# EDGAR Filing Document

**Accession Number:** 0001454889
**File Stem:** 0001752724-25-179355
**Filing Date:** 2025-7
**Character Count:** 525197
**Document Hash:** 4d3eb82412b78a71fcab08adef534610
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-179355.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-179355

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250831

**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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22311
- **FILM NUMBER:** 251150895

**BUSINESS ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 1-415-667-7000

**MAIL ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

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

## Series and Classes Contracts Data

### Schwab U.S. Large-Cap Growth ETF (Series ID: S000026633)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000079980 | Schwab U.S. Large-Cap Growth ETF | SCHG            |

## Nport-Ex

Schwab Strategic Trust

Schwab U.S. Broad Market ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS |
| **Automobiles & Components 2.0%** | **Automobiles & Components 2.0%** | **Automobiles & Components 2.0%** |
| Adient PLC \* | 51730 | 806471 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 67373 | 295767 |
| Aptiv PLC \* | 131367 | 8776629 |
| Autoliv, Inc.  | 41987 | 4317103 |
| BorgWarner, Inc.  | 124669 | 4125297 |
| Dana, Inc.  | 73674 | 1225199 |
| Dorman Products, Inc. \* | 15339 | 1983486 |
| Ford Motor Co.  | 2228228 | 23129007 |
| Fox Factory Holding Corp. \* | 23427 | 600903 |
| Garrett Motion, Inc.  | 65699 | 696409 |
| General Motors Co.  | 570400 | 28297544 |
| Gentex Corp.  | 132800 | 2864496 |
| Gentherm, Inc. \* | 18964 | 518950 |
| Goodyear Tire & Rubber Co. \* | 163651 | 1867258 |
| Harley-Davidson, Inc.  | 67523 | 1634732 |
| Holley, Inc. \* | 66146 | 128323 |
| LCI Industries  | 14021 | 1221790 |
| Lear Corp.  | 30740 | 2779511 |
| Lucid Group, Inc. \**(a)* | 700114 | 1561254 |
| Luminar Technologies, Inc. \**(a)* | 17000 | 61030 |
| Mobileye Global, Inc., Class A \* | 57099 | 927859 |
| Modine Manufacturing Co. \* | 29962 | 2720550 |
| Patrick Industries, Inc.  | 19599 | 1682770 |
| Phinia, Inc.  | 23292 | 1010873 |
| QuantumScape Corp. \* | 236939 | 947756 |
| Rivian Automotive, Inc., Class A \* | 416344 | 6049478 |
| Solid Power, Inc. \* | 124586 | 194354 |
| Standard Motor Products, Inc.  | 10195 | 308909 |
| Stoneridge, Inc. \* | 16000 | 80320 |
| Tesla, Inc. \* | 1604215 | 555796329 |
| Thor Industries, Inc.  | 30371 | 2465821 |
| Visteon Corp. \* | 15245 | 1287059 |
| Winnebago Industries, Inc.  | 16587 | 562797 |
| XPEL, Inc. \* | 12291 | 442107 |
|  |  | **661368141** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| 1st Source Corp.  | 9726 | 589007 |
| Amalgamated Financial Corp.  | 12143 | 366961 |
| Amerant Bancorp, Inc.  | 20190 | 353931 |
| Ameris Bancorp  | 36859 | 2265723 |
| Arrow Financial Corp.  | 9966 | 256625 |
| Associated Banc-Corp.  | 92937 | 2153350 |
| Atlantic Union Bankshares Corp.  | 73111 | 2194792 |
| Axos Financial, Inc. \* | 30914 | 2149760 |
| Banc of California, Inc.  | 81892 | 1123558 |
| BancFirst Corp.  | 11584 | 1432999 |
| Bancorp, Inc. \* | 27913 | 1426354 |
| Bank First Corp.  | 5857 | 681169 |
| Bank of America Corp.  | 3793298 | 167398241 |
| Bank of Hawaii Corp.  | 22289 | 1482441 |
| Bank of Marin Bancorp  | 7905 | 168456 |
| Bank OZK  | 60373 | 2676335 |
| BankUnited, Inc.  | 42482 | 1443538 |
| Banner Corp.  | 19245 | 1186454 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Berkshire Hills Bancorp, Inc.  | 24095 | 596592 |
| BOK Financial Corp.  | 12792 | 1207821 |
| Brookline Bancorp, Inc.  | 49652 | 512905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp. <br>| 7558 | 430201 |
| Business First Bancshares, Inc.  | 14412 | 342861 |
| Byline Bancorp, Inc.  | 13331 | 344873 |
| Cadence Bank  | 105755 | 3204377 |
| Camden National Corp.  | 10417 | 409805 |
| Capitol Federal Financial, Inc.  | 72261 | 412610 |
| Cathay General Bancorp  | 40648 | 1741970 |
| Central Pacific Financial Corp.  | 14712 | 392810 |
| Citigroup, Inc.  | 1076327 | 81068950 |
| Citizens Financial Group, Inc.  | 251538 | 10149558 |
| Citizens Financial Services, Inc.  | 2244 | 137221 |
| City Holding Co.  | 7825 | 922489 |
| Coastal Financial Corp. \* | 6877 | 604420 |
| Columbia Banking System, Inc.  | 119453 | 2792811 |
| Columbia Financial, Inc. \* | 18040 | 258152 |
| Comerica, Inc.  | 74553 | 4256231 |
| Commerce Bancshares, Inc.  | 70793 | 4460667 |
| Community Financial System, Inc.  | 30847 | 1734835 |
| Community Trust Bancorp, Inc.  | 8318 | 424634 |
| ConnectOne Bancorp, Inc.  | 20543 | 471873 |
| Cullen/Frost Bankers, Inc.  | 36282 | 4607088 |
| Customers Bancorp, Inc. \* | 19029 | 969718 |
| CVB Financial Corp.  | 74253 | 1392244 |
| Dime Community Bancshares, Inc.  | 23671 | 607398 |
| Eagle Bancorp, Inc.  | 17229 | 303230 |
| East West Bancorp, Inc.  | 79392 | 7240550 |
| Eastern Bankshares, Inc.  | 111255 | 1668825 |
| Enterprise Financial Services Corp.  | 20639 | 1092629 |
| Equity Bancshares, Inc., Class A  | 7993 | 311247 |
| FB Financial Corp.  | 19167 | 836640 |
| Fifth Third Bancorp  | 385083 | 14706320 |
| Financial Institutions, Inc.  | 14641 | 378031 |
| First BanCorp  | 94255 | 1883215 |
| First Bancorp/Southern Pines NC  | 22880 | 946546 |
| First Busey Corp.  | 46796 | 1035128 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., <br> Class A <br>| 6580 | 12165630 |
| First Commonwealth Financial Corp.  | 58893 | 919909 |
| First Community Bankshares, Inc.  | 9732 | 365923 |
| First Financial Bancorp  | 53104 | 1282993 |
| First Financial Bankshares, Inc.  | 73874 | 2604797 |
| First Financial Corp.  | 5687 | 294814 |
| First Foundation, Inc. \* | 43949 | 226777 |
| First Hawaiian, Inc.  | 72533 | 1732088 |
| First Horizon Corp.  | 300542 | 5974775 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., <br> Class A <br>| 50702 | 1376559 |
| First Merchants Corp.  | 33666 | 1269208 |
| First Mid Bancshares, Inc.  | 13243 | 467213 |
| First of Long Island Corp.  | 10963 | 130131 |
| Firstsun Capital Bancorp \* | 5903 | 211505 |
| Five Star Bancorp  | 10105 | 282536 |
| Flagstar Financial, Inc.  | 176015 | 2027693 |
| Flushing Financial Corp.  | 14896 | 179199 |
| FNB Corp.  | 206234 | 2860466 |
| Fulton Financial Corp.  | 103400 | 1783650 |
| German American Bancorp, Inc.  | 21475 | 820667 |

---

**1**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Glacier Bancorp, Inc.  | 63863 | 2648399 |
| Great Southern Bancorp, Inc.  | 4752 | 265827 |
| Hancock Whitney Corp.  | 48613 | 2657673 |
| Hanmi Financial Corp.  | 15737 | 360692 |
| HarborOne Bancorp, Inc.  | 22917 | 260795 |
| HBT Financial, Inc.  | 6770 | 158418 |
| Heritage Commerce Corp.  | 32660 | 302432 |
| Heritage Financial Corp.  | 19785 | 462573 |
| Hilltop Holdings, Inc.  | 30190 | 900266 |
| Home BancShares, Inc.  | 107012 | 3027369 |
| HomeTrust Bancshares, Inc.  | 8573 | 309400 |
| Hope Bancorp, Inc.  | 69391 | 696686 |
| Horizon Bancorp, Inc.  | 22694 | 336779 |
| Huntington Bancshares, Inc.  | 832051 | 13004957 |
| Independent Bank Corp, MI  | 12311 | 388166 |
| Independent Bank Corp.  | 24229 | 1490084 |
| International Bancshares Corp.  | 30629 | 1918294 |
| JPMorgan Chase & Co.  | 1603195 | 423243480 |
| Kearny Financial Corp.  | 40822 | 246157 |
| KeyCorp  | 572479 | 9079517 |
| Lakeland Financial Corp.  | 14570 | 872306 |
| Live Oak Bancshares, Inc.  | 19301 | 529812 |
| M&T Bank Corp.  | 95299 | 17405409 |
| Mercantile Bank Corp.  | 7839 | 346170 |
| Metrocity Bankshares, Inc.  | 8494 | 237322 |
| Midland States Bancorp, Inc.  | 11502 | 194154 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., <br> Class A <br>| 20859 | 754053 |
| NB Bancorp, Inc. \* | 21592 | 363825 |
| NBT Bancorp, Inc.  | 29898 | 1251231 |
| Nicolet Bankshares, Inc.  | 7252 | 889385 |
| Northfield Bancorp, Inc.  | 23206 | 271046 |
| Northpointe Bancshares, Inc.  | 5900 | 77526 |
| Northwest Bancshares, Inc.  | 72289 | 887709 |
| OceanFirst Financial Corp.  | 34045 | 572296 |
| OFG Bancorp  | 25842 | 1063140 |
| Old National Bancorp  | 179811 | 3750857 |
| Old Second Bancorp, Inc.  | 22292 | 368710 |
| Origin Bancorp, Inc.  | 16455 | 560951 |
| Orrstown Financial Services, Inc.  | 11541 | 346922 |
| Pacific Premier Bancorp, Inc.  | 55307 | 1172508 |
| Park National Corp.  | 8836 | 1436380 |
| Pathward Financial, Inc.  | 14340 | 1119237 |
| Peapack-Gladstone Financial Corp.  | 7818 | 214370 |
| Peoples Bancorp, Inc.  | 18127 | 531484 |
| Pinnacle Financial Partners, Inc.  | 43466 | 4619567 |
| PNC Financial Services Group, Inc.  | 227262 | 39500408 |
| Popular, Inc.  | 40573 | 4200523 |
| Preferred Bank  | 6654 | 556341 |
| Prosperity Bancshares, Inc.  | 55756 | 3883405 |
| Provident Financial Services, Inc.  | 71521 | 1194401 |
| QCR Holdings, Inc.  | 9564 | 643657 |
| Regions Financial Corp.  | 519913 | 11146935 |
| Renasant Corp.  | 51507 | 1805320 |
| Republic Bancorp, Inc., Class A  | 4756 | 325976 |
| S&T Bancorp, Inc.  | 21032 | 771033 |
| Seacoast Banking Corp. of Florida  | 48234 | 1245884 |
| ServisFirst Bancshares, Inc.  | 28147 | 2094981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., <br> Class A <br>| 72873 | 1367097 |
| Southern Missouri Bancorp, Inc.  | 5612 | 295528 |
| Southside Bancshares, Inc.  | 16445 | 463585 |
| SouthState Corp.  | 56222 | 4936292 |
| Stellar Bancorp, Inc.  | 25611 | 689448 |
| Stock Yards Bancorp, Inc.  | 16288 | 1198145 |
| Synovus Financial Corp.  | 82695 | 3955302 |
| Texas Capital Bancshares, Inc. \* | 26772 | 1919285 |
| TFS Financial Corp.  | 25595 | 338110 |
| Tompkins Financial Corp.  | 6406 | 393328 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Towne Bank  | 39063 | 1350017 |
| TriCo Bancshares  | 18852 | 752195 |
| Triumph Financial, Inc. \* | 11908 | 687925 |
| Truist Financial Corp.  | 754548 | 29804646 |
| TrustCo Bank Corp.  | 10097 | 313411 |
| Trustmark Corp.  | 35157 | 1211510 |
| U.S. Bancorp  | 896344 | 39071635 |
| UMB Financial Corp.  | 38919 | 4013327 |
| United Bankshares, Inc.  | 82332 | 2975478 |
| United Community Banks, Inc.  | 67962 | 1953228 |
| Univest Financial Corp.  | 16289 | 480851 |
| Valley National Bancorp  | 272873 | 2395825 |
| Veritex Holdings, Inc.  | 30643 | 741561 |
| WaFd, Inc.  | 47100 | 1338582 |
| Washington Trust Bancorp, Inc.  | 11591 | 320607 |
| Webster Financial Corp.  | 97725 | 5030883 |
| Wells Fargo & Co.  | 1884480 | 140921414 |
| WesBanco, Inc.  | 53729 | 1653779 |
| Westamerica BanCorp  | 14841 | 713110 |
| Western Alliance Bancorp  | 61861 | 4479355 |
| Wintrust Financial Corp.  | 38015 | 4539371 |
| WSFS Financial Corp.  | 34917 | 1846760 |
| Zions Bancorp NA  | 84221 | 3988707 |
|  |  | **1216287197** |
| **Capital Goods 6.9%** | **Capital Goods 6.9%** | **Capital Goods 6.9%** |
| 3D Systems Corp. \* | 75950 | 117723 |
| 3M Co.  | 311072 | 46147531 |
| A.O. Smith Corp.  | 67564 | 4345041 |
| AAON, Inc.  | 38607 | 3717468 |
| AAR Corp. \* | 20176 | 1239008 |
| Acuity, Inc.  | 17594 | 4572505 |
| Advanced Drainage Systems, Inc.  | 40450 | 4447882 |
| AECOM  | 76184 | 8368812 |
| AeroVironment, Inc. \* | 16753 | 2982537 |
| AGCO Corp.  | 35626 | 3490635 |
| Air Lease Corp.  | 59137 | 3406883 |
| AirJoule Technologies Corp. \* | 8000 | 30720 |
| Alamo Group, Inc.  | 5704 | 1129620 |
| Albany International Corp., Class A  | 17106 | 1130193 |
| Allegion PLC  | 49835 | 7111454 |
| Allison Transmission Holdings, Inc.  | 49761 | 5151259 |
| Ameresco, Inc., Class A \* | 18500 | 254930 |
| American Superconductor Corp. \* | 21936 | 619911 |
| American Woodmark Corp. \* | 9642 | 543520 |
| AMETEK, Inc.  | 132770 | 23731310 |
| Amprius Technologies, Inc. \* | 21500 | 57835 |
| API Group Corp. \* | 141401 | 6599185 |
| Apogee Enterprises, Inc.  | 11954 | 462022 |
| Applied Industrial Technologies, Inc.  | 21881 | 4956484 |
| Archer Aviation, Inc., Class A \* | 230704 | 2327803 |
| Arcosa, Inc.  | 27463 | 2369233 |
| Argan, Inc.  | 7403 | 1556851 |
| Armstrong World Industries, Inc.  | 24840 | 3865849 |
| Array Technologies, Inc. \* | 95742 | 631897 |
| Astec Industries, Inc.  | 13148 | 516585 |
| ATI, Inc. \* | 81080 | 6457211 |
| Atkore, Inc.  | 20882 | 1359418 |
| Atmus Filtration Technologies, Inc.  | 47277 | 1702918 |
| Axon Enterprise, Inc. \* | 41463 | 31112177 |
| AZEK Co., Inc. \* | 82188 | 4069128 |
| AZZ, Inc.  | 18062 | 1638043 |
| Blink Charging Co. \**(a)* | 145242 | 102105 |
| Bloom Energy Corp., Class A \* | 112703 | 2081624 |
| Blue Bird Corp. \* | 18273 | 707165 |
| BlueLinx Holdings, Inc. \* | 4759 | 318472 |
| Boeing Co. \* | 429780 | 89101990 |
| Boise Cascade Co.  | 22306 | 1937945 |

---

**2**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Builders FirstSource, Inc. \* | 66718 | 7184194 |
| BWX Technologies, Inc.  | 51999 | 6531074 |
| Cadre Holdings, Inc.  | 15098 | 494761 |
| Carlisle Cos., Inc.  | 25484 | 9688507 |
| Carrier Global Corp.  | 462252 | 32912342 |
| Caterpillar, Inc.  | 273742 | 95270428 |
| Centuri Holdings, Inc. \**(a)* | 9618 | 200824 |
| ChargePoint Holdings, Inc. \**(a)* | 256030 | 178094 |
| Chart Industries, Inc. \* | 24078 | 3776875 |
| CNH Industrial NV  | 501761 | 6277030 |
| Columbus McKinnon Corp.  | 15688 | 228417 |
| Comfort Systems USA, Inc.  | 20222 | 9670767 |
| Construction Partners, Inc., Class A \* | 26485 | 2772715 |
| Core & Main, Inc., Class A \* | 110531 | 6058204 |
| Crane Co.  | 27707 | 4748980 |
| CSW Industrials, Inc.  | 9429 | 2883294 |
| Cummins, Inc.  | 78788 | 25328766 |
| Curtiss-Wright Corp.  | 21494 | 9459724 |
| Custom Truck One Source, Inc. \* | 36698 | 157801 |
| Deere & Co.  | 145165 | 73491233 |
| Distribution Solutions Group, Inc. \* | 5809 | 158295 |
| DNOW, Inc. \* | 59020 | 851068 |
| Donaldson Co., Inc.  | 68870 | 4789908 |
| Douglas Dynamics, Inc.  | 12323 | 338759 |
| Dover Corp.  | 78285 | 13915159 |
| Ducommun, Inc. \* | 7304 | 514056 |
| DXP Enterprises, Inc. \* | 7607 | 628947 |
| Dycom Industries, Inc. \* | 16640 | 3825869 |
| Eaton Corp. PLC  | 226536 | 72536827 |
| EMCOR Group, Inc.  | 26375 | 12445307 |
| Emerson Electric Co.  | 323586 | 38629697 |
| Energy Recovery, Inc. \* | 32804 | 413658 |
| Energy Vault Holdings, Inc. \* | 100935 | 83382 |
| Enerpac Tool Group Corp.  | 31118 | 1334340 |
| EnerSys  | 22769 | 1904171 |
| Enovix Corp. \**(a)* | 96304 | 733836 |
| Enpro, Inc.  | 11944 | 2211312 |
| Esab Corp.  | 32644 | 4014886 |
| ESCO Technologies, Inc.  | 14456 | 2620005 |
| Eve Holding, Inc. \**(a)* | 16872 | 91109 |
| Everus Construction Group, Inc. \* | 28784 | 1666881 |
| Fastenal Co.  | 657462 | 27179479 |
| Federal Signal Corp.  | 34776 | 3271378 |
| Ferguson Enterprises, Inc.  | 115127 | 20992257 |
| Flowserve Corp.  | 74424 | 3714502 |
| Fluence Energy, Inc. \* | 35764 | 168091 |
| Fluor Corp. \* | 98960 | 4114757 |
| Fortive Corp.  | 195104 | 13694350 |
| Fortune Brands Innovations, Inc.  | 70096 | 3532838 |
| Franklin Electric Co., Inc.  | 22478 | 1941874 |
| FTAI Aviation Ltd.  | 59688 | 6992449 |
| Gates Industrial Corp. PLC \* | 129571 | 2740427 |
| GATX Corp.  | 19938 | 3174927 |
| GE Vernova, Inc.  | 158185 | 74818341 |
| Generac Holdings, Inc. \* | 34189 | 4175503 |
| General Dynamics Corp.  | 145502 | 40520852 |
| General Electric Co.  | 615089 | 151256536 |
| Gibraltar Industries, Inc. \* | 16482 | 965516 |
| Global Industrial Co.  | 7498 | 195323 |
| GMS, Inc. \* | 22720 | 1720586 |
| Gorman-Rupp Co.  | 13517 | 493371 |
| Graco, Inc.  | 96750 | 8190855 |
| GrafTech International Ltd. \* | 87020 | 86689 |
| Granite Construction, Inc.  | 24589 | 2199486 |
| Great Lakes Dredge & Dock Corp. \* | 36070 | 403263 |
| Greenbrier Cos., Inc.  | 17524 | 789807 |
| Griffon Corp.  | 22977 | 1579669 |
| H&E Equipment Services, Inc.  | 17786 | 1683267 |
| Hayward Holdings, Inc. \* | 82006 | 1143984 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| HEICO Corp.  | 57346 | 17183155 |
| Helios Technologies, Inc.  | 18111 | 549126 |
| Herc Holdings, Inc.  | 16336 | 2025664 |
| Hexcel Corp.  | 46499 | 2459332 |
| Hillenbrand, Inc.  | 39612 | 774018 |
| Hillman Solutions Corp. \* | 110122 | 797283 |
| Honeywell International, Inc.  | 372234 | 84374281 |
| Howmet Aerospace, Inc.  | 232294 | 39464428 |
| Hubbell, Inc.  | 30982 | 12069968 |
| Huntington Ingalls Industries, Inc.  | 22544 | 5028665 |
| Hyliion Holdings Corp. \* | 72941 | 112329 |
| Hyster-Yale, Inc.  | 5890 | 236542 |
| IDEX Corp.  | 43183 | 7812237 |
| IES Holdings, Inc. \* | 4674 | 1213651 |
| Illinois Tool Works, Inc.  | 153318 | 37575175 |
| Ingersoll Rand, Inc.  | 230972 | 18856554 |
| Insteel Industries, Inc.  | 11550 | 404481 |
| ITT, Inc.  | 46442 | 6991379 |
| Janus International Group, Inc. \* | 85378 | 697538 |
| JBT Marel Corp.  | 26541 | 3047172 |
| JELD-WEN Holding, Inc. \* | 48512 | 177069 |
| Johnson Controls International PLC  | 377830 | 38300627 |
| Kadant, Inc.  | 6759 | 2121718 |
| Karman Holdings, Inc. \* | 13431 | 575653 |
| Kennametal, Inc.  | 46059 | 991650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc. \*<br>| 87561 | 3230125 |
| L3Harris Technologies, Inc.  | 107871 | 26357200 |
| Lennox International, Inc.  | 18240 | 10295568 |
| Leonardo DRS, Inc.  | 44706 | 1891064 |
| Limbach Holdings, Inc. \* | 5702 | 731110 |
| Lincoln Electric Holdings, Inc.  | 32599 | 6310840 |
| Lindsay Corp.  | 5967 | 831800 |
| Loar Holdings, Inc. \* | 15577 | 1355978 |
| Lockheed Martin Corp.  | 120299 | 58029832 |
| Manitowoc Co., Inc. \* | 19950 | 209675 |
| Masco Corp.  | 120600 | 7527852 |
| MasTec, Inc. \* | 35090 | 5471584 |
| Masterbrand, Inc. \* | 72747 | 742019 |
| McGrath RentCorp  | 13525 | 1519940 |
| Mercury Systems, Inc. \* | 29433 | 1449575 |
| Middleby Corp. \* | 30696 | 4485606 |
| Miller Industries, Inc.  | 6716 | 304436 |
| Moog, Inc., Class A  | 16469 | 3051870 |
| MRC Global, Inc. \* | 46356 | 575278 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., <br> Class A <br>| 25213 | 2047296 |
| Mueller Industries, Inc.  | 65182 | 5075722 |
| Mueller Water Products, Inc., Class A  | 89302 | 2190578 |
| MYR Group, Inc. \* | 9530 | 1494781 |
| National Presto Industries, Inc.  | 2567 | 219864 |
| Net Power, Inc. \* | 26264 | 55942 |
| NEXTracker, Inc., Class A \* | 82537 | 4679023 |
| Nordson Corp.  | 31120 | 6597129 |
| Northrop Grumman Corp.  | 77997 | 37810606 |
| NuScale Power Corp. \* | 66701 | 2133765 |
| nVent Electric PLC  | 93806 | 6172435 |
| Omega Flex, Inc.  | 1630 | 53334 |
| Oshkosh Corp.  | 36994 | 3669435 |
| Otis Worldwide Corp.  | 227242 | 21667525 |
| Owens Corning  | 49221 | 6593153 |
| PACCAR, Inc.  | 300643 | 28215346 |
| Parker-Hannifin Corp.  | 73720 | 49001684 |
| Pentair PLC  | 94719 | 9394230 |
| Plug Power, Inc. \**(a)* | 514479 | 454131 |
| Powell Industries, Inc.  | 5463 | 926470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, <br> Inc. \**(a)*<br>| 3500 | 148295 |
| Preformed Line Products Co.  | 1518 | 216528 |

---

**3**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Primoris Services Corp.  | 30212 | 2178587 |
| Proto Labs, Inc. \* | 15117 | 559027 |
| Quanex Building Products Corp.  | 25093 | 419806 |
| Quanta Services, Inc.  | 84830 | 29059365 |
| QXO, Inc.  | 190389 | 3236613 |
| RBC Bearings, Inc. \* | 17807 | 6515047 |
| Regal Rexnord Corp.  | 37749 | 5037227 |
| Resideo Technologies, Inc. \* | 84902 | 1757471 |
| REV Group, Inc.  | 30919 | 1159153 |
| Rocket Lab Corp. \* | 199791 | 5352401 |
| Rockwell Automation, Inc.  | 64922 | 20486137 |
| RTX Corp.  | 764073 | 104280683 |
| Rush Enterprises, Inc., Class A  | 42020 | 2086293 |
| Sensata Technologies Holding PLC  | 87439 | 2278660 |
| SES AI Corp. \**(a)* | 87600 | 79628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A \*<br>| 95889 | 452596 |
| Shyft Group, Inc.  | 18925 | 198523 |
| Simpson Manufacturing Co., Inc.  | 23745 | 3697097 |
| SiteOne Landscape Supply, Inc. \* | 25623 | 2993023 |
| Snap-on, Inc.  | 30066 | 9643669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 69592 | 2601349 |
| SPX Technologies, Inc. \* | 26243 | 3991298 |
| Standard Aero, Inc. \* | 75318 | 2209077 |
| Standex International Corp.  | 7037 | 1062165 |
| Stanley Black & Decker, Inc.  | 89378 | 5848003 |
| Sterling Infrastructure, Inc. \* | 17715 | 3330597 |
| Sunrun, Inc. \* | 131406 | 984231 |
| Symbotic, Inc. \**(a)* | 26036 | 746452 |
| Tecnoglass, Inc.  | 13449 | 1151638 |
| Tennant Co.  | 10652 | 792722 |
| Terex Corp.  | 38411 | 1728879 |
| Textron, Inc.  | 104607 | 7744056 |
| Thermon Group Holdings, Inc. \* | 19374 | 502562 |
| Timken Co.  | 37129 | 2542965 |
| Titan International, Inc. \* | 30358 | 219792 |
| Titan Machinery, Inc. \* | 11148 | 208245 |
| Toro Co.  | 57775 | 4378189 |
| Trane Technologies PLC  | 128648 | 55353375 |
| Transcat, Inc. \* | 5385 | 470541 |
| TransDigm Group, Inc.  | 32130 | 47180656 |
| Trex Co., Inc. \* | 62111 | 3470142 |
| Trinity Industries, Inc.  | 45297 | 1165945 |
| Triumph Group, Inc. \* | 44021 | 1135302 |
| Tutor Perini Corp. \* | 23563 | 869003 |
| UFP Industries, Inc.  | 34862 | 3401137 |
| United Rentals, Inc.  | 37309 | 26428949 |
| V2X, Inc. \* | 6919 | 313292 |
| Valmont Industries, Inc.  | 11545 | 3671772 |
| Vertiv Holdings Co., Class A  | 218857 | 23621236 |
| Vicor Corp. \* | 12667 | 552788 |
| Virgin Galactic Holdings, Inc. \**(a)* | 15500 | 49755 |
| Wabash National Corp.  | 26259 | 227666 |
| Watsco, Inc.  | 19965 | 8855875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., <br> Class A <br>| 15552 | 3765450 |
| WESCO International, Inc.  | 25185 | 4228310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp. <br>| 98099 | 19847390 |
| Willis Lease Finance Corp.  | 1548 | 207958 |
| WillScot Holdings Corp.  | 106171 | 2861308 |
| Woodward, Inc.  | 34085 | 7373608 |
| Worthington Enterprises, Inc.  | 19789 | 1165770 |
| WW Grainger, Inc.  | 25402 | 27626199 |
| Xometry, Inc., Class A \* | 25297 | 838596 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Xylem, Inc.  | 138861 | 17502040 |
| Zurn Elkay Water Solutions Corp.  | 81608 | 2953394 |
|  |  | **2242911763** |
| **Commercial & Professional Services 1.6%** | **Commercial & Professional Services 1.6%** | **Commercial & Professional Services 1.6%** |
| ABM Industries, Inc.  | 35780 | 1883817 |
| ACCO Brands Corp.  | 58773 | 210995 |
| ACV Auctions, Inc., Class A \* | 88250 | 1445535 |
| Alight, Inc., Class A  | 262118 | 1431164 |
| Amentum Holdings, Inc. \* | 86228 | 1781477 |
| Automatic Data Processing, Inc.  | 233410 | 75981957 |
| Barrett Business Services, Inc.  | 13459 | 556193 |
| BlackSky Technology, Inc. \* | 14000 | 156660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., <br> Class A <br>| 73359 | 7794394 |
| Brady Corp., Class A  | 25271 | 1763158 |
| BrightView Holdings, Inc. \* | 32393 | 504683 |
| Brink's Co.  | 25880 | 2123713 |
| Broadridge Financial Solutions, Inc.  | 67163 | 16309191 |
| CACI International, Inc., Class A \* | 12992 | 5560576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., <br> Class A \*<br>| 36499 | 4278048 |
| CBIZ, Inc. \* | 29199 | 2109336 |
| CECO Environmental Corp. \* | 16376 | 440351 |
| Cimpress PLC \* | 8762 | 387806 |
| Cintas Corp.  | 196965 | 44612572 |
| Clarivate PLC \* | 255712 | 1079105 |
| Clean Harbors, Inc. \* | 28748 | 6519759 |
| Concentrix Corp.  | 26719 | 1495329 |
| Conduent, Inc. \* | 85255 | 190971 |
| Copart, Inc. \* | 501852 | 25835341 |
| CoreCivic, Inc. \* | 64698 | 1420768 |
| CRA International, Inc.  | 3642 | 692162 |
| CSG Systems International, Inc.  | 15742 | 1039916 |
| Dayforce, Inc. \* | 91398 | 5399794 |
| Deluxe Corp.  | 17000 | 242590 |
| Driven Brands Holdings, Inc. \* | 34060 | 606949 |
| Dun & Bradstreet Holdings, Inc.  | 177900 | 1602879 |
| Ennis, Inc.  | 14809 | 276484 |
| Enviri Corp. \* | 48528 | 395503 |
| Equifax, Inc.  | 71246 | 18822481 |
| ExlService Holdings, Inc. \* | 90880 | 4179571 |
| Exponent, Inc.  | 29015 | 2215005 |
| First Advantage Corp. \* | 36715 | 628561 |
| FiscalNote Holdings, Inc. \* | 41652 | 24962 |
| Franklin Covey Co. \* | 6805 | 159101 |
| FTI Consulting, Inc. \* | 20261 | 3326046 |
| Genpact Ltd.  | 92849 | 3997149 |
| GEO Group, Inc. \* | 77436 | 2101613 |
| Healthcare Services Group, Inc. \* | 41934 | 591269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, <br> Inc. <br>| 11436 | 499296 |
| HNI Corp.  | 25962 | 1208012 |
| Huron Consulting Group, Inc. \* | 9000 | 1285470 |
| ICF International, Inc.  | 10618 | 912298 |
| Insperity, Inc.  | 20507 | 1327213 |
| Interface, Inc.  | 31418 | 631188 |
| Jacobs Solutions, Inc.  | 70239 | 8871186 |
| KBR, Inc.  | 76723 | 4004173 |
| Kelly Services, Inc., Class A  | 20040 | 234869 |
| Kforce, Inc.  | 11106 | 453125 |
| Korn Ferry  | 29685 | 2018877 |
| Legalzoom.com, Inc. \* | 68776 | 627925 |
| Leidos Holdings, Inc.  | 75087 | 11151921 |
| Liquidity Services, Inc. \* | 12128 | 283431 |
| ManpowerGroup, Inc.  | 27263 | 1143683 |
| Maximus, Inc.  | 32492 | 2355995 |
| MillerKnoll, Inc.  | 37712 | 636201 |

---

**4**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, <br> Inc. \*<br>| 19062 | 372281 |
| MSA Safety, Inc.  | 22364 | 3644661 |
| NV5 Global, Inc. \* | 33056 | 730538 |
| OPENLANE, Inc. \* | 63699 | 1460618 |
| Parsons Corp. \* | 26386 | 1710868 |
| Paychex, Inc.  | 183337 | 28950746 |
| Paycom Software, Inc.  | 27080 | 7016157 |
| Paylocity Holding Corp. \* | 24715 | 4718093 |
| Pitney Bowes, Inc.  | 97664 | 1005939 |
| Planet Labs PBC \* | 116238 | 446354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, <br> Inc. \*<br>| 11440 | 319062 |
| RB Global, Inc. *(a)* | 105536 | 11112941 |
| Republic Services, Inc.  | 116103 | 29872141 |
| Resources Connection, Inc.  | 17738 | 92504 |
| Robert Half, Inc.  | 59420 | 2720842 |
| Rollins, Inc.  | 162599 | 9308793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp. <br>| 28966 | 3346732 |
| SS&C Technologies Holdings, Inc.  | 123702 | 9996359 |
| Steelcase, Inc., Class A  | 53819 | 554874 |
| Tetra Tech, Inc.  | 151747 | 5302040 |
| TransUnion  | 111470 | 9545176 |
| TriNet Group, Inc.  | 17414 | 1449019 |
| TrueBlue, Inc. \* | 18000 | 108000 |
| UL Solutions, Inc., Class A  | 35336 | 2526524 |
| UniFirst Corp.  | 8519 | 1606343 |
| Upwork, Inc. \* | 69993 | 1084191 |
| Veralto Corp.  | 142547 | 14401523 |
| Verisk Analytics, Inc.  | 80869 | 25404188 |
| Verra Mobility Corp. \* | 96303 | 2277566 |
| Vestis Corp.  | 63558 | 391517 |
| VSE Corp.  | 10511 | 1367376 |
| Waste Management, Inc.  | 209914 | 50582977 |
|  |  | **523246740** |
| **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** |
| 1-800-Flowers.com, Inc., Class A \* | 17488 | 86041 |
| Abercrombie & Fitch Co., Class A \* | 29050 | 2280134 |
| Academy Sports & Outdoors, Inc.  | 38537 | 1576549 |
| Advance Auto Parts, Inc.  | 33616 | 1611215 |
| A-Mark Precious Metals, Inc.  | 9773 | 192821 |
| Amazon.com, Inc. \* | 5406728 | 1108433307 |
| American Eagle Outfitters, Inc.  | 101803 | 1115761 |
| America's Car-Mart, Inc. \* | 4442 | 221034 |
| Arhaus, Inc. \* | 30386 | 272866 |
| Arko Corp.  | 43030 | 184168 |
| Asbury Automotive Group, Inc. \* | 11380 | 2593616 |
| AutoNation, Inc. \* | 14751 | 2711971 |
| AutoZone, Inc. \* | 9614 | 35889447 |
| BARK, Inc. \* | 54418 | 70199 |
| Bath & Body Works, Inc.  | 125592 | 3531647 |
| Best Buy Co., Inc.  | 111200 | 7370336 |
| Beyond, Inc. \* | 25000 | 160250 |
| Boot Barn Holdings, Inc. \* | 17306 | 2774325 |
| Buckle, Inc.  | 16360 | 697100 |
| Burlington Stores, Inc. \* | 35839 | 8180968 |
| Caleres, Inc.  | 20335 | 273506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., <br> Class A <br>| 34073 | 554027 |
| CarMax, Inc. \* | 88230 | 5687306 |
| Carvana Co. \* | 68103 | 22280577 |
| Chewy, Inc., Class A \* | 94147 | 4260152 |
| Dick's Sporting Goods, Inc.  | 33212 | 5956240 |
| Dillard's, Inc., Class A  | 1736 | 687491 |
| eBay, Inc.  | 273855 | 20037970 |
| Etsy, Inc. \* | 65542 | 3627750 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Five Below, Inc. \* | 31852 | 3712988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., <br> Class A \*<br>| 61167 | 4385062 |
| Foot Locker, Inc. \* | 49169 | 1168255 |
| GameStop Corp., Class A \* | 237495 | 7077351 |
| Gap, Inc.  | 127537 | 2845350 |
| Genesco, Inc. \* | 6608 | 143592 |
| Genuine Parts Co.  | 79088 | 10006214 |
| GigaCloud Technology, Inc., Class A \* | 15615 | 274199 |
| Group 1 Automotive, Inc.  | 7474 | 3168378 |
| Groupon, Inc. \* | 17185 | 500599 |
| GrowGeneration Corp. \* | 46570 | 50296 |
| Guess?, Inc.  | 15374 | 161119 |
| Haverty Furniture Cos., Inc.  | 8044 | 168602 |
| Home Depot, Inc.  | 569285 | 209661973 |
| Kohl's Corp. *(a)* | 63668 | 517621 |
| Lands' End, Inc. \* | 7423 | 62502 |
| Leslie's, Inc. \* | 101365 | 76399 |
| Lithia Motors, Inc.  | 15145 | 4799602 |
| LKQ Corp.  | 150124 | 6075518 |
| Lowe's Cos., Inc.  | 323741 | 73078056 |
| Macy's, Inc.  | 157765 | 1875826 |
| MarineMax, Inc. \* | 11506 | 243927 |
| Monro, Inc.  | 17179 | 263354 |
| Murphy USA, Inc.  | 10444 | 4457395 |
| National Vision Holdings, Inc. \* | 45052 | 892480 |
| ODP Corp. \* | 19094 | 314096 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 34897 | 3889271 |
| O'Reilly Automotive, Inc. \* | 33002 | 45130235 |
| Penske Automotive Group, Inc.  | 10715 | 1759189 |
| Petco Health & Wellness Co., Inc. \* | 50393 | 184942 |
| Pool Corp.  | 21917 | 6588031 |
| Revolve Group, Inc. \* | 23445 | 482967 |
| RH \* | 8469 | 1533821 |
| Ross Stores, Inc.  | 189422 | 26536128 |
| Sally Beauty Holdings, Inc. \* | 61084 | 532042 |
| Savers Value Village, Inc. \* | 28387 | 284438 |
| Shoe Carnival, Inc.  | 10461 | 201060 |
| Signet Jewelers Ltd.  | 25213 | 1678429 |
| Sleep Number Corp. \* | 12679 | 136426 |
| Sonic Automotive, Inc., Class A  | 8646 | 604615 |
| Stitch Fix, Inc., Class A \* | 46557 | 205782 |
| TJX Cos., Inc.  | 644322 | 81764462 |
| Tractor Supply Co.  | 307820 | 14898488 |
| Ulta Beauty, Inc. \* | 26446 | 12468231 |
| Upbound Group, Inc.  | 29344 | 673151 |
| Urban Outfitters, Inc. \* | 32585 | 2277691 |
| Valvoline, Inc. \* | 74302 | 2570106 |
| Victoria's Secret & Co. \* | 43710 | 927089 |
| Warby Parker, Inc., Class A \* | 50316 | 1065190 |
| Wayfair, Inc., Class A \* | 59041 | 2434851 |
| Williams-Sonoma, Inc.  | 70676 | 11432550 |
| Winmark Corp.  | 1529 | 649550 |
| Zumiez, Inc. \* | 8189 | 102281 |
|  |  | **1800310544** |
| **Consumer Durables & Apparel 0.8%** | **Consumer Durables & Apparel 0.8%** | **Consumer Durables & Apparel 0.8%** |
| Acushnet Holdings Corp.  | 15038 | 1026193 |
| Beazer Homes USA, Inc. \* | 16658 | 341822 |
| Brunswick Corp.  | 37570 | 1901793 |
| Capri Holdings Ltd. \* | 69051 | 1251204 |
| Carter's, Inc.  | 20846 | 653939 |
| Cavco Industries, Inc. \* | 4668 | 2024021 |
| Century Communities, Inc.  | 15571 | 807668 |
| Champion Homes, Inc. \* | 30361 | 1985609 |
| Columbia Sportswear Co.  | 17798 | 1135156 |
| Crocs, Inc. \* | 32357 | 3300414 |
| Deckers Outdoor Corp. \* | 87027 | 9183089 |

---

**5**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DR Horton, Inc.  | 162649 | 19202341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., <br> Class A \*<br>| 15666 | 326793 |
| Ethan Allen Interiors, Inc.  | 13270 | 346745 |
| Figs, Inc., Class A \* | 79926 | 347678 |
| Funko, Inc., Class A \* | 18855 | 79002 |
| Garmin Ltd.  | 88283 | 17918801 |
| G-III Apparel Group Ltd. \* | 22408 | 650952 |
| GoPro, Inc., Class A \* | 73118 | 48477 |
| Green Brick Partners, Inc. \* | 17297 | 1011010 |
| Hanesbrands, Inc. \* | 202361 | 1001687 |
| Hasbro, Inc.  | 74826 | 4991643 |
| Helen of Troy Ltd. \* | 13468 | 362155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., <br> Class A \*<br>| 2652 | 239423 |
| Installed Building Products, Inc.  | 13268 | 2115981 |
| iRobot Corp. \* | 20011 | 61434 |
| Johnson Outdoors, Inc., Class A  | 4903 | 133313 |
| KB Home  | 40285 | 2077900 |
| Kontoor Brands, Inc.  | 28389 | 1947485 |
| Latham Group, Inc. \* | 25271 | 142781 |
| La-Z-Boy, Inc.  | 23787 | 996437 |
| Legacy Housing Corp. \* | 6676 | 148808 |
| Leggett & Platt, Inc.  | 76843 | 696198 |
| Lennar Corp., Class A  | 139761 | 14825847 |
| Levi Strauss & Co., Class A  | 57644 | 1000123 |
| LGI Homes, Inc. \* | 11830 | 592683 |
| Lululemon Athletica, Inc. \* | 64221 | 20336864 |
| M/I Homes, Inc. \* | 15173 | 1617594 |
| Malibu Boats, Inc., Class A \* | 11217 | 338080 |
| Mattel, Inc. \* | 194872 | 3690876 |
| Meritage Homes Corp.  | 40866 | 2599486 |
| Mohawk Industries, Inc. \* | 29917 | 3009949 |
| Movado Group, Inc.  | 8138 | 131836 |
| Newell Brands, Inc.  | 238460 | 1263838 |
| NIKE, Inc., Class B  | 677567 | 41053785 |
| NVR, Inc. \* | 1717 | 12218052 |
| Outdoor Holding Co. \* | 51200 | 74240 |
| Oxford Industries, Inc.  | 9278 | 498043 |
| Peloton Interactive, Inc., Class A \* | 221144 | 1570122 |
| Polaris, Inc.  | 29990 | 1176208 |
| PulteGroup, Inc.  | 115953 | 11366873 |
| PVH Corp.  | 31978 | 2678797 |
| Ralph Lauren Corp.  | 22870 | 6330645 |
| Skechers USA, Inc., Class A \* | 76899 | 4770814 |
| Smith & Wesson Brands, Inc.  | 25128 | 239219 |
| Somnigroup International, Inc.  | 117961 | 7674543 |
| Sonos, Inc. \* | 73714 | 757780 |
| Steven Madden Ltd.  | 40549 | 999533 |
| Sturm Ruger & Co., Inc.  | 9917 | 358995 |
| Tapestry, Inc.  | 118937 | 9342501 |
| Taylor Morrison Home Corp. \* | 59723 | 3361210 |
| Toll Brothers, Inc.  | 57171 | 5960077 |
| TopBuild Corp. \* | 16911 | 4783953 |
| Topgolf Callaway Brands Corp. \* | 80928 | 513084 |
| Traeger, Inc. \* | 33947 | 46847 |
| Tri Pointe Homes, Inc. \* | 52494 | 1547523 |
| Under Armour, Inc., Class A \* | 174934 | 1173807 |
| VF Corp.  | 190205 | 2369954 |
| Whirlpool Corp.  | 31604 | 2467956 |
| Wolverine World Wide, Inc.  | 45149 | 770242 |
| YETI Holdings, Inc. \* | 49206 | 1503735 |
|  |  | **253473666** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| Accel Entertainment, Inc. \* | 30345 | 340471 |
| ADT, Inc.  | 231043 | 1922278 |
| Adtalem Global Education, Inc. \* | 21857 | 2885780 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Airbnb, Inc., Class A \* | 248263 | 32025927 |
| Aramark  | 150780 | 6106590 |
| Bally's Corp. \* | 4200 | 42126 |
| BJ's Restaurants, Inc. \* | 12955 | 577923 |
| Bloomin' Brands, Inc.  | 43054 | 328502 |
| Booking Holdings, Inc.  | 19034 | 105047314 |
| Boyd Gaming Corp.  | 38045 | 2852234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br> Inc. \*<br>| 32840 | 4242928 |
| Brinker International, Inc. \* | 25622 | 4423126 |
| Caesars Entertainment, Inc. \* | 124519 | 3347071 |
| Carnival Corp. \* | 597102 | 13864708 |
| Carriage Services, Inc.  | 7528 | 327468 |
| Cava Group, Inc. \* | 46724 | 3797259 |
| Cheesecake Factory, Inc.  | 26093 | 1439551 |
| Chegg, Inc. \* | 75693 | 77207 |
| Chipotle Mexican Grill, Inc. \* | 778419 | 38983223 |
| Choice Hotels International, Inc.  | 12500 | 1583500 |
| Churchill Downs, Inc.  | 41795 | 3990169 |
| Coursera, Inc. \* | 70500 | 623925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, <br> Inc. <br>| 14696 | 844138 |
| Darden Restaurants, Inc.  | 66725 | 14293162 |
| Dave & Buster's Entertainment, Inc. \* | 18302 | 401912 |
| Dine Brands Global, Inc.  | 12159 | 292546 |
| Domino's Pizza, Inc.  | 19720 | 9343730 |
| DoorDash, Inc., Class A \* | 194584 | 40599952 |
| DraftKings, Inc., Class A \* | 282060 | 10120313 |
| Duolingo, Inc. \* | 21896 | 11377381 |
| Dutch Bros, Inc., Class A \* | 66618 | 4809820 |
| El Pollo Loco Holdings, Inc. \* | 12037 | 126388 |
| European Wax Center, Inc., Class A \* | 20000 | 101800 |
| Everi Holdings, Inc. \* | 50352 | 710467 |
| Expedia Group, Inc.  | 70863 | 11816405 |
| First Watch Restaurant Group, Inc. \* | 21448 | 331157 |
| Flutter Entertainment PLC \* | 102133 | 25809009 |
| Frontdoor, Inc. \* | 42596 | 2343206 |
| Global Business Travel Group I \* | 47633 | 297706 |
| Golden Entertainment, Inc.  | 12169 | 347182 |
| Graham Holdings Co., Class B  | 2009 | 1917410 |
| Grand Canyon Education, Inc. \* | 16502 | 3264838 |
| H&R Block, Inc.  | 76966 | 4383214 |
| Hilton Grand Vacations, Inc. \* | 36200 | 1381754 |
| Hilton Worldwide Holdings, Inc.  | 137611 | 34188077 |
| Hyatt Hotels Corp., Class A  | 24443 | 3227209 |
| Jack in the Box, Inc.  | 11709 | 222061 |
| KinderCare Learning Cos., Inc. \* | 13600 | 166872 |
| Krispy Kreme, Inc.  | 47952 | 138581 |
| Kura Sushi USA, Inc., Class A \* | 2998 | 198048 |
| Las Vegas Sands Corp.  | 198543 | 8172030 |
| Laureate Education, Inc. \* | 75560 | 1700100 |
| Life Time Group Holdings, Inc. \* | 53583 | 1532474 |
| Light & Wonder, Inc. \* | 50231 | 4526818 |
| Lindblad Expeditions Holdings, Inc. \* | 21192 | 222516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 18097 | 156177 |
| Marriott International, Inc., Class A  | 131173 | 34607373 |
| Marriott Vacations Worldwide Corp.  | 18387 | 1210968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., <br> Class A <br>| 16840 | 361218 |
| McDonald's Corp.  | 410821 | 128936171 |
| MGM Resorts International \* | 128253 | 4059207 |
| Mister Car Wash, Inc. \* | 60789 | 430386 |
| Monarch Casino & Resort, Inc.  | 7088 | 593549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd. \*<br>| 251780 | 4443917 |
| OneSpaWorld Holdings Ltd.  | 60391 | 1138974 |
| Papa John's International, Inc.  | 18897 | 855089 |

---

**6**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Penn Entertainment, Inc. \* | 87435 | 1296661 |
| Perdoceo Education Corp.  | 36975 | 1258629 |
| Planet Fitness, Inc., Class A \* | 48088 | 4944889 |
| Playa Hotels & Resorts NV \* | 54559 | 734364 |
| Portillo's, Inc., Class A \* | 39369 | 472428 |
| RCI Hospitality Holdings, Inc.  | 4568 | 183771 |
| Red Rock Resorts, Inc., Class A  | 27040 | 1299813 |
| Royal Caribbean Cruises Ltd.  | 141731 | 36420615 |
| Rush Street Interactive, Inc. \* | 44918 | 570009 |
| Sabre Corp. \* | 235823 | 594274 |
| Service Corp. International  | 82247 | 6415266 |
| Shake Shack, Inc., Class A \* | 22784 | 2957135 |
| Six Flags Entertainment Corp.  | 54215 | 1819455 |
| Starbucks Corp.  | 650512 | 54610482 |
| Strategic Education, Inc.  | 13865 | 1264904 |
| Stride, Inc. \* | 24288 | 3676960 |
| Sweetgreen, Inc., Class A \* | 58289 | 782238 |
| Target Hospitality Corp. \* | 18754 | 137092 |
| Texas Roadhouse, Inc.  | 37727 | 7364688 |
| Travel & Leisure Co.  | 40460 | 1965142 |
| Udemy, Inc. \* | 51908 | 379967 |
| United Parks & Resorts, Inc. \* | 16507 | 739348 |
| Universal Technical Institute, Inc. \* | 24196 | 859684 |
| Vail Resorts, Inc.  | 21930 | 3512528 |
| Wendy's Co.  | 95988 | 1094263 |
| Wingstop, Inc.  | 16497 | 5637025 |
| Wyndham Hotels & Resorts, Inc.  | 44908 | 3717484 |
| Wynn Resorts Ltd.  | 51321 | 4646603 |
| Xponential Fitness, Inc., Class A \* | 14264 | 128519 |
| Yum! Brands, Inc.  | 159875 | 23012407 |
|  |  | **777327228** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 231911 | 5155382 |
| Andersons, Inc.  | 17563 | 623662 |
| BJ's Wholesale Club Holdings, Inc. \* | 75550 | 8553015 |
| Casey's General Stores, Inc.  | 21144 | 9255997 |
| Chefs' Warehouse, Inc. \* | 19541 | 1246325 |
| Costco Wholesale Corp.  | 254654 | 264885998 |
| Dollar General Corp.  | 126224 | 12275284 |
| Dollar Tree, Inc. \* | 115953 | 10465918 |
| Grocery Outlet Holding Corp. \* | 51965 | 705685 |
| Ingles Markets, Inc., Class A  | 7780 | 484694 |
| Kroger Co.  | 382171 | 26075527 |
| Maplebear, Inc. \* | 94180 | 4301201 |
| Performance Food Group Co. \* | 89196 | 7988394 |
| PriceSmart, Inc.  | 14174 | 1530509 |
| SpartanNash Co.  | 19448 | 378458 |
| Sprouts Farmers Market, Inc. \* | 57833 | 9997012 |
| Sysco Corp.  | 281004 | 20513292 |
| Target Corp.  | 263480 | 24769755 |
| U.S. Foods Holding Corp. \* | 133120 | 10532454 |
| United Natural Foods, Inc. \* | 39076 | 1194553 |
| Walgreens Boots Alliance, Inc.  | 423403 | 4763284 |
| Walmart, Inc.  | 2486859 | 245502720 |
| Weis Markets, Inc.  | 9455 | 716689 |
|  |  | **671915808** |
| **Energy 3.1%** | **Energy 3.1%** | **Energy 3.1%** |
| Antero Midstream Corp.  | 192706 | 3619019 |
| Antero Resources Corp. \* | 168294 | 6302610 |
| APA Corp.  | 213981 | 3639817 |
| Archrock, Inc.  | 101071 | 2516668 |
| Atlas Energy Solutions, Inc. *(a)* | 38083 | 462708 |
| Baker Hughes Co.  | 566607 | 20992789 |
| Berry Corp.  | 36431 | 87070 |
| BKV Corp. \* | 7573 | 162820 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bristow Group, Inc. \* | 12665 | 370578 |
| Cactus, Inc., Class A  | 37823 | 1550743 |
| California Resources Corp.  | 39538 | 1746393 |
| Calumet, Inc. \* | 38941 | 544395 |
| Centrus Energy Corp., Class A \* | 8530 | 1082628 |
| ChampionX Corp.  | 108306 | 2606925 |
| Cheniere Energy, Inc.  | 128687 | 30497532 |
| Chevron Corp.  | 957214 | 130851154 |
| Chord Energy Corp.  | 35357 | 3182130 |
| Civitas Resources, Inc.  | 50821 | 1390971 |
| Clean Energy Fuels Corp. \* | 100892 | 180597 |
| CNX Resources Corp. \* | 85869 | 2771851 |
| Comstock Resources, Inc. \* | 50083 | 1166934 |
| ConocoPhillips  | 729610 | 62272213 |
| Core Laboratories, Inc.  | 25730 | 276597 |
| Core Natural Resources, Inc.  | 28914 | 2003740 |
| Coterra Energy, Inc.  | 421121 | 10237452 |
| Crescent Energy Co., Class A  | 113839 | 955109 |
| CVR Energy, Inc.  | 22569 | 527889 |
| Delek U.S. Holdings, Inc.  | 36867 | 709690 |
| Devon Energy Corp.  | 376628 | 11396763 |
| Diamondback Energy, Inc.  | 106970 | 14392813 |
| DMC Global, Inc. \* | 10365 | 66958 |
| Dorian LPG Ltd.  | 25480 | 545527 |
| DT Midstream, Inc.  | 57681 | 6041508 |
| EOG Resources, Inc.  | 323027 | 35071041 |
| EQT Corp.  | 340874 | 18792384 |
| Excelerate Energy, Inc., Class A  | 13330 | 374973 |
| Expand Energy Corp.  | 120557 | 14000284 |
| Expro Group Holdings NV \* | 64311 | 535068 |
| Exxon Mobil Corp.  | 2495437 | 255283205 |
| Flowco Holdings, Inc., Class A  | 12000 | 206520 |
| Granite Ridge Resources, Inc.  | 30592 | 171927 |
| Green Plains, Inc. \* | 36949 | 153708 |
| Gulfport Energy Corp. \* | 7226 | 1383779 |
| Halliburton Co.  | 496694 | 9730235 |
| Helix Energy Solutions Group, Inc. \* | 82479 | 510545 |
| Helmerich & Payne, Inc.  | 55657 | 848769 |
| Hess Corp.  | 157634 | 20837638 |
| HF Sinclair Corp.  | 92915 | 3357019 |
| HighPeak Energy, Inc. *(a)* | 14676 | 145146 |
| Innovex International, Inc. \* | 21521 | 296990 |
| International Seaways, Inc.  | 21892 | 811099 |
| Kinder Morgan, Inc.  | 1110486 | 31138027 |
| Kinetik Holdings, Inc.  | 21167 | 942778 |
| Kodiak Gas Services, Inc.  | 22358 | 789461 |
| Kosmos Energy Ltd. \* | 285801 | 474430 |
| Liberty Energy, Inc.  | 94675 | 1097283 |
| Magnolia Oil & Gas Corp., Class A  | 107356 | 2308154 |
| Marathon Petroleum Corp.  | 181269 | 29137179 |
| Matador Resources Co.  | 67585 | 2906831 |
| Murphy Oil Corp.  | 79210 | 1657865 |
| Nabors Industries Ltd. \* | 4885 | 126082 |
| New Fortress Energy, Inc. *(a)* | 73467 | 182933 |
| NextDecade Corp. \* | 81342 | 673512 |
| Noble Corp. PLC  | 77166 | 1911402 |
| Northern Oil & Gas, Inc.  | 57580 | 1530476 |
| NOV, Inc.  | 223042 | 2676504 |
| NPK International, Inc. \* | 47224 | 382042 |
| Occidental Petroleum Corp.  | 388034 | 15824027 |
| Oceaneering International, Inc. \* | 59121 | 1127437 |
| ONEOK, Inc.  | 354908 | 28690763 |
| Ovintiv, Inc.  | 150194 | 5379949 |
| Par Pacific Holdings, Inc. \* | 31019 | 669700 |
| Patterson-UTI Energy, Inc.  | 200969 | 1109349 |
| PBF Energy, Inc., Class A  | 56871 | 1083393 |
| Peabody Energy Corp.  | 72395 | 952718 |
| Permian Resources Corp.  | 363057 | 4578149 |
| Phillips 66  | 236782 | 26870021 |

---

**7**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ProPetro Holding Corp. \* | 43367 | 234182 |
| Range Resources Corp.  | 138221 | 5257927 |
| REX American Resources Corp. \* | 8132 | 342682 |
| Riley Exploration Permian, Inc.  | 3462 | 88835 |
| RPC, Inc.  | 48461 | 215167 |
| Sable Offshore Corp. \* | 41491 | 1194111 |
| SandRidge Energy, Inc.  | 17244 | 169164 |
| Schlumberger NV  | 802094 | 26509207 |
| Select Water Solutions, Inc.  | 55041 | 442530 |
| Sitio Royalties Corp., Class A  | 46324 | 790751 |
| SM Energy Co.  | 66206 | 1550545 |
| Talos Energy, Inc. \* | 72906 | 586164 |
| Targa Resources Corp.  | 125035 | 19746778 |
| TechnipFMC PLC  | 243856 | 7596114 |
| TETRA Technologies, Inc. \* | 66919 | 179343 |
| Texas Pacific Land Corp.  | 10862 | 12100594 |
| Tidewater, Inc. \* | 28056 | 1114104 |
| Transocean Ltd. \* | 455648 | 1134564 |
| Uranium Energy Corp. \* | 250877 | 1487701 |
| VAALCO Energy, Inc.  | 59355 | 188155 |
| Valaris Ltd. \* | 38668 | 1454690 |
| Valero Energy Corp.  | 181687 | 23432172 |
| Venture Global, Inc., Class A *(a)* | 41300 | 477841 |
| Viper Energy, Inc.  | 77184 | 3063433 |
| Vital Energy, Inc. \* | 15289 | 227500 |
| Vitesse Energy, Inc.  | 13811 | 289064 |
| Weatherford International PLC  | 41957 | 1829325 |
| Williams Cos., Inc.  | 700327 | 42376787 |
| World Kinect Corp.  | 33232 | 910224 |
|  |  | **1006873040** |
| **Equity Real Estate Investment Trusts (REITs) 2.3%** | **Equity Real Estate Investment Trusts (REITs) 2.3%** | **Equity Real Estate Investment Trusts (REITs) 2.3%** |
| Acadia Realty Trust  | 69323 | 1335161 |
| Agree Realty Corp.  | 61296 | 4615589 |
| Alexander & Baldwin, Inc.  | 40432 | 724137 |
| Alexander's, Inc.  | 1052 | 236900 |
| Alexandria Real Estate Equities, Inc.  | 88195 | 6190407 |
| American Assets Trust, Inc.  | 29377 | 585777 |
| American Healthcare REIT, Inc.  | 87694 | 3064028 |
| American Homes 4 Rent, Class A  | 180398 | 6828064 |
| American Tower Corp.  | 267455 | 57409216 |
| Americold Realty Trust, Inc.  | 149661 | 2479883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & <br> Management Co., Class A <br>| 74546 | 594877 |
| Apple Hospitality REIT, Inc.  | 127784 | 1481017 |
| Armada Hoffler Properties, Inc.  | 51416 | 357855 |
| AvalonBay Communities, Inc.  | 80945 | 16736998 |
| Brandywine Realty Trust  | 98892 | 418313 |
| Brixmor Property Group, Inc.  | 175970 | 4471398 |
| Broadstone Net Lease, Inc.  | 107065 | 1703404 |
| BXP, Inc.  | 82776 | 5573308 |
| Camden Property Trust  | 60891 | 7154084 |
| CareTrust REIT, Inc.  | 106604 | 3065931 |
| CBL & Associates Properties, Inc.  | 7811 | 196915 |
| Centerspace  | 9439 | 601736 |
| Chatham Lodging Trust  | 25829 | 184161 |
| City Office REIT, Inc.  | 27522 | 134307 |
| Community Healthcare Trust, Inc.  | 13853 | 226358 |
| COPT Defense Properties  | 63720 | 1749114 |
| Cousins Properties, Inc.  | 95558 | 2682313 |
| Crown Castle, Inc.  | 250402 | 25127841 |
| CubeSmart  | 128424 | 5491410 |
| Curbline Properties Corp.  | 54228 | 1230433 |
| DiamondRock Hospitality Co.  | 117215 | 895523 |
| Digital Realty Trust, Inc.  | 181072 | 31057469 |
| Diversified Healthcare Trust  | 128676 | 402756 |
| Douglas Emmett, Inc.  | 96088 | 1367332 |
| Easterly Government Properties, Inc.  | 22102 | 480276 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EastGroup Properties, Inc.  | 29981 | 5083279 |
| Elme Communities  | 49868 | 800880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., <br> Class A <br>| 72778 | 557479 |
| EPR Properties  | 42808 | 2383978 |
| Equinix, Inc.  | 55735 | 49538383 |
| Equity LifeStyle Properties, Inc.  | 109242 | 6944514 |
| Equity Residential  | 197202 | 13831748 |
| Essential Properties Realty Trust, Inc.  | 107963 | 3508798 |
| Essex Property Trust, Inc.  | 36688 | 10415723 |
| Extra Space Storage, Inc.  | 121173 | 18315299 |
| Federal Realty Investment Trust  | 43817 | 4183647 |
| First Industrial Realty Trust, Inc.  | 78188 | 3864833 |
| Four Corners Property Trust, Inc.  | 58865 | 1625263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp., <br> Class C <br>| 90354 | 164444 |
| Gaming & Leisure Properties, Inc.  | 157252 | 7343668 |
| Getty Realty Corp.  | 30096 | 880609 |
| Gladstone Commercial Corp.  | 23551 | 337957 |
| Global Medical REIT, Inc.  | 35834 | 227904 |
| Global Net Lease, Inc.  | 111700 | 866792 |
| Healthcare Realty Trust, Inc.  | 203915 | 2956768 |
| Healthpeak Properties, Inc.  | 403319 | 7021784 |
| Highwoods Properties, Inc.  | 60614 | 1800236 |
| Host Hotels & Resorts, Inc.  | 397848 | 6162666 |
| Hudson Pacific Properties, Inc.  | 80079 | 148947 |
| Independence Realty Trust, Inc.  | 132085 | 2455460 |
| Industrial Logistics Properties Trust  | 34157 | 112377 |
| Innovative Industrial Properties, Inc.  | 18513 | 1022288 |
| InvenTrust Properties Corp.  | 42702 | 1199499 |
| Invitation Homes, Inc.  | 326483 | 11002477 |
| Iron Mountain, Inc.  | 168362 | 16619013 |
| JBG SMITH Properties  | 49815 | 851837 |
| Kilroy Realty Corp.  | 60520 | 1948744 |
| Kimco Realty Corp.  | 390041 | 8292272 |
| Kite Realty Group Trust  | 124646 | 2757170 |
| Lamar Advertising Co., Class A  | 50801 | 6123553 |
| Lineage, Inc.  | 33938 | 1448813 |
| LTC Properties, Inc.  | 27419 | 970358 |
| LXP Industrial Trust  | 167055 | 1433332 |
| Macerich Co.  | 142564 | 2306686 |
| Medical Properties Trust, Inc. *(a)* | 342215 | 1563923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc. <br>| 66970 | 10490850 |
| Millrose Properties, Inc., Class A  | 68769 | 1916592 |
| National Health Investors, Inc.  | 26681 | 1934639 |
| National Storage Affiliates Trust  | 39707 | 1365921 |
| NETSTREIT Corp.  | 45111 | 726287 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate <br> Trust <br>| 21957 | 91341 |
| NexPoint Residential Trust, Inc.  | 12730 | 432820 |
| NNN REIT, Inc.  | 108436 | 4528287 |
| Omega Healthcare Investors, Inc.  | 163477 | 6048649 |
| One Liberty Properties, Inc.  | 10345 | 253246 |
| Orion Properties, Inc.  | 24025 | 45888 |
| Outfront Media, Inc.  | 78703 | 1300174 |
| Paramount Group, Inc.  | 99892 | 604347 |
| Park Hotels & Resorts, Inc.  | 123156 | 1275896 |
| Peakstone Realty Trust  | 24699 | 306021 |
| Pebblebrook Hotel Trust  | 71077 | 652487 |
| Phillips Edison & Co., Inc.  | 70829 | 2511596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., <br> Class A <br>| 71343 | 507962 |
| Plymouth Industrial REIT, Inc.  | 18983 | 307525 |
| PotlatchDeltic Corp.  | 41437 | 1630132 |
| Prologis, Inc.  | 530494 | 57611648 |
| Public Storage  | 90199 | 27818274 |
| Rayonier, Inc.  | 82673 | 1959350 |

