# EDGAR Filing Document

**Accession Number:** 0001454889
**File Stem:** 0001193125-26-201326
**Filing Date:** 2026-5
**Character Count:** 661968
**Document Hash:** dbf641818d779391dca264ce0f1e4346
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201326.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201326

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22311
- **FILM NUMBER:** 26932204

**BUSINESS ADDRESS:**
- **STREET 1:** 425 MARKET STREET
- **STREET 2:** SUITE 1700
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 800-650-9744

**MAIL ADDRESS:**
- **STREET 1:** 425 MARKET STREET
- **STREET 2:** SUITE 1700
- **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. REIT ETF (Series ID: S000030518)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000094080 | Schwab U.S. REIT ETF | SCHH            |

### Schwab Fundamental U.S. Broad Market ETF (Series ID: S000040876)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000126714 | Schwab Fundamental U.S. Broad Market ETF | FNDB            |

### Schwab Fundamental U.S. Large Company ETF (Series ID: S000040877)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000126715 | Schwab Fundamental U.S. Large Company ETF | FNDX            |

### Schwab Fundamental U.S. Small Company ETF (Series ID: S000040878)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000126716 | Schwab Fundamental U.S. Small Company ETF | FNDA            |

### Schwab Fundamental International Equity ETF (Series ID: S000040879)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000126717 | Schwab Fundamental International Equity ETF | FNDF            |

### Schwab Fundamental International Small Equity ETF (Series ID: S000040880)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000126718 | Schwab Fundamental International Small Equity ETF | FNDC            |

### Schwab Fundamental Emerging Markets Equity ETF (Series ID: S000040881)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000126719 | Schwab Fundamental Emerging Markets Equity ETF | FNDE            |

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

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22311

------

Schwab Strategic Trust – Schwab U.S. REIT ETF

and Schwab Fundamental Index ETFs

(Exact name of registrant as specified in charter)

------

425 Market Street, Suite 1700, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

Schwab Strategic Trust – Schwab U.S. REIT ETF and Schwab Fundamental Index ETFs

425 Market Street, Suite 1700, San Francisco, California 94105

(Name and address of agent for service)

------

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

Date of fiscal year end: February 28

Date of reporting period: February 28, 2026

------

Item 1: Report(s) to Shareholders.

------

![](g94932g2img292016fa1.jpg)

**Annual Report \|** February 28, 2026

Schwab U.S. REIT ETF

**Ticker Symbol: SCHH**

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

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

**FUND COSTS FOR THE LAST year ENDED February 28, 2026** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. REIT ETF | $7 | &nbsp;&nbsp;0.07% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 7.48% (for an explanation of NAV returns, please refer to footnote 2 on the following page). The S&P 500<sup>®</sup> Index, which serves as the fund's regulatory index and provides a broad measure of market performance, returned 16.99%. The fund generally invests in securities that are included in the Dow Jones Equity All REIT Capped Index which returned 7.53% during the same period. The fund does not seek to track the regulatory index. Differences between the return of the fund and the return of the Dow Jones Equity All REIT Capped Index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■ Multi-family residential REITs sub-industry securities, including AvalonBay Communities, Inc.

■ Telecom tower REITs sub-industry securities

Top contributors to total return:

■ Health care REITs sub-industry securities, including Welltower, Inc.

■ Retail REITs sub-industry securities

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

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

Portfolio holdings may have changed since the report date.

Schwab U.S. REIT ETF \| Annual Report

REG127189-01 00323359

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/prospectus.**

**Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)**<sup>1,2,3</sup>

![](g94932g2lg_2meh.jpg)

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

Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab U.S. REIT ETF (01/13/2011)<sup>1,2</sup> <br>| 7.48% | &nbsp;&nbsp;&nbsp;&nbsp;6.30% | &nbsp;&nbsp;&nbsp;&nbsp;4.95% |
| S&P 500<sup>®</sup> Index<sup>4</sup> <br>| 16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| Dow Jones Equity All REIT Capped Index<sup>3</sup> <br>| 7.53% | &nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| REIT Spliced Index | 7.53% | &nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;5.02% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The Dow Jones Equity All REIT Capped Index (the Index) is a product of S&P Dow Jones Indices LLC, and the trademark and Index have been licensed for use by Charles Schwab Investment Management, Inc. The Schwab U.S. REIT ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, nor any of their respective affiliates make any representation regarding the advisability of investing in such product.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been reinvested in the fund at NAV.

The inception date of the Dow Jones Equity All REIT Capped Index is April 13, 2020. The fund began tracking the index on June 22, 2020.

The S&P 500<sup>®</sup> Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in the Dow Jones Equity All REIT Capped Index. The fund does not seek to track the regulatory index.

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

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $9713 |
| Number of Holdings<br>(excludes derivatives)<br>| 117 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 10% |
| Advisory Fees Paid by the Fund | $5745716 |
| Weighted Average Market Cap (millions) | $54587 |
| Price/Earnings Ratio (P/E) | 31.8 |
| Price/Book Ratio (P/B) | 2.7 |
| Qualified Dividend Income | $4618640 |
| Qualified Business Income Deduction (199A) | $240403305 |

---

**Industry Weightings % of Investments**<sup>1</sup>

![](g94932g2imgc8c7543b2.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g2imgdc64889a3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab U.S. REIT ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab ETFs' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab ETFs at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

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

------

![](g94932g3imgd936ae7e1.jpg)

Annual Report \| February 28, 2026

Schwab Fundamental U.S. Broad Market ETF

Ticker Symbol: FNDB

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

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

FUND COSTS FOR THE LAST year ENDED February 28, 2026

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Broad Market ETF | $27 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 19.92% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Russell 3000<sup>®</sup>

Index, which serves as the fund's regulatory index and provides

a broad measure of market performance, returned 17.02%. The fund generally invests in securities that are included in the RAFI

Fundamental High Liquidity US All Index which returned 20.16% during the same period. The fund does not seek to track the

regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity US All Index may

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

Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:

■

Real estate sector securities, including Weyerhaeuser Co. (which detracted from the total return of the fund)

■

Utilities sector securities

Top contributors to total return:

■

Information technology sector securities, including Micron Technology, Inc.

