% | 08/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 74471 |
| RB Series 2024 A  | 5.00% | 08/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 201099 |
| RB Series 2024 A  | 4.00% | 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 442599 |
| RB Series 2024 A  | 4.00% | 08/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp; 709083 |
| RB Series 2024 A  | 5.00% | 08/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106654 |
| RB Series 2024 A  | 4.00% | 08/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 182406 |
| RB Series 2024 A  | 4.00% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 445098 |
| RB Series 2024 A  | 5.25% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp; 1045439 |
| Refunding RB Series 2018 A  | 5.00% | 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 136470 |
| Refunding RB Series 2018 A  | 5.00% | 08/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209406 |
| Refunding RB Series 2018 A  | 4.00% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90828 |
| Refunding RB Series 2021  | 3.00% | 08/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 745056 |
| Refunding RB Series 2021  | 4.00% | 08/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 84825 |
| Refunding RB Series 2022 A  | 5.00% | 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27116 |
| Refunding RB Series 2022 A  | 5.00% | 08/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113455 |
| Refunding RB Series 2025 A  | 4.50% | 08/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1195000 | &nbsp;&nbsp; 1158116 |
| **County of Hidalgo** | **County of Hidalgo** | **County of Hidalgo** | **County of Hidalgo** | **County of Hidalgo** |
| GO Bonds Series 2018 A  | 4.00% | 08/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196914 |
| **County of Williamson** | **County of Williamson** | **County of Williamson** | **County of Williamson** | **County of Williamson** |
| GO Bonds Series 2024  | 5.00% | 02/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273877 |
| **Crowley Independent School District** | **Crowley Independent School District** | **Crowley Independent School District** | **Crowley Independent School District** | **Crowley Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 292296 |
| GO Bonds Series 2023  | 4.25% | 02/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 581433 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**297**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023  | 5.25% | 02/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2359955 |
| GO Bonds Series 2025 A  | 5.25% | 02/01/56 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211733 |
| **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** | **Cypress-Fairbanks Independent School District** |
| GO Bonds Series 2019 A  | 4.00% | 02/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 137020 |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 141689 |
| GO Bonds Series 2024 B  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 375806 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 135383 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/15/28 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100268 |
| Refunding GO Bonds Series 2023 A  | 5.00% | 02/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 123271 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/15/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1452387 |
| **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** |
| Refunding RB Series 2007  | 5.25% | 12/01/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 353216 |
| Refunding RB Series 2007  | 5.25% | 12/01/31 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45666 |
| Refunding RB Series 2019  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 87217 |
| Refunding RB Series 2021 B  | 3.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 150652 |
| Refunding RB Series 2021 B  | 5.00% | 12/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030332 |
| Refunding RB Series 2021 B  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 225332 |
| **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** |
| RB Series 2024  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 257268 |
| RB Series 2024  | 5.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 146483 |
| RB Series 2024  | 5.00% | 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271139 |
| RB Series 2024  | 5.25% | 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3450000 | &nbsp;&nbsp; 3683778 |
| RB Series 2024  | 4.00% | 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 358798 |
| RB Series 2025 B  | 5.25% | 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059678 |
| Refunding RB Series 2020  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103858 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 178531 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 308240 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 320020 |
| Refunding RB Series 2020 A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55576 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51929 |
| Refunding RB Series 2020 A  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77385 |
| Refunding RB Series 2020 B  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 142608 |
| Refunding RB Series 2021 A  | 4.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 51586 |
| Refunding RB Series 2021 B  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 355117 |
| Refunding RB Series 2022 B  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56444 |
| Refunding RB Series 2022 B  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34003 |
| Refunding RB Series 2022 B  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 423893 |
| Refunding RB Series 2022 B  | 4.00% | 11/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 501898 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217970 |
| Refunding RB Series 2023 B  | 5.00% | 11/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 287730 |
| **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** |
| GO Bonds Series 2016 A  | 3.00% | 02/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4894 |
| GO Bonds Series 2016 A  | 3.00% | 02/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 483109 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1038619 |
| GO Bonds Series 2023 B  | 4.00% | 02/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 932976 |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 529410 |
| GO Bonds Series 2025 C  | 5.00% | 02/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 457146 |
| GO Bonds Series 2025 C  | 5.00% | 02/15/33 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 235958 |
| Refunding GO Bonds Series 2025 B  | 5.00% | 02/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537819 |

---

*See financial notes*

**298**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Del Valle Independent School District** | **Del Valle Independent School District** | **Del Valle Independent School District** | **Del Valle Independent School District** | **Del Valle Independent School District** |
| GO Bonds Series 2022  | 4.00% | 06/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1640000 | &nbsp;&nbsp; 1550625 |
| **Denton Independent School District** | **Denton Independent School District** | **Denton Independent School District** | **Denton Independent School District** | **Denton Independent School District** |
| GO Bonds Series 2018  | 5.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50572 |
| GO Bonds Series 2020  | 2.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 139583 |
| GO Bonds Series 2023  | 5.00% | 08/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113214 |
| GO Bonds Series 2023  | 5.00% | 08/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 349285 |
| GO Bonds Series 2023  | 5.00% | 08/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 197510 |
| GO Bonds Series 2023  | 5.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1040524 |
| GO Bonds Series 2023  | 5.00% | 08/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 618244 |
| **Duncanville Independent School District** | **Duncanville Independent School District** | **Duncanville Independent School District** | **Duncanville Independent School District** | **Duncanville Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104116 |
| **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** | **Eagle Mountain & Saginaw Independent School District** |
| GO Bonds Series 2021  | 3.00% | 08/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19849 |
| GO Bonds Series 2024  | 4.00% | 08/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1385198 |
| **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** | **East Montgomery County Improvement District Sales Tax Revenue** |
| RB Series 2024  | 5.25% | 08/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1057929 |
| RB Series 2024  | 4.25% | 08/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 461695 |
| **El Paso County Community College District** | **El Paso County Community College District** | **El Paso County Community College District** | **El Paso County Community College District** | **El Paso County Community College District** |
| RB Series 2016  | 5.00% | 04/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75202 |
| **El Paso Independent School District** | **El Paso Independent School District** | **El Paso Independent School District** | **El Paso Independent School District** | **El Paso Independent School District** |
| GO Bonds Series 2019  | 4.00% | 08/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 68911 |
| **Flour Bluff Independent School District** | **Flour Bluff Independent School District** | **Flour Bluff Independent School District** | **Flour Bluff Independent School District** | **Flour Bluff Independent School District** |
| GO Bonds Series 2025  | 5.25% | 08/15/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp; 870787 |
| **Forney Independent School District** | **Forney Independent School District** | **Forney Independent School District** | **Forney Independent School District** | **Forney Independent School District** |
| GO Bonds Series 2022 B  | 4.00% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 330585 |
| GO Bonds Series 2023  | 5.00% | 08/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208353 |
| **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** | **Fort Bend County Texas Public Facility Corp.** |
| RB Series 2023  | 5.00% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103294 |
| **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** | **Fort Worth Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp; 692031 |
| **Friendswood Independent School District** | **Friendswood Independent School District** | **Friendswood Independent School District** | **Friendswood Independent School District** | **Friendswood Independent School District** |
| GO Bonds Series 2021  | 2.00% | 02/15/51 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 28175 |
| **Frisco Independent School District** | **Frisco Independent School District** | **Frisco Independent School District** | **Frisco Independent School District** | **Frisco Independent School District** |
| Refunding GO Bonds Series 2019  | 5.00% | 08/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180395 |
| **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** |
| GO Bonds Series 2023 A  | 5.00% | 02/15/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1134339 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 170028 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 705429 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10963 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163019 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118507 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26714 |
| **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** |
| GO Bonds Series 2023  | 4.13% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 145500 |
| GO Bonds Series 2024  | 4.50% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202297 |
| GO Bonds Series 2024  | 5.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207859 |
| **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** |
| RB Series 2018 A  | 5.00% | 10/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209406 |
| RB Series 2018 A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 522237 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**299**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2018 A  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1106387 |
| Refunding RB Series 2020 C  | 4.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1610000 | &nbsp;&nbsp; 1512876 |
| Refunding RB Series 2020 C  | 4.00% | 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 586672 |
| Refunding RB Series 2020 C  | 3.00% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 108494 |
| **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** |
| RB City of Sherman Water & Sewer System Revenue Series 2023  | 5.00% | 10/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154651 |
| RB City of Sherman Water & Sewer System Revenue Series 2023  | 4.25% | 10/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 691906 |
| RB City of Sherman Water & Sewer System Revenue Series 2023 A  | 4.38% | 10/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 941691 |
| RB City of Sherman Water & Sewer System Revenue Series 2024 R  | 5.00% | 10/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207085 |
| **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31105 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 139043 |
| **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** |
| RB Baylor College of Medicine Series 2024 A  | 5.00% | 05/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 222888 |
| **Harris County Flood Control District** | **Harris County Flood Control District** | **Harris County Flood Control District** | **Harris County Flood Control District** | **Harris County Flood Control District** |
| GO Bonds Series 2020 A  | 4.00% | 10/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp; 950390 |
| GO Bonds Series 2022 A  | 4.25% | 10/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 489852 |
| GO Bonds Series 2023 A  | 4.00% | 09/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp; 664648 |
| **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** | **Harris County-Houston Sports Authority** |
| Refunding RB Series 2024 A  | 5.00% | 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101879 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265769 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 167816 |
| Refunding RB Series 2024 A  | 5.00% | 11/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 587857 |
| **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** | **Hays Consolidated Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155140 |
| **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** | **Highland Park Independent School District/Dallas County** |
| Refunding GO Bonds Series 2024  | 5.00% | 02/15/33 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 7040000 | &nbsp;&nbsp; 8127843 |
| **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** | **Houston Higher Education Finance Corp.** |
| RB William Marsh Rice University Series 2024  | 5.00% | 05/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 338990 |
| **Houston Independent School District** | **Houston Independent School District** | **Houston Independent School District** | **Houston Independent School District** | **Houston Independent School District** |
| GO Bonds Series 2017  | 4.00% | 02/15/42 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10149 |
| Refunding GO Bonds Series 2016 A  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 235699 |
| Refunding GO Bonds Series 2017  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 421249 |
| Refunding GO Bonds Series 2017  | 5.00% | 02/15/28 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87351 |
| Refunding GO Bonds Series 2017  | 4.00% | 02/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 39384 |
| Refunding GO Bonds Series 2025 B  | 5.00% | 02/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 786541 |
| **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** |
| GO Bonds Series 2022  | 5.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145862 |
| **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** | **Hurst-Euless-Bedford Independent School District** |
| GO Bonds Series 2024  | 5.00% | 08/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 171745 |
| GO Bonds Series 2024  | 4.00% | 08/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93631 |
| **Hutto Independent School District** | **Hutto Independent School District** | **Hutto Independent School District** | **Hutto Independent School District** | **Hutto Independent School District** |
| GO Bonds Series 2023  | 5.00% | 08/01/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20809 |
| GO Bonds Series 2024  | 5.00% | 08/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 88653 |
| **Irving Independent School District** | **Irving Independent School District** | **Irving Independent School District** | **Irving Independent School District** | **Irving Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 194540 |
| GO Bonds Series 2025  | 4.50% | 02/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1034894 |

---

*See financial notes*

**300**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Judson Independent School District** | **Judson Independent School District** | **Judson Independent School District** | **Judson Independent School District** | **Judson Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 416320 |
| GO Bonds Series 2024  | 5.00% | 02/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115587 |
| GO Bonds Series 2024  | 4.00% | 02/01/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 78425 |
| **Katy Independent School District** | **Katy Independent School District** | **Katy Independent School District** | **Katy Independent School District** | **Katy Independent School District** |
| GO Bonds Series 2017  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92912 |
| GO Bonds Series 2020  | 4.00% | 02/15/45 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1478804 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 207615 |
| GO Bonds Series 2025  | 5.00% | 02/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051606 |
| **Keller Independent School District** | **Keller Independent School District** | **Keller Independent School District** | **Keller Independent School District** | **Keller Independent School District** |
| GO Bonds Series 2020  | 4.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 108343 |
| **Klein Independent School District** | **Klein Independent School District** | **Klein Independent School District** | **Klein Independent School District** | **Klein Independent School District** |
| GO Bonds Series 2022  | 4.00% | 08/01/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 95147 |
| **Lake Travis Independent School District** | **Lake Travis Independent School District** | **Lake Travis Independent School District** | **Lake Travis Independent School District** | **Lake Travis Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 143436 |
| **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** | **Lamar Consolidated Independent School District** |
| GO Bonds Series 2018  | 4.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp; 816082 |
| GO Bonds Series 2021  | 3.00% | 02/15/56 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 142584 |
| GO Bonds Series 2022  | 4.00% | 02/15/62 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 178731 |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp; 664401 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89520 |
| GO Bonds Series 2023  | 5.50% | 02/15/58 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 576049 |
| GO Bonds Series 2023 A  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 939197 |
| GO Bonds Series 2023 A  | 5.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 144321 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 192612 |
| Refunding GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 486649 |
| Refunding GO Bonds Series 2024 A  | 4.00% | 02/15/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1126954 |
| **Leander Independent School District** | **Leander Independent School District** | **Leander Independent School District** | **Leander Independent School District** | **Leander Independent School District** |
| Refunding GO Bonds Series 2016 A  | 4.33% | 08/16/42 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 168672 |
| **Lewisville Independent School District** | **Lewisville Independent School District** | **Lewisville Independent School District** | **Lewisville Independent School District** | **Lewisville Independent School District** |
| GO Bonds Series 2024  | 5.00% | 08/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 495156 |
| GO Bonds Series 2024  | 5.00% | 08/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 357082 |
| GO Bonds Series 2024  | 5.00% | 08/15/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 138783 |
| GO Bonds Series 2024  | 5.00% | 08/15/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 49441 |
| **Lower Colorado River Authority** | **Lower Colorado River Authority** | **Lower Colorado River Authority** | **Lower Colorado River Authority** | **Lower Colorado River Authority** |
| RB Transmission Services Corp. Series 2019 A  | 4.00% | 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 70953 |
| RB Transmission Services Corp. Series 2020 A  | 5.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101738 |
| RB Transmission Services Corp. Series 2021 A  | 5.00% | 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026152 |
| RB Transmission Services Corp. Series 2021 A  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 244814 |
| RB Transmission Services Corp. Series 2024 A  | 5.00% | 05/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030509 |
| Refunding RB Transmission Services Corp. Series 2018  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45824 |
| Refunding RB Transmission Services Corp. Series 2018  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151654 |
| Refunding RB Transmission Services Corp. Series 2022  | 5.00% | 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 158729 |
| Refunding RB Transmission Services Corp. Series 2023  | 5.50% | 05/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532472 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.00% | 05/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77384 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.00% | 05/15/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 148555 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.00% | 05/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 68484 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.25% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2201543 |
| Refunding RB Transmission Services Corp. Series 2023 A  | 5.25% | 05/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261369 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**301**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Transmission Services Corp. Series 2024  | 5.00% | 05/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257860 |
| Refunding RB Transmission Services Corp. Series 2024  | 5.25% | 05/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp; 851546 |
| **Mabank Independent School District** | **Mabank Independent School District** | **Mabank Independent School District** | **Mabank Independent School District** | **Mabank Independent School District** |
| Refunding GO Bonds Series 2024  | 4.00% | 08/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234777 |
| **Manor Independent School District** | **Manor Independent School District** | **Manor Independent School District** | **Manor Independent School District** | **Manor Independent School District** |
| GO Bonds Series 2020  | 3.00% | 08/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 109606 |
| **Mansfield Independent School District** | **Mansfield Independent School District** | **Mansfield Independent School District** | **Mansfield Independent School District** | **Mansfield Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 473226 |
| **Medina Valley Independent School District** | **Medina Valley Independent School District** | **Medina Valley Independent School District** | **Medina Valley Independent School District** | **Medina Valley Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1466432 |
| **Melissa Independent School District** | **Melissa Independent School District** | **Melissa Independent School District** | **Melissa Independent School District** | **Melissa Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/01/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 280254 |
| **Mesquite Independent School District** | **Mesquite Independent School District** | **Mesquite Independent School District** | **Mesquite Independent School District** | **Mesquite Independent School District** |
| Refunding GO Bonds Series 2025  | 5.25% | 08/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1066303 |
| **Midland Independent School District** | **Midland Independent School District** | **Midland Independent School District** | **Midland Independent School District** | **Midland Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 70205 |
| GO Bonds Series 2024  | 4.00% | 02/15/43 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99304 |
| GO Bonds Series 2024  | 5.00% | 02/15/50 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15758 |
| GO Bonds Series 2024  | 5.00% | 02/15/50 *(a)(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52526 |
| GO Bonds Series 2024  | 5.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86193 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp; 485065 |
| **Montgomery Independent School District** | **Montgomery Independent School District** | **Montgomery Independent School District** | **Montgomery Independent School District** | **Montgomery Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 264486 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 928835 |
| **New Caney Independent School District** | **New Caney Independent School District** | **New Caney Independent School District** | **New Caney Independent School District** | **New Caney Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 591025 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 299302 |
| Refunding GO Bonds Series 2023  | 5.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129740 |
| **North East Independent School District** | **North East Independent School District** | **North East Independent School District** | **North East Independent School District** | **North East Independent School District** |
| Refunding GO Bonds Series 2007  | 5.25% | 02/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216355 |
| **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** | **North East Texas Regional Mobility Authority** |
| RB Series 2016  | 5.00% | 01/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 |
| **North Harris County Regional Water Authority** | **North Harris County Regional Water Authority** | **North Harris County Regional Water Authority** | **North Harris County Regional Water Authority** | **North Harris County Regional Water Authority** |
| Refunding RB Series 2016  | 4.00% | 12/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 742865 |
| **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** |
| Refunding RB Series 2025  | 5.00% | 09/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 779776 |
| Refunding RB Series 2025  | 5.00% | 09/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1347618 |
| **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** |
| Refunding RB Series 2008 D  | 3.24% | 01/01/28 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 103799 |
| Refunding RB Series 2008 D  | 3.35% | 01/01/29 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 141945 |
| Refunding RB Series 2008 D  | 3.40% | 01/01/30 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 102132 |
| Refunding RB Series 2008 D  | 3.41% | 01/01/31 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp; 232389 |
| Refunding RB Series 2008 D  | 3.62% | 01/01/32 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 83299 |
| Refunding RB Series 2008 D  | 3.72% | 01/01/34 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 108349 |
| Refunding RB Series 2008 D  | 3.73% | 01/01/35 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 241993 |
| Refunding RB Series 2008 D  | 3.56% | 01/01/36 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 53491 |
| Refunding RB Series 2008 D  | 3.75% | 01/01/38 *(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1930000 | &nbsp;&nbsp; 1251743 |
| Refunding RB Series 2016 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Refunding RB Series 2016 A  | 4.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp; 565014 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140000 |

---

*See financial notes*

**302**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2017 A  | 5.00% | 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275000 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2553702 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 300697 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 170107 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 250317 |
| Refunding RB Series 2017 A  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 116807 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50000 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 367877 |
| Refunding RB Series 2017 B  | 5.00% | 01/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 459180 |
| Refunding RB Series 2018  | 5.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 303853 |
| Refunding RB Series 2018  | 4.25% | 01/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45512 |
| Refunding RB Series 2019 A  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126181 |
| Refunding RB Series 2019 A  | 5.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 299036 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102378 |
| Refunding RB Series 2019 B  | 5.00% | 01/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106916 |
| Refunding RB Series 2020 A  | 3.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94642 |
| Refunding RB Series 2020 A  | 4.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60567 |
| Refunding RB Series 2020 A  | 3.00% | 01/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46468 |
| Refunding RB Series 2022 A  | 4.13% | 01/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 91238 |
| Refunding RB Series 2022 B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 430000 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120000 |
| Refunding RB Series 2023 A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 845523 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 126972 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218552 |
| Refunding RB Series 2024 A  | 5.25% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 121389 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1635789 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333025 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 101495 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 176674 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114889 |
| Refunding RB Series 2024 B  | 5.00% | 01/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 353597 |
| Refunding RB Series 2025 A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 534827 |
| Refunding RB Tollway System Series 2019 A  | 4.00% | 01/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 474395 |
| **Northwest Independent School District** | **Northwest Independent School District** | **Northwest Independent School District** | **Northwest Independent School District** | **Northwest Independent School District** |
| GO Bonds Series 2022 A  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1915000 | &nbsp;&nbsp; 1986866 |
| GO Bonds Series 2023  | 4.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94595 |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 5055000 | &nbsp;&nbsp; 5244705 |
| GO Bonds Series 2024  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 321222 |
| GO Bonds Series 2024 A  | 5.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10362 |
| GO Bonds Series 2025  | 5.00% | 02/15/55 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | &nbsp;&nbsp; 5736012 |
| **Pasadena Independent School District** | **Pasadena Independent School District** | **Pasadena Independent School District** | **Pasadena Independent School District** | **Pasadena Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104570 |
| GO Bonds Series 2023  | 4.25% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194405 |
| **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** |
| Refunding RB Series 2025 A  | 5.00% | 07/01/31 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 281541 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 368473 |
| **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** | **Permanent University Fund - University of Texas System** |
| RB Series 2022 A  | 5.00% | 07/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp; 1800802 |
| Refunding RB Series 2007 B  | 5.25% | 07/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15205 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**303**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2007 B  | 5.25% | 07/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106675 |
| Refunding RB Series 2007 B  | 5.25% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 357825 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57200 |
| Refunding RB Series 2023 A  | 5.00% | 07/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 171107 |
| Refunding RB Series 2023 A  | 4.00% | 07/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 284081 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 197366 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 116352 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp; 502345 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3390000 | &nbsp;&nbsp; 3882940 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 295762 |
| Refunding RB Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112861 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 40589 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 241874 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/36  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 148129 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/37 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 377720 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 397862 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1171306 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/39  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 238111 |
| Refunding RB Series 2025 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 212456 |
| **Pflugerville Independent School District** | **Pflugerville Independent School District** | **Pflugerville Independent School District** | **Pflugerville Independent School District** | **Pflugerville Independent School District** |
| GO Bonds Series 2023 A  | 5.00% | 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153356 |
| **Plano Independent School District** | **Plano Independent School District** | **Plano Independent School District** | **Plano Independent School District** | **Plano Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 123791 |
| GO Bonds Series 2023  | 5.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 110944 |
| GO Bonds Series 2023  | 5.00% | 02/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 314079 |
| GO Bonds Series 2023  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106984 |
| GO Bonds Series 2023  | 5.00% | 02/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180592 |
| GO Bonds Series 2025  | 5.00% | 02/15/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 591191 |
| GO Bonds Series 2025  | 5.00% | 02/15/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 203957 |
| GO Bonds Series 2025  | 5.00% | 02/15/32 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 567170 |
| **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** | **Port Authority of Houston of Harris County Texas** |
| RB Series 2021  | 5.00% | 10/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205147 |
| **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** |
| GO Bonds Series 2022  | 4.00% | 02/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136893 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 226954 |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 2129371 |
| GO Bonds Series 2024  | 4.25% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 905000 | &nbsp;&nbsp; 855534 |
| GO Bonds Series 2024 A  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 278159 |
| Refunding GO Bonds Series 2025  | 4.50% | 02/15/55 *(a)(c)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1229010 |
| **Richardson Independent School District** | **Richardson Independent School District** | **Richardson Independent School District** | **Richardson Independent School District** | **Richardson Independent School District** |
| GO Bonds Series 2021  | 4.00% | 02/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 80917 |
| **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** |
| GO Bonds Series 2022 A  | 5.00% | 02/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 190826 |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1145650 |
| **Round Rock Independent School District** | **Round Rock Independent School District** | **Round Rock Independent School District** | **Round Rock Independent School District** | **Round Rock Independent School District** |
| GO Bonds Series 2025 B  | 4.00% | 08/01/44 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp; 583933 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 08/01/30 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 48767 |
| Refunding GO Bonds Series 2019 A  | 5.00% | 08/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10819 |
| Refunding GO Bonds Series 2019 A  | 4.00% | 08/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260648 |