---

**8**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Realty Income Corp.  | 500991 | 28366110 |
| Regency Centers Corp.  | 93811 | 6768464 |
| Rexford Industrial Realty, Inc.  | 129457 | 4562065 |
| RLJ Lodging Trust  | 92814 | 677542 |
| Ryman Hospitality Properties, Inc.  | 34511 | 3351363 |
| Sabra Health Care REIT, Inc.  | 135309 | 2365201 |
| Safehold, Inc.  | 23915 | 360399 |
| Saul Centers, Inc.  | 7449 | 250882 |
| SBA Communications Corp.  | 61653 | 14296714 |
| Service Properties Trust  | 89042 | 206577 |
| Sila Realty Trust, Inc.  | 31388 | 782189 |
| Simon Property Group, Inc.  | 175890 | 28682382 |
| SITE Centers Corp.  | 27000 | 321840 |
| SL Green Realty Corp.  | 39821 | 2260638 |
| STAG Industrial, Inc.  | 106869 | 3802399 |
| Summit Hotel Properties, Inc.  | 61375 | 268823 |
| Sun Communities, Inc.  | 68503 | 8456010 |
| Sunstone Hotel Investors, Inc.  | 117989 | 1057181 |
| Tanger, Inc.  | 62759 | 1870218 |
| Terreno Realty Corp.  | 56870 | 3208605 |
| UDR, Inc.  | 171506 | 7105494 |
| UMH Properties, Inc.  | 45219 | 759227 |
| Uniti Group, Inc.  | 143968 | 619062 |
| Universal Health Realty Income Trust  | 6510 | 258512 |
| Urban Edge Properties  | 72625 | 1318870 |
| Ventas, Inc.  | 250618 | 16109725 |
| Veris Residential, Inc.  | 45046 | 684699 |
| VICI Properties, Inc.  | 607291 | 19257198 |
| Vornado Realty Trust  | 95522 | 3598314 |
| Welltower, Inc.  | 348423 | 53754700 |
| Weyerhaeuser Co.  | 414530 | 10740472 |
| Whitestone REIT  | 26363 | 324792 |
| WP Carey, Inc.  | 125470 | 7874497 |
| Xenia Hotels & Resorts, Inc.  | 58036 | 709780 |
|  |  | **765278568** |
| **Financial Services 8.6%** | **Financial Services 8.6%** | **Financial Services 8.6%** |
| Acadian Asset Management, Inc.  | 16901 | 508889 |
| Affiliated Managers Group, Inc.  | 16715 | 2941840 |
| Affirm Holdings, Inc., Class A \* | 145463 | 7549530 |
| AGNC Investment Corp.  | 524759 | 4691345 |
| Alerus Financial Corp.  | 10397 | 218441 |
| Ally Financial, Inc.  | 160807 | 5628245 |
| AlTi Global, Inc. \* | 51506 | 171000 |
| American Express Co.  | 317781 | 93443503 |
| Ameriprise Financial, Inc.  | 55224 | 28122270 |
| Annaly Capital Management, Inc.  | 332312 | 6297312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate <br> Finance, Inc. <br>| 72525 | 712921 |
| Apollo Global Management, Inc.  | 256113 | 33471408 |
| Arbor Realty Trust, Inc. *(a)* | 107512 | 1029965 |
| ARES Management Corp., Class A  | 106521 | 17629225 |
| ARMOUR Residential REIT, Inc.  | 44242 | 717163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A <br>| 39130 | 1576939 |
| AvidXchange Holdings, Inc. \* | 117700 | 1152283 |
| Bank of New York Mellon Corp.  | 410571 | 36380696 |
| Berkshire Hathaway, Inc., Class B \* | 1050895 | 529609044 |
| BGC Group, Inc., Class A  | 222595 | 2065682 |
| Blackrock, Inc.  | 83563 | 81882548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A <br>| 98046 | 1852089 |
| Blackstone, Inc.  | 420008 | 58280310 |
| Block, Inc. \* | 322324 | 19903507 |
| Blue Owl Capital, Inc.  | 300466 | 5612705 |
| Bread Financial Holdings, Inc.  | 29112 | 1491699 |
| BrightSpire Capital, Inc.  | 72886 | 368803 |
| Cannae Holdings, Inc.  | 35484 | 661777 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cantaloupe, Inc. \* | 30005 | 251142 |
| Capital One Financial Corp.  | 365496 | 69133568 |
| Carlyle Group, Inc.  | 120447 | 5444204 |
| Cass Information Systems, Inc.  | 6983 | 295381 |
| Cboe Global Markets, Inc.  | 59903 | 13724975 |
| Charles Schwab Corp. *(b)* | 971030 | 85780790 |
| Chimera Investment Corp.  | 45704 | 602379 |
| Claros Mortgage Trust, Inc.  | 64928 | 166865 |
| CME Group, Inc.  | 206854 | 59780806 |
| Cohen & Steers, Inc.  | 15314 | 1176728 |
| Coinbase Global, Inc., Class A \* | 120541 | 29727821 |
| Corebridge Financial, Inc.  | 148780 | 4851716 |
| Corpay, Inc. \* | 39883 | 12966362 |
| Credit Acceptance Corp. \* | 3624 | 1729735 |
| Diamond Hill Investment Group, Inc.  | 1690 | 238729 |
| DigitalBridge Group, Inc.  | 89456 | 989383 |
| Donnelley Financial Solutions, Inc. \* | 14204 | 773834 |
| Dynex Capital, Inc.  | 48320 | 581773 |
| Ellington Financial, Inc.  | 57709 | 725402 |
| Enact Holdings, Inc.  | 15826 | 560240 |
| Encore Capital Group, Inc. \* | 12966 | 491411 |
| Enova International, Inc. \* | 14616 | 1354465 |
| Equitable Holdings, Inc.  | 179320 | 9480648 |
| Essent Group Ltd.  | 60212 | 3492296 |
| Euronet Worldwide, Inc. \* | 23228 | 2515128 |
| Evercore, Inc., Class A  | 20542 | 4755268 |
| EVERTEC, Inc.  | 36370 | 1317685 |
| EZCORP, Inc., Class A \* | 30069 | 404428 |
| FactSet Research Systems, Inc.  | 21712 | 9949741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C <br>| 6250 | 1165125 |
| Federated Hermes, Inc.  | 45174 | 1906343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services, Inc. <br>| 302852 | 24110048 |
| FirstCash Holdings, Inc.  | 23180 | 2964954 |
| Fiserv, Inc. \* | 325643 | 53011424 |
| Flywire Corp. \* | 68238 | 733559 |
| Forge Global Holdings, Inc. \* | 3935 | 54697 |
| Franklin BSP Realty Trust, Inc.  | 46011 | 507501 |
| Franklin Resources, Inc.  | 178716 | 3867414 |
| Global Payments, Inc.  | 141816 | 10722708 |
| Goldman Sachs Group, Inc.  | 178988 | 107473345 |
| Granite Point Mortgage Trust, Inc.  | 30546 | 79114 |
| Green Dot Corp., Class A \* | 32126 | 296844 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital, Inc. <br>| 67551 | 1692153 |
| Hamilton Lane, Inc., Class A  | 25235 | 3760015 |
| Houlihan Lokey, Inc.  | 31125 | 5436915 |
| Innventure, Inc. \* | 13324 | 76080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., <br> Class A <br>| 62493 | 13103532 |
| Intercontinental Exchange, Inc.  | 329988 | 59331842 |
| International Money Express, Inc. \* | 17362 | 191503 |
| Invesco Ltd.  | 264021 | 3817744 |
| Invesco Mortgage Capital, Inc.  | 46741 | 344949 |
| Jack Henry & Associates, Inc.  | 41458 | 7510946 |
| Jackson Financial, Inc., Class A  | 42557 | 3485844 |
| Janus Henderson Group PLC  | 71229 | 2587750 |
| Jefferies Financial Group, Inc.  | 92962 | 4517953 |
| KKR & Co., Inc.  | 387233 | 47033320 |
| KKR Real Estate Finance Trust, Inc.  | 32215 | 287680 |
| Ladder Capital Corp.  | 61141 | 643203 |
| Lazard, Inc., Class A  | 64946 | 2818656 |
| LendingClub Corp. \* | 64102 | 642943 |
| LendingTree, Inc. \* | 6491 | 227315 |
| LPL Financial Holdings, Inc.  | 45285 | 17532541 |
| MarketAxess Holdings, Inc.  | 21622 | 4679217 |
| Marqeta, Inc., Class A \* | 234702 | 1262697 |
| Mastercard, Inc., Class A  | 466982 | 273464659 |

---

**9**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Merchants Bancorp  | 17882 | 572582 |
| MFA Financial, Inc.  | 62214 | 578590 |
| MGIC Investment Corp.  | 142176 | 3760555 |
| Moelis & Co., Class A  | 40594 | 2318323 |
| Moody's Corp.  | 88647 | 42490280 |
| Morgan Stanley  | 709122 | 90788890 |
| Morningstar, Inc.  | 15284 | 4713891 |
| Mr. Cooper Group, Inc. \* | 36759 | 4761393 |
| MSCI, Inc.  | 44534 | 25118067 |
| Nasdaq, Inc.  | 236231 | 19734738 |
| Navient Corp.  | 48330 | 649555 |
| NCR Atleos Corp. \* | 43109 | 1142820 |
| Nelnet, Inc., Class A  | 9985 | 1160057 |
| NerdWallet, Inc., Class A \* | 22075 | 232671 |
| New York Mortgage Trust, Inc.  | 55006 | 359189 |
| NewtekOne, Inc.  | 14258 | 154699 |
| NMI Holdings, Inc., Class A \* | 46103 | 1831211 |
| Northern Trust Corp.  | 112027 | 11957762 |
| OneMain Holdings, Inc.  | 68383 | 3544975 |
| Open Lending Corp., Class A \* | 69774 | 124895 |
| Orchid Island Capital, Inc.  | 46549 | 317930 |
| Payoneer Global, Inc. \* | 148410 | 1010672 |
| PayPal Holdings, Inc. \* | 565739 | 39760137 |
| PennyMac Financial Services, Inc.  | 18044 | 1732224 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment <br> Trust <br>| 49893 | 612686 |
| Perella Weinberg Partners, Class A  | 34534 | 599856 |
| Piper Sandler Cos.  | 9140 | 2298253 |
| PJT Partners, Inc., Class A  | 13337 | 2009352 |
| PRA Group, Inc. \* | 20961 | 297437 |
| PROG Holdings, Inc.  | 23745 | 684568 |
| Radian Group, Inc.  | 84407 | 2882499 |
| Raymond James Financial, Inc.  | 105129 | 15451860 |
| Ready Capital Corp.  | 95892 | 428637 |
| Redwood Trust, Inc.  | 68001 | 370605 |
| Remitly Global, Inc. \* | 89289 | 1907213 |
| Repay Holdings Corp. \* | 59560 | 286484 |
| Rithm Capital Corp.  | 298562 | 3328966 |
| Robinhood Markets, Inc., Class A \* | 408173 | 27000644 |
| Rocket Cos., Inc., Class A *(a)* | 80511 | 1026515 |
| S&P Global, Inc.  | 180587 | 92615849 |
| SEI Investments Co.  | 55946 | 4769956 |
| Sezzle, Inc. \* | 8040 | 857948 |
| Shift4 Payments, Inc., Class A \* | 39064 | 3702877 |
| SLM Corp.  | 119217 | 3859054 |
| SoFi Technologies, Inc. \* | 632897 | 8417530 |
| Starwood Property Trust, Inc.  | 182457 | 3603526 |
| State Street Corp.  | 165363 | 15921150 |
| StepStone Group, Inc., Class A  | 38645 | 2235613 |
| Stifel Financial Corp.  | 59033 | 5562089 |
| StoneX Group, Inc. \* | 24247 | 2052630 |
| Synchrony Financial  | 222883 | 12849205 |
| T. Rowe Price Group, Inc.  | 127455 | 11928513 |
| Toast, Inc., Class A \* | 236689 | 9983542 |
| TPG RE Finance Trust, Inc.  | 34939 | 268332 |
| TPG, Inc.  | 65905 | 3172008 |
| Tradeweb Markets, Inc., Class A  | 66540 | 9611703 |
| Two Harbors Investment Corp.  | 57672 | 610746 |
| Upstart Holdings, Inc. \* | 47798 | 2254632 |
| UWM Holdings Corp.  | 52747 | 226812 |
| Velocity Financial, Inc. \* | 7693 | 128858 |
| Victory Capital Holdings, Inc., Class A  | 25529 | 1583053 |
| Virtu Financial, Inc., Class A  | 46616 | 1873497 |
| Virtus Investment Partners, Inc.  | 3623 | 618446 |
| Visa, Inc., Class A  | 988028 | 360817945 |
| Voya Financial, Inc.  | 55163 | 3669443 |
| Walker & Dunlop, Inc.  | 17985 | 1231793 |
| Waterstone Financial, Inc.  | 11312 | 146151 |
| Western Union Co.  | 190622 | 1768972 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| WEX, Inc. \* | 19834 | 2636534 |
| WisdomTree, Inc.  | 66290 | 625778 |
| World Acceptance Corp. \* | 1641 | 253502 |
|  |  | **2816435943** |
| **Food, Beverage & Tobacco 2.4%** | **Food, Beverage & Tobacco 2.4%** | **Food, Beverage & Tobacco 2.4%** |
| Altria Group, Inc.  | 972541 | 58945710 |
| Archer-Daniels-Midland Co.  | 273630 | 13208120 |
| B&G Foods, Inc.  | 50043 | 210681 |
| Beyond Meat, Inc. \**(a)* | 39884 | 116860 |
| Boston Beer Co., Inc., Class A \* | 5280 | 1213608 |
| BRC, Inc., Class A \* | 26000 | 46540 |
| Brown-Forman Corp., Class B  | 137865 | 4596419 |
| Bunge Global SA  | 76905 | 6010126 |
| Calavo Growers, Inc.  | 10745 | 296025 |
| Cal-Maine Foods, Inc.  | 24714 | 2370814 |
| Campbell's Co.  | 112094 | 3815680 |
| Celsius Holdings, Inc. \* | 90122 | 3413821 |
| Coca-Cola Co.  | 2219531 | 160028185 |
| Coca-Cola Consolidated, Inc.  | 33165 | 3802367 |
| Conagra Brands, Inc.  | 272903 | 6246750 |
| Constellation Brands, Inc., Class A  | 89048 | 15876368 |
| Darling Ingredients, Inc. \* | 90742 | 2827521 |
| Flowers Foods, Inc.  | 110592 | 1869005 |
| Fresh Del Monte Produce, Inc.  | 17097 | 603866 |
| Freshpet, Inc. \* | 27727 | 2222596 |
| General Mills, Inc.  | 317409 | 17222612 |
| Hain Celestial Group, Inc. \* | 85826 | 160495 |
| Hershey Co.  | 84481 | 13575252 |
| Hormel Foods Corp.  | 165773 | 5085916 |
| Ingredion, Inc.  | 36947 | 5140067 |
| J&J Snack Foods Corp.  | 8993 | 1035724 |
| J.M. Smucker Co.  | 61260 | 6898489 |
| John B Sanfilippo & Son, Inc.  | 4938 | 306847 |
| Kellanova  | 153622 | 12693786 |
| Keurig Dr. Pepper, Inc.  | 778054 | 26197078 |
| Kraft Heinz Co.  | 499910 | 13362594 |
| Lamb Weston Holdings, Inc.  | 82582 | 4606424 |
| Lancaster Colony Corp.  | 10828 | 1812607 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. - Non Voting <br> Shares <br>| 144332 | 10497266 |
| MGP Ingredients, Inc.  | 8373 | 246334 |
| Mission Produce, Inc. \* | 22726 | 254077 |
| Molson Coors Beverage Co., Class B  | 98662 | 5287297 |
| Mondelez International, Inc., Class A  | 741100 | 50016839 |
| Monster Beverage Corp. \* | 401326 | 25664798 |
| National Beverage Corp.  | 13228 | 598302 |
| PepsiCo, Inc.  | 785903 | 103306949 |
| Philip Morris International, Inc.  | 891544 | 161003931 |
| Pilgrim's Pride Corp.  | 22710 | 1116424 |
| Post Holdings, Inc. \* | 26539 | 2934948 |
| Primo Brands Corp.  | 145408 | 4808642 |
| Seaboard Corp.  | 146 | 390868 |
| Simply Good Foods Co. \* | 51376 | 1772986 |
| SunOpta, Inc. \* | 53267 | 332386 |
| Tootsie Roll Industries, Inc.  | 11148 | 397426 |
| TreeHouse Foods, Inc. \* | 25233 | 566733 |
| Turning Point Brands, Inc.  | 9488 | 705148 |
| Tyson Foods, Inc., Class A  | 163912 | 9205298 |
| Universal Corp.  | 13896 | 908659 |
| Utz Brands, Inc.  | 37004 | 489563 |
| Vita Coco Co., Inc. \* | 22981 | 817894 |
| Vital Farms, Inc. \* | 20468 | 651701 |
| Westrock Coffee Co. \**(a)* | 19134 | 131642 |
| WK Kellogg Co.  | 37023 | 626429 |
|  |  | **778551493** |

---

**10**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Health Care Equipment & Services 4.2%** | **Health Care Equipment & Services 4.2%** | **Health Care Equipment & Services 4.2%** |
| Abbott Laboratories  | 994577 | 132855596 |
| Acadia Healthcare Co., Inc. \* | 52253 | 1183008 |
| AdaptHealth Corp. \* | 61287 | 550357 |
| Addus HomeCare Corp. \* | 9999 | 1108989 |
| agilon health, Inc. \* | 172730 | 383461 |
| Align Technology, Inc. \* | 40021 | 7241400 |
| Alignment Healthcare, Inc. \* | 62464 | 960072 |
| Alphatec Holdings, Inc. \* | 69240 | 860653 |
| Amedisys, Inc. \* | 18783 | 1766917 |
| AMN Healthcare Services, Inc. \* | 23226 | 490301 |
| AngioDynamics, Inc. \* | 23038 | 234988 |
| Artivion, Inc. \* | 21347 | 631444 |
| Astrana Health, Inc. \* | 25058 | 621188 |
| AtriCure, Inc. \* | 31261 | 1080693 |
| Avanos Medical, Inc. \* | 25742 | 323577 |
| Aveanna Healthcare Holdings, Inc. \* | 34359 | 183133 |
| Axogen, Inc. \* | 25831 | 281300 |
| Baxter International, Inc.  | 292210 | 8912405 |
| Becton Dickinson & Co.  | 164517 | 28393989 |
| Beta Bionics, Inc. \**(a)* | 8000 | 137920 |
| Bioventus, Inc., Class A \* | 20431 | 132393 |
| Boston Scientific Corp. \* | 844955 | 88939963 |
| BrightSpring Health Services, Inc. \* | 32115 | 764658 |
| Brookdale Senior Living, Inc. \* | 129971 | 846111 |
| Butterfly Network, Inc. \* | 91247 | 218993 |
| Cardinal Health, Inc.  | 138527 | 21394110 |
| Castle Biosciences, Inc. \* | 14871 | 237490 |
| Cencora, Inc.  | 98770 | 28765775 |
| Centene Corp. \* | 284365 | 16049561 |
| Ceribell, Inc. \* | 6515 | 109517 |
| Certara, Inc. \* | 61104 | 694141 |
| Cerus Corp. \* | 147616 | 187472 |
| Chemed Corp.  | 8514 | 4894188 |
| Cigna Group  | 156832 | 49659284 |
| Claritev Corp. \* | 5000 | 192250 |
| Clover Health Investments Corp. \* | 233449 | 733030 |
| Community Health Systems, Inc. \* | 68406 | 265415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, <br> Inc. <br>| 62342 | 1348457 |
| CONMED Corp.  | 17906 | 1016166 |
| Cooper Cos., Inc. \* | 113605 | 7756949 |
| CorVel Corp. \* | 15507 | 1725464 |
| Cross Country Healthcare, Inc. \* | 18304 | 241247 |
| CVS Health Corp.  | 723005 | 46301240 |
| DaVita, Inc. \* | 25121 | 3422987 |
| Definitive Healthcare Corp. \* | 56257 | 186211 |
| DENTSPLY SIRONA, Inc.  | 115158 | 1840225 |
| Dexcom, Inc. \* | 224917 | 19297879 |
| Doximity, Inc., Class A \* | 76218 | 3970196 |
| Edwards Lifesciences Corp. \* | 338752 | 26497181 |
| Elevance Health, Inc.  | 132870 | 51000821 |
| Embecta Corp.  | 32148 | 338518 |
| Encompass Health Corp.  | 57272 | 6924185 |
| Enovis Corp. \* | 32667 | 1022477 |
| Ensign Group, Inc.  | 32762 | 4824532 |
| Envista Holdings Corp. \* | 99221 | 1812768 |
| Evolent Health, Inc., Class A \* | 61513 | 458272 |
| Fulgent Genetics, Inc. \* | 15924 | 329945 |
| GE HealthCare Technologies, Inc.  | 262532 | 18519007 |
| GeneDx Holdings Corp. \* | 11592 | 825582 |
| Glaukos Corp. \* | 31438 | 2964289 |
| Globus Medical, Inc., Class A \* | 65797 | 3893866 |
| GoodRx Holdings, Inc., Class A \* | 75645 | 296528 |
| Guardant Health, Inc. \* | 70958 | 2882314 |
| Haemonetics Corp. \* | 28972 | 1961694 |
| HCA Healthcare, Inc.  | 102521 | 39100484 |
| Health Catalyst, Inc. \* | 34814 | 132293 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| HealthEquity, Inc. \* | 48728 | 4902524 |
| HealthStream, Inc.  | 12523 | 350894 |
| Henry Schein, Inc. \* | 72218 | 5054538 |
| Hims & Hers Health, Inc. \* | 109108 | 6171148 |
| Hologic, Inc. \* | 128970 | 8018065 |
| Humana, Inc.  | 68995 | 16084804 |
| ICU Medical, Inc. \* | 13723 | 1850684 |
| IDEXX Laboratories, Inc. \* | 46894 | 24073504 |
| Innovage Holding Corp. \* | 12684 | 51878 |
| Inspire Medical Systems, Inc. \* | 17079 | 2360318 |
| Insulet Corp. \* | 40114 | 13038253 |
| Integer Holdings Corp. \* | 19373 | 2300737 |
| Integra LifeSciences Holdings Corp. \* | 41136 | 520782 |
| Intuitive Surgical, Inc. \* | 204322 | 112855213 |
| iRadimed Corp.  | 4917 | 284596 |
| iRhythm Technologies, Inc. \* | 17953 | 2522397 |
| Labcorp Holdings, Inc.  | 47669 | 11868151 |
| Lantheus Holdings, Inc. \* | 39756 | 3003963 |
| LeMaitre Vascular, Inc.  | 11237 | 923681 |
| LifeStance Health Group, Inc. \* | 76408 | 453864 |
| LivaNova PLC \* | 30536 | 1320682 |
| Masimo Corp. \* | 25243 | 4101987 |
| McKesson Corp.  | 71892 | 51727013 |
| Medtronic PLC  | 735466 | 61028969 |
| Merit Medical Systems, Inc. \* | 33933 | 3224653 |
| Molina Healthcare, Inc. \* | 31864 | 9719795 |
| National HealthCare Corp.  | 7150 | 744601 |
| National Research Corp.  | 7892 | 106621 |
| Neogen Corp. \* | 109843 | 643680 |
| NeoGenomics, Inc. \* | 71376 | 519617 |
| Novocure Ltd. \* | 57628 | 1101271 |
| OmniAb, Inc., Class A \**(c)* | 3072 | 0 |
| OmniAb, Inc., Class B \**(c)* | 3072 | 0 |
| Omnicell, Inc. \* | 26432 | 802740 |
| OPKO Health, Inc. \* | 199510 | 271334 |
| Option Care Health, Inc. \* | 97635 | 3190712 |
| OraSure Technologies, Inc. \* | 50200 | 144576 |
| Orchestra BioMed Holdings, Inc. \* | 20101 | 57288 |
| Orthofix Medical, Inc. \* | 21860 | 245925 |
| OrthoPediatrics Corp. \* | 8785 | 175349 |
| Owens & Minor, Inc. \* | 43210 | 285186 |
| PACS Group, Inc. \* | 21112 | 209431 |
| Pediatrix Medical Group, Inc. \* | 51167 | 724013 |
| Pennant Group, Inc. \* | 21982 | 631103 |
| Penumbra, Inc. \* | 21886 | 5842905 |
| Phreesia, Inc. \* | 30386 | 744153 |
| Premier, Inc., Class A  | 52547 | 1207530 |
| Privia Health Group, Inc. \* | 59502 | 1354266 |
| PROCEPT BioRobotics Corp. \* | 31229 | 1811282 |
| Progyny, Inc. \* | 44558 | 957997 |
| Pulmonx Corp. \* | 19916 | 67714 |
| Pulse Biosciences, Inc. \**(a)* | 10318 | 178553 |
| Quest Diagnostics, Inc.  | 63742 | 11049038 |
| QuidelOrtho Corp. \* | 41506 | 1272989 |
| RadNet, Inc. \* | 37071 | 2131212 |
| ResMed, Inc.  | 84482 | 20680349 |
| RxSight, Inc. \* | 19240 | 294180 |
| Schrodinger, Inc. \* | 31578 | 682716 |
| Select Medical Holdings Corp.  | 59920 | 916177 |
| Semler Scientific, Inc. \* | 4127 | 165080 |
| Senseonics Holdings, Inc. \* | 445417 | 233176 |
| SI-BONE, Inc. \* | 21723 | 410565 |
| Simulations Plus, Inc.  | 8579 | 273198 |
| Solventum Corp. \* | 78847 | 5762927 |
| STAAR Surgical Co. \* | 21018 | 374331 |
| STERIS PLC  | 56431 | 13837446 |
| Stryker Corp.  | 196723 | 75274089 |
| Surgery Partners, Inc. \* | 41669 | 983805 |
| Surmodics, Inc. \* | 7974 | 231405 |

---

**11**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tandem Diabetes Care, Inc. \* | 36795 | 729277 |
| Teladoc Health, Inc. \* | 96714 | 669261 |
| Teleflex, Inc.  | 26589 | 3251037 |
| Tenet Healthcare Corp. \* | 54495 | 9197121 |
| TransMedics Group, Inc. \* | 19135 | 2432441 |
| Treace Medical Concepts, Inc. \* | 30481 | 174961 |
| TruBridge, Inc. \* | 8348 | 199768 |
| U.S. Physical Therapy, Inc.  | 8652 | 648813 |
| UFP Technologies, Inc. \* | 4146 | 970993 |
| UnitedHealth Group, Inc.  | 527549 | 159272319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br> Class B <br>| 33844 | 6442205 |
| Varex Imaging Corp. \* | 21739 | 166738 |
| Veeva Systems, Inc., Class A \* | 85825 | 24005252 |
| Waystar Holding Corp. \* | 45473 | 1818011 |
| Zimmer Biomet Holdings, Inc.  | 114452 | 10549041 |
| Zimvie, Inc. \* | 18248 | 166787 |
|  |  | **1378275167** |
| **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** |
| Beauty Health Co. \* | 43812 | 71414 |
| BellRing Brands, Inc. \* | 73948 | 4655027 |
| Central Garden & Pet Co. \* | 5310 | 191479 |
| Central Garden & Pet Co., Class A \* | 30636 | 979433 |
| Church & Dwight Co., Inc.  | 140450 | 13807639 |
| Clorox Co.  | 70481 | 9295034 |
| Colgate-Palmolive Co.  | 465303 | 43245261 |
| Coty, Inc., Class A \* | 210518 | 1037854 |
| Edgewell Personal Care Co.  | 29497 | 814707 |
| elf Beauty, Inc. \* | 31836 | 3581232 |
| Energizer Holdings, Inc.  | 38573 | 898365 |
| Estee Lauder Cos., Inc., Class A  | 134068 | 8974512 |
| Herbalife Ltd. \* | 59855 | 467467 |
| Interparfums, Inc.  | 10272 | 1399252 |
| Kenvue, Inc.  | 1100193 | 26261607 |
| Kimberly-Clark Corp.  | 190043 | 27320582 |
| Medifast, Inc. \* | 7873 | 110773 |
| Nu Skin Enterprises, Inc., Class A  | 27870 | 240518 |
| Olaplex Holdings, Inc. \* | 82004 | 108245 |
| Procter & Gamble Co.  | 1343195 | 228195398 |
| Reynolds Consumer Products, Inc.  | 30426 | 671806 |
| Spectrum Brands Holdings, Inc.  | 15263 | 881743 |
| USANA Health Sciences, Inc. \* | 5880 | 175636 |
| WD-40 Co.  | 7752 | 1888620 |
|  |  | **375273604** |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
| Abacus Global Management, Inc. \* | 21503 | 166218 |
| Aflac, Inc.  | 284710 | 29478873 |
| Allstate Corp.  | 152419 | 31988176 |
| Ambac Financial Group, Inc. \* | 23471 | 183778 |
| American Financial Group, Inc.  | 41494 | 5144426 |
| American International Group, Inc.  | 340440 | 28814842 |
| AMERISAFE, Inc.  | 10631 | 504654 |
| Aon PLC, Class A  | 123859 | 46085457 |
| Arch Capital Group Ltd.  | 214894 | 20423526 |
| Arthur J Gallagher & Co.  | 145587 | 50582747 |
| Assurant, Inc.  | 29722 | 6032972 |
| Assured Guaranty Ltd.  | 26762 | 2262727 |
| Axis Capital Holdings Ltd.  | 43533 | 4518725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc., <br> Class A \*<br>| 38028 | 1465219 |
| Bowhead Specialty Holdings, Inc. \* | 4936 | 184113 |
| Brighthouse Financial, Inc. \* | 34837 | 2083601 |
| Brown & Brown, Inc.  | 135708 | 15321433 |
| Chubb Ltd.  | 213639 | 63493511 |
| Cincinnati Financial Corp.  | 89662 | 13522823 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CNA Financial Corp.  | 11814 | 566009 |
| CNO Financial Group, Inc.  | 58203 | 2209386 |
| Employers Holdings, Inc.  | 14150 | 688681 |
| Enstar Group Ltd. \* | 7141 | 2392306 |
| Erie Indemnity Co., Class A  | 14271 | 5116296 |
| Everest Group Ltd.  | 24778 | 8602674 |
| F&G Annuities & Life, Inc.  | 13387 | 427849 |
| Fidelity National Financial, Inc.  | 148307 | 8122774 |
| First American Financial Corp.  | 59350 | 3312323 |
| Genworth Financial, Inc., Class A \* | 245199 | 1728653 |
| Globe Life, Inc.  | 47853 | 5831845 |
| Goosehead Insurance, Inc., Class A  | 14266 | 1544437 |
| Hagerty, Inc., Class A \* | 13635 | 132532 |
| Hanover Insurance Group, Inc.  | 20664 | 3636451 |
| Hartford Insurance Group, Inc.  | 164893 | 21409707 |
| HCI Group, Inc.  | 4728 | 797945 |
| Hippo Holdings, Inc. \* | 13191 | 310780 |
| Horace Mann Educators Corp.  | 23222 | 1008531 |
| James River Group Holdings Ltd.  | 15083 | 87783 |
| Kemper Corp.  | 33647 | 2144323 |
| Kinsale Capital Group, Inc.  | 12867 | 6073095 |
| Lemonade, Inc. \* | 31167 | 1044095 |
| Lincoln National Corp.  | 97233 | 3222302 |
| Loews Corp.  | 101184 | 9034719 |
| Markel Group, Inc. \* | 7362 | 14294795 |
| Marsh & McLennan Cos., Inc.  | 281573 | 65792347 |
| MBIA, Inc. \* | 29105 | 128353 |
| Mercury General Corp.  | 15341 | 989188 |
| MetLife, Inc.  | 332157 | 26100897 |
| Old Republic International Corp.  | 134880 | 5098464 |
| Oscar Health, Inc., Class A \* | 121578 | 1677776 |
| Palomar Holdings, Inc. \* | 15348 | 2631722 |
| Primerica, Inc.  | 19095 | 5167107 |
| Principal Financial Group, Inc.  | 120626 | 9395559 |
| ProAssurance Corp. \* | 32168 | 745976 |
| Progressive Corp.  | 336181 | 95788052 |
| Prudential Financial, Inc.  | 203184 | 21108786 |
| Reinsurance Group of America, Inc.  | 38491 | 7824835 |
| RenaissanceRe Holdings Ltd.  | 27984 | 6979769 |
| RLI Corp.  | 47491 | 3650633 |
| Ryan Specialty Holdings, Inc.  | 61277 | 4385595 |
| Safety Insurance Group, Inc.  | 8127 | 667552 |
| Selective Insurance Group, Inc.  | 34558 | 3041795 |
| Selectquote, Inc. \* | 93681 | 203288 |
| SiriusPoint Ltd. \* | 49258 | 964964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc. \*<br>| 18626 | 1179957 |
| Stewart Information Services Corp.  | 15032 | 907031 |
| Tiptree, Inc.  | 11411 | 253096 |
| Travelers Cos., Inc.  | 130336 | 35933635 |
| Trupanion, Inc. \* | 19538 | 921998 |
| United Fire Group, Inc.  | 12402 | 352837 |
| Universal Insurance Holdings, Inc.  | 14165 | 384438 |
| Unum Group  | 94077 | 7687032 |
| W.R. Berkley Corp.  | 173059 | 12925777 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group <br> Ltd. <br>| 1451 | 2589745 |
| Willis Towers Watson PLC  | 57375 | 18162056 |
|  |  | **769638372** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| AdvanSix, Inc.  | 15186 | 357023 |
| Air Products & Chemicals, Inc.  | 127498 | 35560467 |
| Albemarle Corp.  | 67323 | 3753930 |
| Alcoa Corp.  | 147874 | 3958587 |
| Alpha Metallurgical Resources, Inc. \* | 6446 | 722210 |
| Amcor PLC  | 1303334 | 11873373 |
| AptarGroup, Inc.  | 38076 | 6031238 |

---

**12**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ashland, Inc.  | 27099 | 1341672 |
| Aspen Aerogels, Inc. \* | 37964 | 218673 |
| Avery Dennison Corp.  | 45986 | 8173092 |
| Avient Corp.  | 52035 | 1880025 |
| Axalta Coating Systems Ltd. \* | 124749 | 3842269 |
| Balchem Corp.  | 18297 | 3050110 |
| Ball Corp.  | 170238 | 9121352 |
| Cabot Corp.  | 31697 | 2367449 |
| Carpenter Technology Corp.  | 28867 | 6783745 |
| Celanese Corp.  | 64273 | 3395543 |
| Century Aluminum Co. \* | 30828 | 477526 |
| CF Industries Holdings, Inc.  | 99660 | 9040159 |
| Chemours Co.  | 84783 | 858852 |
| Clearwater Paper Corp. \* | 9826 | 282891 |
| Cleveland-Cliffs, Inc. \* | 275716 | 1607424 |
| Coeur Mining, Inc. \* | 364618 | 2946113 |
| Commercial Metals Co.  | 65234 | 3039252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, <br> Inc. \*<br>| 19584 | 376209 |
| Corteva, Inc.  | 393118 | 27832754 |
| CRH PLC  | 389383 | 35496154 |
| Crown Holdings, Inc.  | 66579 | 6558032 |
| Dow, Inc.  | 403912 | 11204519 |
| DuPont de Nemours, Inc.  | 240117 | 16039816 |
| Eagle Materials, Inc.  | 19049 | 3851898 |
| Eastman Chemical Co.  | 66417 | 5205100 |
| Ecolab, Inc.  | 144256 | 38317279 |
| Ecovyst, Inc. \* | 58295 | 434298 |
| Element Solutions, Inc.  | 127821 | 2732813 |
| FMC Corp.  | 71083 | 2883126 |
| Freeport-McMoRan, Inc.  | 823647 | 31693937 |
| Ginkgo Bioworks Holdings, Inc. \**(a)* | 26477 | 184015 |
| Graphic Packaging Holding Co.  | 175919 | 3908920 |
| Greif, Inc., Class A  | 17742 | 986455 |
| Hawkins, Inc.  | 10977 | 1465320 |
| HB Fuller Co.  | 31039 | 1732597 |
| Hecla Mining Co.  | 360699 | 1853993 |
| Huntsman Corp.  | 93101 | 1037145 |
| Ingevity Corp. \* | 20710 | 856773 |
| Innospec, Inc.  | 14337 | 1219792 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br> Inc. <br>| 146745 | 11234797 |
| International Paper Co.  | 302142 | 14445409 |
| Ivanhoe Electric, Inc. \* | 55170 | 405500 |
| Kaiser Aluminum Corp.  | 8783 | 637558 |
| Knife River Corp. \* | 32124 | 3022868 |
| Koppers Holdings, Inc.  | 11766 | 361452 |
| Kronos Worldwide, Inc.  | 13554 | 85797 |
| Linde PLC  | 272836 | 127572657 |
| Louisiana-Pacific Corp.  | 36046 | 3246663 |
| LSB Industries, Inc. \* | 38813 | 293814 |
| LyondellBasell Industries NV, Class A  | 148911 | 8411982 |
| Martin Marietta Materials, Inc.  | 34801 | 19055288 |
| Materion Corp.  | 13241 | 1025251 |
| Mativ Holdings, Inc.  | 39064 | 223446 |
| Mercer International, Inc.  | 23333 | 83532 |
| Metallus, Inc. \* | 21884 | 276395 |
| Minerals Technologies, Inc.  | 18123 | 1029024 |
| Mosaic Co.  | 183608 | 6635593 |
| MP Materials Corp. \* | 70267 | 1531118 |
| Myers Industries, Inc.  | 21359 | 271046 |
| NewMarket Corp.  | 4337 | 2793288 |
| Newmont Corp.  | 653226 | 34438075 |
| Nucor Corp.  | 134256 | 14682236 |
| O-I Glass, Inc. \* | 89078 | 1167813 |
| Olin Corp.  | 65779 | 1276770 |
| Orion SA  | 31818 | 346498 |
| Packaging Corp. of America  | 50917 | 9835637 |
| Perimeter Solutions, Inc. \* | 78814 | 951285 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Piedmont Lithium, Inc. \**(a)* | 8388 | 51838 |
| PPG Industries, Inc.  | 133017 | 14738284 |
| PureCycle Technologies, Inc. \* | 80230 | 762987 |
| Quaker Chemical Corp.  | 7441 | 806902 |
| Radius Recycling, Inc., Class A  | 15118 | 447644 |
| Ramaco Resources, Inc., Class A  | 18770 | 169681 |
| Ramaco Resources, Inc., Class B  | 173 | 1290 |
| Ranpak Holdings Corp. \* | 21639 | 72058 |
| Reliance, Inc.  | 30954 | 9063950 |
| Royal Gold, Inc.  | 38275 | 6817543 |
| RPM International, Inc.  | 73738 | 8394334 |
| Ryerson Holding Corp.  | 16065 | 333509 |
| Scotts Miracle-Gro Co.  | 24724 | 1472561 |
| Sealed Air Corp.  | 82765 | 2665033 |
| Sensient Technologies Corp.  | 25245 | 2386410 |
| Sherwin-Williams Co.  | 132722 | 47621981 |
| Silgan Holdings, Inc.  | 46377 | 2553981 |
| Smurfit WestRock PLC  | 285559 | 12373271 |
| Sonoco Products Co.  | 55091 | 2508844 |
| Steel Dynamics, Inc.  | 80990 | 9967439 |
| Stepan Co.  | 12000 | 651480 |
| SunCoke Energy, Inc.  | 46016 | 374570 |
| Sylvamo Corp.  | 20186 | 1069252 |
| TriMas Corp.  | 23092 | 608936 |
| Tronox Holdings PLC  | 67031 | 380736 |
| U.S. Lime & Minerals, Inc.  | 6371 | 654811 |
| U.S. Steel Corp.  | 128294 | 6904783 |
| Vulcan Materials Co.  | 75821 | 20097872 |
| Warrior Met Coal, Inc.  | 29040 | 1319868 |
| Westlake Corp.  | 18983 | 1348363 |
| Worthington Steel, Inc.  | 19751 | 491800 |
|  |  | **739006723** |
| **Media & Entertainment 8.0%** | **Media & Entertainment 8.0%** | **Media & Entertainment 8.0%** |
| Advantage Solutions, Inc. \* | 51753 | 61586 |
| Alphabet, Inc., Class A  | 3343997 | 574298045 |
| Alphabet, Inc., Class C  | 2710197 | 468457551 |
| Altice USA, Inc., Class A \* | 132963 | 307145 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 209169 | 744642 |
| AMC Networks, Inc., Class A \* | 20748 | 137144 |
| Angi, Inc. \* | 25656 | 401516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 27265 | 1107232 |
| Bumble, Inc., Class A \* | 50455 | 283557 |
| Cable One, Inc.  | 2936 | 429625 |
| Cargurus, Inc. \* | 49913 | 1564273 |
| Cars.com, Inc. \* | 35958 | 368569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., <br> Class A \*<br>| 55360 | 21937507 |
| Cinemark Holdings, Inc.  | 62246 | 2102047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 175474 | 187757 |
| Comcast Corp., Class A  | 2157797 | 74595042 |
| EchoStar Corp., Class A \* | 68803 | 1219877 |
| Electronic Arts, Inc.  | 136231 | 19587293 |
| Emerald Holding, Inc.  | 11476 | 52560 |
| Eventbrite, Inc., Class A \* | 20000 | 47200 |
| EverQuote, Inc., Class A \* | 15097 | 347986 |
| EW Scripps Co., Class A \* | 37606 | 83485 |
| Fox Corp., Class A  | 194923 | 10709070 |
| fuboTV, Inc. \* | 200236 | 732864 |
| Gannett Co., Inc. \* | 88393 | 312911 |
| Gray Media, Inc.  | 48479 | 192462 |
| Grindr, Inc. \* | 13892 | 339243 |
| IAC, Inc. \* | 39608 | 1424304 |
| Ibotta, Inc., Class A \* | 4312 | 215557 |
| iHeartMedia, Inc., Class A \* | 66196 | 86717 |

---

**13**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Integral Ad Science Holding Corp. \* | 37830 | 307936 |
| Interpublic Group of Cos., Inc.  | 215198 | 5156144 |
| John Wiley & Sons, Inc., Class A  | 24217 | 947369 |
| Liberty Broadband Corp., Class C \* | 73615 | 6905087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 139530 | 13468831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 37666 | 2747735 |
| Lionsgate Studios Corp. \* | 127685 | 923163 |
| Live Nation Entertainment, Inc. \* | 89708 | 12307041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden <br> Entertainment Corp. \*<br>| 23590 | 875425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br> Corp. \*<br>| 9731 | 1847820 |
| Magnite, Inc. \* | 80582 | 1318322 |
| Match Group, Inc.  | 146915 | 4398635 |
| MediaAlpha, Inc., Class A \* | 19325 | 197115 |
| Meta Platforms, Inc., Class A  | 1255462 | 812899090 |
| National CineMedia, Inc.  | 54304 | 295957 |
| Netflix, Inc. \* | 245292 | 296123861 |
| New York Times Co., Class A  | 92928 | 5308047 |
| News Corp., Class A  | 288748 | 8154244 |
| Nexstar Media Group, Inc.  | 16246 | 2768643 |
| Nextdoor Holdings, Inc. \* | 142690 | 218316 |
| Omnicom Group, Inc.  | 112593 | 8268830 |
| Paramount Global, Class B *(a)* | 352004 | 4259248 |
| Pinterest, Inc., Class A \* | 339573 | 10564116 |
| Playtika Holding Corp.  | 32200 | 152628 |
| PubMatic, Inc., Class A \* | 24127 | 282286 |
| QuinStreet, Inc. \* | 33446 | 510720 |
| Reddit, Inc., Class A \* | 61458 | 6904806 |
| ROBLOX Corp., Class A \* | 312214 | 27156374 |
| Roku, Inc. \* | 73891 | 5354142 |
| Rumble, Inc. \**(a)* | 73988 | 666632 |
| Scholastic Corp.  | 15832 | 273419 |
| Shutterstock, Inc.  | 13237 | 244223 |
| Sinclair, Inc.  | 22849 | 320571 |
| Sirius XM Holdings, Inc.  | 126377 | 2739853 |
| Snap, Inc., Class A \* | 620782 | 5121451 |
| Sphere Entertainment Co. \* | 14533 | 547894 |
| Stagwell, Inc. \* | 59204 | 264050 |
| Starz Entertainment Corp. \* | 7203 | 150975 |
| Take-Two Interactive Software, Inc. \* | 97132 | 21979029 |
| TechTarget, Inc. \* | 14188 | 114781 |
| TEGNA, Inc.  | 95727 | 1600555 |
| Thryv Holdings, Inc. \* | 27129 | 360816 |
| TKO Group Holdings, Inc.  | 37874 | 5976896 |
| Trade Desk, Inc., Class A \* | 256804 | 19316797 |
| TripAdvisor, Inc. \* | 59926 | 853346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trump Media & Technology Group <br> Corp. \**(a)*<br>| 51777 | 1104403 |
| Vimeo, Inc. \* | 87847 | 383013 |
| Vivid Seats, Inc., Class A \* | 58390 | 91088 |
| Walt Disney Co.  | 1035719 | 117077676 |
| Warner Bros Discovery, Inc. \* | 1277741 | 12739078 |
| Warner Music Group Corp., Class A  | 82975 | 2183902 |
| Webtoon Entertainment, Inc. \**(a)* | 9000 | 79110 |
| WideOpenWest, Inc. \* | 31070 | 130805 |
| Yelp, Inc. \* | 39199 | 1496226 |
| Ziff Davis, Inc. \* | 25956 | 842013 |
| ZipRecruiter, Inc., Class A \* | 43024 | 256853 |
| ZoomInfo Technologies, Inc. \* | 157211 | 1501365 |
|  |  | **2621373518** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** |
| 10X Genomics, Inc., Class A \* | 62080 | 591622 |
| 89bio, Inc. \* | 85878 | 845040 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AbbVie, Inc.  | 1012078 | 188357837 |
| Absci Corp. \**(a)* | 65710 | 174132 |
| ACADIA Pharmaceuticals, Inc. \* | 68776 | 1483498 |
| Acrivon Therapeutics, Inc. \* | 19708 | 20693 |
| Adaptive Biotechnologies Corp. \* | 63256 | 602197 |
| ADMA Biologics, Inc. \* | 140502 | 2787560 |
| Agilent Technologies, Inc.  | 162846 | 18225724 |
| Agios Pharmaceuticals, Inc. \* | 33662 | 1080214 |
| Akero Therapeutics, Inc. \* | 40932 | 2032274 |
| Alkermes PLC \* | 90630 | 2774184 |
| Allogene Therapeutics, Inc. \* | 69721 | 81574 |
| Alnylam Pharmaceuticals, Inc. \* | 74442 | 22672056 |
| Alumis, Inc. \**(a)* | 34199 | 119695 |
| Amgen, Inc.  | 308002 | 88760016 |
| Amicus Therapeutics, Inc. \* | 150401 | 912934 |
| Amneal Pharmaceuticals, Inc. \* | 83464 | 610956 |
| Amphastar Pharmaceuticals, Inc. \* | 21605 | 555465 |
| Amylyx Pharmaceuticals, Inc. \* | 42078 | 216702 |
| AnaptysBio, Inc. \* | 9728 | 216253 |
| Anavex Life Sciences Corp. \**(a)* | 48037 | 361719 |
| ANI Pharmaceuticals, Inc. \* | 9525 | 559308 |
| Anika Therapeutics, Inc. \* | 12812 | 142854 |
| Annexon, Inc. \* | 50259 | 102528 |
| Apellis Pharmaceuticals, Inc. \* | 61346 | 1038588 |
| Apogee Therapeutics, Inc. \* | 18334 | 671758 |
| Arbutus Biopharma Corp. \* | 84253 | 283090 |
| Arcellx, Inc. \* | 21767 | 1350860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, <br> Inc. \*<br>| 13185 | 165208 |
| Arcus Biosciences, Inc. \* | 50510 | 451054 |
| Arcutis Biotherapeutics, Inc. \* | 57564 | 750635 |
| Ardelyx, Inc. \* | 140539 | 515778 |
| ArriVent Biopharma, Inc. \* | 12824 | 272510 |
| Arrowhead Pharmaceuticals, Inc. \* | 70179 | 1127777 |
| ARS Pharmaceuticals, Inc. \* | 30742 | 443607 |
| Arvinas, Inc. \* | 25151 | 181087 |
| Astria Therapeutics, Inc. \* | 20570 | 97913 |
| Atea Pharmaceuticals, Inc. \* | 46455 | 137971 |
| Avantor, Inc. \* | 388580 | 5016568 |
| Avidity Biosciences, Inc. \* | 67015 | 2076125 |
| Axsome Therapeutics, Inc. \* | 23234 | 2443287 |
| Azenta, Inc. \* | 28085 | 750431 |
| Beam Therapeutics, Inc. \* | 51333 | 812601 |
| Bicara Therapeutics, Inc. \**(a)* | 9945 | 91991 |
| BioCryst Pharmaceuticals, Inc. \* | 119696 | 1286732 |
| Biogen, Inc. \* | 84247 | 10934418 |
| Biohaven Ltd. \* | 47856 | 708747 |
| BioLife Solutions, Inc. \* | 19127 | 418499 |
| BioMarin Pharmaceutical, Inc. \* | 108763 | 6315867 |
| Bio-Rad Laboratories, Inc., Class A \* | 11344 | 2574294 |
| Bio-Techne Corp.  | 90834 | 4396366 |
| Blueprint Medicines Corp. \* | 36457 | 3694917 |
| Bridgebio Pharma, Inc. \* | 86507 | 2962865 |
| Bristol-Myers Squibb Co.  | 1163952 | 56195603 |
| Bruker Corp.  | 63500 | 2330450 |
| C4 Therapeutics, Inc. \* | 27023 | 33779 |
| CareDx, Inc. \* | 29731 | 505130 |
| Caribou Biosciences, Inc. \* | 77086 | 81711 |
| Cassava Sciences, Inc. \* | 26000 | 52260 |
| Catalyst Pharmaceuticals, Inc. \* | 63198 | 1577422 |
| Celcuity, Inc. \* | 16089 | 171026 |
| Celldex Therapeutics, Inc. \* | 36527 | 722504 |
| CG oncology, Inc. \* | 30389 | 778566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc. \*<br>| 29330 | 3978028 |
| Cogent Biosciences, Inc. \* | 59378 | 323016 |
| Coherus Biosciences, Inc. \* | 88831 | 69199 |
| Collegium Pharmaceutical, Inc. \* | 19395 | 565170 |
| Corcept Therapeutics, Inc. \* | 54865 | 4255329 |

---

**14**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Crinetics Pharmaceuticals, Inc. \* | 53937 | 1645618 |
| CRISPR Therapeutics AG \* | 49247 | 1787174 |
| CryoPort, Inc. \* | 35718 | 214665 |
| Cullinan Therapeutics, Inc. \* | 29360 | 253817 |
| Cytek Biosciences, Inc. \* | 62734 | 173773 |
| Cytokinetics, Inc. \* | 66616 | 2066428 |
| Danaher Corp.  | 366792 | 69653801 |
| Day One Biopharmaceuticals, Inc. \* | 45258 | 288746 |
| Denali Therapeutics, Inc. \* | 71662 | 948805 |
| Design Therapeutics, Inc. \* | 26443 | 98632 |
| Dianthus Therapeutics, Inc. \* | 12094 | 210315 |
| Disc Medicine, Inc. \* | 13852 | 646611 |
| Dynavax Technologies Corp. \* | 75457 | 738724 |
| Dyne Therapeutics, Inc. \* | 45418 | 543199 |
| Edgewise Therapeutics, Inc. \* | 39468 | 563603 |
| Editas Medicine, Inc. \* | 93485 | 160794 |
| Elanco Animal Health, Inc. \* | 281529 | 3783750 |
| Eli Lilly & Co.  | 451646 | 333165705 |
| Emergent BioSolutions, Inc. \* | 29324 | 185328 |
| Enanta Pharmaceuticals, Inc. \* | 10879 | 64512 |
| Enliven Therapeutics, Inc. \* | 17530 | 311508 |
| Entrada Therapeutics, Inc. \* | 13702 | 104135 |
| Erasca, Inc. \* | 122856 | 171998 |
| Evolus, Inc. \* | 28089 | 258138 |
| Exact Sciences Corp. \* | 105517 | 5938497 |
| Exelixis, Inc. \* | 160413 | 6904176 |
| Fortrea Holdings, Inc. \* | 49844 | 214329 |
| Fulcrum Therapeutics, Inc. \* | 29422 | 202276 |
| Geron Corp. \* | 307590 | 467537 |
| Gilead Sciences, Inc.  | 714461 | 78647867 |
| Gossamer Bio, Inc. \* | 108989 | 120978 |
| Gyre Therapeutics, Inc. \**(a)* | 11209 | 101666 |
| Halozyme Therapeutics, Inc. \* | 72014 | 4037825 |
| Harmony Biosciences Holdings, Inc. \* | 21999 | 758965 |
| Harrow, Inc. \* | 17102 | 480737 |
| Heron Therapeutics, Inc. \* | 81451 | 153128 |
| Humacyte, Inc. \**(a)* | 54873 | 146511 |
| Ideaya Biosciences, Inc. \* | 49862 | 991755 |
| Illumina, Inc. \* | 91249 | 7504318 |
| ImmunityBio, Inc. \**(a)* | 131665 | 350229 |
| Immunome, Inc. \* | 43040 | 377030 |
| Immunovant, Inc. \* | 49026 | 728036 |
| Incyte Corp. \* | 91373 | 5944727 |
| Innoviva, Inc. \* | 32467 | 635379 |
| Insmed, Inc. \* | 102006 | 7112878 |
| Intellia Therapeutics, Inc. \* | 57926 | 397952 |
| Ionis Pharmaceuticals, Inc. \* | 89970 | 3014895 |
| Iovance Biotherapeutics, Inc. \* | 132531 | 231929 |
| IQVIA Holdings, Inc. \* | 95768 | 13439123 |
| Ironwood Pharmaceuticals, Inc. \* | 48235 | 28898 |
| iTeos Therapeutics, Inc. \* | 22662 | 227073 |
| Janux Therapeutics, Inc. \* | 18249 | 434326 |
| Jazz Pharmaceuticals PLC \* | 35127 | 3796175 |
| Johnson & Johnson  | 1380116 | 214207804 |
| Keros Therapeutics, Inc. \* | 19982 | 282745 |
| Kodiak Sciences, Inc. \* | 20592 | 70013 |
| Krystal Biotech, Inc. \* | 14809 | 1865342 |
| Kura Oncology, Inc. \* | 46627 | 265308 |
| Kymera Therapeutics, Inc. \* | 26423 | 783178 |
| LENZ Therapeutics, Inc. \* | 9125 | 266450 |
| Ligand Pharmaceuticals, Inc. \* | 10966 | 1120616 |
| Liquidia Corp. \* | 25422 | 379296 |
| Lyell Immunopharma, Inc. \* | 182021 | 79489 |
| MacroGenics, Inc. \* | 34272 | 46610 |
| Madrigal Pharmaceuticals, Inc. \* | 9713 | 2673600 |
| MannKind Corp. \* | 157501 | 653629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 63886 | 143744 |
| Maze Therapeutics, Inc. \**(a)* | 5000 | 50050 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MBX Biosciences, Inc. \**(a)* | 7674 | 95311 |
| Medpace Holdings, Inc. \* | 14067 | 4148358 |
| Merck & Co., Inc.  | 1450371 | 111446508 |
| Mesa Laboratories, Inc.  | 3259 | 327921 |
| Metsera, Inc. \**(a)* | 9000 | 240480 |
| Mettler-Toledo International, Inc. \* | 11928 | 13783043 |
| MiMedx Group, Inc. \* | 64243 | 413082 |
| Mind Medicine MindMed, Inc. \**(a)* | 44796 | 325219 |
| Mineralys Therapeutics, Inc. \* | 27382 | 426612 |
| Mirum Pharmaceuticals, Inc. \* | 22951 | 1020401 |
| Moderna, Inc. \* | 193410 | 5136970 |
| Monte Rosa Therapeutics, Inc. \* | 33783 | 141213 |
| Myriad Genetics, Inc. \* | 53596 | 224567 |
| Natera, Inc. \* | 75297 | 11876596 |
| Nektar Therapeutics \* | 125321 | 90795 |
| Neurocrine Biosciences, Inc. \* | 57885 | 7121013 |
| Novavax, Inc. \* | 95431 | 700464 |
| Nurix Therapeutics, Inc. \* | 38729 | 411689 |
| Nuvalent, Inc., Class A \* | 21760 | 1623514 |
| Nuvation Bio, Inc. \* | 142765 | 302662 |
| Ocular Therapeutix, Inc. \* | 72537 | 581021 |
| Olema Pharmaceuticals, Inc. \* | 28000 | 147840 |
| Omeros Corp. \**(a)* | 34931 | 107937 |
| OmniAb, Inc. \* | 57888 | 73518 |
| Organogenesis Holdings, Inc. \* | 45440 | 124506 |
| Organon & Co.  | 145203 | 1338772 |
| ORIC Pharmaceuticals, Inc. \* | 26264 | 214577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Biosciences of California, <br> Inc. \**(a)*<br>| 169503 | 163350 |
| Pacira BioSciences, Inc. \* | 25914 | 669618 |
| Perrigo Co. PLC  | 77468 | 2073818 |
| Perspective Therapeutics, Inc. \* | 61612 | 158343 |
| Pfizer, Inc.  | 3247603 | 76286194 |
| Phathom Pharmaceuticals, Inc. \**(a)* | 21727 | 92340 |
| Phibro Animal Health Corp., Class A  | 11372 | 277704 |
| Praxis Precision Medicines, Inc. \* | 9320 | 359286 |
| Precigen, Inc. \**(a)* | 105205 | 138871 |
| Prestige Consumer Healthcare, Inc. \* | 27802 | 2381797 |
| Prime Medicine, Inc. \**(a)* | 66968 | 79022 |
| ProKidney Corp. \**(a)* | 62854 | 45431 |
| Protagonist Therapeutics, Inc. \* | 35728 | 1696008 |
| Prothena Corp. PLC \* | 22677 | 104087 |
| PTC Therapeutics, Inc. \* | 44080 | 2138762 |
| Quanterix Corp. \* | 20000 | 104000 |
| Rapport Therapeutics, Inc. \* | 7541 | 62364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A \**(a)*<br>| 161699 | 675902 |
| Regeneron Pharmaceuticals, Inc.  | 60262 | 29545253 |
| REGENXBIO, Inc. \* | 25000 | 221250 |
| Relay Therapeutics, Inc. \* | 83012 | 249036 |
| Repligen Corp. \* | 29992 | 3541155 |
| Replimune Group, Inc. \* | 38260 | 343575 |
| Revolution Medicines, Inc. \* | 101637 | 4004498 |
| Revvity, Inc.  | 69879 | 6318459 |
| Rhythm Pharmaceuticals, Inc. \* | 30012 | 1840636 |
| Rocket Pharmaceuticals, Inc. \* | 48253 | 121115 |
| Roivant Sciences Ltd. \* | 250407 | 2751973 |
| Royalty Pharma PLC, Class A  | 213896 | 7032900 |
| Sage Therapeutics, Inc. \* | 34275 | 221417 |
| Sana Biotechnology, Inc. \**(a)* | 62158 | 134883 |
| Sangamo Therapeutics, Inc. \* | 129409 | 60175 |
| Sarepta Therapeutics, Inc. \* | 54369 | 2044274 |
| Savara, Inc. \* | 65301 | 148886 |
| Scholar Rock Holding Corp. \* | 42328 | 1227935 |
| Seres Therapeutics, Inc. \* | 2889 | 20367 |
| SIGA Technologies, Inc.  | 21784 | 130268 |
| Sionna Therapeutics, Inc. \**(a)* | 10386 | 142184 |
| Soleno Therapeutics, Inc. \* | 15185 | 1113820 |
| Sotera Health Co. \* | 86481 | 1058527 |

---

**15**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SpringWorks Therapeutics, Inc. \* | 42520 | 1986109 |
| Spyre Therapeutics, Inc. \* | 27907 | 426419 |
| Standard BioTools, Inc. \* | 175732 | 177489 |
| Stoke Therapeutics, Inc. \* | 24792 | 236516 |
| Summit Therapeutics, Inc. \* | 80740 | 1470679 |
| Supernus Pharmaceuticals, Inc. \* | 31677 | 1004161 |
| Syndax Pharmaceuticals, Inc. \* | 51951 | 547564 |
| Tango Therapeutics, Inc. \* | 82778 | 183767 |
| Tarsus Pharmaceuticals, Inc. \* | 19630 | 843108 |
| TG Therapeutics, Inc. \* | 76321 | 2679630 |
| Theravance Biopharma, Inc. \* | 15785 | 144591 |
| Thermo Fisher Scientific, Inc.  | 218984 | 88211135 |
| Third Harmonic Bio, Inc. \* | 12349 | 64338 |
| Travere Therapeutics, Inc. \* | 45579 | 684597 |
| Twist Bioscience Corp. \* | 33590 | 984187 |
| Tyra Biosciences, Inc. \* | 13115 | 119347 |
| Ultragenyx Pharmaceutical, Inc. \* | 52793 | 1796546 |
| uniQure NV \* | 39316 | 568903 |
| United Therapeutics Corp. \* | 25487 | 8126530 |
| Upstream Bio, Inc. \* | 8534 | 78769 |
| Vanda Pharmaceuticals, Inc. \* | 39869 | 173031 |
| Vaxcyte, Inc. \* | 66298 | 2154022 |
| Vera Therapeutics, Inc. \* | 30778 | 583243 |
| Veracyte, Inc. \* | 45461 | 1209717 |
| Vericel Corp. \* | 28210 | 1164932 |
| Vertex Pharmaceuticals, Inc. \* | 147112 | 65030860 |
| Verve Therapeutics, Inc. \* | 47268 | 210343 |
| Viatris, Inc.  | 678332 | 5962538 |
| Viking Therapeutics, Inc. \* | 63940 | 1713592 |
| Vir Biotechnology, Inc. \* | 61035 | 301513 |
| Viridian Therapeutics, Inc. \* | 39040 | 543437 |
| Waters Corp. \* | 33922 | 11846919 |
| WaVe Life Sciences Ltd. \* | 67541 | 405921 |
| West Pharmaceutical Services, Inc.  | 41329 | 8714220 |
| Xencor, Inc. \* | 40670 | 325360 |
| Y-mAbs Therapeutics, Inc. \* | 17446 | 80252 |
| Zenas Biopharma, Inc. \**(a)* | 8000 | 76160 |
| Zentalis Pharmaceuticals, Inc. \* | 46104 | 55786 |
| Zoetis, Inc.  | 256086 | 43183782 |
|  |  | **1808508725** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| Anywhere Real Estate, Inc. \* | 63910 | 223046 |
| CBRE Group, Inc., Class A \* | 168983 | 21126255 |
| Compass, Inc., Class A \* | 237806 | 1405433 |
| CoStar Group, Inc. \* | 241644 | 17775333 |
| Cushman & Wakefield PLC \* | 131724 | 1321192 |
| eXp World Holdings, Inc.  | 48567 | 413791 |
| Forestar Group, Inc. \* | 11870 | 227310 |
| FRP Holdings, Inc. \* | 7078 | 191955 |
| Howard Hughes Holdings, Inc. \* | 17571 | 1200275 |
| Jones Lang LaSalle, Inc. \* | 27046 | 6023144 |
| Kennedy-Wilson Holdings, Inc.  | 69640 | 443607 |
| Marcus & Millichap, Inc.  | 13834 | 398557 |
| Newmark Group, Inc., Class A  | 82787 | 911485 |
| Opendoor Technologies, Inc. \* | 363880 | 237323 |
| RE/MAX Holdings, Inc., Class A \* | 10296 | 77735 |
| Redfin Corp. \* | 71380 | 713086 |
| RMR Group, Inc., Class A  | 9000 | 135900 |
| Seaport Entertainment Group, Inc. \* | 4944 | 96606 |
| Seritage Growth Properties, Class A \* | 24875 | 70147 |
| St. Joe Co.  | 20645 | 923038 |
| Star Holdings \* | 7729 | 48925 |
| Tejon Ranch Co. \* | 14392 | 240202 |
| Zillow Group, Inc., Class C \* | 122824 | 8242719 |
|  |  | **62447064** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Semiconductors & Semiconductor Equipment 10.4%** | **Semiconductors & Semiconductor Equipment 10.4%** | **Semiconductors & Semiconductor Equipment 10.4%** |
| ACM Research, Inc., Class A \* | 26172 | 590179 |
| Advanced Micro Devices, Inc. \* | 928996 | 102867727 |
| Aehr Test Systems \**(a)* | 16000 | 152640 |
| Allegro MicroSystems, Inc. \* | 74521 | 1889107 |
| Alpha & Omega Semiconductor Ltd. \* | 12070 | 256125 |
| Ambarella, Inc. \* | 22760 | 1198086 |
| Amkor Technology, Inc.  | 65904 | 1187590 |
| Analog Devices, Inc.  | 284335 | 60842003 |
| Applied Materials, Inc.  | 466090 | 73059608 |
| Astera Labs, Inc. \* | 11736 | 1064690 |
| Axcelis Technologies, Inc. \* | 17933 | 1010345 |
| Blaize Holdings, Inc. \**(a)* | 32613 | 65552 |
| Broadcom, Inc.  | 2687150 | 650478400 |
| CEVA, Inc. \* | 12725 | 238721 |
| Cirrus Logic, Inc. \* | 30211 | 2971554 |
| Cohu, Inc. \* | 26430 | 451160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br> Ltd. \*<br>| 84226 | 5134417 |
| Diodes, Inc. \* | 26410 | 1172604 |
| Enphase Energy, Inc. \* | 75729 | 3134423 |
| Entegris, Inc.  | 86595 | 5952540 |
| First Solar, Inc. \* | 62141 | 9823249 |
| FormFactor, Inc. \* | 43768 | 1306475 |
| Ichor Holdings Ltd. \* | 20572 | 324626 |
| Impinj, Inc. \* | 12929 | 1475070 |
| &nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc., <br> Class A \**(a)*<br>| 96337 | 255293 |
| Intel Corp.  | 2482847 | 48539659 |
| KLA Corp.  | 76307 | 57755242 |
| Kulicke & Soffa Industries, Inc.  | 30586 | 983340 |
| Lam Research Corp.  | 736749 | 59521952 |
| Lattice Semiconductor Corp. \* | 79311 | 3564236 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 34055 | 4141429 |
| Marvell Technology, Inc.  | 495285 | 29811204 |
| MaxLinear, Inc. \* | 42354 | 482412 |
| Microchip Technology, Inc.  | 308491 | 17904818 |
| Micron Technology, Inc.  | 638959 | 60356067 |
| MKS, Inc.  | 38309 | 3148617 |
| Monolithic Power Systems, Inc.  | 27481 | 18189674 |
| Navitas Semiconductor Corp. \**(a)* | 63322 | 322942 |
| NVIDIA Corp.  | 14038885 | 1897074530 |
| NXP Semiconductors NV  | 145856 | 27877457 |
| ON Semiconductor Corp. \* | 241639 | 10153671 |
| Onto Innovation, Inc. \* | 28086 | 2582227 |
| PDF Solutions, Inc. \* | 16361 | 289590 |
| Penguin Solutions, Inc. \* | 29235 | 519214 |
| Photronics, Inc. \* | 35829 | 598703 |
| Power Integrations, Inc.  | 32514 | 1616921 |
| Qorvo, Inc. \* | 53767 | 4087367 |
| QUALCOMM, Inc.  | 633768 | 92023114 |
| Rambus, Inc. \* | 60984 | 3260814 |
| Rigetti Computing, Inc. \**(a)* | 140859 | 1705802 |
| Semtech Corp. \* | 52961 | 1977034 |
| Silicon Laboratories, Inc. \* | 18518 | 2231975 |
| SiTime Corp. \* | 10722 | 2102263 |
| SkyWater Technology, Inc. \* | 16425 | 148482 |
| Skyworks Solutions, Inc.  | 92035 | 6353176 |
| SolarEdge Technologies, Inc. \* | 34011 | 607436 |
| Synaptics, Inc. \* | 22381 | 1315108 |
| Teradyne, Inc.  | 93646 | 7360576 |
| Texas Instruments, Inc.  | 522498 | 95538759 |
| Ultra Clean Holdings, Inc. \* | 24390 | 472434 |
| Universal Display Corp.  | 25088 | 3596365 |