■

Industrials sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab Fundamental U.S. Broad Market ETF \| Annual Report

REG127163-01 00323339

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.

To obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)

1,2

![](g94932g3lg_2mx1.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Broad Market ETF (08/15/2013)<br>1,2<br>| 19.92% | &nbsp;&nbsp;&nbsp;&nbsp;14.10% | &nbsp;&nbsp;&nbsp;&nbsp;14.36% |
| <br>Russell 3000<br>®<br> Index<br>3<br>| 17.02% | &nbsp;&nbsp;&nbsp;&nbsp;12.80% | &nbsp;&nbsp;&nbsp;&nbsp;15.08% |
| RAFI Fundamental High Liquidity US All Index<br>4<br>| 20.16% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Russell RAFI™ US Index | 20.46% | &nbsp;&nbsp;&nbsp;&nbsp;14.39% | &nbsp;&nbsp;&nbsp;&nbsp;14.63% |
| Fundamental US All Spliced Index | 20.16% | &nbsp;&nbsp;&nbsp;&nbsp;14.37% | &nbsp;&nbsp;&nbsp;&nbsp;14.62% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — The RAFI Fundamental High Liquidity US All Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been licensed

for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab Fundamental

U.S. Broad Market ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI Parties: (i) make no

representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or otherwise) to any

person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair

value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been

reinvested in the fund at NAV.

The Russell 3000®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity US All Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Index to the RAFI Fundamental High Liquidity US All Index in connection with a

change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI Fundamental High

Liquidity US All Index is January 31, 2024. The fund began tracking the index on June 21, 2024.

2Schwab Fundamental U.S. Broad Market ETF \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1170 |
| Number of Holdings<br>(excludes derivatives)<br>| 1593 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 12% |
| Advisory Fees Paid by the Fund | $2433623 |
| Weighted Average Market Cap (millions) | $568825 |
| Price/Earnings Ratio (P/E) | 21.1 |
| Price/Book Ratio (P/B) | 2.9 |
| Dividends Received Deduction | 100.00% |
| Qualified Dividend Income | $16729780 |

---

Sector Weightings % of Investments

![](g94932g3img950a73cf2.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g3img1538c58c3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Amount is less than 0.05%.

Schwab Fundamental U.S. Broad Market ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental U.S. Broad Market ETF \| Annual Report

------

![](g94932g4imgf753b8781.jpg)

Annual Report \| February 28, 2026

Schwab Fundamental U.S. Large Company ETF

Ticker Symbol: FNDX

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

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

FUND COSTS FOR THE LAST year ENDED February 28, 2026

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Large Company ETF | $27 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 19.94% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The Russell 1000<sup>®</sup>

Index, which serves as the fund's regulatory index and provides

a broad measure of market performance, returned 16.73%. The fund generally invests in securities that are included in the RAFI

Fundamental High Liquidity US Large Index which returned 20.20% during the same period. The fund does not seek to track the

regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity US Large Index

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

Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:

■

Real estate sector securities, including Weyerhaeuser Co. (which detracted from the total return of the fund)

■

Utilities sector securities

Top contributors to total return:

■

Information technology sector securities, including Micron Technology, Inc.

■

Communication services sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab Fundamental U.S. Large Company ETF \| Annual Report

REG127164-01 00323340

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.

To obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)

1,2

![](g94932g4lg_2mx2.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Large Company ETF (08/15/2013)<br>1,2<br>| 19.94% | &nbsp;&nbsp;&nbsp;&nbsp;14.56% | &nbsp;&nbsp;&nbsp;&nbsp;14.56% |
| <br>Russell 1000<br>®<br> Index<br>3<br>| 16.73% | &nbsp;&nbsp;&nbsp;&nbsp;13.32% | &nbsp;&nbsp;&nbsp;&nbsp;15.32% |
| RAFI Fundamental High Liquidity US Large Index<br>4<br>| 20.20% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Russell RAFI™ US Large Company Index | 20.41% | &nbsp;&nbsp;&nbsp;&nbsp;14.85% | &nbsp;&nbsp;&nbsp;&nbsp;14.83% |
| Fundamental US Large Spliced Index | 20.20% | &nbsp;&nbsp;&nbsp;&nbsp;14.83% | &nbsp;&nbsp;&nbsp;&nbsp;14.82% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — The RAFI Fundamental High Liquidity US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Large Company ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI Parties: (i)

make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or otherwise) to

any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair

value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been

reinvested in the fund at NAV.

The Russell 1000®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity US Large Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Large Company Index to the RAFI Fundamental High Liquidity US Large Index in

connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Large Index is January 31, 2024. The fund began tracking the index on June 21, 2024.

2Schwab Fundamental U.S. Large Company ETF \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $24461 |
| Number of Holdings<br>(excludes derivatives)<br>| 708 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 12% |
| Advisory Fees Paid by the Fund | $49612661 |
| Weighted Average Market Cap (millions) | $614291 |
| Price/Earnings Ratio (P/E) | 21.3 |
| Price/Book Ratio (P/B) | 3.0 |
| Dividends Received Deduction | 100.00% |
| Qualified Dividend Income | $341222185 |

---

Sector Weightings % of Investments

![](g94932g4img67f7bd792.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g4imgbbedf24d3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental U.S. Large Company ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental U.S. Large Company ETF \| Annual Report

------

![](g94932g5imgbe1d1d181.jpg)

Annual Report \| February 28, 2026

Schwab Fundamental U.S. Small Company ETF

Ticker Symbol: FNDA

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com.