---

*See financial notes*

**304**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Royse City Independent School District** | **Royse City Independent School District** | **Royse City Independent School District** | **Royse City Independent School District** | **Royse City Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 125060 |
| **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** | **Sabine-Neches Navigation District** |
| GO Bonds Series 2022  | 4.63% | 02/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35134 |
| **Salado Independent School District** | **Salado Independent School District** | **Salado Independent School District** | **Salado Independent School District** | **Salado Independent School District** |
| GO Bonds Series 2024  | 4.25% | 02/15/54 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241361 |
| **San Antonio Independent School District** | **San Antonio Independent School District** | **San Antonio Independent School District** | **San Antonio Independent School District** | **San Antonio Independent School District** |
| GO Bonds Series 2022  | 5.00% | 08/15/47 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1555021 |
| **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** | **San Antonio Public Facilities Corp.** |
| Refunding RB Series 2012  | 4.00% | 09/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 490731 |
| Refunding RB Series 2022  | 5.00% | 09/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28111 |
| **San Antonio Water System** | **San Antonio Water System** | **San Antonio Water System** | **San Antonio Water System** | **San Antonio Water System** |
| RB Series 2020 C  | 4.00% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 914115 |
| RB Series 2022 B  | 5.25% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525617 |
| Refunding RB Series 2016 C  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 157686 |
| Refunding RB Series 2018 A  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76181 |
| Refunding RB Series 2023 A  | 5.25% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532040 |
| Refunding RB Series 2025 A  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141544 |
| **San Jacinto Community College District** | **San Jacinto Community College District** | **San Jacinto Community College District** | **San Jacinto Community College District** | **San Jacinto Community College District** |
| GO Bonds Series 2016 A  | 4.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499983 |
| GO Bonds Series 2019 A  | 5.00% | 02/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510951 |
| **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** | **Spring Branch Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1377705 |
| **Spring Independent School District** | **Spring Independent School District** | **Spring Independent School District** | **Spring Independent School District** | **Spring Independent School District** |
| GO Bonds Series 2023  | 5.00% | 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2081799 |
| GO Bonds Series 2023  | 4.00% | 08/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 803635 |
| Refunding GO Bonds Series 2025  | 5.25% | 08/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536858 |
| **State of Texas** | **State of Texas** | **State of Texas** | **State of Texas** | **State of Texas** |
| GO Bonds Series 2025 E  | 4.75% | 02/01/56 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1012500 |
| Refunding GO Bonds Series 2015 A  | 3.30% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300097 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52156 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 623900 |
| Refunding GO Bonds Series 2017 A  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 166160 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119959 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 151157 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41651 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155975 |
| Refunding GO Bonds Series 2017 B  | 5.00% | 10/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51925 |
| Refunding GO Bonds Series 2022 B  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 35022 |
| Refunding GO Bonds Series 2025  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260962 |
| Refunding GO Bonds Series 2025  | 5.00% | 10/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1090550 |
| Refunding GO Bonds Series 2025  | 5.00% | 10/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 293964 |
| Refunding GO Bonds Series 2025  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1691361 |
| Refunding GO Bonds Series 2025  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1639614 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101857 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287058 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 144229 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113138 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 80344 |
| Refunding GO Bonds Department of Transportation Texas Mobility Fund Series 2024  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 717910 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**305**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tarrant County Hospital District** | **Tarrant County Hospital District** | **Tarrant County Hospital District** | **Tarrant County Hospital District** | **Tarrant County Hospital District** |
| GO Bonds Series 2023  | 4.00% | 08/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 488608 |
| GO Bonds Series 2023  | 4.25% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 190697 |
| GO Bonds Series 2023  | 5.25% | 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 41750 |
| **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** | **Tarrant Regional Water District Water Supply System Revenue** |
| Refunding RB Series 2024  | 5.00% | 03/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54864 |
| Refunding RB Series 2024  | 5.00% | 03/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 152903 |
| Refunding RB Series 2024  | 5.00% | 03/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115378 |
| Refunding RB Series 2024  | 4.00% | 03/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45158 |
| **Temple College** | **Temple College** | **Temple College** | **Temple College** | **Temple College** |
| GO Bonds Series 2021  | 3.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 153537 |
| **Texas A&M University** | **Texas A&M University** | **Texas A&M University** | **Texas A&M University** | **Texas A&M University** |
| RB Series 2024 A  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103398 |
| RB Series 2024 A  | 5.00% | 05/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163719 |
| Refunding RB Series 2017 E  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103398 |
| **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** | **Texas Department of Transportation State Highway Fund** |
| RB Series 2016 A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 157902 |
| Refunding RB Series 2015  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; 376927 |
| Refunding RB Series 2024  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 527057 |
| Refunding RB Series 2024  | 5.00% | 10/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 185448 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 5.00% | 12/31/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 112456 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 5.00% | 12/31/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 234480 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 5.00% | 12/31/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180215 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 4.00% | 12/31/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315533 |
| Refunding RB NTE Mobility Partners LLC Series 2019 A  | 4.00% | 12/31/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 178358 |
| **Texas State Technical College** | **Texas State Technical College** | **Texas State Technical College** | **Texas State Technical College** | **Texas State Technical College** |
| RB Series 2022 A  | 5.50% | 08/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 546360 |
| **Texas State University System** | **Texas State University System** | **Texas State University System** | **Texas State University System** | **Texas State University System** |
| Refunding RB Series 2017 A  | 5.00% | 03/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154359 |
| Refunding RB Series 2017 A  | 5.00% | 03/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 190390 |
| Refunding RB Series 2017 A  | 5.00% | 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 56593 |
| Refunding RB Series 2017 A  | 5.00% | 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 359675 |
| Refunding RB Series 2024  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 219457 |
| Refunding RB Series 2024  | 5.00% | 03/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113258 |
| Refunding RB Series 2024  | 5.00% | 03/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 372612 |
| **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 65396 |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108030 |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 142273 |
| Refunding GO Bonds Series 2024  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 288119 |
| **Texas Transportation Commission State Highway 249 System** | **Texas Transportation Commission State Highway 249 System** | **Texas Transportation Commission State Highway 249 System** | **Texas Transportation Commission State Highway 249 System** | **Texas Transportation Commission State Highway 249 System** |
| RB Series 2019 A  | 4.97% | 08/01/52 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp; 237039 |
| **Texas Transportation Finance Corp.** | **Texas Transportation Finance Corp.** | **Texas Transportation Finance Corp.** | **Texas Transportation Finance Corp.** | **Texas Transportation Finance Corp.** |
| RB Series 2025 A  | 5.00% | 10/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1147541 |
| RB Series 2025 A  | 5.00% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 781964 |
| RB Series 2025 A  | 5.25% | 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2342231 |
| RB Series 2025 A  | 5.25% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529420 |
| RB Series 2025 A  | 5.50% | 10/01/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1353119 |

---

*See financial notes*

**306**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Texas Water Development Board** | **Texas Water Development Board** | **Texas Water Development Board** | **Texas Water Development Board** | **Texas Water Development Board** |
| RB State Revolving Fund Series 2022  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 129528 |
| RB State Revolving Fund Series 2025  | 4.00% | 10/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029788 |
| RB State Revolving Fund Series 2025  | 4.25% | 10/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103379 |
| RB State Revolving Fund Series 2025  | 4.75% | 10/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1525126 |
| RB State Revolving Fund Series 2025  | 4.75% | 10/15/55 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2009692 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 5.00% | 10/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40065 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 5.00% | 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25038 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 4.00% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 629565 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 4.00% | 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96370 |
| RB State Water Implementation Revenue Fund for Texas Series 2015 A  | 4.00% | 10/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23035 |
| RB State Water Implementation Revenue Fund for Texas Series 2016  | 4.00% | 10/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24449 |
| RB State Water Implementation Revenue Fund for Texas Series 2016  | 5.00% | 10/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 335386 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 5.00% | 04/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104202 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 5.00% | 10/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp; 332769 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 4.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4085000 | &nbsp;&nbsp; 4122189 |
| RB State Water Implementation Revenue Fund for Texas Series 2017 A  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151877 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 4.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 127462 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 4.00% | 10/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80837 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 5.00% | 10/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204680 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 A  | 4.00% | 04/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 186723 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 90812 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 04/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5335 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 10/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106432 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 4.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 118070 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 4.00% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50825 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 4.00% | 10/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 172901 |
| RB State Water Implementation Revenue Fund for Texas Series 2018 B  | 5.00% | 04/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 336718 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 3.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45007 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 3.00% | 10/15/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124374 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 3.00% | 10/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98548 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 346654 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 228884 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 371096 |
| RB State Water Implementation Revenue Fund for Texas Series 2019 A  | 4.00% | 10/15/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 313925 |
| RB State Water Implementation Revenue Fund for Texas Series 2020  | 4.00% | 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; 645679 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.45% | 10/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53396 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.55% | 10/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 42549 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.65% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 184703 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.75% | 10/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 141120 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp; 2008849 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 4.80% | 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 1869448 |
| RB State Water Implementation Revenue Fund for Texas Series 2022  | 5.00% | 10/15/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp; 891686 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 5.00% | 10/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33831 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 4.60% | 10/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 240385 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 4.88% | 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30813 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 5.25% | 10/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 880000 | &nbsp;&nbsp; 930198 |
| RB State Water Implementation Revenue Fund for Texas Series 2023 A  | 5.00% | 10/15/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 672105 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 5.00% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 116759 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 4.00% | 10/15/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 520734 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**307**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 4.00% | 10/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp; 538463 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 5.00% | 10/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157010 |
| RB State Water Implementation Revenue Fund for Texas Series 2024 A  | 4.38% | 10/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5225000 | &nbsp;&nbsp; 4907622 |
| RB Water Implementation Revenue Fund Series 2017 A  | 5.00% | 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31245 |
| RB Water Implementation Revenue Fund Series 2017 A  | 4.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 395136 |
| **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** | **Trinity River Authority Central Regional Wastewater System Revenue** |
| Refunding RB Series 2017  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36363 |
| Refunding RB Series 2020  | 3.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151538 |
| Refunding RB Series 2020  | 3.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251508 |
| **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** |
| Refunding RB Series 2017 A  | 5.00% | 02/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 140310 |
| **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** | **Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue** |
| RB Series 2024  | 4.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 103740 |
| **Waller Consolidated Independent School District** | **Waller Consolidated Independent School District** | **Waller Consolidated Independent School District** | **Waller Consolidated Independent School District** | **Waller Consolidated Independent School District** |
| GO Bonds Series 2020  | 4.00% | 02/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 97520 |
| **Waxahachie Independent School District** | **Waxahachie Independent School District** | **Waxahachie Independent School District** | **Waxahachie Independent School District** | **Waxahachie Independent School District** |
| GO Bonds Series 2023  | 5.00% | 02/15/48 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 3975000 | &nbsp;&nbsp; 4155232 |
| GO Bonds Series 2023  | 4.25% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 341830 |
| GO Bonds Series 2024  | 4.00% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 530000 | &nbsp;&nbsp; 498675 |
| GO Bonds Series 2024  | 4.00% | 02/15/53 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 161451 |
| **Weslaco Independent School District** | **Weslaco Independent School District** | **Weslaco Independent School District** | **Weslaco Independent School District** | **Weslaco Independent School District** |
| GO Bonds Series 2024  | 4.13% | 02/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 105943 |
| **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** | **West Harris County Regional Water Authority** |
| Refunding RB Series 2021  | 3.50% | 12/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63712 |
| **West Travis County Public Utility Agency** | **West Travis County Public Utility Agency** | **West Travis County Public Utility Agency** | **West Travis County Public Utility Agency** | **West Travis County Public Utility Agency** |
| Refunding RB Series 2017  | 4.00% | 08/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 173826 |
| **White Settlement Independent School District** | **White Settlement Independent School District** | **White Settlement Independent School District** | **White Settlement Independent School District** | **White Settlement Independent School District** |
| GO Bonds Series 2022  | 4.00% | 08/15/52 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 183214 |
| **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** | **Wylie Independent School District/Collin County** |
| GO Bonds Series 2024  | 5.25% | 08/15/49 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238244 |
| **Ysleta Independent School District** | **Ysleta Independent School District** | **Ysleta Independent School District** | **Ysleta Independent School District** | **Ysleta Independent School District** |
| GO Bonds Series 2020  | 4.00% | 08/15/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93347 |
|  |  |  |  | &nbsp;&nbsp; **278631527** |
| **UTAH** 0.4%  | **UTAH** 0.4%  | **UTAH** 0.4%  | **UTAH** 0.4%  | **UTAH** 0.4%  |
| **Central Valley Water Reclamation Facility** | **Central Valley Water Reclamation Facility** | **Central Valley Water Reclamation Facility** | **Central Valley Water Reclamation Facility** | **Central Valley Water Reclamation Facility** |
| RB Series 2021 C  | 4.00% | 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; 619433 |
| **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** |
| RB Series 2017 B  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101541 |
| RB Series 2017 B  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25225 |
| RB Series 2021 B  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77434 |
| **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** | **City of Salt Lake City Public Utilities Revenue** |
| RB Series 2022  | 5.00% | 02/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 61909 |
| **Intermountain Power Agency** | **Intermountain Power Agency** | **Intermountain Power Agency** | **Intermountain Power Agency** | **Intermountain Power Agency** |
| RB Series 2023 A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105750 |
| RB Series 2023 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113441 |
| RB Series 2023 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 314353 |
| RB Series 2023 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 328818 |
| RB Series 2023 A  | 5.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 239131 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 167781 |

---

*See financial notes*

**308**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2022 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 833179 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 99648 |
| Refunding RB Series 2022 A  | 4.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 537235 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 258604 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp; 944348 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp; 402708 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119612 |
| Refunding RB Series 2022 A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 196638 |
| **State of Utah** | **State of Utah** | **State of Utah** | **State of Utah** | **State of Utah** |
| GO Bonds Series 2020  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21265 |
| GO Bonds Series 2020  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107554 |
| GO Bonds Series 2020  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53757 |
| GO Bonds Series 2020  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214877 |
| GO Bonds Series 2020 B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129727 |
| **Timpanogos Special Service District** | **Timpanogos Special Service District** | **Timpanogos Special Service District** | **Timpanogos Special Service District** | **Timpanogos Special Service District** |
| Refunding RB Series 2024  | 5.00% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 46680 |
| **University of Utah** | **University of Utah** | **University of Utah** | **University of Utah** | **University of Utah** |
| RB Series 2022 A  | 5.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 130098 |
| RB Series 2022 A  | 4.00% | 08/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 136012 |
| RB Series 2022 B  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55239 |
| RB Series 2022 B  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 215809 |
| RB Series 2023 B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp; 510263 |
| RB Series 2023 B  | 5.25% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp; 306449 |
| **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** | **Utah Telecommunication Open Infrastructure Agency** |
| Refunding RB Series 2022  | 5.25% | 06/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 44672 |
| Refunding RB Series 2022  | 4.38% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156191 |
| **Utah Transit Authority** | **Utah Transit Authority** | **Utah Transit Authority** | **Utah Transit Authority** | **Utah Transit Authority** |
| Refunding RB Series 2018  | 4.00% | 12/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 115139 |
| Refunding RB Series 2024  | 5.00% | 06/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1159798 |
| Refunding RB Series 2024  | 5.00% | 06/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 183030 |
| Refunding RB Series 2024  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 502303 |
| Refunding RB Series 2024  | 5.00% | 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282193 |
| Refunding RB Series 2024  | 5.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 451415 |
| Refunding RB Series 2025  | 5.00% | 12/15/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 260443 |
|  |  |  |  | &nbsp;&nbsp; **10629702** |
| **VERMONT** 0.0%  | **VERMONT** 0.0%  | **VERMONT** 0.0%  | **VERMONT** 0.0%  | **VERMONT** 0.0%  |
| **University of Vermont & State Agricultural College** | **University of Vermont & State Agricultural College** | **University of Vermont & State Agricultural College** | **University of Vermont & State Agricultural College** | **University of Vermont & State Agricultural College** |
| Refunding RB Series 2015  | 4.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; **249166** |
| **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  |
| **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** |
| RB Series 2016  | 5.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1151448 |
| **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** | **Chesterfield County Economic Development Authority** |
| RB Series 2024  | 5.00% | 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62893 |
| **City of Alexandria** | **City of Alexandria** | **City of Alexandria** | **City of Alexandria** | **City of Alexandria** |
| GO Bonds Series 2019 A  | 3.00% | 07/15/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 196458 |
| GO Bonds Series 2023  | 5.00% | 12/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5960000 | &nbsp;&nbsp; 6790066 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**309**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** | **City of Richmond Public Utility Revenue** |
| RB Series 2016  | 5.00% | 01/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 130117 |
| RB Series 2016  | 5.00% | 01/15/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250225 |
| RB Series 2016  | 5.00% | 01/15/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225202 |
| **Commonwealth of Virginia** | **Commonwealth of Virginia** | **Commonwealth of Virginia** | **Commonwealth of Virginia** | **Commonwealth of Virginia** |
| Refunding GO Bonds Series 2025 B  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 267764 |
| **County of Fairfax** | **County of Fairfax** | **County of Fairfax** | **County of Fairfax** | **County of Fairfax** |
| Refunding GO Bonds Series 2016 A  | 4.00% | 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75263 |
| **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** | **County of Fairfax Sewer Revenue** |
| RB Series 2021 A  | 5.00% | 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2415000 | &nbsp;&nbsp; 2527769 |
| **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** | **Hampton Roads Transportation Accountability Commission** |
| RB Roads Transportation Fund Series 2018 A  | 5.00% | 07/01/52 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115641 |
| RB Roads Transportation Fund Series 2020 A  | 4.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24274 |
| RB Roads Transportation Fund Series 2020 A  | 4.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91807 |
| RB Roads Transportation Fund Series 2020 A  | 5.00% | 07/01/60 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 148118 |
| RB Roads Transportation Fund Series 2023 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 569813 |
| RB Transportation Fund Series 2018 A  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 507156 |
| RB Transportation Fund Series 2018 A  | 5.50% | 07/01/57 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 811648 |
| RB Transportation Fund Series 2020 A  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256579 |
| RB Transportation Fund Series 2022 A  | 4.00% | 07/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 593237 |
| RB Transportation Fund Series 2022 A  | 4.00% | 07/01/57 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp; 578732 |
| **Loudoun County Economic Development Authority** | **Loudoun County Economic Development Authority** | **Loudoun County Economic Development Authority** | **Loudoun County Economic Development Authority** | **Loudoun County Economic Development Authority** |
| Refunding RB Howard Hughes Medical Institute Series 2022 A  | 4.00% | 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 467655 |
| **University of Virginia** | **University of Virginia** | **University of Virginia** | **University of Virginia** | **University of Virginia** |
| RB Series 2015 A-2  | 5.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75001 |
| RB Series 2019 B  | 5.00% | 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103320 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 82204 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152826 |
| Refunding RB Series 2017 A  | 5.00% | 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25308 |
| **Virginia College Building Authority** | **Virginia College Building Authority** | **Virginia College Building Authority** | **Virginia College Building Authority** | **Virginia College Building Authority** |
| RB Series 2024 A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 231262 |
| RB Series 2024 A  | 4.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020301 |
| RB Series 2024 A  | 4.00% | 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 109044 |
| RB Series 2024 A  | 4.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 978050 |
| RB Commonwealth of Virginia Series 2017 C  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102642 |
| RB Commonwealth of Virginia Series 2017 C  | 3.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 413246 |
| RB Commonwealth of Virginia Series 2019 A  | 3.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 99958 |
| RB Commonwealth of Virginia Series 2019 A  | 3.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 468962 |
| RB Commonwealth of Virginia Series 2019 A  | 3.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46320 |
| RB Commonwealth of Virginia Series 2021 A  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 554673 |
| RB Commonwealth of Virginia Series 2021 A  | 3.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 168438 |
| RB Commonwealth of Virginia Series 2021 A  | 4.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 128769 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107595 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 94736 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 105274 |
| RB Commonwealth of Virginia Series 2022 A  | 5.25% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43596 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138668 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp; 823099 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 164875 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85412 |

---

*See financial notes*

**310**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112411 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 122758 |
| RB Commonwealth of Virginia Series 2023 A  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27185 |
| RB Commonwealth of Virginia Series 2023 A  | 5.25% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81913 |
| RB Commonwealth of Virginia Series 2024 A  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112989 |
| Refunding RB Series 2017 E  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263058 |
| Refunding RB Series 2019 C  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 110430 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250492 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 195163 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 178791 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210453 |
| Refunding RB Commonwealth of Virginia Series 2017 E  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52617 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 118354 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 500121 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 162572 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62688 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp; 1005217 |
| Refunding RB Commonwealth of Virginia Series 2023 B  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 216377 |
| **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** | **Virginia Commonwealth Transportation Board** |
| RB Commonwealth of Virginia Series 2018  | 4.00% | 05/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4991732 |
| Refunding RB Series 2017  | 5.00% | 09/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 187751 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100936 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25863 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 366469 |
| Refunding RB Series 2017 A  | 5.00% | 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 496329 |
| Refunding RB Series 2022  | 5.00% | 05/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp; 120373 |
| Refunding RB Series 2022  | 4.00% | 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 74357 |
| Refunding RB Commonwealth of Virginia Series 2024  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 191387 |
| Refunding RB Commonwealth of Virginia Series 2024  | 5.00% | 05/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 237901 |
| **Virginia Public Building Authority** | **Virginia Public Building Authority** | **Virginia Public Building Authority** | **Virginia Public Building Authority** | **Virginia Public Building Authority** |
| RB Commonwealth of Virginia Series 2021 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 39207 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47278 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104373 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102737 |
| RB Commonwealth of Virginia Series 2021 A-2  | 4.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167606 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 111480 |
| RB Commonwealth of Virginia Series 2022 A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 664750 |
| RB Commonwealth of Virginia Series 2022 A  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500669 |
| Refunding RB Commonwealth of Virginia Series 2016 B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101446 |
| **Virginia Public School Authority** | **Virginia Public School Authority** | **Virginia Public School Authority** | **Virginia Public School Authority** | **Virginia Public School Authority** |
| Refunding RB Series 2025 B  | 5.00% | 08/01/26 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 344837 |
| Refunding RB Series 2025 B  | 5.00% | 08/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 285982 |
| **Virginia Resources Authority** | **Virginia Resources Authority** | **Virginia Resources Authority** | **Virginia Resources Authority** | **Virginia Resources Authority** |
| Refunding RB Series 2016 C  | 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10007 |
|  |  |  |  | &nbsp;&nbsp; **35222503** |
| **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  | **WASHINGTON** 2.6%  |
| **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 469587 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261587 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**311**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 712639 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 233562 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112765 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 562358 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 95183 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 3.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48211 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 5.00% | 11/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276720 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 87090 |
| Refunding RB Sales Motor Vehicle & Rental Car Tax Series 2021 S-1  | 4.00% | 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 415745 |
| **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** | **City of Seattle Drainage & Wastewater Revenue** |
| Refunding RB Series 2014  | 4.00% | 05/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 122200 |
| **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** | **City of Seattle Municipal Light & Power Revenue** |
| RB Series 2015 A  | 4.00% | 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 144853 |
| Refunding RB Series 2014  | 4.00% | 09/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96972 |
| Refunding RB Series 2022  | 5.00% | 07/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103953 |
| Refunding RB Series 2023 A  | 5.00% | 03/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56013 |
| Refunding RB Series 2023 A  | 5.00% | 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1241647 |
| **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** | **City of Tacoma Electric System Revenue** |
| Refunding RB Series 2013 A  | 4.00% | 01/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98462 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516067 |
| **County of King** | **County of King** | **County of King** | **County of King** | **County of King** |
| GO Bonds Series 2021 A  | 4.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; 131961 |
| GO Bonds Series 2021 A  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27463 |
| GO Bonds Series 2021 A  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56026 |
| Refunding GO Bonds Series 2017  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30558 |
| **County of King Sewer Revenue** | **County of King Sewer Revenue** | **County of King Sewer Revenue** | **County of King Sewer Revenue** | **County of King Sewer Revenue** |
| Refunding RB Series 2016 A  | 4.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125016 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 236391 |
| Refunding RB Series 2016 B  | 4.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80493 |
| Refunding RB Series 2016 B  | 5.00% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100307 |
| Refunding RB Series 2024 A  | 5.00% | 01/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 115801 |
| Refunding RB Series 2024 B  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 285447 |
| Refunding RB Series 2025 A  | 5.00% | 01/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 524399 |
| **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** | **Douglas County Public Utility District No. 1 Wells Hydroelectric Project Revenue** |
| RB Series 2022 B  | 3.00% | 09/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75223 |
| **Energy Northwest** | **Energy Northwest** | **Energy Northwest** | **Energy Northwest** | **Energy Northwest** |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 217673 |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 318722 |
| Refunding RB Bonneville Power Administration Series 2016 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167051 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 339165 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1068955 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 129681 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145242 |
| Refunding RB Bonneville Power Administration Series 2017 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36086 |
| Refunding RB Bonneville Power Administration Series 2018 A  | 5.00% | 07/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 301587 |
| Refunding RB Bonneville Power Administration Series 2018 A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264053 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202487 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93404 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; 711530 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530794 |

---

*See financial notes*

**312**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 476875 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 242928 |
| Refunding RB Bonneville Power Administration Series 2018 C  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210775 |
| Refunding RB Bonneville Power Administration Series 2019 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 385130 |
| Refunding RB Bonneville Power Administration Series 2019 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 362548 |
| Refunding RB Bonneville Power Administration Series 2019 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 414515 |
| Refunding RB Bonneville Power Administration Series 2020 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; 75884 |
| Refunding RB Bonneville Power Administration Series 2021 A  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268902 |
| Refunding RB Bonneville Power Administration Series 2021 A  | 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 624615 |
| Refunding RB Bonneville Power Administration Series 2021 A  | 4.00% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003605 |
| Refunding RB Bonneville Power Administration Series 2022 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 555209 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 4.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26577 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 672869 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 399913 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 107817 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 721714 |
| Refunding RB Bonneville Power Administration Series 2023 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp; 344961 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 423544 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 114465 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 261793 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 3320514 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 170512 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112980 |
| Refunding RB Bonneville Power Administration Series 2024 A  | 5.00% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 167442 |
| Refunding RB Bonneville Power Administration Series 2024 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 223017 |
| Refunding RB Bonneville Power Administration Series 2025 A  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 572326 |
| **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** | **Franklin County School District No. 1 Pasco** |
| Refunding GO Bonds Series 2023  | 4.00% | 12/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52067 |
| Refunding GO Bonds Series 2023  | 5.50% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50996 |
| Refunding GO Bonds Series 2023  | 4.25% | 12/01/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25657 |
| **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** | **King & Snohomish Counties School District No. 417 Northshore** |
| GO Bonds Series 2018  | 5.00% | 12/01/35 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104808 |
| Refunding GO Bonds Series 2022  | 5.00% | 12/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 119680 |
| Refunding GO Bonds Series 2024  | 5.00% | 12/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 197136 |
| Refunding GO Bonds Series 2024  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279487 |
| **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** | **King County Public Hospital District No. 2** |
| GO Bonds Series 2020 A  | 4.00% | 12/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 91704 |
| **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** |
| GO Bonds Series 2023  | 4.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45247 |
| **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** | **King County School District No. 411 Issaquah** |
| GO Bonds Series 2016  | 4.00% | 12/01/31 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50241 |
| **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** | **King County School District No. 414 Lake Washington** |
| Refunding GO Bonds Series 2020  | 4.00% | 12/01/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15599 |
| Refunding GO Bonds Series 2020  | 4.00% | 12/01/29 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 100091 |
| **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** | **Pierce County School District No. 10 Tacoma** |
| GO Bonds Series 2020 B  | 4.00% | 12/01/41 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 145765 |
| **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** |
| Refunding RB Series 2022 A  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 133077 |
| **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** | **Snohomish County School District No. 15 Edmonds** |
| Refunding GO Bonds Series 2024  | 5.00% | 12/01/40 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55781 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**313**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** | **Spokane County School District No. 81 Spokane** |
| GO Bonds Series 2019  | 5.00% | 12/01/36 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213097 |
| Refunding GO Bonds Series 2021  | 4.00% | 12/01/38 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 528672 |
| **State of Washington** | **State of Washington** | **State of Washington** | **State of Washington** | **State of Washington** |
| GO Bonds Series 2017 A  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25492 |
| GO Bonds Series 2017 D  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147862 |
| GO Bonds Series 2018 C  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6155051 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211835 |
| GO Bonds Series 2019 A  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 264028 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 159592 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105808 |
| GO Bonds Series 2020 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp; 98856 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 178806 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32098 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 6565000 | &nbsp;&nbsp; 6999457 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 169131 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157843 |
| GO Bonds Series 2020 C  | 5.00% | 02/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209027 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32883 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 166876 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 26329 |
| GO Bonds Series 2021 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 157277 |
| GO Bonds Series 2021 C  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53199 |
| GO Bonds Series 2021 C  | 5.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 124874 |
| GO Bonds Series 2022 A-1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112994 |
| GO Bonds Series 2022 A-1  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 136680 |
| GO Bonds Series 2022 A-2  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 136261 |
| GO Bonds Series 2022 A-2  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp; 146047 |
| GO Bonds Series 2022 A-3  | 5.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62689 |
| GO Bonds Series 2022 A-3  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260590 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 33945 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 59171 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47394 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20955 |
| GO Bonds Series 2022 C  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 57311 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28656 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62573 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278935 |
| GO Bonds Series 2023 A  | 5.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266872 |
| GO Bonds Series 2023 B  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53167 |
| GO Bonds Series 2023 B  | 5.00% | 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 173636 |
| GO Bonds Series 2023 B  | 5.00% | 02/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 1357534 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34660 |
| GO Bonds Series 2024 A  | 5.00% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262307 |
| GO Bonds Series 2024 C  | 5.00% | 02/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34026 |
| GO Bonds Series 2024 C  | 5.00% | 02/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp; 62030 |
| GO Bonds Series 2024 C  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp; 36583 |
| GO Bonds Series 2025 C  | 5.00% | 02/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 11235 |
| GO Bonds Series 2025 C  | 5.00% | 02/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 123989 |
| GO Bonds Series 2025 C  | 5.00% | 02/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2099153 |