---

**16**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Veeco Instruments, Inc. \* | 32867 | 634662 |
| Wolfspeed, Inc. \**(a)* | 94237 | 112142 |
|  |  | **3395863598** |
| **Software & Services 12.3%** | **Software & Services 12.3%** | **Software & Services 12.3%** |
| 8x8, Inc. \* | 97369 | 159685 |
| A10 Networks, Inc.  | 43359 | 748376 |
| Accenture PLC, Class A  | 358506 | 113581871 |
| ACI Worldwide, Inc. \* | 60119 | 2781105 |
| Adeia, Inc.  | 59516 | 764185 |
| Adobe, Inc. \* | 249743 | 103665822 |
| Agilysys, Inc. \* | 12625 | 1337114 |
| Akamai Technologies, Inc. \* | 85777 | 6513048 |
| Alarm.com Holdings, Inc. \* | 28767 | 1651226 |
| Alkami Technology, Inc. \* | 37547 | 1075346 |
| Amplitude, Inc., Class A \* | 50485 | 625509 |
| ANSYS, Inc. \* | 49914 | 16512549 |
| Appfolio, Inc., Class A \* | 13616 | 2875291 |
| Appian Corp., Class A \* | 23706 | 746739 |
| Applied Digital Corp. \**(a)* | 98110 | 670091 |
| AppLovin Corp., Class A \* | 127787 | 50220291 |
| Asana, Inc., Class A \* | 48894 | 875692 |
| ASGN, Inc. \* | 25480 | 1345599 |
| Atlassian Corp., Class A \* | 93827 | 19481300 |
| Aurora Innovation, Inc. \* | 600362 | 3638194 |
| Autodesk, Inc. \* | 123250 | 36496790 |
| AvePoint, Inc. \* | 58999 | 1100331 |
| Bentley Systems, Inc., Class B  | 88854 | 4241001 |
| BigCommerce Holdings, Inc. \* | 40747 | 205365 |
| Bill Holdings, Inc. \* | 53579 | 2340331 |
| Blackbaud, Inc. \* | 21674 | 1348773 |
| BlackLine, Inc. \* | 29039 | 1624151 |
| Blend Labs, Inc., Class A \* | 108971 | 398834 |
| Box, Inc., Class A \* | 81333 | 3076014 |
| Braze, Inc., Class A \* | 39141 | 1440389 |
| C3.ai, Inc., Class A \* | 67570 | 1796686 |
| Cadence Design Systems, Inc. \* | 157423 | 45191421 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 274003 | 2405746 |
| Cipher Mining, Inc. \* | 125645 | 392012 |
| Cleanspark, Inc. \* | 159373 | 1375389 |
| Clear Secure, Inc., Class A  | 53718 | 1329520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 130456 | 3013534 |
| Cloudflare, Inc., Class A \* | 176094 | 29212234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br> Corp., Class A <br>| 284695 | 23057448 |
| Commvault Systems, Inc. \* | 25194 | 4614281 |
| Confluent, Inc., Class A \* | 147551 | 3398100 |
| Consensus Cloud Solutions, Inc. \* | 9745 | 214098 |
| Core Scientific, Inc. \* | 159539 | 1699090 |
| Couchbase, Inc. \* | 25593 | 462466 |
| Crowdstrike Holdings, Inc., Class A \* | 141158 | 66537646 |
| CS Disco, Inc. \* | 18160 | 71550 |
| Daily Journal Corp. \* | 480 | 202286 |
| Datadog, Inc., Class A \* | 179135 | 21116434 |
| Digimarc Corp. \* | 7514 | 98283 |
| Digital Turbine, Inc. \* | 57760 | 272627 |
| DigitalOcean Holdings, Inc. \* | 36952 | 1045742 |
| Docusign, Inc. \* | 115610 | 10244202 |
| Dolby Laboratories, Inc., Class A  | 34214 | 2540732 |
| Domo, Inc., Class B \* | 20483 | 260134 |
| DoubleVerify Holdings, Inc. \* | 78501 | 1078604 |
| Dropbox, Inc., Class A \* | 124096 | 3581411 |
| DXC Technology Co. \* | 105427 | 1602490 |
| Dynatrace, Inc. \* | 170143 | 9189423 |
| E2open Parent Holdings, Inc. \* | 120800 | 387768 |
| Elastic NV \* | 49726 | 4021342 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EPAM Systems, Inc. \* | 32585 | 5685757 |
| EverCommerce, Inc. \* | 10445 | 104554 |
| Expensify, Inc., Class A \* | 28783 | 63610 |
| Fair Isaac Corp. \* | 14027 | 24214530 |
| Fastly, Inc., Class A \* | 73562 | 535531 |
| Five9, Inc. \* | 44003 | 1166520 |
| Fortinet, Inc. \* | 365437 | 37194178 |
| Freshworks, Inc., Class A \* | 109441 | 1671164 |
| Gartner, Inc. \* | 44212 | 19295001 |
| Gen Digital, Inc.  | 310544 | 8844293 |
| Gitlab, Inc., Class A \* | 70452 | 3206271 |
| GoDaddy, Inc., Class A \* | 81356 | 14818995 |
| Grid Dynamics Holdings, Inc. \* | 35296 | 442259 |
| Guidewire Software, Inc. \* | 47579 | 10230437 |
| Hackett Group, Inc.  | 13157 | 322610 |
| HubSpot, Inc. \* | 29839 | 17602026 |
| Hut 8 Corp. \* | 46868 | 715674 |
| Informatica, Inc., Class A \* | 47075 | 1130271 |
| Intapp, Inc. \* | 30200 | 1664624 |
| InterDigital, Inc.  | 14700 | 3193722 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines <br> Corp. <br>| 530337 | 137389103 |
| Intuit, Inc.  | 160546 | 120966595 |
| Jamf Holding Corp. \* | 36096 | 379008 |
| Kaltura, Inc. \* | 39333 | 83386 |
| Klaviyo, Inc., Class A \* | 51908 | 1764872 |
| Kyndryl Holdings, Inc. \* | 133042 | 5193960 |
| LivePerson, Inc. \* | 42700 | 30876 |
| LiveRamp Holdings, Inc. \* | 36341 | 1183990 |
| Manhattan Associates, Inc. \* | 35017 | 6610509 |
| MARA Holdings, Inc. \* | 197494 | 2788615 |
| Meridianlink, Inc. \* | 17375 | 289989 |
| Microsoft Corp.  | 4261563 | 1961853143 |
| MicroStrategy, Inc., Class A \* | 136939 | 50538707 |
| MongoDB, Inc. \* | 42740 | 8070594 |
| N-able, Inc. \* | 39683 | 309131 |
| nCino, Inc. \* | 53277 | 1401185 |
| NCR Voyix Corp. \* | 81512 | 903968 |
| NextNav, Inc. \* | 38970 | 489073 |
| Nutanix, Inc., Class A \* | 142034 | 10892587 |
| Okta, Inc. \* | 93544 | 9650934 |
| Olo, Inc., Class A \* | 62998 | 548713 |
| ON24, Inc. \* | 23545 | 133971 |
| OneSpan, Inc.  | 20734 | 330293 |
| Onestream, Inc. \* | 29479 | 827181 |
| Oracle Corp.  | 930014 | 153945217 |
| PagerDuty, Inc. \* | 53726 | 766133 |
| Palantir Technologies, Inc., Class A \* | 1176140 | 154991729 |
| Palo Alto Networks, Inc. \* | 379479 | 73019349 |
| Pegasystems, Inc.  | 25929 | 2544931 |
| Procore Technologies, Inc. \* | 61358 | 4121417 |
| Progress Software Corp.  | 24030 | 1479287 |
| PROS Holdings, Inc. \* | 25139 | 442195 |
| PTC, Inc. \* | 68950 | 11605664 |
| Q2 Holdings, Inc. \* | 35131 | 3074665 |
| Qualys, Inc. \* | 20543 | 2846233 |
| Rackspace Technology, Inc. \* | 37386 | 42620 |
| Rapid7, Inc. \* | 37070 | 850756 |
| RingCentral, Inc., Class A \* | 45837 | 1188553 |
| Riot Platforms, Inc. \* | 169135 | 1364919 |
| Roper Technologies, Inc.  | 61578 | 35116086 |
| Rubrik, Inc., Class A \* | 50007 | 4768167 |
| SailPoint, Inc. \* | 35200 | 620224 |
| Salesforce, Inc.  | 548081 | 145444255 |
| Samsara, Inc., Class A \* | 145340 | 6764124 |
| SEMrush Holdings, Inc., Class A \* | 17224 | 169484 |
| SentinelOne, Inc., Class A \* | 167802 | 2954993 |
| ServiceNow, Inc. \* | 118035 | 119344008 |
| ServiceTitan, Inc., Class A \* | 5300 | 586551 |

---

**17**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Snowflake, Inc., Class A \* | 189418 | 38957600 |
| SoundHound AI, Inc., Class A \**(a)* | 207204 | 2094832 |
| Sprinklr, Inc., Class A \* | 63950 | 539738 |
| Sprout Social, Inc., Class A \* | 29231 | 638113 |
| SPS Commerce, Inc. \* | 21732 | 3058996 |
| Synopsys, Inc. \* | 88422 | 41026040 |
| Telos Corp. \* | 25850 | 65142 |
| Tenable Holdings, Inc. \* | 68703 | 2213611 |
| Teradata Corp. \* | 54402 | 1194668 |
| Terawulf, Inc. \* | 176643 | 623550 |
| Tucows, Inc., Class A \* | 7627 | 147964 |
| Twilio, Inc., Class A \* | 87551 | 10304753 |
| Tyler Technologies, Inc. \* | 24604 | 14196262 |
| UiPath, Inc., Class A \* | 242123 | 3222657 |
| Unisys Corp. \* | 25000 | 119250 |
| Unity Software, Inc. \* | 173982 | 4537451 |
| Varonis Systems, Inc. \* | 63222 | 3014425 |
| Verint Systems, Inc. \* | 35898 | 629651 |
| VeriSign, Inc.  | 47059 | 12822166 |
| Vertex, Inc., Class A \* | 30193 | 1194737 |
| Weave Communications, Inc. \* | 23899 | 230625 |
| Workday, Inc., Class A \* | 122368 | 30311777 |
| Workiva, Inc. \* | 29540 | 1987747 |
| Xperi, Inc. \* | 25564 | 199144 |
| Yext, Inc. \* | 58969 | 395682 |
| Zeta Global Holdings Corp., Class A \* | 123083 | 1617311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., <br> Class A \*<br>| 150052 | 12191725 |
| Zscaler, Inc. \* | 54161 | 14932188 |
|  |  | **4027205486** |
| **Technology Hardware & Equipment 7.3%** | **Technology Hardware & Equipment 7.3%** | **Technology Hardware & Equipment 7.3%** |
| 908 Devices, Inc. \**(a)* | 15500 | 88040 |
| ADTRAN Holdings, Inc. \* | 39642 | 318325 |
| Advanced Energy Industries, Inc.  | 20989 | 2409117 |
| Aeva Technologies, Inc. \* | 16296 | 297728 |
| Amphenol Corp., Class A  | 695080 | 62508544 |
| Apple, Inc.  | 8611310 | 1729581614 |
| Arista Networks, Inc. \* | 592411 | 51326489 |
| Arlo Technologies, Inc. \* | 53349 | 763958 |
| Arrow Electronics, Inc. \* | 30176 | 3572235 |
| Avnet, Inc.  | 49491 | 2475045 |
| Badger Meter, Inc.  | 16933 | 4203109 |
| Bel Fuse, Inc., Class B  | 7025 | 518445 |
| Belden, Inc.  | 22968 | 2439202 |
| Benchmark Electronics, Inc.  | 20116 | 734636 |
| Calix, Inc. \* | 33480 | 1548115 |
| CDW Corp.  | 76275 | 13756959 |
| Ciena Corp. \* | 81381 | 6515363 |
| Cisco Systems, Inc.  | 2283135 | 143928830 |
| Clearfield, Inc. \* | 6800 | 252348 |
| Cognex Corp.  | 98671 | 2957170 |
| Coherent Corp. \* | 88902 | 6723658 |
| CommScope Holding Co., Inc. \* | 123895 | 748326 |
| Corning, Inc.  | 440970 | 21867702 |
| Corsair Gaming, Inc. \* | 25300 | 222387 |
| Crane NXT Co.  | 27859 | 1493521 |
| CTS Corp.  | 17456 | 710285 |
| Daktronics, Inc. \* | 22690 | 336720 |
| Dell Technologies, Inc., Class C  | 178477 | 19859136 |
| Diebold Nixdorf, Inc. \* | 21264 | 1024287 |
| Digi International, Inc. \* | 20614 | 668100 |
| ePlus, Inc. \* | 14708 | 1049710 |
| Evolv Technologies Holdings, Inc. \* | 63484 | 346623 |
| Extreme Networks, Inc. \* | 72981 | 1143612 |
| F5, Inc. \* | 32956 | 9404983 |
| Fabrinet \* | 20585 | 4793629 |
| FARO Technologies, Inc. \* | 10404 | 440817 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Flex Ltd. \* | 219583 | 9288361 |
| Harmonic, Inc. \* | 64046 | 577695 |
| Hewlett Packard Enterprise Co.  | 753414 | 13018994 |
| HP, Inc.  | 536598 | 13361290 |
| Insight Enterprises, Inc. \* | 15635 | 2038648 |
| IonQ, Inc. \* | 112558 | 4540590 |
| IPG Photonics Corp. \* | 15217 | 1008278 |
| Itron, Inc. \* | 25419 | 2938436 |
| Jabil, Inc.  | 62633 | 10522970 |
| Juniper Networks, Inc.  | 188850 | 6785381 |
| Keysight Technologies, Inc. \* | 98912 | 15533140 |
| Kimball Electronics, Inc. \* | 14244 | 257816 |
| Knowles Corp. \* | 50041 | 821173 |
| Littelfuse, Inc.  | 14205 | 2912877 |
| Lumentum Holdings, Inc. \* | 39641 | 2865251 |
| MicroVision, Inc. \**(a)* | 98428 | 108271 |
| Mirion Technologies, Inc. \* | 114450 | 2185995 |
| Motorola Solutions, Inc.  | 95761 | 39777204 |
| Napco Security Technologies, Inc.  | 21098 | 588634 |
| NetApp, Inc.  | 116606 | 11562651 |
| NETGEAR, Inc. \* | 16629 | 487729 |
| NetScout Systems, Inc. \* | 43279 | 988492 |
| nLight, Inc. \* | 24741 | 374331 |
| Novanta, Inc. \* | 20390 | 2524690 |
| OSI Systems, Inc. \* | 9352 | 2049117 |
| Ouster, Inc. \* | 27594 | 337475 |
| PAR Technology Corp. \* | 22017 | 1443435 |
| PC Connection, Inc.  | 6985 | 456819 |
| Plexus Corp. \* | 15143 | 1987670 |
| Pure Storage, Inc., Class A \* | 177661 | 9520853 |
| Ribbon Communications, Inc. \* | 51360 | 173597 |
| Rogers Corp. \* | 9462 | 629885 |
| Sandisk Corp. \* | 65644 | 2474122 |
| Sanmina Corp. \* | 30559 | 2588042 |
| ScanSource, Inc. \* | 13215 | 533622 |
| Seagate Technology Holdings PLC  | 121119 | 14284775 |
| SmartRent, Inc. \* | 97600 | 82404 |
| Super Micro Computer, Inc. \* | 291615 | 11670432 |
| TD SYNNEX Corp.  | 42924 | 5208398 |
| TE Connectivity PLC  | 170531 | 27296897 |
| Teledyne Technologies, Inc. \* | 26861 | 13399878 |
| Trimble, Inc. \* | 140916 | 10043083 |
| TTM Technologies, Inc. \* | 60035 | 1792645 |
| Ubiquiti, Inc.  | 2402 | 949487 |
| Viasat, Inc. \* | 52513 | 458438 |
| Viavi Solutions, Inc. \* | 127669 | 1163065 |
| Vishay Intertechnology, Inc.  | 63091 | 887690 |
| Vontier Corp.  | 84933 | 3036355 |
| Western Digital Corp. \* | 199432 | 10280720 |
| Xerox Holdings Corp.  | 69067 | 337738 |
| Zebra Technologies Corp., Class A \* | 29497 | 8547346 |
|  |  | **2377731653** |
| **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** |
| Anterix, Inc. \* | 11166 | 296904 |
| AST SpaceMobile, Inc., Class A \**(a)* | 91355 | 2107560 |
| AT&T, Inc.  | 4117831 | 114475702 |
| ATN International, Inc.  | 6200 | 88102 |
| Bandwidth, Inc., Class A \* | 12880 | 180578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, <br> Inc. <br>| 23858 | 1090549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, <br> Inc. \*<br>| 127559 | 4621463 |
| GCI Liberty, Inc. \**(c)* | 47809 | 0 |
| Globalstar, Inc. \* | 28317 | 522732 |
| Gogo, Inc. \* | 38436 | 407806 |
| IDT Corp., Class B  | 11647 | 717339 |
| Iridium Communications, Inc.  | 62286 | 1582064 |

---

**18**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Liberty Global Ltd., Class C \* | 181600 | 1794208 |
| Liberty Latin America Ltd., Class C \* | 91175 | 455875 |
| Lumen Technologies, Inc. \* | 585032 | 2293325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications <br> Co. <br>| 29315 | 368783 |
| Telephone & Data Systems, Inc.  | 57503 | 1975803 |
| T-Mobile U.S., Inc.  | 275205 | 66654651 |
| U.S. Cellular Corp. \* | 7821 | 484667 |
| Verizon Communications, Inc.  | 2414868 | 106157597 |
|  |  | **306275708** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| Alaska Air Group, Inc. \* | 71696 | 3651477 |
| Allegiant Travel Co. \* | 8571 | 476376 |
| American Airlines Group, Inc. \* | 375229 | 4281363 |
| ArcBest Corp.  | 13273 | 832084 |
| Avis Budget Group, Inc. \* | 9564 | 1164800 |
| CH Robinson Worldwide, Inc.  | 68029 | 6528743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc., <br> Class A <br>| 8844 | 200759 |
| CSX Corp.  | 1103866 | 34871127 |
| Delta Air Lines, Inc.  | 366505 | 17735177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington, Inc. <br>| 80158 | 9036211 |
| FedEx Corp.  | 126973 | 27692811 |
| Forward Air Corp. \* | 10903 | 182952 |
| Frontier Group Holdings, Inc. \* | 46696 | 187718 |
| FTAI Infrastructure, Inc.  | 60621 | 370394 |
| Genco Shipping & Trading Ltd.  | 24986 | 330815 |
| GXO Logistics, Inc. \* | 68424 | 2814963 |
| Heartland Express, Inc.  | 26603 | 238097 |
| Hertz Global Holdings, Inc. \**(a)* | 69945 | 458140 |
| Hub Group, Inc., Class A  | 36421 | 1227752 |
| JB Hunt Transport Services, Inc.  | 45553 | 6325034 |
| JetBlue Airways Corp. \* | 174335 | 880392 |
| Joby Aviation, Inc. \* | 272035 | 2127314 |
| Kirby Corp. \* | 32742 | 3622575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br> Holdings, Inc. <br>| 93016 | 4122469 |
| Landstar System, Inc.  | 20228 | 2775686 |
| Lyft, Inc., Class A \* | 212287 | 3235254 |
| Marten Transport Ltd.  | 33278 | 433945 |
| Matson, Inc.  | 19027 | 2147197 |
| Norfolk Southern Corp.  | 129830 | 32083590 |
| Old Dominion Freight Line, Inc.  | 108139 | 17320624 |
| Proficient Auto Logistics, Inc. \* | 11746 | 94673 |
| RXO, Inc. \* | 86246 | 1339400 |
| Ryder System, Inc.  | 24063 | 3540389 |
| Saia, Inc. \* | 15410 | 4074558 |
| Schneider National, Inc., Class B  | 26799 | 620933 |
| SkyWest, Inc. \* | 23397 | 2373626 |
| Southwest Airlines Co.  | 338547 | 11300699 |
| Sun Country Airlines Holdings, Inc. \* | 22751 | 263457 |
| Uber Technologies, Inc. \* | 1198086 | 100830918 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non Voting <br> Shares <br>| 63683 | 3632478 |
| Union Pacific Corp.  | 346406 | 76784354 |
| United Airlines Holdings, Inc. \* | 187826 | 14921837 |
| United Parcel Service, Inc., Class B  | 418765 | 40846338 |
| Universal Logistics Holdings, Inc.  | 3740 | 89984 |
| Werner Enterprises, Inc.  | 36384 | 944165 |
| Wheels Up Experience, Inc. \**(a)* | 73024 | 95661 |
| XPO, Inc. \* | 68016 | 7742261 |
|  |  | **456851570** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 416602 | 4203514 |
| ALLETE, Inc.  | 34274 | 2229181 |
| Alliant Energy Corp.  | 146547 | 9119620 |
| Ameren Corp.  | 154581 | 14975807 |
| American Electric Power Co., Inc.  | 305245 | 31589805 |
| American States Water Co.  | 20755 | 1636947 |
| American Water Works Co., Inc.  | 112005 | 16013355 |
| Atmos Energy Corp.  | 91487 | 14151209 |
| Avista Corp.  | 47352 | 1823526 |
| Black Hills Corp.  | 40243 | 2353008 |
| California Water Service Group  | 34818 | 1645151 |
| CenterPoint Energy, Inc.  | 375425 | 13980827 |
| Chesapeake Utilities Corp.  | 13497 | 1649198 |
| Clearway Energy, Inc., Class C  | 65757 | 2023343 |
| CMS Energy Corp.  | 172218 | 12094870 |
| Consolidated Edison, Inc.  | 198735 | 20765820 |
| Constellation Energy Corp.  | 179389 | 54919942 |
| Dominion Energy, Inc.  | 480292 | 27218148 |
| DTE Energy Co.  | 118851 | 16240989 |
| Duke Energy Corp.  | 445153 | 52403411 |
| Edison International  | 221685 | 12336770 |
| Entergy Corp.  | 244487 | 20360877 |
| Essential Utilities, Inc.  | 145295 | 5598216 |
| Evergy, Inc.  | 130905 | 8693401 |
| Eversource Energy  | 209629 | 13586056 |
| Exelon Corp.  | 578050 | 25330151 |
| FirstEnergy Corp.  | 293755 | 12320085 |
| H2O America  | 17281 | 906907 |
| Hawaiian Electric Industries, Inc. \* | 110607 | 1181283 |
| IDACORP, Inc.  | 30447 | 3621671 |
| MDU Resources Group, Inc.  | 115139 | 1979239 |
| MGE Energy, Inc.  | 20338 | 1836928 |
| Middlesex Water Co.  | 9815 | 568779 |
| Montauk Renewables, Inc. \* | 51571 | 94891 |
| National Fuel Gas Co.  | 51875 | 4281763 |
| New Jersey Resources Corp.  | 57792 | 2652075 |
| NextEra Energy, Inc.  | 1178612 | 83257152 |
| NiSource, Inc.  | 268549 | 10618427 |
| Northwest Natural Holding Co.  | 24358 | 997947 |
| Northwestern Energy Group, Inc.  | 33914 | 1876462 |
| NRG Energy, Inc.  | 116556 | 18171080 |
| OGE Energy Corp.  | 113540 | 5049124 |
| Oklo, Inc. \**(a)* | 41542 | 2190094 |
| ONE Gas, Inc.  | 32304 | 2415047 |
| Ormat Technologies, Inc.  | 32815 | 2439139 |
| Otter Tail Corp.  | 23894 | 1844139 |
| PG&E Corp.  | 1254959 | 21183708 |
| Pinnacle West Capital Corp.  | 64936 | 5924111 |
| Portland General Electric Co.  | 63777 | 2704145 |
| PPL Corp.  | 422171 | 14670442 |
| Public Service Enterprise Group, Inc.  | 284827 | 23079532 |
| Sempra  | 362401 | 28481095 |
| Southern Co.  | 628350 | 56551500 |
| Southwest Gas Holdings, Inc.  | 33968 | 2439921 |
| Spire, Inc.  | 32713 | 2462635 |
| Talen Energy Corp. \* | 26292 | 6413933 |
| TXNM Energy, Inc.  | 50209 | 2846348 |
| UGI Corp.  | 122515 | 4417891 |
| Unitil Corp.  | 8367 | 458763 |
| Vistra Corp.  | 195568 | 31402354 |
| WEC Energy Group, Inc.  | 181814 | 19534096 |
| Xcel Energy, Inc.  | 329191 | 23076289 |
| York Water Co.  | 7252 | 236850 |
|  |  | **791128987** |
| **Total Common Stocks**<br> **(Cost $17,031,651,255)** | **Total Common Stocks**<br> **(Cost $17,031,651,255)** | **32623560306** |

---

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

**19**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| 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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)*<br>| 18260479 | 18260479 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)(e)*<br>| 27592898 | 27592898 |
|  |  | **45853377** |
| **Total Short-Term Investments**<br> **(Cost $45,853,377)** | **Total Short-Term Investments**<br> **(Cost $45,853,377)** | **45853377** |
| **Total Investments in Securities**<br> **(Cost $17,077,504,632)** | **Total Investments in Securities**<br> **(Cost $17,077,504,632)** | **32669413683** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index, e-mini, <br> expires 06/20/25<br>| 52 | 5377580 | 250085 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 157 | 46440600 | 2264054 |
|  |  |  | **2514139** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $25,922,161. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see notes to portfolio holdings for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

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

REIT — Real Estate Investment Trust

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

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended May 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at August 31, 2024, and/or Value and Balance of Shares Held at May 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 5/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 5/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** |
| Tupperware Brands Corp. | $27290 | $42 | ($1253)<br>| ($49977)<br>| $23898 | $— |  | $— |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  | 766865 | (658671)<br>| (1007129)<br>| 1256833 |  |  | 6756 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 439287 | 12203 | (5905)<br>| 2494 | (45323)<br>|  |  | 3846 |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | 54379072 | 13281525 | (2240921)<br>| 747297 | 19613817 | 85780790 | 971030 | 731901 |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 329741 | 8764 | (98052)<br>| 66665 | (121790)<br>|  |  |  |
| **Total** | **$55175390** | **$14069399** | **($3004802)**<br>| **($240650)**<br>| **$20727435** | **$85780790** |  | **$742503** |

---

------

**20**

------

Schwab U.S. Broad Market ETF

**Portfolio Holdings** (Unaudited) continued

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks <sup>1</sup> <br>| $30939009431 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $30939009431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Services | 1378275167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 1378275167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services | 306275708 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 306275708 |
| Short-Term Investments <sup>1</sup> <br>| 45853377 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45853377 |
| Futures Contracts <sup>2</sup> <br>| 2514139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2514139 |
| **Total** | **$32671927822** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$32671927822** |

---

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

<sup>\*</sup> Level 3 amount shown includes securities determined to have no value at May 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

**21**

------

Schwab Strategic Trust

Schwab 1000 Index ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS |
| **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** |
| Aptiv PLC \* | 17155 | 1146126 |
| Autoliv, Inc.  | 5459 | 561294 |
| BorgWarner, Inc.  | 16304 | 539499 |
| Ford Motor Co.  | 291495 | 3025718 |
| General Motors Co.  | 74705 | 3706115 |
| Gentex Corp.  | 17132 | 369537 |
| Harley-Davidson, Inc.  | 8839 | 213992 |
| Lear Corp.  | 3970 | 358968 |
| Lucid Group, Inc. \**(a)* | 91373 | 203762 |
| Modine Manufacturing Co. \* | 3884 | 352667 |
| Rivian Automotive, Inc., Class A \* | 54755 | 795590 |
| Tesla, Inc. \* | 210038 | 72769766 |
| Thor Industries, Inc.  | 3921 | 318346 |
|  |  | **84361380** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 497070 | 21935699 |
| BOK Financial Corp.  | 1638 | 154660 |
| Cadence Bank  | 13476 | 408323 |
| Citigroup, Inc.  | 140866 | 10610027 |
| Citizens Financial Group, Inc.  | 32969 | 1330299 |
| Columbia Banking System, Inc.  | 15492 | 362203 |
| Comerica, Inc.  | 9741 | 556114 |
| Commerce Bancshares, Inc.  | 9228 | 581456 |
| Cullen/Frost Bankers, Inc.  | 4898 | 621948 |
| East West Bancorp, Inc.  | 10315 | 940728 |
| Fifth Third Bancorp  | 50127 | 1914350 |
| First Citizens BancShares, Inc., Class A  | 878 | 1623317 |
| First Financial Bankshares, Inc.  | 9489 | 334582 |
| First Horizon Corp.  | 38871 | 772756 |
| FNB Corp.  | 26697 | 370287 |
| Glacier Bancorp, Inc.  | 8321 | 345072 |
| Home BancShares, Inc.  | 14110 | 399172 |
| Huntington Bancshares, Inc.  | 108442 | 1694948 |
| JPMorgan Chase & Co.  | 209903 | 55414392 |
| KeyCorp  | 74239 | 1177431 |
| M&T Bank Corp.  | 12444 | 2272772 |
| Old National Bancorp  | 23617 | 492651 |
| Pinnacle Financial Partners, Inc.  | 5804 | 616849 |
| PNC Financial Services Group, Inc.  | 29762 | 5172933 |
| Popular, Inc.  | 5261 | 544671 |
| Prosperity Bancshares, Inc.  | 7093 | 494027 |
| Regions Financial Corp.  | 67931 | 1456441 |
| SouthState Corp.  | 7304 | 641291 |
| Synovus Financial Corp.  | 10475 | 501019 |
| Truist Financial Corp.  | 98877 | 3905642 |
| U.S. Bancorp  | 116860 | 5093927 |
| UMB Financial Corp.  | 5048 | 520550 |
| United Bankshares, Inc.  | 10718 | 387349 |
| Webster Financial Corp.  | 12815 | 659716 |
| Wells Fargo & Co.  | 246902 | 18463332 |
| Western Alliance Bancorp  | 8201 | 593834 |
| Wintrust Financial Corp.  | 4986 | 595378 |
| Zions Bancorp NA  | 11030 | 522381 |
|  |  | **144482527** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Capital Goods 6.7%** | **Capital Goods 6.7%** | **Capital Goods 6.7%** |
| 3M Co.  | 40745 | 6044521 |
| A.O. Smith Corp.  | 8915 | 573324 |
| AAON, Inc.  | 5039 | 485205 |
| Acuity, Inc.  | 2316 | 601905 |
| Advanced Drainage Systems, Inc.  | 5375 | 591035 |
| AECOM  | 9951 | 1093117 |
| AeroVironment, Inc. \* | 2156 | 383833 |
| AGCO Corp.  | 4578 | 448552 |
| Air Lease Corp.  | 7625 | 439276 |
| Allegion PLC  | 6459 | 921699 |
| Allison Transmission Holdings, Inc.  | 6496 | 672466 |
| AMETEK, Inc.  | 17381 | 3106680 |
| API Group Corp. \* | 18090 | 844260 |
| Applied Industrial Technologies, Inc.  | 2915 | 660306 |
| Armstrong World Industries, Inc.  | 3224 | 501751 |
| ATI, Inc. \* | 10639 | 847290 |
| Axon Enterprise, Inc. \* | 5462 | 4098466 |
| AZEK Co., Inc. \* | 10841 | 536738 |
| Boeing Co. \* | 56282 | 11668384 |
| Boise Cascade Co.  | 2916 | 253342 |
| Builders FirstSource, Inc. \* | 8650 | 931432 |
| BWX Technologies, Inc.  | 6789 | 852698 |
| Carlisle Cos., Inc.  | 3362 | 1278165 |
| Carrier Global Corp.  | 60539 | 4310377 |
| Caterpillar, Inc.  | 35892 | 12491493 |
| CNH Industrial NV  | 65155 | 815089 |
| Comfort Systems USA, Inc.  | 2688 | 1285482 |
| Core & Main, Inc., Class A \* | 14315 | 784605 |
| Crane Co.  | 3596 | 616354 |
| CSW Industrials, Inc.  | 1288 | 393858 |
| Cummins, Inc.  | 10323 | 3318638 |
| Curtiss-Wright Corp.  | 2831 | 1245951 |
| Deere & Co.  | 19011 | 9624509 |
| Donaldson Co., Inc.  | 9089 | 632140 |
| Dover Corp.  | 10328 | 1835802 |
| Dycom Industries, Inc. \* | 2195 | 504674 |
| Eaton Corp. PLC  | 29657 | 9496171 |
| EMCOR Group, Inc.  | 3475 | 1639714 |
| Emerson Electric Co.  | 42297 | 5049416 |
| Esab Corp.  | 4324 | 531809 |
| Everus Construction Group, Inc. \* | 3726 | 215773 |
| Fastenal Co.  | 85944 | 3552925 |
| Federal Signal Corp.  | 4496 | 422939 |
| Ferguson Enterprises, Inc.  | 15042 | 2742758 |
| Flowserve Corp.  | 9654 | 481831 |
| Fluor Corp. \* | 12740 | 529729 |
| Fortive Corp.  | 25545 | 1793004 |
| Fortune Brands Innovations, Inc.  | 9240 | 465696 |
| FTAI Aviation Ltd.  | 7707 | 902875 |
| GATX Corp.  | 2619 | 417050 |
| GE Vernova, Inc.  | 20719 | 9799673 |
| Generac Holdings, Inc. \* | 4422 | 540059 |
| General Dynamics Corp.  | 19014 | 5295209 |
| General Electric Co.  | 80534 | 19804116 |
| Graco, Inc.  | 12554 | 1062822 |
| HEICO Corp.  | 7503 | 2248199 |
| Hexcel Corp.  | 5967 | 315595 |
| Honeywell International, Inc.  | 48810 | 11063763 |
| Howmet Aerospace, Inc.  | 30346 | 5155482 |

---

**22**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hubbell, Inc.  | 4050 | 1577799 |
| Huntington Ingalls Industries, Inc.  | 2937 | 655127 |
| IDEX Corp.  | 5643 | 1020875 |
| Illinois Tool Works, Inc.  | 20056 | 4915325 |
| Ingersoll Rand, Inc.  | 30356 | 2478264 |
| ITT, Inc.  | 6160 | 927326 |
| Johnson Controls International PLC  | 49543 | 5022174 |
| L3Harris Technologies, Inc.  | 14168 | 3461809 |
| Lennox International, Inc.  | 2433 | 1373307 |
| Leonardo DRS, Inc.  | 5852 | 247540 |
| Lincoln Electric Holdings, Inc.  | 4282 | 828952 |
| Loar Holdings, Inc. \* | 2037 | 177321 |
| Lockheed Martin Corp.  | 15734 | 7589767 |
| Masco Corp.  | 15874 | 990855 |
| MasTec, Inc. \* | 4569 | 712444 |
| Middleby Corp. \* | 4092 | 597964 |
| Moog, Inc., Class A  | 2137 | 396007 |
| Mueller Industries, Inc.  | 8486 | 660805 |
| NEXTracker, Inc., Class A \* | 10630 | 602615 |
| Nordson Corp.  | 4108 | 870855 |
| Northrop Grumman Corp.  | 10209 | 4949017 |
| nVent Electric PLC  | 12463 | 820065 |
| Oshkosh Corp.  | 4802 | 476310 |
| Otis Worldwide Corp.  | 29701 | 2831990 |
| Owens Corning  | 6406 | 858084 |
| PACCAR, Inc.  | 39376 | 3695438 |
| Parker-Hannifin Corp.  | 9653 | 6416349 |
| Pentair PLC  | 12323 | 1222195 |
| Quanta Services, Inc.  | 11072 | 3792824 |
| QXO, Inc.  | 24930 | 423810 |
| RBC Bearings, Inc. \* | 2333 | 853575 |
| Regal Rexnord Corp.  | 4899 | 653723 |
| Rockwell Automation, Inc.  | 8538 | 2694166 |
| RTX Corp.  | 100057 | 13655779 |
| Sensata Technologies Holding PLC  | 11353 | 295859 |
| Simpson Manufacturing Co., Inc.  | 3176 | 494503 |
| SiteOne Landscape Supply, Inc. \* | 3384 | 395285 |
| Snap-on, Inc.  | 3945 | 1265359 |
| SPX Technologies, Inc. \* | 3429 | 521517 |
| Stanley Black & Decker, Inc.  | 11701 | 765596 |
| Textron, Inc.  | 13661 | 1011324 |
| Timken Co.  | 4735 | 324300 |
| Toro Co.  | 7503 | 568577 |
| Trane Technologies PLC  | 16816 | 7235420 |
| TransDigm Group, Inc.  | 4218 | 6193838 |
| Trex Co., Inc. \* | 8183 | 457184 |
| UFP Industries, Inc.  | 4545 | 443410 |
| United Rentals, Inc.  | 4910 | 3478146 |
| Valmont Industries, Inc.  | 1517 | 482467 |
| Vertiv Holdings Co., Class A  | 28526 | 3078811 |
| Watsco, Inc.  | 2646 | 1173686 |
| Watts Water Technologies, Inc., Class A  | 2054 | 497315 |
| WESCO International, Inc.  | 3377 | 566965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br> Corp. <br>| 12835 | 2596777 |
| WillScot Holdings Corp.  | 13778 | 371317 |
| Woodward, Inc.  | 4513 | 976297 |
| WW Grainger, Inc.  | 3329 | 3620487 |
| Xylem, Inc.  | 18164 | 2289391 |
| Zurn Elkay Water Solutions Corp.  | 10560 | 382166 |
|  |  | **277156478** |
| **Commercial & Professional Services 1.5%** | **Commercial & Professional Services 1.5%** | **Commercial & Professional Services 1.5%** |
| Amentum Holdings, Inc. \* | 11253 | 232485 |
| Automatic Data Processing, Inc.  | 30564 | 9949499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., <br> Class A <br>| 9482 | 1007463 |
| Broadridge Financial Solutions, Inc.  | 8805 | 2138118 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CACI International, Inc., Class A \* | 1713 | 733164 |
| Casella Waste Systems, Inc., Class A \* | 4709 | 551942 |
| Cintas Corp.  | 25744 | 5831016 |
| Clarivate PLC \* | 31292 | 132052 |
| Clean Harbors, Inc. \* | 3810 | 864070 |
| Concentrix Corp.  | 3468 | 194087 |
| Copart, Inc. \* | 65817 | 3388259 |
| Dayforce, Inc. \* | 12035 | 711028 |
| Dun & Bradstreet Holdings, Inc.  | 22845 | 205834 |
| Equifax, Inc.  | 9291 | 2454589 |
| ExlService Holdings, Inc. \* | 12073 | 555237 |
| Exponent, Inc.  | 3720 | 283985 |
| FTI Consulting, Inc. \* | 2715 | 445695 |
| Genpact Ltd.  | 11907 | 512596 |
| Jacobs Solutions, Inc.  | 9171 | 1158297 |
| KBR, Inc.  | 10186 | 531607 |
| Leidos Holdings, Inc.  | 9820 | 1458467 |
| Maximus, Inc.  | 4344 | 314984 |
| MSA Safety, Inc.  | 2930 | 477502 |
| Parsons Corp. \* | 3475 | 225319 |
| Paychex, Inc.  | 24029 | 3794419 |
| Paycom Software, Inc.  | 3521 | 912256 |
| Paylocity Holding Corp. \* | 3291 | 628252 |
| RB Global, Inc.  | 13871 | 1460616 |
| Republic Services, Inc.  | 15242 | 3921614 |
| Robert Half, Inc.  | 7537 | 345119 |
| Rollins, Inc.  | 20957 | 1199788 |
| Science Applications International Corp.  | 3680 | 425187 |
| SS&C Technologies Holdings, Inc.  | 16105 | 1301445 |
| Tetra Tech, Inc.  | 19931 | 696389 |
| TransUnion  | 14559 | 1246687 |
| Veralto Corp.  | 18642 | 1883401 |
| Verisk Analytics, Inc.  | 10625 | 3337738 |
| Waste Management, Inc.  | 27368 | 6594867 |
|  |  | **62105073** |
| **Consumer Discretionary Distribution & Retail 5.6%** | **Consumer Discretionary Distribution & Retail 5.6%** | **Consumer Discretionary Distribution & Retail 5.6%** |
| Abercrombie & Fitch Co., Class A \* | 3778 | 296535 |
| Amazon.com, Inc. \* | 707998 | 145146670 |
| AutoNation, Inc. \* | 1988 | 365494 |
| AutoZone, Inc. \* | 1267 | 4729762 |
| Bath & Body Works, Inc.  | 16563 | 465752 |
| Best Buy Co., Inc.  | 14666 | 972063 |
| Burlington Stores, Inc. \* | 4696 | 1071956 |
| CarMax, Inc. \* | 11583 | 746640 |
| Carvana Co. \* | 8838 | 2891440 |
| Dick's Sporting Goods, Inc.  | 4339 | 778156 |
| eBay, Inc.  | 35803 | 2619706 |
| Etsy, Inc. \* | 8466 | 468593 |
| Floor & Decor Holdings, Inc., Class A \* | 8060 | 577821 |
| GameStop Corp., Class A \* | 30351 | 904460 |
| Gap, Inc.  | 16445 | 366888 |
| Genuine Parts Co.  | 10512 | 1329978 |
| Home Depot, Inc.  | 74572 | 27464122 |
| Lithia Motors, Inc.  | 2038 | 645863 |
| LKQ Corp.  | 19625 | 794224 |
| Lowe's Cos., Inc.  | 42388 | 9568243 |
| Murphy USA, Inc.  | 1361 | 580861 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 4692 | 522923 |
| O'Reilly Automotive, Inc. \* | 4323 | 5911703 |
| Penske Automotive Group, Inc.  | 1429 | 234613 |
| Pool Corp.  | 2851 | 856982 |
| Ross Stores, Inc.  | 24749 | 3467087 |
| TJX Cos., Inc.  | 84346 | 10703507 |
| Tractor Supply Co.  | 40021 | 1937016 |
| Ulta Beauty, Inc. \* | 3464 | 1633137 |

---

**23**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Valvoline, Inc. \* | 9664 | 334278 |
| Williams-Sonoma, Inc.  | 9230 | 1493045 |
|  |  | **229879518** |
| **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** |
| Brunswick Corp.  | 4823 | 244140 |
| Champion Homes, Inc. \* | 3894 | 254668 |
| Columbia Sportswear Co.  | 2525 | 161044 |
| Crocs, Inc. \* | 4170 | 425340 |
| Deckers Outdoor Corp. \* | 11484 | 1211792 |
| DR Horton, Inc.  | 21245 | 2508185 |
| Garmin Ltd.  | 11583 | 2351001 |
| Hasbro, Inc.  | 9749 | 650356 |
| Installed Building Products, Inc.  | 1768 | 281961 |
| KB Home  | 5289 | 272807 |
| Lennar Corp., Class A  | 18262 | 1937233 |
| Lululemon Athletica, Inc. \* | 8453 | 2676811 |
| Mattel, Inc. \* | 25210 | 477477 |
| Meritage Homes Corp.  | 5528 | 351636 |
| Mohawk Industries, Inc. \* | 3911 | 393486 |
| NIKE, Inc., Class B  | 88634 | 5370334 |
| NVR, Inc. \* | 227 | 1615316 |
| PulteGroup, Inc.  | 15173 | 1487409 |
| PVH Corp.  | 4222 | 353677 |
| Ralph Lauren Corp.  | 2998 | 829876 |
| SharkNinja, Inc. \* | 4840 | 444941 |
| Skechers USA, Inc., Class A \* | 9944 | 616926 |
| Somnigroup International, Inc.  | 15444 | 1004787 |
| Tapestry, Inc.  | 15522 | 1219253 |
| Taylor Morrison Home Corp. \* | 7731 | 435101 |
| Toll Brothers, Inc.  | 7412 | 772701 |
| TopBuild Corp. \* | 2189 | 619246 |
| VF Corp.  | 24699 | 307750 |
| Whirlpool Corp.  | 4250 | 331882 |
|  |  | **29607136** |
| **Consumer Services 2.3%** | **Consumer Services 2.3%** | **Consumer Services 2.3%** |
| ADT, Inc.  | 30199 | 251256 |
| Airbnb, Inc., Class A \* | 32531 | 4196499 |
| Aramark  | 19650 | 795825 |
| Booking Holdings, Inc.  | 2498 | 13786287 |
| Boyd Gaming Corp.  | 4898 | 367203 |
| Bright Horizons Family Solutions, Inc. \* | 4399 | 568351 |
| Caesars Entertainment, Inc. \* | 16175 | 434784 |
| Carnival Corp. \* | 78781 | 1829295 |
| Cava Group, Inc. \* | 6042 | 491033 |
| Chipotle Mexican Grill, Inc. \* | 101746 | 5095440 |
| Choice Hotels International, Inc.  | 1752 | 221943 |
| Churchill Downs, Inc.  | 5546 | 529477 |
| Darden Restaurants, Inc.  | 8784 | 1881621 |
| Domino's Pizza, Inc.  | 2628 | 1245199 |
| DoorDash, Inc., Class A \* | 25430 | 5305969 |
| DraftKings, Inc., Class A \* | 36723 | 1317621 |
| Duolingo, Inc. \* | 2856 | 1484006 |
| Expedia Group, Inc.  | 9307 | 1551942 |
| Flutter Entertainment PLC \* | 13374 | 3379610 |
| H&R Block, Inc.  | 10009 | 570013 |
| Hilton Worldwide Holdings, Inc.  | 18090 | 4494280 |
| Hyatt Hotels Corp., Class A  | 3157 | 416819 |
| Las Vegas Sands Corp.  | 25961 | 1068555 |
| Life Time Group Holdings, Inc. \* | 6929 | 198169 |
| Light & Wonder, Inc. \* | 6593 | 594161 |
| Marriott International, Inc., Class A  | 17186 | 4534182 |
| McDonald's Corp.  | 53767 | 16874773 |
| MGM Resorts International \* | 16568 | 524377 |
| Norwegian Cruise Line Holdings Ltd. \* | 32997 | 582397 |
| Planet Fitness, Inc., Class A \* | 6311 | 648960 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Royal Caribbean Cruises Ltd.  | 18548 | 4766280 |
| Service Corp. International  | 10719 | 836082 |
| Starbucks Corp.  | 85245 | 7156318 |
| Texas Roadhouse, Inc.  | 5038 | 983468 |
| Vail Resorts, Inc.  | 2776 | 444632 |
| Viking Holdings Ltd. \* | 13022 | 581302 |
| Wingstop, Inc.  | 2196 | 750373 |
| Wyndham Hotels & Resorts, Inc.  | 5907 | 488981 |
| Wynn Resorts Ltd.  | 6695 | 606165 |
| Yum! Brands, Inc.  | 20905 | 3009066 |
|  |  | **94862714** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 30413 | 676081 |
| BJ's Wholesale Club Holdings, Inc. \* | 9896 | 1120326 |
| Casey's General Stores, Inc.  | 2822 | 1235359 |
| Costco Wholesale Corp.  | 33325 | 34663998 |
| Dollar General Corp.  | 16586 | 1612988 |
| Dollar Tree, Inc. \* | 15100 | 1362926 |
| Kroger Co.  | 49889 | 3403926 |
| Maplebear, Inc. \* | 12234 | 558727 |
| Performance Food Group Co. \* | 11710 | 1048748 |
| Sprouts Farmers Market, Inc. \* | 7535 | 1302500 |
| Sysco Corp.  | 36676 | 2677348 |
| Target Corp.  | 34320 | 3226423 |
| U.S. Foods Holding Corp. \* | 17398 | 1376530 |
| Walgreens Boots Alliance, Inc.  | 53823 | 605509 |
| Walmart, Inc.  | 325654 | 32148563 |
|  |  | **87019952** |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| Antero Midstream Corp.  | 25373 | 476505 |
| Antero Resources Corp. \* | 22058 | 826072 |
| APA Corp.  | 27241 | 463369 |
| Baker Hughes Co.  | 74258 | 2751259 |
| ChampionX Corp.  | 14159 | 340807 |
| Cheniere Energy, Inc.  | 16806 | 3982854 |
| Chevron Corp.  | 125464 | 17150929 |
| Chord Energy Corp.  | 4583 | 412470 |
| Civitas Resources, Inc.  | 6604 | 180752 |
| ConocoPhillips  | 95795 | 8176103 |
| Coterra Energy, Inc.  | 55265 | 1343492 |
| Devon Energy Corp.  | 49254 | 1490426 |
| Diamondback Energy, Inc.  | 14039 | 1888947 |
| DT Midstream, Inc.  | 7654 | 801680 |
| EOG Resources, Inc.  | 42205 | 4582197 |
| EQT Corp.  | 44675 | 2462933 |
| Expand Energy Corp.  | 15880 | 1844144 |
| Exxon Mobil Corp.  | 326781 | 33429696 |
| Halliburton Co.  | 65126 | 1275818 |
| Hess Corp.  | 20775 | 2746247 |
| HF Sinclair Corp.  | 12077 | 436342 |
| Kinder Morgan, Inc.  | 145092 | 4068380 |
| Marathon Petroleum Corp.  | 23738 | 3815646 |
| Matador Resources Co.  | 8816 | 379176 |
| Murphy Oil Corp.  | 10282 | 215202 |
| Noble Corp. PLC  | 9801 | 242771 |
| NOV, Inc.  | 28512 | 342144 |
| Occidental Petroleum Corp.  | 50893 | 2075417 |
| ONEOK, Inc.  | 46477 | 3757201 |
| Ovintiv, Inc.  | 19544 | 700066 |
| Permian Resources Corp.  | 47523 | 599265 |
| Phillips 66  | 31025 | 3520717 |
| Range Resources Corp.  | 18154 | 690578 |
| Schlumberger NV  | 105143 | 3474976 |
| Targa Resources Corp.  | 16328 | 2578681 |
| TechnipFMC PLC  | 32121 | 1000569 |

---

**24**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Texas Pacific Land Corp.  | 1426 | 1588607 |
| Valero Energy Corp.  | 23749 | 3062909 |
| Weatherford International PLC  | 5387 | 234873 |
| Williams Cos., Inc.  | 91456 | 5534003 |
|  |  | **124944223** |
| **Equity Real Estate Investment Trusts (REITs) 2.2%** | **Equity Real Estate Investment Trusts (REITs) 2.2%** | **Equity Real Estate Investment Trusts (REITs) 2.2%** |
| Agree Realty Corp.  | 7968 | 599990 |
| Alexandria Real Estate Equities, Inc.  | 11585 | 813151 |
| American Homes 4 Rent, Class A  | 24005 | 908589 |
| American Tower Corp.  | 35058 | 7525200 |
| Americold Realty Trust, Inc.  | 19220 | 318475 |
| AvalonBay Communities, Inc.  | 10680 | 2208304 |
| Brixmor Property Group, Inc.  | 23259 | 591011 |
| BXP, Inc.  | 10869 | 731810 |
| Camden Property Trust  | 7941 | 932988 |
| Crown Castle, Inc.  | 32622 | 3273618 |
| CubeSmart  | 16774 | 717256 |
| Digital Realty Trust, Inc.  | 23756 | 4074629 |
| EastGroup Properties, Inc.  | 3886 | 658871 |
| Equinix, Inc.  | 7298 | 6486608 |
| Equity LifeStyle Properties, Inc.  | 14273 | 907335 |
| Equity Residential  | 25578 | 1794041 |
| Essential Properties Realty Trust, Inc.  | 14275 | 463937 |
| Essex Property Trust, Inc.  | 4827 | 1370385 |
| Extra Space Storage, Inc.  | 15932 | 2408122 |
| Federal Realty Investment Trust  | 5792 | 553020 |
| First Industrial Realty Trust, Inc.  | 9848 | 486787 |
| Gaming & Leisure Properties, Inc.  | 20584 | 961273 |
| Healthcare Realty Trust, Inc.  | 26972 | 391094 |
| Healthpeak Properties, Inc.  | 52720 | 917855 |
| Host Hotels & Resorts, Inc.  | 51867 | 803420 |
| Invitation Homes, Inc.  | 42473 | 1431340 |
| Iron Mountain, Inc.  | 22122 | 2183663 |
| Kimco Realty Corp.  | 51503 | 1094954 |
| Kite Realty Group Trust  | 16270 | 359892 |
| Lamar Advertising Co., Class A  | 6549 | 789416 |
| Lineage, Inc.  | 4348 | 185616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br> Inc. <br>| 8772 | 1374134 |
| Millrose Properties, Inc., Class A  | 9333 | 260111 |
| NNN REIT, Inc.  | 14181 | 592199 |
| Omega Healthcare Investors, Inc.  | 21233 | 785621 |
| Prologis, Inc.  | 69506 | 7548352 |
| Public Storage  | 11825 | 3646948 |
| Realty Income Corp.  | 65611 | 3714895 |
| Regency Centers Corp.  | 12374 | 892784 |
| Rexford Industrial Realty, Inc.  | 17045 | 600666 |
| Ryman Hospitality Properties, Inc.  | 4522 | 439131 |
| SBA Communications Corp.  | 8118 | 1882483 |
| Simon Property Group, Inc.  | 23067 | 3761536 |
| STAG Industrial, Inc.  | 13848 | 492712 |
| Sun Communities, Inc.  | 8979 | 1108368 |
| Terreno Realty Corp.  | 7466 | 421232 |
| UDR, Inc.  | 22778 | 943692 |
| Ventas, Inc.  | 32825 | 2109991 |
| VICI Properties, Inc.  | 79115 | 2508737 |
| Vornado Realty Trust  | 12707 | 478673 |
| Welltower, Inc.  | 45697 | 7050133 |
| Weyerhaeuser Co.  | 54278 | 1406343 |
| WP Carey, Inc.  | 16542 | 1038176 |
|  |  | **89999567** |
| **Financial Services 8.7%** | **Financial Services 8.7%** | **Financial Services 8.7%** |
| Affiliated Managers Group, Inc.  | 2254 | 396704 |
| Affirm Holdings, Inc., Class A \* | 18918 | 981844 |
| AGNC Investment Corp.  | 66479 | 594322 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ally Financial, Inc.  | 20781 | 727335 |
| American Express Co.  | 41684 | 12257180 |
| Ameriprise Financial, Inc.  | 7238 | 3685879 |
| Annaly Capital Management, Inc.  | 43597 | 826163 |
| Apollo Global Management, Inc.  | 33494 | 4377331 |
| ARES Management Corp., Class A  | 14021 | 2320475 |
| Bank of New York Mellon Corp.  | 53918 | 4777674 |
| Berkshire Hathaway, Inc., Class B \* | 137599 | 69344392 |
| Blackrock, Inc.  | 10936 | 10716077 |
| Blackstone, Inc.  | 54891 | 7616675 |
| Block, Inc. \* | 41894 | 2586954 |
| Blue Owl Capital, Inc.  | 39428 | 736515 |
| Capital One Financial Corp.  | 47802 | 9041748 |
| Carlyle Group, Inc.  | 15703 | 709776 |
| Cboe Global Markets, Inc.  | 7883 | 1806153 |
| Charles Schwab Corp. *(b)* | 127091 | 11227219 |
| CME Group, Inc.  | 27013 | 7806757 |
| Coinbase Global, Inc., Class A \* | 15744 | 3882785 |
| Corebridge Financial, Inc.  | 18944 | 617764 |
| Corpay, Inc. \* | 5274 | 1714630 |
| Credit Acceptance Corp. \* | 485 | 231491 |
| Enact Holdings, Inc.  | 1969 | 69703 |
| Equitable Holdings, Inc.  | 23371 | 1235625 |
| Essent Group Ltd.  | 7981 | 462898 |
| Evercore, Inc., Class A  | 2720 | 629653 |
| FactSet Research Systems, Inc.  | 2894 | 1326204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br> Inc. <br>| 39749 | 3164418 |
| FirstCash Holdings, Inc.  | 2911 | 372346 |
| Fiserv, Inc. \* | 42754 | 6959924 |
| Franklin Resources, Inc.  | 23293 | 504061 |
| Global Payments, Inc.  | 18594 | 1405892 |
| Goldman Sachs Group, Inc.  | 23406 | 14054133 |
| Hamilton Lane, Inc., Class A  | 3242 | 483058 |
| Houlihan Lokey, Inc.  | 4014 | 701166 |
| Interactive Brokers Group, Inc., Class A  | 8135 | 1705747 |
| Intercontinental Exchange, Inc.  | 43182 | 7764124 |
| Invesco Ltd.  | 34088 | 492912 |
| Jack Henry & Associates, Inc.  | 5455 | 988282 |
| Jackson Financial, Inc., Class A  | 5465 | 447638 |
| Janus Henderson Group PLC  | 9541 | 346625 |
| Jefferies Financial Group, Inc.  | 12131 | 589567 |
| KKR & Co., Inc.  | 50741 | 6163002 |
| Lazard, Inc., Class A  | 8289 | 359743 |
| LPL Financial Holdings, Inc.  | 5934 | 2297407 |
| MarketAxess Holdings, Inc.  | 2862 | 619365 |
| Mastercard, Inc., Class A  | 61137 | 35801827 |
| MGIC Investment Corp.  | 18367 | 485807 |
| Moody's Corp.  | 11625 | 5572095 |
| Morgan Stanley  | 92866 | 11889634 |
| Morningstar, Inc.  | 2073 | 639355 |
| Mr. Cooper Group, Inc. \* | 4728 | 612418 |
| MSCI, Inc.  | 5824 | 3284852 |
| Nasdaq, Inc.  | 31149 | 2602187 |
| Northern Trust Corp.  | 14663 | 1565129 |
| OneMain Holdings, Inc.  | 9111 | 472314 |
| PayPal Holdings, Inc. \* | 74275 | 5220047 |
| PennyMac Financial Services, Inc.  | 2418 | 232128 |
| Radian Group, Inc.  | 11023 | 376435 |
| Raymond James Financial, Inc.  | 13918 | 2045668 |
| Rithm Capital Corp.  | 38605 | 430446 |
| Robinhood Markets, Inc., Class A \* | 53547 | 3542134 |
| S&P Global, Inc.  | 23624 | 12115805 |
| SEI Investments Co.  | 7329 | 624871 |
| Shift4 Payments, Inc., Class A \* | 5084 | 481912 |
| SoFi Technologies, Inc. \* | 81389 | 1082474 |
| Starwood Property Trust, Inc.  | 23950 | 473012 |
| State Street Corp.  | 21694 | 2088698 |
| Stifel Financial Corp.  | 7673 | 722950 |

---

**25**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Synchrony Financial  | 29152 | 1680613 |
| T. Rowe Price Group, Inc.  | 16800 | 1572312 |
| Toast, Inc., Class A \* | 30957 | 1305766 |
| Tradeweb Markets, Inc., Class A  | 8728 | 1260760 |
| Visa, Inc., Class A  | 129372 | 47245361 |
| Voya Financial, Inc.  | 7302 | 485729 |
| WEX, Inc. \* | 2687 | 357183 |
|  |  | **358397258** |
| **Food, Beverage & Tobacco 2.4%** | **Food, Beverage & Tobacco 2.4%** | **Food, Beverage & Tobacco 2.4%** |
| Altria Group, Inc.  | 127387 | 7720926 |
| Archer-Daniels-Midland Co.  | 35760 | 1726135 |
| Brown-Forman Corp., Class B  | 17580 | 586117 |
| Bunge Global SA  | 9985 | 780328 |
| Campbell's Co.  | 14715 | 500899 |
| Celsius Holdings, Inc. \* | 11666 | 441908 |
| Coca-Cola Co.  | 290655 | 20956226 |
| Coca-Cola Consolidated, Inc.  | 4500 | 515925 |
| Conagra Brands, Inc.  | 35850 | 820607 |
| Constellation Brands, Inc., Class A  | 11619 | 2071552 |
| Darling Ingredients, Inc. \* | 12005 | 374076 |
| Flowers Foods, Inc.  | 14522 | 245422 |
| Freshpet, Inc. \* | 3589 | 287694 |
| General Mills, Inc.  | 41470 | 2250162 |
| Hershey Co.  | 11064 | 1777874 |
| Hormel Foods Corp.  | 21687 | 665357 |
| Ingredion, Inc.  | 4928 | 685583 |
| J.M. Smucker Co.  | 8017 | 902794 |
| Kellanova  | 20197 | 1668878 |
| Keurig Dr. Pepper, Inc.  | 101897 | 3430872 |
| Kraft Heinz Co.  | 65370 | 1747340 |
| Lamb Weston Holdings, Inc.  | 10756 | 599970 |
| Lancaster Colony Corp.  | 1441 | 241223 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. - Non Voting <br> Shares <br>| 19053 | 1385725 |
| Molson Coors Beverage Co., Class B  | 12884 | 690454 |
| Mondelez International, Inc., Class A  | 97017 | 6547677 |
| Monster Beverage Corp. \* | 52716 | 3371188 |
| PepsiCo, Inc.  | 102951 | 13532909 |
| Philip Morris International, Inc.  | 116690 | 21073047 |
| Pilgrim's Pride Corp.  | 3171 | 155886 |
| Post Holdings, Inc. \* | 3498 | 386844 |
| Tyson Foods, Inc., Class A  | 21370 | 1200139 |
|  |  | **99341737** |
| **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** |
| Abbott Laboratories  | 130152 | 17385704 |
| Acadia Healthcare Co., Inc. \* | 6905 | 156329 |
| Align Technology, Inc. \* | 5328 | 964048 |
| Baxter International, Inc.  | 38100 | 1162050 |
| Becton Dickinson & Co.  | 21541 | 3717761 |
| Boston Scientific Corp. \* | 110588 | 11640493 |
| Cardinal Health, Inc.  | 18155 | 2803858 |
| Cencora, Inc.  | 12938 | 3768063 |
| Centene Corp. \* | 37190 | 2099004 |
| Chemed Corp.  | 1121 | 644396 |
| Cigna Group  | 20552 | 6507585 |
| Cooper Cos., Inc. \* | 14969 | 1022083 |
| CorVel Corp. \* | 2081 | 231553 |
| CVS Health Corp.  | 94595 | 6057864 |
| DaVita, Inc. \* | 3285 | 447614 |
| DENTSPLY SIRONA, Inc.  | 14925 | 238502 |
| Dexcom, Inc. \* | 29240 | 2508792 |
| Edwards Lifesciences Corp. \* | 44402 | 3473124 |
| Elevance Health, Inc.  | 17391 | 6675361 |
| Encompass Health Corp.  | 7516 | 908684 |
| Ensign Group, Inc.  | 4356 | 641465 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GE HealthCare Technologies, Inc.  | 34273 | 2417617 |
| Glaukos Corp. \* | 4247 | 400450 |
| Globus Medical, Inc., Class A \* | 8495 | 502734 |
| HCA Healthcare, Inc.  | 13433 | 5123212 |
| HealthEquity, Inc. \* | 6487 | 652657 |
| Henry Schein, Inc. \* | 9354 | 654686 |
| Hologic, Inc. \* | 16865 | 1048497 |
| Humana, Inc.  | 9046 | 2108894 |
| IDEXX Laboratories, Inc. \* | 6139 | 3151517 |
| Inspire Medical Systems, Inc. \* | 2282 | 315372 |
| Insulet Corp. \* | 5288 | 1718759 |
| Intuitive Surgical, Inc. \* | 26775 | 14788904 |
| Labcorp Holdings, Inc.  | 6224 | 1549589 |
| Lantheus Holdings, Inc. \* | 5285 | 399335 |
| Masimo Corp. \* | 3405 | 553313 |
| McKesson Corp.  | 9419 | 6777065 |
| Medtronic PLC  | 96253 | 7987074 |
| Merit Medical Systems, Inc. \* | 4424 | 420413 |
| Molina Healthcare, Inc. \* | 4195 | 1279643 |
| Option Care Health, Inc. \* | 12542 | 409873 |
| PACS Group, Inc. \* | 2615 | 25941 |
| Penumbra, Inc. \* | 2911 | 777150 |
| Quest Diagnostics, Inc.  | 8369 | 1450682 |
| ResMed, Inc.  | 11073 | 2710560 |
| Solventum Corp. \* | 10327 | 754800 |
| STERIS PLC  | 7405 | 1815780 |
| Stryker Corp.  | 25759 | 9856424 |
| Teleflex, Inc.  | 3520 | 430390 |
| Tenet Healthcare Corp. \* | 7109 | 1199786 |
| UnitedHealth Group, Inc.  | 69107 | 20864094 |
| Universal Health Services, Inc., Class B  | 4451 | 847248 |
| Veeva Systems, Inc., Class A \* | 11224 | 3139353 |
| Zimmer Biomet Holdings, Inc.  | 14953 | 1378218 |
|  |  | **170564363** |
| **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** |
| BellRing Brands, Inc. \* | 9627 | 606020 |
| Church & Dwight Co., Inc.  | 18436 | 1812443 |
| Clorox Co.  | 9245 | 1219231 |
| Colgate-Palmolive Co.  | 60909 | 5660882 |
| Coty, Inc., Class A \* | 27885 | 137473 |
| elf Beauty, Inc. \* | 4152 | 467059 |
| Estee Lauder Cos., Inc., Class A  | 17463 | 1168973 |
| Kenvue, Inc.  | 143565 | 3426897 |
| Kimberly-Clark Corp.  | 24887 | 3577755 |
| Procter & Gamble Co.  | 176060 | 29910833 |
| Reynolds Consumer Products, Inc.  | 4036 | 89115 |
|  |  | **48076681** |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| Aflac, Inc.  | 37079 | 3839160 |
| Allstate Corp.  | 19890 | 4174314 |
| American Financial Group, Inc.  | 5480 | 679411 |
| American International Group, Inc.  | 44468 | 3763772 |
| Aon PLC, Class A  | 16229 | 6038486 |
| Arch Capital Group Ltd.  | 28176 | 2677847 |
| Arthur J Gallagher & Co.  | 19116 | 6641663 |
| Assurant, Inc.  | 3845 | 780458 |
| Axis Capital Holdings Ltd.  | 5815 | 603597 |
| Brown & Brown, Inc.  | 17735 | 2002282 |
| Chubb Ltd.  | 27981 | 8315953 |
| Cincinnati Financial Corp.  | 11699 | 1764443 |
| CNA Financial Corp.  | 1536 | 73590 |
| Enstar Group Ltd. \* | 938 | 314239 |
| Erie Indemnity Co., Class A  | 1881 | 674357 |
| Everest Group Ltd.  | 3223 | 1118993 |
| F&G Annuities & Life, Inc.  | 1749 | 55898 |