If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

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

FUND COSTS FOR THE LAST year ENDED February 28, 2026

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Small Company ETF | $27 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 19.63% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The S&P 500<sup>®</sup>

Index, which serves as the fund's regulatory index and provides a

broad measure of market performance, returned 16.99%. The fund generally invests in securities that are included in the RAFI

Fundamental High Liquidity US Small Index which returned 19.89% during the same period. The fund does not seek to track the

regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity US Small Index

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

Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:

■

Communication services sector securities, including Cable One, Inc. (which detracted from the total return of the fund)

■

Health care sector securities

Top contributors to total return:

■

Information technology sector securities, including Lumentum Holdings, Inc.

■

Industrials sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab Fundamental U.S. Small Company ETF \| Annual Report

REG127165-01 00323341

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.

To obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)

1,2

![](g94932g5lg_2mx6.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Small Company ETF (08/15/2013)<br>1,2<br>| 19.63% | &nbsp;&nbsp;&nbsp;&nbsp;8.62% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 16.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.50% |
| RAFI Fundamental High Liquidity US Small Index<br>4<br>| 19.89% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Russell RAFI™ US Small Company Index | 21.11% | &nbsp;&nbsp;&nbsp;&nbsp;8.90% | &nbsp;&nbsp;&nbsp;&nbsp;11.83% |
| Fundamental US Small Spliced Index | 19.89% | &nbsp;&nbsp;&nbsp;&nbsp;8.83% | &nbsp;&nbsp;&nbsp;&nbsp;11.79% |
| <br>Russell 2000<br>®<br> Index<br>| 23.34% | &nbsp;&nbsp;&nbsp;&nbsp;5.05% | &nbsp;&nbsp;&nbsp;&nbsp;11.30% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — The RAFI Fundamental High Liquidity US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Small Company ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair

value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been

reinvested in the fund at NAV.

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in

the RAFI Fundamental High Liquidity US Small Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Small Company Index to the RAFI Fundamental High Liquidity US Small Index in

connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Small Index is January 31, 2024. The fund began tracking the index on June 21, 2024.

2Schwab Fundamental U.S. Small Company ETF \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $9826 |
| Number of Holdings<br>(excludes derivatives)<br>| 887 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 26% |
| Advisory Fees Paid by the Fund | $21849389 |
| Weighted Average Market Cap (millions) | $8968 |
| Price/Earnings Ratio (P/E) | 19.0 |
| Price/Book Ratio (P/B) | 1.9 |
| Dividends Received Deduction | 84.92% |
| Qualified Dividend Income | $99145983 |
| Qualified Business Income Deduction (199A) | $12059337 |

---

Sector Weightings % of Investments

![](g94932g5imgaa149da02.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g5imgceb8c2373.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental U.S. Small Company ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental U.S. Small Company ETF \| Annual Report

------

![](g94932g6img8667b5301.jpg)

Annual Report \| February 28, 2026

Schwab Fundamental International Equity ETF

Ticker Symbol: FNDF

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

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

FUND COSTS FOR THE LAST year ENDED February 28, 2026

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental International Equity ETF | $32 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 54.06% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

, which serves as the fund's regulatory index and

provides a broad measure of market performance, returned 34.63%. The fund generally invests in securities that are included in the

RAFI Fundamental High Liquidity Developed ex US Large Index (Net)<sup>1</sup>

which returned 54.01% during the same period. The fund

does not seek to track the regulatory index.

Top contributors to total return:

■

Japanese securities, including Mitsubishi Corp.

■

Securities from the Republic of Korea

Top detractors from total return:

■

The security from the United States, CRH PLC (which was held for a limited time in March 2025)

■

While there were no additional markets that detracted from the total return of the fund, Chinese securities were the smallest

contributors to total return

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

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

Portfolio holdings may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab Fundamental International Equity ETF \| Annual Report

REG127161-01 00323337

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.

To obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)

1,2,3,4

![](g94932g6lg_2mx7.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental International Equity ETF (08/15/2013)<br>1,2,3<br>| 54.06% | &nbsp;&nbsp;&nbsp;&nbsp;15.26% | &nbsp;&nbsp;&nbsp;&nbsp;12.56% |
| <br>MSCI EAFE<br><sup>®</sup> Index (Net)<br>4,5<br>| 34.63% | &nbsp;&nbsp;&nbsp;&nbsp;10.78% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% |
| RAFI Fundamental High Liquidity Developed ex US Large Index (Net)<br>4,6<br>| 54.01% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Russell RAFI™ Developed ex US Large Company Index (Net)<br>4<br>| 54.05% | &nbsp;&nbsp;&nbsp;&nbsp;15.31% | &nbsp;&nbsp;&nbsp;&nbsp;12.61% |
| Fundamental Developed ex US Large Spliced Index | 54.01% | &nbsp;&nbsp;&nbsp;&nbsp;15.28% | &nbsp;&nbsp;&nbsp;&nbsp;12.60% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — The RAFI Fundamental High Liquidity Developed ex US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair

value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been

reinvested in the fund at NAV.

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

The MSCI EAFE®

Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Large Company Index (Net) to the RAFI Fundamental High

Liquidity Developed ex US Large Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with

the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Large Index (Net) is January 31, 2024. The fund began tracking the index on June 21,

2024. 2Schwab Fundamental International Equity ETF \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $23376 |
| Number of Holdings<br>(excludes derivatives)<br>| 876 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 11% |
| Advisory Fees Paid by the Fund | $43565942 |
| Weighted Average Market Cap (millions) | $136468 |
| Price/Earnings Ratio (P/E) | 17.3 |
| Price/Book Ratio (P/B) | 1.6 |
| Foreign Tax Paid and Passed Through | $44091380 |
| Gross Income from Foreign Sources | $612644011 |
| Qualified Dividend Income | $491090631 |

---

Sector Weightings % of Investments

![](g94932g6imgfa4e72c12.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g6imgcc25b8d83.jpg)