---

*See financial notes*

**314**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series R-2022 D  | 4.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 654807 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 80000 |
| Refunding GO Bonds Series 2016 B  | 5.00% | 07/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150000 |
| Refunding GO Bonds Series 2017 R-2018D  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 337024 |
| Refunding GO Bonds Series 2021  | 5.00% | 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10563 |
| Refunding GO Bonds Series 2023 R-2023A  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217753 |
| Refunding GO Bonds Series 2023 R-2023B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 445570 |
| Refunding GO Bonds Series 2024 R-2024C  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 319514 |
| Refunding GO Bonds Series 2024 R-2024C  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1610007 |
| Refunding GO Bonds Series 2024 R-2025A  | 4.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 261982 |
| Refunding GO Bonds Series 2024 R-2025B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 591728 |
| Refunding GO Bonds Series 2024 R-2025B  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217351 |
| Refunding GO Bonds Series R-2016 C  | 5.00% | 07/01/32 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp; 85000 |
| Refunding GO Bonds Series R-2017 A  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167130 |
| Refunding GO Bonds Series R-2017 A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 177269 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 62415 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259644 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 119418 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20718 |
| Refunding GO Bonds Series R-2018 C  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 160369 |
| Refunding GO Bonds Series R-2018 D  | 5.00% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156038 |
| Refunding GO Bonds Series R-2018 D  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15576 |
| Refunding GO Bonds Series R-2018 D  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103795 |
| Refunding GO Bonds Series R-2022 C  | 4.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 199582 |
| Refunding GO Bonds Series R-2022 C  | 4.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 166300 |
| Refunding GO Bonds Series R-2022 D  | 4.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4010000 | &nbsp;&nbsp; 4104230 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106505 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4810000 | &nbsp;&nbsp; 5545379 |
| Refunding GO Bonds Series R-2023 A  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 171935 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 243874 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 92104 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 324067 |
| Refunding GO Bonds Series R-2023 B  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 338623 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27219 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 141242 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 51564 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 113815 |
| Refunding GO Bonds Series R-2024 C  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; 89410 |
| Refunding GO Bonds Series R-2025 B  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 765350 |
| Refunding GO Bonds Series R-2025 B  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 473909 |
| Refunding GO Bonds Series R-2025 C  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54338 |
| Refunding GO Bonds Series R-2025 C  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 454493 |
| **University of Washington** | **University of Washington** | **University of Washington** | **University of Washington** | **University of Washington** |
| Refunding RB Series 2012 C  | 3.13% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp; 678634 |
| Refunding RB Series 2025 A  | 5.00% | 04/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 578182 |
| **Washington** | **Washington** | **Washington** | **Washington** | **Washington** |
| GO Refunding Bonds Series R2022C Series 2022 R-2022C  | 4.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302286 |
| GO Refunding Bonds Series R2023A Series R-2023 A  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 837074 |
| **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** | **Washington Biomed Research Properties Lease** |
| RB University of Washington Series 2015 A  | 4.00% | 01/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 469857 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**315**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** | **Washington State Convention Center Public Facilities District** |
| RB Lodging Tax Revenue Series 2018  | 5.00% | 07/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 472776 |
| RB Lodging Tax Revenue Series 2018  | 4.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 131403 |
| RB Lodging Tax Revenue Series 2018  | 4.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40326 |
| RB Lodging Tax Revenue Series 2018  | 5.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99256 |
| **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** | **Whatcom County School District No. 501 Bellingham** |
| Refunding GO Bonds Series 2023  | 5.00% | 12/01/39 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16542 |
|  |  |  |  | &nbsp;&nbsp; **71191327** |
| **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  | **WEST VIRGINIA** 0.0%  |
| **Marshall University** | **Marshall University** | **Marshall University** | **Marshall University** | **Marshall University** |
| Refunding RB Series 2020 A  | 3.00% | 05/01/46 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39626 |
| **West Virginia Parkways Authority** | **West Virginia Parkways Authority** | **West Virginia Parkways Authority** | **West Virginia Parkways Authority** | **West Virginia Parkways Authority** |
| RB Series 2018  | 4.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 138842 |
| RB Series 2021  | 5.00% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 196656 |
| RB Series 2021  | 4.00% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 113801 |
|  |  |  |  | &nbsp;&nbsp; **488925** |
| **WISCONSIN** 0.6%  | **WISCONSIN** 0.6%  | **WISCONSIN** 0.6%  | **WISCONSIN** 0.6%  | **WISCONSIN** 0.6%  |
| **Franklin Public School District** | **Franklin Public School District** | **Franklin Public School District** | **Franklin Public School District** | **Franklin Public School District** |
| GO Bonds Series 2025 A  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241568 |
| **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** |
| RB University of Kansas Series 2016  | 5.00% | 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25024 |
| **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** |
| GO Bonds Series 2025 3  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1106940 |
| GO Bonds Series 2025 3  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282071 |
| GO Bonds Series 2025 3  | 5.00% | 05/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1184950 |
| RB Series 2019 A  | 5.00% | 05/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 439305 |
| RB Series 2019 A  | 5.00% | 05/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206732 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142929 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 211891 |
| Refunding GO Bonds Series 2017  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 356757 |
| Refunding GO Bonds Series 2017 2  | 5.00% | 11/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 265440 |
| Refunding GO Bonds Series 2017 2  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 196386 |
| Refunding GO Bonds Series 2017 3  | 5.00% | 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 454790 |
| Refunding GO Bonds Series 2017 3  | 5.00% | 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517039 |
| Refunding GO Bonds Series 2021 1  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 31010 |
| Refunding GO Bonds Series 2022 4  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp; 71951 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56414 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 5140000 | &nbsp;&nbsp; 5967796 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp; 50947 |
| Refunding GO Bonds Series 2023 2  | 5.00% | 05/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 112445 |
| Refunding GO Bonds Series 2024 1  | 5.00% | 05/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 573201 |
| Refunding GO Bonds Series 2024 1  | 5.00% | 05/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 34954 |
| Refunding GO Bonds Series 2025 2  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20673 |
| Refunding RB Series 2019 A  | 5.00% | 05/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; 60493 |
| Refunding RB Series 2019 A  | 5.00% | 05/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206732 |
| **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** | **State of Wisconsin Environmental Improvement Fund Revenue** |
| RB Series 2024 A  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 300615 |

---

*See financial notes*

**316**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Village of Mount Pleasant** | **Village of Mount Pleasant** | **Village of Mount Pleasant** | **Village of Mount Pleasant** | **Village of Mount Pleasant** |
| Tax Allocation Tax Increment District No. 5 Series 2018 A  | 5.00% | 04/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51306 |
| **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** |
| RB Series 2020 C  | 4.84% | 12/15/50 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 237001 |
| RB Series 2020 C  | 4.84% | 12/15/60 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 86389 |
| RB Series 2020 D  | 5.14% | 12/15/45 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 118654 |
| RB Series 2020 D  | 5.20% | 12/15/55 *(a)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 116369 |
| **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** | **Wisconsin Department of Transportation** |
| Refunding RB Series 2017 1  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 316170 |
| Refunding RB Series 2017 1  | 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 274907 |
| Refunding RB Fee Revenue Series 2023 1  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 350102 |
| Refunding RB Fee Revenue Series 2024 2  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 384574 |
| Refunding RB Fee Revenue Series 2024 2  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 413235 |
| Refunding RB Fee Revenue Series 2025 1  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 163013 |
| **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** |
| Refunding RB Medical College of Wisconsin, Inc. Series 2016  | 4.00% | 12/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67666 |
| Refunding RB Medical College of Wisconsin, Inc. Series 2022  | 4.00% | 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87072 |
|  |  |  |  | &nbsp;&nbsp; **15785511** |
| **WYOMING** 0.1%  | **WYOMING** 0.1%  | **WYOMING** 0.1%  | **WYOMING** 0.1%  | **WYOMING** 0.1%  |
| **County of Campbell** | **County of Campbell** | **County of Campbell** | **County of Campbell** | **County of Campbell** |
| Refunding RB Basin Electric Power Cooperative Series 2019 A  | 3.63% | 07/15/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1142750 |
| **University of Wyoming** | **University of Wyoming** | **University of Wyoming** | **University of Wyoming** | **University of Wyoming** |
| RB Series 2021 C  | 4.00% | 06/01/51 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 550028 |
|  |  |  |  | &nbsp;&nbsp; **1692778** |
| **Total Municipal Securities** <br>**(Cost $2,677,562,643)** | **Total Municipal Securities** <br>**(Cost $2,677,562,643)** | **Total Municipal Securities** <br>**(Cost $2,677,562,643)** | **Total Municipal Securities** <br>**(Cost $2,677,562,643)** | &nbsp;&nbsp; **2733984635** |
| **Total Investments in Securities** <br>**(Cost $2,677,562,643)** | **Total Investments in Securities** <br>**(Cost $2,677,562,643)** | **Total Investments in Securities** <br>**(Cost $2,677,562,643)** | **Total Investments in Securities** <br>**(Cost $2,677,562,643)** | &nbsp;&nbsp; **2733984635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because the security is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Refunded bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| VRDN — | Variable rate demand note |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**317**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2733984635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2733984635 |
| **Total** | **$—** | &nbsp;&nbsp; **$2733984635** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2733984635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**318**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,677,562,643) |  | $2733984635 |
| Cash |  | 87884 |
| Receivables: |  |  |
| Interest |  | 35474958 |
| Fund shares sold | + | 15435842 |
| **Total assets** |  | **2784983319** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 18113925 |
| Investments bought - delayed-delivery |  | 1216825 |
| Management fees | + | 67192 |
| **Total liabilities** |  | **19397942** |
| **Net assets** |  | **$2765585377** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2709962879 |
| Total distributable earnings | + | 55622498 |
| **Net assets** |  | **$2765585377** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $2765585377 |  | &nbsp;&nbsp;&nbsp;&nbsp; 107500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.73 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**319**

------

Schwab Municipal Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated issuers** |  | **$64884227** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 517889 |
| **Total expenses** | – | **517889** |
| **Net investment income** |  | **64366338** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (1483962)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 610895 |
| **Net realized losses** |  | **(873067)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **56915140** |
| **Net realized and unrealized gains** |  | **56042073** |
| **Increase in net assets resulting from operations** |  | **$120408411** |

---

*See financial notes*

**320**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 |
| Net investment income |  | $64366338 | &nbsp;&nbsp;&nbsp; $12188033 |
| Net realized losses |  | (873067)<br>| &nbsp;&nbsp;&nbsp; (162084)<br>|
| Net change in unrealized appreciation (depreciation) | + | 56915140 | &nbsp;&nbsp;&nbsp; (7800373)<br>|
| **Increase in net assets resulting from operations** |  | **$120408411** | &nbsp;&nbsp;&nbsp; **$4225576** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($63357140)**<br>| &nbsp;&nbsp;&nbsp; **($11944295)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 90400000 | &nbsp;&nbsp;&nbsp; $2266644806 | &nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp; $251338494 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; 1570513 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 152370 |
| Shares redeemed | + | (1900000)<br>| &nbsp;&nbsp;&nbsp; (47475967)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2594714)<br>|
| **Net transactions in fund shares**  |  | **88500000** | &nbsp;&nbsp;&nbsp; **$2220739352** | &nbsp;&nbsp;&nbsp; **9600000** | &nbsp;&nbsp;&nbsp; **$248896150** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 19000000 | &nbsp;&nbsp;&nbsp; $487794754 | &nbsp;&nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; $246617323 |
| Total increase | + | 88500000 | &nbsp;&nbsp;&nbsp; 2277790623 | &nbsp;&nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp; 241177431 |
| **End of period** |  | **107500000** | &nbsp;&nbsp;&nbsp; **$2765585377** | &nbsp;&nbsp;&nbsp; **19000000** | &nbsp;&nbsp;&nbsp; **$487794754** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | For the period ended December 31, 2024, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after market close of U.S. <br> markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 10 for additional <br> information).<br>|

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**321**

------

Schwab Fixed-Income ETFs

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 STRATEGIC TRUST** |
| **Schwab U.S. TIPS ETF** | Schwab Mortgage-Backed Securities ETF |
| **Schwab Short-Term U.S. Treasury ETF** | Schwab High Yield Bond ETF |
| **Schwab Intermediate-Term U.S. Treasury ETF** | Schwab International Dividend Equity ETF |
| **Schwab Long-Term U.S. Treasury ETF** | Schwab International Equity ETF |
| **Schwab U.S. Aggregate Bond ETF** | Schwab International Small-Cap Equity ETF |
| **Schwab 1-5 Year Corporate Bond ETF** | Schwab Emerging Markets Equity ETF |
| **Schwab 5-10 Year Corporate Bond ETF** | Schwab U.S. REIT ETF |
| **Schwab Municipal Bond ETF** | Schwab Fundamental U.S. Broad Market Index ETF |
| Schwab U.S. Broad Market ETF | Schwab Fundamental U.S. Large Company Index ETF |
| Schwab 1000 Index<sup>®</sup>ETF | Schwab Fundamental U.S. Small Company Index ETF |
| Schwab U.S. Large-Cap ETF | Schwab Fundamental International Large Company Index ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab Fundamental International Small Company Index ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab Fundamental Emerging Markets Large Company Index ETF |
| Schwab U.S. Mid-Cap ETF | Schwab Ariel Opportunities ETF |
| Schwab U.S. Small-Cap ETF | Schwab Crypto Thematic ETF |
| Schwab U.S. Dividend Equity ETF | Schwab Ultra-Short Income ETF |
| Schwab Government Money Market ETF | Schwab Core Bond 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 U.S. TIPS ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities.

The **Schwab Short-Term U.S. Treasury 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 the short-term U.S. Treasury bond market.

The **Schwab Intermediate-Term U.S. Treasury 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 the intermediate-term U.S. Treasury bond market.

The **Schwab Long-Term U.S. Treasury 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 the long-term U.S. Treasury bond market.

The **Schwab U.S. Aggregate Bond 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 the broad U.S. investment-grade bond market.

The **Schwab 1-5 Year Corporate Bond 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 the short-term U.S. corporate bond market.

**322**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Fixed-Income ETFs

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Business Structure of the Funds (continued):** 

The **Schwab 5-10 Year Corporate Bond 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 the intermediate-term U.S. corporate bond market.

The **Schwab Municipal Bond 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 the U.S. AMT-free municipal bond market.

------

**2. Significant Accounting Policies:**

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

The funds may invest in mutual funds and exchange-traded funds, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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

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Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

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

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

The levels associated with valuing the funds' investments as of December 31, 2025, are disclosed in each fund's Portfolio Holdings.

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

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

**Inflation-Protected Securities:** The Schwab U.S. TIPS ETF invests in U.S. Treasury inflation-protected securities (TIPS). Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, however, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-protected security will be included as an addition or reduction to interest income in the fund's Statement of Operations, even though investors do not receive their principal until maturity.

**TBA Commitments:** The Schwab U.S. Aggregate Bond ETF may enter into "TBA" (to-be-announced) commitments to purchase or sell securities for a fixed price at a future date. Payments or proceeds of TBA commitments are not delivered until the contractual settlement date. Unsettled TBA commitments are valued at the current market value generally according to the procedures described above in the Security Valuation section. The fund's use of TBA commitments may cause the fund to experience higher portfolio turnover and higher transaction costs.

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Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**Agency MBS and TBA Transactions:** Under Financial Industry Regulatory Authority Rule 4210, broker-dealers are required to collect margin from most customers, such as funds, for the majority of covered agency transactions, including TBAs. The Schwab U.S. Aggregate Bond ETF posts and receives variation margin with certain counterparties in instances where the unrealized gain (loss) on such transactions exceeds certain pre-determined thresholds. The variation margin, if any, is disclosed in the Statement of Assets and Liabilities.

**Delayed-Delivery Transactions and When-Issued Securities:** The funds may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in each fund's Portfolio Holdings, if any. The funds may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The funds comply with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds' exposure is monitored under a derivatives risk management program.

**Variable Rate Demand Note:** A Variable Rate Demand Note (VRDN) is an asset class in the short-term municipal bond market with a variable (or floating) interest rate which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are daily and weekly, but could be monthly. The put feature entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time, shortening the legal maturity of the VRDN. These put features are daily and weekly, but could be monthly, making these liquid and short-term investments. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow a fund to exercise its demand rights at any time, some such securities may only allow a fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. Each fund could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the 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 December 31, 2025, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab 5-10 Year Corporate Bond ETF had securities on loan, all of which were classified as corporate bonds. The value of securities on loan and the related collateral as of December 31, 2025, are disclosed in each 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. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.

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Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Any increase or decrease in the principal amount of an inflation-protected security is included as an addition or reduction to interest income in the Statement of Operations; such adjustments may have a significant impact on a fund's distributions. Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). 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 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) U.S. Treasury, Agency Debt & Agency MBS Charges:**

Due to market conditions or other reasons, delivery of U.S. Treasury securities, agency debt and agency MBS may not occur on a timely basis. In these instances, a fund may fail to receive a security purchased causing the fund to be unable to deliver a security sold. The Treasury Market Practices Group of the Federal Reserve Bank of New York recommends voluntary fail charges when securities are not delivered as agreed by the parties. These fail charges, if any, are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations.

**(g) Distributions to Shareholders:**

The funds make distributions from net investment income, if any, monthly 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.

**(h) 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.

**(i) 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.

**(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.

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Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> U.S. TIPS ETF<br>| SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> INTERMEDIATE-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> MUNICIPAL <br> BOND ETF<br>|
| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>|

---

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Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**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 each fund in this report that is owned by other funds in the Schwab Funds Complex as of December 31, 2025, as applicable:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> U.S. TIPS ETF<br>| SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>|
| Schwab Monthly Income Fund - <br> Flexible Payout<br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Monthly Income Fund - <br> Income Payout<br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.8<br> %<br>| 0.1<br> %<br>|
| Schwab Monthly Income Fund - Target <br> Payout <br>| —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Target 2010 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Index Fund | 0.1<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Index Fund | 0.2<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 2.9<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Index Fund | 0.2<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 6.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Index Fund | 0.0<br> %\*<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 4.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Index Fund | —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 3.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Index Fund | —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 1.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Balanced Portfolio | 0.0<br> %\*<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Balanced with Growth <br> Portfolio<br>| 0.0<br> %\*<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab VIT Growth Portfolio | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**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. For the period ended December 31, 2025, the funds did not have any purchases and sales of securities with other funds managed by the investment adviser.

**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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

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**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.

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**6. Derivatives:**

Certain funds entered into futures contracts during the report period to manage the effects of interest rate exposure.

As of December 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

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| | | |
|:---|:---|:---|
|  | INTEREST <br>RATE <br>CONTRACTS<br>| TOTAL |
| **Asset Derivatives** |  |  |
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $1773 | &nbsp;&nbsp; $1773 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| ($652)<br>| &nbsp;&nbsp; ($652)<br>|
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (168)<br>| &nbsp;&nbsp; (168)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized depreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

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Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

The effects of the derivative contracts in the Statement of Operations for the period ended December 31, 2025, were:

---

| | | |
|:---|:---|:---|
|  | INTEREST <br>RATE <br>CONTRACTS<br>| TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| ($25795)<br>| &nbsp;&nbsp; ($25795)<br>|
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (502810)<br>| &nbsp;&nbsp; (502810)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab 1-5 Year Corporate Bond ETF  |  |  |
| Futures Contracts<sup>1</sup> <br>| $792 | &nbsp;&nbsp; $792 |
| Schwab 5-10 Year Corporate Bond ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 11588 | &nbsp;&nbsp; 11588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended December 31, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab U.S. TIPS ETF | $— | &nbsp;&nbsp; — |
| Schwab Short-Term U.S. Treasury ETF |  | &nbsp;&nbsp; — |
| Schwab Intermediate-Term U.S. Treasury ETF |  | &nbsp;&nbsp; — |
| Schwab Long-Term U.S. Treasury ETF |  | &nbsp;&nbsp; — |
| Schwab U.S. Aggregate Bond ETF |  | &nbsp;&nbsp; — |
| Schwab 1-5 Year Corporate Bond ETF  | 5600987 | &nbsp;&nbsp; 34 |
| Schwab 5-10 Year Corporate Bond ETF | 36563795 | &nbsp;&nbsp; 315 |
| Schwab Municipal Bond ETF  |  | &nbsp;&nbsp; — |

---

**330**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Fixed-Income ETFs

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Purchases and Sales/Maturities of Investment Securities:**

For the period ended December 31, 2025, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASES OF LONG-TERM <br>U.S. GOVERNMENT <br>SECURITIES\* <br>| PURCHASES OF OTHER <br>LONG-TERM SECURITIES <br>| TOTAL PURCHASES OF <br>LONG-TERM SECURITIES <br>|
| Schwab U.S. TIPS ETF | $3070181537 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3070181537 |
| Schwab Short-Term U.S. Treasury ETF | 8552397289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8552397289 |
| Schwab Intermediate-Term U.S. Treasury ETF | 5003687616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5003687616 |
| Schwab Long-Term U.S. Treasury ETF | 214596821 | &nbsp;&nbsp; — | &nbsp;&nbsp; 214596821 |
| Schwab U.S. Aggregate Bond ETF | 3072059703 | &nbsp;&nbsp; 445654994 | &nbsp;&nbsp; 3517714697 |
| Schwab 1-5 Year Corporate Bond ETF  |  | &nbsp;&nbsp; 210962593 | &nbsp;&nbsp; 210962593 |
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 1943636160 | &nbsp;&nbsp; 1943636160 |
| Schwab Municipal Bond ETF  |  | &nbsp;&nbsp; 860467429 | &nbsp;&nbsp; 860467429 |
|  | SALES/MATURITIES OF <br>LONG-TERM U.S. GOVERNMENT <br>SECURITIES\* <br>| SALES/MATURITIES OF <br>OTHER LONG-TERM SECURITIES <br>| TOTAL SALES/MATURITIES OF <br>LONG-TERM SECURITIES <br>|
| Schwab U.S. TIPS ETF | $3426776670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3426776670 |
| Schwab Short-Term U.S. Treasury ETF | 7489545056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7489545056 |
| Schwab Intermediate-Term U.S. Treasury ETF | 4620843753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4620843753 |
| Schwab Long-Term U.S. Treasury ETF | 160218011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 160218011 |
| Schwab U.S. Aggregate Bond ETF | 2768773118 | &nbsp;&nbsp; 457662901 | &nbsp;&nbsp; 3226436019 |
| Schwab 1-5 Year Corporate Bond ETF  |  | &nbsp;&nbsp; 207135652 | &nbsp;&nbsp; 207135652 |
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 1863148263 | &nbsp;&nbsp; 1863148263 |
| Schwab Municipal Bond ETF  |  | &nbsp;&nbsp; 281611663 | &nbsp;&nbsp; 281611663 |

---

\*

Includes securities guaranteed by U.S. Government Agencies.

------

**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 fixed-income 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 for the funds, except for Schwab Municipal Bond ETF, 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. For the Schwab Municipal Bond ETF, variable charges are recorded in the Transactions In Fund Shares section in Other capital in the Statement of Changes in Net Assets and in Per-Share Data 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.