---

**26**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fidelity National Financial, Inc.  | 19669 | 1077271 |
| First American Financial Corp.  | 7693 | 429346 |
| Globe Life, Inc.  | 6280 | 765344 |
| Hanover Insurance Group, Inc.  | 2684 | 472330 |
| Hartford Insurance Group, Inc.  | 21644 | 2810257 |
| Kinsale Capital Group, Inc.  | 1664 | 785391 |
| Lincoln National Corp.  | 12752 | 422601 |
| Loews Corp.  | 13251 | 1183182 |
| Markel Group, Inc. \* | 969 | 1881507 |
| Marsh & McLennan Cos., Inc.  | 36890 | 8619718 |
| MetLife, Inc.  | 43503 | 3418466 |
| Old Republic International Corp.  | 17724 | 669967 |
| Primerica, Inc.  | 2492 | 674335 |
| Principal Financial Group, Inc.  | 15887 | 1237439 |
| Progressive Corp.  | 43939 | 12519539 |
| Prudential Financial, Inc.  | 26647 | 2768357 |
| Reinsurance Group of America, Inc.  | 4963 | 1008928 |
| RenaissanceRe Holdings Ltd.  | 3669 | 915122 |
| RLI Corp.  | 6226 | 478593 |
| Ryan Specialty Holdings, Inc.  | 7926 | 567264 |
| Selective Insurance Group, Inc.  | 4671 | 411142 |
| Travelers Cos., Inc.  | 17032 | 4695723 |
| Unum Group  | 12313 | 1006095 |
| W.R. Berkley Corp.  | 22431 | 1675371 |
| Willis Towers Watson PLC  | 7513 | 2378240 |
|  |  | **96389991** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Air Products & Chemicals, Inc.  | 16699 | 4657518 |
| Albemarle Corp.  | 8962 | 499721 |
| Alcoa Corp.  | 19251 | 515349 |
| Amcor PLC  | 171426 | 1561691 |
| Anglogold Ashanti PLC  | 32290 | 1414625 |
| AptarGroup, Inc.  | 5007 | 793109 |
| Avery Dennison Corp.  | 6028 | 1071356 |
| Axalta Coating Systems Ltd. \* | 16557 | 509956 |
| Balchem Corp.  | 2420 | 403414 |
| Ball Corp.  | 22259 | 1192637 |
| Cabot Corp.  | 4011 | 299582 |
| Carpenter Technology Corp.  | 3801 | 893235 |
| Celanese Corp.  | 8068 | 426232 |
| CF Industries Holdings, Inc.  | 12996 | 1178867 |
| Cleveland-Cliffs, Inc. \* | 36060 | 210230 |
| Commercial Metals Co.  | 8754 | 407849 |
| Corteva, Inc.  | 51639 | 3656041 |
| CRH PLC  | 50918 | 4641685 |
| Crown Holdings, Inc.  | 8705 | 857443 |
| Dow, Inc.  | 52806 | 1464838 |
| DuPont de Nemours, Inc.  | 31484 | 2103131 |
| Eagle Materials, Inc.  | 2472 | 499863 |
| Eastman Chemical Co.  | 8700 | 681819 |
| Ecolab, Inc.  | 18947 | 5032702 |
| Element Solutions, Inc.  | 16700 | 357046 |
| FMC Corp.  | 9363 | 379763 |
| Freeport-McMoRan, Inc.  | 108165 | 4162189 |
| Graphic Packaging Holding Co.  | 22822 | 507105 |
| International Flavors & Fragrances, Inc.  | 19096 | 1461990 |
| International Paper Co.  | 39647 | 1895523 |
| Linde PLC  | 35726 | 16704763 |
| Louisiana-Pacific Corp.  | 4667 | 420357 |
| LyondellBasell Industries NV, Class A  | 19387 | 1095172 |
| Martin Marietta Materials, Inc.  | 4589 | 2512707 |
| Mosaic Co.  | 23837 | 861469 |
| NewMarket Corp.  | 575 | 370335 |
| Newmont Corp.  | 85531 | 4509194 |
| Nucor Corp.  | 17581 | 1922658 |
| Olin Corp.  | 8504 | 165063 |
| Packaging Corp. of America  | 6741 | 1302159 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PPG Industries, Inc.  | 17461 | 1934679 |
| Reliance, Inc.  | 4065 | 1190313 |
| Royal Gold, Inc.  | 4936 | 879200 |
| RPM International, Inc.  | 9723 | 1106866 |
| Sealed Air Corp.  | 10804 | 347889 |
| Sherwin-Williams Co.  | 17373 | 6233606 |
| Silgan Holdings, Inc.  | 6040 | 332623 |
| Smurfit WestRock PLC  | 37159 | 1610099 |
| Sonoco Products Co.  | 7287 | 331850 |
| Steel Dynamics, Inc.  | 10614 | 1306265 |
| U.S. Steel Corp.  | 16712 | 899440 |
| Vulcan Materials Co.  | 9885 | 2620217 |
| Westlake Corp.  | 2596 | 184394 |
|  |  | **92577827** |
| **Media & Entertainment 8.2%** | **Media & Entertainment 8.2%** | **Media & Entertainment 8.2%** |
| Alphabet, Inc., Class A  | 437882 | 75201855 |
| Alphabet, Inc., Class C  | 354886 | 61342045 |
| Charter Communications, Inc., Class A \* | 7261 | 2877316 |
| Comcast Corp., Class A  | 283008 | 9783587 |
| Electronic Arts, Inc.  | 17834 | 2564172 |
| Fox Corp., Class A  | 25459 | 1398717 |
| Interpublic Group of Cos., Inc.  | 28010 | 671120 |
| Liberty Broadband Corp., Class C \* | 8442 | 791860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 16804 | 1622090 |
| Live Nation Entertainment, Inc. \* | 11724 | 1608416 |
| Match Group, Inc.  | 18924 | 566585 |
| Meta Platforms, Inc., Class A  | 164395 | 106444119 |
| Netflix, Inc. \* | 32112 | 38766570 |
| New York Times Co., Class A  | 12411 | 708916 |
| News Corp., Class A  | 38406 | 1084585 |
| Nexstar Media Group, Inc.  | 2228 | 379696 |
| Omnicom Group, Inc.  | 14623 | 1073913 |
| Paramount Global, Class B *(a)* | 44282 | 535812 |
| Pinterest, Inc., Class A \* | 44729 | 1391519 |
| Reddit, Inc., Class A \* | 7958 | 894081 |
| ROBLOX Corp., Class A \* | 40867 | 3554612 |
| Roku, Inc. \* | 9619 | 696993 |
| Sirius XM Holdings, Inc.  | 16359 | 354663 |
| Snap, Inc., Class A \* | 80670 | 665527 |
| Take-Two Interactive Software, Inc. \* | 12719 | 2878055 |
| TKO Group Holdings, Inc.  | 5011 | 790786 |
| Trade Desk, Inc., Class A \* | 33630 | 2529649 |
| Walt Disney Co.  | 135749 | 15345067 |
| Warner Bros Discovery, Inc. \* | 166686 | 1661859 |
|  |  | **338184185** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** |
| AbbVie, Inc.  | 132525 | 24664228 |
| Agilent Technologies, Inc.  | 21483 | 2404377 |
| Alnylam Pharmaceuticals, Inc. \* | 9686 | 2949968 |
| Amgen, Inc.  | 40298 | 11613078 |
| Apellis Pharmaceuticals, Inc. \* | 7740 | 131038 |
| Avantor, Inc. \* | 50805 | 655893 |
| Avidity Biosciences, Inc. \* | 8763 | 271478 |
| Biogen, Inc. \* | 10924 | 1417826 |
| BioMarin Pharmaceutical, Inc. \* | 14328 | 832027 |
| Bio-Rad Laboratories, Inc., Class A \* | 1422 | 322694 |
| Bio-Techne Corp.  | 11821 | 572136 |
| Blueprint Medicines Corp. \* | 4873 | 493879 |
| Bridgebio Pharma, Inc. \* | 11354 | 388875 |
| Bristol-Myers Squibb Co.  | 152289 | 7352513 |
| Bruker Corp.  | 8120 | 298004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, <br> Inc. \*<br>| 3810 | 516750 |
| Cytokinetics, Inc. \* | 8799 | 272945 |

---

**27**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Danaher Corp.  | 48103 | 9134760 |
| Elanco Animal Health, Inc. \* | 37058 | 498060 |
| Eli Lilly & Co.  | 59150 | 43633180 |
| Exact Sciences Corp. \* | 13726 | 772499 |
| Exelixis, Inc. \* | 20815 | 895878 |
| Gilead Sciences, Inc.  | 93501 | 10292590 |
| Halozyme Therapeutics, Inc. \* | 9562 | 536141 |
| Illumina, Inc. \* | 11910 | 979478 |
| Immunovant, Inc. \* | 5655 | 83977 |
| Incyte Corp. \* | 12003 | 780915 |
| Insmed, Inc. \* | 13329 | 929431 |
| Ionis Pharmaceuticals, Inc. \* | 11780 | 394748 |
| IQVIA Holdings, Inc. \* | 12526 | 1757774 |
| Jazz Pharmaceuticals PLC \* | 4611 | 498311 |
| Johnson & Johnson  | 180739 | 28052500 |
| Krystal Biotech, Inc. \* | 1910 | 240584 |
| Madrigal Pharmaceuticals, Inc. \* | 1273 | 350406 |
| Medpace Holdings, Inc. \* | 1881 | 554707 |
| Merck & Co., Inc.  | 189958 | 14596373 |
| Mettler-Toledo International, Inc. \* | 1585 | 1831499 |
| Moderna, Inc. \* | 25520 | 677811 |
| Natera, Inc. \* | 9974 | 1573199 |
| Neurocrine Biosciences, Inc. \* | 7407 | 911209 |
| Nuvalent, Inc., Class A \* | 2923 | 218085 |
| Organon & Co.  | 19212 | 177135 |
| Pfizer, Inc.  | 425221 | 9988441 |
| Regeneron Pharmaceuticals, Inc.  | 7921 | 3883508 |
| Repligen Corp. \* | 3925 | 463425 |
| Revolution Medicines, Inc. \* | 13039 | 513737 |
| Revvity, Inc.  | 9063 | 819476 |
| Roivant Sciences Ltd. \* | 32593 | 358197 |
| Royalty Pharma PLC, Class A  | 27967 | 919555 |
| Sarepta Therapeutics, Inc. \* | 7094 | 266734 |
| Summit Therapeutics, Inc. \**(a)* | 10228 | 186303 |
| Thermo Fisher Scientific, Inc.  | 28722 | 11569796 |
| Ultragenyx Pharmaceutical, Inc. \* | 6846 | 232969 |
| United Therapeutics Corp. \* | 3328 | 1061133 |
| Vaxcyte, Inc. \* | 8697 | 282566 |
| Vertex Pharmaceuticals, Inc. \* | 19261 | 8514325 |
| Viatris, Inc.  | 88671 | 779418 |
| Viking Therapeutics, Inc. \* | 8179 | 219197 |
| Waters Corp. \* | 4439 | 1550276 |
| West Pharmaceutical Services, Inc.  | 5460 | 1151241 |
| Zoetis, Inc.  | 33578 | 5662258 |
|  |  | **223951514** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 22154 | 2769693 |
| CoStar Group, Inc. \* | 31737 | 2334574 |
| Jones Lang LaSalle, Inc. \* | 3550 | 790585 |
| Zillow Group, Inc., Class C \* | 12024 | 806930 |
|  |  | **6701782** |
| **Semiconductors & Semiconductor Equipment 10.7%** | **Semiconductors & Semiconductor Equipment 10.7%** | **Semiconductors & Semiconductor Equipment 10.7%** |
| Advanced Micro Devices, Inc. \* | 121692 | 13474955 |
| Amkor Technology, Inc.  | 8362 | 150683 |
| Analog Devices, Inc.  | 37267 | 7974393 |
| Applied Materials, Inc.  | 61006 | 9562690 |
| Astera Labs, Inc. \* | 1458 | 132270 |
| Broadcom, Inc.  | 351878 | 85179107 |
| Cirrus Logic, Inc. \* | 3938 | 387342 |
| Enphase Energy, Inc. \* | 10083 | 417335 |
| Entegris, Inc.  | 11437 | 786179 |
| First Solar, Inc. \* | 8058 | 1273809 |
| GLOBALFOUNDRIES, Inc. \* | 6143 | 219919 |
| Intel Corp.  | 325013 | 6354004 |
| KLA Corp.  | 9968 | 7544580 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lam Research Corp.  | 96334 | 7782824 |
| Lattice Semiconductor Corp. \* | 10331 | 464275 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 4457 | 542016 |
| Marvell Technology, Inc.  | 64937 | 3908558 |
| Microchip Technology, Inc.  | 40296 | 2338780 |
| Micron Technology, Inc.  | 83657 | 7902240 |
| MKS, Inc.  | 4942 | 406183 |
| Monolithic Power Systems, Inc.  | 3604 | 2385488 |
| NVIDIA Corp.  | 1838457 | 248430694 |
| NXP Semiconductors NV  | 19116 | 3653641 |
| ON Semiconductor Corp. \* | 31838 | 1337833 |
| Onto Innovation, Inc. \* | 3651 | 335673 |
| Qorvo, Inc. \* | 7049 | 535865 |
| QUALCOMM, Inc.  | 83072 | 12062054 |
| Skyworks Solutions, Inc.  | 12128 | 837196 |
| Teradyne, Inc.  | 12196 | 958606 |
| Texas Instruments, Inc.  | 68373 | 12502003 |
| Universal Display Corp.  | 3322 | 476209 |
|  |  | **440317404** |
| **Software & Services 12.5%** | **Software & Services 12.5%** | **Software & Services 12.5%** |
| Accenture PLC, Class A  | 46966 | 14879768 |
| ACI Worldwide, Inc. \* | 8056 | 372671 |
| Adobe, Inc. \* | 32690 | 13569292 |
| Akamai Technologies, Inc. \* | 11237 | 853225 |
| Amdocs Ltd.  | 8463 | 776565 |
| ANSYS, Inc. \* | 6562 | 2170841 |
| Appfolio, Inc., Class A \* | 1718 | 362790 |
| AppLovin Corp., Class A \* | 16758 | 6585894 |
| Atlassian Corp., Class A \* | 12305 | 2554887 |
| Aurora Innovation, Inc. \* | 79111 | 479413 |
| Autodesk, Inc. \* | 16101 | 4767828 |
| Bentley Systems, Inc., Class B  | 11615 | 554384 |
| Bill Holdings, Inc. \* | 7006 | 306022 |
| Box, Inc., Class A \* | 10675 | 403729 |
| Cadence Design Systems, Inc. \* | 20596 | 5912494 |
| CCC Intelligent Solutions Holdings, Inc. \* | 35554 | 312164 |
| Cloudflare, Inc., Class A \* | 23054 | 3824428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A <br>| 37031 | 2999141 |
| Commvault Systems, Inc. \* | 3242 | 593772 |
| Confluent, Inc., Class A \* | 19280 | 444018 |
| Crowdstrike Holdings, Inc., Class A \* | 18470 | 8706204 |
| Datadog, Inc., Class A \* | 23422 | 2760985 |
| Docusign, Inc. \* | 15073 | 1335619 |
| Dropbox, Inc., Class A \* | 16582 | 478557 |
| Dynatrace, Inc. \* | 22556 | 1218250 |
| Elastic NV \* | 6559 | 530426 |
| EPAM Systems, Inc. \* | 4324 | 754495 |
| Fair Isaac Corp. \* | 1843 | 3181534 |
| Fortinet, Inc. \* | 47739 | 4858875 |
| Gartner, Inc. \* | 5760 | 2513779 |
| Gen Digital, Inc.  | 40595 | 1156146 |
| Gitlab, Inc., Class A \* | 9036 | 411228 |
| GoDaddy, Inc., Class A \* | 10588 | 1928604 |
| Guidewire Software, Inc. \* | 6281 | 1350541 |
| HubSpot, Inc. \* | 3922 | 2313588 |
| Informatica, Inc., Class A \* | 6179 | 148358 |
| International Business Machines Corp.  | 69424 | 17984981 |
| Intuit, Inc.  | 21011 | 15831158 |
| Kyndryl Holdings, Inc. \* | 17736 | 692413 |
| Manhattan Associates, Inc. \* | 4638 | 875562 |
| Microsoft Corp.  | 558067 | 256911724 |
| MicroStrategy, Inc., Class A \* | 17884 | 6600269 |
| MongoDB, Inc. \* | 5631 | 1063302 |
| Nutanix, Inc., Class A \* | 18629 | 1428658 |
| Okta, Inc. \* | 12260 | 1264864 |

---

**28**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Oracle Corp.  | 121785 | 20159071 |
| Palantir Technologies, Inc., Class A \* | 153784 | 20265656 |
| Palo Alto Networks, Inc. \* | 49703 | 9563851 |
| Pegasystems, Inc.  | 3274 | 321343 |
| Procore Technologies, Inc. \* | 8100 | 544077 |
| PTC, Inc. \* | 9022 | 1518583 |
| Roper Technologies, Inc.  | 8072 | 4603219 |
| Salesforce, Inc.  | 71842 | 19064712 |
| Samsara, Inc., Class A \* | 19031 | 885703 |
| SentinelOne, Inc., Class A \* | 22093 | 389058 |
| ServiceNow, Inc. \* | 15454 | 15625385 |
| Snowflake, Inc., Class A \* | 24745 | 5089304 |
| SPS Commerce, Inc. \* | 2911 | 409752 |
| Synopsys, Inc. \* | 11592 | 5378456 |
| Twilio, Inc., Class A \* | 11597 | 1364967 |
| Tyler Technologies, Inc. \* | 3204 | 1848676 |
| UiPath, Inc., Class A \* | 31899 | 424576 |
| Unity Software, Inc. \* | 22382 | 583723 |
| Varonis Systems, Inc. \* | 8246 | 393169 |
| VeriSign, Inc.  | 6098 | 1661522 |
| Workday, Inc., Class A \* | 16031 | 3971039 |
| Zeta Global Holdings Corp., Class A \* | 15967 | 209806 |
| Zoom Communications, Inc., Class A \* | 19709 | 1601356 |
| Zscaler, Inc. \* | 7160 | 1974012 |
|  |  | **516874462** |
| **Technology Hardware & Equipment 7.4%** | **Technology Hardware & Equipment 7.4%** | **Technology Hardware & Equipment 7.4%** |
| Amphenol Corp., Class A  | 90982 | 8182011 |
| Apple, Inc.  | 1127703 | 226499148 |
| Arista Networks, Inc. \* | 77415 | 6707236 |
| Arrow Electronics, Inc. \* | 3918 | 463813 |
| Badger Meter, Inc.  | 2231 | 553779 |
| CDW Corp.  | 9951 | 1794762 |
| Ciena Corp. \* | 10654 | 852959 |
| Cisco Systems, Inc.  | 298990 | 18848330 |
| Cognex Corp.  | 12781 | 383047 |
| Coherent Corp. \* | 11638 | 880182 |
| Corning, Inc.  | 57615 | 2857128 |
| Dell Technologies, Inc., Class C  | 23412 | 2605053 |
| F5, Inc. \* | 4338 | 1237978 |
| Fabrinet \* | 2699 | 628516 |
| Flex Ltd. \* | 28455 | 1203646 |
| Hewlett Packard Enterprise Co.  | 98655 | 1704758 |
| HP, Inc.  | 70377 | 1752387 |
| Insight Enterprises, Inc. \* | 2113 | 275514 |
| Jabil, Inc.  | 8167 | 1372138 |
| Juniper Networks, Inc.  | 25058 | 900334 |
| Keysight Technologies, Inc. \* | 13025 | 2045446 |
| Littelfuse, Inc.  | 1892 | 387974 |
| Motorola Solutions, Inc.  | 12531 | 5205127 |
| NetApp, Inc.  | 15367 | 1523792 |
| Novanta, Inc. \* | 2721 | 336914 |
| Pure Storage, Inc., Class A \* | 23378 | 1252827 |
| Sandisk Corp. \* | 8552 | 322325 |
| Seagate Technology Holdings PLC  | 15908 | 1876190 |
| Super Micro Computer, Inc. \* | 38018 | 1521480 |
| TD SYNNEX Corp.  | 5710 | 692851 |
| TE Connectivity PLC  | 22369 | 3580606 |
| Teledyne Technologies, Inc. \* | 3484 | 1738028 |
| Trimble, Inc. \* | 18308 | 1304811 |
| Ubiquiti, Inc.  | 295 | 116611 |
| Vontier Corp.  | 11471 | 410088 |
| Western Digital Corp. \* | 26359 | 1358806 |
| Zebra Technologies Corp., Class A \* | 3826 | 1108660 |
|  |  | **304485255** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** |
| AT&T, Inc.  | 539106 | 14987147 |
| Frontier Communications Parent, Inc. \* | 16435 | 595440 |
| GCI Liberty, Inc. \**(c)* | 3916 | 0 |
| Lumen Technologies, Inc. \* | 75909 | 297563 |
| T-Mobile U.S., Inc.  | 35959 | 8709270 |
| Verizon Communications, Inc.  | 316167 | 13898701 |
|  |  | **38488121** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| Alaska Air Group, Inc. \* | 9182 | 467639 |
| American Airlines Group, Inc. \* | 49519 | 565012 |
| CH Robinson Worldwide, Inc.  | 8946 | 858548 |
| CSX Corp.  | 144639 | 4569146 |
| Delta Air Lines, Inc.  | 48352 | 2339753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, <br> Inc. <br>| 10588 | 1193585 |
| FedEx Corp.  | 16664 | 3634418 |
| GXO Logistics, Inc. \* | 8942 | 367874 |
| JB Hunt Transport Services, Inc.  | 5902 | 819493 |
| Kirby Corp. \* | 4274 | 472875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc. <br>| 12056 | 534322 |
| Landstar System, Inc.  | 2660 | 365005 |
| Norfolk Southern Corp.  | 17007 | 4202770 |
| Old Dominion Freight Line, Inc.  | 14101 | 2258557 |
| Ryder System, Inc.  | 3181 | 468021 |
| Saia, Inc. \* | 1983 | 524325 |
| Southwest Airlines Co.  | 44324 | 1479535 |
| Uber Technologies, Inc. \* | 156753 | 13192333 |
| U-Haul Holding Co., Non Voting Shares  | 7463 | 425690 |
| Union Pacific Corp.  | 45371 | 10056936 |
| United Airlines Holdings, Inc. \* | 24690 | 1961497 |
| United Parcel Service, Inc., Class B  | 54956 | 5360408 |
| XPO, Inc. \* | 8735 | 994305 |
|  |  | **57112047** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 53041 | 535184 |
| Alliant Energy Corp.  | 19162 | 1192451 |
| Ameren Corp.  | 20334 | 1969958 |
| American Electric Power Co., Inc.  | 40161 | 4156262 |
| American Water Works Co., Inc.  | 14599 | 2087219 |
| Atmos Energy Corp.  | 11901 | 1840847 |
| CenterPoint Energy, Inc.  | 49003 | 1824872 |
| CMS Energy Corp.  | 22528 | 1582141 |
| Consolidated Edison, Inc.  | 26061 | 2723114 |
| Constellation Energy Corp.  | 23499 | 7194219 |
| Dominion Energy, Inc.  | 62968 | 3568396 |
| DTE Energy Co.  | 15609 | 2132970 |
| Duke Energy Corp.  | 58198 | 6851068 |
| Edison International  | 29002 | 1613961 |
| Entergy Corp.  | 32201 | 2681699 |
| Essential Utilities, Inc.  | 18791 | 724017 |
| Evergy, Inc.  | 17387 | 1154671 |
| Eversource Energy  | 27437 | 1778192 |
| Exelon Corp.  | 75339 | 3301355 |
| FirstEnergy Corp.  | 38396 | 1610328 |
| IDACORP, Inc.  | 4063 | 483294 |
| MDU Resources Group, Inc.  | 15024 | 258263 |
| National Fuel Gas Co.  | 6805 | 561685 |
| NextEra Energy, Inc.  | 154289 | 10898975 |
| NiSource, Inc.  | 35409 | 1400072 |
| NRG Energy, Inc.  | 15163 | 2363912 |
| OGE Energy Corp.  | 14959 | 665227 |
| PG&E Corp.  | 164546 | 2777536 |

---

**29**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pinnacle West Capital Corp.  | 8582 | 782936 |
| Portland General Electric Co.  | 8067 | 342041 |
| PPL Corp.  | 55260 | 1920285 |
| Public Service Enterprise Group, Inc.  | 37426 | 3032629 |
| Sempra  | 47688 | 3747800 |
| Southern Co.  | 82251 | 7402590 |
| Southwest Gas Holdings, Inc.  | 4418 | 317345 |
| UGI Corp.  | 16234 | 585398 |
| Vistra Corp.  | 25600 | 4110592 |
| WEC Energy Group, Inc.  | 23821 | 2559328 |
| Xcel Energy, Inc.  | 43215 | 3029371 |
|  |  | **97762203** |
| **Total Common Stocks**<br> **(Cost $2,652,260,640)** | **Total Common Stocks**<br> **(Cost $2,652,260,640)** | **4113643398** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)*<br>| 1726905 | 1726905 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)(e)*<br>| 899910 | 899910 |
|  |  | **2626815** |
| **Total Short-Term Investments**<br> **(Cost $2,626,815)** | **Total Short-Term Investments**<br> **(Cost $2,626,815)** | **2626815** |
| **Total Investments in Securities**<br> **(Cost $2,654,887,455)** | **Total Investments in Securities**<br> **(Cost $2,654,887,455)** | **4116270213** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 400 Mid-Cap Index, e-mini, <br> expires 06/20/25<br>| 2 | 600820 | (6937)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 17 | 5028600 | 208659 |
|  |  |  | **201722** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $788,507. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see notes to portfolio holdings for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

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

REIT — Real Estate Investment Trust

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

Below is a summary of the fund's transactions with affiliated issuers during the period ended May 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 5/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 5/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $6937512 | $1978336 | ($336746)<br>| $73603 | $2574514 | **$11227219** | 127091 | $94359 |

---

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks <sup>1</sup> <br>| $4075155277 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4075155277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services | 38488121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 38488121 |
| Short-Term Investments <sup>1</sup> <br>| 2626815 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2626815 |
| Futures Contracts <sup>2</sup> <br>| 208659 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208659 |

---

**30**

------

Schwab 1000 Index ETF

**Portfolio Holdings** (Unaudited) 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 |
| **Liabilities** |  |  |  |  |
| Futures Contracts <sup>2</sup> <br>| ($6937)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; ($6937)<br>|
| **Total** | **$4116471935** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$4116471935** |

---

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

<sup>\*</sup> Level 3 amount shown includes securities determined to have no value at May 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

**31**

------

Schwab Strategic Trust

Schwab U.S. Large-Cap ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS |
| **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** |
| Aptiv PLC \* | 230267 | 15384138 |
| Autoliv, Inc.  | 73097 | 7515834 |
| BorgWarner, Inc.  | 217087 | 7183409 |
| Ford Motor Co.  | 3911924 | 40605771 |
| General Motors Co.  | 998466 | 49533898 |
| Gentex Corp.  | 233485 | 5036271 |
| Lear Corp.  | 53717 | 4857091 |
| Lucid Group, Inc. \**(a)* | 1134275 | 2529433 |
| Rivian Automotive, Inc., Class A \* | 724381 | 10525256 |
| Tesla, Inc. \* | 2807688 | 972751585 |
|  |  | **1115922686** |
| **Banks 3.4%** | **Banks 3.4%** | **Banks 3.4%** |
| Bank of America Corp.  | 6645279 | 293256162 |
| BOK Financial Corp.  | 23152 | 2186012 |
| Citigroup, Inc.  | 1883443 | 141860927 |
| Citizens Financial Group, Inc.  | 440417 | 17770826 |
| Comerica, Inc.  | 132661 | 7573617 |
| Commerce Bancshares, Inc.  | 122137 | 7695852 |
| Cullen/Frost Bankers, Inc.  | 65299 | 8291667 |
| East West Bancorp, Inc.  | 139301 | 12704251 |
| Fifth Third Bancorp  | 670264 | 25597382 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., <br> Class A <br>| 11568 | 21387844 |
| First Horizon Corp.  | 525906 | 10455011 |
| Huntington Bancshares, Inc.  | 1459150 | 22806515 |
| JPMorgan Chase & Co.  | 2805404 | 740626656 |
| KeyCorp  | 992399 | 15739448 |
| M&T Bank Corp.  | 166437 | 30398054 |
| PNC Financial Services Group, Inc.  | 397115 | 69022558 |
| Regions Financial Corp.  | 908271 | 19473330 |
| Truist Financial Corp.  | 1320860 | 52173970 |
| U.S. Bancorp  | 1566257 | 68273143 |
| Webster Financial Corp.  | 170280 | 8766014 |
| Wells Fargo & Co.  | 3301332 | 246873607 |
| Western Alliance Bancorp  | 108410 | 7849968 |
| Zions Bancorp NA  | 147267 | 6974565 |
|  |  | **1837757379** |
| **Capital Goods 6.5%** | **Capital Goods 6.5%** | **Capital Goods 6.5%** |
| 3M Co.  | 543803 | 80673175 |
| A.O. Smith Corp.  | 117985 | 7587615 |
| Acuity, Inc.  | 30744 | 7990058 |
| Advanced Drainage Systems, Inc.  | 70354 | 7736126 |
| AECOM  | 133569 | 14672555 |
| AGCO Corp.  | 61158 | 5992261 |
| Allegion PLC  | 87468 | 12481684 |
| AMETEK, Inc.  | 231844 | 41439797 |
| API Group Corp. \* | 247457 | 11548818 |
| Axon Enterprise, Inc. \* | 72899 | 54700494 |
| Boeing Co. \* | 752598 | 156028617 |
| Builders FirstSource, Inc. \* | 114398 | 12318377 |
| Carlisle Cos., Inc.  | 44449 | 16898621 |
| Carrier Global Corp.  | 810398 | 57700338 |
| Caterpillar, Inc.  | 479272 | 166801034 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CNH Industrial NV  | 879308 | 11000143 |
| Comfort Systems USA, Inc.  | 35865 | 17151719 |
| Core & Main, Inc., Class A \* | 191916 | 10518916 |
| Cummins, Inc.  | 138184 | 44423392 |
| Curtiss-Wright Corp.  | 37610 | 16552537 |
| Deere & Co.  | 254397 | 128791025 |
| Donaldson Co., Inc.  | 118743 | 8258576 |
| Dover Corp.  | 138148 | 24555807 |
| Eaton Corp. PLC  | 396910 | 127090582 |
| EMCOR Group, Inc.  | 46032 | 21720660 |
| Emerson Electric Co.  | 566049 | 67574930 |
| Fastenal Co.  | 1151213 | 47591145 |
| Ferguson Enterprises, Inc.  | 200467 | 36553153 |
| Fortive Corp.  | 342283 | 24024844 |
| Fortune Brands Innovations, Inc.  | 124908 | 6295363 |
| FTAI Aviation Ltd.  | 103021 | 12068910 |
| GE Vernova, Inc.  | 276935 | 130984716 |
| Generac Holdings, Inc. \* | 60365 | 7372377 |
| General Dynamics Corp.  | 254163 | 70781854 |
| General Electric Co.  | 1077361 | 264933843 |
| Graco, Inc.  | 170450 | 14430297 |
| HEICO Corp.  | 100173 | 30015838 |
| Honeywell International, Inc.  | 652464 | 147894015 |
| Howmet Aerospace, Inc.  | 405995 | 68974491 |
| Hubbell, Inc.  | 53820 | 20967196 |
| Huntington Ingalls Industries, Inc.  | 39647 | 8843660 |
| IDEX Corp.  | 75855 | 13722928 |
| Illinois Tool Works, Inc.  | 267487 | 65555714 |
| Ingersoll Rand, Inc.  | 404877 | 33054158 |
| ITT, Inc.  | 81099 | 12208643 |
| Johnson Controls International PLC  | 662511 | 67158740 |
| L3Harris Technologies, Inc.  | 188358 | 46023394 |
| Lennox International, Inc.  | 32206 | 18178677 |
| Lincoln Electric Holdings, Inc.  | 56927 | 11020498 |
| Lockheed Martin Corp.  | 210278 | 101433902 |
| Masco Corp.  | 211389 | 13194901 |
| Middleby Corp. \* | 54341 | 7940850 |
| Nordson Corp.  | 54218 | 11493674 |
| Northrop Grumman Corp.  | 136667 | 66252062 |
| nVent Electric PLC  | 163640 | 10767512 |
| Otis Worldwide Corp.  | 397575 | 37908776 |
| Owens Corning  | 86076 | 11529880 |
| PACCAR, Inc.  | 526143 | 49378521 |
| Parker-Hannifin Corp.  | 129298 | 85944381 |
| Pentair PLC  | 164893 | 16354088 |
| Quanta Services, Inc.  | 147733 | 50607416 |
| Regal Rexnord Corp.  | 67098 | 8953557 |
| Rockwell Automation, Inc.  | 113033 | 35667563 |
| RTX Corp.  | 1336316 | 182380408 |
| Sensata Technologies Holding PLC  | 154105 | 4015976 |
| Snap-on, Inc.  | 52782 | 16929826 |
| Standard Aero, Inc. \* | 131836 | 3866750 |
| Stanley Black & Decker, Inc.  | 152863 | 10001826 |
| Textron, Inc.  | 182601 | 13517952 |
| Toro Co.  | 102258 | 7749111 |
| Trane Technologies PLC  | 225223 | 96906700 |
| TransDigm Group, Inc.  | 56303 | 82677014 |
| Trex Co., Inc. \* | 108515 | 6062733 |
| United Rentals, Inc.  | 65426 | 46346470 |
| Vertiv Holdings Co., Class A  | 382109 | 41241024 |
| Watsco, Inc.  | 34871 | 15467729 |

---

**32**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| WESCO International, Inc.  | 45144 | 7579226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp. <br>| 171510 | 34699903 |
| WillScot Holdings Corp.  | 185921 | 5010571 |
| Woodward, Inc.  | 59900 | 12958167 |
| WW Grainger, Inc.  | 44571 | 48473637 |
| Xylem, Inc.  | 243959 | 30748592 |
|  |  | **3464923009** |
| **Commercial & Professional Services 1.4%** | **Commercial & Professional Services 1.4%** | **Commercial & Professional Services 1.4%** |
| Amentum Holdings, Inc. \* | 7533 | 155625 |
| Automatic Data Processing, Inc.  | 408604 | 133012860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., <br> Class A <br>| 127477 | 13544431 |
| Broadridge Financial Solutions, Inc.  | 117191 | 28457491 |
| CACI International, Inc., Class A \* | 22663 | 9699764 |
| Cintas Corp.  | 344439 | 78015433 |
| Clean Harbors, Inc. \* | 50703 | 11498933 |
| Copart, Inc. \* | 880861 | 45346724 |
| Dayforce, Inc. \* | 158171 | 9344743 |
| Equifax, Inc.  | 124915 | 33001294 |
| Genpact Ltd.  | 161322 | 6944912 |
| Jacobs Solutions, Inc.  | 123677 | 15620405 |
| KBR, Inc.  | 135572 | 7075503 |
| Leidos Holdings, Inc.  | 131177 | 19482408 |
| Parsons Corp. \* | 48803 | 3164387 |
| Paychex, Inc.  | 321158 | 50714060 |
| Paycom Software, Inc.  | 47369 | 12272834 |
| Paylocity Holding Corp. \* | 44018 | 8403036 |
| RB Global, Inc.  | 184980 | 19478394 |
| Republic Services, Inc.  | 203278 | 52301397 |
| Robert Half, Inc.  | 99567 | 4559173 |
| Rollins, Inc.  | 279970 | 16028282 |
| SS&C Technologies Holdings, Inc.  | 214788 | 17357018 |
| Tetra Tech, Inc.  | 265593 | 9279819 |
| TransUnion  | 196461 | 16822955 |
| Veralto Corp.  | 248733 | 25129495 |
| Verisk Analytics, Inc.  | 141283 | 44382642 |
| Waste Management, Inc.  | 365981 | 88190442 |
|  |  | **779284460** |
| **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** |
| Amazon.com, Inc. \* | 9463424 | 1940096554 |
| AutoZone, Inc. \* | 16878 | 63006249 |
| Bath & Body Works, Inc.  | 220872 | 6210921 |
| Best Buy Co., Inc.  | 195295 | 12944153 |
| Burlington Stores, Inc. \* | 63122 | 14408859 |
| CarMax, Inc. \* | 155214 | 10005094 |
| Carvana Co. \* | 118817 | 38872170 |
| Dick's Sporting Goods, Inc.  | 57856 | 10375895 |
| eBay, Inc.  | 478742 | 35029552 |
| Etsy, Inc. \* | 111316 | 6161341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., <br> Class A \*<br>| 106968 | 7668536 |
| GameStop Corp., Class A \* | 405187 | 12074573 |
| Genuine Parts Co.  | 139016 | 17588304 |
| Home Depot, Inc.  | 996711 | 367078694 |
| Lithia Motors, Inc.  | 26716 | 8466568 |
| LKQ Corp.  | 259469 | 10500710 |
| Lowe's Cos., Inc.  | 566511 | 127878528 |
| Murphy USA, Inc.  | 18212 | 7772699 |
| O'Reilly Automotive, Inc. \* | 57634 | 78814495 |
| Penske Automotive Group, Inc.  | 19262 | 3162435 |
| Pool Corp.  | 38078 | 11445866 |
| Ross Stores, Inc.  | 331384 | 46423584 |
| TJX Cos., Inc.  | 1127614 | 143094217 |
| Tractor Supply Co.  | 536954 | 25988574 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ulta Beauty, Inc. \* | 46577 | 21959192 |
| Williams-Sonoma, Inc.  | 123081 | 19909583 |
|  |  | **3046937346** |
| **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** |
| Deckers Outdoor Corp. \* | 151362 | 15971718 |
| DR Horton, Inc.  | 284598 | 33599640 |
| Garmin Ltd.  | 153957 | 31248652 |
| Hasbro, Inc.  | 131302 | 8759156 |
| Lennar Corp., Class A  | 244582 | 25945259 |
| Lululemon Athletica, Inc. \* | 112177 | 35523091 |
| Mohawk Industries, Inc. \* | 52129 | 5244699 |
| NIKE, Inc., Class B  | 1186046 | 71862527 |
| NVR, Inc. \* | 3014 | 21447413 |
| PulteGroup, Inc.  | 202822 | 19882641 |
| Somnigroup International, Inc.  | 206368 | 13426302 |
| Tapestry, Inc.  | 207662 | 16311850 |
| Toll Brothers, Inc.  | 100440 | 10470870 |
| TopBuild Corp. \* | 29621 | 8379485 |
| VF Corp.  | 331774 | 4133904 |
|  |  | **322207207** |
| **Consumer Services 2.2%** | **Consumer Services 2.2%** | **Consumer Services 2.2%** |
| ADT, Inc.  | 403401 | 3356296 |
| Airbnb, Inc., Class A \* | 434760 | 56084040 |
| Aramark  | 269104 | 10898712 |
| Booking Holdings, Inc.  | 33287 | 183708623 |
| Caesars Entertainment, Inc. \* | 214911 | 5776808 |
| Carnival Corp. \* | 1052580 | 24440908 |
| Cava Group, Inc. \* | 82200 | 6680394 |
| Chipotle Mexican Grill, Inc. \* | 1360839 | 68150817 |
| Churchill Downs, Inc.  | 74352 | 7098386 |
| Darden Restaurants, Inc.  | 117287 | 25124048 |
| Domino's Pizza, Inc.  | 34548 | 16369533 |
| DoorDash, Inc., Class A \* | 340665 | 71079752 |
| DraftKings, Inc., Class A \* | 489315 | 17556622 |
| Expedia Group, Inc.  | 124421 | 20747202 |
| Flutter Entertainment PLC \* | 178759 | 45172399 |
| Hilton Worldwide Holdings, Inc.  | 241446 | 59984844 |
| Las Vegas Sands Corp.  | 346279 | 14252844 |
| Light & Wonder, Inc. \* | 87578 | 7892529 |
| Marriott International, Inc., Class A  | 229236 | 60479334 |
| McDonald's Corp.  | 718928 | 225635553 |
| MGM Resorts International \* | 222757 | 7050259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd. \*<br>| 441243 | 7787939 |
| Royal Caribbean Cruises Ltd.  | 248801 | 63934393 |
| Service Corp. International  | 145840 | 11375520 |
| Starbucks Corp.  | 1140169 | 95717188 |
| Texas Roadhouse, Inc.  | 67392 | 13155592 |
| Vail Resorts, Inc.  | 36931 | 5915238 |
| Wingstop, Inc.  | 29204 | 9979007 |
| Wyndham Hotels & Resorts, Inc.  | 78208 | 6474058 |
| Wynn Resorts Ltd.  | 89437 | 8097626 |
| Yum! Brands, Inc.  | 280110 | 40319034 |
|  |  | **1200295498** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 403899 | 8978675 |
| BJ's Wholesale Club Holdings, Inc. \* | 132529 | 15003608 |
| Casey's General Stores, Inc.  | 37379 | 16363031 |
| Costco Wholesale Corp.  | 445481 | 463380427 |
| Dollar General Corp.  | 221566 | 21547293 |
| Dollar Tree, Inc. \* | 201209 | 18161124 |
| Kroger Co.  | 668113 | 45585350 |
| Performance Food Group Co. \* | 155717 | 13946015 |

---

**33**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sprouts Farmers Market, Inc. \* | 100246 | 17328524 |
| Sysco Corp.  | 490656 | 35817888 |
| Target Corp.  | 459890 | 43234259 |
| U.S. Foods Holding Corp. \* | 232966 | 18432270 |
| Walgreens Boots Alliance, Inc.  | 716688 | 8062740 |
| Walmart, Inc.  | 4353285 | 429756295 |
|  |  | **1155597499** |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| Antero Resources Corp. \* | 294109 | 11014382 |
| APA Corp.  | 372683 | 6339338 |
| Baker Hughes Co.  | 991913 | 36750377 |
| Cheniere Energy, Inc.  | 225136 | 53354981 |
| Chevron Corp.  | 1677339 | 229292241 |
| Chord Energy Corp.  | 60809 | 5472810 |
| ConocoPhillips  | 1280172 | 109262680 |
| Coterra Energy, Inc.  | 740133 | 17992633 |
| Devon Energy Corp.  | 657136 | 19884935 |
| Diamondback Energy, Inc.  | 186938 | 25152508 |
| EOG Resources, Inc.  | 564118 | 61246291 |
| EQT Corp.  | 599888 | 33071826 |
| Expand Energy Corp.  | 211627 | 24576244 |
| Exxon Mobil Corp.  | 4367573 | 446802718 |
| Halliburton Co.  | 872193 | 17086261 |
| Hess Corp.  | 276826 | 36593629 |
| HF Sinclair Corp.  | 159737 | 5771298 |
| Kinder Morgan, Inc.  | 1934690 | 54248708 |
| Marathon Petroleum Corp.  | 316961 | 50948311 |
| NOV, Inc.  | 375378 | 4504536 |
| Occidental Petroleum Corp.  | 678100 | 27652918 |
| ONEOK, Inc.  | 622674 | 50336966 |
| Ovintiv, Inc.  | 262209 | 9392326 |
| Permian Resources Corp.  | 648476 | 8177282 |
| Phillips 66  | 414679 | 47057773 |
| Range Resources Corp.  | 241251 | 9177188 |
| Schlumberger NV  | 1409176 | 46573267 |
| Targa Resources Corp.  | 218097 | 34444059 |
| TechnipFMC PLC  | 429548 | 13380420 |
| Texas Pacific Land Corp.  | 18963 | 21125351 |
| Valero Energy Corp.  | 318460 | 41071786 |
| Williams Cos., Inc.  | 1224061 | 74067931 |
|  |  | **1631823974** |
| **Equity Real Estate Investment Trusts (REITs) 2.1%** | **Equity Real Estate Investment Trusts (REITs) 2.1%** | **Equity Real Estate Investment Trusts (REITs) 2.1%** |
| Alexandria Real Estate Equities, Inc.  | 154833 | 10867728 |
| American Homes 4 Rent, Class A  | 319673 | 12099623 |
| American Tower Corp.  | 468485 | 100560305 |
| Americold Realty Trust, Inc.  | 260681 | 4319484 |
| AvalonBay Communities, Inc.  | 142535 | 29471962 |
| BXP, Inc.  | 144930 | 9758137 |
| Camden Property Trust  | 107046 | 12576835 |
| Crown Castle, Inc.  | 436173 | 43769961 |
| CubeSmart  | 228774 | 9782376 |
| Digital Realty Trust, Inc.  | 317257 | 54415921 |
| EastGroup Properties, Inc.  | 52284 | 8864752 |
| Equinix, Inc.  | 97684 | 86823493 |
| Equity LifeStyle Properties, Inc.  | 191788 | 12191963 |
| Equity Residential  | 343664 | 24104593 |
| Essex Property Trust, Inc.  | 64092 | 18195719 |
| Extra Space Storage, Inc.  | 213018 | 32197671 |
| Federal Realty Investment Trust  | 77321 | 7382609 |
| Gaming & Leisure Properties, Inc.  | 277322 | 12950937 |
| Healthcare Realty Trust, Inc.  | 360892 | 5232934 |
| Healthpeak Properties, Inc.  | 704650 | 12267957 |
| Host Hotels & Resorts, Inc.  | 702934 | 10888448 |
| Invitation Homes, Inc.  | 569747 | 19200474 |
| Iron Mountain, Inc.  | 295610 | 29179663 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kimco Realty Corp.  | 681546 | 14489668 |
| Lamar Advertising Co., Class A  | 88628 | 10683219 |
| Lineage, Inc.  | 57905 | 2471964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc. <br>| 118262 | 18525742 |
| NNN REIT, Inc.  | 190574 | 7958370 |
| Omega Healthcare Investors, Inc.  | 283602 | 10493274 |
| Prologis, Inc.  | 930824 | 101087486 |
| Public Storage  | 157921 | 48704416 |
| Realty Income Corp.  | 876700 | 49638754 |
| Regency Centers Corp.  | 164995 | 11904389 |
| Rexford Industrial Realty, Inc.  | 227722 | 8024923 |
| SBA Communications Corp.  | 107912 | 25023714 |
| Simon Property Group, Inc.  | 307214 | 50097387 |
| Sun Communities, Inc.  | 119286 | 14724664 |
| UDR, Inc.  | 302708 | 12541192 |
| Ventas, Inc.  | 438773 | 28204328 |
| VICI Properties, Inc.  | 1055704 | 33476374 |
| Welltower, Inc.  | 611184 | 94293468 |
| Weyerhaeuser Co.  | 724473 | 18771095 |
| WP Carey, Inc.  | 219435 | 13771741 |
|  |  | **1141989713** |
| **Financial Services 8.7%** | **Financial Services 8.7%** | **Financial Services 8.7%** |
| AGNC Investment Corp.  | 890192 | 7958316 |
| Ally Financial, Inc.  | 279004 | 9765140 |
| American Express Co.  | 556853 | 163742625 |
| Ameriprise Financial, Inc.  | 96643 | 49214481 |
| Annaly Capital Management, Inc.  | 583677 | 11060679 |
| Apollo Global Management, Inc.  | 447768 | 58518800 |
| ARES Management Corp., Class A  | 186525 | 30869887 |
| Bank of New York Mellon Corp.  | 720697 | 63860961 |
| Berkshire Hathaway, Inc., Class B \* | 1839113 | 926839387 |
| Blackrock, Inc.  | 146192 | 143252079 |
| Blackstone, Inc.  | 734356 | 101899239 |
| Block, Inc. \* | 559786 | 34566785 |
| Blue Owl Capital, Inc.  | 525659 | 9819310 |
| Capital One Financial Corp.  | 638849 | 120838288 |
| Carlyle Group, Inc.  | 213291 | 9640753 |
| Cboe Global Markets, Inc.  | 105105 | 24081658 |
| Charles Schwab Corp. *(b)* | 1699392 | 150124289 |
| CME Group, Inc.  | 362173 | 104667997 |
| Coinbase Global, Inc., Class A \* | 210614 | 51941625 |
| Corebridge Financial, Inc.  | 261043 | 8512612 |
| Corpay, Inc. \* | 70079 | 22783384 |
| Equitable Holdings, Inc.  | 313475 | 16573423 |
| FactSet Research Systems, Inc.  | 38158 | 17486285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services, Inc. <br>| 531913 | 42345594 |
| Fiserv, Inc. \* | 570761 | 92914183 |
| Franklin Resources, Inc.  | 308373 | 6673192 |
| Global Payments, Inc.  | 248901 | 18819405 |
| Goldman Sachs Group, Inc.  | 313006 | 187944453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., <br> Class A <br>| 109281 | 22914040 |
| Intercontinental Exchange, Inc.  | 576690 | 103688862 |
| Invesco Ltd.  | 443450 | 6412287 |
| Jack Henry & Associates, Inc.  | 73269 | 13274145 |
| Jefferies Financial Group, Inc.  | 164295 | 7984737 |
| KKR & Co., Inc.  | 677604 | 82301782 |
| LPL Financial Holdings, Inc.  | 79688 | 30852006 |
| MarketAxess Holdings, Inc.  | 38416 | 8313607 |
| Mastercard, Inc., Class A  | 817236 | 478573402 |
| Moody's Corp.  | 155105 | 74344929 |
| Morgan Stanley  | 1240949 | 158878700 |
| Morningstar, Inc.  | 26790 | 8262572 |
| MSCI, Inc.  | 77865 | 43917417 |
| Nasdaq, Inc.  | 414423 | 34620897 |

---

**34**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Northern Trust Corp.  | 197825 | 21115841 |
| PayPal Holdings, Inc. \* | 993668 | 69834987 |
| Raymond James Financial, Inc.  | 185866 | 27318585 |
| Robinhood Markets, Inc., Class A \* | 715341 | 47319807 |
| S&P Global, Inc.  | 315984 | 162055554 |
| SEI Investments Co.  | 97908 | 8347636 |
| SoFi Technologies, Inc. \* | 1098980 | 14616434 |
| Starwood Property Trust, Inc.  | 316758 | 6255971 |
| State Street Corp.  | 290176 | 27938145 |
| Synchrony Financial  | 388555 | 22400196 |
| T. Rowe Price Group, Inc.  | 223069 | 20877028 |
| Toast, Inc., Class A \* | 414853 | 17498500 |
| Tradeweb Markets, Inc., Class A  | 116088 | 16768912 |
| Visa, Inc., Class A  | 1729136 | 631463176 |
| Voya Financial, Inc.  | 97572 | 6490489 |
| WEX, Inc. \* | 34323 | 4562556 |
|  |  | **4665918030** |
| **Food, Beverage & Tobacco 2.5%** | **Food, Beverage & Tobacco 2.5%** | **Food, Beverage & Tobacco 2.5%** |
| Altria Group, Inc.  | 1698782 | 102963177 |
| Archer-Daniels-Midland Co.  | 477536 | 23050663 |
| Brown-Forman Corp., Class B  | 237589 | 7921217 |
| Bunge Global SA  | 133608 | 10441465 |
| Campbell's Co.  | 200390 | 6821276 |
| Celsius Holdings, Inc. \* | 155953 | 5907500 |
| Coca-Cola Co.  | 3885463 | 280141882 |
| Coca-Cola Consolidated, Inc.  | 58899 | 6752770 |
| Conagra Brands, Inc.  | 477688 | 10934278 |
| Constellation Brands, Inc., Class A  | 155635 | 27748164 |
| Darling Ingredients, Inc. \* | 159923 | 4983201 |
| General Mills, Inc.  | 553427 | 30028949 |
| Hershey Co.  | 148159 | 23807670 |
| Hormel Foods Corp.  | 295552 | 9067535 |
| J.M. Smucker Co.  | 106409 | 11982718 |
| Kellanova  | 269192 | 22243335 |
| Keurig Dr. Pepper, Inc.  | 1361785 | 45851301 |
| Kraft Heinz Co.  | 874325 | 23370707 |
| Lamb Weston Holdings, Inc.  | 143847 | 8023786 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. - Non Voting <br> Shares <br>| 253504 | 18437346 |
| Molson Coors Beverage Co., Class B  | 173398 | 9292399 |
| Mondelez International, Inc., Class A  | 1298483 | 87634618 |
| Monster Beverage Corp. \* | 704581 | 45057955 |
| PepsiCo, Inc.  | 1376976 | 181003495 |
| Philip Morris International, Inc.  | 1559845 | 281692409 |
| Pilgrim's Pride Corp.  | 41453 | 2037829 |
| Post Holdings, Inc. \* | 46616 | 5155263 |
| Primo Brands Corp.  | 254549 | 8417935 |
| Tyson Foods, Inc., Class A  | 286919 | 16113371 |
|  |  | **1316884214** |
| **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** |
| Abbott Laboratories  | 1740806 | 232536866 |
| Align Technology, Inc. \* | 70048 | 12674485 |
| Baxter International, Inc.  | 512086 | 15618623 |
| Becton Dickinson & Co.  | 288126 | 49727666 |
| Boston Scientific Corp. \* | 1478822 | 155660804 |
| Cardinal Health, Inc.  | 242793 | 37496951 |
| Cencora, Inc.  | 173326 | 50479464 |
| Centene Corp. \* | 497326 | 28069079 |
| Chemed Corp.  | 14933 | 8584086 |
| Cigna Group  | 274848 | 87027871 |
| Cooper Cos., Inc. \* | 200566 | 13694646 |
| CVS Health Corp.  | 1267106 | 81145468 |
| DaVita, Inc. \* | 43415 | 5915728 |
| Dexcom, Inc. \* | 393258 | 33741536 |
| Edwards Lifesciences Corp. \* | 592038 | 46309212 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Elevance Health, Inc.  | 232672 | 89308821 |
| Encompass Health Corp.  | 102174 | 12352837 |
| GE HealthCare Technologies, Inc.  | 460693 | 32497284 |
| HCA Healthcare, Inc.  | 179538 | 68473998 |
| Henry Schein, Inc. \* | 124676 | 8726073 |
| Hologic, Inc. \* | 225514 | 14020205 |
| Humana, Inc.  | 120955 | 28198239 |
| IDEXX Laboratories, Inc. \* | 82013 | 42102194 |
| Insulet Corp. \* | 70209 | 22820031 |
| Intuitive Surgical, Inc. \* | 357743 | 197595769 |
| Labcorp Holdings, Inc.  | 83535 | 20797709 |
| Masimo Corp. \* | 44045 | 7157313 |
| McKesson Corp.  | 125928 | 90606455 |
| Medtronic PLC  | 1286640 | 106765387 |
| Molina Healthcare, Inc. \* | 55581 | 16954428 |
| Penumbra, Inc. \* | 38688 | 10328535 |
| Quest Diagnostics, Inc.  | 111211 | 19277315 |
| ResMed, Inc.  | 147209 | 36035291 |
| Solventum Corp. \* | 139173 | 10172155 |
| STERIS PLC  | 98931 | 24258871 |
| Stryker Corp.  | 344347 | 131760936 |
| Teleflex, Inc.  | 47128 | 5762341 |
| Tenet Healthcare Corp. \* | 94629 | 15970536 |
| UnitedHealth Group, Inc.  | 923684 | 278869436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br> Class B <br>| 58762 | 11185347 |
| Veeva Systems, Inc., Class A \* | 149671 | 41862979 |
| Zimmer Biomet Holdings, Inc.  | 198989 | 18340816 |
|  |  | **2220883786** |
| **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** |
| Church & Dwight Co., Inc.  | 246745 | 24257501 |
| Clorox Co.  | 123572 | 16296675 |
| Colgate-Palmolive Co.  | 813676 | 75623047 |
| Coty, Inc., Class A \* | 361944 | 1784384 |
| Estee Lauder Cos., Inc., Class A  | 235618 | 15772269 |
| Kenvue, Inc.  | 1918885 | 45803785 |
| Kimberly-Clark Corp.  | 331739 | 47690799 |
| Procter & Gamble Co.  | 2353390 | 399817427 |
| Reynolds Consumer Products, Inc.  | 53272 | 1176246 |
|  |  | **628222133** |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| Aflac, Inc.  | 495976 | 51353355 |
| Allstate Corp.  | 266030 | 55831716 |
| American Financial Group, Inc.  | 73201 | 9075460 |
| American International Group, Inc.  | 594505 | 50318903 |
| Aon PLC, Class A  | 216742 | 80645363 |
| Arch Capital Group Ltd.  | 376230 | 35756899 |
| Arthur J Gallagher & Co.  | 255476 | 88762582 |
| Assurant, Inc.  | 51319 | 10416731 |
| Brown & Brown, Inc.  | 238658 | 26944488 |
| Chubb Ltd.  | 374053 | 111168552 |
| Cincinnati Financial Corp.  | 157063 | 23688242 |
| CNA Financial Corp.  | 20051 | 960644 |
| Erie Indemnity Co., Class A  | 25281 | 9063491 |
| Everest Group Ltd.  | 43069 | 14953126 |
| Fidelity National Financial, Inc.  | 261684 | 14332433 |
| Globe Life, Inc.  | 84530 | 10301671 |
| Hartford Insurance Group, Inc.  | 288425 | 37449102 |
| Kinsale Capital Group, Inc.  | 22380 | 10563136 |
| Loews Corp.  | 176734 | 15780579 |
| Markel Group, Inc. \* | 12883 | 25014921 |
| Marsh & McLennan Cos., Inc.  | 492488 | 115074746 |
| MetLife, Inc.  | 580716 | 45632663 |
| Old Republic International Corp.  | 236969 | 8957428 |
| Principal Financial Group, Inc.  | 210991 | 16434089 |

---

**35**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Progressive Corp.  | 587602 | 167425438 |
| Prudential Financial, Inc.  | 355089 | 36890196 |
| Reinsurance Group of America, Inc.  | 66549 | 13528746 |
| RenaissanceRe Holdings Ltd.  | 49331 | 12304138 |
| Travelers Cos., Inc.  | 227213 | 62642624 |
| Unum Group  | 164418 | 13434595 |
| W.R. Berkley Corp.  | 301342 | 22507234 |
| Willis Towers Watson PLC  | 99944 | 31637273 |
|  |  | **1228850564** |
| **Materials 2.1%** | **Materials 2.1%** | **Materials 2.1%** |
| Air Products & Chemicals, Inc.  | 223536 | 62346426 |
| Albemarle Corp.  | 119039 | 6637615 |
| Alcoa Corp.  | 255189 | 6831410 |
| Amcor PLC  | 2301625 | 20967804 |
| AptarGroup, Inc.  | 67110 | 10630224 |
| Avery Dennison Corp.  | 80325 | 14276162 |
| Axalta Coating Systems Ltd. \* | 220558 | 6793186 |
| Ball Corp.  | 297209 | 15924458 |
| Celanese Corp.  | 108295 | 5721225 |
| CF Industries Holdings, Inc.  | 175024 | 15876427 |
| Cleveland-Cliffs, Inc. \* | 477880 | 2786040 |
| Corteva, Inc.  | 687548 | 48678398 |
| CRH PLC  | 681585 | 62133289 |
| Crown Holdings, Inc.  | 117379 | 11561832 |
| Dow, Inc.  | 706275 | 19592068 |
| DuPont de Nemours, Inc.  | 421086 | 28128545 |
| Eastman Chemical Co.  | 115065 | 9017644 |
| Ecolab, Inc.  | 252851 | 67162283 |
| FMC Corp.  | 123246 | 4998858 |
| Freeport-McMoRan, Inc.  | 1438675 | 55360214 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br> Inc. <br>| 257154 | 19687710 |
| International Paper Co.  | 529652 | 25322662 |
| Linde PLC  | 477525 | 223281139 |
| LyondellBasell Industries NV, Class A  | 260130 | 14694744 |
| Martin Marietta Materials, Inc.  | 61169 | 33493086 |
| Mosaic Co.  | 319736 | 11555259 |
| Newmont Corp.  | 1141956 | 60203920 |
| Nucor Corp.  | 235666 | 25772434 |
| Packaging Corp. of America  | 89540 | 17296442 |
| PPG Industries, Inc.  | 233310 | 25850748 |
| Reliance, Inc.  | 54527 | 15966596 |
| Royal Gold, Inc.  | 66136 | 11780144 |
| RPM International, Inc.  | 129929 | 14791117 |
| Sherwin-Williams Co.  | 232292 | 83348693 |
| Smurfit WestRock PLC  | 497550 | 21558841 |
| Steel Dynamics, Inc.  | 142929 | 17590272 |
| Vulcan Materials Co.  | 132316 | 35073002 |
| Westlake Corp.  | 33988 | 2414168 |
|  |  | **1135105085** |
| **Media & Entertainment 8.4%** | **Media & Entertainment 8.4%** | **Media & Entertainment 8.4%** |
| Alphabet, Inc., Class A  | 5852433 | 1005096843 |
| Alphabet, Inc., Class C  | 4743165 | 819856070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., <br> Class A \*<br>| 97210 | 38521407 |
| Comcast Corp., Class A  | 3782050 | 130745468 |
| Electronic Arts, Inc.  | 238578 | 34302745 |
| Fox Corp., Class A  | 340948 | 18731683 |
| Interpublic Group of Cos., Inc.  | 375500 | 8996980 |
| Liberty Broadband Corp., Class C \* | 128056 | 12011653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 244321 | 23584306 |
| Live Nation Entertainment, Inc. \* | 156903 | 21525523 |
| Match Group, Inc.  | 255070 | 7636796 |
| Meta Platforms, Inc., Class A  | 2197236 | 1422688338 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Netflix, Inc. \* | 429286 | 518246938 |
| News Corp., Class A  | 510788 | 14424653 |
| Omnicom Group, Inc.  | 199068 | 14619554 |
| Paramount Global, Class B *(a)* | 613166 | 7419309 |
| Pinterest, Inc., Class A \* | 595295 | 18519627 |
| ROBLOX Corp., Class A \* | 546026 | 47493341 |
| Roku, Inc. \* | 127969 | 9272634 |
| Sirius XM Holdings, Inc.  | 219381 | 4756180 |
| Snap, Inc., Class A \* | 1077410 | 8888632 |
| Take-Two Interactive Software, Inc. \* | 170012 | 38470315 |
| TKO Group Holdings, Inc.  | 67286 | 10618404 |
| Trade Desk, Inc., Class A \* | 452098 | 34006812 |
| Walt Disney Co.  | 1813529 | 205001318 |
| Warner Bros Discovery, Inc. \* | 2235160 | 22284545 |
|  |  | **4497720074** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** |
| AbbVie, Inc.  | 1770665 | 329538463 |
| Agilent Technologies, Inc.  | 285328 | 31933910 |
| Alnylam Pharmaceuticals, Inc. \* | 129841 | 39544375 |
| Amgen, Inc.  | 539463 | 155462447 |
| Avantor, Inc. \* | 679745 | 8775508 |
| Biogen, Inc. \* | 146826 | 19056546 |
| BioMarin Pharmaceutical, Inc. \* | 190967 | 11089454 |
| Bio-Rad Laboratories, Inc., Class A \* | 19559 | 4438524 |
| Bio-Techne Corp.  | 159777 | 7733207 |
| Bristol-Myers Squibb Co.  | 2038769 | 98431767 |
| Bruker Corp.  | 113700 | 4172790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc. \*<br>| 50474 | 6845789 |
| Danaher Corp.  | 641668 | 121852753 |
| Elanco Animal Health, Inc. \* | 487315 | 6549514 |
| Eli Lilly & Co.  | 790567 | 583177559 |
| Exact Sciences Corp. \* | 185554 | 10442979 |
| Gilead Sciences, Inc.  | 1250575 | 137663296 |
| Illumina, Inc. \* | 157941 | 12989068 |
| Incyte Corp. \* | 162469 | 10570233 |
| Insmed, Inc. \* | 179764 | 12534944 |
| IQVIA Holdings, Inc. \* | 167719 | 23536007 |
| Jazz Pharmaceuticals PLC \* | 61082 | 6601132 |
| Johnson & Johnson  | 2416313 | 375035941 |
| Medpace Holdings, Inc. \* | 24757 | 7300839 |
| Merck & Co., Inc.  | 2536760 | 194924638 |
| Mettler-Toledo International, Inc. \* | 21036 | 24307519 |
| Moderna, Inc. \* | 336668 | 8941902 |
| Natera, Inc. \* | 132443 | 20890234 |
| Neurocrine Biosciences, Inc. \* | 100738 | 12392789 |
| Pfizer, Inc.  | 5684557 | 133530244 |
| Regeneron Pharmaceuticals, Inc.  | 105598 | 51772587 |
| Repligen Corp. \* | 51744 | 6109414 |
| Revvity, Inc.  | 121583 | 10993535 |
| Roivant Sciences Ltd. \* | 433334 | 4762341 |
| Royalty Pharma PLC, Class A  | 374902 | 12326778 |
| Sarepta Therapeutics, Inc. \* | 95350 | 3585160 |
| Thermo Fisher Scientific, Inc.  | 384118 | 154730413 |
| United Therapeutics Corp. \* | 44995 | 14346656 |
| Vertex Pharmaceuticals, Inc. \* | 257583 | 113864565 |
| Viatris, Inc.  | 1202608 | 10570924 |
| Waters Corp. \* | 59393 | 20742411 |
| West Pharmaceutical Services, Inc.  | 73053 | 15403225 |
| Zoetis, Inc.  | 449270 | 75760400 |
|  |  | **2915232780** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 296589 | 37079557 |
| CoStar Group, Inc. \* | 422039 | 31045189 |