Country Weightings % of Investments

![](g94932g6imga436fd6a4.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental International Equity ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental International Equity ETF \| Annual Report

------

![](g94932g7imgc1af3c891.jpg)

Annual Report \| February 28, 2026

Schwab Fundamental International Small Equity ETF

Ticker Symbol: FNDC

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

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

FUND COSTS FOR THE LAST year ENDED February 28, 2026

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental International Small Equity ETF | $48 | &nbsp;&nbsp;0.39% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 47.78% (for an explanation of NAV returns,

please refer to footnote 2 on the following page). The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

, which serves as the fund's regulatory index and

provides a broad measure of market performance, returned 34.63%. The fund generally invests in securities that are included in the

RAFI Fundamental High Liquidity Developed ex US Small Index (Net)<sup>1</sup>

which returned 48.04% during the same period. The fund

does not seek to track the regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High

Liquidity Developed ex US Small Index (Net)<sup>1</sup>

may be attributable to, among other things, the operational and transactional costs

incurred by the fund and not the index.

Top detractors from total return:

■

Bermudian securities, including Hiscox Ltd. (which was held for a limited time in March 2025)

■

While there were no additional markets that detracted from the total return of the fund, Georgian securities were the smallest

contributors to total return (which were held for a limited time in March 2025)

Top contributors to total return:

■

Japanese securities, including Ibiden Co. Ltd.

■

Securities from the Republic of Korea

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

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

Portfolio holdings may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab Fundamental International Small Equity ETF \| Annual Report

REG127162-01 00323338

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.

To obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)

1,2,3,4

![](g94932g7lg_2mx8.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental International Small Equity ETF (08/15/2013)<br>1,2,3<br>| 47.78% | &nbsp;&nbsp;&nbsp;&nbsp;10.27% | &nbsp;&nbsp;&nbsp;&nbsp;10.25% |
| <br>MSCI EAFE<br>®<br> Index<br> (Net)<br>4,5<br>| 34.63% | &nbsp;&nbsp;&nbsp;&nbsp;10.78% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% |
| RAFI Fundamental High Liquidity Developed ex US Small Index (Net)<br>4,6<br>| 48.04% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Russell RAFI™ Developed ex US Small Company Index (Net)<br>4<br>| 49.70% | &nbsp;&nbsp;&nbsp;&nbsp;10.77% | &nbsp;&nbsp;&nbsp;&nbsp;10.60% |
| Fundamental Developed ex US Small Spliced Index | 48.04% | &nbsp;&nbsp;&nbsp;&nbsp;10.55% | &nbsp;&nbsp;&nbsp;&nbsp;10.50% |
| S&P Developed ex-U.S. Small Cap Index (Net)<br>4<br>| 45.36% | &nbsp;&nbsp;&nbsp;&nbsp;7.22% | &nbsp;&nbsp;&nbsp;&nbsp;9.39% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — The RAFI Fundamental High Liquidity Developed ex US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Small Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The

RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence

or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair

value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been

reinvested in the fund at NAV.

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

The MSCI EAFE®

Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity Developed ex US Small Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Small Company Index (Net) to the RAFI Fundamental High

Liquidity Developed ex US Small Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with

the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Small Index (Net) is January 31, 2024. The fund began tracking the index on June 21,

2024. 2Schwab Fundamental International Small Equity ETF \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $3430 |
| Number of Holdings<br>(excludes derivatives)<br>| 1466 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 29% |
| Advisory Fees Paid by the Fund | $11767393 |
| Weighted Average Market Cap (millions) | $6208 |
| Price/Earnings Ratio (P/E) | 15.8 |
| Price/Book Ratio (P/B) | 1.4 |
| Foreign Tax Paid and Passed Through | $7774672 |
| Gross Income from Foreign Sources | $100614298 |
| Qualified Dividend Income | $74235377 |

---

Sector Weightings % of Investments

![](g94932g7imgf0ed6c5b2.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g7img580fc40c3.jpg)

Country Weightings % of Investments

![](g94932g7imge513073b4.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental International Small Equity ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental International Small Equity ETF \| Annual Report

------

![](g94932g8img82d866381.jpg)

Annual Report \| February 28, 2026

Schwab Fundamental Emerging Markets Equity ETF

Ticker Symbol: FNDE

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

------

This annual shareholder report contains important information about the fund for the period of March 1, 2025, to February 28, 2026.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

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

FUND COSTS FOR THE LAST year ENDED February 28, 2026

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental Emerging Markets Equity ETF | $47 | &nbsp;&nbsp;0.39% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended February 28, 2026, the fund's NAV return was 39.10% (for an explanation of NAV returns, please refer to footnote 2 on the following page). The MSCI Emerging Markets Index (Net)<sup>1</sup>, which serves as the fund's regulatory index and provides a broad measure of market performance, returned 49.96%. The fund generally invests in securities that are included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net)<sup>1</sup> which returned 39.87% during the same period. The fund does not seek to track the regulatory index. Differences between the return of the fund and the return of the RAFI Fundamental High Liquidity Emerging Markets Index (Net)<sup>1</sup> may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

Over the reporting period, no markets detracted from the return of the fund. However, the smallest contributors to total return were:

■

Saudi Arabian securities, including Saudi Basic Industries Corp. (which detracted from the total return of the fund)

■

Securities from Hong Kong

Top contributors to total return:

■

Chinese securities, including Class H holdings of China Construction Bank Corp.

■

Taiwanese securities

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

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

Portfolio holdings may have changed since the report date.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

Schwab Fundamental Emerging Markets Equity ETF \| Annual Report

REG127160-01 00323335

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.