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**331**

------

Schwab Fixed-Income ETFs

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. In-Kind Transactions:** (continued):

The in-kind transactions for the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab U.S. TIPS ETF | $4929508551 | &nbsp;&nbsp; $2114011057 |
| Schwab Short-Term U.S. Treasury ETF | 6478169540 | &nbsp;&nbsp; 7094480992 |
| Schwab Intermediate-Term U.S. Treasury ETF | 5038126277 | &nbsp;&nbsp; 3706675877 |
| Schwab Long-Term U.S. Treasury ETF | 680551678 | &nbsp;&nbsp; 446557486 |
| Schwab U.S. Aggregate Bond ETF | 909731781 | &nbsp;&nbsp; 416676896 |
| Schwab 1-5 Year Corporate Bond ETF  | 209448360 | &nbsp;&nbsp; 28967201 |
| Schwab 5-10 Year Corporate Bond ETF | 3959871197 | &nbsp;&nbsp; 2390404147 |
| Schwab Municipal Bond ETF  | 1653419336 | &nbsp;&nbsp; 44306737 |

---

For the period ended December 31, 2025, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2025, if any, are disclosed in each fund's Statement of Operations.

------

**9. Federal Income Taxes:**

As of December 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab U.S. TIPS ETF | $15309837899 | &nbsp;&nbsp; $30346085 | &nbsp;&nbsp; ($773546284)<br>| &nbsp;&nbsp; ($743200199)<br>|
| Schwab Short-Term U.S. Treasury ETF | 11773234882 | &nbsp;&nbsp; 78026718 | &nbsp;&nbsp; (914502)<br>| &nbsp;&nbsp; 77112216 |
| Schwab Intermediate-Term U.S. Treasury ETF | 12052025513 | &nbsp;&nbsp; 100849449 | &nbsp;&nbsp; (29643088)<br>| &nbsp;&nbsp; 71206361 |
| Schwab Long-Term U.S. Treasury ETF | 1051580481 | &nbsp;&nbsp; 71478 | &nbsp;&nbsp; (60360051)<br>| &nbsp;&nbsp; (60288573)<br>|
| Schwab U.S. Aggregate Bond ETF | 9985726897 | &nbsp;&nbsp; 72734573 | &nbsp;&nbsp; (436157955)<br>| &nbsp;&nbsp; (363423382)<br>|
| Schwab 1-5 Year Corporate Bond ETF  | 663018228 | &nbsp;&nbsp; 9107904 | &nbsp;&nbsp; (242098)<br>| &nbsp;&nbsp; 8865806 |
| Schwab 5-10 Year Corporate Bond ETF | 9502542049 | &nbsp;&nbsp; 259128355 | &nbsp;&nbsp; (6571548)<br>| &nbsp;&nbsp; 252556807 |
| Schwab Municipal Bond ETF  | 2676695004 | &nbsp;&nbsp; 63467370 | &nbsp;&nbsp; (6177739)<br>| &nbsp;&nbsp; 57289631 |

---

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, realization for tax purposes of unrealized appreciation or depreciation on futures contracts if held, the differing treatment of amortization of bond discounts and premiums, and sales on TIPS. 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.

**332**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Fixed-Income ETFs

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Federal Income Taxes (continued):** 

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>TAX-EXEMPT <br>INCOME <br>| UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab U.S. TIPS ETF | $— | &nbsp;&nbsp; $5168410 | &nbsp;&nbsp; ($743200199)<br>| &nbsp;&nbsp; ($1191830023)<br>| &nbsp;&nbsp; ($1929861812)<br>|
| Schwab Short-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 705989 | &nbsp;&nbsp; 77112216 | &nbsp;&nbsp; (541759769)<br>| &nbsp;&nbsp; (463941564)<br>|
| Schwab Intermediate-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 641842 | &nbsp;&nbsp; 71206361 | &nbsp;&nbsp; (730187465)<br>| &nbsp;&nbsp; (658339262)<br>|
| Schwab Long-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 57718 | &nbsp;&nbsp; (60288573)<br>| &nbsp;&nbsp; (47588700)<br>| &nbsp;&nbsp; (107819555)<br>|
| Schwab U.S. Aggregate Bond ETF |  | &nbsp;&nbsp; 501760 | &nbsp;&nbsp; (363423382)<br>| &nbsp;&nbsp; (565871174)<br>| &nbsp;&nbsp; (928792796)<br>|
| Schwab 1-5 Year Corporate Bond ETF  |  | &nbsp;&nbsp; 144760 | &nbsp;&nbsp; 8865806 | &nbsp;&nbsp; (10442986)<br>| &nbsp;&nbsp; (1432420)<br>|
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 664661 | &nbsp;&nbsp; 252556807 | &nbsp;&nbsp; (50304028)<br>| &nbsp;&nbsp; 202917440 |
| Schwab Municipal Bond ETF  | 448374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57289631 | &nbsp;&nbsp; (2115507)<br>| &nbsp;&nbsp; 55622498 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab U.S. TIPS ETF | $1191830023 |
| Schwab Short-Term U.S. Treasury ETF | 541759769 |
| Schwab Intermediate-Term U.S. Treasury ETF | 730187465 |
| Schwab Long-Term U.S. Treasury ETF | 47588700 |
| Schwab U.S. Aggregate Bond ETF | 565871174 |
| Schwab 1-5 Year Corporate Bond ETF  | 10442986 |
| Schwab 5-10 Year Corporate Bond ETF | 50304028 |
| Schwab Municipal Bond ETF  | 2115507 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME<br>| TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>|
| Schwab U.S. TIPS ETF | $— | &nbsp;&nbsp; $552426290 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $333819075 |
| Schwab Short-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 457262100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 466133505 |
| Schwab Intermediate-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 428517250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 332975855 |
| Schwab Long-Term U.S. Treasury ETF |  | &nbsp;&nbsp; 38449565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31021445 |
| Schwab U.S. Aggregate Bond ETF |  | &nbsp;&nbsp; 360788080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309988610 |
| Schwab 1-5 Year Corporate Bond ETF  |  | &nbsp;&nbsp; 25006360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17176230 |
| Schwab 5-10 Year Corporate Bond ETF |  | &nbsp;&nbsp; 442268890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 348286925 |
| Schwab Municipal Bond ETF  | 63347516 | &nbsp;&nbsp; 9624 | &nbsp;&nbsp; 11934873 | &nbsp;&nbsp; 9422 |

---

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 December 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. During the fiscal year ended December 31, 2025, the funds did not incur any interest or penalties.

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**333**

------

Schwab Fixed-Income ETFs

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 U.S. TIPS ETF | 2-for-1 |
| Schwab Short-Term U.S. Treasury ETF | 2-for-1 |
| Schwab Intermediate-Term U.S. Treasury ETF | 2-for-1 |
| Schwab U.S. Aggregate Bond ETF | 2-for-1 |
| Schwab 1-5 Year Corporate Bond ETF  | 2-for-1 |
| Schwab 5-10 Year Corporate Bond ETF | 2-for-1 |
| Schwab Municipal Bond ETF  | 2-for-1 |

---

These share splits applied to shareholders of record as of the close of U.S. markets on October 9, 2024, and paid after the close of U.S. markets on October 10, 2024. Shares began trading at their post-split price on October 11, 2024. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF have been retroactively adjusted to reflect the above share splits 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.

**334**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Schwab Fixed-Income ETFs

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, Schwab 5-10 Year Corporate Bond ETF, and Schwab Municipal Bond ETF (the "Funds"), eight of the funds constituting Schwab Strategic Trust, as of December 31, 2025, 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 (excluding Schwab Municipal Bond ETF); 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 three years in the period then ended and for the period from October 12, 2022 (commencement of operations) through December 31, 2022 for Schwab Municipal Bond ETF; 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 (excluding Schwab Municipal Bond ETF) as of December 31, 2025, 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. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Schwab Municipal Bond ETF as of December 31, 2025, 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 three years in the period then ended and for the period from October 12, 2022 (commencement of operations) through December 31, 2022 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 December 31, 2025, 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

February 13, 2026

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

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**335**

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**336**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**337**

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**338**Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Fixed-Income ETFs \| Annual Holdings and Financial Statements

**339**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g46056imgbe209bb51.jpg)

MFR60171-15

00321735

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g937580img34c553621.jpg)

**Annual Holdings and Financial Statements** \| December 31, 2025

Schwab Core Bond ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SCCR**

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_34689b1f-6218-4bc0-9301-031bb5d4647e_1)**<br> **[Management Investment Companies](#xx_34689b1f-6218-4bc0-9301-031bb5d4647e_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_34689b1f-6218-4bc0-9301-031bb5d4647e_1) | 2 |
| [Financial Notes](#xx_e3f4036d-83aa-42b6-8928-268a8b8b5407_1) | 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_936896ad-4fdd-4c62-bc93-3ac6d6e57e97_1) | 20 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_dfd71ee6-a6a4-4c0d-a106-8192ffe5472b_1)**<br> **[Management Investment Companies](#xx_dfd71ee6-a6a4-4c0d-a106-8192ffe5472b_1)**<br>| 21 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_500249a9-7c68-489b-a1a6-7355c11e774b_1)**<br> **[Companies](#xx_500249a9-7c68-489b-a1a6-7355c11e774b_1)**<br>| 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_6ca0e0cb-8d92-4f79-b2ea-cbe73358a9ad_1)**<br> **[Management Investment Companies](#xx_6ca0e0cb-8d92-4f79-b2ea-cbe73358a9ad_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_bc4d7ca5-61c3-4e93-8433-f03d72eb2aca_1)**<br> **[Contract](#xx_bc4d7ca5-61c3-4e93-8433-f03d72eb2aca_1)**<br>| 24  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**1**

------

Schwab Core Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
|  | 2/5/25<sup>1</sup>– <br>12/31/25<br>|
| **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |
| Net investment income (loss)<sup>2</sup> <br>| 1.04 |
| Net realized and unrealized gains (losses) | 0.67 |
| Total from investment operations | 1.71 |
| Less distributions: |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.96)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (0.97)<br>|
| Other capital | 0.05 |
| Net asset value at end of period | &nbsp;&nbsp; $25.79 |
| Total return | 7.14 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |
| Total expenses | 0.16 %<sup>4</sup><br>|
| Net investment income (loss) | 4.50 %<sup>4</sup><br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp; 96 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

**2**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued). For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 28.2% OF NET ASSETS | **CORPORATES** 28.2% OF NET ASSETS | **CORPORATES** 28.2% OF NET ASSETS |
| **Financial Institutions 11.1%** | **Financial Institutions 11.1%** | **Financial Institutions 11.1%** |
| ***Banking 9.2%***  | ***Banking 9.2%***  | ***Banking 9.2%***  |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 5.10%, 02/16/28 *(a)(b)* | 4585000 | 4639472 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 4.38%, 04/27/28 *(a)(b)* | 7240000 | 7271089 |
| 5.47%, 01/23/35 *(a)(b)* | 4735000 | 4935927 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 1.88%, 11/02/27 *(a)(b)* | 4465000 | 4381670 |
| 5.25%, 07/26/30 *(a)(b)* | 4960000 | 5117144 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 5.17%, 02/13/30 *(a)(b)* | 6025000 | 6184371 |
| 2.57%, 06/03/31 *(a)(b)* | 6130000 | 5681448 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 2.60%, 02/07/30 *(b)* | 6575000 | 6181287 |
| 4.02%, 10/31/38 *(a)(b)* | 5720000 | 5143984 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 5.14%, 01/24/31 *(a)(b)* | 5380000 | 5561857 |
| 3.88%, 07/24/38 *(a)(b)* | 6840000 | 6148242 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 5.12%, 02/01/29 *(a)(b)* | 6900000 | 7043342 |
| 5.59%, 01/18/36 *(a)(b)* | 3930000 | 4111224 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 6.88%, 10/20/34 *(a)(b)* | 4655000 | 5271718 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 2.22%, 01/27/28 *(a)(b)* | 5650000 | 5549570 |
| 1.38%, 07/22/30 *(b)* | 5400000 | 4781610 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 4.15%, 01/24/29 *(b)* | 6440000 | 6457373 |
| 3.07%, 04/30/41 *(a)(b)* | 7785000 | 6046741 |
|  |  | **100508069** |
| ***Brokerage/Asset Managers/Exchanges 0.5%***  | ***Brokerage/Asset Managers/Exchanges 0.5%***  | ***Brokerage/Asset Managers/Exchanges 0.5%***  |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(b)* | 6120000 | 6105880 |
| ***Financial Other 0.5%***  | ***Financial Other 0.5%***  | ***Financial Other 0.5%***  |
| **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** |
| 4.18%, 01/01/31  | 1325000 | 1322213 |
| 4.23%, 07/01/31  | 1395000 | 1389345 |
| 4.85%, 01/01/32  | 500000 | 511646 |
| 4.55%, 01/01/33  | 400000 | 397705 |
| 4.95%, 01/01/33  | 415000 | 411689 |
| 4.65%, 07/01/33  | 675000 | 671541 |
| 5.22%, 07/01/33  | 500000 | 515059 |
| **Iowa Finance Authority** | **Iowa Finance Authority** | **Iowa Finance Authority** |
| 4.81%, 01/01/31  | 100000 | 102907 |
|  |  | **5322105** |
| ***Insurance 0.4%***  | ***Insurance 0.4%***  | ***Insurance 0.4%***  |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 5.35%, 02/15/33 *(b)* | 4470000 | 4660227 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***REITs 0.5%***  | ***REITs 0.5%***  | ***REITs 0.5%***  |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 4.75%, 09/26/34 *(b)* | 5785000 | 5759007 |
|  |  | **122355288** |
| **Industrial 16.5%** | **Industrial 16.5%** | **Industrial 16.5%** |
| ***Basic Industry 0.8%***  | ***Basic Industry 0.8%***  | ***Basic Industry 0.8%***  |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.45%, 03/15/43 *(b)* | 5395000 | 5233146 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 5.25%, 03/14/35 *(b)* | 3720000 | 3836323 |
|  |  | **9069469** |
| ***Capital Goods 2.3%***  | ***Capital Goods 2.3%***  | ***Capital Goods 2.3%***  |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 5.71%, 05/01/40 *(b)* | 4050000 | 4139434 |
| 5.81%, 05/01/50 *(b)* | 4610000 | 4540965 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 5.20%, 05/15/35 *(b)* | 2780000 | 2886913 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 6.75%, 03/15/32  | 3060000 | 3466467 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 5.00%, 03/01/35 *(b)* | 4600000 | 4687045 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 6.40%, 03/15/54 *(b)* | 5220000 | 5744394 |
|  |  | **25465218** |
| ***Communications 1.9%***  | ***Communications 1.9%***  | ***Communications 1.9%***  |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 2.25%, 02/01/32 *(b)* | 3955000 | 3473264 |
| 3.55%, 09/15/55 *(b)* | 6280000 | 4188201 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 4.20%, 11/15/30 *(b)* | 3000000 | 3006033 |
| 5.75%, 11/15/65 *(b)* | 3000000 | 2867168 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.00%, 02/15/41 *(b)* | 4430000 | 3299371 |
| 4.50%, 04/15/50 *(b)* | 4400000 | 3628120 |
|  |  | **20462157** |
| ***Consumer Cyclical 2.2%***  | ***Consumer Cyclical 2.2%***  | ***Consumer Cyclical 2.2%***  |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 4.05%, 08/22/47 *(b)* | 5765000 | 4737979 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 4.25%, 09/01/28  | 5000000 | 5030340 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 4.69%, 07/08/30 *(b)* | 4570000 | 4625995 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 1.70%, 09/15/28 *(b)* | 5070000 | 4779552 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 5.00%, 04/15/35 *(b)* | 4480000 | 4545993 |
|  |  | **23719859** |
| ***Consumer Non-Cyclical 3.2%***  | ***Consumer Non-Cyclical 3.2%***  | ***Consumer Non-Cyclical 3.2%***  |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 4.05%, 11/21/39 *(b)* | 4825000 | 4309587 |

---

*See financial notes*

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**3**

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
| 4.90%, 02/01/46 *(b)* | 5115000 | 4723230 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 4.35%, 11/01/42  | 5325000 | 4631584 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 4.30%, 03/25/28 *(b)* | 5150000 | 5169895 |
| 5.25%, 02/21/33 *(b)* | 4550000 | 4687436 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 4.80%, 08/14/29 *(b)* | 4550000 | 4653602 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 5.30%, 05/19/53 *(b)* | 6730000 | 6373533 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 5.37%, 10/01/32 *(b)* | 1000000 | 1035171 |
|  |  | **35584038** |
| ***Energy 1.6%***  | ***Energy 1.6%***  | ***Energy 1.6%***  |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(b)* | 4730000 | 4745513 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 5.20%, 09/15/34 *(b)* | 3130000 | 3118970 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 3.90%, 10/01/27 *(b)* | 4570000 | 4552276 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 5.15%, 06/01/30 *(b)* | 4590000 | 4746556 |
|  |  | **17163315** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** |
| 2.36%, 11/15/26  | 235000 | 231741 |
| 2.51%, 11/15/27  | 225000 | 218905 |
| **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** |
| 3.44%, 09/01/27  | 475000 | 468856 |
| **Texas Tech University System** | **Texas Tech University System** | **Texas Tech University System** |
| 4.62%, 02/15/29  | 200000 | 203790 |
|  |  | **1123292** |
| ***Technology 3.9%***  | ***Technology 3.9%***  | ***Technology 3.9%***  |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 4.75%, 04/15/29 *(b)* | 2025000 | 2063324 |
| 5.05%, 04/15/30 *(b)* | 3010000 | 3107454 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 5.90%, 02/15/39  | 3800000 | 4095341 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 3.50%, 07/01/29 *(b)* | 2500000 | 2425176 |
| 5.63%, 08/21/33 *(b)* | 3040000 | 3135178 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 6.05%, 11/01/35 *(b)* | 3990000 | 4260402 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 5.00%, 01/15/33 *(b)* | 3400000 | 3455360 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 4.45%, 09/26/30 *(b)* | 1000000 | 978108 |
| 4.80%, 09/26/32 *(b)* | 1000000 | 966229 |
| 4.00%, 11/15/47 *(b)* | 6625000 | 4553439 |
| 6.10%, 09/26/65 *(b)* | 5000000 | 4413652 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 4.80%, 05/20/45 *(b)* | 5170000 | 4734232 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.85%, 04/01/30 *(b)* | 4625000 | 4723122 |
|  |  | **42911017** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Transportation 0.5%***  | ***Transportation 0.5%***  | ***Transportation 0.5%***  |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29  | 4841410 | 4955788 |
|  |  | **180454153** |
| **Utility 0.6%** | **Utility 0.6%** | **Utility 0.6%** |
| ***Electric 0.6%***  | ***Electric 0.6%***  | ***Electric 0.6%***  |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 2.45%, 02/03/32 *(b)* | 2570000 | 2321290 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 5.25%, 02/28/53 *(b)* | 4480000 | 4174906 |
|  |  | **6496196** |
| **Total Corporates** <br>**(Cost $307,751,982)** | **Total Corporates** <br>**(Cost $307,751,982)** | **309305637** |
| **TREASURIES** 19.2% OF NET ASSETS | **TREASURIES** 19.2% OF NET ASSETS | **TREASURIES** 19.2% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 5.00%, 05/15/45  | 21400000 | 21971787 |
| 4.63%, 02/15/55  | 28620000 | 27587694 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 3.88%, 07/31/27  | 7740000 | 7786096 |
| 3.63%, 08/31/27  | 40000000 | 40090564 |
| 3.63%, 08/15/28  | 55000000 | 55146811 |
| 3.50%, 10/15/28  | 7700000 | 7693128 |
| 3.63%, 08/31/30  | 50000000 | 49823585 |
| **Total Treasuries** <br>**(Cost $210,533,667)** | **Total Treasuries** <br>**(Cost $210,533,667)** | **210099665** |
| **GOVERNMENT RELATED** 19.6% OF NET ASSETS | **GOVERNMENT RELATED** 19.6% OF NET ASSETS | **GOVERNMENT RELATED** 19.6% OF NET ASSETS |
| **Local Authority 19.6%** | **Local Authority 19.6%** | **Local Authority 19.6%** |
| **U.S. 19.6%** | **U.S. 19.6%** | **U.S. 19.6%** |
| **Albany Capital Resource Corp.** |  |  |
| RB Series 2025B |  |  |
| 4.78%, 05/01/31  | 630000 | 635484 |
| RB Series 2025B |  |  |
| 5.00%, 05/01/33  | 750000 | 757186 |
| **American Municipal Power, Inc.** |  |  |
| RB Series 2019D |  |  |
| 2.91%, 02/15/30  | 300000 | 284695 |
| **Broomfield Urban Renewal Authority** |  |  |
| Tax Allocation |  |  |
| 4.90%, 12/01/30  | 515000 | 531866 |
| **Burbank-Glendale-Pasadena Airport Authority** <br> **Brick Campaign**<br>|  |  |
| RB Series 2012B |  |  |
| 5.81%, 07/01/41  | 245000 | 258218 |
| **California Health Facilities Financing Authority** |  |  |
| 2.58%, 06/01/29  | 225000 | 216442 |
| **California State University** |  |  |
| RB Series 2020B |  |  |
| 2.98%, 11/01/51 *(b)* | 1010000 | 688294 |
| **Central Florida Tourism Oversight District Utility** <br> **Revenue**<br>|  |  |
| RB Series 2025-2 |  |  |
| 4.10%, 10/01/29  | 500000 | 503653 |
| RB Series 2025-2 |  |  |
| 4.15%, 10/01/30  | 1000000 | 1004791 |
| RB Series 2025-2 |  |  |
| 4.31%, 10/01/31  | 1500000 | 1508655 |

---

*See financial notes*

**4**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Asheville** |  |  |
| RB |  |  |
| 5.12%, 04/01/33  | 550000 | 573572 |
| RB |  |  |
| 5.37%, 04/01/36 *(b)* | 625000 | 655544 |
| **City of Atlanta Airport Customer Facility Charge** |  |  |
| 4.98%, 07/01/35  | 500000 | 508359 |
| **City of Austin** |  |  |
| 4.68%, 09/01/37 *(b)* | 1070000 | 1053507 |
| 4.68%, 09/01/37 *(b)* | 750000 | 738439 |
| 4.78%, 09/01/38 *(b)* | 2285000 | 2250650 |
| 4.78%, 09/01/38 *(b)* | 890000 | 876621 |
| **City of Charlotte** |  |  |
| 5.32%, 06/01/38 *(b)* | 500000 | 515361 |
| 5.60%, 06/01/42 *(b)* | 6460000 | 6651726 |
| **City of Chula Vista** |  |  |
| RB 2021 |  |  |
| 1.83%, 06/01/31  | 1685000 | 1481936 |
| **City of Garland** |  |  |
| 4.39%, 02/15/31  | 650000 | 661400 |
| **City of Glendale** |  |  |
| COP 2021 |  |  |
| 2.32%, 07/01/31  | 1000000 | 907286 |
| COP 2021 |  |  |
| 2.94%, 07/01/37 *(b)* | 750000 | 622907 |
| **City of Houston Combined Utility System** <br> **Revenue**<br>|  |  |
| RB Series 2019 C |  |  |
| 2.36%, 11/15/30 *(b)* | 205000 | 190208 |
| **City of Kansas City** |  |  |
| RB |  |  |
| 5.44%, 04/01/39 *(b)* | 2140000 | 2203472 |
| **City of Lakeland** |  |  |
| 4.61%, 10/01/28  | 400000 | 404560 |
| 4.78%, 10/01/30  | 400000 | 406678 |
| 4.89%, 10/01/31  | 410000 | 417752 |
| 4.99%, 10/01/32  | 400000 | 407977 |
| 5.12%, 10/01/33  | 415000 | 425025 |
| **City of Modesto Wastewater Revenue** |  |  |
| RB |  |  |
| 2.23%, 11/01/32 *(b)* | 350000 | 308740 |
| **City of New York** |  |  |
| 5.40%, 02/01/34  | 1365000 | 1441123 |
| GO Bonds Series 2023 B-2 |  |  |
| 5.98%, 10/01/38 *(b)* | 1095000 | 1161125 |
| GO Bonds 2025 E-1 |  |  |
| 4.39%, 10/01/32  | 5005000 | 5009579 |
| GO Bonds 2025 E-1 |  |  |
| 4.54%, 10/01/33  | 5000000 | 5009492 |
| **City of Oakland** |  |  |
| GO Bonds Series2023 A-2 |  |  |
| 5.50%, 07/15/31  | 195000 | 205655 |
| **City of Ogden City Sewer & Water Revenue** |  |  |
| RB Series 2020 B |  |  |
| 1.55%, 06/15/27  | 305000 | 295929 |
| **City of Philadelphia** |  |  |
| GO Bonds |  |  |
| 4.68%, 08/01/30  | 550000 | 564391 |
| GO Bonds |  |  |
| 4.95%, 08/01/32  | 2260000 | 2339935 |
| **City of Shelbyville** |  |  |
| GO Bonds Series 2021 |  |  |
| 0.75%, 08/01/27  | 235000 | 224766 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Trussville** |  |  |
| GO Bonds Series 2020 B |  |  |
| 1.26%, 10/01/27  | 220000 | 211094 |
| **City of Watertown** |  |  |
| GO Bonds Series 2020 |  |  |
| 2.00%, 06/01/27  | 290000 | 283806 |
| **City of Worcester** |  |  |
| GO Bonds Series 1998 |  |  |
| 6.25%, 01/01/28  | 1645000 | 1708548 |
| **Colorado Health Facilities Authority** |  |  |
| RB Series 2019B |  |  |
| 3.80%, 11/01/44  | 1700000 | 1362317 |
| **Colorado Housing & Finance Authority** |  |  |
| 4.51%, 11/01/30  | 250000 | 254492 |
| 4.93%, 11/01/32  | 350000 | 358402 |
| RB Series 2025 O-1 |  |  |
| 4.24%, 11/01/31  | 1500000 | 1494647 |
| RB Series 2025 O-1 |  |  |
| 4.37%, 11/01/32  | 1005000 | 998386 |
| **Commonwealth Financing Authority** |  |  |
| RB Series 2019A |  |  |
| 3.81%, 06/01/41  | 875000 | 751107 |
| RB Series A |  |  |
| 3.86%, 06/01/38  | 665000 | 616731 |
| Series A |  |  |
| 4.14%, 06/01/38  | 60000 | 56443 |
| **Connecticut Housing Finance Authority** |  |  |
| RB Series 2025 B-3 |  |  |
| 4.90%, 05/15/31  | 205000 | 211840 |
| **County of Franklin** |  |  |
| RB Series 2019 B |  |  |
| 3.38%, 11/01/50  | 685000 | 490802 |
| **County of Harris Hotel Occupancy Tax Revenue** |  |  |
| RB 2024 |  |  |
| 4.99%, 08/15/37 *(b)* | 735000 | 741495 |
| **County of La Salle** |  |  |
| GO Bonds |  |  |
| 4.13%, 03/01/29  | 350000 | 350289 |
| GO Bonds |  |  |
| 4.24%, 03/01/30  | 400000 | 399902 |
| GO Bonds |  |  |
| 4.39%, 03/01/31  | 410000 | 410004 |
| **County of Larimer** |  |  |
| Certificate Participation Series 2025B |  |  |
| 4.10%, 12/01/29  | 1225000 | 1232622 |
| Certificate Participation Series 2025B |  |  |
| 4.20%, 12/01/30  | 700000 | 703827 |
| **County of Miami-Dade** |  |  |
| RB Series 2009 B |  |  |
| 7.08%, 10/01/29  | 150000 | 165740 |
| **County of Miami-Dade Seaport Department** |  |  |
| 1.96%, 10/01/30  | 2500000 | 2271824 |
| **County of Pima** |  |  |
| RB Series 2021 |  |  |
| 2.03%, 05/01/31  | 215000 | 193882 |
| **County of Pinal** |  |  |
| RB |  |  |
| 5.34%, 08/01/36 *(b)* | 385000 | 399824 |
| **County of Riverside** |  |  |
| 5.04%, 02/15/35  | 3155000 | 3220172 |
| **County of St. Louis** |  |  |
| RB Series 2020 B |  |  |
| 2.00%, 12/01/27  | 435000 | 420934 |