---

**36**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Jones Lang LaSalle, Inc. \* | 47442 | 10565333 |
| Zillow Group, Inc., Class C \* | 213674 | 14339662 |
|  |  | **93029741** |
| **Semiconductors & Semiconductor Equipment 10.9%** | **Semiconductors & Semiconductor Equipment 10.9%** | **Semiconductors & Semiconductor Equipment 10.9%** |
| Advanced Micro Devices, Inc. \* | 1625819 | 180026938 |
| Analog Devices, Inc.  | 497727 | 106503624 |
| Applied Materials, Inc.  | 815272 | 127793886 |
| Astera Labs, Inc. \* | 22228 | 2016524 |
| Broadcom, Inc.  | 4702975 | 1138449158 |
| Enphase Energy, Inc. \* | 132313 | 5476435 |
| Entegris, Inc.  | 149810 | 10297939 |
| First Solar, Inc. \* | 107820 | 17044186 |
| Intel Corp.  | 4349759 | 85037789 |
| KLA Corp.  | 133493 | 101038182 |
| Lam Research Corp.  | 1287929 | 104051784 |
| Lattice Semiconductor Corp. \* | 139323 | 6261176 |
| Marvell Technology, Inc.  | 866921 | 52179975 |
| Microchip Technology, Inc.  | 539329 | 31302655 |
| Micron Technology, Inc.  | 1118666 | 105669190 |
| Monolithic Power Systems, Inc.  | 47988 | 31763257 |
| NVIDIA Corp.  | 24571529 | 3320350714 |
| NXP Semiconductors NV  | 255071 | 48751720 |
| ON Semiconductor Corp. \* | 421288 | 17702522 |
| Onto Innovation, Inc. \* | 49415 | 4543215 |
| Qorvo, Inc. \* | 94154 | 7157587 |
| QUALCOMM, Inc.  | 1109581 | 161111161 |
| Skyworks Solutions, Inc.  | 161926 | 11177752 |
| Teradyne, Inc.  | 162852 | 12800167 |
| Texas Instruments, Inc.  | 912907 | 166925045 |
| Universal Display Corp.  | 44043 | 6313564 |
|  |  | **5861746145** |
| **Software & Services 12.7%** | **Software & Services 12.7%** | **Software & Services 12.7%** |
| Accenture PLC, Class A  | 627737 | 198879636 |
| Adobe, Inc. \* | 437069 | 181422971 |
| Akamai Technologies, Inc. \* | 151650 | 11514785 |
| ANSYS, Inc. \* | 87864 | 29067169 |
| AppLovin Corp., Class A \* | 223158 | 87701094 |
| Atlassian Corp., Class A \* | 164506 | 34156381 |
| Autodesk, Inc. \* | 215761 | 63891147 |
| Bentley Systems, Inc., Class B  | 153600 | 7331328 |
| Cadence Design Systems, Inc. \* | 275076 | 78966067 |
| Cloudflare, Inc., Class A \* | 309034 | 51265650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br> Corp., Class A <br>| 497190 | 40267418 |
| Crowdstrike Holdings, Inc., Class A \* | 247099 | 116475056 |
| Datadog, Inc., Class A \* | 314858 | 37115461 |
| Docusign, Inc. \* | 203805 | 18059161 |
| Dynatrace, Inc. \* | 300393 | 16224226 |
| Elastic NV \* | 86688 | 7010459 |
| EPAM Systems, Inc. \* | 56980 | 9942440 |
| Fair Isaac Corp. \* | 24558 | 42393984 |
| Fortinet, Inc. \* | 638501 | 64986632 |
| Gartner, Inc. \* | 76874 | 33549351 |
| Gen Digital, Inc.  | 545702 | 15541593 |
| GoDaddy, Inc., Class A \* | 141867 | 25841074 |
| Guidewire Software, Inc. \* | 83710 | 17999324 |
| HubSpot, Inc. \* | 52257 | 30826404 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines <br> Corp. <br>| 928179 | 240454052 |
| Intuit, Inc.  | 280742 | 211530675 |
| Manhattan Associates, Inc. \* | 61447 | 11599965 |
| Microsoft Corp.  | 7458739 | 3433705086 |
| MicroStrategy, Inc., Class A \* | 239157 | 88263282 |
| MongoDB, Inc. \* | 74727 | 14110699 |
| Nutanix, Inc., Class A \* | 249683 | 19148189 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Okta, Inc. \* | 164559 | 16977552 |
| Oracle Corp.  | 1628210 | 269517601 |
| Palantir Technologies, Inc., Class A \* | 2055526 | 270877216 |
| Palo Alto Networks, Inc. \* | 664401 | 127844041 |
| Procore Technologies, Inc. \* | 106370 | 7144873 |
| PTC, Inc. \* | 120003 | 20198905 |
| Roper Technologies, Inc.  | 107632 | 61379301 |
| SailPoint, Inc. \* | 62716 | 1105056 |
| Salesforce, Inc.  | 959968 | 254746708 |
| ServiceNow, Inc. \* | 206633 | 208924560 |
| Snowflake, Inc., Class A \* | 331634 | 68207165 |
| Synopsys, Inc. \* | 155058 | 71943811 |
| Twilio, Inc., Class A \* | 152994 | 18007394 |
| Tyler Technologies, Inc. \* | 43073 | 24852690 |
| UiPath, Inc., Class A \* | 423814 | 5640964 |
| Unity Software, Inc. \* | 298455 | 7783706 |
| VeriSign, Inc.  | 81868 | 22306574 |
| Workday, Inc., Class A \* | 214574 | 53152126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., <br> Class A \*<br>| 263287 | 21392069 |
| Zscaler, Inc. \* | 95906 | 26441284 |
|  |  | **6797684355** |
| **Technology Hardware & Equipment 7.5%** | **Technology Hardware & Equipment 7.5%** | **Technology Hardware & Equipment 7.5%** |
| Amphenol Corp., Class A  | 1215690 | 109327002 |
| Apple, Inc.  | 15072123 | 3027235905 |
| Arista Networks, Inc. \* | 1037156 | 89859196 |
| Arrow Electronics, Inc. \* | 52128 | 6170913 |
| CDW Corp.  | 133655 | 24106016 |
| Ciena Corp. \* | 143555 | 11493013 |
| Cisco Systems, Inc.  | 3997708 | 252015512 |
| Cognex Corp.  | 170487 | 5109495 |
| Coherent Corp. \* | 154003 | 11647247 |
| Corning, Inc.  | 773350 | 38350426 |
| Dell Technologies, Inc., Class C  | 312718 | 34796132 |
| F5, Inc. \* | 57963 | 16541481 |
| Flex Ltd. \* | 386598 | 16353095 |
| Hewlett Packard Enterprise Co.  | 1319333 | 22798074 |
| HP, Inc.  | 942022 | 23456348 |
| Jabil, Inc.  | 109754 | 18439770 |
| Juniper Networks, Inc.  | 333637 | 11987577 |
| Keysight Technologies, Inc. \* | 172937 | 27158026 |
| Motorola Solutions, Inc.  | 167668 | 69645934 |
| NetApp, Inc.  | 204007 | 20229334 |
| Pure Storage, Inc., Class A \* | 311102 | 16671956 |
| Seagate Technology Holdings PLC  | 212278 | 25036067 |
| Super Micro Computer, Inc. \* | 502328 | 20103167 |
| TD SYNNEX Corp.  | 75370 | 9145396 |
| TE Connectivity PLC  | 299110 | 47878538 |
| Teledyne Technologies, Inc. \* | 46890 | 23391545 |
| Trimble, Inc. \* | 246529 | 17570122 |
| Ubiquiti, Inc.  | 4409 | 1742834 |
| Western Digital Corp. \* | 348766 | 17978887 |
| Zebra Technologies Corp., Class A \* | 51435 | 14904320 |
|  |  | **4031143328** |
| **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** |
| AT&T, Inc.  | 7198855 | 200128169 |
| GCI Liberty, Inc. \**(c)* | 75055 | 0 |
| Liberty Global Ltd., Class C \* | 321491 | 3176331 |
| T-Mobile U.S., Inc.  | 480960 | 116488512 |
| Verizon Communications, Inc.  | 4221801 | 185590372 |
|  |  | **505383384** |

---

**37**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| American Airlines Group, Inc. \* | 656293 | 7488303 |
| CH Robinson Worldwide, Inc.  | 118017 | 11326092 |
| CSX Corp.  | 1933421 | 61076769 |
| Delta Air Lines, Inc.  | 644861 | 31204824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington, Inc. <br>| 140595 | 15849274 |
| FedEx Corp.  | 221961 | 48409694 |
| JB Hunt Transport Services, Inc.  | 79000 | 10969150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br> Holdings, Inc. <br>| 165090 | 7316789 |
| Norfolk Southern Corp.  | 227387 | 56191875 |
| Old Dominion Freight Line, Inc.  | 188295 | 30159210 |
| Saia, Inc. \* | 26854 | 7100466 |
| Southwest Airlines Co.  | 598578 | 19980534 |
| Uber Technologies, Inc. \* | 2095598 | 176365528 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non Voting <br> Shares <br>| 112848 | 6436850 |
| Union Pacific Corp.  | 606302 | 134392901 |
| United Airlines Holdings, Inc. \* | 330103 | 26225033 |
| United Parcel Service, Inc., Class B  | 733923 | 71586849 |
| XPO, Inc. \* | 118344 | 13471098 |
|  |  | **735551239** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 710581 | 7169762 |
| Alliant Energy Corp.  | 255656 | 15909473 |
| Ameren Corp.  | 270995 | 26253996 |
| American Electric Power Co., Inc.  | 535321 | 55400370 |
| American Water Works Co., Inc.  | 195851 | 28000817 |
| Atmos Energy Corp.  | 159466 | 24666201 |
| CenterPoint Energy, Inc.  | 652036 | 24281821 |
| CMS Energy Corp.  | 300975 | 21137474 |
| Consolidated Edison, Inc.  | 347415 | 36301393 |
| Constellation Energy Corp.  | 314332 | 96232742 |
| Dominion Energy, Inc.  | 843421 | 47796668 |
| DTE Energy Co.  | 208226 | 28454083 |
| Duke Energy Corp.  | 778623 | 91659500 |
| Edison International  | 388331 | 21610620 |
| Entergy Corp.  | 428583 | 35692392 |
| Essential Utilities, Inc.  | 251303 | 9682705 |
| Evergy, Inc.  | 230621 | 15315541 |
| Eversource Energy  | 370102 | 23986311 |
| Exelon Corp.  | 1006587 | 44108642 |
| FirstEnergy Corp.  | 512964 | 21513710 |
| NextEra Energy, Inc.  | 2062985 | 145729260 |
| NiSource, Inc.  | 469930 | 18581032 |
| NRG Energy, Inc.  | 203908 | 31789257 |
| OGE Energy Corp.  | 201426 | 8957414 |
| PG&E Corp.  | 2202899 | 37184935 |
| Pinnacle West Capital Corp.  | 114758 | 10469372 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PPL Corp.  | 742762 | 25810980 |
| Public Service Enterprise Group, Inc.  | 499689 | 40489800 |
| Sempra  | 635987 | 49982218 |
| Southern Co.  | 1099170 | 98925300 |
| Vistra Corp.  | 341909 | 54900328 |
| WEC Energy Group, Inc.  | 317492 | 34111341 |
| Xcel Energy, Inc.  | 576009 | 40378231 |
|  |  | **1272483689** |
| **Total Common Stocks**<br> **(Cost $32,391,437,096)** | **Total Common Stocks**<br> **(Cost $32,391,437,096)** | **53602577318** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)*<br>| 25913600 | 25913600 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)(e)*<br>| 9188675 | 9188675 |
|  |  | **35102275** |
| **Total Short-Term Investments**<br> **(Cost $35,102,275)** | **Total Short-Term Investments**<br> **(Cost $35,102,275)** | **35102275** |
| **Total Investments in Securities**<br> **(Cost $32,426,539,371)** | **Total Investments in Securities**<br> **(Cost $32,426,539,371)** | **53637679593** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 246 | 72766800 | **3898629** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $8,729,418. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see notes to portfolio holdings for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

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

REIT — Real Estate Investment Trust

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

Below is a summary of the fund's transactions with affiliated issuers during the period ended May 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 5/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 5/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $85756490 | $33822577 | ($4626935)<br>| $1527536 | $33644621 | **$150124289** | 1699392 | $1261537 |

---

------

**38**

------

Schwab U.S. Large-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks <sup>1</sup> <br>| $53097193934 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $53097193934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services | 505383384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 505383384 |
| Short-Term Investments <sup>1</sup> <br>| 35102275 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35102275 |
| Futures Contracts <sup>2</sup> <br>| 3898629 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3898629 |
| **Total** | **$53641578222** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$53641578222** |

---

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

<sup>\*</sup> Level 3 amount shown includes securities determined to have no value at May 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

**39**

------

Schwab Strategic Trust

Schwab U.S. Large-Cap Growth ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS | **COMMON STOCKS** 99.9% OF NET ASSETS | **COMMON STOCKS** 99.9% OF NET ASSETS |
| **Automobiles & Components 3.7%** | **Automobiles & Components 3.7%** | **Automobiles & Components 3.7%** |
| Rivian Automotive, Inc., Class A \* | 1122996 | 16317132 |
| Tesla, Inc. \* | 4312977 | 1494274011 |
|  |  | **1510591143** |
| **Banks 0.1%** | **Banks 0.1%** | **Banks 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., <br> Class A <br>| 17601 | **32542137** |
| **Capital Goods 3.4%** | **Capital Goods 3.4%** | **Capital Goods 3.4%** |
| Advanced Drainage Systems, Inc.  | 110474 | 12147721 |
| Axon Enterprise, Inc. \* | 111292 | 83509065 |
| Builders FirstSource, Inc. \* | 175271 | 18873181 |
| Carlisle Cos., Inc.  | 67935 | 25827528 |
| Comfort Systems USA, Inc.  | 54379 | 26005669 |
| Core & Main, Inc., Class A \* | 290970 | 15948066 |
| EMCOR Group, Inc.  | 70731 | 33375130 |
| FTAI Aviation Ltd.  | 157361 | 18434841 |
| GE Vernova, Inc.  | 424667 | 200858998 |
| Generac Holdings, Inc. \* | 91746 | 11204939 |
| General Electric Co.  | 1655077 | 406999985 |
| HEICO Corp.  | 154014 | 46148755 |
| Lennox International, Inc.  | 48915 | 27610072 |
| Parker-Hannifin Corp.  | 198191 | 131737558 |
| TransDigm Group, Inc.  | 86573 | 127126390 |
| Trex Co., Inc. \* | 172990 | 9664951 |
| United Rentals, Inc.  | 101126 | 71635636 |
| Vertiv Holdings Co., Class A  | 585512 | 63194310 |
| WillScot Holdings Corp.  | 283646 | 7644260 |
| WW Grainger, Inc.  | 68591 | 74596828 |
|  |  | **1412543883** |
| **Commercial & Professional Services 0.5%** | **Commercial & Professional Services 0.5%** | **Commercial & Professional Services 0.5%** |
| CACI International, Inc., Class A \* | 34231 | 14650868 |
| Clean Harbors, Inc. \* | 77432 | 17560803 |
| Copart, Inc. \* | 1357512 | 69884718 |
| Dayforce, Inc. \* | 244700 | 14456876 |
| Equifax, Inc.  | 190211 | 50251844 |
| Parsons Corp. \* | 71516 | 4637098 |
| Paycom Software, Inc.  | 71633 | 18559394 |
| Paylocity Holding Corp. \* | 67289 | 12845470 |
|  |  | **202847071** |
| **Consumer Discretionary Distribution & Retail 6.8%** | **Consumer Discretionary Distribution & Retail 6.8%** | **Consumer Discretionary Distribution & Retail 6.8%** |
| Amazon.com, Inc. \* | 11896305 | 2438861488 |
| AutoZone, Inc. \* | 25804 | 96327364 |
| Carvana Co. \* | 182180 | 59602009 |
| Etsy, Inc. \* | 174525 | 9659958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., <br> Class A \*<br>| 164178 | 11769921 |
| Murphy USA, Inc.  | 28734 | 12263384 |
| O'Reilly Automotive, Inc. \* | 88688 | 121280840 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pool Corp.  | 57968 | 17424601 |
| Ulta Beauty, Inc. \* | 71130 | 33534950 |
|  |  | **2800724515** |
| **Consumer Durables & Apparel 0.3%** | **Consumer Durables & Apparel 0.3%** | **Consumer Durables & Apparel 0.3%** |
| Deckers Outdoor Corp. \* | 234654 | 24760690 |
| Lululemon Athletica, Inc. \* | 172298 | 54561608 |
| NVR, Inc. \* | 4646 | 33060611 |
| TopBuild Corp. \* | 45171 | 12778424 |
|  |  | **125161333** |
| **Consumer Services 2.3%** | **Consumer Services 2.3%** | **Consumer Services 2.3%** |
| Airbnb, Inc., Class A \* | 666708 | 86005332 |
| Booking Holdings, Inc.  | 50962 | 281255711 |
| Cava Group, Inc. \* | 127966 | 10399797 |
| Chipotle Mexican Grill, Inc. \* | 2088944 | 104614315 |
| Churchill Downs, Inc.  | 113059 | 10793743 |
| Domino's Pizza, Inc.  | 53895 | 25536529 |
| DoorDash, Inc., Class A \* | 522925 | 109108301 |
| DraftKings, Inc., Class A \* | 756719 | 27151078 |
| Flutter Entertainment PLC \* | 274063 | 69255720 |
| Hilton Worldwide Holdings, Inc.  | 370533 | 92055219 |
| Marriott International, Inc., Class A  | 352165 | 92911692 |
| Texas Roadhouse, Inc.  | 102667 | 20041625 |
| Wingstop, Inc.  | 45242 | 15459191 |
|  |  | **944588253** |
| **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** | **Consumer Staples Distribution & Retail 1.9%** |
| Casey's General Stores, Inc.  | 57614 | 25221105 |
| Costco Wholesale Corp.  | 684553 | 712058339 |
| Performance Food Group Co. \* | 240819 | 21567750 |
| Sprouts Farmers Market, Inc. \* | 153808 | 26587251 |
|  |  | **785434445** |
| **Energy 0.8%** | **Energy 0.8%** | **Energy 0.8%** |
| Baker Hughes Co.  | 1524337 | 56476686 |
| Cheniere Energy, Inc.  | 345638 | 81912750 |
| Hess Corp.  | 425417 | 56235873 |
| NOV, Inc.  | 586629 | 7039548 |
| Range Resources Corp.  | 371018 | 14113525 |
| Targa Resources Corp.  | 335620 | 53004467 |
| TechnipFMC PLC  | 653690 | 20362443 |
| Texas Pacific Land Corp.  | 29148 | 32471746 |
|  |  | **321617038** |
| **Equity Real Estate Investment Trusts (REITs) 0.4%** | **Equity Real Estate Investment Trusts (REITs) 0.4%** | **Equity Real Estate Investment Trusts (REITs) 0.4%** |
| Equinix, Inc.  | 149995 | 133318556 |
| SBA Communications Corp.  | 165589 | 38398433 |
|  |  | **171716989** |
| **Financial Services 7.3%** | **Financial Services 7.3%** | **Financial Services 7.3%** |
| Apollo Global Management, Inc.  | 687587 | 89860745 |
| Blackrock, Inc.  | 224181 | 219672720 |
| Block, Inc. \* | 866515 | 53507301 |
| Blue Owl Capital, Inc.  | 803749 | 15014031 |

---

**40**

------

Schwab U.S. Large-Cap Growth ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Coinbase Global, Inc., Class A \* | 324062 | 79920171 |
| Corpay, Inc. \* | 107120 | 34825783 |
| FactSet Research Systems, Inc.  | 58992 | 27033674 |
| Fiserv, Inc. \* | 876089 | 142618528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., <br> Class A <br>| 166445 | 34900188 |
| LPL Financial Holdings, Inc.  | 121958 | 47217259 |
| Mastercard, Inc., Class A  | 1255114 | 734994759 |
| Moody's Corp.  | 237995 | 114075763 |
| MSCI, Inc.  | 120210 | 67800844 |
| Robinhood Markets, Inc., Class A \* | 1104745 | 73078882 |
| S&P Global, Inc.  | 485718 | 249105334 |
| Toast, Inc., Class A \* | 643278 | 27133466 |
| Tradeweb Markets, Inc., Class A  | 181732 | 26251187 |
| Visa, Inc., Class A  | 2656622 | 970171788 |
|  |  | **3007182423** |
| **Food, Beverage & Tobacco 0.1%** | **Food, Beverage & Tobacco 0.1%** | **Food, Beverage & Tobacco 0.1%** |
| Celsius Holdings, Inc. \* | 242246 | 9176279 |
| Coca-Cola Consolidated, Inc.  | 90462 | 10371468 |
| Constellation Brands, Inc., Class A  | 239791 | 42752337 |
|  |  | **62300084** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Align Technology, Inc. \* | 107968 | 19535730 |
| Chemed Corp.  | 23000 | 13221320 |
| Dexcom, Inc. \* | 601795 | 51634011 |
| Edwards Lifesciences Corp. \* | 908142 | 71034867 |
| Elevance Health, Inc.  | 357118 | 137076173 |
| Humana, Inc.  | 185549 | 43257038 |
| IDEXX Laboratories, Inc. \* | 125708 | 64533459 |
| Insulet Corp. \* | 107464 | 34929024 |
| Intuitive Surgical, Inc. \* | 550753 | 304202912 |
| McKesson Corp.  | 193322 | 139097112 |
| Molina Healthcare, Inc. \* | 85211 | 25992764 |
| Penumbra, Inc. \* | 58761 | 15687424 |
| ResMed, Inc.  | 227257 | 55630241 |
| UnitedHealth Group, Inc.  | 1418303 | 428199859 |
| Veeva Systems, Inc., Class A \* | 229918 | 64308065 |
|  |  | **1468339999** |
| **Insurance 0.9%** | **Insurance 0.9%** | **Insurance 0.9%** |
| Everest Group Ltd.  | 65829 | 22855170 |
| Kinsale Capital Group, Inc.  | 33800 | 15953262 |
| Markel Group, Inc. \* | 19458 | 37781599 |
| Progressive Corp.  | 903823 | 257526287 |
| RenaissanceRe Holdings Ltd.  | 75238 | 18765862 |
|  |  | **352882180** |
| **Materials 1.6%** | **Materials 1.6%** | **Materials 1.6%** |
| Cleveland-Cliffs, Inc. \* | 744308 | 4339316 |
| Corteva, Inc.  | 1055748 | 74746958 |
| Linde PLC  | 733891 | 343152754 |
| Martin Marietta Materials, Inc.  | 93901 | 51415493 |
| Sherwin-Williams Co.  | 357871 | 128407693 |
| Vulcan Materials Co.  | 203238 | 53872297 |
|  |  | **655934511** |
| **Media & Entertainment 12.8%** | **Media & Entertainment 12.8%** | **Media & Entertainment 12.8%** |
| Alphabet, Inc., Class A  | 7350083 | 1262303254 |
| Alphabet, Inc., Class C  | 5954410 | 1029219769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., <br> Class A \*<br>| 148853 | 58985978 |
| Liberty Broadband Corp., Class C \* | 200222 | 18780824 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 377992 | 36487568 |
| Live Nation Entertainment, Inc. \* | 245443 | 33672325 |
| Meta Platforms, Inc., Class A  | 2763550 | 1789370990 |
| Netflix, Inc. \* | 659950 | 796711439 |
| Pinterest, Inc., Class A \* | 925365 | 28788105 |
| ROBLOX Corp., Class A \* | 848188 | 73775392 |
| Roku, Inc. \* | 201857 | 14626558 |
| Take-Two Interactive Software, Inc. \* | 261030 | 59065868 |
| TKO Group Holdings, Inc.  | 104848 | 16546063 |
| Trade Desk, Inc., Class A \* | 697773 | 52486485 |
| Warner Bros Discovery, Inc. \* | 3461921 | 34515352 |
|  |  | **5305335970** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.1%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.1%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.1%** |
| Alnylam Pharmaceuticals, Inc. \* | 198793 | 60544396 |
| Avantor, Inc. \* | 1049346 | 13547057 |
| BioMarin Pharmaceutical, Inc. \* | 291782 | 16943781 |
| Bio-Rad Laboratories, Inc., Class A \* | 28782 | 6531499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc. \*<br>| 77341 | 10489760 |
| Danaher Corp.  | 986168 | 187273303 |
| Eli Lilly & Co.  | 1214636 | 896000538 |
| Exact Sciences Corp. \* | 284020 | 15984646 |
| Illumina, Inc. \* | 243916 | 20059652 |
| Insmed, Inc. \* | 275297 | 19196460 |
| IQVIA Holdings, Inc. \* | 256297 | 35966158 |
| Medpace Holdings, Inc. \* | 37876 | 11169632 |
| Mettler-Toledo International, Inc. \* | 32534 | 37593688 |
| Moderna, Inc. \* | 520957 | 13836618 |
| Natera, Inc. \* | 202849 | 31995373 |
| Neurocrine Biosciences, Inc. \* | 153679 | 18905591 |
| Regeneron Pharmaceuticals, Inc.  | 162891 | 79862199 |
| Repligen Corp. \* | 78832 | 9307694 |
| Revvity, Inc.  | 186956 | 16904561 |
| Roivant Sciences Ltd. \* | 650825 | 7152567 |
| Sarepta Therapeutics, Inc. \* | 145070 | 5454632 |
| Thermo Fisher Scientific, Inc.  | 589940 | 237639631 |
| Vertex Pharmaceuticals, Inc. \* | 396279 | 175175132 |
| Waters Corp. \* | 91416 | 31926124 |
| West Pharmaceutical Services, Inc.  | 110977 | 23399500 |
| Zoetis, Inc.  | 691277 | 116570040 |
|  |  | **2099430232** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CoStar Group, Inc. \* | 647750 | **47648490** |
| **Semiconductors & Semiconductor Equipment 16.2%** | **Semiconductors & Semiconductor Equipment 16.2%** | **Semiconductors & Semiconductor Equipment 16.2%** |
| Advanced Micro Devices, Inc. \* | 2500400 | 276869292 |
| Broadcom, Inc.  | 7223622 | 1748622178 |
| Enphase Energy, Inc. \* | 202945 | 8399894 |
| First Solar, Inc. \* | 165621 | 26181368 |
| KLA Corp.  | 205171 | 155289826 |
| Lam Research Corp.  | 1982667 | 160179667 |
| Marvell Technology, Inc.  | 1343633 | 80873270 |
| Monolithic Power Systems, Inc.  | 74111 | 49054071 |
| NVIDIA Corp.  | 30901473 | 4175716046 |
| Qorvo, Inc. \* | 145200 | 11038104 |
| Universal Display Corp.  | 67421 | 9664800 |
|  |  | **6701888516** |
| **Software & Services 20.5%** | **Software & Services 20.5%** | **Software & Services 20.5%** |
| Accenture PLC, Class A  | 965132 | 305773120 |
| Adobe, Inc. \* | 671864 | 278884028 |
| ANSYS, Inc. \* | 134603 | 44529364 |

---

**41**

------

Schwab U.S. Large-Cap Growth ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AppLovin Corp., Class A \* | 343010 | 134802930 |
| Atlassian Corp., Class A \* | 253012 | 52532882 |
| Autodesk, Inc. \* | 331402 | 98134760 |
| Cadence Design Systems, Inc. \* | 422676 | 121337599 |
| Cloudflare, Inc., Class A \* | 475594 | 78896289 |
| Crowdstrike Holdings, Inc., Class A \* | 379262 | 178772729 |
| Datadog, Inc., Class A \* | 485176 | 57192547 |
| Docusign, Inc. \* | 314084 | 27830983 |
| Dynatrace, Inc. \* | 463965 | 25058750 |
| Elastic NV \* | 134840 | 10904511 |
| EPAM Systems, Inc. \* | 89436 | 15605688 |
| Fair Isaac Corp. \* | 37777 | 65213680 |
| Fortinet, Inc. \* | 980044 | 99748878 |
| Gartner, Inc. \* | 118015 | 51504106 |
| GoDaddy, Inc., Class A \* | 217065 | 39538390 |
| HubSpot, Inc. \* | 80173 | 47294053 |
| Intuit, Inc.  | 431293 | 324966337 |
| Microsoft Corp.  | 9380368 | 4318346212 |
| MicroStrategy, Inc., Class A \* | 368165 | 135874975 |
| MongoDB, Inc. \* | 115201 | 21753405 |
| Okta, Inc. \* | 251336 | 25930335 |
| Palantir Technologies, Inc., Class A \* | 3159501 | 416359042 |
| Palo Alto Networks, Inc. \* | 1020473 | 196359415 |
| Procore Technologies, Inc. \* | 167126 | 11225853 |
| PTC, Inc. \* | 185386 | 31204172 |
| Roper Technologies, Inc.  | 165962 | 94643150 |
| SailPoint, Inc. \* | 93723 | 1651399 |
| Salesforce, Inc.  | 1474808 | 391369799 |
| ServiceNow, Inc. \* | 317783 | 321307213 |
| Snowflake, Inc., Class A \* | 508175 | 104516352 |
| Synopsys, Inc. \* | 237997 | 110425848 |
| Twilio, Inc., Class A \* | 236114 | 27790618 |
| Tyler Technologies, Inc. \* | 66062 | 38117113 |
| UiPath, Inc., Class A \* | 688410 | 9162737 |
| Unity Software, Inc. \* | 455761 | 11886247 |
| Workday, Inc., Class A \* | 329875 | 81713336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., <br> Class A \*<br>| 403521 | 32786081 |
| Zscaler, Inc. \* | 146061 | 40269018 |
|  |  | **8481213944** |
| **Technology Hardware & Equipment 9.9%** | **Technology Hardware & Equipment 9.9%** | **Technology Hardware & Equipment 9.9%** |
| Apple, Inc.  | 18954147 | 3806940425 |
| Arista Networks, Inc. \* | 1592261 | 137953493 |
| Coherent Corp. \* | 241735 | 18282418 |
| Dell Technologies, Inc., Class C  | 480670 | 53484151 |
| Pure Storage, Inc., Class A \* | 476606 | 25541315 |
| Super Micro Computer, Inc. \* | 774778 | 31006616 |
| Teledyne Technologies, Inc. \* | 71797 | 35816651 |
|  |  | **4109025069** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** |
| T-Mobile U.S., Inc.  | 739522 | **179112228** |
| **Transportation 0.8%** | **Transportation 0.8%** | **Transportation 0.8%** |
| JB Hunt Transport Services, Inc.  | 122258 | 16975523 |
| Old Dominion Freight Line, Inc.  | 288073 | 46140652 |
| Saia, Inc. \* | 40562 | 10724999 |
| Uber Technologies, Inc. \* | 3222060 | 271168570 |
|  |  | **345009744** |
| **Utilities 0.4%** | **Utilities 0.4%** | **Utilities 0.4%** |
| Constellation Energy Corp.  | 481588 | **147438166** |
| **Total Common Stocks**<br> **(Cost $24,425,850,921)** | **Total Common Stocks**<br> **(Cost $24,425,850,921)** | **41270508363** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(a)*<br>| 18709371 | **18709371** |
| **Total Short-Term Investments**<br> **(Cost $18,709,371)** | **Total Short-Term Investments**<br> **(Cost $18,709,371)** | **18709371** |
| **Total Investments in Securities**<br> **(Cost $24,444,560,292)** | **Total Investments in Securities**<br> **(Cost $24,444,560,292)** | **41289217734** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 Index, e-mini, <br> expires 06/20/25<br>| 76 | 32492660 | 274815 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 6 | 1774800 | 18377 |
|  |  |  | **293192** |

---

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

\* Non-income producing security. <br> *(a)* The rate shown is the annualized 7-day yield.

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

------

**42**

------

Schwab U.S. Large-Cap Growth ETF

**Portfolio Holdings** (Unaudited) continued

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $41270508363 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $41270508363 |
| Short-Term Investments<sup>1</sup> <br>| 18709371 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18709371 |
| Futures Contracts<sup>2</sup> <br>| 293192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 293192 |
| **Total** | **$41289510926** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$41289510926** |

---

&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.

**43**

------

Schwab Strategic Trust

Schwab U.S. Large-Cap Value ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS | **COMMON STOCKS** 99.7% OF NET ASSETS | **COMMON STOCKS** 99.7% OF NET ASSETS |
| **Automobiles & Components 0.5%** | **Automobiles & Components 0.5%** | **Automobiles & Components 0.5%** |
| Aptiv PLC \* | 116231 | 7765393 |
| Autoliv, Inc.  | 35914 | 3692678 |
| BorgWarner, Inc.  | 110227 | 3647412 |
| Ford Motor Co.  | 1967464 | 20422276 |
| General Motors Co.  | 502623 | 24935127 |
| Gentex Corp.  | 113825 | 2455205 |
| Lear Corp.  | 27422 | 2479497 |
| Lucid Group, Inc. \**(a)* | 591135 | 1318231 |
|  |  | **66715819** |
| **Banks 7.5%** | **Banks 7.5%** | **Banks 7.5%** |
| Bank of America Corp.  | 3347976 | 147746181 |
| BOK Financial Corp.  | 11144 | 1052217 |
| Citigroup, Inc.  | 949320 | 71502782 |
| Citizens Financial Group, Inc.  | 221183 | 8924734 |
| Comerica, Inc.  | 66637 | 3804306 |
| Commerce Bancshares, Inc.  | 62000 | 3906620 |
| Cullen/Frost Bankers, Inc.  | 32687 | 4150595 |
| East West Bancorp, Inc.  | 69872 | 6372326 |
| Fifth Third Bancorp  | 338197 | 12915744 |
| First Horizon Corp.  | 264049 | 5249294 |
| Huntington Bancshares, Inc.  | 736461 | 11510886 |
| JPMorgan Chase & Co.  | 1413780 | 373237920 |
| KeyCorp  | 505269 | 8013566 |
| M&T Bank Corp.  | 84047 | 15350344 |
| PNC Financial Services Group, Inc.  | 200233 | 34802498 |
| Regions Financial Corp.  | 460828 | 9880152 |
| Truist Financial Corp.  | 664627 | 26252767 |
| U.S. Bancorp  | 788990 | 34392074 |
| Webster Financial Corp.  | 86359 | 4445761 |
| Wells Fargo & Co.  | 1662959 | 124356074 |
| Western Alliance Bancorp  | 54957 | 3979436 |
| Zions Bancorp NA  | 74491 | 3527894 |
|  |  | **915374171** |
| **Capital Goods 10.6%** | **Capital Goods 10.6%** | **Capital Goods 10.6%** |
| 3M Co.  | 274392 | 40706053 |
| A.O. Smith Corp.  | 59547 | 3829468 |
| Acuity, Inc.  | 15643 | 4065459 |
| AECOM  | 66822 | 7340397 |
| AGCO Corp.  | 31121 | 3049236 |
| Allegion PLC  | 43859 | 6258679 |
| AMETEK, Inc.  | 116812 | 20878977 |
| API Group Corp. \* | 123524 | 5764865 |
| Boeing Co. \* | 379341 | 78644976 |
| Carrier Global Corp.  | 408661 | 29096663 |
| Caterpillar, Inc.  | 241735 | 84131032 |
| CNH Industrial NV  | 442501 | 5535688 |
| Cummins, Inc.  | 69596 | 22373722 |
| Curtiss-Wright Corp.  | 19111 | 8410942 |
| Deere & Co.  | 128026 | 64814443 |
| Donaldson Co., Inc.  | 60697 | 4221476 |
| Dover Corp.  | 69423 | 12339938 |
| Eaton Corp. PLC  | 199788 | 63972118 |
| Emerson Electric Co.  | 285231 | 34050877 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fastenal Co.  | 579288 | 23947766 |
| Ferguson Enterprises, Inc.  | 101094 | 18433480 |
| Fortive Corp.  | 172798 | 12128692 |
| Fortune Brands Innovations, Inc.  | 62480 | 3148992 |
| General Dynamics Corp.  | 128287 | 35726647 |
| Graco, Inc.  | 85305 | 7221921 |
| Honeywell International, Inc.  | 328842 | 74538616 |
| Howmet Aerospace, Inc.  | 204914 | 34812840 |
| Hubbell, Inc.  | 27153 | 10578266 |
| Huntington Ingalls Industries, Inc.  | 19745 | 4404320 |
| IDEX Corp.  | 38165 | 6904430 |
| Illinois Tool Works, Inc.  | 134967 | 33077712 |
| Ingersoll Rand, Inc.  | 203657 | 16626558 |
| ITT, Inc.  | 41173 | 6198183 |
| Johnson Controls International PLC  | 333917 | 33849166 |
| L3Harris Technologies, Inc.  | 95106 | 23238200 |
| Lincoln Electric Holdings, Inc.  | 28604 | 5537448 |
| Lockheed Martin Corp.  | 105893 | 51080665 |
| Masco Corp.  | 107210 | 6692048 |
| Middleby Corp. \* | 27159 | 3968745 |
| Nordson Corp.  | 27442 | 5817430 |
| Northrop Grumman Corp.  | 68868 | 33385140 |
| nVent Electric PLC  | 83102 | 5468112 |
| Otis Worldwide Corp.  | 200390 | 19107187 |
| Owens Corning  | 43428 | 5817181 |
| PACCAR, Inc.  | 264852 | 24856360 |
| Pentair PLC  | 83858 | 8317036 |
| Quanta Services, Inc.  | 74573 | 25545727 |
| Regal Rexnord Corp.  | 33450 | 4463568 |
| Rockwell Automation, Inc.  | 57259 | 18068077 |
| RTX Corp.  | 673685 | 91944529 |
| Sensata Technologies Holding PLC  | 76323 | 1988977 |
| Snap-on, Inc.  | 26463 | 8488007 |
| Standard Aero, Inc. \* | 66386 | 1947101 |
| Stanley Black & Decker, Inc.  | 77626 | 5079069 |
| Textron, Inc.  | 92573 | 6853179 |
| Toro Co.  | 50750 | 3845835 |
| Trane Technologies PLC  | 113457 | 48817143 |
| Watsco, Inc.  | 17598 | 7805945 |
| WESCO International, Inc.  | 22467 | 3771985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake <br> Technologies Corp. <br>| 86310 | 17462239 |
| Woodward, Inc.  | 30064 | 6503745 |
| Xylem, Inc.  | 122875 | 15487165 |
|  |  | **1282440441** |
| **Commercial & Professional Services 2.7%** | **Commercial & Professional Services 2.7%** | **Commercial & Professional Services 2.7%** |
| Amentum Holdings, Inc. \* | 3786 | 78229 |
| Automatic Data Processing, Inc.  | 205811 | 66997655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., <br> Class A <br>| 64171 | 6818169 |
| Broadridge Financial Solutions, Inc.  | 59150 | 14363394 |
| Cintas Corp.  | 173420 | 39279630 |
| Genpact Ltd.  | 81080 | 3490494 |
| Jacobs Solutions, Inc.  | 62008 | 7831610 |
| KBR, Inc.  | 67091 | 3501479 |
| Leidos Holdings, Inc.  | 66338 | 9852520 |
| Paychex, Inc.  | 162180 | 25609844 |
| RB Global, Inc.  | 93495 | 9845024 |
| Republic Services, Inc.  | 102734 | 26432431 |

---

**44**

------

Schwab U.S. Large-Cap Value ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Robert Half, Inc.  | 50251 | 2300993 |
| Rollins, Inc.  | 141752 | 8115302 |
| SS&C Technologies Holdings, Inc.  | 109163 | 8821462 |
| Tetra Tech, Inc.  | 134846 | 4711519 |
| TransUnion  | 98594 | 8442604 |
| Veralto Corp.  | 124960 | 12624709 |
| Verisk Analytics, Inc.  | 71454 | 22446560 |
| Waste Management, Inc.  | 184787 | 44528123 |
|  |  | **326091751** |
| **Consumer Discretionary Distribution & Retail 3.6%** | **Consumer Discretionary Distribution & Retail 3.6%** | **Consumer Discretionary Distribution & Retail 3.6%** |
| Bath & Body Works, Inc.  | 110161 | 3097727 |
| Best Buy Co., Inc.  | 98792 | 6547934 |
| Burlington Stores, Inc. \* | 31755 | 7248714 |
| CarMax, Inc. \* | 77955 | 5024979 |
| Dick's Sporting Goods, Inc.  | 29153 | 5228299 |
| eBay, Inc.  | 242155 | 17718481 |
| GameStop Corp., Class A \* | 206381 | 6150154 |
| Genuine Parts Co.  | 70229 | 8885373 |
| Home Depot, Inc.  | 502278 | 184983965 |
| Lithia Motors, Inc.  | 13565 | 4298884 |
| LKQ Corp.  | 132182 | 5349406 |
| Lowe's Cos., Inc.  | 285603 | 64469165 |
| Penske Automotive Group, Inc.  | 9529 | 1564471 |
| Ross Stores, Inc.  | 167031 | 23399373 |
| TJX Cos., Inc.  | 568417 | 72132117 |
| Tractor Supply Co.  | 269648 | 13050963 |
| Williams-Sonoma, Inc.  | 62215 | 10063899 |
|  |  | **439213904** |
| **Consumer Durables & Apparel 1.0%** | **Consumer Durables & Apparel 1.0%** | **Consumer Durables & Apparel 1.0%** |
| DR Horton, Inc.  | 143296 | 16917526 |
| Garmin Ltd.  | 77645 | 15759606 |
| Hasbro, Inc.  | 66094 | 4409131 |
| Lennar Corp., Class A  | 123283 | 13077861 |
| Mohawk Industries, Inc. \* | 26812 | 2697555 |
| NIKE, Inc., Class B  | 597122 | 36179622 |
| PulteGroup, Inc.  | 102465 | 10044644 |
| Somnigroup International, Inc.  | 104008 | 6766760 |
| Tapestry, Inc.  | 104701 | 8224263 |
| Toll Brothers, Inc.  | 50407 | 5254930 |
| VF Corp.  | 166730 | 2077456 |
|  |  | **121409354** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| ADT, Inc.  | 203311 | 1691548 |
| Aramark  | 134542 | 5448951 |
| Caesars Entertainment, Inc. \* | 106794 | 2870623 |
| Carnival Corp. \* | 530850 | 12326337 |
| Darden Restaurants, Inc.  | 59252 | 12692371 |
| Expedia Group, Inc.  | 62354 | 10397530 |
| Las Vegas Sands Corp.  | 174058 | 7164227 |
| Light & Wonder, Inc. \* | 44575 | 4017099 |
| McDonald's Corp.  | 362340 | 113720409 |
| MGM Resorts International \* | 113819 | 3602371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd. \*<br>| 221532 | 3910040 |
| Royal Caribbean Cruises Ltd.  | 125223 | 32178554 |
| Service Corp. International  | 72672 | 5668416 |
| Starbucks Corp.  | 574417 | 48222307 |
| Vail Resorts, Inc.  | 18918 | 3030096 |
| Wyndham Hotels & Resorts, Inc.  | 39076 | 3234711 |
| Wynn Resorts Ltd.  | 45373 | 4108072 |
| Yum! Brands, Inc.  | 140963 | 20290214 |
|  |  | **294573876** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** |
| Albertsons Cos., Inc., Class A  | 205841 | 4575845 |
| BJ's Wholesale Club Holdings, Inc. \* | 66874 | 7570806 |
| Dollar General Corp.  | 111043 | 10798932 |
| Dollar Tree, Inc. \* | 101947 | 9201736 |
| Kroger Co.  | 336342 | 22948615 |
| Sysco Corp.  | 247292 | 18052316 |
| Target Corp.  | 231434 | 21757110 |
| U.S. Foods Holding Corp. \* | 116753 | 9237497 |
| Walgreens Boots Alliance, Inc.  | 361663 | 4068709 |
| Walmart, Inc.  | 2193414 | 216533830 |
|  |  | **324745396** |
| **Energy 5.9%** | **Energy 5.9%** | **Energy 5.9%** |
| Antero Resources Corp. \* | 147462 | 5522452 |
| APA Corp.  | 186631 | 3174593 |
| Chevron Corp.  | 845053 | 115518745 |
| Chord Energy Corp.  | 30978 | 2788020 |
| ConocoPhillips  | 644808 | 55034363 |
| Coterra Energy, Inc.  | 372879 | 9064688 |
| Devon Energy Corp.  | 332849 | 10072011 |
| Diamondback Energy, Inc.  | 94540 | 12720357 |
| EOG Resources, Inc.  | 284398 | 30877091 |
| EQT Corp.  | 301840 | 16640439 |
| Expand Energy Corp.  | 106292 | 12343690 |
| Exxon Mobil Corp.  | 2200981 | 225160356 |
| Halliburton Co.  | 440439 | 8628200 |
| HF Sinclair Corp.  | 81724 | 2952688 |
| Kinder Morgan, Inc.  | 978447 | 27435654 |
| Marathon Petroleum Corp.  | 159608 | 25655390 |
| Occidental Petroleum Corp.  | 341851 | 13940684 |
| ONEOK, Inc.  | 313942 | 25379071 |
| Ovintiv, Inc.  | 130929 | 4689877 |
| Permian Resources Corp.  | 324479 | 4091680 |
| Phillips 66  | 208689 | 23682028 |
| Schlumberger NV  | 707536 | 23384065 |
| Valero Energy Corp.  | 159955 | 20629396 |
| Williams Cos., Inc.  | 616141 | 37282692 |
|  |  | **716668230** |
| **Equity Real Estate Investment Trusts (REITs) 4.3%** | **Equity Real Estate Investment Trusts (REITs) 4.3%** | **Equity Real Estate Investment Trusts (REITs) 4.3%** |
| Alexandria Real Estate Equities, Inc.  | 77564 | 5444217 |
| American Homes 4 Rent, Class A  | 160335 | 6068680 |
| American Tower Corp.  | 236310 | 50723941 |
| Americold Realty Trust, Inc.  | 131783 | 2183644 |
| AvalonBay Communities, Inc.  | 71918 | 14870485 |
| BXP, Inc.  | 73351 | 4938723 |
| Camden Property Trust  | 54170 | 6364433 |
| Crown Castle, Inc.  | 219586 | 22035455 |
| CubeSmart  | 115036 | 4918939 |
| Digital Realty Trust, Inc.  | 160140 | 27467213 |
| EastGroup Properties, Inc.  | 26177 | 4438310 |
| Equity LifeStyle Properties, Inc.  | 96994 | 6165909 |
| Equity Residential  | 173058 | 12138288 |
| Essex Property Trust, Inc.  | 32512 | 9230157 |
| Extra Space Storage, Inc.  | 107149 | 16195571 |
| Federal Realty Investment Trust  | 39075 | 3730881 |
| Gaming & Leisure Properties, Inc.  | 138246 | 6456088 |
| Healthcare Realty Trust, Inc.  | 178509 | 2588381 |
| Healthpeak Properties, Inc.  | 352238 | 6132464 |
| Host Hotels & Resorts, Inc.  | 355302 | 5503628 |
| Invitation Homes, Inc.  | 287387 | 9684942 |
| Iron Mountain, Inc.  | 148670 | 14675216 |
| Kimco Realty Corp.  | 344371 | 7321327 |
| Lamar Advertising Co., Class A  | 44719 | 5390428 |
| Lineage, Inc.  | 29944 | 1278309 |

---

**45**

------

Schwab U.S. Large-Cap Value ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities, Inc. <br>| 59163 | 9267884 |
| NNN REIT, Inc.  | 94277 | 3937008 |
| Omega Healthcare Investors, Inc.  | 142533 | 5273721 |
| Prologis, Inc.  | 468693 | 50900060 |
| Public Storage  | 79731 | 24589838 |
| Realty Income Corp.  | 442024 | 25027399 |
| Regency Centers Corp.  | 82456 | 5949200 |
| Rexford Industrial Realty, Inc.  | 115384 | 4066132 |
| Simon Property Group, Inc.  | 154919 | 25262641 |
| Sun Communities, Inc.  | 60670 | 7489105 |
| UDR, Inc.  | 152719 | 6327148 |
| Ventas, Inc.  | 221086 | 14211408 |
| VICI Properties, Inc.  | 532405 | 16882563 |
| Welltower, Inc.  | 308113 | 47535674 |
| Weyerhaeuser Co.  | 367658 | 9526019 |
| WP Carey, Inc.  | 110411 | 6929394 |
|  |  | **519120823** |
| **Financial Services 11.3%** | **Financial Services 11.3%** | **Financial Services 11.3%** |
| AGNC Investment Corp.  | 454350 | 4061889 |
| Ally Financial, Inc.  | 138484 | 4846940 |
| American Express Co.  | 280687 | 82536012 |
| Ameriprise Financial, Inc.  | 48681 | 24790313 |
| Annaly Capital Management, Inc.  | 292512 | 5543102 |
| ARES Management Corp., Class A  | 94450 | 15631475 |
| Bank of New York Mellon Corp.  | 362987 | 32164278 |
| Berkshire Hathaway, Inc., Class B \* | 926790 | 467065088 |
| Blackstone, Inc.  | 370069 | 51350775 |
| Capital One Financial Corp.  | 322220 | 60947913 |
| Carlyle Group, Inc.  | 107314 | 4850593 |
| Cboe Global Markets, Inc.  | 52887 | 12117469 |
| Charles Schwab Corp. *(b)* | 859149 | 75897223 |
| CME Group, Inc.  | 182250 | 52670250 |
| Corebridge Financial, Inc.  | 129599 | 4226223 |
| Equitable Holdings, Inc.  | 156143 | 8255280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services, Inc. <br>| 267595 | 21303238 |
| Franklin Resources, Inc.  | 155594 | 3367054 |
| Global Payments, Inc.  | 125456 | 9485728 |
| Goldman Sachs Group, Inc.  | 157792 | 94746206 |
| Intercontinental Exchange, Inc.  | 290585 | 52247183 |
| Invesco Ltd.  | 227078 | 3283548 |
| Jack Henry & Associates, Inc.  | 36777 | 6662889 |
| Jefferies Financial Group, Inc.  | 81901 | 3980389 |
| KKR & Co., Inc.  | 341141 | 41434986 |
| MarketAxess Holdings, Inc.  | 18989 | 4109410 |
| Morgan Stanley  | 625655 | 80102610 |
| Morningstar, Inc.  | 13738 | 4237074 |
| Nasdaq, Inc.  | 208985 | 17458607 |
| Northern Trust Corp.  | 99120 | 10580069 |
| PayPal Holdings, Inc. \* | 500269 | 35158905 |
| Raymond James Financial, Inc.  | 93326 | 13717056 |
| SEI Investments Co.  | 48867 | 4166400 |
| SoFi Technologies, Inc. \* | 555068 | 7382404 |
| Starwood Property Trust, Inc.  | 162928 | 3217828 |
| State Street Corp.  | 146030 | 14059768 |
| Synchrony Financial  | 196549 | 11331050 |
| T. Rowe Price Group, Inc.  | 112808 | 10557701 |
| Voya Financial, Inc.  | 48332 | 3215045 |
| WEX, Inc. \* | 17488 | 2324680 |
|  |  | **1365084651** |
| **Food, Beverage & Tobacco 5.3%** | **Food, Beverage & Tobacco 5.3%** | **Food, Beverage & Tobacco 5.3%** |
| Altria Group, Inc.  | 857053 | 51945982 |
| Archer-Daniels-Midland Co.  | 242693 | 11714791 |
| Brown-Forman Corp., Class B  | 119209 | 3974428 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bunge Global SA  | 67612 | 5283878 |
| Campbell's Co.  | 99212 | 3377176 |
| Coca-Cola Co.  | 1957677 | 141148512 |
| Conagra Brands, Inc.  | 241795 | 5534688 |
| Darling Ingredients, Inc. \* | 80002 | 2492862 |
| General Mills, Inc.  | 278685 | 15121448 |
| Hershey Co.  | 74683 | 12000811 |
| Hormel Foods Corp.  | 146564 | 4496584 |
| J.M. Smucker Co.  | 53982 | 6078913 |
| Kellanova  | 136068 | 11243299 |
| Keurig Dr. Pepper, Inc.  | 686294 | 23107519 |
| Kraft Heinz Co.  | 441580 | 11803433 |
| Lamb Weston Holdings, Inc.  | 71669 | 3997697 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. - Non Voting <br> Shares <br>| 127646 | 9283694 |
| Molson Coors Beverage Co., Class B  | 87117 | 4668600 |
| Mondelez International, Inc., Class A  | 654562 | 44176389 |
| Monster Beverage Corp. \* | 353767 | 22623400 |
| PepsiCo, Inc.  | 693482 | 91158209 |
| Philip Morris International, Inc.  | 786190 | 141978052 |
| Pilgrim's Pride Corp.  | 20262 | 996080 |
| Post Holdings, Inc. \* | 23124 | 2557283 |
| Primo Brands Corp.  | 128258 | 4241492 |
| Tyson Foods, Inc., Class A  | 145006 | 8143537 |
|  |  | **643148757** |
| **Health Care Equipment & Services 5.3%** | **Health Care Equipment & Services 5.3%** | **Health Care Equipment & Services 5.3%** |
| Abbott Laboratories  | 876999 | 117149526 |
| Baxter International, Inc.  | 257750 | 7861375 |
| Becton Dickinson & Co.  | 145194 | 25059032 |
| Boston Scientific Corp. \* | 745208 | 78440594 |
| Cardinal Health, Inc.  | 122107 | 18858205 |
| Cencora, Inc.  | 87310 | 25428164 |
| Centene Corp. \* | 250779 | 14153967 |
| Cigna Group  | 138490 | 43851474 |
| Cooper Cos., Inc. \* | 101170 | 6907888 |
| CVS Health Corp.  | 637101 | 40799948 |
| DaVita, Inc. \* | 22160 | 3019522 |
| Encompass Health Corp.  | 51180 | 6187662 |
| GE HealthCare Technologies, Inc.  | 231318 | 16317172 |
| HCA Healthcare, Inc.  | 90380 | 34470028 |
| Henry Schein, Inc. \* | 63417 | 4438556 |
| Hologic, Inc. \* | 112921 | 7020299 |
| Labcorp Holdings, Inc.  | 42185 | 10502799 |
| Masimo Corp. \* | 22525 | 3660312 |
| Medtronic PLC  | 648209 | 53788383 |
| Quest Diagnostics, Inc.  | 56154 | 9733734 |
| Solventum Corp. \* | 69546 | 5083117 |
| STERIS PLC  | 49633 | 12170508 |
| Stryker Corp.  | 173692 | 66461507 |
| Teleflex, Inc.  | 23707 | 2898655 |
| Tenet Healthcare Corp. \* | 47907 | 8085264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br> Class B <br>| 29674 | 5648446 |
| Zimmer Biomet Holdings, Inc.  | 100722 | 9283547 |
|  |  | **637279684** |
| **Household & Personal Products 2.6%** | **Household & Personal Products 2.6%** | **Household & Personal Products 2.6%** |
| Church & Dwight Co., Inc.  | 124417 | 12231435 |
| Clorox Co.  | 62297 | 8215728 |
| Colgate-Palmolive Co.  | 410226 | 38126404 |
| Coty, Inc., Class A \* | 184091 | 907569 |
| Estee Lauder Cos., Inc., Class A  | 118758 | 7949661 |
| Kenvue, Inc.  | 968755 | 23124182 |
| Kimberly-Clark Corp.  | 167945 | 24143773 |

---

**46**

------

Schwab U.S. Large-Cap Value ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Procter & Gamble Co.  | 1185607 | 201422773 |
| Reynolds Consumer Products, Inc.  | 27174 | 600002 |
|  |  | **316721527** |
| **Insurance 4.1%** | **Insurance 4.1%** | **Insurance 4.1%** |
| Aflac, Inc.  | 250496 | 25936356 |
| Allstate Corp.  | 134043 | 28131604 |
| American Financial Group, Inc.  | 36392 | 4511880 |
| American International Group, Inc.  | 299692 | 25365931 |
| Aon PLC, Class A  | 109299 | 40667972 |
| Arch Capital Group Ltd.  | 189422 | 18002667 |
| Arthur J Gallagher & Co.  | 128689 | 44711706 |
| Assurant, Inc.  | 25964 | 5270173 |
| Brown & Brown, Inc.  | 120055 | 13554209 |
| Chubb Ltd.  | 188341 | 55974945 |
| Cincinnati Financial Corp.  | 79056 | 11923226 |
| CNA Financial Corp.  | 10785 | 516709 |
| Erie Indemnity Co., Class A  | 12653 | 4536227 |
| Fidelity National Financial, Inc.  | 131134 | 7182209 |
| Globe Life, Inc.  | 42623 | 5194465 |
| Hartford Insurance Group, Inc.  | 145412 | 18880294 |
| Loews Corp.  | 89331 | 7976365 |
| Marsh & McLennan Cos., Inc.  | 248263 | 58009133 |
| MetLife, Inc.  | 292477 | 22982843 |
| Old Republic International Corp.  | 117347 | 4435717 |
| Principal Financial Group, Inc.  | 106484 | 8294039 |
| Prudential Financial, Inc.  | 178857 | 18581454 |
| Reinsurance Group of America, Inc.  | 33422 | 6794358 |
| Travelers Cos., Inc.  | 114635 | 31604869 |
| Unum Group  | 83153 | 6794432 |
| W.R. Berkley Corp.  | 151619 | 11324423 |
| Willis Towers Watson PLC  | 50409 | 15956969 |
|  |  | **503115175** |
| **Materials 2.9%** | **Materials 2.9%** | **Materials 2.9%** |
| Air Products & Chemicals, Inc.  | 112497 | 31376538 |
| Albemarle Corp.  | 59188 | 3300323 |
| Alcoa Corp.  | 129674 | 3471373 |
| Amcor PLC  | 1155996 | 10531123 |
| AptarGroup, Inc.  | 33761 | 5347742 |
| Avery Dennison Corp.  | 40570 | 7210506 |
| Axalta Coating Systems Ltd. \* | 110694 | 3409375 |
| Ball Corp.  | 150991 | 8090098 |
| Celanese Corp.  | 55125 | 2912254 |
| CF Industries Holdings, Inc.  | 88121 | 7993456 |
| CRH PLC  | 343522 | 31315465 |
| Crown Holdings, Inc.  | 59336 | 5844596 |
| Dow, Inc.  | 356588 | 9891751 |
| DuPont de Nemours, Inc.  | 211533 | 14130404 |
| Eastman Chemical Co.  | 58326 | 4571009 |
| Ecolab, Inc.  | 127469 | 33858316 |
| FMC Corp.  | 62813 | 2547695 |
| Freeport-McMoRan, Inc.  | 725893 | 27932363 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, <br> Inc. <br>| 129168 | 9889102 |
| International Paper Co.  | 266900 | 12760489 |
| LyondellBasell Industries NV, Class A  | 131636 | 7436118 |
| Mosaic Co.  | 160692 | 5807409 |
| Newmont Corp.  | 575978 | 30365560 |
| Nucor Corp.  | 118517 | 12961019 |
| Packaging Corp. of America  | 45092 | 8710422 |
| PPG Industries, Inc.  | 117366 | 13004153 |
| Reliance, Inc.  | 27272 | 7985787 |
| Royal Gold, Inc.  | 33384 | 5946358 |
| RPM International, Inc.  | 65025 | 7402446 |
| Smurfit WestRock PLC  | 249620 | 10816035 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Steel Dynamics, Inc.  | 71513 | 8801105 |
| Westlake Corp.  | 16670 | 1184070 |
|  |  | **356804460** |
| **Media & Entertainment 1.9%** | **Media & Entertainment 1.9%** | **Media & Entertainment 1.9%** |
| Comcast Corp., Class A  | 1907461 | 65940927 |
| Electronic Arts, Inc.  | 119882 | 17236634 |
| Fox Corp., Class A  | 171198 | 9405618 |
| Interpublic Group of Cos., Inc.  | 187387 | 4489793 |
| Match Group, Inc.  | 126309 | 3781691 |
| News Corp., Class A  | 256091 | 7232010 |
| Omnicom Group, Inc.  | 99546 | 7310658 |
| Paramount Global, Class B *(a)* | 309425 | 3744042 |
| Sirius XM Holdings, Inc.  | 111056 | 2407694 |
| Snap, Inc., Class A \* | 547988 | 4520901 |
| Walt Disney Co.  | 914122 | 103332351 |
|  |  | **229402319** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.4%** |
| AbbVie, Inc.  | 892617 | 166124950 |
| Agilent Technologies, Inc.  | 144194 | 16138193 |
| Amgen, Inc.  | 271695 | 78297065 |
| Biogen, Inc. \* | 74222 | 9633273 |
| Bio-Techne Corp.  | 79781 | 3861400 |
| Bristol-Myers Squibb Co.  | 1026098 | 49540012 |
| Bruker Corp.  | 55713 | 2044667 |
| Elanco Animal Health, Inc. \* | 249410 | 3352070 |
| Gilead Sciences, Inc.  | 630306 | 69384085 |
| Incyte Corp. \* | 81442 | 5298617 |
| Jazz Pharmaceuticals PLC \* | 30389 | 3284139 |
| Johnson & Johnson  | 1217357 | 188945980 |
| Merck & Co., Inc.  | 1279049 | 98282125 |
| Pfizer, Inc.  | 2866028 | 67322998 |
| Royalty Pharma PLC, Class A  | 188615 | 6201661 |
| United Therapeutics Corp. \* | 22523 | 7181459 |
| Viatris, Inc.  | 602436 | 5295412 |
|  |  | **780188106** |
| **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** |
| CBRE Group, Inc., Class A \* | 149370 | 18674238 |
| Jones Lang LaSalle, Inc. \* | 24097 | 5366402 |
| Zillow Group, Inc., Class C \* | 107875 | 7239491 |
|  |  | **31280131** |
| **Semiconductors & Semiconductor Equipment 3.7%** | **Semiconductors & Semiconductor Equipment 3.7%** | **Semiconductors & Semiconductor Equipment 3.7%** |
| Analog Devices, Inc.  | 250845 | 53675813 |
| Applied Materials, Inc.  | 411080 | 64436790 |
| Astera Labs, Inc. \* | 10606 | 962176 |
| Entegris, Inc.  | 75999 | 5224171 |
| Intel Corp.  | 2190417 | 42822652 |
| Lattice Semiconductor Corp. \* | 69447 | 3120948 |
| Microchip Technology, Inc.  | 272143 | 15795180 |
| Micron Technology, Inc.  | 563576 | 53235389 |
| NXP Semiconductors NV  | 128369 | 24535167 |
| ON Semiconductor Corp. \* | 213502 | 8971354 |
| Onto Innovation, Inc. \* | 24787 | 2278917 |
| QUALCOMM, Inc.  | 559355 | 81218346 |
| Skyworks Solutions, Inc.  | 81534 | 5628292 |
| Teradyne, Inc.  | 82177 | 6459112 |
| Texas Instruments, Inc.  | 460144 | 84137331 |
|  |  | **452501638** |