To obtain performance information

current to the most recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 29, 2016 - February 28, 2026)

1,2,3,4

![](g94932g8lg_2mx9.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental Emerging Markets Equity ETF (08/15/2013)<br>1,2,3<br>| 39.10% | &nbsp;&nbsp;&nbsp;&nbsp;11.49% | &nbsp;&nbsp;&nbsp;&nbsp;12.57% |
| MSCI Emerging Markets Index (Net)<br>4,5<br>| 49.96% | &nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;10.69% |
| RAFI Fundamental High Liquidity Emerging Markets Index (Net)<br>4,6<br>| 39.87% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Russell RAFI™ Emerging Markets Large Company Index (Net)<br>4<br>| 42.43% | &nbsp;&nbsp;&nbsp;&nbsp;12.19% | &nbsp;&nbsp;&nbsp;&nbsp;13.25% |
| Fundamental Emerging Markets Spliced Index | 39.87% | &nbsp;&nbsp;&nbsp;&nbsp;11.81% | &nbsp;&nbsp;&nbsp;&nbsp;13.06% |

---

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

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — The RAFI Fundamental High Liquidity Emerging Markets Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has

been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental Emerging Markets Equity ETF is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

Performance is shown on a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair

value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. Returns assume that dividends and capital gain distributions have been

reinvested in the fund at NAV.

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.

The MSCI Emerging Markets Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities

that are included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Emerging Markets Large Company Index (Net) to the RAFI Fundamental High

Liquidity Emerging Markets Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the

index. The inception date of the RAFI Fundamental High Liquidity Emerging Markets Index (Net) is January 31, 2024. The fund began tracking the index on June 21, 2024.

2Schwab Fundamental Emerging Markets Equity ETF \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $9416 |
| Number of Holdings<br>(excludes derivatives)<br>| 355 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 16% |
| Advisory Fees Paid by the Fund | $29196001 |
| Weighted Average Market Cap (millions) | $185695 |
| Price/Earnings Ratio (P/E) | 11.8 |
| Price/Book Ratio (P/B) | 1.5 |
| Foreign Tax Paid and Passed Through | $36139813 |
| Gross Income from Foreign Sources | $333054043 |
| Qualified Dividend Income | $131393572 |

---

Sector Weightings % of Investments

![](g94932g8imgbeb370a72.jpg)

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

Top Equity Holdings % of Net Assets

![](g94932g8img90c075593.jpg)

Country Weightings % of Investments

![](g94932g8img47a640164.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental Emerging Markets Equity ETF \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental Emerging Markets Equity ETF \| Annual Report

------

#### Item 2: Code of Ethics.
(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

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

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

(e) Not applicable.

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) Audit Fees<sup>1</sup> | (a) Audit Fees<sup>1</sup> | (b) Audit-Related Fees | (b) Audit-Related Fees | (c) Tax Fees<sup>2</sup> | (c) Tax Fees<sup>2</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 |
| $650550 | $601700 | $0 | $0 | $111690 | $101835 | $0 | $0 |

---

<sup>1</sup> The nature of the services includes audit of the registrant's annual financial statements and normally provided services in connection with regulatory filings for those fiscal years.

<sup>2</sup> The tax fees consist of professional services relating to tax compliance, tax advice, tax planning, and the preparation of the Registrant's tax returns.

------

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

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

**(f)** Not applicable.

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

---

| | | |
|:---|:---|:---|
|  2025/2026: $2,003,222 | 2024/2025:$| 1787029.0 |

---

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

**(i)** Not applicable.

**(j)** Not applicable.

#### Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has separately-designated standing audit, compliance and valuation committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant's audit, compliance and valuation committee members are J. Derek Penn, Michael J. Beer and Kimberly S. Patmore.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

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

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892427img09606b831.jpg)

**Annual Holdings and Financial Statements** \| February 28, 2026

Schwab U.S. REIT ETF

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SCHH**

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_aef8001a-3598-48a0-82d4-5576e04abeed_1)**<br> **[Management Investment Companies](#xx_aef8001a-3598-48a0-82d4-5576e04abeed_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_aef8001a-3598-48a0-82d4-5576e04abeed_1) | 2 |
| [Financial Notes](#xx_b8865996-ed37-4e19-8c9a-c74e99ec73a1_1) | 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_2cf647ee-c83a-40f1-8c2c-4d7ba0fd4ba6_1) | 17 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_c116906c-64f8-4577-a24a-7ecdbb2901af_1)**<br> **[Management Investment Companies](#xx_c116906c-64f8-4577-a24a-7ecdbb2901af_1)**<br>| 18 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_d76f35c5-3bd8-47ae-a6ac-3ee7142139eb_1)**<br> **[Companies](#xx_d76f35c5-3bd8-47ae-a6ac-3ee7142139eb_1)**<br>| 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_f4faf541-74fd-4963-91df-44a5be9d11eb_1)**<br> **[Management Investment Companies](#xx_f4faf541-74fd-4963-91df-44a5be9d11eb_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_e1c75e61-b5f7-4999-861b-65322756bf44_1)**<br> **[Contract](#xx_e1c75e61-b5f7-4999-861b-65322756bf44_1)**<br>| 21  |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**1**

------

Schwab U.S. REIT ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<br>| 3/1/23– <br>2/29/24<br>| 3/1/22– <br>2/28/23<sup>1</sup> <br>| 3/1/21– <br>2/28/22<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $19.96 | &nbsp;&nbsp; $23.30 | &nbsp;&nbsp; $19.48 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.68 | 0.64 | 0.64 | 0.60 | 0.43 |
| Net realized and unrealized gains (losses) | 0.91 | 2.08 | 0.12 | &nbsp;&nbsp; (3.45)<br>| 3.79 |
| Total from investment operations | 1.59 | 2.72 | 0.76 | &nbsp;&nbsp; (2.85)<br>| 4.22 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.40)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $23.04 | &nbsp;&nbsp; $22.09 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $19.96 | &nbsp;&nbsp; $23.30 |
| Total return | 7.48<br> %<br>| 13.75<br> %<br>| 4.06<br> %<br>| &nbsp;&nbsp; (12.22<br> %)<br>| 21.56<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.07<br> %<br>| 0.07<br> %<br>| 0.07<br> %<br>| 0.07 %<sup>3</sup><br>| 0.07<br> %<br>|
| Net investment income (loss) | 3.18<br> %<br>| 3.04<br> %<br>| 3.34<br> %<br>| 2.82 %<sup>3</sup><br>| 1.81<br> %<br>|
| Portfolio turnover rate<sup>4</sup> <br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $9713 | &nbsp;&nbsp; $7694 | &nbsp;&nbsp; $6361 | &nbsp;&nbsp; $5780 | &nbsp;&nbsp; $6648 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on March 10, 2022.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