---

*See financial notes*

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**5**

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dallas Fort Worth International Airport** |  |  |
| RB Series A |  |  |
| 4.09%, 11/01/51  | 480000 | 393771 |
| **District of Columbia** |  |  |
| 5.75%, 04/01/35 *(b)* | 510000 | 543240 |
| **District of Columbia Income Tax Revenue** |  |  |
| 5.29%, 06/01/40 *(b)* | 500000 | 513761 |
| 5.64%, 06/01/45 *(b)* | 2470000 | 2563954 |
| **Georgia Higher Education Facilities Authority** |  |  |
| RB Series 2026A |  |  |
| 4.63%, 01/01/32 *(c)* | 730000 | 735040 |
| **Golden State Tobacco Securitization Corp.** |  |  |
| RB Series 2021 A-1 |  |  |
| 2.33%, 06/01/27  | 965000 | 939278 |
| RB Series 2021 A-1 |  |  |
| 2.53%, 06/01/28  | 1875000 | 1796724 |
| RB Series 2021 A-1 |  |  |
| 2.59%, 06/01/29  | 1085000 | 1020352 |
| **Illinois Housing Development Authority** |  |  |
| 5.14%, 04/01/33  | 945000 | 972694 |
| RB Series 2025 B |  |  |
| 4.78%, 10/01/31  | 500000 | 511231 |
| RB Series 2025 B |  |  |
| 5.13%, 10/01/33 *(b)* | 500000 | 512873 |
| **Indiana Finance Authority** |  |  |
| RB Series 2022 |  |  |
| 4.31%, 03/01/52 *(b)* | 1000000 | 836041 |
| **Indiana Housing & Community Development** <br> **Authority**<br>|  |  |
| 4.83%, 01/01/31  | 200000 | 205224 |
| **JobsOhio Beverage System** |  |  |
| RB Series 2013 B |  |  |
| 4.53%, 01/01/35  | 1440000 | 1459086 |
| **Kansas Development Finance Authority** |  |  |
| RB Series 2021 K |  |  |
| 1.52%, 05/01/28  | 230000 | 218467 |
| RB Series H |  |  |
| 4.93%, 04/15/45  | 1235000 | 1203196 |
| **Kentucky State Property & Building Commission** |  |  |
| RB Series 2021 B |  |  |
| 2.22%, 09/01/31  | 965000 | 857007 |
| **Lawton Industrial Development Authority** |  |  |
| Refunding RB |  |  |
| 4.05%, 07/01/26  | 300000 | 300138 |
| Refunding RB |  |  |
| 4.00%, 07/01/27  | 400000 | 400134 |
| Refunding RB |  |  |
| 4.20%, 07/01/29  | 400000 | 400624 |
| Refunding RB |  |  |
| 4.50%, 07/01/31  | 400000 | 402185 |
| Refunding RB |  |  |
| 4.60%, 07/01/32  | 400000 | 401910 |
| Refunding RB |  |  |
| 4.75%, 07/01/33  | 400000 | 403054 |
| Refunding RB |  |  |
| 4.95%, 07/01/35  | 400000 | 403779 |
| **Los Angeles Community College District** |  |  |
| GO Bonds 2004 B |  |  |
| 5.52%, 08/01/29  | 1425000 | 1464119 |
| **Los Angeles Unified School District** |  |  |
| 4.21%, 10/01/27  | 250000 | 252601 |
| 4.48%, 10/01/30  | 525000 | 537353 |
| 4.78%, 10/01/32  | 750000 | 774722 |
| 4.96%, 10/01/33  | 765000 | 796088 |
| 5.41%, 10/01/39 *(b)* | 8205000 | 8502672 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Maine Health & Higher Educational Facilities** <br> **Authority**<br>|  |  |
| RB Series 2021 B |  |  |
| 1.86%, 07/01/28  | 300000 | 285797 |
| **Maryland Department of Housing & Community** <br> **Development**<br>|  |  |
| RB Series 2025 B |  |  |
| 5.09%, 09/01/32  | 675000 | 698351 |
| **Massachusetts Development Finance Agency** |  |  |
| RB Series 2025G |  |  |
| 6.38%, 10/01/28  | 2000000 | 2001968 |
| RB Series 2025G |  |  |
| 6.63%, 10/01/30  | 4000000 | 4041477 |
| **Massachusetts Housing Finance Agency** |  |  |
| RB Series 2025 243 |  |  |
| 4.65%, 06/01/31  | 500000 | 508426 |
| RB Series 2025 243 |  |  |
| 4.97%, 06/01/33  | 500000 | 509128 |
| **McKinney Economic Development Corp. Sales** <br> **Tax Revenue**<br>|  |  |
| RB |  |  |
| 5.35%, 09/01/33  | 220000 | 234948 |
| **Michigan Finance Authority** |  |  |
| 2.67%, 09/01/49 *(b)(d)* | 535000 | 530277 |
| **Michigan State Housing Development Authority** |  |  |
| RB |  |  |
| 4.29%, 06/01/31  | 675000 | 676547 |
| RB |  |  |
| 4.71%, 06/01/33  | 375000 | 376151 |
| **Minnesota Housing Finance Agency** |  |  |
| 4.60%, 07/01/29  | 770000 | 787898 |
| 4.17%, 01/01/31  | 635000 | 633934 |
| 4.91%, 01/01/31  | 835000 | 861273 |
| 4.68%, 07/01/33  | 790000 | 787794 |
| RB Series 2025 A |  |  |
| 4.98%, 01/01/32  | 500000 | 512766 |
| **Montgomery County Housing Opportunities** <br> **Commission**<br>|  |  |
| RB Series 2025 |  |  |
| 5.05%, 12/01/37 *(b)* | 500000 | 506153 |
| RB Series 2025 |  |  |
| 4.48%, 12/01/29  | 250000 | 255013 |
| **Nebraska Investment Finance Authority** |  |  |
| 5.35%, 03/01/33  | 285000 | 298030 |
| 5.45%, 03/01/34 *(b)* | 1630000 | 1704422 |
| **New Hampshire Business Finance Authority** |  |  |
| 5.88%, 12/01/35  | 2030000 | 2162691 |
| **New Hampshire Housing Finance Authority** |  |  |
| 4.19%, 01/01/31  | 760000 | 757630 |
| 4.24%, 07/01/31  | 755000 | 751277 |
| 4.57%, 01/01/33  | 450000 | 447556 |
| 4.67%, 07/01/33  | 475000 | 472900 |
| **New Jersey Economic Development Authority** |  |  |
| RB Series 2019 NNN |  |  |
| 3.87%, 06/15/33  | 645000 | 623654 |
| Series A |  |  |
| 7.43%, 02/15/29  | 2323000 | 2427534 |
| **New York City Housing Development Corp.** |  |  |
| RB Series 2020 F1 |  |  |
| 2.24%, 05/01/30 *(b)* | 235000 | 217461 |
| **New York City Transitional Finance Authority** <br> **Future Tax Secured Revenue**<br>|  |  |
| 4.93%, 05/01/31  | 1050000 | 1084514 |
| 5.22%, 05/01/33  | 1005000 | 1047244 |

---

*See financial notes*

**6**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.66%, 05/01/40 *(b)* | 1000000 | 1034754 |
| RB Series 2025 F |  |  |
| 4.75%, 11/01/27  | 295000 | 300074 |
| RB Series 2018 C-5 |  |  |
| 3.85%, 05/01/30 *(b)* | 250000 | 248155 |
| RB Series 2026 D-2 |  |  |
| 3.90%, 11/01/26 *(c)* | 2500000 | 2501661 |
| RB Series 2026 D-2 |  |  |
| 3.81%, 11/01/27 *(c)* | 2500000 | 2501051 |
| **New York State Dormitory Authority** |  |  |
| 5.23%, 07/01/35  | 7000000 | 7274643 |
| 5.99%, 07/01/45 *(b)* | 1840000 | 1909803 |
| **New York State Thruway Authority** |  |  |
| RB Series 2019 M |  |  |
| 3.50%, 01/01/42 *(b)* | 315000 | 267116 |
| **North Dakota Housing Finance Agency** |  |  |
| RB |  |  |
| 5.05%, 01/01/31  | 475000 | 491777 |
| **Oregon State Lottery** |  |  |
| 4.46%, 04/01/30  | 250000 | 254901 |
| 5.38%, 04/01/38 *(b)* | 500000 | 518986 |
| **Pennsylvania Economic Development Financing** <br> **Authority**<br>|  |  |
| 2.62%, 03/01/29  | 1855000 | 1778877 |
| 5.11%, 06/01/34  | 440000 | 456909 |
| RB Series 2021 |  |  |
| 1.97%, 06/15/28  | 1120000 | 1065031 |
| RB Series 2025 |  |  |
| 4.72%, 06/01/29  | 155000 | 158598 |
| RB Series 2025 |  |  |
| 4.88%, 06/01/31  | 210000 | 216512 |
| **Pennsylvania State University** |  |  |
| 5.09%, 09/01/36  | 350000 | 362944 |
| **Philadelphia Authority for Industrial** <br> **Development**<br>|  |  |
| RB Series 1999 C |  |  |
| 6.55%, 10/15/28  | 1740000 | 1845643 |
| **Port Authority of New York & New Jersey** |  |  |
| 5.65%, 11/01/40  | 350000 | 370478 |
| RB Series 2019 215 |  |  |
| 3.29%, 08/01/69  | 300000 | 189655 |
| **Public Finance Authority** |  |  |
| RB Series 2017A |  |  |
| 3.11%, 07/01/27  | 300000 | 297300 |
| **Redondo Beach Community Financing Authority** |  |  |
| RB Series 2021 A |  |  |
| 2.09%, 05/01/30  | 525000 | 484664 |
| **Rhode Island Housing & Mortgage Finance Corp.** |  |  |
| RB Series 2025 85 |  |  |
| 4.96%, 10/01/33 *(b)* | 500000 | 506921 |
| **Rutgers The State University of New Jersey** |  |  |
| Series R |  |  |
| 3.27%, 05/01/43  | 1360000 | 1108007 |
| **Sales Tax Securitization Corp.** |  |  |
| RB Series 2017 C |  |  |
| 3.28%, 01/01/29  | 1015000 | 991535 |
| RB Series 2024 B |  |  |
| 5.23%, 01/01/39 *(b)* | 4040000 | 4085203 |
| RB Series 2021B |  |  |
| 3.34%, 01/01/48 *(b)* | 100000 | 73686 |
| **San Francisco City & County Redevelopment** <br> **Successor Agency**<br>|  |  |
| RB Series 2025 C |  |  |
| 4.41%, 08/01/31  | 800000 | 800949 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| RB Series 2025 C |  |  |
| 4.54%, 08/01/32  | 500000 | 501211 |
| RB Series 2025 C |  |  |
| 4.70%, 08/01/33  | 1000000 | 1007590 |
| **San Jose Financing Authority** |  |  |
| Refunding RB |  |  |
| 2.86%, 06/01/38 *(b)* | 7395000 | 5998318 |
| **South Carolina Public Service Authority** |  |  |
| RB Series 2009 F |  |  |
| 5.74%, 01/01/30  | 920000 | 956930 |
| RB Series 2012 E |  |  |
| 4.55%, 12/01/30  | 1275000 | 1290988 |
| RB Series 2025 C |  |  |
| 4.71%, 12/01/28  | 350000 | 355917 |
| RB Series 2025 C |  |  |
| 5.01%, 12/01/32  | 125000 | 128314 |
| **Southwestern Illinois Community College District** <br> **No. 522**<br>|  |  |
| Refunding GO Bonds |  |  |
| 4.20%, 12/01/29  | 650000 | 656476 |
| Refunding GO Bonds |  |  |
| 4.35%, 12/01/30  | 800000 | 811654 |
| Refunding GO Bonds |  |  |
| 4.50%, 12/01/31  | 1300000 | 1325442 |
| Refunding GO Bonds |  |  |
| 4.63%, 12/01/32  | 850000 | 868644 |
| **Southwestern Illinois Development Authority** |  |  |
| RB |  |  |
| 5.06%, 04/01/31  | 400000 | 415253 |
| **State Board of Administration Finance Corp.** |  |  |
| RB Series 2024 A |  |  |
| 5.53%, 07/01/34 *(b)* | 9798000 | 10314393 |
| Series A |  |  |
| 1.71%, 07/01/27  | 986000 | 956876 |
| **State of California** |  |  |
| GO Bonds |  |  |
| 5.10%, 09/01/35  | 3505000 | 3641156 |
| GO Bonds |  |  |
| 5.13%, 03/01/38 *(b)* | 1305000 | 1329499 |
| **State of Connecticut** |  |  |
| 4.59%, 03/15/30  | 250000 | 256851 |
| 5.15%, 03/15/35  | 200000 | 209592 |
| GO Bonds Series 2008A |  |  |
| 5.85%, 03/15/32  | 505000 | 543851 |
| **State of Hawaii** |  |  |
| GO Bonds Series 2021 GN |  |  |
| 5.08%, 10/01/41 *(b)* | 205000 | 205889 |
| **State of Illinois** |  |  |
| 4.00%, 09/01/28  | 9760000 | 9837467 |
| 4.40%, 09/01/31  | 3050000 | 3080894 |
| GO Bonds (Pension Funding) Series 2003 |  |  |
| 5.10%, 06/01/33  | 2351520 | 2413303 |
| GO Bonds Series 2024 A |  |  |
| 4.48%, 10/01/32  | 360000 | 361512 |
| **State of Oregon** |  |  |
| GO Bonds (Pension Funding) Series 2003 |  |  |
| 5.89%, 06/01/27  | 441516 | 445756 |
| **Toledo Lucas County Public Library** |  |  |
| GO Bonds Series 2025 B |  |  |
| 5.14%, 12/01/38 *(b)* | 750000 | 770995 |
| **University of Michigan** |  |  |
| RB Series C |  |  |
| 3.60%, 04/01/47  | 1390000 | 1177702 |

---

*See financial notes*

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**7**

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of North Texas System** |  |  |
| RB |  |  |
| 5.31%, 04/15/39 *(b)* | 320000 | 327668 |
| **Utah Housing Corp.** |  |  |
| 4.94%, 01/01/31  | 270000 | 279007 |
| 5.40%, 01/01/33  | 825000 | 863215 |
| RB Series 2025 D |  |  |
| 5.08%, 01/01/34 *(b)* | 360000 | 367346 |
| **Vermont Housing Finance Agency** |  |  |
| 5.36%, 11/01/33  | 230000 | 237280 |
| RB Series 2025 B |  |  |
| 5.32%, 11/01/34 *(b)* | 135000 | 137958 |
| **Virginia Housing Development Authority** |  |  |
| 4.19%, 01/01/31  | 650000 | 653491 |
| 4.25%, 07/01/31  | 955000 | 959498 |
| 4.32%, 01/01/32  | 1915000 | 1922349 |
| 4.37%, 07/01/32  | 1590000 | 1593822 |
| 4.64%, 01/01/33  | 660000 | 665507 |
| 4.69%, 07/01/33  | 500000 | 503980 |
| 4.79%, 01/01/34 *(b)* | 500000 | 504663 |
| 4.84%, 07/01/34 *(b)* | 650000 | 655707 |
| 4.89%, 01/01/35 *(b)* | 960000 | 967847 |
| 4.99%, 07/01/35 *(b)* | 890000 | 898595 |
| **Williamsburg Economic Development Authority** |  |  |
| Rb Series 2025 |  |  |
| 4.96%, 11/01/35  | 1000000 | 1005505 |
|  |  | **215238005** |
| **Total Government Related** <br>**(Cost $212,264,859)** | **Total Government Related** <br>**(Cost $212,264,859)** | **215238005** |
| **SECURITIZED** 32.1% OF NET ASSETS | **SECURITIZED** 32.1% OF NET ASSETS | **SECURITIZED** 32.1% OF NET ASSETS |
| **Mortgage-Backed Securities Pass-Through 32.1%** | **Mortgage-Backed Securities Pass-Through 32.1%** | **Mortgage-Backed Securities Pass-Through 32.1%** |
| **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 2.00%, 10/01/36 to 08/01/52 *(b)* | 24811501 | 20791519 |
| 2.50%, 10/01/31 to 04/01/52 *(b)* | 14052053 | 12378307 |
| 3.00%, 04/01/50 to 11/01/52 *(b)* | 2838506 | 2529235 |
| 3.50%, 11/01/51 to 11/01/54 *(b)* | 5372474 | 5009767 |
| 4.00%, 06/01/52 to 09/01/52 *(b)* | 5042407 | 4808156 |
| 4.50%, 08/01/52 to 01/01/55 *(b)* | 29854844 | 29272161 |
| 5.00%, 08/01/52 to 12/01/54 *(b)* | 15746660 | 15773021 |
| 5.50%, 05/01/53 to 05/01/55 *(b)* | 15121519 | 15364072 |
| 6.00%, 09/01/53 to 05/01/55 *(b)* | 8411281 | 8662740 |
| 6.50%, 12/01/53 to 06/01/55 *(b)* | 4710417 | 4947009 |
| **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 2.00%, 01/01/37 to 10/01/52 *(b)* | 33574409 | 27960571 |
| 2.50%, 10/01/35 to 02/01/52 *(b)* | 16504287 | 14521683 |
| 3.00%, 10/01/51 to 09/01/52 *(b)* | 15747953 | 14095832 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 09/01/50 to 10/01/52 *(b)* | 10470800 | 9769857 |
| 4.00%, 10/01/51 to 08/01/55 *(b)* | 29336506 | 27938646 |
| 4.50%, 09/01/52 to 01/01/53 *(b)* | 12490859 | 12266235 |
| 5.00%, 11/01/53 to 06/01/55 *(b)* | 15512427 | 15512167 |
| 5.50%, 12/01/52 to 08/01/55 *(b)* | 7253396 | 7366721 |
| 6.00%, 07/01/53 to 05/01/55 *(b)* | 11128469 | 11429658 |
| 6.50%, 08/01/54 to 08/01/55 *(b)* | 2860788 | 2975770 |
| **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 2.50%, 02/20/50 to 06/20/52 *(b)* | 15066283 | 13016882 |
| 3.00%, 11/20/49 to 09/20/52 *(b)* | 10128287 | 9123157 |
| 3.50%, 06/20/50 to 01/20/53 *(b)* | 10255392 | 9485603 |
| 4.00%, 11/20/48 to 01/20/55 *(b)* | 28442529 | 27020857 |
| 4.50%, 12/20/48 to 07/20/53 *(b)* | 16863774 | 16547283 |
| 5.50%, 07/20/54 to 08/20/55 *(b)* | 8242045 | 8344453 |
| 6.00%, 09/20/54 to 08/20/55 *(b)* | 4422291 | 4522869 |
| 6.50%, 07/20/54 to 08/20/54 *(b)* | 259976 | 269104 |
| **Total Securitized** <br>**(Cost $348,084,750)** | **Total Securitized** <br>**(Cost $348,084,750)** | **351703335** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.7% OF NET ASSETS | **Short-Term Investments** 0.7% OF NET ASSETS | **Short-Term Investments** 0.7% OF NET ASSETS |
| **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.74% *(e)*<br>| 7220880 | 7220880 |
| **Total Short-Term Investments** <br>**(Cost $7,220,880)** | **Total Short-Term Investments** <br>**(Cost $7,220,880)** | **7220880** |
| **Total Investments in Securities** <br>**(Cost $1,085,856,138)** | **Total Investments in Securities** <br>**(Cost $1,085,856,138)** | **1093567522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Fixed-to-Float security is in a fixed-rate coupon period.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls).

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |

---

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $309305637 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $309305637 |
| Treasuries<sup>1</sup> <br>|  | &nbsp;&nbsp; 210099665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210099665 |
| Government Related<sup>1</sup> <br>|  | &nbsp;&nbsp; 215238005 | &nbsp;&nbsp; — | &nbsp;&nbsp; 215238005 |

---

*See financial notes*

**8**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Securitized<sup>1</sup> <br>| $— | &nbsp;&nbsp; $351703335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $351703335 |
| Short-Term Investments<sup>1</sup> <br>| 7220880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7220880 |
| **Total** | **$7220880** | &nbsp;&nbsp; **$1086346642** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1093567522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**9**

------

Schwab Core Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,085,856,138) |  | $1093567522 |
| Receivables: |  |  |
| Interest |  | 10640668 |
| Fund shares sold |  | 2579087 |
| Dividends |  | 20269 |
| Income from securities on loan | + | 29 |
| **Total assets** |  | **1106807575** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought - delayed-delivery |  | 5730000 |
| Investments bought |  | 4835315 |
| Management fees | + | 145520 |
| **Total liabilities** |  | **10710835** |
| **Net assets** |  | **$1096096740** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1088857064 |
| Total distributable earnings | + | 7239676 |
| **Net assets** |  | **$1096096740** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1096096740 |  | &nbsp;&nbsp;&nbsp;&nbsp; 42500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.79 |

---

*See financial notes*

**10**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period February 5, 2025\* through December 31, 2025 | For the period February 5, 2025\* through December 31, 2025 | For the period February 5, 2025\* through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $20709571 |
| Dividends received from securities - unaffiliated issuers  |  | 329898 |
| Securities on loan, net | + | 144 |
| **Total investment income**  |  | **21039613** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 721766 |
| **Total expenses** | – | **721766** |
| **Net investment income** |  | **20317847** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (166448)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  | + | 2395608 |
| **Net realized gains** |  | **2229160** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **7711384** |
| **Net realized and unrealized gains** |  | **9940544** |
| **Increase in net assets resulting from operations** |  | **$30258391** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Commencement of operations.

*See financial notes*

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**11**

------

Schwab Core Bond ETF

Statement of Changes in Net Assets

------

For the current period only

---

| | | |
|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 2/5/25\*-12/31/25 | 2/5/25\*-12/31/25 |
| Net investment income |  | $20317847 |
| Net realized gains |  | 2229160 |
| Net change in unrealized appreciation (depreciation) | + | 7711384 |
| **Increase in net assets resulting from operations** |  | **$30258391** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20646450)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 2/5/25\*-12/31/25 | 2/5/25\*-12/31/25 | 2/5/25\*-12/31/25 |
|  |  | SHARES | VALUE |
| Shares sold |  | 56600000 | &nbsp;&nbsp;&nbsp; $1451797224 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; 984026 |
| Shares redeemed | + | (14100000)<br>| &nbsp;&nbsp;&nbsp; (366296451)<br>|
| **Net transactions in fund shares**  |  | **42500000** | &nbsp;&nbsp;&nbsp; **$1086484799** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 2/5/25\*-12/31/25 | 2/5/25\*-12/31/25 | 2/5/25\*-12/31/25 |
|  |  | SHARES | NET ASSETS |
| Beginning of period |  |  | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 42500000 | &nbsp;&nbsp;&nbsp; 1096096740 |
| **End of period** |  | **42500000** | &nbsp;&nbsp;&nbsp; **$1096096740** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Commencement of operations.

*See financial notes*

**12**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 STRATEGIC TRUST** |
| **Schwab Core Bond ETF**  | Schwab U.S. TIPS ETF |
| Schwab Ultra-Short Income ETF | Schwab Short-Term U.S. Treasury ETF |
| Schwab High Yield Bond ETF | Schwab Intermediate-Term U.S. Treasury ETF |
| Schwab U.S. Broad Market ETF | Schwab Long-Term U.S. Treasury ETF |
| Schwab 1000 Index | 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 Municipal Bond ETF | Schwab Fundamental International Small Equity ETF |
| Schwab International Dividend Equity ETF | Schwab Fundamental Emerging Markets Equity ETF |
| Schwab International Equity ETF | Schwab Ariel Opportunities ETF |
| Schwab International Small-Cap Equity ETF | Schwab Crypto Thematic ETF |
| Schwab Emerging Markets Equity ETF | Schwab Mortgage-Backed Securities ETF |
| Schwab U.S. REIT 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 Schwab Core Bond ETF commenced operations on February 5, 2025.

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 Core Bond ETF's** goal is to seek to provide total return while generating income through investing in U.S. dollar-denominated debt securities.