---

**47**

------

Schwab U.S. Large-Cap Value ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Software & Services 2.7%** | **Software & Services 2.7%** | **Software & Services 2.7%** |
| Akamai Technologies, Inc. \* | 75805 | 5755874 |
| Bentley Systems, Inc., Class B  | 77637 | 3705614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br> Corp., Class A <br>| 249974 | 20245394 |
| Gen Digital, Inc.  | 273503 | 7789365 |
| Guidewire Software, Inc. \* | 42242 | 9082875 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines <br> Corp. <br>| 467536 | 121119876 |
| Manhattan Associates, Inc. \* | 30995 | 5851236 |
| Nutanix, Inc., Class A \* | 126325 | 9687864 |
| Oracle Corp.  | 820252 | 135776314 |
| VeriSign, Inc.  | 41102 | 11199062 |
|  |  | **330213474** |
| **Technology Hardware & Equipment 3.4%** | **Technology Hardware & Equipment 3.4%** | **Technology Hardware & Equipment 3.4%** |
| Amphenol Corp., Class A  | 611968 | 55034282 |
| Arrow Electronics, Inc. \* | 26557 | 3143818 |
| CDW Corp.  | 67461 | 12167266 |
| Ciena Corp. \* | 71857 | 5752871 |
| Cisco Systems, Inc.  | 2013784 | 126948943 |
| Cognex Corp.  | 86529 | 2593274 |
| Corning, Inc.  | 389738 | 19327107 |
| F5, Inc. \* | 29239 | 8344226 |
| Flex Ltd. \* | 194253 | 8216902 |
| Hewlett Packard Enterprise Co.  | 665073 | 11492461 |
| HP, Inc.  | 474682 | 11819582 |
| Jabil, Inc.  | 55505 | 9325395 |
| Juniper Networks, Inc.  | 166565 | 5984680 |
| Keysight Technologies, Inc. \* | 87418 | 13728123 |
| Motorola Solutions, Inc.  | 84462 | 35083826 |
| NetApp, Inc.  | 103018 | 10215265 |
| Seagate Technology Holdings PLC  | 106875 | 12604838 |
| TD SYNNEX Corp.  | 37899 | 4598665 |
| TE Connectivity PLC  | 150704 | 24123189 |
| Trimble, Inc. \* | 124587 | 8879316 |
| Ubiquiti, Inc.  | 2086 | 824575 |
| Western Digital Corp. \* | 176172 | 9081667 |
| Zebra Technologies Corp., Class A \* | 26020 | 7539815 |
|  |  | **406830086** |
| **Telecommunication Services 1.6%** | **Telecommunication Services 1.6%** | **Telecommunication Services 1.6%** |
| AT&T, Inc.  | 3629451 | 100898738 |
| GCI Liberty, Inc. \**(c)* | 32 | 0 |
| Liberty Global Ltd., Class C \* | 163270 | 1613107 |
| Verizon Communications, Inc.  | 2128527 | 93570047 |
|  |  | **196081892** |
| **Transportation 2.1%** | **Transportation 2.1%** | **Transportation 2.1%** |
| American Airlines Group, Inc. \* | 330905 | 3775626 |
| CH Robinson Worldwide, Inc.  | 60229 | 5780177 |
| CSX Corp.  | 975718 | 30822932 |
| Delta Air Lines, Inc.  | 324659 | 15710249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington, Inc. <br>| 70551 | 7953214 |
| FedEx Corp.  | 112160 | 24462096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br> Holdings, Inc. <br>| 81556 | 3614562 |
| Norfolk Southern Corp.  | 114556 | 28309079 |
| Southwest Airlines Co.  | 300495 | 10030523 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non Voting <br> Shares <br>| 55962 | 3192073 |
| Union Pacific Corp.  | 305493 | 67715578 |
| United Airlines Holdings, Inc. \* | 166198 | 13203600 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| United Parcel Service, Inc., Class B  | 369629 | 36053613 |
| XPO, Inc. \* | 59317 | 6752054 |
|  |  | **257375376** |
| **Utilities 4.9%** | **Utilities 4.9%** | **Utilities 4.9%** |
| AES Corp.  | 358256 | 3614803 |
| Alliant Energy Corp.  | 129475 | 8057229 |
| Ameren Corp.  | 136605 | 13234292 |
| American Electric Power Co., Inc.  | 269735 | 27914875 |
| American Water Works Co., Inc.  | 98492 | 14081401 |
| Atmos Energy Corp.  | 80247 | 12412606 |
| CenterPoint Energy, Inc.  | 329935 | 12286779 |
| CMS Energy Corp.  | 151433 | 10635140 |
| Consolidated Edison, Inc.  | 175062 | 18292228 |
| Dominion Energy, Inc.  | 424315 | 24045931 |
| DTE Energy Co.  | 104791 | 14319690 |
| Duke Energy Corp.  | 392529 | 46208514 |
| Edison International  | 195739 | 10892875 |
| Entergy Corp.  | 216704 | 18047109 |
| Essential Utilities, Inc.  | 128436 | 4948639 |
| Evergy, Inc.  | 116822 | 7758149 |
| Eversource Energy  | 185449 | 12018950 |
| Exelon Corp.  | 507781 | 22250963 |
| FirstEnergy Corp.  | 258920 | 10859105 |
| NextEra Energy, Inc.  | 1039998 | 73465459 |
| NiSource, Inc.  | 238342 | 9424043 |
| NRG Energy, Inc.  | 102543 | 15986454 |
| OGE Energy Corp.  | 101442 | 4511126 |
| PG&E Corp.  | 1108687 | 18714637 |
| Pinnacle West Capital Corp.  | 57259 | 5223739 |
| PPL Corp.  | 373571 | 12981592 |
| Public Service Enterprise Group, Inc.  | 251683 | 20393874 |
| Sempra  | 320003 | 25149036 |
| Southern Co.  | 554124 | 49871160 |
| Vistra Corp.  | 172190 | 27648548 |
| WEC Energy Group, Inc.  | 160530 | 17247343 |
| Xcel Energy, Inc.  | 290138 | 20338674 |
|  |  | **592834963** |
| **Total Common Stocks**<br> **(Cost $9,028,550,923)** | **Total Common Stocks**<br> **(Cost $9,028,550,923)** | **12105216004** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)*<br>| 5446963 | 5446963 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(d)(e)*<br>| 4721580 | 4721580 |
|  |  | **10168543** |
| **Total Short-Term Investments**<br> **(Cost $10,168,543)** | **Total Short-Term Investments**<br> **(Cost $10,168,543)** | **10168543** |
| **Total Investments in Securities**<br> **(Cost $9,038,719,466)** | **Total Investments in Securities**<br> **(Cost $9,038,719,466)** | **12115384547** |

---

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

**48**

------

Schwab U.S. Large-Cap Value ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones Industrial Average <br> Index, e-mini, expires <br> 06/20/25<br>| 119 | 25164930 | 531111 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 400 Mid-Cap Index, <br> e-mini, expires 06/20/25<br>| 9 | 2703690 | 16227 |
|  |  |  | **547338** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $4,482,929. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see notes to portfolio holdings for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

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

REIT — Real Estate Investment Trust

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

Below is a summary of the fund's transactions with affiliated issuers during the period ended May 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 5/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 5/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS | **COMMON STOCKS** 0.6% OF NET ASSETS |
| **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** | **Financial Services 0.6%** |
| Charles Schwab Corp. | $48558741 | $14363912 | ($5028044)<br>| $522911 | $17479703 | **$75897223** | 859149 | $644893 |

---

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks <sup>1</sup> <br>| $11909134112 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11909134112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services | 196081892 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 196081892 |
| Short-Term Investments <sup>1</sup> <br>| 10168543 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10168543 |
| Futures Contracts <sup>2</sup> <br>| 547338 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 547338 |
| **Total** | **$12115931885** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$12115931885** |

---

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

<sup>\*</sup> Level 3 amount shown includes securities determined to have no value at May 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

**49**

------

Schwab Strategic Trust

Schwab U.S. Mid-Cap ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS | **COMMON STOCKS** 99.9% OF NET ASSETS | **COMMON STOCKS** 99.9% OF NET ASSETS |
| **Automobiles & Components 1.1%** | **Automobiles & Components 1.1%** | **Automobiles & Components 1.1%** |
| Autoliv, Inc.  | 189349 | 19468864 |
| BorgWarner, Inc.  | 579490 | 19175324 |
| Gentex Corp.  | 603595 | 13019544 |
| Harley-Davidson, Inc.  | 303300 | 7342893 |
| Lear Corp.  | 142363 | 12872463 |
| Lucid Group, Inc. \**(a)* | 3111189 | 6937952 |
| Rivian Automotive, Inc., Class A \* | 1930710 | 28053216 |
| Thor Industries, Inc.  | 141080 | 11454285 |
|  |  | **118324541** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| Bank OZK  | 280088 | 12416301 |
| BOK Financial Corp.  | 59219 | 5591458 |
| Comerica, Inc.  | 348017 | 19868291 |
| Commerce Bancshares, Inc.  | 323224 | 20366344 |
| Cullen/Frost Bankers, Inc.  | 170078 | 21596505 |
| East West Bancorp, Inc.  | 367435 | 33510072 |
| First Financial Bankshares, Inc.  | 340195 | 11995276 |
| First Horizon Corp.  | 1389958 | 27632365 |
| Flagstar Financial, Inc.  | 802441 | 9244120 |
| Glacier Bancorp, Inc.  | 300830 | 12475420 |
| KeyCorp  | 2639499 | 41862454 |
| Pinnacle Financial Partners, Inc.  | 202638 | 21536367 |
| Popular, Inc.  | 185869 | 19243018 |
| Prosperity Bancshares, Inc.  | 252470 | 17584536 |
| SouthState Corp.  | 260168 | 22842750 |
| Synovus Financial Corp.  | 374081 | 17892294 |
| Valley National Bancorp  | 1258080 | 11045942 |
| Webster Financial Corp.  | 453773 | 23360234 |
| Western Alliance Bancorp  | 288808 | 20912587 |
| Wintrust Financial Corp.  | 176204 | 21040520 |
| Zions Bancorp NA  | 391315 | 18532678 |
|  |  | **410549532** |
| **Capital Goods 14.1%** | **Capital Goods 14.1%** | **Capital Goods 14.1%** |
| A.O. Smith Corp.  | 312665 | 20107486 |
| AAON, Inc.  | 178775 | 17214245 |
| Acuity, Inc.  | 81335 | 21138153 |
| Advanced Drainage Systems, Inc.  | 186908 | 20552404 |
| AECOM  | 351612 | 38624578 |
| AGCO Corp.  | 164334 | 16101445 |
| Air Lease Corp.  | 274055 | 15788309 |
| Allegion PLC  | 230362 | 32872657 |
| Allison Transmission Holdings, Inc.  | 226449 | 23442000 |
| API Group Corp. \* | 646032 | 30150313 |
| Applied Industrial Technologies, Inc.  | 101799 | 23059509 |
| ATI, Inc. \* | 377989 | 30103044 |
| BWX Technologies, Inc.  | 242524 | 30461014 |
| Carlisle Cos., Inc.  | 117810 | 44789006 |
| Chart Industries, Inc. \* | 111514 | 17492086 |
| CNH Industrial NV  | 2318414 | 29003359 |
| Comfort Systems USA, Inc.  | 94023 | 44964619 |
| Core & Main, Inc., Class A \* | 504357 | 27643807 |
| Crane Co.  | 128812 | 22078377 |
| Curtiss-Wright Corp.  | 99790 | 43918577 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Donaldson Co., Inc.  | 316195 | 21991362 |
| EMCOR Group, Inc.  | 121912 | 57525396 |
| Flowserve Corp.  | 348180 | 17377664 |
| Fluor Corp. \* | 454513 | 18898651 |
| Fortune Brands Innovations, Inc.  | 329190 | 16591176 |
| FTAI Aviation Ltd.  | 271781 | 31839144 |
| Generac Holdings, Inc. \* | 157804 | 19272602 |
| Graco, Inc.  | 447441 | 37880355 |
| Hexcel Corp.  | 214651 | 11352891 |
| Huntington Ingalls Industries, Inc.  | 103778 | 23148721 |
| IDEX Corp.  | 200656 | 36300677 |
| ITT, Inc.  | 215700 | 32471478 |
| Leonardo DRS, Inc.  | 195942 | 8288347 |
| Lincoln Electric Holdings, Inc.  | 149519 | 28945383 |
| Loar Holdings, Inc. \* | 71896 | 6258547 |
| Masco Corp.  | 561730 | 35063187 |
| MasTec, Inc. \* | 163004 | 25417214 |
| Middleby Corp. \* | 142545 | 20830101 |
| Mueller Industries, Inc.  | 301134 | 23449305 |
| Nordson Corp.  | 143790 | 30482042 |
| nVent Electric PLC  | 436325 | 28710185 |
| Oshkosh Corp.  | 172157 | 17076253 |
| Owens Corning  | 227320 | 30449514 |
| Pentair PLC  | 437848 | 43425765 |
| RBC Bearings, Inc. \* | 82884 | 30324769 |
| Regal Rexnord Corp.  | 175495 | 23418053 |
| Sensata Technologies Holding PLC  | 396988 | 10345507 |
| Simpson Manufacturing Co., Inc.  | 111754 | 17400098 |
| SiteOne Landscape Supply, Inc. \* | 119072 | 13908800 |
| Snap-on, Inc.  | 138848 | 44535496 |
| SPX Technologies, Inc. \* | 122778 | 18673306 |
| Standard Aero, Inc. \* | 348114 | 10210184 |
| Textron, Inc.  | 483794 | 35815270 |
| Timken Co.  | 168786 | 11560153 |
| Toro Co.  | 266643 | 20206206 |
| Trex Co., Inc. \* | 283933 | 15863337 |
| UFP Industries, Inc.  | 160918 | 15699160 |
| Valmont Industries, Inc.  | 53071 | 16878701 |
| Watsco, Inc.  | 92296 | 40939737 |
| WESCO International, Inc.  | 117667 | 19755113 |
| WillScot Holdings Corp.  | 490416 | 13216711 |
| Woodward, Inc.  | 157314 | 34031738 |
| Zurn Elkay Water Solutions Corp.  | 377817 | 13673197 |
|  |  | **1579006484** |
| **Commercial & Professional Services 3.7%** | **Commercial & Professional Services 3.7%** | **Commercial & Professional Services 3.7%** |
| Amentum Holdings, Inc. \* | 399727 | 8258360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., <br> Class A <br>| 335598 | 35657288 |
| CACI International, Inc., Class A \* | 59412 | 25428336 |
| Clarivate PLC \* | 1183573 | 4994678 |
| Clean Harbors, Inc. \* | 134312 | 30460618 |
| Concentrix Corp.  | 122884 | 6877203 |
| Dayforce, Inc. \* | 420883 | 24865768 |
| Dun & Bradstreet Holdings, Inc.  | 817596 | 7366540 |
| ExlService Holdings, Inc. \* | 426315 | 19606227 |
| FTI Consulting, Inc. \* | 93642 | 15372271 |
| Genpact Ltd.  | 425803 | 18330819 |
| KBR, Inc.  | 353078 | 18427141 |
| Maximus, Inc.  | 150269 | 10896005 |

---

**50**

------

Schwab U.S. Mid-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MSA Safety, Inc.  | 104062 | 16958984 |
| Parsons Corp. \* | 123529 | 8009620 |
| Paycom Software, Inc.  | 124775 | 32327955 |
| Paylocity Holding Corp. \* | 115606 | 22069185 |
| RB Global, Inc.  | 488685 | 51458530 |
| Robert Half, Inc.  | 266393 | 12198135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp. <br>| 129453 | 14957000 |
| Tetra Tech, Inc.  | 710258 | 24816415 |
| TriNet Group, Inc.  | 81224 | 6758649 |
|  |  | **416095727** |
| **Consumer Discretionary Distribution & Retail 3.9%** | **Consumer Discretionary Distribution & Retail 3.9%** | **Consumer Discretionary Distribution & Retail 3.9%** |
| Abercrombie & Fitch Co., Class A \* | 133789 | 10501099 |
| AutoNation, Inc. \* | 68413 | 12577730 |
| Bath & Body Works, Inc.  | 573905 | 16138209 |
| Burlington Stores, Inc. \* | 166431 | 37991204 |
| CarMax, Inc. \* | 407618 | 26275056 |
| Dick's Sporting Goods, Inc.  | 153446 | 27519006 |
| Etsy, Inc. \* | 298490 | 16521421 |
| Five Below, Inc. \* | 145847 | 17001385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., <br> Class A \*<br>| 284147 | 20370498 |
| GameStop Corp., Class A \* | 1077720 | 32116056 |
| Gap, Inc.  | 590342 | 13170530 |
| Lithia Motors, Inc.  | 70662 | 22393494 |
| LKQ Corp.  | 689200 | 27891924 |
| Murphy USA, Inc.  | 48283 | 20606702 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 162273 | 18085326 |
| Penske Automotive Group, Inc.  | 49663 | 8153671 |
| Pool Corp.  | 100861 | 30317808 |
| RH \* | 39961 | 7237337 |
| Valvoline, Inc. \* | 337405 | 11670839 |
| Wayfair, Inc., Class A \* | 263528 | 10867895 |
| Williams-Sonoma, Inc.  | 326199 | 52765950 |
|  |  | **440173140** |
| **Consumer Durables & Apparel 3.0%** | **Consumer Durables & Apparel 3.0%** | **Consumer Durables & Apparel 3.0%** |
| Brunswick Corp.  | 174310 | 8823572 |
| Columbia Sportswear Co.  | 84483 | 5388326 |
| Crocs, Inc. \* | 148580 | 15155160 |
| Hasbro, Inc.  | 347492 | 23181191 |
| KB Home  | 183394 | 9459462 |
| Mattel, Inc. \* | 893205 | 16917303 |
| Meritage Homes Corp.  | 191555 | 12184814 |
| Mohawk Industries, Inc. \* | 139057 | 13990525 |
| Polaris, Inc.  | 139230 | 5460601 |
| PVH Corp.  | 147079 | 12320808 |
| Ralph Lauren Corp.  | 105762 | 29275979 |
| Skechers USA, Inc., Class A \* | 348697 | 21633162 |
| Somnigroup International, Inc.  | 545283 | 35476112 |
| Tapestry, Inc.  | 548553 | 43088838 |
| Taylor Morrison Home Corp. \* | 274198 | 15431863 |
| Toll Brothers, Inc.  | 264844 | 27609987 |
| TopBuild Corp. \* | 77770 | 22000355 |
| VF Corp.  | 876182 | 10917228 |
| Whirlpool Corp.  | 146854 | 11467829 |
|  |  | **339783115** |
| **Consumer Services 4.4%** | **Consumer Services 4.4%** | **Consumer Services 4.4%** |
| ADT, Inc.  | 1067929 | 8885169 |
| Aramark  | 701811 | 28423346 |
| Boyd Gaming Corp.  | 175491 | 13156560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br> Inc. \*<br>| 154069 | 19905715 |
| Caesars Entertainment, Inc. \* | 563182 | 15138332 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cava Group, Inc. \* | 215420 | 17507183 |
| Choice Hotels International, Inc.  | 59248 | 7505537 |
| Churchill Downs, Inc.  | 194594 | 18577889 |
| DraftKings, Inc., Class A \* | 1298301 | 46583040 |
| Duolingo, Inc. \* | 100422 | 52180275 |
| H&R Block, Inc.  | 354345 | 20179948 |
| Hyatt Hotels Corp., Class A  | 113139 | 14937742 |
| Light & Wonder, Inc. \* | 234004 | 21088440 |
| MGM Resorts International \* | 592837 | 18763291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd. \*<br>| 1165153 | 20564950 |
| Planet Fitness, Inc., Class A \* | 222811 | 22911655 |
| Service Corp. International  | 382184 | 29810352 |
| Texas Roadhouse, Inc.  | 176836 | 34520156 |
| Vail Resorts, Inc.  | 99259 | 15898314 |
| Wingstop, Inc.  | 77374 | 26438696 |
| Wyndham Hotels & Resorts, Inc.  | 205915 | 17045644 |
| Wynn Resorts Ltd.  | 237218 | 21477718 |
|  |  | **491499952** |
| **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** |
| Albertsons Cos., Inc., Class A  | 1073483 | 23863527 |
| BJ's Wholesale Club Holdings, Inc. \* | 350028 | 39626670 |
| Casey's General Stores, Inc.  | 98374 | 43064202 |
| Maplebear, Inc. \* | 428871 | 19586539 |
| Performance Food Group Co. \* | 413962 | 37074437 |
| Sprouts Farmers Market, Inc. \* | 264978 | 45804097 |
| U.S. Foods Holding Corp. \* | 610473 | 48300624 |
| Walgreens Boots Alliance, Inc.  | 1900570 | 21381412 |
|  |  | **278701508** |
| **Energy 4.6%** | **Energy 4.6%** | **Energy 4.6%** |
| Antero Midstream Corp.  | 887183 | 16661297 |
| Antero Resources Corp. \* | 775605 | 29046407 |
| APA Corp.  | 980752 | 16682592 |
| ChampionX Corp.  | 505096 | 12157661 |
| Chord Energy Corp.  | 162004 | 14580360 |
| Civitas Resources, Inc.  | 235542 | 6446785 |
| DT Midstream, Inc.  | 268156 | 28086659 |
| EQT Corp.  | 1581112 | 87166705 |
| Expand Energy Corp.  | 557254 | 64713907 |
| HF Sinclair Corp.  | 423028 | 15284002 |
| Matador Resources Co.  | 307334 | 13218435 |
| Murphy Oil Corp.  | 362336 | 7583692 |
| Noble Corp. PLC  | 348013 | 8620282 |
| NOV, Inc.  | 1010577 | 12126924 |
| Ovintiv, Inc.  | 689812 | 24709066 |
| PBF Energy, Inc., Class A  | 260807 | 4968373 |
| Permian Resources Corp.  | 1695062 | 21374732 |
| Range Resources Corp.  | 639427 | 24323803 |
| TechnipFMC PLC  | 1127536 | 35122746 |
| Texas Pacific Land Corp.  | 49921 | 55613492 |
| Transocean Ltd. \* | 2071551 | 5158162 |
| Valaris Ltd. \* | 173294 | 6519320 |
| Venture Global, Inc., Class A *(a)* | 192050 | 2222018 |
| Weatherford International PLC  | 193061 | 8417460 |
|  |  | **520804880** |
| **Equity Real Estate Investment Trusts (REITs) 6.0%** | **Equity Real Estate Investment Trusts (REITs) 6.0%** | **Equity Real Estate Investment Trusts (REITs) 6.0%** |
| Agree Realty Corp.  | 283289 | 21331662 |
| American Homes 4 Rent, Class A  | 840715 | 31821063 |
| Americold Realty Trust, Inc.  | 692699 | 11478022 |
| Brixmor Property Group, Inc.  | 810678 | 20599328 |
| BXP, Inc.  | 385974 | 25987629 |
| Camden Property Trust  | 282686 | 33212778 |
| CubeSmart  | 598598 | 25596050 |

---

**51**

------

Schwab U.S. Mid-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EastGroup Properties, Inc.  | 137462 | 23306682 |
| Equity LifeStyle Properties, Inc.  | 506265 | 32183266 |
| Federal Realty Investment Trust  | 204179 | 19495011 |
| First Industrial Realty Trust, Inc.  | 350930 | 17346470 |
| Gaming & Leisure Properties, Inc.  | 727101 | 33955617 |
| Healthcare Realty Trust, Inc.  | 940427 | 13636192 |
| Healthpeak Properties, Inc.  | 1853724 | 32273335 |
| Host Hotels & Resorts, Inc.  | 1853893 | 28716803 |
| Kilroy Realty Corp.  | 282119 | 9084232 |
| Kimco Realty Corp.  | 1800531 | 38279289 |
| Lamar Advertising Co., Class A  | 233141 | 28102816 |
| NNN REIT, Inc.  | 497000 | 20754720 |
| Omega Healthcare Investors, Inc.  | 747092 | 27642404 |
| Rayonier, Inc.  | 371173 | 8796800 |
| Regency Centers Corp.  | 432589 | 31211296 |
| Rexford Industrial Realty, Inc.  | 602974 | 21248804 |
| STAG Industrial, Inc.  | 494397 | 17590645 |
| Terreno Realty Corp.  | 264420 | 14918576 |
| UDR, Inc.  | 797813 | 33053393 |
| Vornado Realty Trust  | 439987 | 16574310 |
| WP Carey, Inc.  | 579928 | 36396281 |
|  |  | **674593474** |
| **Financial Services 9.0%** | **Financial Services 9.0%** | **Financial Services 9.0%** |
| Affiliated Managers Group, Inc.  | 77636 | 13663936 |
| Affirm Holdings, Inc., Class A \* | 668649 | 34702883 |
| AGNC Investment Corp.  | 2377954 | 21258909 |
| Ally Financial, Inc.  | 727583 | 25465405 |
| Annaly Capital Management, Inc.  | 1533143 | 29053060 |
| Blue Owl Capital, Inc.  | 1387182 | 25912560 |
| Carlyle Group, Inc.  | 559203 | 25275976 |
| Corebridge Financial, Inc.  | 677726 | 22100645 |
| Credit Acceptance Corp. \* | 16622 | 7933681 |
| Equitable Holdings, Inc.  | 821176 | 43415575 |
| Essent Group Ltd.  | 278131 | 16131598 |
| Euronet Worldwide, Inc. \* | 109704 | 11878749 |
| Evercore, Inc., Class A  | 93768 | 21706354 |
| FactSet Research Systems, Inc.  | 100776 | 46181610 |
| Franklin Resources, Inc.  | 821689 | 17781350 |
| Houlihan Lokey, Inc.  | 143017 | 24982210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., <br> Class A <br>| 288526 | 60498132 |
| Invesco Ltd.  | 1187117 | 17165712 |
| Jack Henry & Associates, Inc.  | 193172 | 34996971 |
| Jackson Financial, Inc., Class A  | 195752 | 16034046 |
| Janus Henderson Group PLC  | 336567 | 12227479 |
| Jefferies Financial Group, Inc.  | 431144 | 20953598 |
| Lazard, Inc., Class A  | 298952 | 12974517 |
| MarketAxess Holdings, Inc.  | 100022 | 21645761 |
| MGIC Investment Corp.  | 658057 | 17405608 |
| Morningstar, Inc.  | 71676 | 22106312 |
| OneMain Holdings, Inc.  | 316471 | 16405857 |
| Rithm Capital Corp.  | 1380661 | 15394370 |
| Robinhood Markets, Inc., Class A \* | 1884976 | 124691162 |
| SEI Investments Co.  | 255271 | 21764405 |
| SoFi Technologies, Inc. \* | 2902488 | 38603090 |
| Starwood Property Trust, Inc.  | 848908 | 16765933 |
| Stifel Financial Corp.  | 271038 | 25537200 |
| Toast, Inc., Class A \* | 1098302 | 46326378 |
| Tradeweb Markets, Inc., Class A  | 307815 | 44463877 |
| Voya Financial, Inc.  | 255010 | 16963265 |
| Western Union Co.  | 897709 | 8330740 |
| WEX, Inc. \* | 92707 | 12323541 |
|  |  | **1011022455** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Bunge Global SA  | 353834 | 27652127 |
| Campbell's Co.  | 520997 | 17734738 |
| Celsius Holdings, Inc. \* | 417377 | 15810241 |
| Coca-Cola Consolidated, Inc.  | 156536 | 17946852 |
| Darling Ingredients, Inc. \* | 421710 | 13140484 |
| Flowers Foods, Inc.  | 517374 | 8743621 |
| Freshpet, Inc. \* | 128416 | 10293827 |
| Ingredion, Inc.  | 171112 | 23805101 |
| J.M. Smucker Co.  | 281982 | 31753993 |
| Lamb Weston Holdings, Inc.  | 377713 | 21068831 |
| Lancaster Colony Corp.  | 51215 | 8573391 |
| Molson Coors Beverage Co., Class B  | 456483 | 24462924 |
| Pilgrim's Pride Corp.  | 106357 | 5228510 |
| Post Holdings, Inc. \* | 121173 | 13400522 |
| Primo Brands Corp.  | 672577 | 22242121 |
|  |  | **261857283** |
| **Health Care Equipment & Services 4.0%** | **Health Care Equipment & Services 4.0%** | **Health Care Equipment & Services 4.0%** |
| Acadia Healthcare Co., Inc. \* | 246105 | 5571817 |
| Chemed Corp.  | 39719 | 22832070 |
| DaVita, Inc. \* | 116495 | 15873609 |
| DENTSPLY SIRONA, Inc.  | 526590 | 8414908 |
| Encompass Health Corp.  | 267099 | 32292269 |
| Ensign Group, Inc.  | 151097 | 22250544 |
| Glaukos Corp. \* | 146235 | 13788498 |
| Globus Medical, Inc., Class A \* | 301141 | 17821524 |
| HealthEquity, Inc. \* | 229468 | 23086776 |
| Henry Schein, Inc. \* | 330059 | 23100830 |
| Inspire Medical Systems, Inc. \* | 78613 | 10864317 |
| Insulet Corp. \* | 185880 | 60416576 |
| Lantheus Holdings, Inc. \* | 184238 | 13921023 |
| Masimo Corp. \* | 117759 | 19135838 |
| Option Care Health, Inc. \* | 451249 | 14746817 |
| Penumbra, Inc. \* | 101724 | 27157256 |
| Solventum Corp. \* | 366590 | 26794063 |
| Teleflex, Inc.  | 122990 | 15037987 |
| Tenet Healthcare Corp. \* | 251997 | 42529534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br> Class B <br>| 155615 | 29621315 |
|  |  | **445257571** |
| **Household & Personal Products 0.4%** | **Household & Personal Products 0.4%** | **Household & Personal Products 0.4%** |
| BellRing Brands, Inc. \* | 340136 | 21411561 |
| Coty, Inc., Class A \* | 970267 | 4783416 |
| elf Beauty, Inc. \* | 149713 | 16841216 |
| Reynolds Consumer Products, Inc.  | 144722 | 3195462 |
|  |  | **46231655** |
| **Insurance 4.5%** | **Insurance 4.5%** | **Insurance 4.5%** |
| American Financial Group, Inc.  | 191591 | 23753452 |
| Assurant, Inc.  | 135983 | 27601829 |
| Axis Capital Holdings Ltd.  | 201727 | 20939263 |
| CNA Financial Corp.  | 56974 | 2729624 |
| Everest Group Ltd.  | 113902 | 39545635 |
| F&G Annuities & Life, Inc.  | 56387 | 1802129 |
| Fidelity National Financial, Inc.  | 688838 | 37727657 |
| First American Financial Corp.  | 272982 | 15235125 |
| Globe Life, Inc.  | 222515 | 27117903 |
| Hanover Insurance Group, Inc.  | 95500 | 16806090 |
| Kinsale Capital Group, Inc.  | 58663 | 27688349 |
| Lincoln National Corp.  | 450850 | 14941169 |
| Loews Corp.  | 468164 | 41802364 |
| Old Republic International Corp.  | 617503 | 23341613 |
| Primerica, Inc.  | 88481 | 23942959 |

---

**52**

------

Schwab U.S. Mid-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Reinsurance Group of America, Inc.  | 174549 | 35484066 |
| RenaissanceRe Holdings Ltd.  | 130522 | 32554797 |
| RLI Corp.  | 220995 | 16987886 |
| Ryan Specialty Holdings, Inc.  | 281678 | 20159695 |
| Selective Insurance Group, Inc.  | 161181 | 14187152 |
| Unum Group  | 435406 | 35577024 |
|  |  | **499925781** |
| **Materials 6.1%** | **Materials 6.1%** | **Materials 6.1%** |
| Albemarle Corp.  | 311558 | 17372474 |
| Alcoa Corp.  | 684603 | 18326822 |
| AptarGroup, Inc.  | 176333 | 27931147 |
| Ashland, Inc.  | 124799 | 6178798 |
| Avery Dennison Corp.  | 212916 | 37841561 |
| Axalta Coating Systems Ltd. \* | 578052 | 17804002 |
| Carpenter Technology Corp.  | 132409 | 31116115 |
| Celanese Corp.  | 289004 | 15268081 |
| Cleveland-Cliffs, Inc. \* | 1281839 | 7473121 |
| Commercial Metals Co.  | 301357 | 14040223 |
| Crown Holdings, Inc.  | 310318 | 30566323 |
| Eagle Materials, Inc.  | 88222 | 17839371 |
| Eastman Chemical Co.  | 305486 | 23940938 |
| FMC Corp.  | 330687 | 13412665 |
| Graphic Packaging Holding Co.  | 795530 | 17676677 |
| International Paper Co.  | 1397137 | 66797120 |
| Louisiana-Pacific Corp.  | 165666 | 14921537 |
| Mosaic Co.  | 840806 | 30386729 |
| Olin Corp.  | 306800 | 5954988 |
| Packaging Corp. of America  | 236292 | 45644526 |
| Reliance, Inc.  | 143414 | 41994487 |
| Royal Gold, Inc.  | 174249 | 31037232 |
| RPM International, Inc.  | 340682 | 38783239 |
| Sealed Air Corp.  | 385982 | 12428620 |
| Sonoco Products Co.  | 260285 | 11853379 |
| Steel Dynamics, Inc.  | 375186 | 46174141 |
| U.S. Steel Corp.  | 597164 | 32139366 |
| Westlake Corp.  | 88385 | 6277986 |
|  |  | **681181668** |
| **Media & Entertainment 3.4%** | **Media & Entertainment 3.4%** | **Media & Entertainment 3.4%** |
| IAC, Inc. \* | 188427 | 6775835 |
| Interpublic Group of Cos., Inc.  | 986067 | 23626165 |
| Liberty Broadband Corp., Class C \* | 340165 | 31907477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 647071 | 62461764 |
| Match Group, Inc.  | 665348 | 19920519 |
| New York Times Co., Class A  | 431984 | 24674926 |
| News Corp., Class A  | 1343708 | 37946314 |
| Nexstar Media Group, Inc.  | 77352 | 13182328 |
| Paramount Global, Class B *(a)* | 1624100 | 19651610 |
| Pinterest, Inc., Class A \* | 1576880 | 49056737 |
| Roku, Inc. \* | 340859 | 24698643 |
| Sirius XM Holdings, Inc.  | 582581 | 12630356 |
| Snap, Inc., Class A \* | 2866200 | 23646150 |
| TKO Group Holdings, Inc.  | 176544 | 27860409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trump Media & Technology Group <br> Corp. \**(a)*<br>| 244153 | 5207783 |
|  |  | **383247016** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.4%** |
| Alkermes PLC \* | 430992 | 13192665 |
| Apellis Pharmaceuticals, Inc. \* | 284199 | 4811489 |
| BioMarin Pharmaceutical, Inc. \* | 505067 | 29329241 |
| Bio-Rad Laboratories, Inc., Class A \* | 51175 | 11613143 |
| Bio-Techne Corp.  | 418914 | 20275438 |
| Bruker Corp.  | 292875 | 10748512 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories <br> International, Inc. \*<br>| 135508 | 18378950 |
| CRISPR Therapeutics AG \* | 226591 | 8222987 |
| Cytokinetics, Inc. \* | 312087 | 9680939 |
| Elanco Animal Health, Inc. \* | 1310507 | 17613214 |
| Exact Sciences Corp. \* | 489917 | 27572529 |
| Exelixis, Inc. \* | 742003 | 31935809 |
| Halozyme Therapeutics, Inc. \* | 337141 | 18903496 |
| Incyte Corp. \* | 426046 | 27718553 |
| Insmed, Inc. \* | 474062 | 33056343 |
| Ionis Pharmaceuticals, Inc. \* | 418225 | 14014720 |
| Jazz Pharmaceuticals PLC \* | 160201 | 17312922 |
| Medpace Holdings, Inc. \* | 66235 | 19532701 |
| Natera, Inc. \* | 349834 | 55179317 |
| Neurocrine Biosciences, Inc. \* | 264330 | 32517877 |
| Organon & Co.  | 684004 | 6306517 |
| Repligen Corp. \* | 137939 | 16286458 |
| Revolution Medicines, Inc. \* | 460305 | 18136017 |
| Roivant Sciences Ltd. \* | 1116978 | 12275588 |
| Royalty Pharma PLC, Class A  | 987500 | 32469000 |
| Sarepta Therapeutics, Inc. \* | 253175 | 9519380 |
| Sotera Health Co. \* | 403612 | 4940211 |
| Summit Therapeutics, Inc. \**(a)* | 371249 | 6762300 |
| United Therapeutics Corp. \* | 118306 | 37721868 |
| Vaxcyte, Inc. \* | 303286 | 9853762 |
| Viatris, Inc.  | 3165802 | 27827400 |
|  |  | **603709346** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| Jones Lang LaSalle, Inc. \* | 125791 | 28013656 |
| Zillow Group, Inc., Class C \* | 566138 | 37993521 |
|  |  | **66007177** |
| **Semiconductors & Semiconductor Equipment 1.6%** | **Semiconductors & Semiconductor Equipment 1.6%** | **Semiconductors & Semiconductor Equipment 1.6%** |
| Allegro MicroSystems, Inc. \* | 345521 | 8758957 |
| Amkor Technology, Inc.  | 299767 | 5401801 |
| Astera Labs, Inc. \* | 55648 | 5048387 |
| Cirrus Logic, Inc. \* | 140573 | 13826760 |
| Entegris, Inc.  | 400464 | 27527895 |
| Lattice Semiconductor Corp. \* | 365598 | 16429974 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 157589 | 19164398 |
| MKS, Inc.  | 178129 | 14640423 |
| Onto Innovation, Inc. \* | 130856 | 12030901 |
| Qorvo, Inc. \* | 247530 | 18817231 |
| Rambus, Inc. \* | 282653 | 15113456 |
| Universal Display Corp.  | 117108 | 16787432 |
|  |  | **173547615** |
| **Software & Services 5.4%** | **Software & Services 5.4%** | **Software & Services 5.4%** |
| ASGN, Inc. \* | 117034 | 6180565 |
| Bentley Systems, Inc., Class B  | 408097 | 19478470 |
| Bill Holdings, Inc. \* | 248682 | 10862430 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 1257528 | 11041096 |
| Commvault Systems, Inc. \* | 116479 | 21333129 |
| Confluent, Inc., Class A \* | 683888 | 15749941 |
| Docusign, Inc. \* | 535334 | 47435946 |
| Dolby Laboratories, Inc., Class A  | 162320 | 12053883 |
| Dropbox, Inc., Class A \* | 573536 | 16552249 |
| Dynatrace, Inc. \* | 793234 | 42842568 |
| Elastic NV \* | 230535 | 18643365 |
| EPAM Systems, Inc. \* | 150169 | 26202989 |
| Guidewire Software, Inc. \* | 221324 | 47589086 |
| Informatica, Inc., Class A \* | 220995 | 5306090 |
| Manhattan Associates, Inc. \* | 162037 | 30589345 |

---

**53**

------

Schwab U.S. Mid-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nutanix, Inc., Class A \* | 660274 | 50636413 |
| Okta, Inc. \* | 433528 | 44727084 |
| Procore Technologies, Inc. \* | 283553 | 19046255 |
| Qualys, Inc. \* | 96885 | 13423417 |
| SailPoint, Inc. \* | 161948 | 2853524 |
| Samsara, Inc., Class A \* | 671628 | 31257567 |
| SentinelOne, Inc., Class A \* | 782224 | 13774965 |
| ServiceTitan, Inc., Class A \**(a)* | 24205 | 2678767 |
| SPS Commerce, Inc. \* | 100601 | 14160597 |
| Twilio, Inc., Class A \* | 406438 | 47837752 |
| UiPath, Inc., Class A \* | 1126596 | 14994993 |
| Unity Software, Inc. \* | 779717 | 20335019 |
|  |  | **607587505** |
| **Technology Hardware & Equipment 3.6%** | **Technology Hardware & Equipment 3.6%** | **Technology Hardware & Equipment 3.6%** |
| Arrow Electronics, Inc. \* | 138239 | 16364733 |
| Ciena Corp. \* | 376230 | 30120974 |
| Cognex Corp.  | 450992 | 13516230 |
| Coherent Corp. \* | 411055 | 31088090 |
| F5, Inc. \* | 152776 | 43599215 |
| Fabrinet \* | 95309 | 22194607 |
| Flex Ltd. \* | 1015158 | 42941183 |
| Insight Enterprises, Inc. \* | 72518 | 9455622 |
| Jabil, Inc.  | 290247 | 48764398 |
| Juniper Networks, Inc.  | 877478 | 31527785 |
| Littelfuse, Inc.  | 65866 | 13506482 |
| Novanta, Inc. \* | 95214 | 11789397 |
| Sandisk Corp. \* | 304859 | 11490136 |
| TD SYNNEX Corp.  | 199861 | 24251134 |
| Trimble, Inc. \* | 651313 | 46419077 |
| Ubiquiti, Inc.  | 11184 | 4420923 |
|  |  | **401449986** |
| **Telecommunication Services 0.3%** | **Telecommunication Services 0.3%** | **Telecommunication Services 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, <br> Inc. \*<br>| 586769 | 21258641 |
| GCI Liberty, Inc. \**(b)* | 1240 | 0 |
| Liberty Global Ltd., Class C \* | 846761 | 8365998 |
|  |  | **29624639** |
| **Transportation 2.5%** | **Transportation 2.5%** | **Transportation 2.5%** |
| Alaska Air Group, Inc. \* | 326309 | 16618918 |
| American Airlines Group, Inc. \* | 1744603 | 19905920 |
| CH Robinson Worldwide, Inc.  | 314644 | 30196385 |
| GXO Logistics, Inc. \* | 317166 | 13048209 |
| Kirby Corp. \* | 152342 | 16855119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br> Holdings, Inc. <br>| 429001 | 19013324 |
| Landstar System, Inc.  | 93419 | 12818955 |
| Lyft, Inc., Class A \* | 977628 | 14899051 |
| Saia, Inc. \* | 70564 | 18657827 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non Voting <br> Shares <br>| 295609 | 16861537 |
| United Airlines Holdings, Inc. \* | 871460 | 69233140 |
| XPO, Inc. \* | 310702 | 35367209 |
|  |  | **283475594** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Utilities 3.8%** | **Utilities 3.8%** | **Utilities 3.8%** |
| AES Corp.  | 1884089 | 19010458 |
| Alliant Energy Corp.  | 679938 | 42312542 |
| Black Hills Corp.  | 189366 | 11072230 |
| Essential Utilities, Inc.  | 669852 | 25809398 |
| Evergy, Inc.  | 609403 | 40470453 |
| IDACORP, Inc.  | 141248 | 16801450 |
| MDU Resources Group, Inc.  | 541665 | 9311221 |
| National Fuel Gas Co.  | 239755 | 19789378 |
| NiSource, Inc.  | 1245254 | 49237343 |
| NRG Energy, Inc.  | 536777 | 83683534 |
| OGE Energy Corp.  | 531863 | 23651948 |
| Pinnacle West Capital Corp.  | 301413 | 27497908 |
| Portland General Electric Co.  | 289746 | 12285230 |
| Talen Energy Corp. \* | 121844 | 29723844 |
| UGI Corp.  | 569635 | 20541038 |
|  |  | **431197975** |
| **Total Common Stocks**<br> **(Cost $9,218,319,443)** | **Total Common Stocks**<br> **(Cost $9,218,319,443)** | **11194855619** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(c)*<br>| 5498672 | 5498672 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(c)(d)*<br>| 33162105 | 33162105 |
|  |  | **38660777** |
| **Total Short-Term Investments**<br> **(Cost $38,660,777)** | **Total Short-Term Investments**<br> **(Cost $38,660,777)** | **38660777** |
| **Total Investments in Securities**<br> **(Cost $9,256,980,220)** | **Total Investments in Securities**<br> **(Cost $9,256,980,220)** | **11233516396** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 400 Mid-Cap Index, <br> e-mini, expires 06/20/25<br>| 52 | 15621320 | **595106** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $31,120,868. 

*(b)* Fair valued using significant unobservable inputs (see notes to portfolio holdings for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

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

REIT — Real Estate Investment Trust

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

------

**54**

------

Schwab U.S. Mid-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $11165230980 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11165230980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services | 29624639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 29624639 |
| Short-Term Investments<sup>1</sup> <br>| 38660777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38660777 |
| Futures Contracts<sup>2</sup> <br>| 595106 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 595106 |
| **Total** | **$11234111502** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$11234111502** |

---

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

<sup>\*</sup> Level 3 amount shown includes securities determined to have no value at May 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

**55**

------

Schwab Strategic Trust

Schwab U.S. Small-Cap ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS | **COMMON STOCKS** 99.9% OF NET ASSETS | **COMMON STOCKS** 99.9% OF NET ASSETS |
| **Automobiles & Components 1.2%** | **Automobiles & Components 1.2%** | **Automobiles & Components 1.2%** |
| Adient PLC \* | 400624 | 6245728 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 568889 | 2497423 |
| Dana, Inc.  | 614218 | 10214445 |
| Dorman Products, Inc. \* | 128859 | 16662757 |
| Fox Factory Holding Corp. \* | 197737 | 5071954 |
| Garrett Motion, Inc.  | 577403 | 6120472 |
| Gentherm, Inc. \* | 148441 | 4062088 |
| Goodyear Tire & Rubber Co. \* | 1353413 | 15442442 |
| Harley-Davidson, Inc.  | 544881 | 13191569 |
| Holley, Inc. \* | 274748 | 533011 |
| LCI Industries  | 120968 | 10541152 |
| Luminar Technologies, Inc. \**(a)* | 120117 | 431220 |
| Mobileye Global, Inc., Class A \* | 472672 | 7680920 |
| Modine Manufacturing Co. \* | 249904 | 22691283 |
| Patrick Industries, Inc.  | 159699 | 13711756 |
| Phinia, Inc.  | 193623 | 8403238 |
| QuantumScape Corp. \* | 1801956 | 7207824 |
| Solid Power, Inc. \**(a)* | 668773 | 1043286 |
| Standard Motor Products, Inc.  | 99373 | 3011002 |
| Stoneridge, Inc. \* | 122151 | 613198 |
| Thor Industries, Inc.  | 253118 | 20550651 |
| Visteon Corp. \* | 131191 | 11075800 |
| Winnebago Industries, Inc.  | 135667 | 4603181 |
| XPEL, Inc. \* | 107772 | 3876559 |
|  |  | **195482959** |
| **Banks 8.4%** | **Banks 8.4%** | **Banks 8.4%** |
| 1st Source Corp.  | 80734 | 4889251 |
| Amalgamated Financial Corp.  | 100108 | 3025264 |
| Amerant Bancorp, Inc.  | 170636 | 2991249 |
| Ameris Bancorp  | 307911 | 18927289 |
| Arrow Financial Corp.  | 67829 | 1746597 |
| Associated Banc-Corp.  | 776982 | 18002673 |
| Atlantic Union Bankshares Corp.  | 620588 | 18630052 |
| Axos Financial, Inc. \* | 257214 | 17886662 |
| Banc of California, Inc.  | 656513 | 9007358 |
| BancFirst Corp.  | 95026 | 11755191 |
| Bancorp, Inc. \* | 227340 | 11617074 |
| Bank First Corp.  | 42476 | 4939959 |
| Bank of Hawaii Corp.  | 188916 | 12564803 |
| Bank of Marin Bancorp  | 68458 | 1458840 |
| Bank OZK  | 501301 | 22222673 |
| BankUnited, Inc.  | 355750 | 12088385 |
| Banner Corp.  | 164148 | 10119724 |
| Berkshire Hills Bancorp, Inc.  | 216858 | 5369404 |
| Brookline Bancorp, Inc.  | 423181 | 4371460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services <br> Corp. <br>| 62354 | 3549190 |
| Business First Bancshares, Inc.  | 132848 | 3160454 |
| Byline Bancorp, Inc.  | 119575 | 3093405 |
| Cadence Bank  | 871486 | 26406026 |
| Camden National Corp.  | 80837 | 3180128 |
| Capitol Federal Financial, Inc.  | 584410 | 3336981 |
| Cathay General Bancorp  | 337987 | 14484433 |
| Central Pacific Financial Corp.  | 129475 | 3456983 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Citizens Financial Services, Inc.  | 21047 | 1287024 |
| City Holding Co.  | 69739 | 8221531 |
| Coastal Financial Corp. \* | 57487 | 5052532 |
| Columbia Banking System, Inc.  | 994968 | 23262352 |
| Columbia Financial, Inc. \* | 127579 | 1825656 |
| Community Financial System, Inc.  | 249529 | 14033511 |
| Community Trust Bancorp, Inc.  | 73549 | 3754676 |
| ConnectOne Bancorp, Inc.  | 169768 | 3899571 |
| Customers Bancorp, Inc. \* | 137749 | 7019689 |
| CVB Financial Corp.  | 625270 | 11723813 |
| Dime Community Bancshares, Inc.  | 186282 | 4779996 |
| Eagle Bancorp, Inc.  | 144582 | 2544643 |
| Eastern Bankshares, Inc.  | 904085 | 13561275 |
| Enterprise Financial Services Corp.  | 175200 | 9275088 |
| Equity Bancshares, Inc., Class A  | 72679 | 2830120 |
| FB Financial Corp.  | 165409 | 7220103 |
| Financial Institutions, Inc.  | 94051 | 2428397 |
| First BanCorp  | 773130 | 15447137 |
| First Bancorp/Southern Pines NC  | 195455 | 8085973 |
| First Busey Corp.  | 391800 | 8666616 |
| First Commonwealth Financial Corp.  | 481739 | 7524763 |
| First Community Bankshares, Inc.  | 78164 | 2938966 |
| First Financial Bancorp  | 454840 | 10988934 |
| First Financial Bankshares, Inc.  | 611169 | 21549819 |
| First Financial Corp.  | 50010 | 2592518 |
| First Foundation, Inc. \* | 357456 | 1844473 |
| First Hawaiian, Inc.  | 600430 | 14338268 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., <br> Class A <br>| 408572 | 11092730 |
| First Merchants Corp.  | 278284 | 10491307 |
| First Mid Bancshares, Inc.  | 95861 | 3381976 |
| First of Long Island Corp.  | 104721 | 1243038 |
| Firstsun Capital Bancorp \* | 51853 | 1857893 |
| Five Star Bancorp  | 75801 | 2119396 |
| Flagstar Financial, Inc.  | 1437572 | 16560829 |
| Flushing Financial Corp.  | 157732 | 1897516 |
| FNB Corp.  | 1708696 | 23699614 |
| Fulton Financial Corp.  | 864774 | 14917352 |
| German American Bancorp, Inc.  | 177210 | 6772080 |
| Glacier Bancorp, Inc.  | 538592 | 22335410 |
| Great Southern Bancorp, Inc.  | 40711 | 2277373 |
| Hancock Whitney Corp.  | 408817 | 22350025 |
| Hanmi Financial Corp.  | 144102 | 3302818 |
| HarborOne Bancorp, Inc.  | 179061 | 2037714 |
| HBT Financial, Inc.  | 59138 | 1383829 |
| Heritage Commerce Corp.  | 295367 | 2735098 |
| Heritage Financial Corp.  | 163038 | 3811828 |
| Hilltop Holdings, Inc.  | 218874 | 6526823 |
| Home BancShares, Inc.  | 877858 | 24834603 |
| HomeStreet, Inc. \* | 82759 | 1078350 |
| HomeTrust Bancshares, Inc.  | 65770 | 2373639 |
| Hope Bancorp, Inc.  | 602671 | 6050817 |
| Horizon Bancorp, Inc.  | 208417 | 3092908 |
| Independent Bank Corp, MI  | 98740 | 3113272 |
| Independent Bank Corp.  | 202146 | 12431979 |
| International Bancshares Corp.  | 253593 | 15882530 |
| Kearny Financial Corp.  | 264449 | 1594627 |
| Lakeland Financial Corp.  | 120979 | 7243013 |
| Live Oak Bancshares, Inc.  | 161186 | 4424556 |
| Mercantile Bank Corp.  | 77489 | 3421914 |
| Metrocity Bankshares, Inc.  | 87774 | 2452406 |

---

**56**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Midland States Bancorp, Inc.  | 100208 | 1691511 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., <br> Class A <br>| 181699 | 6568419 |
| NB Bancorp, Inc. \* | 183858 | 3098007 |
| NBT Bancorp, Inc.  | 247206 | 10345571 |
| Nicolet Bankshares, Inc.  | 63896 | 7836205 |
| Northfield Bancorp, Inc.  | 175854 | 2053975 |
| Northpointe Bancshares, Inc.  | 46856 | 615688 |
| Northwest Bancshares, Inc.  | 602571 | 7399572 |
| OceanFirst Financial Corp.  | 278868 | 4687771 |
| OFG Bancorp  | 218479 | 8988226 |
| Old National Bancorp  | 1515716 | 31617836 |
| Old Second Bancorp, Inc.  | 214329 | 3545002 |
| Origin Bancorp, Inc.  | 140449 | 4787906 |
| Orrstown Financial Services, Inc.  | 93015 | 2796031 |
| Pacific Premier Bancorp, Inc.  | 456910 | 9686492 |
| Park National Corp.  | 69261 | 11259068 |
| Pathward Financial, Inc.  | 112967 | 8817074 |
| Peapack-Gladstone Financial Corp.  | 72757 | 1994997 |
| Peoples Bancorp, Inc.  | 165055 | 4839413 |
| Pinnacle Financial Partners, Inc.  | 363420 | 38624278 |
| Popular, Inc.  | 333320 | 34508620 |
| Preferred Bank  | 58086 | 4856570 |
| Prosperity Bancshares, Inc.  | 452545 | 31519759 |
| Provident Financial Services, Inc.  | 620845 | 10368112 |
| QCR Holdings, Inc.  | 80315 | 5405200 |
| Renasant Corp.  | 438668 | 15375313 |
| Republic Bancorp, Inc., Class A  | 45736 | 3134745 |
| S&T Bancorp, Inc.  | 181050 | 6637293 |
| Seacoast Banking Corp. of Florida  | 402214 | 10389188 |
| ServisFirst Bancshares, Inc.  | 239036 | 17791449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., <br> Class A <br>| 598199 | 11222213 |
| Southern Missouri Bancorp, Inc.  | 44348 | 2335366 |
| Southside Bancshares, Inc.  | 136120 | 3837223 |
| SouthState Corp.  | 466416 | 40951325 |
| Stellar Bancorp, Inc.  | 226363 | 6093692 |
| Stock Yards Bancorp, Inc.  | 128296 | 9437454 |
| Synovus Financial Corp.  | 671030 | 32095365 |
| Texas Capital Bancshares, Inc. \* | 218168 | 15640464 |
| TFS Financial Corp.  | 255653 | 3377176 |
| Tompkins Financial Corp.  | 59787 | 3670922 |
| Towne Bank  | 328585 | 11355898 |
| TriCo Bancshares  | 156211 | 6232819 |
| Triumph Financial, Inc. \* | 104638 | 6044937 |
| TrustCo Bank Corp.  | 91309 | 2834231 |
| Trustmark Corp.  | 288874 | 9954598 |
| UMB Financial Corp.  | 323363 | 33345193 |
| United Bankshares, Inc.  | 677911 | 24499704 |
| United Community Banks, Inc.  | 568279 | 16332338 |
| Univest Financial Corp.  | 137030 | 4045126 |
| Valley National Bancorp  | 2258891 | 19833063 |
| Veritex Holdings, Inc.  | 257537 | 6232395 |
| WaFd, Inc.  | 388352 | 11036964 |
| Washington Trust Bancorp, Inc.  | 90258 | 2496536 |
| WesBanco, Inc.  | 453899 | 13971011 |
| Westamerica BanCorp  | 126473 | 6077028 |
| Wintrust Financial Corp.  | 315733 | 37701678 |
| WSFS Financial Corp.  | 278536 | 14731769 |
|  |  | **1384393994** |
| **Capital Goods 13.2%** | **Capital Goods 13.2%** | **Capital Goods 13.2%** |
| 374Water, Inc. \* | 323509 | 140532 |
| 3D Systems Corp. \* | 659416 | 1022095 |
| AAON, Inc.  | 320719 | 30882032 |
| AAR Corp. \* | 166961 | 10253075 |
| AeroVironment, Inc. \* | 133126 | 23700422 |
| Air Lease Corp.  | 492014 | 28344927 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AirJoule Technologies Corp. \**(a)* | 93403 | 358668 |
| Alamo Group, Inc.  | 49088 | 9721388 |
| Albany International Corp., Class A  | 148092 | 9784438 |
| Allison Transmission Holdings, Inc.  | 406112 | 42040714 |
| Ameresco, Inc., Class A \* | 151184 | 2083316 |
| American Superconductor Corp. \* | 188443 | 5325399 |
| American Woodmark Corp. \* | 72062 | 4062135 |
| Amprius Technologies, Inc. \* | 177983 | 478774 |
| Apogee Enterprises, Inc.  | 104695 | 4046462 |
| Applied Industrial Technologies, Inc.  | 182289 | 41292104 |
| Archer Aviation, Inc., Class A \* | 1932629 | 19500227 |
| Arcosa, Inc.  | 231955 | 20010758 |
| Argan, Inc.  | 61211 | 12872673 |
| Armstrong World Industries, Inc.  | 207185 | 32244202 |
| Array Technologies, Inc. \* | 690110 | 4554726 |
| Astec Industries, Inc.  | 109042 | 4284260 |
| ATI, Inc. \* | 677332 | 53942720 |
| Atkore, Inc.  | 163948 | 10673015 |
| Atmus Filtration Technologies, Inc.  | 394787 | 14220228 |
| AZEK Co., Inc. \* | 682251 | 33778247 |
| AZZ, Inc.  | 142351 | 12909812 |
| Blink Charging Co. \**(a)* | 491666 | 345641 |
| Bloom Energy Corp., Class A \* | 943110 | 17419242 |
| Blue Bird Corp. \* | 152980 | 5920326 |
| BlueLinx Holdings, Inc. \* | 39469 | 2641265 |
| Boise Cascade Co.  | 181951 | 15807903 |
| BWX Technologies, Inc.  | 434255 | 54542428 |
| Cadre Holdings, Inc.  | 124201 | 4070067 |
| Centuri Holdings, Inc. \**(a)* | 100863 | 2106019 |
| ChargePoint Holdings, Inc. \**(a)* | 1977327 | 1375429 |
| Chart Industries, Inc. \* | 199944 | 31363216 |
| Columbus McKinnon Corp.  | 135238 | 1969065 |
| Construction Partners, Inc., Class A \* | 224447 | 23497356 |
| Crane Co.  | 231064 | 39604370 |
| CSW Industrials, Inc.  | 79824 | 24409381 |
| Custom Truck One Source, Inc. \* | 254523 | 1094449 |
| Distribution Solutions Group, Inc. \* | 43956 | 1197801 |
| DNOW, Inc. \* | 502743 | 7249554 |
| Douglas Dynamics, Inc.  | 111185 | 3056476 |
| Ducommun, Inc. \* | 64549 | 4542959 |
| DXP Enterprises, Inc. \* | 60760 | 5023637 |
| Dycom Industries, Inc. \* | 138543 | 31853807 |
| Energy Recovery, Inc. \* | 274748 | 3464572 |
| Energy Vault Holdings, Inc. \* | 444921 | 367549 |
| Enerpac Tool Group Corp.  | 258579 | 11087868 |
| EnerSys  | 186844 | 15625764 |
| Enovix Corp. \**(a)* | 756472 | 5764317 |
| Enpro, Inc.  | 99512 | 18423652 |
| Esab Corp.  | 269879 | 33192418 |
| ESCO Technologies, Inc.  | 122618 | 22223286 |
| Eve Holding, Inc. \**(a)* | 246198 | 1329469 |
| Everus Construction Group, Inc. \* | 242776 | 14059158 |
| Federal Signal Corp.  | 290158 | 27295163 |
| Flowserve Corp.  | 624684 | 31177978 |
| Fluence Energy, Inc. \**(a)* | 288671 | 1356754 |
| Fluor Corp. \* | 815213 | 33896557 |
| Franklin Electric Co., Inc.  | 187001 | 16155016 |
| FuelCell Energy, Inc. \**(a)* | 95362 | 487300 |
| Gates Industrial Corp. PLC \* | 1080448 | 22851475 |
| GATX Corp.  | 168614 | 26850093 |
| Gibraltar Industries, Inc. \* | 143442 | 8402832 |
| Global Industrial Co.  | 62964 | 1640212 |
| GMS, Inc. \* | 184372 | 13962492 |
| Gorman-Rupp Co.  | 99272 | 3623428 |
| GrafTech International Ltd. \* | 896878 | 893470 |
| Granite Construction, Inc.  | 206643 | 18484216 |
| Great Lakes Dredge & Dock Corp. \* | 322822 | 3609150 |
| Greenbrier Cos., Inc.  | 148878 | 6709931 |
| Griffon Corp.  | 187424 | 12885400 |

---

**57**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| H&E Equipment Services, Inc.  | 148943 | 14095966 |
| Hayward Holdings, Inc. \* | 675690 | 9425875 |
| Helios Technologies, Inc.  | 157952 | 4789105 |
| Herc Holdings, Inc.  | 134872 | 16724128 |
| Hexcel Corp.  | 385781 | 20403957 |
| Hillenbrand, Inc.  | 334941 | 6544747 |
| Hillman Solutions Corp. \* | 934956 | 6769081 |
| Hyliion Holdings Corp. \* | 574603 | 884889 |
| Hyster-Yale, Inc.  | 51444 | 2065991 |
| IES Holdings, Inc. \* | 40090 | 10409769 |
| Insteel Industries, Inc.  | 91198 | 3193754 |
| Janus International Group, Inc. \* | 671148 | 5483279 |
| JBT Marel Corp.  | 219230 | 25169796 |
| JELD-WEN Holding, Inc. \* | 395330 | 1442954 |
| Kadant, Inc.  | 55905 | 17549139 |
| Karman Holdings, Inc. \* | 107459 | 4605693 |
| Kennametal, Inc.  | 367125 | 7904201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, <br> Inc. \*<br>| 725721 | 26771848 |
| Leonardo DRS, Inc.  | 352165 | 14896579 |
| Limbach Holdings, Inc. \* | 48478 | 6215849 |
| Lindsay Corp.  | 51667 | 7202380 |
| Loar Holdings, Inc. \* | 128820 | 11213781 |
| Manitowoc Co., Inc. \* | 170257 | 1789401 |
| MasTec, Inc. \* | 292350 | 45586135 |
| Masterbrand, Inc. \* | 605289 | 6173948 |
| McGrath RentCorp  | 116694 | 13114072 |
| Mercury Systems, Inc. \* | 241643 | 11900918 |
| Miller Industries, Inc.  | 53559 | 2427829 |
| Moog, Inc., Class A  | 134580 | 24939020 |
| MRC Global, Inc. \* | 405636 | 5033943 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., <br> Class A <br>| 211757 | 17194668 |
| Mueller Industries, Inc.  | 540071 | 42055329 |
| Mueller Water Products, Inc., Class A  | 744689 | 18267221 |
| MYR Group, Inc. \* | 76329 | 11972204 |
| National Presto Industries, Inc.  | 24161 | 2069390 |
| Net Power, Inc. \**(a)* | 172317 | 367035 |
| NEXTracker, Inc., Class A \* | 681805 | 38651525 |
| NuScale Power Corp. \* | 515881 | 16503033 |
| Omega Flex, Inc.  | 16165 | 528919 |
| Oshkosh Corp.  | 309378 | 30687204 |
| Plug Power, Inc. \**(a)* | 4081078 | 3602368 |
| Powell Industries, Inc.  | 44489 | 7544889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, <br> Inc. \**(a)*<br>| 24555 | 1040395 |
| Preformed Line Products Co.  | 13812 | 1970144 |
| Primoris Services Corp.  | 254591 | 18358557 |
| Proto Labs, Inc. \* | 117291 | 4337421 |
| Quanex Building Products Corp.  | 223939 | 3746499 |
| QXO, Inc.  | 1576099 | 26793683 |
| RBC Bearings, Inc. \* | 148557 | 54352550 |
| Resideo Technologies, Inc. \* | 699411 | 14477808 |
| REV Group, Inc.  | 247722 | 9287098 |
| Rocket Lab Corp. \* | 1661587 | 44513916 |
| Rush Enterprises, Inc., Class A  | 339919 | 16876978 |
| SES AI Corp. \**(a)* | 715752 | 650619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A \*<br>| 786627 | 3712879 |
| Shyft Group, Inc.  | 148233 | 1554964 |
| Simpson Manufacturing Co., Inc.  | 200307 | 31187800 |
| SiteOne Landscape Supply, Inc. \* | 213092 | 24891277 |
| Southland Holdings, Inc. \* | 67677 | 262587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 557431 | 20836771 |
| SPX Technologies, Inc. \* | 220195 | 33489458 |
| Standex International Corp.  | 56414 | 8515129 |
| Sterling Infrastructure, Inc. \* | 145890 | 27428779 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sunrun, Inc. \* | 1060794 | 7945347 |
| Symbotic, Inc. \**(a)* | 187926 | 5387838 |
| Tecnoglass, Inc.  | 105311 | 9017781 |
| Tennant Co.  | 89274 | 6643771 |
| Terex Corp.  | 316079 | 14226716 |
| Thermon Group Holdings, Inc. \* | 161139 | 4179946 |
| Timken Co.  | 303153 | 20762949 |
| Titan International, Inc. \* | 229504 | 1661609 |
| Titan Machinery, Inc. \* | 95436 | 1782744 |
| TPI Composites, Inc. \**(a)* | 182139 | 218567 |
| Transcat, Inc. \* | 43858 | 3832312 |
| Trinity Industries, Inc.  | 388716 | 10005550 |
| Triumph Group, Inc. \* | 368205 | 9496007 |
| Tutor Perini Corp. \* | 208589 | 7692762 |
| UFP Industries, Inc.  | 288418 | 28138060 |
| V2X, Inc. \* | 67164 | 3041186 |
| Valmont Industries, Inc.  | 95216 | 30282497 |
| Vicor Corp. \* | 109636 | 4784515 |
| Virgin Galactic Holdings, Inc. \**(a)* | 123867 | 397613 |
| Wabash National Corp.  | 204984 | 1777211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., <br> Class A <br>| 130137 | 31508770 |
| Willis Lease Finance Corp.  | 13705 | 1841130 |
| Worthington Enterprises, Inc.  | 147266 | 8675440 |
| Xometry, Inc., Class A \* | 217693 | 7216523 |
| Zurn Elkay Water Solutions Corp.  | 678443 | 24552852 |
|  |  | **2184964080** |
| **Commercial & Professional Services 3.9%** | **Commercial & Professional Services 3.9%** | **Commercial & Professional Services 3.9%** |
| ABM Industries, Inc.  | 295151 | 15539700 |
| ACCO Brands Corp.  | 434125 | 1558509 |
| ACV Auctions, Inc., Class A \* | 753830 | 12347735 |
| Alight, Inc., Class A  | 2156483 | 11774397 |
| Amentum Holdings, Inc. \* | 716525 | 14803407 |
| Barrett Business Services, Inc.  | 122338 | 5055618 |
| BlackSky Technology, Inc. \* | 113018 | 1264671 |
| Brady Corp., Class A  | 209906 | 14645142 |
| BrightView Holdings, Inc. \* | 276385 | 4306078 |
| Brink's Co.  | 207533 | 17030158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., <br> Class A \*<br>| 295985 | 34692402 |
| CBIZ, Inc. \* | 237940 | 17188786 |
| CECO Environmental Corp. \* | 137162 | 3688286 |
| Cimpress PLC \* | 72822 | 3223102 |
| Clarivate PLC \* | 2129236 | 8985376 |
| Concentrix Corp.  | 220637 | 12347950 |
| Conduent, Inc. \* | 699305 | 1566443 |
| CoreCivic, Inc. \* | 523065 | 11486507 |
| CRA International, Inc.  | 32252 | 6129493 |
| CSG Systems International, Inc.  | 130711 | 8634769 |
| Deluxe Corp.  | 211354 | 3016022 |
| Driven Brands Holdings, Inc. \* | 281081 | 5008863 |
| Dun & Bradstreet Holdings, Inc.  | 1469117 | 13236744 |
| Ennis, Inc.  | 124075 | 2316480 |
| Enviri Corp. \* | 385357 | 3140660 |
| ExlService Holdings, Inc. \* | 763964 | 35134704 |
| Exponent, Inc.  | 241308 | 18421453 |
| First Advantage Corp. \* | 286080 | 4897690 |
| FiscalNote Holdings, Inc. \* | 406441 | 243580 |
| Forrester Research, Inc. \* | 54813 | 582662 |
| Franklin Covey Co. \* | 52242 | 1221418 |
| FTI Consulting, Inc. \* | 167951 | 27570836 |
| GEO Group, Inc. \* | 646822 | 17554749 |
| Healthcare Services Group, Inc. \* | 349613 | 4929543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, <br> Inc. <br>| 97573 | 4260037 |
| HNI Corp.  | 227687 | 10594276 |
| Huron Consulting Group, Inc. \* | 77739 | 11103461 |