**2**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Portfolio Holdings as of February 28, 2026

------

&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 |
| **Data Center REITs 9.6%**  | **Data Center REITs 9.6%**  | **Data Center REITs 9.6%**  |
| Digital Realty Trust, Inc.  | 2228439 | 394879391 |
| Equinix, Inc.  | 551816 | 537612256 |
|  |  | **932491647** |
| **Diversified REITs 2.3%**  | **Diversified REITs 2.3%**  | **Diversified REITs 2.3%**  |
| Alexander & Baldwin, Inc.  | 501849 | 10433441 |
| American Assets Trust, Inc.  | 325608 | 6355868 |
| Armada Hoffler Properties, Inc.  | 552579 | 3453619 |
| Broadstone Net Lease, Inc.  | 1306790 | 25338658 |
| CTO Realty Growth, Inc.  | 203179 | 3957927 |
| Essential Properties Realty Trust, Inc.  | 1367495 | 46412780 |
| Gladstone Commercial Corp.  | 333899 | 4170398 |
| Global Net Lease, Inc.  | 1363055 | 12839978 |
| WP Carey, Inc.  | 1512438 | 112903497 |
|  |  | **225866166** |
| **Health Care REITs 17.8%**  | **Health Care REITs 17.8%**  | **Health Care REITs 17.8%**  |
| Alexandria Real Estate Equities, Inc.  | 1073483 | 58011021 |
| American Healthcare REIT, Inc.  | 1220943 | 63782062 |
| CareTrust REIT, Inc.  | 1541118 | 62600213 |
| Chiron Real Estate, Inc.  | 86795 | 3005711 |
| Community Healthcare Trust, Inc.  | 176733 | 3020367 |
| Healthcare Realty Trust, Inc.  | 2426784 | 44774165 |
| Healthpeak Properties, Inc.  | 4796221 | 84797187 |
| LTC Properties, Inc.  | 328894 | 13050514 |
| Medical Properties Trust, Inc. *(a)* | 3399963 | 19583787 |
| National Health Investors, Inc.  | 328972 | 27656676 |
| Omega Healthcare Investors, Inc.  | 2039609 | 98451927 |
| Sabra Health Care REIT, Inc.  | 1721142 | 35369468 |
| Sila Realty Trust, Inc.  | 379521 | 9765075 |
| Ventas, Inc.  | 3241868 | 279319347 |
| Welltower, Inc.  | 4449771 | 921636570 |
|  |  | **1724824090** |
| **Hotel & Resort REITs 2.3%**  | **Hotel & Resort REITs 2.3%**  | **Hotel & Resort REITs 2.3%**  |
| Apple Hospitality REIT, Inc.  | 1516672 | 18594399 |
| DiamondRock Hospitality Co.  | 1406903 | 14125306 |
| Host Hotels & Resorts, Inc.  | 4413869 | 86467694 |
| Park Hotels & Resorts, Inc.  | 1380471 | 15613127 |
| Pebblebrook Hotel Trust  | 783925 | 10057758 |
| RLJ Lodging Trust  | 1028476 | 8248377 |
| Ryman Hospitality Properties, Inc.  | 434830 | 42939462 |
| Service Properties Trust *(b)* | 1089256 | 2505289 |
| Summit Hotel Properties, Inc.  | 726860 | 3278139 |
| Sunstone Hotel Investors, Inc.  | 1310142 | 12158118 |
| Xenia Hotels & Resorts, Inc.  | 653584 | 9986763 |
|  |  | **223974432** |
| **Industrial REITs 12.8%**  | **Industrial REITs 12.8%**  | **Industrial REITs 12.8%**  |
| Americold Realty Trust, Inc.  | 1967197 | 26340768 |
| EastGroup Properties, Inc.  | 367575 | 72158648 |
| First Industrial Realty Trust, Inc.  | 913917 | 57704719 |
| Innovative Industrial Properties, Inc.  | 193689 | 10257770 |
| Lineage, Inc.  | 393868 | 15959531 |
| LXP Industrial Trust  | 407861 | 20213591 |
| Prologis, Inc.  | 6186874 | 882062626 |
| Rexford Industrial Realty, Inc.  | 1603195 | 60071717 |
| STAG Industrial, Inc.  | 1288868 | 50549403 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Terreno Realty Corp.  | 713590 | 47139756 |
|  |  | **1242458529** |
| **Multi-Family Residential REITs 7.7%**  | **Multi-Family Residential REITs 7.7%**  | **Multi-Family Residential REITs 7.7%**  |
| AvalonBay Communities, Inc.  | 976049 | 172985164 |
| Camden Property Trust  | 734279 | 79551787 |
| Centerspace  | 115172 | 7244319 |
| Equity Residential  | 2389533 | 151042381 |
| Essex Property Trust, Inc.  | 444493 | 113394609 |
| Independence Realty Trust, Inc.  | 1649015 | 27324178 |
| Mid-America Apartment Communities, <br> Inc. <br>| 808053 | 108165975 |
| NexPoint Residential Trust, Inc.  | 150070 | 4230473 |
| UDR, Inc.  | 2075572 | 77833950 |
| Veris Residential, Inc.  | 559796 | 10552155 |
|  |  | **752324991** |
| **Office REITs 2.5%**  | **Office REITs 2.5%**  | **Office REITs 2.5%**  |
| Brandywine Realty Trust  | 1206114 | 3847504 |
| BXP, Inc.  | 1017127 | 58566173 |
| COPT Defense Properties  | 780235 | 24795868 |
| Cousins Properties, Inc.  | 1159917 | 26863678 |
| Douglas Emmett, Inc.  | 1157715 | 11449801 |
| Easterly Government Properties, Inc.  | 302359 | 7038917 |
| Empire State Realty Trust, Inc., Class A  | 956670 | 5625220 |
| Highwoods Properties, Inc.  | 757691 | 17040471 |
| Hudson Pacific Properties, Inc. \* | 373326 | 2702880 |
| JBG SMITH Properties  | 408468 | 6212798 |
| Kilroy Realty Corp.  | 751821 | 22419302 |
| Piedmont Realty Trust, Inc., Class A \* | 859671 | 6524903 |
| SL Green Realty Corp.  | 489654 | 18043750 |
| Vornado Realty Trust  | 1113742 | 30717004 |
|  |  | **241848269** |
| **Other Specialized REITs 7.7%**  | **Other Specialized REITs 7.7%**  | **Other Specialized REITs 7.7%**  |
| EPR Properties  | 525673 | 31230233 |
| Farmland Partners, Inc.  | 275538 | 3593015 |
| Four Corners Property Trust, Inc.  | 731600 | 18670432 |
| Gaming & Leisure Properties, Inc.  | 1953193 | 95530670 |
| Iron Mountain, Inc.  | 2040024 | 220995800 |
| Lamar Advertising Co., Class A  | 599488 | 82573477 |
| Millrose Properties, Inc.  | 1064410 | 33379898 |
| Outfront Media, Inc.  | 1004730 | 28946271 |
| Safehold, Inc.  | 316108 | 5101983 |
| VICI Properties, Inc.  | 7376421 | 222841678 |
|  |  | **742863457** |
| **Retail REITs 16.1%**  | **Retail REITs 16.1%**  | **Retail REITs 16.1%**  |
| Acadia Realty Trust  | 903816 | 18907831 |
| Agree Realty Corp.  | 791891 | 63731388 |
| Alexander's, Inc.  | 14870 | 3488799 |
| Brixmor Property Group, Inc.  | 2112561 | 63947222 |
| Curbline Properties Corp.  | 668281 | 18584895 |
| Federal Realty Investment Trust  | 541812 | 58932891 |
| Getty Realty Corp.  | 366031 | 12013137 |
| InvenTrust Properties Corp.  | 535848 | 16718458 |
| Kimco Realty Corp.  | 4673662 | 110064740 |
| Kite Realty Group Trust  | 1494274 | 38925838 |
| Macerich Co.  | 1767774 | 36186334 |
| NETSTREIT Corp.  | 576012 | 11963769 |
| NNN REIT, Inc.  | 1310749 | 59403145 |
| Phillips Edison & Co., Inc.  | 868425 | 34111734 |
| Realty Income Corp.  | 6348751 | 425366317 |
| Regency Centers Corp.  | 1136074 | 89749846 |