------

**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 Core Bond ETF \| Annual Holdings and Financial Statements

**13**

------

Schwab Core Bond ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

**14**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 the fund's results of operations.

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

The levels associated with valuing the fund's investments as of December 31, 2025, are disclosed in the fund's Portfolio Holdings.

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

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis, if any, are identified as such in the fund's Portfolio Holdings. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, the fund operates as a limited derivatives user, with respect to purchase commitments held within the fund, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the fund's exposure is monitored under a derivatives risk management program.

**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 December 31, 2025, the fund had no securities on loan.

**(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. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**15**

------

Schwab Core Bond ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). 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) U.S. Treasury, Agency Debt & Agency MBS Charges:**

Due to market conditions or other reasons, delivery of U.S. Treasury securities, agency debt and agency MBS may not occur on a timely basis. In these instances, the fund may fail to receive a security purchased causing the fund to be unable to deliver a security sold. The Treasury Market Practices Group of the Federal Reserve Bank of New York recommends voluntary fail charges when securities are not delivered as agreed by the parties. These fail charges, if any, are included in net realized gains (losses) on sales of securities — unaffiliated issuers in the fund's Statement of Operations.

**(g) Distributions to Shareholders:**

The fund makes distributions from net investment income, if any, monthly 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.

**(h) 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.

**(i) 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.

**(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 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.

**16**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(k) 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.

------

**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 0.16% of the fund's average daily net assets.

**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. For the period ended December 31, 2025, the fund did not have any purchases and sales of securities with other funds managed by the investment adviser.

**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.

------

**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

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**17**

------

Schwab Core Bond ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks (continued):** 

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. Purchases and Sales/Maturities of Investment Securities:**

For the period ended December 31, 2025, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASES OF LONG-TERM <br>U.S. GOVERNMENT <br>SECURITIES\* <br>| PURCHASES OF OTHER <br>LONG-TERM SECURITIES <br>| TOTAL PURCHASES OF <br>LONG-TERM SECURITIES <br>|
| Schwab Core Bond ETF  | $861644317 | &nbsp;&nbsp; $254815774 | &nbsp;&nbsp; $1116460091 |
|  | SALES/MATURITIES OF <br>LONG-TERM U.S. GOVERNMENT <br>SECURITIES\* <br>| SALES/MATURITIES OF <br>OTHER LONG-TERM SECURITIES <br>| TOTAL SALES/MATURITIES OF <br>LONG-TERM SECURITIES <br>|
| Schwab Core Bond ETF  | 464776102 | &nbsp;&nbsp; 25993093 | &nbsp;&nbsp; 490769195 |

---

\*

Includes securities guaranteed by U.S. Government Agencies.

------

**7. 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 fixed-income 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 Other capital in the Statement of Changes in Net Assets and in Per-Share Data 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 the fund.

The in-kind transactions for the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab Core Bond ETF  | $811074816 | &nbsp;&nbsp; $364590465 |

---

For the period ended December 31, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2025, if any, are disclosed in the fund's Statement of Operations.

**18**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Schwab Core Bond ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes:**

As of December 31, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Core Bond ETF  | $1085856963 | &nbsp;&nbsp; $9902206 | &nbsp;&nbsp; ($2191647)<br>| &nbsp;&nbsp; $7710559 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| &nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION) <br>ON INVESTMENTS <br>| &nbsp;&nbsp;&nbsp; CAPITAL LOSS <br>CARRYFORWARDS AND OTHER LOSSES<br>| TOTAL  |
| $120431 | &nbsp;&nbsp;&nbsp;&nbsp; $7710559 | &nbsp;&nbsp;&nbsp;&nbsp; ($591314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7239676 |

---

For tax purposes, net realized capital losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. For the period ended December 31, 2025, the fund had capital losses deferred of $591,314.

As of December 31, 2025, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions paid during the period ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | CURRENT FISCAL PERIOD END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>|
| Schwab Core Bond ETF  | $20646450 |

---

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 December 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. During the period ended December 31, 2025, the fund did not incur any interest or penalties.

------

**9. 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.

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**19**

------

Schwab Core Bond ETF

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab Core Bond 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 Core Bond ETF (the "Fund"), one of the funds constituting Schwab Strategic Trust, as of December 31, 2025, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from February 5, 2025 (commencement of operations) through December 31, 2025, 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 December 31, 2025, and the results of its operations, the changes in its net assets and the financial highlights for the period from February 5, 2025 (commencement of operations) through December 31, 2025, 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 audit. 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 audit 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 audit 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 audit 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 audit 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 December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

February 13, 2026

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

**20**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**21**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**22**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab Core Bond ETF \| Annual Holdings and Financial Statements

**23**

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**24**Schwab Core Bond ETF \| Annual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g937580img34c553621.jpg)

MFR129742-00

00321743

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g729565img73dc50351.jpg)

**Annual Holdings and Financial Statements** \| December 31, 2025

Schwab Ultra-Short Income ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SCUS**

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_6c8b9c10-9087-4b9a-94d9-74aa4b6f6333_1)**<br> **[Management Investment Companies](#xx_6c8b9c10-9087-4b9a-94d9-74aa4b6f6333_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_6c8b9c10-9087-4b9a-94d9-74aa4b6f6333_1) | 2 |
| [Financial Notes](#xx_a08abecf-9934-4bbc-9619-5ed23d65548f_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_713bf9af-d5c5-4dd6-a203-2e5d069293cb_1) | 21 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_716d9af6-f672-4d9c-a008-de41cdd02f47_1)**<br> **[Management Investment Companies](#xx_716d9af6-f672-4d9c-a008-de41cdd02f47_1)**<br>| 22 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_6b332af6-3c8d-4dd8-ac29-5e5d26f2bc75_1)**<br> **[Companies](#xx_6b332af6-3c8d-4dd8-ac29-5e5d26f2bc75_1)**<br>| 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_b52f1901-fe10-482c-bd89-06a643c2628e_1)**<br> **[Management Investment Companies](#xx_b52f1901-fe10-482c-bd89-06a643c2628e_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_7cf9c3dc-9c52-465c-98f1-984d7d1fb911_1)**<br> **[Contract](#xx_7cf9c3dc-9c52-465c-98f1-984d7d1fb911_1)**<br>| 25  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**1**

------

Schwab Ultra-Short Income ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | |
|:---|:---|:---|
|  | 1/1/25– <br>12/31/25<br>| 8/13/24<sup>1</sup>– <br>12/31/24<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $25.08 | &nbsp;&nbsp; $25.00 |
| Income (loss) from investment operations: |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 1.07 | 0.46 |
| Net realized and unrealized gains (losses) | 0.06 | 0.02 |
| Total from investment operations | 1.13 | 0.48 |
| Less distributions: |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.41)<br>|
| Other capital | 0.01 | 0.01 |
| Net asset value at end of period | &nbsp;&nbsp; $25.17 | &nbsp;&nbsp; $25.08 |
| Total return | 4.64<br> %<br>| 1.96 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |
| Total expenses | 0.14<br> %<br>| 0.14 %<sup>4</sup><br>|
| Net investment income (loss) | 4.27<br> %<br>| 4.75 %<sup>4</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 50 %<sup>5</sup><br>| &nbsp;&nbsp; 3 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $184 | &nbsp;&nbsp; $70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover rate excludes variable rate demand note transactions (see financial note 2b for additional information).

*See financial notes*

**2**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity. Securities whose maturities at the time of acquisition were one year or less are categorized under Short-Term Investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 30.9% OF NET ASSETS | **CORPORATES** 30.9% OF NET ASSETS | **CORPORATES** 30.9% OF NET ASSETS | **CORPORATES** 30.9% OF NET ASSETS | **CORPORATES** 30.9% OF NET ASSETS |
| **Financial Institutions 15.1%**  | **Financial Institutions 15.1%**  | **Financial Institutions 15.1%**  | **Financial Institutions 15.1%**  | **Financial Institutions 15.1%**  |
| **Banking 9.2%**  | **Banking 9.2%**  | **Banking 9.2%**  | **Banking 9.2%**  | **Banking 9.2%**  |
| American Express Co. <br> *(a)* | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; 03/04/27 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 911993 |
| American Express Co. <br> *(a)* | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 05/03/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993777 |
| Bank of Montreal <br> *(a)* | &nbsp;&nbsp; 5.27% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 607843 |
| Bank of Nova Scotia  | &nbsp;&nbsp; 2.70% | &nbsp;&nbsp; 08/03/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 595928 |
| Bank of Nova Scotia <br> *(a)* | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 491250 |
| Bank of Nova Scotia  | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 06/12/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031067 |
| Canadian Imperial Bank of Commerce <br> *(a)* | &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 736007 |
| Capital One Financial Corp. <br> *(a)* | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 01/31/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996142 |
| Goldman Sachs Group, Inc. <br> *(a)* | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp; 435577 |
| Mizuho Financial Group, Inc. <br> *(a)(b)* | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 05/22/27 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1087820 |
| Morgan Stanley <br> *(a)(b)* | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 01/28/27 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 525315 |
| National Australia Bank Ltd.  | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 06/13/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1515974 |
| National Australia Bank Ltd.  | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 06/13/28 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 747823 |
| PNC Bank NA <br> *(a)* | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 05/13/27 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 986475 |
| PNC Financial Services Group, Inc. <br> *(a)* | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 471620 |
| Royal Bank of Canada <br> *(a)* | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 04/27/26 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 421460 |
| Sumitomo Mitsui Financial Group, Inc.  | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 491155 |
| Toronto-Dominion Bank <br> *(a)* | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 503132 |
| Toronto-Dominion Bank  | &nbsp;&nbsp; 4.11% | &nbsp;&nbsp; 10/13/28 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 385967 |
| Truist Bank <br> *(a)* | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 10/30/26 | &nbsp;&nbsp; 699000 | &nbsp;&nbsp; 697870 |
| Truist Financial Corp. <br> *(a)* | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 08/03/27 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1916310 |
| U.S. Bancorp <br> *(a)* | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 04/27/27 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 426678 |
|  |  |  |  | &nbsp;&nbsp; **16977183** |
| **Brokerage/Asset Managers/Exchanges 0.7%**  | **Brokerage/Asset Managers/Exchanges 0.7%**  | **Brokerage/Asset Managers/Exchanges 0.7%**  | **Brokerage/Asset Managers/Exchanges 0.7%**  | **Brokerage/Asset Managers/Exchanges 0.7%**  |
| Jefferies Financial Group, Inc. <br> *(a)* | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125893 |
| Jefferies Financial Group, Inc. <br> *(a)* | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 06/08/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103263 |
| Jefferies Financial Group, Inc. <br> *(a)* | &nbsp;&nbsp; 5.88% | &nbsp;&nbsp; 07/21/28 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 988083 |
|  |  |  |  | &nbsp;&nbsp; **1217239** |
| **Insurance 3.6%**  | **Insurance 3.6%**  | **Insurance 3.6%**  | **Insurance 3.6%**  | **Insurance 3.6%**  |
| American International Group, Inc. <br> *(a)* | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp; 2134698 |
| Elevance Health, Inc. <br> *(a)* | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 03/15/26 | &nbsp;&nbsp; 603000 | &nbsp;&nbsp; 599986 |
| Elevance Health, Inc. <br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 10/30/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502558 |
| Elevance Health, Inc. <br> *(a)* | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1252419 |
| Elevance Health, Inc. <br> *(a)* | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 09/15/28 | &nbsp;&nbsp; 963000 | &nbsp;&nbsp; 961837 |
| UnitedHealth Group, Inc. <br> *(a)* | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1158494 |
|  |  |  |  | &nbsp;&nbsp; **6609992** |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**3**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **REITs 1.6%**  | **REITs 1.6%**  | **REITs 1.6%**  | **REITs 1.6%**  | **REITs 1.6%**  |
| Digital Realty Trust LP <br> *(a)(c)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 07/15/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007154 |
| Prologis LP <br> *(a)(c)* | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; 09/15/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997750 |
| Prologis LP <br> *(a)(c)* | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 09/15/28 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 375790 |
| Simon Property Group LP <br> *(a)(c)* | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 535873 |
|  |  |  |  | &nbsp;&nbsp; **2916567** |
|  |  |  |  | &nbsp;&nbsp; **27720981** |
| **Industrial 14.2%**  | **Industrial 14.2%**  | **Industrial 14.2%**  | **Industrial 14.2%**  | **Industrial 14.2%**  |
| **Communications 2.5%**  | **Communications 2.5%**  | **Communications 2.5%**  | **Communications 2.5%**  | **Communications 2.5%**  |
| AT&T, Inc. <br> *(a)* | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp; 03/25/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149258 |
| AT&T, Inc. <br> *(a)* | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp; 971286 |
| Comcast Corp. <br> *(a)* | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 03/01/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599835 |
| Comcast Corp. <br> *(a)* | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 310346 |
| Comcast Corp. <br> *(a)* | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2262229 |
| T-Mobile USA, Inc. <br> *(a)(c)* | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 129473 |
| T-Mobile USA, Inc. <br> *(a)(c)* | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 02/01/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250305 |
|  |  |  |  | &nbsp;&nbsp; **4672732** |
| **Consumer Cyclical 2.2%**  | **Consumer Cyclical 2.2%**  | **Consumer Cyclical 2.2%**  | **Consumer Cyclical 2.2%**  | **Consumer Cyclical 2.2%**  |
| Home Depot, Inc. <br> *(a)* | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599070 |
| Lowe's Cos., Inc. <br> *(a)* | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 526178 |
| Starbucks Corp. <br> *(a)* | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 629519 |
| Toyota Motor Corp. <br> *(a)* | &nbsp;&nbsp; 5.28% | &nbsp;&nbsp; 07/13/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 603823 |
| Toyota Motor Credit Corp.  | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 09/05/28 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1231402 |
| VICI Properties LP/VICI Note Co., Inc. <br> *(a)(d)* | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 02/01/27 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 222513 |
| VICI Properties LP/VICI Note Co., Inc. <br> *(a)(d)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 02/15/27 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149155 |
|  |  |  |  | &nbsp;&nbsp; **3961660** |
| **Consumer Non-Cyclical 3.0%**  | **Consumer Non-Cyclical 3.0%**  | **Consumer Non-Cyclical 3.0%**  | **Consumer Non-Cyclical 3.0%**  | **Consumer Non-Cyclical 3.0%**  |
| AbbVie, Inc. <br> *(a)* | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; 528730 |
| AbbVie, Inc. <br> *(a)* | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 11/14/28 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1718836 |
| CVS Health Corp. <br> *(a)* | &nbsp;&nbsp; 2.88% | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149297 |
| CVS Health Corp. <br> *(a)* | &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 08/15/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 124206 |
| CVS Health Corp. <br> *(a)* | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 03/25/28 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 1209655 |
| Gilead Sciences, Inc. <br> *(a)* | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 03/01/26 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 304971 |
| Kroger Co. <br> *(a)* | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 02/01/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150002 |
| Philip Morris International, Inc. <br> *(a)* | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 1139000 | &nbsp;&nbsp; 1137665 |
| Tyson Foods, Inc. <br> *(a)* | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 06/02/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248341 |
|  |  |  |  | &nbsp;&nbsp; **5571703** |
| **Energy 2.9%**  | **Energy 2.9%**  | **Energy 2.9%**  | **Energy 2.9%**  | **Energy 2.9%**  |
| ConocoPhillips Co. <br> *(a)(c)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 526468 |
| EQT Corp. <br> *(a)* | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 07/01/27 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 250568 |
| Exxon Mobil Corp. <br> *(a)* | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 03/01/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599124 |
| Kinder Morgan, Inc. <br> *(a)* | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005475 |
| Schlumberger Holdings Corp. <br> *(a)(d)* | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 05/29/27 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 963591 |
| Schlumberger Holdings Corp. <br> *(a)(d)* | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 05/17/28 | &nbsp;&nbsp; 2025000 | &nbsp;&nbsp; 2021229 |
|  |  |  |  | &nbsp;&nbsp; **5366455** |

---

*See financial notes*

**4**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Technology 3.4%**  | **Technology 3.4%**  | **Technology 3.4%**  | **Technology 3.4%**  | **Technology 3.4%**  |
| Broadcom, Inc. <br> *(a)* | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 07/12/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254437 |
| Equinix, Inc. <br> *(a)* | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297324 |
| Equinix, Inc. <br> *(a)* | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp; 1153818 |
| Fiserv, Inc. <br> *(a)* | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 03/15/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 126358 |
| Fiserv, Inc. <br> *(a)* | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 03/02/28 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 461005 |
| Fiserv, Inc. <br> *(a)* | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 08/21/28 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 215544 |
| Hewlett Packard Enterprise Co. <br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 09/25/26 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125417 |
| Hewlett Packard Enterprise Co. <br> *(a)* | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 09/15/28 | &nbsp;&nbsp; 1348000 | &nbsp;&nbsp; 1349553 |
| Intel Corp. <br> *(a)* | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 05/11/27 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 103755 |
| Intel Corp. <br> *(a)* | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 02/10/28 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 608764 |
| Intel Corp. <br> *(a)* | &nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 08/12/28 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 178318 |
| International Business Machines Corp. <br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 02/06/28 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 368678 |
| Oracle Corp. <br> *(a)* | &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 07/15/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148824 |
| Synopsys, Inc. <br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 755503 |
|  |  |  |  | &nbsp;&nbsp; **6147298** |
| **Transportation 0.2%**  | **Transportation 0.2%**  | **Transportation 0.2%**  | **Transportation 0.2%**  | **Transportation 0.2%**  |
| FedEx Corp. <br> *(a)* | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196986 |
| FedEx Corp. <br> *(a)* | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 10/17/28 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 239787 |
|  |  |  |  | &nbsp;&nbsp; **436773** |
|  |  |  |  | &nbsp;&nbsp; **26156621** |
| **Utility 1.6%**  | **Utility 1.6%**  | **Utility 1.6%**  | **Utility 1.6%**  | **Utility 1.6%**  |
| **Electric 1.6%**  | **Electric 1.6%**  | **Electric 1.6%**  | **Electric 1.6%**  | **Electric 1.6%**  |
| Dominion Energy, Inc. <br> *(a)* | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 06/01/28 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 903208 |
| National Rural Utilities Cooperative Finance Corp. <br> *(a)* | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506985 |
| Xcel Energy, Inc. <br> *(a)* | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 12/01/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397706 |
| Xcel Energy, Inc. <br> *(a)* | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 03/21/28 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1064179 |
|  |  |  |  | &nbsp;&nbsp; **2872078** |
| **Total Corporates** <br>**(Cost $56,601,139)** | **Total Corporates** <br>**(Cost $56,601,139)** | **Total Corporates** <br>**(Cost $56,601,139)** | **Total Corporates** <br>**(Cost $56,601,139)** | &nbsp;&nbsp; **56749680** |
| **SHORT-TERM INVESTMENTS** 50.6% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 50.6% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 50.6% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 50.6% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 50.6% OF NET ASSETS |
| **COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS** 2.6% OF NET ASSETS | **COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS** 2.6% OF NET ASSETS | **COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS** 2.6% OF NET ASSETS | **COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS** 2.6% OF NET ASSETS | **COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS** 2.6% OF NET ASSETS |
| **International Business Machines Corp.**<br> *(a)* | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp; 1536525 |
| **Philip Morris International, Inc.**<br> *(a)* | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1372527 |
| **Sumitomo Mitsui Financial Group, Inc.** | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 07/14/26 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp; 1807455 |
| **Total Commercial Paper & Other Corporate Obligations** <br>**(Cost $4,712,181)** | **Total Commercial Paper & Other Corporate Obligations** <br>**(Cost $4,712,181)** | **Total Commercial Paper & Other Corporate Obligations** <br>**(Cost $4,712,181)** | **Total Commercial Paper & Other Corporate Obligations** <br>**(Cost $4,712,181)** | &nbsp;&nbsp; **4716507** |
| **CERTIFICATES OF DEPOSIT** 17.3% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 17.3% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 17.3% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 17.3% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 17.3% OF NET ASSETS |
| **BANCO BILBAO VIZCAYA ARGENTARIA SA (NEW YORK BRANCH)** | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000194 |
| **BANK OF AMERICA NA** | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100012 |
| **BANK OF MONTREAL (CHICAGO BRANCH)** |  |  |  |  |
| (SOFR + 0.37%)<br> *(a)(e)* | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100211 |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**5**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BANK OF NOVA SCOTIA (HOUSTON BRANCH)** |  |  |  |  |
| <br>(SOFR + 0.27%)<br> *(e)* | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 08/06/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999944 |
| <br>(SOFR + 0.31%)<br> *(e)* | &nbsp;&nbsp; 4.02% | &nbsp;&nbsp; 09/09/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000130 |
| **BARCLAYS BANK PLC (NEW YORK BRANCH)** |  |  |  |  |
|  | &nbsp;&nbsp; 3.93% | &nbsp;&nbsp; 04/28/26 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 525059 |
|  | &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 05/07/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500343 |
| **CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH)** |  |  |  |  |
| <br>(SOFR + 0.30%)<br> *(e)* | &nbsp;&nbsp; 4.01% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 310082 |
| <br>(SOFR + 0.37%)<br> *(a)(e)* | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 09/09/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000147 |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (NEW YORK BRANCH)** | &nbsp;&nbsp; 4.22% | &nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1700712 |
| **Credit Industriel et Commercial** |  |  |  |  |
| (SOFR + 0.34%)<br> *(e)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000282 |
| **Deutsche Bank AG** |  |  |  |  |
| (SOFR + 0.37%)<br> *(e)* | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp; 1108000 | &nbsp;&nbsp; 1108212 |
| **MITSUBISHI UFJ TRUST AND BANKING CORP (NEW YORK BRANCH)** |  |  |  |  |
| (SOFR + 0.24%)<br> *(e)* | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1400165 |
| **MIZUHO BANK LTD (NEW YORK BRANCH)** | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 06/09/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000236 |
| **MUFG BANK LTD (NEW YORK BRANCH)** |  |  |  |  |
|  | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 01/26/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000434 |
|  | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 06/11/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500459 |
| **NATIXIS (NEW YORK BRANCH)** | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 04/20/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600115 |
| **Natixis SA** |  |  |  |  |
|  | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 350291 |
|  | &nbsp;&nbsp; 5.61% | &nbsp;&nbsp; 09/18/26 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 936732 |
| **ROYAL BANK OF CANADA (NEW YORK BRANCH)** |  |  |  |  |
| (SOFR + 0.32%)<br> *(e)* | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1700759 |
| **SUMITOMO MITSUI BANKING CORP (NEW YORK BRANCH)** |  |  |  |  |
| <br>(SOFR + 0.25%)<br> *(e)* | &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 05/14/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000461 |
| <br>(SOFR + 0.27%)<br> *(e)* | &nbsp;&nbsp; 4.04% | &nbsp;&nbsp; 06/02/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000388 |
| **SUMITOMO MITSUI TRUST BANK LTD (LONDON BRANCH)** | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000367 |
| **TORONTO-DOMINION BANK (NEW YORK BRANCH)** |  |  |  |  |
| <br>(SOFR + 0.30%)<br> *(a)(e)* | &nbsp;&nbsp; 4.07% | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 210088 |
| <br>*(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/27/26 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 391248 |
| <br>(SOFR + 0.32%)<br> *(a)(e)* | &nbsp;&nbsp; 4.09% | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100275 |
| <br>(SOFR + 0.37%)<br> *(a)(e)* | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 11/09/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2501105 |
| <br>(SOFR + 0.37%)<br> *(a)(e)* | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 340132 |
| **Westpac Banking Corp.** | &nbsp;&nbsp; 4.31% | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1501368 |
| **Total Certificates Of Deposit** <br>**(Cost $31,865,226)**<br>|  |  |  | &nbsp;&nbsp; **31879951** |