---

**58**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ICF International, Inc.  | 89249 | 7668274 |
| Insperity, Inc.  | 167934 | 10868689 |
| Interface, Inc.  | 276584 | 5556573 |
| Kelly Services, Inc., Class A  | 150660 | 1765735 |
| Kforce, Inc.  | 82309 | 3358207 |
| Korn Ferry  | 244375 | 16619944 |
| LanzaTech Global, Inc. \**(a)* | 392677 | 110813 |
| Legalzoom.com, Inc. \* | 507577 | 4634178 |
| Liquidity Services, Inc. \* | 107142 | 2503909 |
| ManpowerGroup, Inc.  | 223451 | 9373769 |
| Maximus, Inc.  | 269212 | 19520562 |
| MillerKnoll, Inc.  | 324832 | 5479916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, <br> Inc. \*<br>| 153292 | 2993793 |
| MSA Safety, Inc.  | 186588 | 30408246 |
| NV5 Global, Inc. \* | 247874 | 5478015 |
| OPENLANE, Inc. \* | 507435 | 11635485 |
| Pitney Bowes, Inc.  | 754464 | 7770979 |
| Planet Labs PBC \* | 1018522 | 3911124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, <br> Inc. \*<br>| 101148 | 2821018 |
| Resources Connection, Inc.  | 147342 | 768389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International <br> Corp. <br>| 232425 | 26854385 |
| Steelcase, Inc., Class A  | 445585 | 4593981 |
| TriNet Group, Inc.  | 145582 | 12113878 |
| TrueBlue, Inc. \* | 138693 | 832158 |
| TTEC Holdings, Inc. \* | 92069 | 452059 |
| UL Solutions, Inc., Class A  | 293838 | 21009417 |
| UniFirst Corp.  | 71352 | 13454133 |
| Upwork, Inc. \* | 597613 | 9257025 |
| Verra Mobility Corp. \* | 784212 | 18546614 |
| Vestis Corp.  | 544205 | 3352303 |
| VSE Corp.  | 84465 | 10988052 |
|  |  | **644203330** |
| **Consumer Discretionary Distribution & Retail 2.9%** | **Consumer Discretionary Distribution & Retail 2.9%** | **Consumer Discretionary Distribution & Retail 2.9%** |
| 1-800-Flowers.com, Inc., Class A \* | 122450 | 602454 |
| Abercrombie & Fitch Co., Class A \* | 239830 | 18824257 |
| Academy Sports & Outdoors, Inc.  | 329657 | 13486268 |
| Advance Auto Parts, Inc.  | 282454 | 13538020 |
| A-Mark Precious Metals, Inc.  | 83049 | 1638557 |
| American Eagle Outfitters, Inc.  | 827039 | 9064347 |
| America's Car-Mart, Inc. \* | 36374 | 1809970 |
| Arhaus, Inc. \* | 258997 | 2325793 |
| Arko Corp.  | 330524 | 1414643 |
| Asbury Automotive Group, Inc. \* | 92948 | 21183779 |
| AutoNation, Inc. \* | 122354 | 22494783 |
| BARK, Inc. \* | 555457 | 716540 |
| Beyond, Inc. \* | 188070 | 1205529 |
| Boot Barn Holdings, Inc. \* | 145184 | 23274447 |
| Buckle, Inc.  | 142675 | 6079382 |
| Caleres, Inc.  | 157827 | 2122773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., <br> Class A <br>| 288274 | 4687335 |
| Chewy, Inc., Class A \* | 787554 | 35636818 |
| Designer Brands, Inc., Class A  | 158184 | 561553 |
| Dillard's, Inc., Class A  | 14099 | 5583486 |
| Five Below, Inc. \* | 260999 | 30424653 |
| Foot Locker, Inc. \* | 393565 | 9351104 |
| Gap, Inc.  | 1056732 | 23575691 |
| Genesco, Inc. \* | 48442 | 1052645 |
| GigaCloud Technology, Inc., Class A \* | 125534 | 2204377 |
| Group 1 Automotive, Inc.  | 61738 | 26171973 |
| Groupon, Inc. \* | 113958 | 3319597 |
| GrowGeneration Corp. \* | 252583 | 272790 |
| Guess?, Inc. *(a)* | 127331 | 1334429 |
| Haverty Furniture Cos., Inc.  | 63510 | 1331170 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kohl's Corp. *(a)* | 525123 | 4269250 |
| Lands' End, Inc. \* | 55411 | 466561 |
| Leslie's, Inc. \* | 864190 | 651340 |
| Macy's, Inc.  | 1317133 | 15660711 |
| MarineMax, Inc. \* | 93521 | 1982645 |
| Monro, Inc.  | 141165 | 2164059 |
| National Vision Holdings, Inc. \* | 374311 | 7415101 |
| ODP Corp. \* | 140755 | 2315420 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 291040 | 32436408 |
| Petco Health & Wellness Co., Inc. \* | 413428 | 1517281 |
| QVC Group, Inc. \* | 33926 | 139097 |
| Revolve Group, Inc. \* | 180665 | 3721699 |
| RH \* | 71590 | 12965665 |
| Sally Beauty Holdings, Inc. \* | 489061 | 4259721 |
| Savers Value Village, Inc. \* | 126407 | 1266598 |
| Shoe Carnival, Inc.  | 82461 | 1584900 |
| Signet Jewelers Ltd.  | 206821 | 13768074 |
| Sleep Number Corp. \* | 103714 | 1115963 |
| Sonic Automotive, Inc., Class A  | 69322 | 4847687 |
| Stitch Fix, Inc., Class A \* | 506302 | 2237855 |
| Torrid Holdings, Inc. \**(a)* | 51761 | 267087 |
| Upbound Group, Inc.  | 242712 | 5567813 |
| Urban Outfitters, Inc. \* | 267432 | 18693497 |
| Valvoline, Inc. \* | 603731 | 20883055 |
| Victoria's Secret & Co. \* | 375319 | 7960516 |
| Warby Parker, Inc., Class A \* | 426965 | 9038849 |
| Wayfair, Inc., Class A \* | 473377 | 19522067 |
| Winmark Corp.  | 13920 | 5913494 |
| Zumiez, Inc. \* | 72559 | 906262 |
|  |  | **488827838** |
| **Consumer Durables & Apparel 3.4%** | **Consumer Durables & Apparel 3.4%** | **Consumer Durables & Apparel 3.4%** |
| Acushnet Holdings Corp.  | 130253 | 8888465 |
| Beazer Homes USA, Inc. \* | 134664 | 2763305 |
| Brunswick Corp.  | 313083 | 15848262 |
| Capri Holdings Ltd. \* | 558064 | 10112120 |
| Carter's, Inc.  | 170214 | 5339613 |
| Cavco Industries, Inc. \* | 38009 | 16480512 |
| Century Communities, Inc.  | 129221 | 6702693 |
| Champion Homes, Inc. \* | 250349 | 16372825 |
| Columbia Sportswear Co.  | 152712 | 9739971 |
| Crocs, Inc. \* | 265939 | 27125778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., <br> Class A \*<br>| 129147 | 2694006 |
| Ethan Allen Interiors, Inc.  | 108676 | 2839704 |
| Figs, Inc., Class A \* | 614426 | 2672753 |
| Funko, Inc., Class A \* | 169251 | 709162 |
| G-III Apparel Group Ltd. \* | 183324 | 5325562 |
| GoPro, Inc., Class A \* | 590298 | 391368 |
| Green Brick Partners, Inc. \* | 146086 | 8538727 |
| Hanesbrands, Inc. \* | 1674785 | 8290186 |
| Helen of Troy Ltd. \* | 107685 | 2895650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc., <br> Class A \*<br>| 22439 | 2025793 |
| Installed Building Products, Inc.  | 110287 | 17588571 |
| iRobot Corp. \* | 145970 | 448128 |
| Johnson Outdoors, Inc., Class A  | 25612 | 696390 |
| KB Home  | 330061 | 17024546 |
| Kontoor Brands, Inc.  | 235650 | 16165590 |
| Latham Group, Inc. \* | 189659 | 1071573 |
| La-Z-Boy, Inc.  | 196674 | 8238674 |
| Legacy Housing Corp. \* | 51460 | 1147043 |
| Leggett & Platt, Inc.  | 635115 | 5754142 |
| Levi Strauss & Co., Class A  | 466455 | 8092994 |
| LGI Homes, Inc. \* | 99044 | 4962104 |
| M/I Homes, Inc. \* | 129060 | 13759087 |
| Malibu Boats, Inc., Class A \* | 92353 | 2783519 |
| Mattel, Inc. \* | 1599726 | 30298811 |

---

**59**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Meritage Homes Corp.  | 343400 | 21843674 |
| Movado Group, Inc.  | 76902 | 1245812 |
| Newell Brands, Inc.  | 1983756 | 10513907 |
| Outdoor Holding Co. \* | 425778 | 617378 |
| Oxford Industries, Inc.  | 70041 | 3759801 |
| Peloton Interactive, Inc., Class A \* | 1780814 | 12643779 |
| Polaris, Inc.  | 249066 | 9768369 |
| Purple Innovation, Inc. \* | 266668 | 212428 |
| PVH Corp.  | 264617 | 22166966 |
| Ralph Lauren Corp.  | 189447 | 52440824 |
| Skechers USA, Inc., Class A \* | 625260 | 38791130 |
| Smith & Wesson Brands, Inc.  | 210149 | 2000619 |
| Sonos, Inc. \* | 568623 | 5845445 |
| Steven Madden Ltd.  | 343085 | 8457045 |
| Sturm Ruger & Co., Inc.  | 79001 | 2859836 |
| Taylor Morrison Home Corp. \* | 491901 | 27684188 |
| Topgolf Callaway Brands Corp. \* | 669752 | 4246228 |
| Traeger, Inc. \* | 296150 | 408687 |
| Tri Pointe Homes, Inc. \* | 444334 | 13098966 |
| Under Armour, Inc., Class A \* | 1476276 | 9905812 |
| Whirlpool Corp.  | 263171 | 20551023 |
| Wolverine World Wide, Inc.  | 378284 | 6453525 |
| YETI Holdings, Inc. \* | 403335 | 12325918 |
|  |  | **571628987** |
| **Consumer Services 4.6%** | **Consumer Services 4.6%** | **Consumer Services 4.6%** |
| Accel Entertainment, Inc. \* | 259530 | 2911927 |
| Adtalem Global Education, Inc. \* | 177168 | 23391491 |
| Bally's Corp. \* | 32511 | 326085 |
| BJ's Restaurants, Inc. \* | 109235 | 4872973 |
| Bloomin' Brands, Inc.  | 362033 | 2762312 |
| Boyd Gaming Corp.  | 314854 | 23604604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br> Inc. \*<br>| 276278 | 35695118 |
| Brinker International, Inc. \* | 210988 | 36422858 |
| Carriage Services, Inc.  | 61762 | 2686647 |
| Cheesecake Factory, Inc.  | 223800 | 12347046 |
| Chegg, Inc. \* | 515665 | 525978 |
| Choice Hotels International, Inc.  | 105992 | 13427067 |
| Coursera, Inc. \* | 591489 | 5234678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, <br> Inc. <br>| 105553 | 6062964 |
| Dave & Buster's Entertainment, Inc. \* | 146744 | 3222498 |
| Denny's Corp. \* | 236771 | 904465 |
| Dine Brands Global, Inc.  | 70991 | 1708043 |
| Duolingo, Inc. \* | 179954 | 93505898 |
| Dutch Bros, Inc., Class A \* | 552061 | 39858804 |
| El Pollo Loco Holdings, Inc. \* | 112108 | 1177134 |
| European Wax Center, Inc., Class A \* | 152548 | 776469 |
| Everi Holdings, Inc. \* | 411952 | 5812643 |
| First Watch Restaurant Group, Inc. \* | 195009 | 3010939 |
| Frontdoor, Inc. \* | 360191 | 19814107 |
| Global Business Travel Group I \* | 399221 | 2495131 |
| Golden Entertainment, Inc.  | 98998 | 2824413 |
| Graham Holdings Co., Class B  | 15984 | 15255289 |
| Grand Canyon Education, Inc. \* | 136762 | 27057678 |
| H&R Block, Inc.  | 635573 | 36195882 |
| Hilton Grand Vacations, Inc. \* | 294614 | 11245416 |
| Hyatt Hotels Corp., Class A  | 202405 | 26723532 |
| Jack in the Box, Inc.  | 89542 | 1698164 |
| KinderCare Learning Cos., Inc. \* | 116304 | 1427050 |
| Krispy Kreme, Inc.  | 397049 | 1147472 |
| Kura Sushi USA, Inc., Class A \* | 27643 | 1826097 |
| Laureate Education, Inc. \* | 638021 | 14355473 |
| Life Time Group Holdings, Inc. \* | 452112 | 12930403 |
| Lindblad Expeditions Holdings, Inc. \* | 180349 | 1893665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 118954 | 1026573 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Marriott Vacations Worldwide Corp.  | 152216 | 10024946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., <br> Class A <br>| 146713 | 3146994 |
| Mister Car Wash, Inc. \* | 446045 | 3157999 |
| Monarch Casino & Resort, Inc.  | 60541 | 5069703 |
| OneSpaWorld Holdings Ltd.  | 494687 | 9329797 |
| Papa John's International, Inc.  | 154473 | 6989903 |
| Penn Entertainment, Inc. \* | 712914 | 10572515 |
| Perdoceo Education Corp.  | 294008 | 10008032 |
| Planet Fitness, Inc., Class A \* | 399721 | 41103310 |
| Playa Hotels & Resorts NV \* | 458183 | 6167143 |
| Portillo's, Inc., Class A \* | 273926 | 3287112 |
| RCI Hospitality Holdings, Inc.  | 38618 | 1553602 |
| Red Rock Resorts, Inc., Class A  | 236670 | 11376727 |
| Rush Street Interactive, Inc. \* | 395332 | 5016763 |
| Sabre Corp. \* | 1823735 | 4595812 |
| Shake Shack, Inc., Class A \* | 190459 | 24719674 |
| Six Flags Entertainment Corp.  | 442720 | 14857683 |
| Strategic Education, Inc.  | 115521 | 10538981 |
| Stride, Inc. \* | 203253 | 30770472 |
| Sweetgreen, Inc., Class A \* | 489264 | 6565923 |
| Target Hospitality Corp. \* | 159590 | 1166603 |
| Travel & Leisure Co.  | 324674 | 15769416 |
| Twin Hospitality Group, Inc. \**(a)* | 11772 | 51679 |
| Udemy, Inc. \* | 427586 | 3129930 |
| United Parks & Resorts, Inc. \* | 135597 | 6073390 |
| Universal Technical Institute, Inc. \* | 207505 | 7372653 |
| Wendy's Co.  | 815981 | 9302183 |
| Xponential Fitness, Inc., Class A \* | 111374 | 1003480 |
|  |  | **760887411** |
| **Consumer Staples Distribution & Retail 0.6%** | **Consumer Staples Distribution & Retail 0.6%** | **Consumer Staples Distribution & Retail 0.6%** |
| Andersons, Inc.  | 153199 | 5440096 |
| Chefs' Warehouse, Inc. \* | 166528 | 10621156 |
| Grocery Outlet Holding Corp. \* | 463296 | 6291560 |
| Ingles Markets, Inc., Class A  | 69756 | 4345799 |
| Maplebear, Inc. \* | 768621 | 35102921 |
| PriceSmart, Inc.  | 117650 | 12703847 |
| SpartanNash Co.  | 161515 | 3143082 |
| United Natural Foods, Inc. \* | 286052 | 8744609 |
| Weis Markets, Inc.  | 77931 | 5907170 |
|  |  | **92300240** |
| **Energy 3.7%** | **Energy 3.7%** | **Energy 3.7%** |
| Antero Midstream Corp.  | 1593471 | 29925385 |
| Archrock, Inc.  | 832643 | 20732811 |
| Atlas Energy Solutions, Inc. *(a)* | 342546 | 4161934 |
| Berry Corp.  | 357214 | 853741 |
| BKV Corp. \* | 70658 | 1519147 |
| Bristow Group, Inc. \* | 117905 | 3449900 |
| Cactus, Inc., Class A  | 317127 | 13002207 |
| California Resources Corp.  | 339154 | 14980432 |
| Calumet, Inc. \* | 325135 | 4545387 |
| Centrus Energy Corp., Class A \* | 70530 | 8951668 |
| ChampionX Corp.  | 905980 | 21806939 |
| Civitas Resources, Inc.  | 423031 | 11578358 |
| Clean Energy Fuels Corp. \* | 825812 | 1478203 |
| CNX Resources Corp. \* | 706985 | 22821476 |
| Comstock Resources, Inc. \* | 431958 | 10064621 |
| Core Laboratories, Inc.  | 225308 | 2422061 |
| Core Natural Resources, Inc.  | 241434 | 16731376 |
| Crescent Energy Co., Class A  | 867991 | 7282444 |
| CVR Energy, Inc.  | 163848 | 3832405 |
| Delek U.S. Holdings, Inc.  | 298403 | 5744258 |
| DMC Global, Inc. \* | 81557 | 526858 |
| Dorian LPG Ltd.  | 174432 | 3734589 |
| DT Midstream, Inc.  | 481118 | 50392299 |

---

**60**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Excelerate Energy, Inc., Class A  | 110109 | 3097366 |
| Expro Group Holdings NV \* | 504279 | 4195601 |
| Flowco Holdings, Inc., Class A  | 96927 | 1668114 |
| Granite Ridge Resources, Inc.  | 250369 | 1407074 |
| Green Plains, Inc. \* | 299031 | 1243969 |
| Gulfport Energy Corp. \* | 58956 | 11290074 |
| Helix Energy Solutions Group, Inc. \* | 673562 | 4169349 |
| Helmerich & Payne, Inc.  | 470691 | 7178038 |
| HighPeak Energy, Inc. *(a)* | 119018 | 1177088 |
| Innovex International, Inc. \* | 181911 | 2510372 |
| International Seaways, Inc.  | 191263 | 7086294 |
| Kinetik Holdings, Inc.  | 178184 | 7936315 |
| Kodiak Gas Services, Inc.  | 187590 | 6623803 |
| Kosmos Energy Ltd. \* | 2230824 | 3703168 |
| Liberty Energy, Inc.  | 767418 | 8894375 |
| Magnolia Oil & Gas Corp., Class A  | 908184 | 19525956 |
| Matador Resources Co.  | 551063 | 23701220 |
| Murphy Oil Corp.  | 650839 | 13622060 |
| Nabors Industries Ltd. \* | 42011 | 1084304 |
| New Fortress Energy, Inc. *(a)* | 615719 | 1533140 |
| NextDecade Corp. \* | 660775 | 5471217 |
| Noble Corp. PLC  | 624840 | 15477287 |
| Northern Oil & Gas, Inc.  | 472620 | 12562240 |
| NPK International, Inc. \* | 409642 | 3314004 |
| Oceaneering International, Inc. \* | 480136 | 9156194 |
| Par Pacific Holdings, Inc. \* | 267790 | 5781586 |
| Patterson-UTI Energy, Inc.  | 1664551 | 9188321 |
| PBF Energy, Inc., Class A  | 465001 | 8858269 |
| Peabody Energy Corp.  | 576547 | 7587359 |
| ProFrac Holding Corp., Class A \**(a)* | 101563 | 847035 |
| ProPetro Holding Corp. \* | 373828 | 2018671 |
| REX American Resources Corp. \* | 73927 | 3115284 |
| Riley Exploration Permian, Inc.  | 42166 | 1081980 |
| RPC, Inc.  | 385296 | 1710714 |
| Sable Offshore Corp. \* | 343472 | 9885124 |
| SandRidge Energy, Inc.  | 152592 | 1496928 |
| Select Water Solutions, Inc.  | 449938 | 3617502 |
| Sitio Royalties Corp., Class A  | 377065 | 6436500 |
| SM Energy Co.  | 544215 | 12745515 |
| Talos Energy, Inc. \* | 590273 | 4745795 |
| TETRA Technologies, Inc. \* | 559288 | 1498892 |
| Tidewater, Inc. \* | 228895 | 9089420 |
| Transocean Ltd. \* | 3693771 | 9197490 |
| Uranium Energy Corp. \* | 2005215 | 11890925 |
| VAALCO Energy, Inc.  | 483586 | 1532968 |
| Valaris Ltd. \* | 309865 | 11657121 |
| Venture Global, Inc., Class A *(a)* | 345930 | 4002410 |
| Viper Energy, Inc.  | 623093 | 24730561 |
| Vital Energy, Inc. \* | 127179 | 1892424 |
| Vitesse Energy, Inc.  | 133028 | 2784276 |
| Weatherford International PLC  | 346044 | 15087518 |
| World Kinect Corp.  | 277108 | 7589988 |
|  |  | **618237697** |
| **Equity Real Estate Investment Trusts (REITs) 5.7%** | **Equity Real Estate Investment Trusts (REITs) 5.7%** | **Equity Real Estate Investment Trusts (REITs) 5.7%** |
| Acadia Realty Trust  | 570106 | 10980242 |
| Agree Realty Corp.  | 508209 | 38268138 |
| Alexander & Baldwin, Inc.  | 346847 | 6212030 |
| Alexander's, Inc.  | 10316 | 2323060 |
| American Assets Trust, Inc.  | 225782 | 4502093 |
| American Healthcare REIT, Inc.  | 726768 | 25393274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & <br> Management Co., Class A <br>| 621978 | 4963384 |
| Apple Hospitality REIT, Inc.  | 1061419 | 12301846 |
| Armada Hoffler Properties, Inc.  | 381624 | 2656103 |
| Brandywine Realty Trust  | 822010 | 3477102 |
| Brixmor Property Group, Inc.  | 1452618 | 36911023 |
| Broadstone Net Lease, Inc.  | 893738 | 14219372 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CareTrust REIT, Inc.  | 890230 | 25603015 |
| CBL & Associates Properties, Inc.  | 68207 | 1719498 |
| Centerspace  | 78923 | 5031341 |
| Chatham Lodging Trust  | 227944 | 1625241 |
| City Office REIT, Inc.  | 187764 | 916288 |
| Community Healthcare Trust, Inc.  | 119633 | 1954803 |
| COPT Defense Properties  | 533884 | 14655116 |
| Cousins Properties, Inc.  | 796128 | 22347313 |
| Curbline Properties Corp.  | 449855 | 10207210 |
| DiamondRock Hospitality Co.  | 987865 | 7547289 |
| Diversified Healthcare Trust  | 1039397 | 3253313 |
| Douglas Emmett, Inc.  | 795385 | 11318329 |
| Easterly Government Properties, Inc.  | 190441 | 4138283 |
| Elme Communities  | 415871 | 6678888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., <br> Class A <br>| 646501 | 4952198 |
| EPR Properties  | 360425 | 20072068 |
| Essential Properties Realty Trust, Inc.  | 892261 | 28998482 |
| First Industrial Realty Trust, Inc.  | 629170 | 31099873 |
| Four Corners Property Trust, Inc.  | 475100 | 13117511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp., <br> Class C <br>| 377299 | 686684 |
| Getty Realty Corp.  | 239228 | 6999811 |
| Gladstone Commercial Corp.  | 211244 | 3031351 |
| Global Medical REIT, Inc.  | 299165 | 1902689 |
| Global Net Lease, Inc.  | 935883 | 7262452 |
| Highwoods Properties, Inc.  | 510318 | 15156445 |
| Hudson Pacific Properties, Inc.  | 657519 | 1222985 |
| Independence Realty Trust, Inc.  | 1094936 | 20354860 |
| Industrial Logistics Properties Trust  | 272084 | 895156 |
| Innovative Industrial Properties, Inc.  | 134557 | 7430238 |
| InvenTrust Properties Corp.  | 368676 | 10356109 |
| JBG SMITH Properties  | 400062 | 6841060 |
| Kilroy Realty Corp.  | 506183 | 16299093 |
| Kite Realty Group Trust  | 1043027 | 23071757 |
| LTC Properties, Inc.  | 215888 | 7640276 |
| LXP Industrial Trust  | 1404210 | 12048122 |
| Macerich Co.  | 1182527 | 19133287 |
| Medical Properties Trust, Inc. *(a)* | 2848904 | 13019491 |
| Millrose Properties, Inc., Class A  | 572568 | 15957470 |
| National Health Investors, Inc.  | 215327 | 15613361 |
| National Storage Affiliates Trust  | 333039 | 11456542 |
| NETSTREIT Corp.  | 385451 | 6205761 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate <br> Trust <br>| 178263 | 741574 |
| NexPoint Residential Trust, Inc.  | 104494 | 3552796 |
| One Liberty Properties, Inc.  | 75414 | 1846135 |
| Orion Properties, Inc.  | 247182 | 472118 |
| Outfront Media, Inc.  | 657012 | 10853838 |
| Paramount Group, Inc.  | 864530 | 5230406 |
| Park Hotels & Resorts, Inc.  | 976764 | 10119275 |
| Peakstone Realty Trust  | 169813 | 2103983 |
| Pebblebrook Hotel Trust  | 566437 | 5199892 |
| Phillips Edison & Co., Inc.  | 594662 | 21086715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., <br> Class A <br>| 592609 | 4219376 |
| Plymouth Industrial REIT, Inc.  | 186512 | 3021494 |
| PotlatchDeltic Corp.  | 340156 | 13381737 |
| Rayonier, Inc.  | 669044 | 15856343 |
| RLJ Lodging Trust  | 719123 | 5249598 |
| Ryman Hospitality Properties, Inc.  | 284182 | 27596914 |
| Sabra Health Care REIT, Inc.  | 1124233 | 19651593 |
| Safehold, Inc.  | 219693 | 3310774 |
| Saul Centers, Inc.  | 58426 | 1967788 |
| Service Properties Trust  | 809614 | 1878304 |
| Sila Realty Trust, Inc.  | 260027 | 6479873 |
| SITE Centers Corp.  | 221401 | 2639100 |
| SL Green Realty Corp.  | 333301 | 18921498 |
| STAG Industrial, Inc.  | 886814 | 31552842 |

---

**61**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Summit Hotel Properties, Inc.  | 514867 | 2255117 |
| Sunstone Hotel Investors, Inc.  | 952610 | 8535386 |
| Tanger, Inc.  | 526953 | 15703199 |
| Terreno Realty Corp.  | 473247 | 26700596 |
| UMH Properties, Inc.  | 346373 | 5815603 |
| Uniti Group, Inc.  | 1154892 | 4966036 |
| Universal Health Realty Income Trust  | 59705 | 2370886 |
| Urban Edge Properties  | 594640 | 10798662 |
| Veris Residential, Inc.  | 384325 | 5841740 |
| Vornado Realty Trust  | 789602 | 29744307 |
| Whitestone REIT  | 210017 | 2587409 |
| Xenia Hotels & Resorts, Inc.  | 481144 | 5884391 |
|  |  | **938166024** |
| **Financial Services 7.5%** | **Financial Services 7.5%** | **Financial Services 7.5%** |
| Acadian Asset Management, Inc.  | 133519 | 4020257 |
| Affiliated Managers Group, Inc.  | 138930 | 24451680 |
| Affirm Holdings, Inc., Class A \* | 1198012 | 62176823 |
| Alerus Financial Corp.  | 109820 | 2307318 |
| AlTi Global, Inc. \* | 285884 | 949135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate <br> Finance, Inc. <br>| 603798 | 5935334 |
| Arbor Realty Trust, Inc. *(a)* | 894687 | 8571101 |
| ARMOUR Residential REIT, Inc. *(a)* | 363236 | 5888056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A <br>| 333270 | 13430781 |
| AvidXchange Holdings, Inc. \* | 892631 | 8738857 |
| B Riley Financial, Inc. \**(a)* | 82707 | 252256 |
| BGC Group, Inc., Class A  | 1775302 | 16474803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., <br> Class A <br>| 813449 | 15366052 |
| Bread Financial Holdings, Inc.  | 233688 | 11974173 |
| BrightSpire Capital, Inc.  | 611377 | 3093568 |
| Cannae Holdings, Inc.  | 264475 | 4932459 |
| Cantaloupe, Inc. \* | 278424 | 2330409 |
| Cass Information Systems, Inc.  | 56798 | 2402555 |
| Chimera Investment Corp.  | 383873 | 5059446 |
| Claros Mortgage Trust, Inc.  | 533097 | 1370059 |
| Cohen & Steers, Inc.  | 127200 | 9774048 |
| Credit Acceptance Corp. \* | 29696 | 14173901 |
| Diamond Hill Investment Group, Inc.  | 13207 | 1865621 |
| DigitalBridge Group, Inc.  | 746351 | 8254642 |
| Donnelley Financial Solutions, Inc. \* | 126741 | 6904850 |
| Dynex Capital, Inc.  | 400589 | 4823092 |
| Ellington Financial, Inc.  | 429499 | 5398802 |
| Enact Holdings, Inc.  | 137807 | 4878368 |
| Encore Capital Group, Inc. \* | 112474 | 4262765 |
| Enova International, Inc. \* | 122659 | 11366810 |
| Essent Group Ltd.  | 499402 | 28965316 |
| Euronet Worldwide, Inc. \* | 196305 | 21255905 |
| Evercore, Inc., Class A  | 168159 | 38927127 |
| EVERTEC, Inc.  | 302071 | 10944032 |
| EZCORP, Inc., Class A \* | 248978 | 3348754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., <br> Class C <br>| 47873 | 8924485 |
| Federated Hermes, Inc.  | 369855 | 15607881 |
| FirstCash Holdings, Inc.  | 184949 | 23656827 |
| Flywire Corp. \* | 527739 | 5673194 |
| Forge Global Holdings, Inc. \* | 35513 | 493631 |
| Franklin BSP Realty Trust, Inc.  | 396955 | 4378414 |
| Granite Point Mortgage Trust, Inc.  | 233196 | 603978 |
| Green Dot Corp., Class A \* | 251255 | 2321596 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital, Inc. <br>| 565865 | 14174918 |
| Hamilton Lane, Inc., Class A  | 205773 | 30660177 |
| Houlihan Lokey, Inc.  | 256656 | 44832670 |
| Innventure, Inc. \**(a)* | 122699 | 700611 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| International Money Express, Inc. \* | 137065 | 1511827 |
| Invesco Mortgage Capital, Inc.  | 284078 | 2096496 |
| Jackson Financial, Inc., Class A  | 351295 | 28774573 |
| Janus Henderson Group PLC  | 604837 | 21973728 |
| KKR Real Estate Finance Trust, Inc.  | 272797 | 2436077 |
| Ladder Capital Corp.  | 522130 | 5492808 |
| Lazard, Inc., Class A  | 535705 | 23249597 |
| LendingClub Corp. \* | 536953 | 5385639 |
| LendingTree, Inc. \* | 52818 | 1849686 |
| Marqeta, Inc., Class A \* | 1945150 | 10464907 |
| Merchants Bancorp  | 130789 | 4187864 |
| MFA Financial, Inc.  | 485080 | 4511244 |
| MGIC Investment Corp.  | 1180876 | 31234170 |
| Moelis & Co., Class A  | 335901 | 19183306 |
| Mr. Cooper Group, Inc. \* | 301987 | 39116376 |
| Navient Corp.  | 354391 | 4763015 |
| NCR Atleos Corp. \* | 344884 | 9142875 |
| Nelnet, Inc., Class A  | 82466 | 9580900 |
| NerdWallet, Inc., Class A \* | 164534 | 1734188 |
| New York Mortgage Trust, Inc.  | 435437 | 2843404 |
| NewtekOne, Inc.  | 114041 | 1237345 |
| NMI Holdings, Inc., Class A \* | 372164 | 14782354 |
| OneMain Holdings, Inc.  | 566222 | 29352948 |
| Open Lending Corp., Class A \* | 490530 | 878049 |
| Orchid Island Capital, Inc.  | 447471 | 3056227 |
| Payoneer Global, Inc. \* | 1217638 | 8292115 |
| PennyMac Financial Services, Inc.  | 151631 | 14556576 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment <br> Trust <br>| 411435 | 5052422 |
| Perella Weinberg Partners, Class A  | 280483 | 4871990 |
| Piper Sandler Cos.  | 76525 | 19242211 |
| PJT Partners, Inc., Class A  | 112325 | 16922884 |
| PRA Group, Inc. \* | 188789 | 2678916 |
| PROG Holdings, Inc.  | 196163 | 5655379 |
| Radian Group, Inc.  | 688808 | 23522793 |
| Ready Capital Corp.  | 793203 | 3545617 |
| Redwood Trust, Inc.  | 630778 | 3437740 |
| Remitly Global, Inc. \* | 704830 | 15055169 |
| Repay Holdings Corp. \* | 344031 | 1654789 |
| Rithm Capital Corp.  | 2469697 | 27537122 |
| Rocket Cos., Inc., Class A *(a)* | 652842 | 8323735 |
| Sezzle, Inc. \* | 72255 | 7710331 |
| Shift4 Payments, Inc., Class A \* | 326521 | 30950926 |
| SLM Corp.  | 1000220 | 32377121 |
| StepStone Group, Inc., Class A  | 312771 | 18093802 |
| Stifel Financial Corp.  | 485162 | 45711964 |
| StoneX Group, Inc. \* | 203578 | 17233896 |
| TPG RE Finance Trust, Inc.  | 306629 | 2354911 |
| TPG, Inc.  | 545888 | 26273589 |
| Two Harbors Investment Corp.  | 491322 | 5203100 |
| Upstart Holdings, Inc. \* | 386839 | 18247196 |
| UWM Holdings Corp.  | 460050 | 1978215 |
| Velocity Financial, Inc. \* | 41443 | 694170 |
| Victory Capital Holdings, Inc., Class A  | 211590 | 13120696 |
| Virtu Financial, Inc., Class A  | 383073 | 15395704 |
| Virtus Investment Partners, Inc.  | 31373 | 5355371 |
| Walker & Dunlop, Inc.  | 152694 | 10458012 |
| Waterstone Financial, Inc.  | 84654 | 1093730 |
| Western Union Co.  | 1601047 | 14857716 |
| WisdomTree, Inc.  | 546828 | 5162056 |
| World Acceptance Corp. \* | 15442 | 2385480 |
|  |  | **1240744584** |
| **Food, Beverage & Tobacco 1.3%** | **Food, Beverage & Tobacco 1.3%** | **Food, Beverage & Tobacco 1.3%** |
| B&G Foods, Inc.  | 381650 | 1606746 |
| Beyond Meat, Inc. \**(a)* | 357166 | 1046496 |
| Boston Beer Co., Inc., Class A \* | 40841 | 9387304 |
| BRC, Inc., Class A \* | 228599 | 409192 |

---

**62**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Calavo Growers, Inc.  | 78366 | 2158983 |
| Cal-Maine Foods, Inc.  | 204919 | 19657880 |
| Flowers Foods, Inc.  | 932174 | 15753741 |
| Fresh Del Monte Produce, Inc.  | 158885 | 5611818 |
| Freshpet, Inc. \* | 230847 | 18504695 |
| Hain Celestial Group, Inc. \* | 419526 | 784514 |
| Ingredion, Inc.  | 306289 | 42610926 |
| J&J Snack Foods Corp.  | 73860 | 8506456 |
| John B Sanfilippo & Son, Inc.  | 43133 | 2680285 |
| Lancaster Colony Corp.  | 91869 | 15378871 |
| MGP Ingredients, Inc.  | 66129 | 1945515 |
| Mission Produce, Inc. \* | 207054 | 2314864 |
| National Beverage Corp.  | 110841 | 5013338 |
| Seaboard Corp.  | 1201 | 3215293 |
| Simply Good Foods Co. \* | 436036 | 15047602 |
| SunOpta, Inc. \* | 450882 | 2813504 |
| Tootsie Roll Industries, Inc.  | 79673 | 2840342 |
| TreeHouse Foods, Inc. \* | 215673 | 4844016 |
| Turning Point Brands, Inc.  | 84002 | 6243029 |
| Universal Corp.  | 117338 | 7672732 |
| Utz Brands, Inc.  | 342283 | 4528404 |
| Vita Coco Co., Inc. \* | 185160 | 6589844 |
| Vital Farms, Inc. \* | 145446 | 4631001 |
| Westrock Coffee Co. \**(a)* | 169887 | 1168823 |
| WK Kellogg Co. *(a)* | 315346 | 5335654 |
|  |  | **218301868** |
| **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** |
| Acadia Healthcare Co., Inc. \* | 442574 | 10019875 |
| AdaptHealth Corp. \* | 502320 | 4510834 |
| Addus HomeCare Corp. \* | 85163 | 9445428 |
| agilon health, Inc. \* | 1440935 | 3198876 |
| AirSculpt Technologies, Inc. \**(a)* | 60562 | 267078 |
| Alignment Healthcare, Inc. \* | 482417 | 7414749 |
| Alphatec Holdings, Inc. \* | 483799 | 6013622 |
| Amedisys, Inc. \* | 155426 | 14620924 |
| AMN Healthcare Services, Inc. \* | 179613 | 3791630 |
| AngioDynamics, Inc. \* | 195706 | 1996201 |
| Artivion, Inc. \* | 180295 | 5333126 |
| Astrana Health, Inc. \* | 196483 | 4870814 |
| AtriCure, Inc. \* | 231853 | 8015158 |
| Avanos Medical, Inc. \* | 220929 | 2777078 |
| Aveanna Healthcare Holdings, Inc. \* | 269757 | 1437805 |
| Axogen, Inc. \* | 211589 | 2304204 |
| Beta Bionics, Inc. \**(a)* | 56569 | 975250 |
| Bioventus, Inc., Class A \* | 192006 | 1244199 |
| BrightSpring Health Services, Inc. \* | 258215 | 6148099 |
| Brookdale Senior Living, Inc. \* | 948736 | 6176271 |
| Butterfly Network, Inc. \* | 840227 | 2016545 |
| Castle Biosciences, Inc. \* | 132791 | 2120672 |
| Ceribell, Inc. \* | 51621 | 867749 |
| Certara, Inc. \* | 520099 | 5908325 |
| Cerus Corp. \* | 855981 | 1087096 |
| Claritev Corp. \* | 30568 | 1175340 |
| Clover Health Investments Corp. \* | 1947657 | 6115643 |
| Community Health Systems, Inc. \* | 585279 | 2270883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, <br> Inc. <br>| 514255 | 11123336 |
| CONMED Corp.  | 146262 | 8300368 |
| CorVel Corp. \* | 129135 | 14368851 |
| Cross Country Healthcare, Inc. \* | 145270 | 1914659 |
| Definitive Healthcare Corp. \* | 249142 | 824660 |
| DENTSPLY SIRONA, Inc.  | 943319 | 15074238 |
| DocGo, Inc. \* | 413764 | 587545 |
| Doximity, Inc., Class A \* | 633914 | 33020580 |
| Embecta Corp.  | 275526 | 2901289 |
| Enovis Corp. \* | 269238 | 8427149 |
| Ensign Group, Inc.  | 270810 | 39879481 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Envista Holdings Corp. \* | 817059 | 14927668 |
| Evolent Health, Inc., Class A \* | 512046 | 3814743 |
| Fulgent Genetics, Inc. \* | 97670 | 2023722 |
| GeneDx Holdings Corp. \* | 96142 | 6847233 |
| Glaukos Corp. \* | 261557 | 24662210 |
| Globus Medical, Inc., Class A \* | 540080 | 31961934 |
| GoodRx Holdings, Inc., Class A \* | 444704 | 1743240 |
| Guardant Health, Inc. \* | 587512 | 23864737 |
| Haemonetics Corp. \* | 238354 | 16138949 |
| Health Catalyst, Inc. \* | 282669 | 1074142 |
| HealthEquity, Inc. \* | 411493 | 41400311 |
| HealthStream, Inc.  | 113050 | 3167661 |
| Hims & Hers Health, Inc. \* | 908758 | 51399352 |
| ICU Medical, Inc. \* | 116593 | 15723732 |
| Innovage Holding Corp. \* | 100223 | 409912 |
| Inspire Medical Systems, Inc. \* | 140899 | 19472242 |
| Integer Holdings Corp. \* | 159382 | 18928206 |
| Integra LifeSciences Holdings Corp. \* | 316729 | 4009789 |
| iRadimed Corp.  | 37386 | 2163902 |
| iRhythm Technologies, Inc. \* | 148970 | 20930285 |
| Lantheus Holdings, Inc. \* | 330134 | 24944925 |
| LeMaitre Vascular, Inc.  | 97363 | 8003239 |
| LifeStance Health Group, Inc. \* | 623296 | 3702378 |
| LivaNova PLC \* | 257173 | 11122732 |
| Merit Medical Systems, Inc. \* | 276466 | 26272564 |
| ModivCare, Inc. \**(a)* | 51368 | 57532 |
| National HealthCare Corp.  | 58589 | 6101458 |
| National Research Corp.  | 70606 | 953887 |
| Neogen Corp. \* | 943637 | 5529713 |
| NeoGenomics, Inc. \* | 606689 | 4416696 |
| Novocure Ltd. \* | 467913 | 8941817 |
| OmniAb, Inc., Class A \**(b)* | 25234 | 0 |
| OmniAb, Inc., Class B \**(b)* | 25234 | 0 |
| Omnicell, Inc. \* | 219238 | 6658258 |
| OPKO Health, Inc. \* | 1599786 | 2175709 |
| Option Care Health, Inc. \* | 807399 | 26385799 |
| OraSure Technologies, Inc. \* | 358957 | 1033796 |
| Orchestra BioMed Holdings, Inc. \* | 126581 | 360756 |
| Orthofix Medical, Inc. \* | 184418 | 2074703 |
| OrthoPediatrics Corp. \* | 76174 | 1520433 |
| Owens & Minor, Inc. \* | 356993 | 2356154 |
| PACS Group, Inc. \* | 174474 | 1730782 |
| Pediatrix Medical Group, Inc. \* | 402810 | 5699762 |
| Pennant Group, Inc. \* | 163469 | 4693195 |
| Phreesia, Inc. \* | 261701 | 6409057 |
| Premier, Inc., Class A  | 432230 | 9932645 |
| Privia Health Group, Inc. \* | 491412 | 11184537 |
| PROCEPT BioRobotics Corp. \* | 256793 | 14893994 |
| Progyny, Inc. \* | 351457 | 7556325 |
| Pulmonx Corp. \* | 190757 | 648574 |
| Pulse Biosciences, Inc. \**(a)* | 89832 | 1554543 |
| QuidelOrtho Corp. \* | 312133 | 9573119 |
| RadNet, Inc. \* | 309044 | 17766940 |
| RxSight, Inc. \* | 162810 | 2489365 |
| Schrodinger, Inc. \* | 262775 | 5681196 |
| Select Medical Holdings Corp.  | 494172 | 7555890 |
| Semler Scientific, Inc. \**(a)* | 36381 | 1455240 |
| Senseonics Holdings, Inc. \* | 2874065 | 1504573 |
| SI-BONE, Inc. \* | 181716 | 3434432 |
| Sight Sciences, Inc. \* | 143033 | 527792 |
| Simulations Plus, Inc.  | 77760 | 2476267 |
| STAAR Surgical Co. \* | 234942 | 4184317 |
| Surgery Partners, Inc. \* | 353346 | 8342499 |
| Surmodics, Inc. \* | 66660 | 1934473 |
| Tandem Diabetes Care, Inc. \* | 312734 | 6198388 |
| Teladoc Health, Inc. \* | 817983 | 5660442 |
| TransMedics Group, Inc. \* | 159710 | 20302335 |
| Treace Medical Concepts, Inc. \* | 204648 | 1174680 |
| TruBridge, Inc. \* | 56912 | 1361904 |

---

**63**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| U.S. Physical Therapy, Inc.  | 71989 | 5398455 |
| UFP Technologies, Inc. \* | 34515 | 8083413 |
| Varex Imaging Corp. \* | 197139 | 1512056 |
| Waystar Holding Corp. \* | 375909 | 15028842 |
| Zimvie, Inc. \* | 128434 | 1173887 |
|  |  | **902946068** |
| **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** |
| Beauty Health Co. \* | 389545 | 634958 |
| BellRing Brands, Inc. \* | 609151 | 38346056 |
| Central Garden & Pet Co. \* | 44448 | 1602795 |
| Central Garden & Pet Co., Class A \* | 240929 | 7702500 |
| Edgewell Personal Care Co.  | 228700 | 6316694 |
| elf Beauty, Inc. \* | 268266 | 30177242 |
| Energizer Holdings, Inc.  | 311561 | 7256256 |
| Herbalife Ltd. \* | 478519 | 3737234 |
| Interparfums, Inc.  | 85092 | 11591232 |
| Medifast, Inc. \* | 48634 | 684280 |
| Nu Skin Enterprises, Inc., Class A  | 231058 | 1994031 |
| Olaplex Holdings, Inc. \* | 580335 | 766042 |
| Spectrum Brands Holdings, Inc.  | 124781 | 7208598 |
| USANA Health Sciences, Inc. \* | 51946 | 1551627 |
| WD-40 Co.  | 64506 | 15715597 |
|  |  | **135285142** |
| **Insurance 3.3%** | **Insurance 3.3%** | **Insurance 3.3%** |
| Abacus Global Management, Inc. \* | 121677 | 940563 |
| Ambac Financial Group, Inc. \* | 221430 | 1733797 |
| AMERISAFE, Inc.  | 90900 | 4315023 |
| Assured Guaranty Ltd.  | 227388 | 19225655 |
| Axis Capital Holdings Ltd.  | 361494 | 37523077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc., <br> Class A \*<br>| 320359 | 12343432 |
| Bowhead Specialty Holdings, Inc. \* | 36866 | 1375102 |
| Brighthouse Financial, Inc. \* | 278245 | 16641834 |
| CNO Financial Group, Inc.  | 483413 | 18350358 |
| Employers Holdings, Inc.  | 117594 | 5723300 |
| Enstar Group Ltd. \* | 59336 | 19878153 |
| F&G Annuities & Life, Inc.  | 102829 | 3286415 |
| First American Financial Corp.  | 489543 | 27321395 |
| Genworth Financial, Inc., Class A \* | 2029150 | 14305508 |
| Goosehead Insurance, Inc., Class A  | 115838 | 12540622 |
| Hagerty, Inc., Class A \* | 107528 | 1045172 |
| Hanover Insurance Group, Inc.  | 171287 | 30143086 |
| HCI Group, Inc.  | 40288 | 6799406 |
| Hippo Holdings, Inc. \* | 85363 | 2011152 |
| Horace Mann Educators Corp.  | 194430 | 8444095 |
| James River Group Holdings Ltd.  | 183903 | 1070316 |
| Kemper Corp.  | 285984 | 18225760 |
| Lemonade, Inc. \* | 260732 | 8734522 |
| Lincoln National Corp.  | 808104 | 26780567 |
| MBIA, Inc. \* | 200342 | 883508 |
| Mercury General Corp.  | 125937 | 8120418 |
| Oscar Health, Inc., Class A \* | 959436 | 13240217 |
| Palomar Holdings, Inc. \* | 126128 | 21627168 |
| Primerica, Inc.  | 158504 | 42891182 |
| ProAssurance Corp. \* | 242190 | 5616386 |
| RLI Corp.  | 396209 | 30456586 |
| Ryan Specialty Holdings, Inc.  | 505267 | 36161959 |
| Safety Insurance Group, Inc.  | 70316 | 5775756 |
| Selective Insurance Group, Inc.  | 289221 | 25457233 |
| Selectquote, Inc. \* | 684767 | 1485944 |
| SiriusPoint Ltd. \* | 436195 | 8545060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br> Inc. \*<br>| 155538 | 9853332 |
| Stewart Information Services Corp.  | 131977 | 7963492 |
| Tiptree, Inc.  | 102005 | 2262471 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Trupanion, Inc. \* | 159590 | 7531052 |
| United Fire Group, Inc.  | 101948 | 2900421 |
| Universal Insurance Holdings, Inc.  | 119610 | 3246215 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group <br> Ltd. <br>| 12051 | 21508625 |
|  |  | **554285335** |
| **Materials 4.5%** | **Materials 4.5%** | **Materials 4.5%** |
| AdvanSix, Inc.  | 128310 | 3016568 |
| Alpha Metallurgical Resources, Inc. \* | 51912 | 5816220 |
| Ashland, Inc.  | 224798 | 11129749 |
| Aspen Aerogels, Inc. \* | 314700 | 1812672 |
| Avient Corp.  | 433913 | 15677277 |
| Balchem Corp.  | 154378 | 25734813 |
| Cabot Corp.  | 257603 | 19240368 |
| Carpenter Technology Corp.  | 237195 | 55740825 |
| Century Aluminum Co. \* | 245484 | 3802547 |
| Chemours Co.  | 708233 | 7174400 |
| Clearwater Paper Corp. \* | 77923 | 2243403 |
| Coeur Mining, Inc. \* | 3038508 | 24551145 |
| Commercial Metals Co.  | 539626 | 25141175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, <br> Inc. \*<br>| 160232 | 3078057 |
| Eagle Materials, Inc.  | 158106 | 31970614 |
| Ecovyst, Inc. \* | 501637 | 3737196 |
| Element Solutions, Inc.  | 1058931 | 22639945 |
| Ginkgo Bioworks Holdings, Inc. \**(a)* | 191900 | 1333705 |
| Graphic Packaging Holding Co.  | 1425470 | 31673943 |
| Greif, Inc., Class A  | 146949 | 8170364 |
| Hawkins, Inc.  | 90368 | 12063224 |
| HB Fuller Co.  | 259216 | 14469437 |
| Hecla Mining Co.  | 2995296 | 15395821 |
| Huntsman Corp.  | 774427 | 8627117 |
| Ingevity Corp. \* | 173522 | 7178605 |
| Innospec, Inc.  | 118611 | 10091424 |
| Ivanhoe Electric, Inc. \* | 430742 | 3165954 |
| Kaiser Aluminum Corp.  | 76156 | 5528164 |
| Knife River Corp. \* | 268574 | 25272813 |
| Koppers Holdings, Inc.  | 96261 | 2957138 |
| Kronos Worldwide, Inc.  | 104442 | 661118 |
| Louisiana-Pacific Corp.  | 296508 | 26706476 |
| LSB Industries, Inc. \* | 256785 | 1943862 |
| Materion Corp.  | 98967 | 7663015 |
| Mativ Holdings, Inc.  | 254234 | 1454218 |
| Mercer International, Inc.  | 207874 | 744189 |
| Metallus, Inc. \* | 178230 | 2251045 |
| Minerals Technologies, Inc.  | 150949 | 8570884 |
| MP Materials Corp. \* | 573700 | 12500923 |
| Myers Industries, Inc.  | 174399 | 2213123 |
| NewMarket Corp.  | 36265 | 23356836 |
| O-I Glass, Inc. \* | 730550 | 9577511 |
| Olin Corp.  | 550460 | 10684429 |
| Orion SA  | 274417 | 2988401 |
| Perimeter Solutions, Inc. \* | 652484 | 7875482 |
| Piedmont Lithium, Inc. \**(a)* | 96009 | 593336 |
| PureCycle Technologies, Inc. \**(a)* | 703759 | 6692748 |
| Quaker Chemical Corp.  | 64917 | 7039599 |
| Radius Recycling, Inc., Class A  | 126618 | 3749159 |
| Ramaco Resources, Inc., Class A  | 149058 | 1347484 |
| Ramaco Resources, Inc., Class B  | 1376 | 10248 |
| Ranpak Holdings Corp. \* | 218051 | 726110 |
| Ryerson Holding Corp.  | 126795 | 2632264 |
| Scotts Miracle-Gro Co.  | 204666 | 12189907 |
| Sealed Air Corp.  | 692793 | 22307935 |
| Sensient Technologies Corp.  | 200800 | 18981624 |
| Silgan Holdings, Inc.  | 385607 | 21235378 |
| Sonoco Products Co.  | 466726 | 21254702 |
| Stepan Co.  | 100331 | 5446970 |

---

**64**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SunCoke Energy, Inc.  | 401140 | 3265280 |
| Sylvamo Corp.  | 162584 | 8612075 |
| TriMas Corp.  | 180024 | 4747233 |
| Tronox Holdings PLC  | 552308 | 3137109 |
| U.S. Lime & Minerals, Inc.  | 50257 | 5165414 |
| U.S. Steel Corp.  | 1069152 | 57541761 |
| Valhi, Inc.  | 10863 | 158165 |
| Warrior Met Coal, Inc.  | 249973 | 11361273 |
| Worthington Steel, Inc.  | 164916 | 4106408 |
|  |  | **749928377** |
| **Media & Entertainment 2.6%** | **Media & Entertainment 2.6%** | **Media & Entertainment 2.6%** |
| Advantage Solutions, Inc. \* | 255200 | 303688 |
| Altice USA, Inc., Class A \* | 1169459 | 2701450 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 1817813 | 6471414 |
| AMC Networks, Inc., Class A \* | 157772 | 1042873 |
| Angi, Inc. \* | 206849 | 3237187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 230581 | 9363894 |
| Bumble, Inc., Class A \* | 379481 | 2132683 |
| Cable One, Inc.  | 21823 | 3193360 |
| Cardlytics, Inc. \* | 238648 | 431953 |
| Cargurus, Inc. \* | 418623 | 13119645 |
| Cars.com, Inc. \* | 283414 | 2904994 |
| Cinemark Holdings, Inc.  | 506940 | 17119364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 1529439 | 1636500 |
| EchoStar Corp., Class A \* | 574404 | 10184183 |
| Emerald Holding, Inc. *(a)* | 92036 | 421525 |
| Eventbrite, Inc., Class A \* | 348653 | 822821 |
| EverQuote, Inc., Class A \* | 127994 | 2950262 |
| EW Scripps Co., Class A \* | 287684 | 638658 |
| fuboTV, Inc. \* | 1610191 | 5893299 |
| Gannett Co., Inc. \* | 559327 | 1980018 |
| Getty Images Holdings, Inc. \**(a)* | 230618 | 410500 |
| Gray Media, Inc.  | 406128 | 1612328 |
| Grindr, Inc. \* | 110715 | 2703660 |
| IAC, Inc. \* | 336851 | 12113162 |
| Ibotta, Inc., Class A \* | 30711 | 1535243 |
| iHeartMedia, Inc., Class A \* | 546455 | 715856 |
| Integral Ad Science Holding Corp. \* | 353176 | 2874853 |
| John Wiley & Sons, Inc., Class A  | 200392 | 7839335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 312781 | 22817374 |
| Lionsgate Studios Corp. \* | 1071048 | 7743677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden <br> Entertainment Corp. \*<br>| 194983 | 7235819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports <br> Corp. \*<br>| 79719 | 15137841 |
| Magnite, Inc. \* | 595042 | 9734887 |
| MediaAlpha, Inc., Class A \* | 150874 | 1538915 |
| National CineMedia, Inc.  | 444548 | 2422787 |
| New York Times Co., Class A  | 774828 | 44258175 |
| Nexstar Media Group, Inc.  | 138582 | 23617144 |
| Nextdoor Holdings, Inc. \* | 932752 | 1427111 |
| Playtika Holding Corp.  | 243732 | 1155290 |
| PubMatic, Inc., Class A \* | 184403 | 2157515 |
| QuinStreet, Inc. \* | 268223 | 4095765 |
| Reddit, Inc., Class A \* | 506638 | 56920779 |
| Rumble, Inc. \**(a)* | 569587 | 5131979 |
| Scholastic Corp.  | 116572 | 2013198 |
| Shutterstock, Inc.  | 112347 | 2072802 |
| Sinclair, Inc.  | 184274 | 2585364 |
| Sphere Entertainment Co. \* | 128812 | 4856212 |
| Stagwell, Inc. \* | 485952 | 2167346 |
| Starz Entertainment Corp. \* | 60048 | 1258606 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TechTarget, Inc. \* | 130113 | 1052614 |
| TEGNA, Inc.  | 765583 | 12800548 |
| Thryv Holdings, Inc. \* | 194173 | 2582501 |
| TripAdvisor, Inc. \* | 523563 | 7455537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trump Media & Technology Group <br> Corp. \**(a)*<br>| 437904 | 9340492 |
| Vimeo, Inc. \* | 746467 | 3254596 |
| Vivid Seats, Inc., Class A \* | 436305 | 680636 |
| Warner Music Group Corp., Class A  | 688742 | 18127689 |
| Webtoon Entertainment, Inc. \**(a)* | 70819 | 622499 |
| WideOpenWest, Inc. \* | 226666 | 954264 |
| Yelp, Inc. \* | 313323 | 11959539 |
| Ziff Davis, Inc. \* | 204242 | 6625610 |
| ZipRecruiter, Inc., Class A \* | 358949 | 2142926 |
| ZoomInfo Technologies, Inc. \* | 1292510 | 12343471 |
|  |  | **426646216** |
| **Pharmaceuticals, Biotechnology & Life Sciences 7.1%** | **Pharmaceuticals, Biotechnology & Life Sciences 7.1%** | **Pharmaceuticals, Biotechnology & Life Sciences 7.1%** |
| 10X Genomics, Inc., Class A \* | 515134 | 4909227 |
| 4D Molecular Therapeutics, Inc. \* | 158775 | 574765 |
| 89bio, Inc. \* | 603779 | 5941185 |
| Absci Corp. \**(a)* | 398418 | 1055808 |
| ACADIA Pharmaceuticals, Inc. \* | 586906 | 12659562 |
| Acrivon Therapeutics, Inc. \* | 63860 | 67053 |
| Adaptive Biotechnologies Corp. \* | 538240 | 5124045 |
| ADMA Biologics, Inc. \* | 1122504 | 22270479 |
| Agios Pharmaceuticals, Inc. \* | 271577 | 8714906 |
| Akero Therapeutics, Inc. \* | 333195 | 16543132 |
| Alector, Inc. \* | 381028 | 506767 |
| Aligos Therapeutics, Inc. \* | 11431 | 60470 |
| Alkermes PLC \* | 772151 | 23635542 |
| Allogene Therapeutics, Inc. \* | 714164 | 835572 |
| Alto Neuroscience, Inc. \* | 100235 | 258606 |
| Alumis, Inc. \**(a)* | 235195 | 823182 |
| ALX Oncology Holdings, Inc. \* | 133937 | 65026 |
| Amicus Therapeutics, Inc. \* | 1282527 | 7784939 |
| Amneal Pharmaceuticals, Inc. \* | 707498 | 5178885 |
| Amphastar Pharmaceuticals, Inc. \* | 178078 | 4578385 |
| Amylyx Pharmaceuticals, Inc. \* | 325076 | 1674141 |
| AnaptysBio, Inc. \* | 94078 | 2091354 |
| Anavex Life Sciences Corp. \**(a)* | 405912 | 3056517 |
| ANI Pharmaceuticals, Inc. \* | 78758 | 4624670 |
| Anika Therapeutics, Inc. \* | 68749 | 766551 |
| Annexon, Inc. \* | 403515 | 823171 |
| Apellis Pharmaceuticals, Inc. \* | 510030 | 8634808 |
| Apogee Therapeutics, Inc. \* | 148491 | 5440710 |
| Applied Therapeutics, Inc. \* | 405138 | 143135 |
| Arbutus Biopharma Corp. \* | 717164 | 2409671 |
| Arcellx, Inc. \* | 185302 | 11499842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, <br> Inc. \*<br>| 116262 | 1456763 |
| Arcus Biosciences, Inc. \* | 316141 | 2823139 |
| Arcutis Biotherapeutics, Inc. \* | 499033 | 6507390 |
| Ardelyx, Inc. \* | 1129228 | 4144267 |
| ArriVent Biopharma, Inc. \* | 106435 | 2261744 |
| Arrowhead Pharmaceuticals, Inc. \* | 598997 | 9625882 |
| ARS Pharmaceuticals, Inc. \**(a)* | 250609 | 3616288 |
| Arvinas, Inc. \* | 303574 | 2185733 |
| Astria Therapeutics, Inc. \* | 165067 | 785719 |
| Atea Pharmaceuticals, Inc. \* | 362072 | 1075354 |
| Avidity Biosciences, Inc. \* | 565724 | 17526130 |
| Axsome Therapeutics, Inc. \* | 193371 | 20334894 |
| Azenta, Inc. \* | 218217 | 5830758 |
| Beam Therapeutics, Inc. \* | 426751 | 6755468 |
| Bicara Therapeutics, Inc. \**(a)* | 86167 | 797045 |
| BioAge Labs, Inc. \**(a)* | 53931 | 213567 |
| BioCryst Pharmaceuticals, Inc. \* | 984465 | 10582999 |
| Biohaven Ltd. \* | 398352 | 5899593 |