---

*See financial notes*

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**3**

------

Schwab U.S. REIT ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Simon Property Group, Inc.  | 2217892 | 452117284 |
| SITE Centers Corp.  | 363939 | 2241864 |
| Tanger, Inc.  | 794806 | 29455510 |
| Urban Edge Properties  | 868045 | 18445956 |
|  |  | **1564356958** |
| **Self Storage REITs 6.7%**  | **Self Storage REITs 6.7%**  | **Self Storage REITs 6.7%**  |
| CubeSmart  | 1573802 | 64746214 |
| Extra Space Storage, Inc.  | 1464842 | 221235087 |
| National Storage Affiliates Trust  | 488658 | 17112803 |
| Public Storage  | 1089868 | 334654868 |
| Smartstop Self Storage REIT, Inc.  | 381421 | 12720391 |
|  |  | **650469363** |
| **Single-Family Residential REITs 3.9%**  | **Single-Family Residential REITs 3.9%**  | **Single-Family Residential REITs 3.9%**  |
| American Homes 4 Rent, Class A  | 2250005 | 67500150 |
| Equity LifeStyle Properties, Inc.  | 1337715 | 89840939 |
| Invitation Homes, Inc.  | 3892313 | 102523525 |
| Sun Communities, Inc.  | 802289 | 109480357 |
| UMH Properties, Inc.  | 557548 | 8407824 |
|  |  | **377752795** |
| **Telecom Tower REITs 8.8%**  | **Telecom Tower REITs 8.8%**  | **Telecom Tower REITs 8.8%**  |
| American Tower Corp.  | 2294937 | 440306613 |
| Crown Castle, Inc.  | 3005463 | 269109157 |
| SBA Communications Corp.  | 735339 | 147920793 |
|  |  | **857336563** |
| **Timber REITs 1.7%**  | **Timber REITs 1.7%**  | **Timber REITs 1.7%**  |
| Rayonier, Inc.  | 1917228 | 41201230 |
| Weyerhaeuser Co.  | 4975048 | 122037927 |
|  |  | **163239157** |
| **Total Common Stocks** <br>**(Cost $8,844,048,741)** | **Total Common Stocks** <br>**(Cost $8,844,048,741)** | **9699806417** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **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%**  |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(c)*<br>| 2536853 | 2536853 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(c)(d)*<br>| 8692200 | 8692200 |
|  |  | **11229053** |
| **Total Short-Term Investments** <br>**(Cost $11,229,053)** | **Total Short-Term Investments** <br>**(Cost $11,229,053)** | **11229053** |
| **Total Investments in Securities** <br>**(Cost $8,855,277,794)** | **Total Investments in Securities** <br>**(Cost $8,855,277,794)** | **9711035470** |

---

&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** |  |  |  |
| Dow Jones U.S. Real Estate <br> Index, expires 03/20/26<br>| 330 | 12695100 | **177744** |

---

&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 $8,344,512. 