---

*See financial notes*

**6**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ASSET-BACKED COMMERCIAL PAPER** 9.7% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 9.7% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 9.7% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 9.7% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 9.7% OF NET ASSETS |
| **Antalis SA**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.06% | &nbsp;&nbsp; 03/11/26 | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp; 2466284 |
| **BARCLAYS BANK PLC US COLLATERALIZED CP NOTES SERIES 2010-1**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 931038 |
| **BEDFORD ROW FUNDING CORP**<br> *(c)(d)(f)* | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1481250 |
| **CABOT TRAIL FUNDING LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99646 |
| **CHARIOT FUNDING LLC** |  |  |  |  |
| (SOFR + 0.27%)<br> *(a)(c)(d)(e)* | &nbsp;&nbsp; 4.04% | &nbsp;&nbsp; 05/20/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750002 |
| **COLLATERALIZED COMMERCIAL PAPER V CO LLC** |  |  |  |  |
| <br>(SOFR + 0.30%)<br> *(a)(c)(d)(e)* | &nbsp;&nbsp; 4.01% | &nbsp;&nbsp; 06/29/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500072 |
| <br>(SOFR + 0.32%)<br> *(a)(c)(e)* | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 08/03/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000069 |
| **FALCON ASSET FUNDING LLC** |  |  |  |  |
| (SOFR + 0.28%)<br> *(a)(c)(d)(e)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 04/27/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500032 |
| **GOTHAM FUNDING CORP**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1397805 |
| **LMA-Americas LLC** |  |  |  |  |
| <br>*(c)(d)(f)* | &nbsp;&nbsp; 4.03% | &nbsp;&nbsp; 04/09/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 593796 |
| <br>*(c)(d)(f)* | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 04/22/26 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 711578 |
| **Mainbeach Funding LLC** |  |  |  |  |
| <br>*(c)(d)(f)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2498452 |
| <br>*(c)(d)(f)* | &nbsp;&nbsp; 4.29% | &nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1295104 |
| **MetLife Short Term Funding LLC**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 834828 |
| **PODIUM FUNDING TRUST**<br> *(c)(f)* | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 797185 |
| **Total Asset-Backed Commercial Paper** <br>**(Cost $17,855,355)**<br>|  |  |  | &nbsp;&nbsp; **17857141** |
| **FINANCIAL COMPANY COMMERCIAL PAPER** 16.5% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.5% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.5% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.5% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 16.5% OF NET ASSETS |
| **ANZ New Zealand International Ltd.**<br> *(c)(d)(f)* | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 02/17/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1492620 |
| **BOFA SECURITIES INC**<br> *(d)(f)* | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 07/16/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 783576 |
| **BPCE SA**<br> *(d)(f)* | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995422 |
| **CANADIAN IMPERIAL BANK OF COMMERCE**<br> *(d)(f)* | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1991767 |
| **Credit Industriel et Commercial** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.27% | &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; 184000 | &nbsp;&nbsp; 183200 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 05/12/26 | &nbsp;&nbsp; 297000 | &nbsp;&nbsp; 292893 |
| **HSBC USA, Inc.** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 443060 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 10/01/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2428496 |
| **ING US FUNDING LLC** |  |  |  |  |
| <br>*(c)(d)(f)* | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995848 |
| <br>(SOFR + 0.22%)<br> *(c)(d)(e)* | &nbsp;&nbsp; 3.99% | &nbsp;&nbsp; 05/12/26 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3500368 |
| **Lloyds Bank Corporate Markets PLC**<br> *(f)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 796705 |
| **Lloyds Bank PLC**<br> *(f)* | &nbsp;&nbsp; 3.93% | &nbsp;&nbsp; 05/13/26 | &nbsp;&nbsp; 3631000 | &nbsp;&nbsp; 3580736 |
| **Macquarie Bank Ltd.** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 597342 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.33% | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247985 |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**7**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Bank of Canada** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; 02/05/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249074 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 05/04/26 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2072967 |
| **NATIXIS (NEW YORK BRANCH)**<br> *(f)* | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249045 |
| **NORDEA BANK ABP**<br> *(d)(f)* | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp; 2688638 |
| **ROYAL BANK OF CANADA** |  |  |  |  |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498299 |
| <br>*(d)(f)* | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 05/19/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 887057 |
| **SANTANDER UK PLC**<br> *(f)* | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 02/03/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996474 |
| **SKANDINAVISKA ENSKILDA BANKEN AB**<br> *(d)(f)* | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1788691 |
| **UBS AG (LONDON BRANCH)** |  |  |  |  |
| <br>(SOFR + 0.28%)<br> *(a)(d)(e)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 05/20/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000039 |
| <br>(SOFR + 0.28%)<br> *(a)(d)(e)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 05/21/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500059 |
| **Total Financial Company Commercial Paper** <br>**(Cost $30,247,586)**<br>|  |  |  | &nbsp;&nbsp; **30260361** |
| **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 2.5% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 2.5% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 2.5% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 2.5% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 2.5% OF NET ASSETS |
| **Honeywell International, Inc.**<br> *(d)(f)* | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 2975000 | &nbsp;&nbsp; 2950405 |
| **TotalEnergies Capital SA**<br> *(c)(d)(f)* | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1585080 |
| **Total Non-Financial Company Commercial Paper** <br>**(Cost $4,534,117)**<br>|  |  |  | &nbsp;&nbsp; **4535485** |
| **VARIABLE RATE DEMAND NOTES** 2.0% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.0% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.0% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.0% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 2.0% OF NET ASSETS |
| **Greyshoe Issuing Trust** |  |  |  |  |
| Taxable Variable Rate Demand Notes Series 2022 (**LOC**: FEDERAL HOME LOAN <br> BANKS)<br>*(a)(c)(g)* | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 12/01/72 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| **Jefferson Westchester LLC** |  |  |  |  |
| Taxable M/F Housing RB Series 2023A (**LOC**: FEDERAL HOME LOAN BANKS)<br> *(a)(c)(g)* | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 11/01/63 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| **Keep Memory Alive** |  |  |  |  |
| Taxable Variable Rate Demand Notes Series 2013 (**LOC**: PNC BANK NA)<br> *(a)(c)(g)* | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 05/01/37 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1700000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $3,700,000)**<br>|  |  |  | &nbsp;&nbsp; **3700000** |
| <br>**(Cost $92,914,465)** |  |  |  | &nbsp;&nbsp; **92949445** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 18.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 18.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 18.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 18.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 18.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 18.0% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 9.2%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 9.2%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 9.2%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 9.2%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 9.2%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 9.2%** |
| **BNP PARIBAS SA** |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | 3.83 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 2769589 | &nbsp;&nbsp; 2769000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency Securities valued <br> at $2,836,400, 2.00%-7.00%, due 05/15/28-01/01/56)<br>|  |  |  |  |  |

---

*See financial notes*

**8**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **CITIGROUP GLOBAL MARKETS, INC.** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.83 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3000638 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Treasury Securities valued at $3,060,040, 0.13%-4.38%, <br> due 07/31/26-10/15/26)<br>|  |  |  |  |
| **CREDIT AGRICOLE CIB** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.83 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3000638 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Government Agency Securities valued at $3,150,001, <br> 5.12%, due 06/20/55)<br>|  |  |  |  |
| **FICC- BANK OF NEW YORK MELLON** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.82 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3000637 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Government Agency Securities valued at $3,090,000, <br> 5.50%, due 11/01/52)<br>|  |  |  |  |
| **FICC - BOFA SECURITIES, INC.** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.86 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 2000429 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Government Agency Securities valued at $2,060,000, <br> 6.00%, due 12/01/55)<br>|  |  |  |  |
| **GOLDMAN SACHS & CO. LLC** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.84 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3024645 | &nbsp;&nbsp; 3024000 |
| (Collateralized by U.S. Government Agency Securities valued at $3,087,847, <br> 3.00%-7.00%, due 01/01/35-04/01/53)<br>|  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 | 3.76 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 100073 | &nbsp;&nbsp; 100000 |
| (Collateralized by U.S. Government Agency Securities valued at $103,000, <br> 5.00%, due 09/20/48)<br>|  |  |  |  |
|  |  |  |  | &nbsp;&nbsp; **16893000** |
| **U.S. TREASURY REPURCHASE AGREEMENTS 0.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 0.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 0.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 0.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 0.5%** |
| **FICC - BOFA SECURITIES, INC.** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.83 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 1000213 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,043, 1.25%-3.63%, <br> due 03/31/28-02/15/44)<br>|  |  |  |  |
|  |  |  |  | &nbsp;&nbsp; **1000000** |
| **OTHER REPURCHASE AGREEMENTS\*\* 8.3%** | **OTHER REPURCHASE AGREEMENTS\*\* 8.3%** | **OTHER REPURCHASE AGREEMENTS\*\* 8.3%** | **OTHER REPURCHASE AGREEMENTS\*\* 8.3%** | **OTHER REPURCHASE AGREEMENTS\*\* 8.3%** |
| **BARCLAYS BANK PLC** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 | 3.72 | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 795883 | &nbsp;&nbsp; 795719 |
| (Collateralized by U.S. Treasury Securities and common stocks, ETFs, corporate <br> bonds, asset backed securities, or non-agency collateralized mortgage <br> obligations valued at $814,983, 0.00%-2.38%, due 10/15/27-01/01/00)<br>|  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 | 3.80 | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 100074 | &nbsp;&nbsp; 100000 |
| (Collateralized by common stocks, ETFs, corporate bonds, asset backed <br> securities, or non-agency collateralized mortgage obligations valued at <br> $105,452, 5.10%, due 04/22/31)<br>|  |  |  |  |
| **BOFA SECURITIES, INC.** |  |  |  |  |
| Issued 12/01/25, repurchase date 04/06/26<br> *(a)(e)* | 4.21 | &nbsp;&nbsp; 04/06/26 | &nbsp;&nbsp; 4064680 | &nbsp;&nbsp; 4000000 |
| (Collateralized by common stocks, ETFs, corporate bonds, asset backed <br> securities, or non-agency collateralized mortgage obligations valued at <br> $4,320,000, 0.00%, due 01/01/00) <br>(SOFR + 0.50%)<br>|  |  |  |  |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**9**

------

Schwab Ultra-Short Income ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER | RATE | MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **CITIGROUP GLOBAL MARKETS, INC.** |  |  |  |  |
| Issued 11/20/25, repurchase date 03/06/26<br> *(a)(e)* | 4.02 | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 5163370 | &nbsp;&nbsp; 5102716 |
| (Collateralized by common stocks, ETFs, corporate bonds, asset backed <br> securities, or non-agency collateralized mortgage obligations valued at <br> $5,508,013, 0.00%, due 01/01/00) <br>(SOFR + 0.31%)<br>|  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |
| Issued 12/03/25, repurchase date 07/08/26<br> *(a)* | 4.48 | &nbsp;&nbsp; 07/08/26 | &nbsp;&nbsp; 5340423 | &nbsp;&nbsp; 5201210 |
| (Collateralized by U.S. Government Agency Securities valued at $5,980,000, <br> 0.00%-11.45%, due 06/10/30-05/15/35)<br>|  |  |  |  |
|  |  |  |  | &nbsp;&nbsp; **15199645** |
| **Total Repurchase Agreements** <br>**(Cost $33,088,719)**<br>|  |  |  | &nbsp;&nbsp; **33092645** |
| **Total Investments in Securities** <br>**(Cost $182,604,323)** | **Total Investments in Securities** <br>**(Cost $182,604,323)** | **Total Investments in Securities** <br>**(Cost $182,604,323)** | **Total Investments in Securities** <br>**(Cost $182,604,323)** | &nbsp;&nbsp; **182791770** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

\*\* Collateralized via common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations or less frequently by higher rated U.S. Government Agency Securities and/ or U.S. Treasury Securities. Securities without a stated maturity date, such as common stocks, ETFs, American depositary receipts and perpetual bonds, are represented by 01/01/00. 

*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). 

*(b)* Fixed-to-Float security is in a fixed-rate coupon period.

*(c)* Credit-enhanced or liquidity-enhanced.

*(d)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $48,589,261 or 26.4% of net assets. 

*(e)* Variable rate security; rate shown is effective rate at period end.

*(f)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

*(g)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CP — | Commercial paper |
| ETF — | Exchange-Traded Fund |
| FICC — | Fixed Income Clearing Corp |
| LOC — | Letter of credit |
| M/F — | Multi-family |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| VRDN — | Variable rate demand note |

---

------

At December 31, 2025, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**10**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $149,515,604) |  | $149699125 |
| Repurchase agreements, at value - unaffiliated issuers (cost $33,088,719) |  | 33092645 |
| Cash |  | 242320 |
| Receivables: |  |  |
| Interest | + | 960628 |
| **Total assets** |  | **183994718** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 242295 |
| Management fees | + | 21089 |
| **Total liabilities** |  | **263384** |
| **Net assets** |  | **$183731334** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $183534807 |
| Total distributable earnings | + | 196527 |
| **Net assets** |  | **$183731334** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $183731334 |  | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.17 |

---

*See financial notes*

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**11**

------

Schwab Ultra-Short Income ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 | For the period January 1, 2025 through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $4579329 |
| Other Interest | + | 24252 |
| **Total investment income**  |  | **4603581** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 146233 |
| **Total expenses** | – | **146233** |
| **Net investment income** |  | **4457348** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(15438)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **184999** |
| **Net realized and unrealized gains** |  | **169561** |
| **Increase in net assets resulting from operations** |  | **$4626909** |

---

*See financial notes*

**12**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 8/13/24\*-12/31/24 |
| Net investment income |  | $4457348 | &nbsp;&nbsp;&nbsp; $938623 |
| Net realized losses |  | (15438)<br>| &nbsp;&nbsp;&nbsp; (3363)<br>|
| Net change in unrealized appreciation (depreciation) | + | 184999 | &nbsp;&nbsp;&nbsp; 2448 |
| **Increase in net assets resulting from operations** |  | **$4626909** | &nbsp;&nbsp;&nbsp; **$937708** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($4444370)**<br>| &nbsp;&nbsp;&nbsp; **($923720)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 8/13/24\*-12/31/24 | 8/13/24\*-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 5100000 | &nbsp;&nbsp;&nbsp; $128350594 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $70189334 |
| Other capital |  |  | &nbsp;&nbsp;&nbsp; 57376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28076 |
| Shares redeemed | + | (600000)<br>| &nbsp;&nbsp;&nbsp; (15090573)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net transactions in fund shares**  |  | **4500000** | &nbsp;&nbsp;&nbsp; **$113317397** | &nbsp;&nbsp;&nbsp; **2800000** | &nbsp;&nbsp;&nbsp; **$70217410** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 1/1/25-12/31/25 | 8/13/24\*-12/31/24 | 8/13/24\*-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2800000 | &nbsp;&nbsp;&nbsp; $70231398 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 4500000 | &nbsp;&nbsp;&nbsp; 113499936 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 70231398 |
| **End of period** |  | **7300000** | &nbsp;&nbsp;&nbsp; **$183731334** | &nbsp;&nbsp;&nbsp; **2800000** | &nbsp;&nbsp;&nbsp; **$70231398** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Commencement of operations.

*See financial notes*

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**13**

------

Schwab Ultra-Short Income ETF

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 STRATEGIC TRUST** |
| **Schwab Ultra-Short Income ETF** | Schwab U.S. TIPS ETF |
| Schwab Government Money Market ETF | Schwab Short-Term U.S. Treasury ETF |
| Schwab High Yield Bond 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 Municipal Bond ETF | Schwab Fundamental International Small Equity ETF |
| Schwab International Dividend Equity ETF | Schwab Fundamental Emerging Markets Equity ETF |
| Schwab International Equity ETF | Schwab Ariel Opportunities ETF |
| Schwab International Small-Cap Equity ETF | Schwab Crypto Thematic ETF |
| Schwab Emerging Markets Equity ETF | Schwab Mortgage-Backed Securities ETF |
| Schwab U.S. REIT ETF | Schwab Core Bond 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 Ultra-Short Income ETF's** goal is to seek current income consistent with capital preservation while maintaining liquidity.

------

**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).

**14**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**15**

------

Schwab Ultra-Short Income ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 the fund's results of operations.

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

The levels associated with valuing the fund's investments as of December 31, 2025, are disclosed in the fund's Portfolio Holdings.

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

**Repurchase Agreements:** In a repurchase agreement, the fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject the fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities in alignment with the fund's investment objective. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of December 31, 2025, the fund had investments in repurchase agreements with a gross value of $33,092,645 as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis, if any, are identified as such in the fund's Portfolio Holdings. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, the fund operates as a limited derivatives user, with respect to purchase commitments held within the fund, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the fund's exposure is monitored under a derivatives risk management program.

**Variable Rate Demand Note:** A Variable Rate Demand Note (VRDN) is an asset class in the short-term municipal bond market with a variable (or floating) interest rate which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are daily and weekly, but could be monthly. The put feature entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time, shortening the legal maturity of the VRDN. These put features are daily and weekly, but could be monthly, making these liquid and short-term investments. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow the fund to exercise its demand rights at any time, some such securities may only allow the fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. The fund could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

**(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.

**16**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date).

**(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 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.

**(f) Distributions to Shareholders:**

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

**(g) Accounting Estimates:**

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

**(h) Federal Income Taxes:**

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

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

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

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**17**

------

Schwab Ultra-Short Income ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 0.14% of the fund's average daily net assets.

**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. For the period ended December 31, 2025, the fund did not have any purchases and sales of securities with other funds managed by the investment adviser.

**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.

------

**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.

**18**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Purchases and Sales/Maturities of Investment Securities:**

For the period ended December 31, 2025, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $57691975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14547439 |

---

------

**7. 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 fixed-income 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 Other capital in the Statement of Changes in Net Assets and in Per-Share Data 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 the fund.

There were no in-kind transactions for the period ended December 31, 2025.

For the period ended December 31, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2025, if any, are disclosed in the fund's Statement of Operations.

------

**8. Federal Income Taxes:**

As of December 31, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $182604323 | &nbsp;&nbsp; $195511 | &nbsp;&nbsp; ($8064)<br>| &nbsp;&nbsp; $187447 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION) <br>ON INVESTMENTS <br>| &nbsp;&nbsp;&nbsp;&nbsp; CAPITAL LOSS <br>CARRYFORWARDS AND OTHER LOSSES<br>| TOTAL  |
| $27881 | &nbsp;&nbsp;&nbsp;&nbsp; $187447 | &nbsp;&nbsp;&nbsp;&nbsp; ($18801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $196527 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2025, the fund had capital loss carryforwards of $18,801.

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

---

| | |
|:---|:---|
| CURRENT FISCAL PERIOD END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME<br>| ORDINARY <br>INCOME <br>|
| $4444370 | &nbsp;&nbsp; $923720 |

---

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**19**

------

Schwab Ultra-Short Income ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

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 December 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. During the fiscal year ended December 31, 2025, the fund did not incur any interest or penalties.

------

**9. 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.

**20**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Schwab Ultra-Short Income ETF

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab Ultra-Short Income 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 Ultra-Short Income ETF (the "Fund"), one of the funds constituting Schwab Strategic Trust, as of December 31, 2025, the related statement of operations for the year then ended, the statement of changes in net assets and the financial highlights for the year then ended and for the period from August 13, 2024 (commencement of operations) through December 31, 2024, 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 December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and for the period from August 13, 2024 (commencement of operations) through December 31, 2024 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 December 31, 2025, 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

February 13, 2026

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

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**21**

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**22**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**23**

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**24**Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Ultra-Short Income ETF \| Annual Holdings and Financial Statements

**25**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g729565img73dc50351.jpg)

MFR126631-01

00321739

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g745560img3576bb1b1.jpg)

**Annual Holdings and Financial Statements** \| December 31, 2025

Schwab Government Money Market ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SGVT**

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_d83d797f-7eb2-44c3-8d85-e73fe5aae1e1_1)**<br> **[Management Investment Companies](#xx_d83d797f-7eb2-44c3-8d85-e73fe5aae1e1_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_d83d797f-7eb2-44c3-8d85-e73fe5aae1e1_1) | 2 |
| [Financial Notes](#xx_833adb8e-39e6-413b-b248-e63860a72c4e_1) | 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_1dbea092-d74f-4f36-9c60-529f6859f2b1_1) | 20 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_1253d7de-08ff-45b9-9474-6cc656fe6c2f_1)**<br> **[Management Investment Companies](#xx_1253d7de-08ff-45b9-9474-6cc656fe6c2f_1)**<br>| 21 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_260d1297-544b-4523-b33d-0f0ebc724996_1)**<br> **[Companies](#xx_260d1297-544b-4523-b33d-0f0ebc724996_1)**<br>| 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_22d88039-67cd-46c2-b885-28bb0a60b74d_1)**<br> **[Management Investment Companies](#xx_22d88039-67cd-46c2-b885-28bb0a60b74d_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_0354d1a5-6c87-4fd4-994d-688a03b139fb_1)**<br> **[Contract](#xx_0354d1a5-6c87-4fd4-994d-688a03b139fb_1)**<br>| 24  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: SEI Investments Distribution Co. (SIDCO)

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**1**

------

Schwab Government Money Market ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
|  | 6/12/25<sup>1</sup>– <br>12/31/25<br>|
| **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $100.00 |
| Income (loss) from investment operations: |  |
| Net investment income (loss)<sup>2</sup> <br>| 2.11 |
| Net realized and unrealized gains (losses) | 0.11 |
| Total from investment operations | 2.22 |
| Less distributions: |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $100.48 |
| Total return | 2.24 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |
| Total expenses | 0.28 %<sup>4</sup><br>|
| Net investment income (loss) | 3.82 %<sup>4</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $457 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See financial notes*

**2**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued) and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. GOVERNMENT AGENCY DEBT** 40.6% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 40.6% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 40.6% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 40.6% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 40.6% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 40.6% OF NET ASSETS |
| **FEDERAL FARM CREDIT BANKS FUNDING CORP** |  |  |  |  |  |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999999 |
| <br>*(b)* | &nbsp;&nbsp; 4.23% |  | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499708 |
| <br>*(b)* | &nbsp;&nbsp; 4.29% |  | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499611 |
|  | &nbsp;&nbsp; 0.46% |  | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149648 |
| <br>*(b)* | &nbsp;&nbsp; 3.81% |  | &nbsp;&nbsp; 02/18/26 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1094737 |
| <br>*(b)* | &nbsp;&nbsp; 3.66% |  | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198733 |
| <br>*(b)* | &nbsp;&nbsp; 3.86% |  | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99230 |
| <br>*(b)* | &nbsp;&nbsp; 3.79% |  | &nbsp;&nbsp; 04/20/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197843 |
| <br>*(b)* | &nbsp;&nbsp; 3.65% |  | &nbsp;&nbsp; 04/22/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98902 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 05/01/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200258 |
| <br>*(b)* | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985433 |
| <br>*(b)* | &nbsp;&nbsp; 3.62% |  | &nbsp;&nbsp; 06/11/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984475 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/23/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100364 |
| <br>*(b)* | &nbsp;&nbsp; 3.77% |  | &nbsp;&nbsp; 06/25/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 196627 |
| <br>*(b)* | &nbsp;&nbsp; 3.62% |  | &nbsp;&nbsp; 06/29/26 | &nbsp;&nbsp; 407000 | &nbsp;&nbsp; 399979 |
| <br>(SOFR + 0.05%)<br> *(a)* | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 07/02/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50000 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 07/06/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50183 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 07/17/26 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp; 62301 |
|  | &nbsp;&nbsp; 3.15% |  | &nbsp;&nbsp; 07/20/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997713 |
| <br>*(b)* | &nbsp;&nbsp; 3.74% |  | &nbsp;&nbsp; 07/27/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98021 |
| <br>(SOFR + 0.03%)<br> *(a)* | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 07/28/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000070 |
|  | &nbsp;&nbsp; 5.00% |  | &nbsp;&nbsp; 07/30/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50366 |
| <br>(EFFR + 0.08%)<br> *(a)* | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 08/11/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500019 |
| <br>(EFFR + 0.07%)<br> *(a)* | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/08/26 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1750090 |
|  | &nbsp;&nbsp; 3.50% |  | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1599072 |
| <br>*(b)* | &nbsp;&nbsp; 3.58% |  | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 877484 |
| <br>(SOFR + 0.06%)<br> *(a)* | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 10/06/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600022 |
| <br>(EFFR + 0.07%)<br> *(a)* | &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000271 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 11/02/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000479 |
|  | &nbsp;&nbsp; 3.50% |  | &nbsp;&nbsp; 12/22/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199977 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/24/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500042 |
| <br>(EFFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 3.77% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 07/09/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50007 |
| <br>(EFFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 07/19/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000137 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 08/25/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50010 |
| <br>(EFFR + 0.18%)<br> *(a)* | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/23/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300048 |
| <br>(EFFR + 0.19%)<br> *(a)* | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/29/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100017 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 11/12/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400332 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 11/19/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100066 |

---

*See financial notes*

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**3**

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **FEDERAL HOME LOAN BANKS** |  |  |  |  |  |
| <br>*(b)* | &nbsp;&nbsp; 3.89% |  | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99864 |
| <br>*(b)* | &nbsp;&nbsp; 3.89% |  | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5491979 |
| <br>*(b)* | &nbsp;&nbsp; 3.93% |  | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp; 5591833 |
| <br>*(b)* | &nbsp;&nbsp; 4.06% |  | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199689 |
| <br>*(b)* | &nbsp;&nbsp; 3.84% |  | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498639 |
| <br>*(b)* | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5980668 |
| <br>*(b)* | &nbsp;&nbsp; 3.91% |  | &nbsp;&nbsp; 02/04/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 398633 |
| <br>*(b)* | &nbsp;&nbsp; 3.84% |  | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 4981937 |
| <br>*(b)* | &nbsp;&nbsp; 4.09% |  | &nbsp;&nbsp; 02/11/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298770 |
| <br>*(b)* | &nbsp;&nbsp; 3.80% |  | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2589084 |
| <br>*(b)* | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 995704 |
| <br>*(b)* | &nbsp;&nbsp; 4.16% |  | &nbsp;&nbsp; 02/20/26 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 930344 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000021 |
| <br>*(b)* | &nbsp;&nbsp; 3.77% |  | &nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 695837 |
| <br>*(b)* | &nbsp;&nbsp; 3.84% |  | &nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3976210 |
| <br>*(b)* | &nbsp;&nbsp; 3.85% |  | &nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4473236 |
| <br>*(b)* | &nbsp;&nbsp; 3.77% |  | &nbsp;&nbsp; 03/03/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 397582 |
| <br>*(b)* | &nbsp;&nbsp; 3.85% |  | &nbsp;&nbsp; 03/04/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1490786 |
|  | &nbsp;&nbsp; 0.96% |  | &nbsp;&nbsp; 03/05/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49775 |
| <br>*(b)* | &nbsp;&nbsp; 3.81% |  | &nbsp;&nbsp; 03/05/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496880 |
| <br>*(b)* | &nbsp;&nbsp; 4.07% |  | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 993662 |
| <br>*(b)* | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1985960 |
|  | &nbsp;&nbsp; 4.13% |  | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50053 |
|  | &nbsp;&nbsp; 4.88% |  | &nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50126 |
| <br>*(b)* | &nbsp;&nbsp; 3.85% |  | &nbsp;&nbsp; 03/18/26 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1587989 |
| <br>*(b)* | &nbsp;&nbsp; 3.65% |  | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496149 |
| <br>*(b)* | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 595379 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 03/30/26 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6000097 |
| <br>*(b)* | &nbsp;&nbsp; 3.68% |  | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 594735 |
| <br>*(b)* | &nbsp;&nbsp; 3.72% |  | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 594735 |
| <br>*(b)* | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 594735 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 04/02/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>*(b)* | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 04/08/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297117 |
| <br>*(b)* | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 04/08/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297117 |
| <br>*(b)* | &nbsp;&nbsp; 3.79% |  | &nbsp;&nbsp; 04/09/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990293 |
| <br>(SOFR + 0.04%)<br> *(a)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 04/13/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100001 |
| <br>*(b)* | &nbsp;&nbsp; 3.64% |  | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 692793 |
| <br>*(b)* | &nbsp;&nbsp; 3.71% |  | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 692793 |
| <br>*(b)* | &nbsp;&nbsp; 3.80% |  | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 593823 |
| <br>*(b)* | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 989704 |
| <br>*(c)* | &nbsp;&nbsp; 3.00% |  | &nbsp;&nbsp; 04/29/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498926 |
| <br>*(b)* | &nbsp;&nbsp; 3.78% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988233 |
|  | &nbsp;&nbsp; 3.38% |  | &nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 899287 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/07/26 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5500258 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/11/26 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 9000148 |
| <br>(SOFR + 0.04%)<br> *(a)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/20/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/26/26 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 8000135 |
| <br>(SOFR + 0.03%)<br> *(a)* | &nbsp;&nbsp; 3.74% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/27/26 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7000036 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 06/03/26 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 11000230 |