---

**65**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BioLife Solutions, Inc. \* | 173173 | 3789025 |
| Biomea Fusion, Inc. \**(a)* | 116988 | 168463 |
| Blueprint Medicines Corp. \* | 304010 | 30811413 |
| Bridgebio Pharma, Inc. \* | 699372 | 23953491 |
| C4 Therapeutics, Inc. \* | 264879 | 331099 |
| CareDx, Inc. \* | 255201 | 4335865 |
| Cargo Therapeutics, Inc. \* | 169291 | 719487 |
| Caribou Biosciences, Inc. \* | 405646 | 429985 |
| Cassava Sciences, Inc. \**(a)* | 214569 | 431284 |
| Catalyst Pharmaceuticals, Inc. \* | 532723 | 13296766 |
| Celcuity, Inc. \* | 125540 | 1334490 |
| Celldex Therapeutics, Inc. \* | 314189 | 6214658 |
| Century Therapeutics, Inc. \* | 163993 | 86982 |
| CG oncology, Inc. \* | 257613 | 6600045 |
| Cogent Biosciences, Inc. \* | 491704 | 2674870 |
| Coherus Biosciences, Inc. \* | 566956 | 441659 |
| Collegium Pharmaceutical, Inc. \* | 153206 | 4464423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contineum Therapeutics, Inc., <br> Class A \*<br>| 26076 | 95438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corbus Pharmaceuticals Holdings, <br> Inc. \*<br>| 56059 | 415958 |
| Corcept Therapeutics, Inc. \* | 443091 | 34366138 |
| Crinetics Pharmaceuticals, Inc. \* | 440767 | 13447801 |
| CRISPR Therapeutics AG \**(a)* | 408262 | 14815828 |
| CryoPort, Inc. \* | 231538 | 1391543 |
| Cullinan Therapeutics, Inc. \* | 253596 | 2192337 |
| Cytek Biosciences, Inc. \* | 487278 | 1349760 |
| Cytokinetics, Inc. \* | 560433 | 17384632 |
| Day One Biopharmaceuticals, Inc. \* | 322663 | 2058590 |
| Denali Therapeutics, Inc. \* | 588611 | 7793210 |
| Design Therapeutics, Inc. \* | 137700 | 513621 |
| Dianthus Therapeutics, Inc. \* | 84761 | 1473994 |
| Disc Medicine, Inc. \* | 114965 | 5366566 |
| Dynavax Technologies Corp. \* | 583114 | 5708686 |
| Dyne Therapeutics, Inc. \* | 379962 | 4544346 |
| Edgewise Therapeutics, Inc. \* | 329936 | 4711486 |
| Editas Medicine, Inc. \* | 356859 | 613797 |
| Emergent BioSolutions, Inc. \* | 258220 | 1631950 |
| Enanta Pharmaceuticals, Inc. \* | 92089 | 546088 |
| Enliven Therapeutics, Inc. \**(a)* | 145706 | 2589196 |
| Entrada Therapeutics, Inc. \* | 108291 | 823012 |
| Erasca, Inc. \* | 1001706 | 1402388 |
| Evolus, Inc. \* | 235899 | 2167912 |
| Exelixis, Inc. \* | 1328921 | 57196760 |
| Fate Therapeutics, Inc. \* | 424753 | 513951 |
| Fortrea Holdings, Inc. \* | 424772 | 1826520 |
| Fulcrum Therapeutics, Inc. \* | 202602 | 1392889 |
| Generation Bio Co. \* | 237760 | 89921 |
| Geron Corp. \* | 2487134 | 3780444 |
| Gossamer Bio, Inc. \* | 880691 | 977567 |
| Gyre Therapeutics, Inc. \**(a)* | 77666 | 704431 |
| Halozyme Therapeutics, Inc. \* | 604103 | 33872055 |
| Harmony Biosciences Holdings, Inc. \* | 180787 | 6237151 |
| Harrow, Inc. \* | 144263 | 4055233 |
| Heron Therapeutics, Inc. \* | 653368 | 1228332 |
| Humacyte, Inc. \**(a)* | 451462 | 1205404 |
| Ideaya Biosciences, Inc. \* | 410190 | 8158679 |
| IGM Biosciences, Inc. \* | 90041 | 114352 |
| ImmunityBio, Inc. \**(a)* | 788822 | 2098267 |
| Immunome, Inc. \* | 375653 | 3290720 |
| Immunovant, Inc. \* | 363840 | 5403024 |
| Innoviva, Inc. \* | 262733 | 5141685 |
| Intellia Therapeutics, Inc. \* | 487447 | 3348761 |
| Ionis Pharmaceuticals, Inc. \* | 749787 | 25125362 |
| Iovance Biotherapeutics, Inc. \* | 1083635 | 1896361 |
| Ironwood Pharmaceuticals, Inc. \* | 657750 | 394058 |
| iTeos Therapeutics, Inc. \* | 131257 | 1315195 |
| Janux Therapeutics, Inc. \* | 154232 | 3670722 |
| Keros Therapeutics, Inc. \* | 163092 | 2307752 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kodiak Sciences, Inc. \* | 150872 | 512965 |
| Krystal Biotech, Inc. \* | 120190 | 15139132 |
| Kura Oncology, Inc. \* | 375831 | 2138478 |
| Kymera Therapeutics, Inc. \* | 220572 | 6537754 |
| Kyverna Therapeutics, Inc. \* | 103998 | 265195 |
| LENZ Therapeutics, Inc. \* | 78398 | 2289222 |
| Lexicon Pharmaceuticals, Inc. \**(a)* | 886811 | 555676 |
| Ligand Pharmaceuticals, Inc. \* | 90023 | 9199450 |
| Liquidia Corp. \* | 227109 | 3388466 |
| Lyell Immunopharma, Inc. \* | 887699 | 387658 |
| MacroGenics, Inc. \* | 305581 | 415590 |
| Madrigal Pharmaceuticals, Inc. \* | 80857 | 22256698 |
| MannKind Corp. \* | 1303252 | 5408496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 556575 | 1252294 |
| Maze Therapeutics, Inc. \**(a)* | 40380 | 404204 |
| MBX Biosciences, Inc. \**(a)* | 49891 | 619646 |
| Mesa Laboratories, Inc.  | 25681 | 2584022 |
| Metsera, Inc. \**(a)* | 72325 | 1932524 |
| MiMedx Group, Inc. \* | 559130 | 3595206 |
| Mind Medicine MindMed, Inc. \**(a)* | 309310 | 2245591 |
| Mineralys Therapeutics, Inc. \* | 176116 | 2743887 |
| Mirum Pharmaceuticals, Inc. \* | 191989 | 8535831 |
| Monte Rosa Therapeutics, Inc. \* | 204141 | 853309 |
| Myriad Genetics, Inc. \* | 428587 | 1795780 |
| Nektar Therapeutics \* | 766696 | 555471 |
| Neumora Therapeutics, Inc. \* | 394707 | 282729 |
| Novavax, Inc. \**(a)* | 767299 | 5631975 |
| Nurix Therapeutics, Inc. \* | 338585 | 3599159 |
| Nuvalent, Inc., Class A \* | 180924 | 13498740 |
| Nuvation Bio, Inc. \* | 1227381 | 2602048 |
| Ocular Therapeutix, Inc. \* | 607683 | 4867541 |
| Olema Pharmaceuticals, Inc. \* | 227587 | 1201659 |
| Omeros Corp. \**(a)* | 280322 | 866195 |
| OmniAb, Inc. \* | 471184 | 598404 |
| Organogenesis Holdings, Inc. \* | 330389 | 905266 |
| Organon & Co.  | 1222267 | 11269302 |
| ORIC Pharmaceuticals, Inc. \* | 213348 | 1743053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Biosciences of California, <br> Inc. \**(a)*<br>| 1230842 | 1186162 |
| Pacira BioSciences, Inc. \* | 218792 | 5653585 |
| Perrigo Co. PLC  | 649273 | 17381038 |
| Perspective Therapeutics, Inc. \* | 245224 | 630226 |
| Phathom Pharmaceuticals, Inc. \**(a)* | 208047 | 884200 |
| Phibro Animal Health Corp., Class A  | 95464 | 2331231 |
| Pliant Therapeutics, Inc. \* | 252373 | 340704 |
| Praxis Precision Medicines, Inc. \* | 82369 | 3175325 |
| Precigen, Inc. \**(a)* | 723428 | 954925 |
| Prelude Therapeutics, Inc. \* | 81125 | 71869 |
| Prestige Consumer Healthcare, Inc. \* | 235468 | 20172544 |
| Prime Medicine, Inc. \**(a)* | 305393 | 360364 |
| ProKidney Corp. \**(a)* | 413209 | 298667 |
| Protagonist Therapeutics, Inc. \* | 283276 | 13447112 |
| Prothena Corp. PLC \* | 178386 | 818792 |
| PTC Therapeutics, Inc. \* | 367027 | 17808150 |
| Quanterix Corp. \* | 170907 | 888716 |
| Rapport Therapeutics, Inc. \* | 38958 | 322183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc., <br> Class A \**(a)*<br>| 1382886 | 5780463 |
| REGENXBIO, Inc. \* | 220217 | 1948920 |
| Relay Therapeutics, Inc. \* | 612027 | 1836081 |
| Replimune Group, Inc. \* | 314544 | 2824605 |
| Revolution Medicines, Inc. \* | 825100 | 32508940 |
| Rhythm Pharmaceuticals, Inc. \* | 248608 | 15247129 |
| Rocket Pharmaceuticals, Inc. \* | 404461 | 1015197 |
| Sage Therapeutics, Inc. \* | 257803 | 1665407 |
| Sana Biotechnology, Inc. \**(a)* | 601429 | 1305101 |
| Sangamo Therapeutics, Inc. \* | 896097 | 416685 |
| Savara, Inc. \* | 547790 | 1248961 |

---

**66**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Scholar Rock Holding Corp. \* | 352584 | 10228462 |
| Septerna, Inc. \**(a)* | 77597 | 717772 |
| Seres Therapeutics, Inc. \**(a)* | 34986 | 246651 |
| SIGA Technologies, Inc.  | 194333 | 1162111 |
| Sionna Therapeutics, Inc. \**(a)* | 49534 | 678120 |
| Soleno Therapeutics, Inc. \* | 125219 | 9184814 |
| Sotera Health Co. \* | 727479 | 8904343 |
| SpringWorks Therapeutics, Inc. \* | 353057 | 16491292 |
| Spyre Therapeutics, Inc. \* | 239734 | 3663136 |
| Standard BioTools, Inc. \* | 1462917 | 1477546 |
| Stoke Therapeutics, Inc. \* | 192441 | 1835887 |
| Summit Therapeutics, Inc. \**(a)* | 665811 | 12127747 |
| Supernus Pharmaceuticals, Inc. \* | 262808 | 8331014 |
| Syndax Pharmaceuticals, Inc. \* | 406792 | 4287588 |
| Tango Therapeutics, Inc. \* | 304884 | 676842 |
| Tarsus Pharmaceuticals, Inc. \* | 165308 | 7099979 |
| TG Therapeutics, Inc. \* | 633096 | 22228001 |
| Theravance Biopharma, Inc. \* | 169798 | 1555350 |
| Third Harmonic Bio, Inc. \* | 99065 | 516129 |
| Travere Therapeutics, Inc. \* | 369625 | 5551767 |
| Twist Bioscience Corp. \* | 284257 | 8328730 |
| Tyra Biosciences, Inc. \* | 94881 | 863417 |
| Ultragenyx Pharmaceutical, Inc. \* | 438107 | 14908781 |
| uniQure NV \* | 238876 | 3456536 |
| Upstream Bio, Inc. \**(a)* | 72399 | 668243 |
| Vanda Pharmaceuticals, Inc. \* | 271966 | 1180332 |
| Vaxcyte, Inc. \* | 543664 | 17663643 |
| Ventyx Biosciences, Inc. \* | 276304 | 469717 |
| Vera Therapeutics, Inc. \* | 260329 | 4933235 |
| Veracyte, Inc. \* | 369112 | 9822070 |
| Vericel Corp. \* | 234992 | 9703995 |
| Verve Therapeutics, Inc. \* | 322504 | 1435143 |
| Viking Therapeutics, Inc. \* | 530099 | 14206653 |
| Vir Biotechnology, Inc. \* | 442952 | 2188183 |
| Viridian Therapeutics, Inc. \* | 321670 | 4477646 |
| WaVe Life Sciences Ltd. \* | 561103 | 3372229 |
| Xencor, Inc. \* | 334913 | 2679304 |
| Y-mAbs Therapeutics, Inc. \* | 156521 | 719997 |
| Zenas Biopharma, Inc. \**(a)* | 64570 | 614706 |
| Zentalis Pharmaceuticals, Inc. \* | 258124 | 312330 |
| Zura Bio Ltd. \**(a)* | 169841 | 171539 |
|  |  | **1182351595** |
| **Real Estate Management & Development 0.5%** | **Real Estate Management & Development 0.5%** | **Real Estate Management & Development 0.5%** |
| Anywhere Real Estate, Inc. \* | 457397 | 1596316 |
| Compass, Inc., Class A \* | 1985367 | 11733519 |
| Cushman & Wakefield PLC \* | 1086885 | 10901457 |
| eXp World Holdings, Inc.  | 403022 | 3433747 |
| Forestar Group, Inc. \* | 89311 | 1710306 |
| FRP Holdings, Inc. \* | 62323 | 1690200 |
| Howard Hughes Holdings, Inc. \* | 144395 | 9863622 |
| Kennedy-Wilson Holdings, Inc.  | 560303 | 3569130 |
| Marcus & Millichap, Inc.  | 114387 | 3295490 |
| Newmark Group, Inc., Class A  | 657707 | 7241354 |
| Opendoor Technologies, Inc. \**(a)* | 3018084 | 1968394 |
| RE/MAX Holdings, Inc., Class A \* | 87922 | 663811 |
| Redfin Corp. \* | 586443 | 5858566 |
| RMR Group, Inc., Class A  | 73702 | 1112900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, <br> Inc. \**(a)*<br>| 38431 | 750942 |
| Seritage Growth Properties, Class A \* | 164709 | 464479 |
| St. Joe Co.  | 180992 | 8092152 |
| Star Holdings \* | 57227 | 362247 |
| Tejon Ranch Co. \* | 115525 | 1928112 |
|  |  | **76236744** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Semiconductors & Semiconductor Equipment 2.3%** | **Semiconductors & Semiconductor Equipment 2.3%** | **Semiconductors & Semiconductor Equipment 2.3%** |
| ACM Research, Inc., Class A \* | 233938 | 5275302 |
| Aehr Test Systems \**(a)* | 131138 | 1251057 |
| Allegro MicroSystems, Inc. \* | 621874 | 15764506 |
| Alpha & Omega Semiconductor Ltd. \* | 113837 | 2415621 |
| Ambarella, Inc. \* | 185683 | 9774353 |
| Amkor Technology, Inc.  | 537464 | 9685101 |
| Axcelis Technologies, Inc. \* | 154799 | 8721376 |
| Blaize Holdings, Inc. \**(a)* | 261208 | 525028 |
| CEVA, Inc. \* | 110801 | 2078627 |
| Cirrus Logic, Inc. \* | 252380 | 24824097 |
| Cohu, Inc. \* | 223018 | 3806917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br> Ltd. \*<br>| 683663 | 41676097 |
| Diodes, Inc. \* | 220309 | 9781720 |
| FormFactor, Inc. \* | 369226 | 11021396 |
| Ichor Holdings Ltd. \* | 161439 | 2547507 |
| Impinj, Inc. \* | 109778 | 12524572 |
| &nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc., <br> Class A \**(a)*<br>| 781171 | 2070103 |
| Kulicke & Soffa Industries, Inc.  | 253777 | 8158931 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 282697 | 34378782 |
| MaxLinear, Inc. \* | 368388 | 4195939 |
| MKS, Inc.  | 319781 | 26282800 |
| Navitas Semiconductor Corp. \**(a)* | 624969 | 3187342 |
| PDF Solutions, Inc. \* | 145631 | 2577669 |
| Penguin Solutions, Inc. \* | 251848 | 4472820 |
| Photronics, Inc. \* | 301536 | 5038667 |
| Power Integrations, Inc.  | 270044 | 13429288 |
| Rambus, Inc. \* | 506122 | 27062343 |
| Rigetti Computing, Inc. \**(a)* | 1173476 | 14210794 |
| Semtech Corp. \* | 408556 | 15251395 |
| Silicon Laboratories, Inc. \* | 154152 | 18579941 |
| SiTime Corp. \* | 90758 | 17794921 |
| SkyWater Technology, Inc. \* | 103817 | 938506 |
| SolarEdge Technologies, Inc. \* | 276411 | 4936700 |
| Synaptics, Inc. \* | 185660 | 10909382 |
| Ultra Clean Holdings, Inc. \* | 213280 | 4131234 |
| Veeco Instruments, Inc. \* | 275853 | 5326721 |
| Wolfspeed, Inc. \**(a)* | 731139 | 870055 |
|  |  | **385477610** |
| **Software & Services 7.2%** | **Software & Services 7.2%** | **Software & Services 7.2%** |
| 8x8, Inc. \* | 606592 | 994811 |
| A10 Networks, Inc.  | 348821 | 6020650 |
| ACI Worldwide, Inc. \* | 497501 | 23014396 |
| Adeia, Inc.  | 516630 | 6633529 |
| Agilysys, Inc. \* | 106868 | 11318390 |
| Alarm.com Holdings, Inc. \* | 235059 | 13492387 |
| Alkami Technology, Inc. \* | 315285 | 9029762 |
| Amplitude, Inc., Class A \* | 399790 | 4953398 |
| Appfolio, Inc., Class A \* | 110294 | 23290784 |
| Appian Corp., Class A \* | 202173 | 6368449 |
| Applied Digital Corp. \**(a)* | 841821 | 5749637 |
| Asana, Inc., Class A \* | 400600 | 7174746 |
| ASGN, Inc. \* | 210371 | 11109692 |
| Aurora Innovation, Inc. \* | 4952715 | 30013453 |
| AvePoint, Inc. \* | 491148 | 9159910 |
| BigCommerce Holdings, Inc. \* | 319753 | 1611555 |
| Bill Holdings, Inc. \* | 446025 | 19482372 |
| Blackbaud, Inc. \* | 181100 | 11269853 |
| BlackLine, Inc. \* | 246730 | 13799609 |
| Blend Labs, Inc., Class A \* | 917568 | 3358299 |
| Box, Inc., Class A \* | 682694 | 25819487 |
| Braze, Inc., Class A \* | 325237 | 11968722 |
| C3.ai, Inc., Class A \* | 544228 | 14471023 |

---

**67**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 2252105 | 19773482 |
| Cipher Mining, Inc. \* | 1073893 | 3350546 |
| Cleanspark, Inc. \* | 1324767 | 11432739 |
| Clear Secure, Inc., Class A  | 445400 | 11023650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 1059962 | 24485122 |
| Commvault Systems, Inc. \* | 208938 | 38266995 |
| Confluent, Inc., Class A \* | 1227363 | 28266170 |
| Consensus Cloud Solutions, Inc. \* | 85468 | 1877732 |
| Core Scientific, Inc. \* | 1327794 | 14141006 |
| Couchbase, Inc. \* | 198565 | 3588070 |
| CS Disco, Inc. \* | 101404 | 399532 |
| Daily Journal Corp. \* | 4475 | 1885899 |
| Digimarc Corp. \* | 69964 | 915129 |
| Digital Turbine, Inc. \* | 443387 | 2092787 |
| DigitalOcean Holdings, Inc. \* | 302795 | 8569098 |
| Dolby Laboratories, Inc., Class A  | 290655 | 21584040 |
| Domo, Inc., Class B \* | 160795 | 2042096 |
| DoubleVerify Holdings, Inc. \* | 665359 | 9142033 |
| Dropbox, Inc., Class A \* | 1028888 | 29693708 |
| DXC Technology Co. \* | 859476 | 13064035 |
| E2open Parent Holdings, Inc. \* | 1011397 | 3246584 |
| EverCommerce, Inc. \* | 86319 | 864053 |
| Expensify, Inc., Class A \* | 247092 | 546073 |
| Fastly, Inc., Class A \* | 618160 | 4500205 |
| Five9, Inc. \* | 356211 | 9443154 |
| Freshworks, Inc., Class A \* | 896936 | 13696213 |
| Gitlab, Inc., Class A \* | 582721 | 26519633 |
| Grid Dynamics Holdings, Inc. \* | 291862 | 3657031 |
| Hackett Group, Inc.  | 117942 | 2891938 |
| Hut 8 Corp. \* | 394075 | 6017525 |
| Informatica, Inc., Class A \* | 394362 | 9468632 |
| Intapp, Inc. \* | 252689 | 13928218 |
| InterDigital, Inc.  | 122198 | 26548737 |
| Jamf Holding Corp. \* | 301670 | 3167535 |
| Kaltura, Inc. \* | 368472 | 781161 |
| Klaviyo, Inc., Class A \* | 426250 | 14492500 |
| Kyndryl Holdings, Inc. \* | 1104933 | 43136584 |
| LivePerson, Inc. \* | 358578 | 259288 |
| LiveRamp Holdings, Inc. \* | 313337 | 10208519 |
| MARA Holdings, Inc. \* | 1612840 | 22773301 |
| Meridianlink, Inc. \* | 123782 | 2065922 |
| N-able, Inc. \* | 340294 | 2650890 |
| nCino, Inc. \* | 439123 | 11548935 |
| NCR Voyix Corp. \* | 692699 | 7682032 |
| NextNav, Inc. \* | 313884 | 3939244 |
| Olo, Inc., Class A \* | 528982 | 4607433 |
| ON24, Inc. \* | 172919 | 983909 |
| OneSpan, Inc.  | 171237 | 2727805 |
| Onestream, Inc. \* | 245138 | 6878572 |
| PagerDuty, Inc. \* | 427801 | 6100442 |
| Pegasystems, Inc.  | 212237 | 20831062 |
| Progress Software Corp.  | 206110 | 12688132 |
| PROS Holdings, Inc. \* | 206002 | 3623575 |
| Q2 Holdings, Inc. \* | 288351 | 25236480 |
| Qualys, Inc. \* | 173798 | 24079713 |
| Rackspace Technology, Inc. \* | 357623 | 407690 |
| Rapid7, Inc. \* | 301743 | 6925002 |
| RingCentral, Inc., Class A \* | 379179 | 9832111 |
| Riot Platforms, Inc. \* | 1423937 | 11491172 |
| Rubrik, Inc., Class A \* | 414013 | 39476140 |
| Samsara, Inc., Class A \* | 1202476 | 55963233 |
| SEMrush Holdings, Inc., Class A \* | 156408 | 1539055 |
| SentinelOne, Inc., Class A \* | 1399933 | 24652820 |
| ServiceTitan, Inc., Class A \**(a)* | 43769 | 4843915 |
| Silvaco Group, Inc. \* | 40681 | 188353 |
| SoundHound AI, Inc., Class A \**(a)* | 1713117 | 17319613 |
| Sprinklr, Inc., Class A \* | 528198 | 4457991 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sprout Social, Inc., Class A \* | 242728 | 5298752 |
| SPS Commerce, Inc. \* | 180188 | 25363263 |
| Telos Corp. \* | 251751 | 634413 |
| Tenable Holdings, Inc. \* | 569307 | 18343072 |
| Teradata Corp. \* | 452920 | 9946123 |
| Terawulf, Inc. \* | 1468818 | 5184928 |
| Tucows, Inc., Class A \* | 47491 | 921325 |
| Unisys Corp. \* | 327122 | 1560372 |
| Varonis Systems, Inc. \* | 534406 | 25480478 |
| Verint Systems, Inc. \* | 296045 | 5192629 |
| Vertex, Inc., Class A \* | 246671 | 9760771 |
| Weave Communications, Inc. \* | 190392 | 1837283 |
| Workiva, Inc. \* | 245245 | 16502536 |
| Xperi, Inc. \* | 208737 | 1626061 |
| Yext, Inc. \* | 519981 | 3489073 |
| Zeta Global Holdings Corp., Class A \* | 1010428 | 13277024 |
|  |  | **1189005011** |
| **Technology Hardware & Equipment 3.8%** | **Technology Hardware & Equipment 3.8%** | **Technology Hardware & Equipment 3.8%** |
| 908 Devices, Inc. \**(a)* | 121310 | 689041 |
| ADTRAN Holdings, Inc. \* | 339301 | 2724587 |
| Advanced Energy Industries, Inc.  | 179241 | 20573282 |
| Aeva Technologies, Inc. \* | 154944 | 2830827 |
| Arlo Technologies, Inc. \* | 475773 | 6813069 |
| Avnet, Inc.  | 411000 | 20554110 |
| Badger Meter, Inc.  | 139803 | 34701901 |
| Bel Fuse, Inc., Class B  | 56295 | 4154571 |
| Belden, Inc.  | 191378 | 20324344 |
| Benchmark Electronics, Inc.  | 170922 | 6242071 |
| Calix, Inc. \* | 280241 | 12958344 |
| Clearfield, Inc. \* | 55073 | 2043759 |
| CommScope Holding Co., Inc. \* | 1031556 | 6230598 |
| Corsair Gaming, Inc. \* | 212422 | 1867189 |
| Crane NXT Co.  | 233610 | 12523832 |
| CTS Corp.  | 142170 | 5784897 |
| Daktronics, Inc. \* | 189175 | 2807357 |
| Diebold Nixdorf, Inc. \* | 179197 | 8631920 |
| Digi International, Inc. \* | 176084 | 5706882 |
| ePlus, Inc. \* | 124865 | 8911615 |
| Evolv Technologies Holdings, Inc. \* | 511228 | 2791305 |
| Extreme Networks, Inc. \* | 631804 | 9900369 |
| Fabrinet \* | 170930 | 39804469 |
| FARO Technologies, Inc. \* | 88996 | 3770761 |
| Harmonic, Inc. \* | 552647 | 4984876 |
| Insight Enterprises, Inc. \* | 130030 | 16954612 |
| IonQ, Inc. \* | 935015 | 37718505 |
| IPG Photonics Corp. \* | 125156 | 8292837 |
| Itron, Inc. \* | 214152 | 24755971 |
| Kimball Electronics, Inc. \* | 116471 | 2108125 |
| Knowles Corp. \* | 417084 | 6844348 |
| Lightwave Logic, Inc. \**(a)* | 568995 | 557615 |
| Littelfuse, Inc.  | 117967 | 24190313 |
| Lumentum Holdings, Inc. \* | 328323 | 23731186 |
| Methode Electronics, Inc.  | 164741 | 1309691 |
| MicroVision, Inc. \**(a)* | 1082192 | 1190411 |
| Mirion Technologies, Inc. \* | 889939 | 16997835 |
| Napco Security Technologies, Inc.  | 174374 | 4865035 |
| NETGEAR, Inc. \* | 137729 | 4039592 |
| NetScout Systems, Inc. \* | 341341 | 7796228 |
| nLight, Inc. \* | 227867 | 3447628 |
| Novanta, Inc. \* | 170737 | 21140655 |
| OSI Systems, Inc. \* | 74231 | 16264754 |
| Ouster, Inc. \* | 205366 | 2511626 |
| PAR Technology Corp. \* | 184438 | 12091755 |
| PC Connection, Inc.  | 58818 | 3846697 |
| Plexus Corp. \* | 128179 | 16824776 |
| Ribbon Communications, Inc. \* | 436496 | 1475357 |
| Rogers Corp. \* | 80239 | 5341510 |

---

**68**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sandisk Corp. \* | 546562 | 20599922 |
| Sanmina Corp. \* | 258093 | 21857896 |
| ScanSource, Inc. \* | 102376 | 4133943 |
| SmartRent, Inc. \* | 781753 | 660034 |
| TTM Technologies, Inc. \* | 484765 | 14475083 |
| Viasat, Inc. \* | 403867 | 3525759 |
| Viavi Solutions, Inc. \* | 1055456 | 9615204 |
| Vishay Intertechnology, Inc.  | 532204 | 7488110 |
| Vontier Corp.  | 706164 | 25245363 |
| Xerox Holdings Corp.  | 542068 | 2650713 |
|  |  | **622875065** |
| **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** |
| Anterix, Inc. \* | 89731 | 2385947 |
| AST SpaceMobile, Inc., Class A \**(a)* | 760210 | 17538045 |
| ATN International, Inc.  | 47328 | 672531 |
| Bandwidth, Inc., Class A \* | 121664 | 1705729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, <br> Inc. <br>| 201011 | 9188213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, <br> Inc. \*<br>| 1052378 | 38127655 |
| Globalstar, Inc. \* | 240772 | 4444651 |
| Gogo, Inc. \* | 279282 | 2963182 |
| IDT Corp., Class B  | 97805 | 6023810 |
| Iridium Communications, Inc.  | 517380 | 13141452 |
| Liberty Latin America Ltd., Class C \* | 757213 | 3786065 |
| Lumen Technologies, Inc. \* | 4813252 | 18867948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications <br> Co. <br>| 219947 | 2766933 |
| Telephone & Data Systems, Inc.  | 464099 | 15946442 |
| U.S. Cellular Corp. \* | 67039 | 4154407 |
|  |  | **141713010** |
| **Transportation 1.8%** | **Transportation 1.8%** | **Transportation 1.8%** |
| Alaska Air Group, Inc. \* | 583799 | 29732883 |
| Allegiant Travel Co. \* | 68472 | 3805674 |
| ArcBest Corp.  | 110239 | 6910883 |
| Avis Budget Group, Inc. \* | 79937 | 9735527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc., <br> Class A <br>| 74748 | 1696780 |
| Forward Air Corp. \* | 93702 | 1572320 |
| Frontier Group Holdings, Inc. \* | 385665 | 1550373 |
| FTAI Infrastructure, Inc.  | 544817 | 3328832 |
| Genco Shipping & Trading Ltd.  | 203984 | 2700748 |
| GXO Logistics, Inc. \* | 567914 | 23363982 |
| Heartland Express, Inc.  | 201442 | 1802906 |
| Hertz Global Holdings, Inc. \**(a)* | 587571 | 3848590 |
| Hub Group, Inc., Class A  | 288291 | 9718290 |
| JetBlue Airways Corp. \* | 1446517 | 7304911 |
| Joby Aviation, Inc. \**(a)* | 2290433 | 17911186 |
| Kirby Corp. \* | 272949 | 30199077 |
| Landstar System, Inc.  | 167708 | 23012892 |
| Lyft, Inc., Class A \* | 1750999 | 26685225 |
| Marten Transport Ltd.  | 274336 | 3577342 |
| Matson, Inc.  | 158047 | 17835604 |
| Proficient Auto Logistics, Inc. \**(a)* | 75206 | 606160 |
| RXO, Inc. \* | 669342 | 10394881 |
| Ryder System, Inc.  | 200063 | 29435269 |
| Schneider National, Inc., Class B  | 222823 | 5162809 |
| SkyWest, Inc. \* | 191849 | 19463081 |
| Sun Country Airlines Holdings, Inc. \* | 183766 | 2128010 |
| Universal Logistics Holdings, Inc.  | 33303 | 801270 |
| Werner Enterprises, Inc.  | 295023 | 7655847 |
| Wheels Up Experience, Inc. \**(a)* | 418314 | 547991 |
|  |  | **302489343** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Utilities 3.2%** | **Utilities 3.2%** | **Utilities 3.2%** |
| ALLETE, Inc.  | 274749 | 17869675 |
| American States Water Co.  | 179139 | 14128693 |
| Avista Corp.  | 377349 | 14531710 |
| Black Hills Corp.  | 340233 | 19893423 |
| California Water Service Group  | 281890 | 13319302 |
| Chesapeake Utilities Corp.  | 108503 | 13257982 |
| Clearway Energy, Inc., Class C  | 548330 | 16872114 |
| H2O America  | 143860 | 7549773 |
| Hawaiian Electric Industries, Inc. \* | 820770 | 8765824 |
| IDACORP, Inc.  | 253156 | 30112906 |
| MDU Resources Group, Inc.  | 970515 | 16683153 |
| MGE Energy, Inc.  | 171605 | 15499364 |
| Middlesex Water Co.  | 85327 | 4944700 |
| Montauk Renewables, Inc. \* | 300433 | 552797 |
| National Fuel Gas Co.  | 429994 | 35491705 |
| New Jersey Resources Corp.  | 476044 | 21845659 |
| Northwest Natural Holding Co.  | 191365 | 7840224 |
| Northwestern Energy Group, Inc.  | 291386 | 16122387 |
| Oklo, Inc. \**(a)* | 341528 | 18005356 |
| ONE Gas, Inc.  | 269124 | 20119710 |
| Ormat Technologies, Inc.  | 273088 | 20298631 |
| Otter Tail Corp.  | 198241 | 15300240 |
| Portland General Electric Co.  | 519806 | 22039774 |
| Southwest Gas Holdings, Inc.  | 286371 | 20570029 |
| Spire, Inc.  | 277436 | 20885382 |
| Sunnova Energy International, Inc. \* | 513801 | 111700 |
| Talen Energy Corp. \* | 218321 | 53259408 |
| TXNM Energy, Inc.  | 428308 | 24280781 |
| UGI Corp.  | 1020015 | 36781741 |
| Unitil Corp.  | 76998 | 4221800 |
| York Water Co.  | 67489 | 2204191 |
|  |  | **533360134** |
| **Total Common Stocks**<br> **(Cost $15,391,670,146)** | **Total Common Stocks**<br> **(Cost $15,391,670,146)** | **16540738662** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(c)*<br>| 7698628 | 7698628 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(c)(d)*<br>| 214841242 | 214841242 |
|  |  | **222539870** |
| **Total Short-Term Investments**<br> **(Cost $222,539,870)** | **Total Short-Term Investments**<br> **(Cost $222,539,870)** | **222539870** |
| **Total Investments in Securities**<br> **(Cost $15,614,210,016)** | **Total Investments in Securities**<br> **(Cost $15,614,210,016)** | **16763278532** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/<br> UNREALIZED<br> APPRECIATION<br> ($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index, e-mini, <br> expires 06/20/25<br>| 195 | 20165925 | **107317** |

---

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

**69**

------

Schwab U.S. Small-Cap ETF

**Portfolio Holdings** (Unaudited) continued

------

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $197,742,335. 

*(b)* Fair valued using significant unobservable inputs (see notes to portfolio holdings for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

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

REIT — Real Estate Investment Trust

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

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended May 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at August 31, 2024, and/or Value and Balance of Shares Held at May 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 5/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 5/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** |
| Tupperware Brands Corp. | $257710 | $5053 | ($12934)<br>| ($2469867)<br>| $2220038 | $— |  | $— |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  | 824759 | (861005)<br>| (1238472)<br>| 3151820 |  |  | 79754 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 3540938 | 450344 | (356929)<br>| (88621)<br>| (292419)<br>|  |  | 31037 |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 2096513 | 288543 | (235023)<br>| (793938)<br>| 275855 |  |  |  |
| **Total** | **$5895161** | **$1568699** | **($1465891)**<br>| **($4590898)**<br>| **$5355294** | **$—** |  | **$110791** |

---

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks <sup>1</sup> <br>| $15637792594 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15637792594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Services | 902946068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0 <br><sup>\*</sup><br>| &nbsp;&nbsp;&nbsp; 902946068 |
| Short-Term Investments <sup>1</sup> <br>| 222539870 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 222539870 |
| Futures Contracts <sup>2</sup> <br>| 107317 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 107317 |
| **Total** | **$16763385849** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$16763385849** |

---

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

<sup>\*</sup> Level 3 amount shown includes securities determined to have no value at May 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

**70**

------

Schwab Strategic Trust

Schwab U.S. Dividend Equity ETF

------

**Portfolio Holdings** as of May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS | **COMMON STOCKS** 99.7% OF NET ASSETS | **COMMON STOCKS** 99.7% OF NET ASSETS |
| **Automobiles & Components 2.0%** | **Automobiles & Components 2.0%** | **Automobiles & Components 2.0%** |
| Autoliv, Inc.  | 2073421 | 213189147 |
| Ford Motor Co.  | 111682968 | 1159269208 |
|  |  | **1372458355** |
| **Banks 4.2%** | **Banks 4.2%** | **Banks 4.2%** |
| 1st Source Corp.  | 482087 | 29195189 |
| Bank OZK  | 3021073 | 133924166 |
| Banner Corp.  | 984140 | 60672231 |
| Cathay General Bancorp  | 2037283 | 87307763 |
| Central Pacific Financial Corp.  | 770575 | 20574353 |
| City Holding Co.  | 420743 | 49601392 |
| Columbia Banking System, Inc.  | 5998845 | 140252996 |
| Comerica, Inc.  | 3762801 | 214818309 |
| CVB Financial Corp.  | 3762768 | 70551900 |
| East West Bancorp, Inc.  | 3966374 | 361733309 |
| Fifth Third Bancorp  | 19185202 | 732682864 |
| First Commonwealth Financial Corp.  | 2913175 | 45503794 |
| First Financial Corp.  | 305951 | 15860500 |
| German American Bancorp, Inc.  | 846313 | 32341851 |
| International Bancshares Corp.  | 1529425 | 95787888 |
| Lakeland Financial Corp.  | 731386 | 43788080 |
| Northwest Bancshares, Inc.  | 3647429 | 44790428 |
| OFG Bancorp  | 1311323 | 53947828 |
| Preferred Bank  | 356502 | 29807132 |
| Regions Financial Corp.  | 26003901 | 557523637 |
| S&T Bancorp, Inc.  | 1098419 | 40268041 |
|  |  | **2860933651** |
| **Capital Goods 7.8%** | **Capital Goods 7.8%** | **Capital Goods 7.8%** |
| Fastenal Co.  | 32782181 | 1355215362 |
| Lockheed Martin Corp.  | 6035897 | 2911595995 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., <br> Class A <br>| 1278129 | 103784075 |
| Snap-on, Inc.  | 1502297 | 481861763 |
| Watsco, Inc.  | 996536 | 442033473 |
|  |  | **5294490668** |
| **Commercial & Professional Services 2.5%** | **Commercial & Professional Services 2.5%** | **Commercial & Professional Services 2.5%** |
| Ennis, Inc.  | 739695 | 13810106 |
| Insperity, Inc.  | 1014281 | 65644266 |
| Kforce, Inc.  | 493391 | 20130353 |
| Paychex, Inc.  | 9164500 | 1447166195 |
| Robert Half, Inc.  | 2902165 | 132890135 |
|  |  | **1679641055** |
| **Consumer Discretionary Distribution & Retail 4.8%** | **Consumer Discretionary Distribution & Retail 4.8%** | **Consumer Discretionary Distribution & Retail 4.8%** |
| Best Buy Co., Inc.  | 5590666 | 370549342 |
| Buckle, Inc.  | 856647 | 36501729 |
| Home Depot, Inc.  | 7482304 | 2755657740 |
| Signet Jewelers Ltd.  | 1259496 | 83844649 |
|  |  | **3246553460** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Consumer Durables & Apparel 0.3%** | **Consumer Durables & Apparel 0.3%** | **Consumer Durables & Apparel 0.3%** |
| Carter's, Inc.  | 1033299 | 32414590 |
| Ethan Allen Interiors, Inc.  | 646112 | 16882906 |
| Oxford Industries, Inc.  | 420566 | 22575983 |
| Whirlpool Corp.  | 1575798 | 123054066 |
|  |  | **194927545** |
| **Consumer Services 1.4%** | **Consumer Services 1.4%** | **Consumer Services 1.4%** |
| Darden Restaurants, Inc.  | 3361840 | 720139746 |
| Vail Resorts, Inc.  | 1072217 | 171736997 |
| Wendy's Co.  | 4887109 | 55713043 |
|  |  | **947589786** |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| Target Corp.  | 13180568 | **1239105198** |
| **Energy 18.7%** | **Energy 18.7%** | **Energy 18.7%** |
| APA Corp.  | 10587140 | 180087251 |
| Chevron Corp.  | 19168413 | 2620322057 |
| ConocoPhillips  | 32524626 | 2775976829 |
| Coterra Energy, Inc.  | 21075550 | 512346621 |
| EOG Resources, Inc.  | 16092502 | 1747162942 |
| Halliburton Co.  | 25135206 | 492398686 |
| HF Sinclair Corp.  | 4571363 | 165163345 |
| Murphy Oil Corp.  | 3929026 | 82234514 |
| ONEOK, Inc.  | 17751515 | 1435032473 |
| Ovintiv, Inc.  | 7448404 | 266801831 |
| Schlumberger NV  | 40403745 | 1335343772 |
| Valero Energy Corp.  | 9057946 | 1168203296 |
|  |  | **12781073617** |
| **Financial Services 2.0%** | **Financial Services 2.0%** | **Financial Services 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br> Inc., Class A <br>| 2003056 | 80723157 |
| Cohen & Steers, Inc.  | 765104 | 58790591 |
| Federated Hermes, Inc.  | 2228201 | 94030082 |
| Janus Henderson Group PLC  | 3635272 | 132069432 |
| Moelis & Co., Class A  | 2017558 | 115222737 |
| Radian Group, Inc.  | 4263102 | 145584933 |
| T. Rowe Price Group, Inc.  | 6356281 | 594884339 |
| Virtus Investment Partners, Inc.  | 189085 | 32276810 |
| Western Union Co.  | 9657415 | 89620811 |
|  |  | **1343202892** |
| **Food, Beverage & Tobacco 15.7%** | **Food, Beverage & Tobacco 15.7%** | **Food, Beverage & Tobacco 15.7%** |
| Altria Group, Inc.  | 48491036 | 2939041692 |
| Archer-Daniels-Midland Co.  | 13680328 | 660349432 |
| Coca-Cola Co.  | 41249838 | 2974113320 |
| Flowers Foods, Inc.  | 5598494 | 94614549 |
| General Mills, Inc.  | 15883890 | 861859871 |
| Hershey Co.  | 4227082 | 679249807 |
| PepsiCo, Inc.  | 18785993 | 2469418780 |
|  |  | **10678647451** |

---

**71**

------

Schwab U.S. Dividend Equity ETF

**Portfolio Holdings** (Unaudited) continued

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Household & Personal Products 2.1%** | **Household & Personal Products 2.1%** | **Household & Personal Products 2.1%** |
| Interparfums, Inc.  | 513723 | 69979347 |
| Kimberly-Clark Corp.  | 9541485 | 1371683884 |
|  |  | **1441663231** |
| **Insurance 2.6%** | **Insurance 2.6%** | **Insurance 2.6%** |
| American Financial Group, Inc.  | 2065686 | 256103750 |
| AMERISAFE, Inc.  | 545315 | 25886103 |
| Cincinnati Financial Corp.  | 4472394 | 674526463 |
| CNA Financial Corp.  | 621617 | 29781671 |
| Fidelity National Financial, Inc.  | 7437742 | 407365129 |
| Unum Group  | 4806807 | 392764200 |
|  |  | **1786427316** |
| **Materials 2.8%** | **Materials 2.8%** | **Materials 2.8%** |
| Amcor PLC  | 41353340 | 376728927 |
| CF Industries Holdings, Inc.  | 4978960 | 451641462 |
| FMC Corp.  | 3569626 | 144784031 |
| Huntsman Corp.  | 4658574 | 51896514 |
| LyondellBasell Industries NV, Class A  | 7433407 | 419913161 |
| Packaging Corp. of America  | 2551251 | 492825156 |
|  |  | **1937789251** |
| **Media & Entertainment 0.6%** | **Media & Entertainment 0.6%** | **Media & Entertainment 0.6%** |
| Interpublic Group of Cos., Inc.  | 10659974 | 255412977 |
| Nexstar Media Group, Inc.  | 834320 | 142184814 |
|  |  | **397597791** |
| **Pharmaceuticals, Biotechnology & Life Sciences 14.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 14.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 14.5%** |
| AbbVie, Inc.  | 13665448 | 2543276527 |
| Amgen, Inc.  | 9131594 | 2631542759 |
| Bristol-Myers Squibb Co.  | 48324787 | 2333120717 |
| Merck & Co., Inc.  | 31020375 | 2383605615 |
|  |  | **9891545618** |
| **Semiconductors & Semiconductor Equipment 4.4%** | **Semiconductors & Semiconductor Equipment 4.4%** | **Semiconductors & Semiconductor Equipment 4.4%** |
| Skyworks Solutions, Inc.  | 4569701 | 315446460 |
| Texas Instruments, Inc.  | 14781348 | 2702769482 |
|  |  | **3018215942** |
| **Technology Hardware & Equipment 4.2%** | **Technology Hardware & Equipment 4.2%** | **Technology Hardware & Equipment 4.2%** |
| Cisco Systems, Inc.  | 45196824 | **2849207785** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Telecommunication Services 4.3%** | **Telecommunication Services 4.3%** | **Telecommunication Services 4.3%** |
| Verizon Communications, Inc.  | 67478731 | **2966365015** |
| **Transportation 3.0%** | **Transportation 3.0%** | **Transportation 3.0%** |
| United Parcel Service, Inc., Class B  | 20925551 | **2041078244** |
| **Utilities 0.0%** | **Utilities 0.0%** | **Utilities 0.0%** |
| Clearway Energy, Inc., Class A  | 986233 | **28452822** |
| **Total Common Stocks**<br> **(Cost $66,952,583,092)** | **Total Common Stocks**<br> **(Cost $66,952,583,092)** | **67996966693** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.27% *(a)*<br>| 47193544 | **47193544** |
| **Total Short-Term Investments**<br> **(Cost $47,193,544)** | **Total Short-Term Investments**<br> **(Cost $47,193,544)** | **47193544** |
| **Total Investments in Securities**<br> **(Cost $66,999,776,636)** | **Total Investments in Securities**<br> **(Cost $66,999,776,636)** | **68044160237** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | 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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones Industrial Average <br> Index, e-mini, expires <br> 06/20/25<br>| 667 | 141050490 | (871835)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 400 Mid-Cap Index, <br> e-mini, expires 06/20/25<br>| 85 | 25534850 | (494573)<br>|
|  |  |  | **(1366408)**<br>|

---

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

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

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

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended May 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at August 31, 2024, and/or Value and Balance of Shares Held at May 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 5/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 5/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. | $— | $7760515 | ($28112438)<br>| ($28570114)<br>| $28285421 | **$—** |  | $278082 |

---

------

**72**

------

Schwab U.S. Dividend Equity ETF

**Portfolio Holdings** (Unaudited) continued

------

The following is a summary of the inputs used to value the fund's investments as of May 31, 2025 (see notes to portfolio holdings 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 |
| **Assets** |  |  |  |  |
| Common Stocks <sup>1</sup> <br>| $67996966693 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $67996966693 |
| Short-Term Investments <sup>1</sup> <br>| 47193544 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47193544 |
| **Liabilities** |  |  |  |  |
| Futures Contracts <sup>2</sup> <br>| (1366408)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1366408)<br>|
| **Total** | **$68042793829** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$68042793829** |

---

&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.

**73**

------

Schwab U.S. Equity ETFs

**Notes to Portfolio Holdings (Unaudited)** 

------

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

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

&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;● **Mutual funds:** Mutual funds are valued at their respective net asset values (NAVs).

&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 generally accepted accounting principles in the United States of America (GAAP), the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

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 (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&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.

**74**

------

Schwab U.S. Equity ETFs

**Notes to Portfolio Holdings (Unaudited) (continued)**

------

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

The levels associated with valuing the funds' investments as of May 31, 2025, are disclosed in each fund's Portfolio Holdings.

REG89948MAY25

**75**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SCHWAB STRATEGIC TRUST

- **b. Investment Company Act file number:** 811-22311

- **c. CIK number of Registrant:** 0001454889

- **d. LEI of Registrant:** 549300NAZEQOIX80E226

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 211 MAIN STREET

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-648-5300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Schwab U.S. Large-Cap Growth ETF

- **b. EDGAR series identifier (if any):** S000026633

- **c. LEI of Series:** 549300X647G1Z3XCRR98

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $41287404060.01

**Total Liabilities:** $1397088.84

**Net Assets:** $41286006971.17

**Cash Not Reported:** $2962271.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000079980 | -8.12%               | 1.60%                | 8.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $71137038.21             | $-3159283019.45                            |
| Month 2  | $8432609.10              | $681695617.78                              |
| Month 3  | $9155806.10              | $3132702822.84                             |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Parsons Corp                                               | Parsons Corp                                               | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     71484 | NS      | $4635022.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc               | Charles River Laboratories International Inc               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     77309 | NS      | $10485419.67   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                                           | Pure Storage Inc                                           | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |    476366 | NS      | $25528453.94   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                                           | EPAM Systems Inc                                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     89404 | NS      | $15600103.96   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                             | Salesforce Inc                                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |   1474024 | NS      | $391161748.88  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                 | Intuit Inc                                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    431069 | NS      | $324797559.43  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                              | Dynatrace Inc                                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    463725 | NS      | $25045787.25   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                                  | Warner Bros Discovery Inc                                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   3460081 | NS      | $34497007.57   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                                              | Blackrock Inc                                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |    224069 | NS      | $219562972.41  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                              | Accenture PLC                                              | CUSIP: 000000000<br>LEI: 549300JY6CF6DO4YFQ03 | Long             | EC               | CORP              | IE        |    964620 | NS      | $305610908.40  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                                | Alnylam Pharmaceuticals Inc                                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    198697 | NS      | $60515158.32   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                                  | Teledyne Technologies Inc                                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     71765 | NS      | $35800687.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                                   | MSCI Inc                                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    120146 | NS      | $67764746.92   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                                 | Chipotle Mexican Grill Inc                                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2087840 | NS      | $104559027.20  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                                            | Core & Main Inc                                            | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290826 | NS      | $15940173.06   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                                       | Progressive Corp/The                                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    903343 | NS      | $257389520.99  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                                  | Pool Corp                                                  | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     57952 | NS      | $17419791.68   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                             | Atlassian Corp                                             | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |    252884 | NS      | $52506304.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                                 | Vertex Pharmaceuticals Inc                                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    396071 | NS      | $175083185.55  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                                     | Liberty Broadband Corp                                     | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    200126 | NS      | $18771818.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                                   | Okta Inc                                                   | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |    251208 | NS      | $25917129.36   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                                                | Trex Co Inc                                                | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172910 | NS      | $9660481.70    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                                  | Hess Corp                                                  | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    425193 | NS      | $56206262.67   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                     | UnitedHealth Group Inc                                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   1417551 | NS      | $427972822.41  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                                        | Exact Sciences Corp                                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    283876 | NS      | $15976541.28   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc                              | Advanced Drainage Systems Inc                              | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    110426 | NS      | $12142442.96   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                                         | United Rentals Inc                                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |    101078 | NS      | $71601633.64   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                                              | Repligen Corp                                              | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     78800 | NS      | $9303916.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                                 | Coca-Cola Consolidated Inc                                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     90414 | NS      | $10365965.10   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                                                | Revvity Inc                                                | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    186860 | NS      | $16895881.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                              | Hilton Worldwide Holdings Inc                              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    370341 | NS      | $92007518.04   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SailPoint Inc                                              | SailPoint Inc                                              | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93675 | NS      | $1650553.50    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                              | Interactive Brokers Group Inc                              | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |    166365 | NS      | $34883413.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                                | Zscaler Inc                                                | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |    145997 | NS      | $40251372.90   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                                       | Tradeweb Markets Inc                                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    181636 | NS      | $26237320.20   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                               | Thermo Fisher Scientific Inc                               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    589636 | NS      | $237517173.52  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                      | Costco Wholesale Corp                                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |    684201 | NS      | $711692196.18  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc                                 | Sprouts Farmers Market Inc                                 | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    153728 | NS      | $26573422.08   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                                             | Cava Group Inc                                             | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127902 | NS      | $10394595.54   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                             | Cloudflare Inc                                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    475354 | NS      | $78856475.06   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                                          | Everest Group Ltd                                          | CUSIP: 000000000<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |     65797 | NS      | $22844060.43   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                      | Uber Technologies Inc                                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |   3220348 | NS      | $271024487.68  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                                | BioMarin Pharmaceutical Inc                                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |    291638 | NS      | $16935418.66   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                                | HubSpot Inc                                                | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     80141 | NS      | $47275175.90   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                                      | Robinhood Markets Inc                                      | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |   1104169 | NS      | $73040779.35   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                        | Cheniere Energy Inc                                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |    345462 | NS      | $81871039.38   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                                  | Qorvo Inc                                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |    145136 | NS      | $11033238.72   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                              | Marriott International Inc/MD                              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |    351989 | NS      | $92865257.87   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                               | Moody's Corp                                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |    237883 | NS      | $114022079.56  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                                 | Casey's General Stores Inc                                 | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |     57598 | NS      | $25214100.48   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                                 | Carvana Co                                                 | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    182084 | NS      | $59570601.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                                        | Paycom Software Inc                                        | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     71601 | NS      | $18551103.09   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                                | Corteva Inc                                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   1055188 | NS      | $74707310.40   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                                 | Advanced Micro Devices Inc                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |   2499072 | NS      | $276722242.56  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                                         | Enphase Energy Inc                                         | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |    202849 | NS      | $8395920.11    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                                        | Churchill Downs Inc                                        | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |    113011 | NS      | $10789160.17   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                                     | WillScot Holdings Corp                                     | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    283502 | NS      | $7640378.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc                                   | Super Micro Computer Inc                                   | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |    774378 | NS      | $30990607.56   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                                        | Vulcan Materials Co                                        | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    203142 | NS      | $53846849.94   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                                      | Dell Technologies Inc                                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |    480414 | NS      | $53455665.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                               | Alphabet Inc                                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   7346163 | NS      | $1261630033.62 | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                              | Coherent Corp                                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    241607 | NS      | $18272737.41   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                                       | Blue Owl Capital Inc                                       | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    803333 | NS      | $15006260.44   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                   | Visa Inc                                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   2655214 | NS      | $969657600.66  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp                                       | Range Resources Corp                                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    370826 | NS      | $14106221.04   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                 | Zoetis Inc                                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    690909 | NS      | $116507984.67  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                                 | ResMed Inc                                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |    227145 | NS      | $55602824.55   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                                        | Elevance Health Inc                                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    356942 | NS      | $137008617.28  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                                          | Lam Research Corp                                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |   1981611 | NS      | $160094352.69  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes a GE Co LLC                                   | Baker Hughes Co                                            | CUSIP: 05722G100<br>LEI: 549300XU3XH6F05YEQ93 | Long             | EC               | CORP              | US        |   1523537 | NS      | $56447045.85   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                                  | Block Inc                                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    866067 | NS      | $53479637.25   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                                 | Fiserv Inc                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    875625 | NS      | $142542993.75  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                                     | TKO Group Holdings Inc                                     | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    104800 | NS      | $16538488.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                                       | Generac Holdings Inc                                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     91698 | NS      | $11199076.74   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                              | Old Dominion Freight Line Inc                              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |    287929 | NS      | $46117587.93   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                                | Workday Inc                                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    329699 | NS      | $81669739.29   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                                                    | NOV Inc                                                    | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    586325 | NS      | $7035900.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                                     | Tyler Technologies Inc                                     | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     66030 | NS      | $38098649.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                             | Microsoft Corp                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   9375360 | NS      | $4316040729.60 | 10.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                               | Insulet Corp                                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |    107416 | NS      | $34913422.48   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                                       | Align Technology Inc                                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |    107920 | NS      | $19527044.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                                       | Targa Resources Corp                                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    335444 | NS      | $52976670.92   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                         | Vertiv Holdings Co                                         | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    585208 | NS      | $63161499.44   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                                               | Penumbra Inc                                               | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     58745 | NS      | $15683152.65   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                                    | Comfort Systems USA Inc                                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     54363 | NS      | $25998017.49   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                                         | IQVIA Holdings Inc                                         | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |    256169 | NS      | $35948195.77   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                          | Veeva Systems Inc                                          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    229806 | NS      | $64276738.20   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                        | Axon Enterprise Inc                                        | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |    111244 | NS      | $83473047.84   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                                         | Trade Desk Inc/The                                         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |    697405 | NS      | $52458804.10   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                                | Moderna Inc                                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    520685 | NS      | $13829393.60   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                                  | Constellation Energy Corp                                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |    481332 | NS      | $147359791.80  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                                   | Constellation Brands Inc                                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |    239663 | NS      | $42729516.27   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                | NVIDIA Corp                                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |  30884977 | NS      | $4173486942.01 | 10.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                               | Wingstop Inc                                               | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     45226 | NS      | $15453724.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                  | Adobe Inc                                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    671512 | NS      | $278737916.08  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc                          | Take-Two Interactive Software Inc                          | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |    260902 | NS      | $59036904.56   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                                   | Saia Inc                                                   | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     40546 | NS      | $10720767.86   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                               | Alphabet Inc                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |   5951242 | NS      | $1028672179.70 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                               | Dayforce Inc                                               | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |    244572 | NS      | $14449313.76   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  18709370 | NS      | $18709370.47   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                                    | O'Reilly Automotive Inc                                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     88656 | NS      | $121237080.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                                            | EMCOR Group Inc                                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     70699 | NS      | $33360030.14   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                               | Illumina Inc                                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    243788 | NS      | $20049125.12   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                  | Linde PLC                                                  | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    733507 | NS      | $342973203.06  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                                | Gartner Inc                                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    117967 | NS      | $51483158.14   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                                     | Universal Display Corp                                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67389 | NS      | $9660213.15    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                               | Fortinet Inc                                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |    979532 | NS      | $99696766.96   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                                | GoDaddy Inc                                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |    216953 | NS      | $39517988.95   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                                                | MongoDB Inc                                                | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    115153 | NS      | $21744340.99   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                 | Airbnb Inc                                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    666356 | NS      | $85959924.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                                   | Etsy Inc                                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |    174445 | NS      | $9655530.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                                  | Palantir Technologies Inc                                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |   3157821 | NS      | $416137651.38  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                                     | Marvell Technology Inc                                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1342929 | NS      | $80830896.51   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                              | Martin Marietta Materials Inc                              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     93853 | NS      | $51389210.15   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                                           | Carlisle Cos Inc                                           | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     67903 | NS      | $25815362.54   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                           | CoStar Group Inc                                           | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    647414 | NS      | $47623773.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                                    | Texas Pacific Land Corp                                    | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29148 | NS      | $32471746.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                                        | Texas Roadhouse Inc                                        | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    102619 | NS      | $20032254.99   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                                           | Markel Group Inc                                           | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     19458 | NS      | $37781598.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                               | DoorDash Inc                                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    522653 | NS      | $109051548.45  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC                           | First Citizens BancShares Inc/NC                           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     17601 | NS      | $32542136.88   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                                        | TransDigm Group Inc                                        | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86541 | NS      | $127079400.63  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                                                | Netflix Inc                                                | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |    659598 | NS      | $796286493.54  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                                 | Cadence Design Systems Inc                                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    422452 | NS      | $121273295.64  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                                     | Intuitive Surgical Inc                                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    550465 | NS      | $304043838.10  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                             | Mastercard Inc                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   1254458 | NS      | $734610604.80  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                               | Broadcom Inc                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |   7219766 | NS      | $1747688755.62 | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                                 | HEICO Corp                                                 | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    153934 | NS      | $46124783.76   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                | S+P500 EMINI FUT JUN25                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         5 | NC      | $18066.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                                  | Tesla Inc                                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |   4310689 | NS      | $1493481310.94 | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                                   | Procore Technologies Inc                                   | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    167046 | NS      | $11220479.82   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                                       | Medpace Holdings Inc                                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     37860 | NS      | $11164914.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                | NASDAQ 100 E-MINI JUN25                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        67 | NC      | $269563.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                                     | Paylocity Holding Corp                                     | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     67257 | NS      | $12839361.30   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                               | Apollo Global Management Inc                               | CUSIP: 03769M106<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EC               | CORP              | US        |    687235 | NS      | $89814742.15   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                    | SBA Communications Corp                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |    165509 | NS      | $38379882.01   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                        | Arista Networks Inc                                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |   1591413 | NS      | $137880022.32  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                                         | Domino's Pizza Inc                                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     53879 | NS      | $25528947.78   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                                       | Parker-Hannifin Corp                                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |    198095 | NS      | $131673746.50  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                                 | Corpay Inc                                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |    107072 | NS      | $34810177.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                                             | TechnipFMC PLC                                             | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    653354 | NS      | $20351977.10   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                                             | ServiceNow Inc                                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |    317623 | NS      | $321145439.07  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc                               | FactSet Research Systems Inc                               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     58976 | NS      | $27026341.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                                             | DraftKings Inc                                             | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    756319 | NS      | $27136725.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                                    | Sherwin-Williams Co/The                                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |    357695 | NS      | $128344542.95  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                                                 | Dexcom Inc                                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    601475 | NS      | $51606555.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                        | General Electric Co                                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |   1654197 | NS      | $406783584.27  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                                              | Snowflake Inc                                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    507919 | NS      | $104463700.73  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                         | Meta Platforms Inc                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |   2762078 | NS      | $1788417884.22 | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                                    | Lululemon Athletica Inc                                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |    172218 | NS      | $54536274.06   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                                            | First Solar Inc                                            | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    165541 | NS      | $26168721.28   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                                | Chemed Corp                                                | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     23000 | NS      | $13221320.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                                      | Molina Healthcare Inc                                      | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     85179 | NS      | $25983002.16   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                                   | Sarepta Therapeutics Inc                                   | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |    145006 | NS      | $5452225.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                                  | Edwards Lifesciences Corp                                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |    907662 | NS      | $70997321.64   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                               | Autodesk Inc                                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    331226 | NS      | $98082643.12   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                                   | Crowdstrike Holdings Inc                                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |    379070 | NS      | $178682225.90  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                             | GE Vernova Inc                                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |    424443 | NS      | $200753050.14  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                                                 | Elastic NV                                                 | CUSIP: 000000000<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |    134776 | NS      | $10899335.12   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                                 | LPL Financial Holdings Inc                                 | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |    121894 | NS      | $47192481.04   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc                                          | MicroStrategy Inc                                          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |    367973 | NS      | $135804115.38  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                       | Cleveland-Cliffs Inc                                       | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    743924 | NS      | $4337076.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                     | Roper Technologies Inc                                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |    165882 | NS      | $94597528.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                     | Palo Alto Networks Inc                                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |   1019929 | NS      | $196254738.18  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc                             | JB Hunt Transport Services Inc                             | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |    122194 | NS      | $16966636.90   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                                 | Insmed Inc                                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    275153 | NS      | $19186418.69   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc                                    | Zoom Communications Inc                                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    403313 | NS      | $32769181.25   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc                              | Live Nation Entertainment Inc                              | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    245315 | NS      | $33654764.85   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                                | Datadog Inc                                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |    484920 | NS      | $57162369.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                                               | Docusign Inc                                               | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |    313924 | NS      | $27816805.64   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                                    | PTC Inc                                                    | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    185290 | NS      | $31188012.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                            | Ulta Beauty Inc                                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     71098 | NS      | $33519863.08   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc                               | Monolithic Power Systems Inc                               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |     74079 | NS      | $49032890.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                                 | Natera Inc                                                 | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    202753 | NS      | $31980230.69   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                                 | Neurocrine Biosciences Inc                                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    153599 | NS      | $18895748.98   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                               | AutoZone Inc                                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |     25804 | NS      | $96327364.16   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One                     | Liberty Media Corp-Liberty Formula One                     | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    377800 | NS      | $36469034.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                                   | Bio-Rad Laboratories Inc                                   | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     28782 | NS      | $6531499.26    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                                   | KLA Corp                                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    205075 | NS      | $155217166.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                                                | Avantor Inc                                                | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1048786 | NS      | $13539827.26   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                                 | Copart Inc                                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |   1356792 | NS      | $69847652.16   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                                         | Unity Software Inc                                         | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    455521 | NS      | $11879987.68   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                                  | Kinsale Capital Group Inc                                  | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     33784 | NS      | $15945710.16   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                                    | NVR Inc                                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      4646 | NS      | $33060610.78   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                              | McKesson Corp                                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    193226 | NS      | $139028039.26  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc                                     | CACI International Inc                                     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     34215 | NS      | $14644020.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                                 | Humana Inc                                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    185453 | NS      | $43234657.89   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                                              | Pinterest Inc                                              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    924885 | NS      | $28773172.35   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                                                | ROBLOX Corp                                                | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    847740 | NS      | $73736425.20   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                                 | Twilio Inc                                                 | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |    236002 | NS      | $27777435.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                               | Synopsys Inc                                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |    237885 | NS      | $110373882.30  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                  | Apple Inc                                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |  18944035 | NS      | $3804909429.75 | 9.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                               | Danaher Corp                                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    985656 | NS      | $187176074.40  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                                                   | Roku Inc                                                   | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |    201761 | NS      | $14619602.06   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                                  | ANSYS Inc                                                  | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |    134539 | NS      | $44508191.98   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennox International Inc                                   | Lennox International Inc                                   | CUSIP: 526107107<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | EC               | CORP              | US        |     48899 | NS      | $27601040.55   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                              | Regeneron Pharmaceuticals Inc                              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |    162811 | NS      | $79822977.08   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc                                   | Builders FirstSource Inc                                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |    175191 | NS      | $18864566.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                                              | AppLovin Corp                                              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    342834 | NS      | $134733762.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                                      | Rivian Automotive Inc                                      | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |   1122404 | NS      | $16308530.12   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                             | Murphy USA Inc                                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     28734 | NS      | $12263383.86   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                                          | Clean Harbors Inc                                          | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     77400 | NS      | $17553546.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                                            | WW Grainger Inc                                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |     68559 | NS      | $74562026.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                                                | Equifax Inc                                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |    190115 | NS      | $50226481.85   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                                            | T-Mobile US Inc                                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    739138 | NS      | $179019223.60  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc                           | Mettler-Toledo International Inc                           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     32518 | NS      | $37575199.36   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                                 | Charter Communications Inc                                 | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    148789 | NS      | $58960617.03   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                                       | Deckers Outdoor Corp                                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    234542 | NS      | $24748871.84   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                                          | FTAI Aviation Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    157281 | NS      | $18425469.15   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                                                  | Toast Inc                                                  | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    642942 | NS      | $27119293.56   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co                                  | Performance Food Group Co                                  | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |    240691 | NS      | $21556285.96   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                                       | Booking Holdings Inc                                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     50946 | NS      | $281167407.78  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                                       | Celsius Holdings Inc                                       | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    242118 | NS      | $9171429.84    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                                | Equinix Inc                                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |    149915 | NS      | $133247450.30  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                             | S&P Global Inc                                             | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    485462 | NS      | $248974041.32  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc                           | West Pharmaceutical Services Inc                           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    110929 | NS      | $23389379.65   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC                                  | Flutter Entertainment PLC                                  | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | IE        |    273919 | NS      | $69219331.30   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                                                | Waters Corp                                                | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |     91368 | NS      | $31909360.32   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                             | Eli Lilly & Co                                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |   1213996 | NS      | $895528429.32  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                             | Amazon.com Inc                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |  11889969 | NS      | $2437562544.69 | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| UiPath Inc                                                 | UiPath Inc                                                 | CUSIP: 90364P105<br>LEI: 5493000YP61KBELDHT53 | Long             | EC               | CORP              | US        |    688058 | NS      | $9158051.98    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                                              | TopBuild Corp                                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     45155 | NS      | $12773897.95   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                                       | Roivant Sciences Ltd                                       | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |    650489 | NS      | $7148874.11    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                                            | Fair Isaac Corp                                            | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     37761 | NS      | $65186059.08   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                                        | Coinbase Global Inc                                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |    323902 | NS      | $79880711.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                                     | IDEXX Laboratories Inc                                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    125644 | NS      | $64500603.84   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc                                 | Floor & Decor Holdings Inc                                 | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    164098 | NS      | $11764185.62   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                                 | RenaissanceRe Holdings Ltd                                 | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |     75206 | NS      | $18757880.52   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** SCHWAB STRATEGIC TRUST

**Signature:** Dana Smith

**Name of Signer:** Dana Smith

**Title:** CFO