---

*See financial notes*

**4**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| <br>*(b)* | &nbsp;&nbsp; 3.71% |  | &nbsp;&nbsp; 06/05/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 985050 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 06/08/26 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100073 |
|  | &nbsp;&nbsp; 0.88% |  | &nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 988164 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100325 |
| <br>*(b)* | &nbsp;&nbsp; 3.62% |  | &nbsp;&nbsp; 06/17/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 491950 |
| <br>*(b)* | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 06/17/26 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 3542040 |
|  | &nbsp;&nbsp; 1.50% |  | &nbsp;&nbsp; 07/20/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 493874 |
| <br>*(b)* | &nbsp;&nbsp; 3.93% |  | &nbsp;&nbsp; 08/19/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 195656 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 08/25/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000036 |
| <br>(SOFR + 0.07%)<br> *(a)* | &nbsp;&nbsp; 3.78% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/11/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500142 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 09/11/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99956 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 749279 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 09/18/26 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 550076 |
| <br>*(b)* | &nbsp;&nbsp; 3.54% |  | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 682488 |
|  | &nbsp;&nbsp; 4.05% |  | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299831 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 10/09/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399768 |
|  | &nbsp;&nbsp; 3.91% |  | &nbsp;&nbsp; 10/09/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400041 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 10/09/26 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1605121 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499569 |
| <br>(SOFR + 0.04%)<br> *(a)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 11/06/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900050 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 11/17/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2017255 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 12/04/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599942 |
|  | &nbsp;&nbsp; 3.76% |  | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 615206 |
| <br>*(b)* | &nbsp;&nbsp; 3.50% |  | &nbsp;&nbsp; 12/24/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 484039 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 01/08/27 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600109 |
| <br>(SOFR + 0.15%)<br> *(a)* | &nbsp;&nbsp; 3.92% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 04/02/27 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000114 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 06/17/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50003 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 06/17/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25002 |
| <br>(SOFR + 0.15%)<br> *(a)* | &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 08/26/27 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900093 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/15/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200005 |
| <br>(SOFR + 0.18%)<br> *(a)* | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/21/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400109 |
| <br>(SOFR + 0.18%)<br> *(a)* | &nbsp;&nbsp; 3.89% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 10/20/27 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1800113 |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION** |  |  |  |  |  |
| <br>*(b)* | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1997667 |
| <br>*(b)* | &nbsp;&nbsp; 3.86% |  | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 898600 |
| <br>*(b)* | &nbsp;&nbsp; 3.70% |  | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 697958 |
|  | &nbsp;&nbsp; 3.70% |  | &nbsp;&nbsp; 03/09/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500414 |
|  | &nbsp;&nbsp; 3.68% |  | &nbsp;&nbsp; 03/23/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600123 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 04/06/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600002 |
|  | &nbsp;&nbsp; 3.32% |  | &nbsp;&nbsp; 04/23/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1498527 |
|  | &nbsp;&nbsp; 3.33% |  | &nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 899576 |
|  | &nbsp;&nbsp; 3.65% |  | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999382 |
|  | &nbsp;&nbsp; 3.65% |  | &nbsp;&nbsp; 05/20/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999682 |
|  | &nbsp;&nbsp; 3.22% |  | &nbsp;&nbsp; 05/27/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599816 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 10/19/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499973 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399970 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 11/03/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299573 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 11/20/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 599871 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp; 1672205 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999846 |

---

*See financial notes*

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**5**

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 12/18/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1998196 |
| <br>(SOFR + 0.08%)<br> *(a)* | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 01/08/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50009 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/05/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400341 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 3.83% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 05/05/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300032 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 09/22/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300592 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 10/06/27 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1302393 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION** |  |  |  |  |  |
| <br>*(b)* | &nbsp;&nbsp; 3.80% |  | &nbsp;&nbsp; 01/23/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 598658 |
| <br>*(b)* | &nbsp;&nbsp; 3.85% |  | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 997083 |
| **Total U.S. Government Agency Debt** <br>**(Cost $185,819,146)**<br>|  |  |  |  | &nbsp;&nbsp; **185850227** |
| **U.S. TREASURY DEBT** 7.2% OF NET ASSETS | **U.S. TREASURY DEBT** 7.2% OF NET ASSETS | **U.S. TREASURY DEBT** 7.2% OF NET ASSETS | **U.S. TREASURY DEBT** 7.2% OF NET ASSETS | **U.S. TREASURY DEBT** 7.2% OF NET ASSETS | **U.S. TREASURY DEBT** 7.2% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 01/31/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150063 |
|  | &nbsp;&nbsp; 0.50% |  | &nbsp;&nbsp; 02/28/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248708 |
|  | &nbsp;&nbsp; 2.50% |  | &nbsp;&nbsp; 02/28/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49904 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 02/28/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751005 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49674 |
|  | &nbsp;&nbsp; 4.50% |  | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100217 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp; 1957052 |
|  | &nbsp;&nbsp; 2.38% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99634 |
| <br>(3 mo. US TBILL + 0.15%)<br> *(a)* | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 9250000 | &nbsp;&nbsp; 9249509 |
|  | &nbsp;&nbsp; 4.88% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1907867 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100049 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 05/31/26 | &nbsp;&nbsp; 631000 | &nbsp;&nbsp; 623851 |
|  | &nbsp;&nbsp; 2.13% |  | &nbsp;&nbsp; 05/31/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298233 |
|  | &nbsp;&nbsp; 4.88% |  | &nbsp;&nbsp; 05/31/26 | &nbsp;&nbsp; 3304000 | &nbsp;&nbsp; 3321483 |
|  | &nbsp;&nbsp; 0.88% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 468848 |
|  | &nbsp;&nbsp; 1.88% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496076 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 552932 |
|  | &nbsp;&nbsp; 4.50% |  | &nbsp;&nbsp; 07/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100518 |
|  | &nbsp;&nbsp; 0.63% |  | &nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 540879 |
|  | &nbsp;&nbsp; 1.88% |  | &nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 148593 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 401937 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 08/31/26 | &nbsp;&nbsp; 2970000 | &nbsp;&nbsp; 2916278 |
|  | &nbsp;&nbsp; 1.38% |  | &nbsp;&nbsp; 08/31/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 345125 |
|  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 08/31/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400507 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100754 |
|  | &nbsp;&nbsp; 0.88% |  | &nbsp;&nbsp; 09/30/26 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 2843239 |
|  | &nbsp;&nbsp; 3.50% |  | &nbsp;&nbsp; 09/30/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199898 |
| <br>(3 mo. US TBILL + 0.21%)<br> *(a)* | &nbsp;&nbsp; 3.81% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 10/31/26 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1801455 |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 11/30/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 704388 |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201414 |
|  | &nbsp;&nbsp; 1.25% |  | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97799 |
| <br>(3 mo. US TBILL + 0.16%)<br> *(a)* | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 04/30/27 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 275110 |
| <br>(3 mo. US TBILL + 0.16%)<br> *(a)* | &nbsp;&nbsp; 3.76% | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 07/31/27 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1200784 |
| **Total U.S. Treasury Debt** <br>**(Cost $32,677,692)**<br>|  |  |  |  | &nbsp;&nbsp; **32703783** |

---

*See financial notes*

**6**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS | **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS | **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS | **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS | **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS | **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS | **REPURCHASE AGREEMENTS** 46.8% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 17.7%** |
| **BNP PARIBAS SA** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 2000426 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $2,061,502, 2.00% - 7.00%, due 12/01/29 - 12/20/55)<br>|  |  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.85% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 14002994 | &nbsp;&nbsp; 14000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $14,420,000, 3.50% - 10.12%, due 08/25/26 - 01/20/46)<br>|  |  |  |  |  |  |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 1000213 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,041, <br> 0.13% - 4.38%, due 07/31/26 - 10/15/26)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.74% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 1000727 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,041, <br> 0.13% - 4.38%, due 07/31/26 - 10/15/26)<br>|  |  |  |  |  |  |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 1000213 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,050,000, 5.12%, due 06/20/55)<br>|  |  |  |  |  |  |
| **FICC - BANK OF AMERICA** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.86% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 2000429 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $2,060,000, 6.00%, due 12/01/55)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 7001486 | &nbsp;&nbsp; 7000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $7,210,000, 2.00% - 8.00%, due 10/01/30 - 12/01/55)<br>|  |  |  |  |  |  |
| **GOLDMAN SACHS & CO LLC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.84% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3000640 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $3,061,936, 2.63% - 4.00%, due 05/20/34 - 12/20/55)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.76% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 11008042 | &nbsp;&nbsp; 11000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $11,220,000, 2.50% - 6.50%, due 11/01/31 - 01/01/55)<br>|  |  |  |  |  |  |
| **SMBC NIKKO SECURITIES AMERICA INC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.85% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 2000428 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $2,040,059, 0.00% - 4.38%, due 08/06/26 - <br> 06/01/52)<br>|  |  |  |  |  |  |
| **WELLS FARGO BANK NA** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 7001489 | &nbsp;&nbsp; 7000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $7,280,000, 6.00%, due 11/01/55)<br>|  |  |  |  |  |  |

---

*See financial notes*

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**7**

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| Issued 12/30/25, repurchase date 01/06/26 |  | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; 1000725 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,040,000, 6.00%, due 11/01/55)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.76% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 3002193 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $3,120,000, 6.00%, due 11/01/55)<br>|  |  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 7001489 | &nbsp;&nbsp; 7000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $7,280,000, 6.00%, due 06/01/55)<br>|  |  |  |  |  |  |
| Issued 12/30/25, repurchase date 01/05/26 |  | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; 1000622 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,040,001, 6.00%, due 06/01/55)<br>|  |  |  |  |  |  |
| Issued 12/29/25, repurchase date 01/05/26 |  | &nbsp;&nbsp; 3.80% |  | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; 4002956 | &nbsp;&nbsp; 4000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $4,160,000, 6.00%, due 06/01/55)<br>|  |  |  |  |  |  |
| Issued 12/30/25, repurchase date 01/06/26 |  | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 01/06/26 | &nbsp;&nbsp; 10007253 | &nbsp;&nbsp; 10000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $10,400,001, 6.00%, due 06/01/55)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.76% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 4002924 | &nbsp;&nbsp; 4000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $4,160,000, 2.00%, due 05/01/51)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; **81000000** |
| **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** | **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** | **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** | **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** | **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** | **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** | **U.S. TREASURY REPURCHASE AGREEMENTS 29.1%** |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 25716833 | &nbsp;&nbsp; 25711376 |
| (Collateralized by U.S. Treasury Securities valued at $26,225,627, <br> 0.00% - 4.63%, due 01/29/26 - 05/15/48)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 1000212 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,058, <br> 3.00% - 4.63%, due 02/28/26 - 02/15/47)<br>|  |  |  |  |  |  |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3000637 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Treasury Securities valued at $3,060,056, <br> 0.13% - 4.13%, due 11/30/26 - 11/15/31)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.73% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 24017407 | &nbsp;&nbsp; 24000000 |
| (Collateralized by U.S. Treasury Securities valued at $24,480,039, <br> 0.13% - 4.25%, due 11/30/26 - 09/30/31)<br>|  |  |  |  |  |  |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 1000212 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,017, <br> 4.25%, due 01/15/28)<br>|  |  |  |  |  |  |
| Issued 12/29/25, repurchase date 01/05/26 |  | &nbsp;&nbsp; 3.79% |  | &nbsp;&nbsp; 01/05/26 | &nbsp;&nbsp; 1000737 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,017, <br> 4.25%, due 01/15/28)<br>|  |  |  |  |  |  |
| **FICC - BANK OF AMERICA** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 6001277 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Treasury Securities valued at $6,120,035, <br> 0.00% - 4.88%, due 02/19/26 - 08/15/48)<br>|  |  |  |  |  |  |

---

*See financial notes*

**8**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Portfolio Holdings as of December 31, 2025 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 12002547 | &nbsp;&nbsp; 12000000 |
| (Collateralized by U.S. Treasury Securities valued at $12,240,043, <br> 2.00%, due 11/15/41)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.82% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 9001910 | &nbsp;&nbsp; 9000000 |
| (Collateralized by U.S. Treasury Securities valued at $9,180,035, <br> 3.25%, due 05/15/42)<br>|  |  |  |  |  |  |
| **GOLDMAN SACHS & CO LLC** |  |  |  |  |  |  |
| Issued 12/26/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 2001458 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury Securities valued at $2,040,084, <br> 4.13% - 5.50%, due 08/15/28 - 11/15/32)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.83% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 40008511 | &nbsp;&nbsp; 40000000 |
| (Collateralized by U.S. Treasury Securities valued at $40,800,051, <br> 2.13% - 4.00%, due 05/31/26 - 10/31/29)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.75% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 3002188 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Treasury Securities valued at $3,060,006, <br> 2.63% - 2.88%, due 02/15/29 - 11/15/46)<br>|  |  |  |  |  |  |
| **SMBC NIKKO SECURITIES AMERICA INC** |  |  |  |  |  |  |
| Issued 12/26/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.76% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 1000731 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,076, <br> 0.00% - 4.63%, due 08/06/26 - 02/15/47)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/02/26 |  | &nbsp;&nbsp; 3.84% |  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp; 3000640 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Treasury Securities valued at $3,060,049, <br> 0.00% - 2.25%, due 05/07/26 - 02/15/27)<br>|  |  |  |  |  |  |
| Issued 12/31/25, repurchase date 01/07/26 |  | &nbsp;&nbsp; 3.74% |  | &nbsp;&nbsp; 01/07/26 | &nbsp;&nbsp; 1000727 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,054, <br> 0.25% - 4.00%, due 06/30/26 - 02/15/54)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; **132711376** |
| **Total Repurchase Agreements** <br>**(Cost $213,711,376)** | **Total Repurchase Agreements** <br>**(Cost $213,711,376)** | **Total Repurchase Agreements** <br>**(Cost $213,711,376)** | **Total Repurchase Agreements** <br>**(Cost $213,711,376)** | **Total Repurchase Agreements** <br>**(Cost $213,711,376)** | **Total Repurchase Agreements** <br>**(Cost $213,711,376)** | &nbsp;&nbsp; **213711376** |
| **Total Investments in Securities** <br>**(Cost $432,208,214)** | **Total Investments in Securities** <br>**(Cost $432,208,214)** | **Total Investments in Securities** <br>**(Cost $432,208,214)** | **Total Investments in Securities** <br>**(Cost $432,208,214)** | **Total Investments in Securities** <br>**(Cost $432,208,214)** | **Total Investments in Securities** <br>**(Cost $432,208,214)** | &nbsp;&nbsp; **432265386** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

*(a)* Variable rate security; rate shown is effective rate at period end.

*(b)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

*(c)* Step up security that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for <br> overnight funds.<br>|
| FICC — | Fixed Income Clearing Corp |
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |

---

------

At December 31, 2025, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**9**

------

Schwab Government Money Market ETF

Statement of Assets and Liabilities

------

As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $218,496,838) |  | $218554010 |
| Repurchase agreements, at value - unaffiliated issuers (cost $213,711,376) |  | 213711376 |
| Receivables: |  |  |
| Fund shares sold |  | 24114073 |
| Interest | + | 886789 |
| **Total assets** |  | **457266248** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investment adviser and administrator fees | + | 103617 |
| **Total liabilities** |  | **103617** |
| **Net assets** |  | **$457162631** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $457030348 |
| Total distributable earnings | + | 132283 |
| **Net assets** |  | **$457162631** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $457162631 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4550000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $100.48 |

---

*See financial notes*

**10**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period June 12, 2025\* through December 31, 2025 | For the period June 12, 2025\* through December 31, 2025 | For the period June 12, 2025\* through December 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated issuers** |  | **$4544191** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 310588 |
| **Total expenses** | – | **310588** |
| **Net investment income** |  | **4233603** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated issuers**  |  | **53** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **57172** |
| **Net realized and unrealized gains** |  | **57225** |
| **Increase in net assets resulting from operations** |  | **$4290828** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Commencement of operations.

*See financial notes*

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**11**

------

Schwab Government Money Market ETF

Statement of Changes in Net Assets

------

For the current period only

---

| | | |
|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 6/12/25\*-12/31/25 | 6/12/25\*-12/31/25 |
| Net investment income |  | $4233603 |
| Net realized gains |  | 53 |
| Net change in unrealized appreciation (depreciation) | + | 57172 |
| **Increase in net assets resulting from operations** |  | **$4290828** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($4158545)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 6/12/25\*-12/31/25 | 6/12/25\*-12/31/25 | 6/12/25\*-12/31/25 |
|  |  | SHARES | VALUE |
| Shares sold |  | 4920000 | &nbsp;&nbsp;&nbsp; $494222027 |
| Shares redeemed | + | (370000)<br>| &nbsp;&nbsp;&nbsp; (37191679)<br>|
| **Net transactions in fund shares**  |  | **4550000** | &nbsp;&nbsp;&nbsp; **$457030348** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 6/12/25\*-12/31/25 | 6/12/25\*-12/31/25 | 6/12/25\*-12/31/25 |
|  |  | SHARES | NET ASSETS |
| Beginning of period |  |  | &nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 4550000 | &nbsp;&nbsp;&nbsp; 457162631 |
| **End of period** |  | **4550000** | &nbsp;&nbsp;&nbsp; **$457162631** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Commencement of operations.

*See financial notes*

**12**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 STRATEGIC TRUST** |
| **Schwab Government Money Market ETF** | Schwab U.S. TIPS ETF |
| Schwab Ultra-Short Income ETF | Schwab Short-Term U.S. Treasury ETF |
| Schwab High Yield Bond 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 Municipal Bond ETF | Schwab Fundamental International Small Equity ETF |
| Schwab International Dividend Equity ETF | Schwab Fundamental Emerging Markets Equity ETF |
| Schwab International Equity ETF | Schwab Ariel Opportunities ETF |
| Schwab International Small-Cap Equity ETF | Schwab Crypto Thematic ETF |
| Schwab Emerging Markets Equity ETF | Schwab Mortgage-Backed Securities ETF |
| Schwab U.S. REIT ETF | Schwab Core Bond 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 Government Money Market ETF commenced operations on June 12, 2025.

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 Government Money Market ETF** seeks current income consistent with capital preservation while maintaining liquidity. To pursue its goal, the fund invests in U.S. government securities, such as U.S. Treasury bills and notes, other obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not fully guaranteed by the U.S. Treasury, such as those issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, repurchase agreements that are collateralized fully by cash and/or U.S. government securities, and obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities.

Although the fund will seek to operate as a "government money market fund," it will not seek to maintain a stable NAV per share nor will it use the amortized cost method of valuation. Instead, the fund will calculate its NAV per share based on the market value of its investments. In addition, unlike a traditional money market fund, the fund operates as an ETF. As an ETF, the fund's shares will be traded on a national securities exchange and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the securities exchange. A shareholder could lose money by investing in the fund. Because the share price and NAV of the fund will fluctuate, when shares are sold on a securities exchange (or redeemed, in the case of an Authorized Participant), they may be worth more or less than what was originally paid for them.

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**13**

------

Schwab Government Money Market ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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).

**(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term investments:** Money market investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, discounted cash flow models or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and technique, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable investments, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

**14**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 the fund's results of operations.

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

The levels associated with valuing the fund's investments as of December 31, 2025, are disclosed in the fund's Portfolio Holdings.

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

**Repurchase Agreements:** In a repurchase agreement, the fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject the fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities in alignment with the fund's investment objective. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of December 31, 2025, the fund had investments in repurchase agreements with a gross value of $213,711,376 as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the fund's Portfolio Holdings, if any. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the fund.

**(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.

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**15**

------

Schwab Government Money Market ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date).

**(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 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.

**(f) Distributions to Shareholders:**

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

**(g) Accounting Estimates:**

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

**(h) Federal Income Taxes:**

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

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

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

------

**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.

**16**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

For its advisory services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.28% of the fund's average daily net assets.

**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. For the period ended December 31, 2025, the fund did not have any purchases and sales of securities with other funds managed by the investment adviser.

**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.

------

**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. 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 fixed-income 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

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**17**

------

Schwab Government Money Market ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. In-Kind Transactions:** (continued):

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.

There were no in-kind transactions for the period ended December 31, 2025.

For the period ended December 31, 2025, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2025, if any, are disclosed in the fund's Statement of Operations.

------

**7. Federal Income Taxes:**

As of December 31, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $432208214 | &nbsp;&nbsp; $60266 | &nbsp;&nbsp; ($3094)<br>| &nbsp;&nbsp; $57172 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION) <br>ON INVESTMENTS <br>| TOTAL  |
| $75111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $132283 |

---

As of December 31, 2025, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions paid during the period ended December 31, 2025, was as follows:

---

| |
|:---|
| CURRENT FISCAL PERIOD END DISTRIBUTIONS |
| ORDINARY <br>INCOME<br>|
| $4158545 |

---

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 December 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. During the period ended December 31, 2025, the fund did not incur any interest or penalties.

**18**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Schwab Government Money Market ETF

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. 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.

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**19**

------

Schwab Government Money Market ETF

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab Government Money Market 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 Government Money Market ETF (the "Fund"), one of the funds constituting Schwab Strategic Trust, as of December 31, 2025, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from June 12, 2025 (commencement of operations) through December 31, 2025, 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 December 31, 2025, and the results of its operations, the changes in its net assets and the financial highlights for the period from June 12, 2025 (commencement of operations) through December 31, 2025 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 audit. 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 audit 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 audit 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 audit 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 audit 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 December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

February 13, 2026

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

**20**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**21**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**22**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

**23**

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**24**Schwab Government Money Market ETF \| Annual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g745560img3576bb1b1.jpg)

MFR129743-00

00321745

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The changes in and disagreements with accountants for open-end management investment companies are included under Item 7 of this Form.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
The proxy disclosures for open-end management investment companies are included under Item 7 of this Form.

------

#### Item 10: 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 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included under Item 7 of this Form.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: Controls and Procedures.
(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable

------

#### Item 19: Exhibits.

---

| | |
|:---|:---|
| (a) (1) | [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d29377dex99codeeth.htm)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Not applicable.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d29377dex99cert.htm) |

---

(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.](d29377dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Schwab Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | February 13, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | February 13, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | February 13, 2026 |

---

## Ex-99.Code

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Schwab Funds:** 

**The Charles Schwab Family of Funds** 

**Laudus Trust** 

**Schwab Investments Schwab Capital Trust** 

**Schwab Annuity Portfolios** 

**Schwab ETFs:** 

**Schwab Strategic Trust** 

**(the "Funds" or the "Trusts")** 

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Category: Code of Ethics and Personal Obligations** 

---

| | |
|:---|:---|
| **Policy Type** | Fund / Board |
| **Regulatory Authority, Rule(s) and Regulation(s)** | &nbsp;&nbsp;&nbsp;&nbsp; • This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.<br>|
| **Associated Policies and Standards** | &nbsp;&nbsp;&nbsp;&nbsp; <u>CSIM/Fund Policy and Procedures</u><br> • N/A<br><u>Charles Schwab Corporation (CSC) Policies and Standards</u><br> • N/A<br>|
| **Approval Date** | December 9, 2025 |

---

Note: CSIM and Fund Policies and Procedures may have additional or more restrictive requirements than those contained in CSC Policies and Standards.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**A. Overview: Policy Purpose and Objectives** 

**I. SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II. INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

**CONTACT INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Mark Hunter | 512-682-7627 |
| Chief Legal Officer of Schwab<br>Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab Corporation Ombudsperson | Amy Pimentel, Esq,<br>McDermott Will & Schulte LLP | 617-535-3948 |

---

**B. Procedures and Responsibilities** 

**I. POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS' ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the issuer's accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to the Funds'
accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

I. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

J. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

K. WAIVERS

Waivers of the Code may be made only by the Trustees and will be promptly disclosed publicly as required by law.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

L. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

M. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**II. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**III. PROCEDURES** 

A. OFFICERS

• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

• Affirm in writing to the Trustees that you have received, read and understand the Code.

• Annually affirm to the Trustees that you have complied with the requirements of the Code.

• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate
parties to ensure that any required disclosures are made.

C. TRUSTEES

• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**C. Recordkeeping Requirements** 

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

---

| | |
|:---|:---|
| **Version History** | Adopted Schwab Funds: June 15, 2011; Schwab ETFs: August 4, 2011. Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022; December 11, 2023; December 19, 2024; December 9, 2025 |

---

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside ofCSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: February 13, 2026 | /s/ Omar Aguilar |
|  | Omar Aguilar |
|  | Principal Executive Officer (Chief Executive Officer) |

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------

**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: February 13, 2026 | /s/ Dana Smith |
|  | Dana Smith |
|  | Principal Financial Officer (Chief Financial Officer) |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for Schwab Strategic Trust – Schwab Fixed-Income ETFs, Schwab Core Bond ETF, Schwab Government Money Market ETF and Schwab Ultra-Short Income ETF (the "Funds") on Form N-CSR for the period ended December 31, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

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| | |
|:---|:---|
| /s/ Omar Aguilar | Date: February 13, 2026 |
|  Omar Aguilar |  |
|  Principal Executive Officer (Chief Executive Officer) |  |

---

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| | |
|:---|:---|
| /s/ Dana Smith | Date: February 13, 2026 |
|  Dana Smith |  |
|  Principal Financial Officer (Principal Financial Officer) |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.