*(b)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

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

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

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

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended February 28, 2026. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at February 28, 2026, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 2/28/25<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 2/28/26<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 2/28/26<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 |
| **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** | **Hotel & Resort REITs 0.0%** |
| Service Properties Trust<sup>(a)</sup> <br>| $— | $678186 | ($474094)<br>| ($2759298)<br>| $2230842 | **$2505289** | 1089256 | $40507 |

---

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

<sup>(a)</sup> Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.

*See financial notes*

**4**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Asset</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $9699806417 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9699806417 |
| Short-Term Investments<sup>1</sup> <br>| 11229053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11229053 |
| Futures Contracts<sup>2</sup> <br>| 177744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 177744 |
| **Total** | **$9711213214** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$9711213214** |

---

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

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**5**

------

Schwab U.S. REIT ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $8,317,787)  |  | $2505289 |
| Investments in securities, at value - unaffiliated issuers (cost $8,846,960,007) including securities on loan of $8,344,512 |  | 9708530181 |
| Cash |  | 1710908 |
| Deposit with broker for futures contracts |  | 1473561 |
| Receivables: |  |  |
| Investments sold |  | 22936426 |
| Dividends |  | 9671714 |
| Variation margin on future contracts |  | 29129 |
| Income from securities on loan | + | 4220 |
| **Total assets** |  | **9746861428** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 8692200 |
| Payables: |  |  |
| Fund shares redeemed |  | 23035498 |
| Investments bought |  | 1710908 |
| Management fees | + | 506308 |
| **Total liabilities** |  | **33944914** |
| **Net assets** |  | **$9712916514** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $10049629549 |
| Total distributable loss | + | (336713035)<br>|
| **Net assets** |  | **$9712916514** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $9712916514 |  | &nbsp;&nbsp;&nbsp;&nbsp; 421650000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $23.04 |

---

*See financial notes*

**6**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

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Schwab U.S. REIT ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers  |  | $267302262 |
| Other Interest |  | 58424 |
| Dividends received from securities - affiliated issuers |  | 40507 |
| Securities on loan, net | + | 102634 |
| **Total investment income**  |  | **267503827** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 5745716 |
| **Total expenses** | – | **5745716** |
| **Net investment income** |  | **261758111** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (2777927)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (179391428)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 18629 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 131683522 |
| Net realized losses on futures contracts | + | (1538858)<br>|
| **Net realized losses** |  | **(52006062)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 2230842 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 505876035 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 42037 |
| **Net change in unrealized appreciation (depreciation)** |  | **508148914** |
| **Net realized and unrealized gains** |  | **456142852** |
| **Increase in net assets resulting from operations** |  | **$717900963** |

---

*See financial notes*

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**7**

------

Schwab U.S. REIT ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $261758111 | &nbsp;&nbsp;&nbsp; $215295835 |
| Net realized gains (losses) |  | (52006062)<br>| &nbsp;&nbsp;&nbsp; 192923506 |
| Net change in unrealized appreciation (depreciation) | + | 508148914 | &nbsp;&nbsp;&nbsp; 458181267 |
| **Increase in net assets resulting from operations** |  | **$717900963** | &nbsp;&nbsp;&nbsp; **$866400608** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($245021945)**<br>| &nbsp;&nbsp;&nbsp; **($228593610)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 109200000 | &nbsp;&nbsp;&nbsp; $2306827679 | &nbsp;&nbsp;&nbsp; 84650000 | &nbsp;&nbsp;&nbsp; $1838697766 |
| Shares redeemed | + | (35800000)<br>| &nbsp;&nbsp;&nbsp; (761005751)<br>| &nbsp;&nbsp;&nbsp; (53700000)<br>| &nbsp;&nbsp;&nbsp; (1143464459)<br>|
| **Net transactions in fund shares**  |  | **73400000** | &nbsp;&nbsp;&nbsp; **$1545821928** | &nbsp;&nbsp;&nbsp; **30950000** | &nbsp;&nbsp;&nbsp; **$695233307** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 348250000 | &nbsp;&nbsp;&nbsp; $7694215568 | &nbsp;&nbsp;&nbsp; 317300000 | &nbsp;&nbsp;&nbsp; $6361175263 |
| Total increase | + | 73400000 | &nbsp;&nbsp;&nbsp; 2018700946 | &nbsp;&nbsp;&nbsp; 30950000 | &nbsp;&nbsp;&nbsp; 1333040305 |
| **End of period** |  | **421650000** | &nbsp;&nbsp;&nbsp; **$9712916514** | &nbsp;&nbsp;&nbsp; **348250000** | &nbsp;&nbsp;&nbsp; **$7694215568** |

---

*See financial notes*

**8**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **SCHWAB STRATEGIC TRUST** | **SCHWAB STRATEGIC TRUST** |
| **Schwab U.S. REIT ETF** | Schwab Intermediate-Term U.S. Treasury ETF |
| Schwab U.S. Broad Market ETF | Schwab Long-Term U.S. Treasury ETF |
| Schwab 1000 Index<sup>®</sup> ETF | Schwab U.S. Aggregate Bond ETF |
| Schwab U.S. Large-Cap ETF | Schwab 1-5 Year Corporate Bond ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab 5-10 Year Corporate Bond ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab Fundamental U.S. Broad Market ETF |
| Schwab U.S. Mid-Cap ETF | Schwab Fundamental U.S. Large Company ETF |
| Schwab U.S. Small-Cap ETF | Schwab Fundamental U.S. Small Company ETF |
| Schwab U.S. Dividend Equity ETF | Schwab Fundamental International Equity ETF |
| Schwab International Dividend Equity ETF | Schwab Fundamental International Small Equity ETF |
| Schwab International Equity ETF | Schwab Fundamental Emerging Markets Equity ETF |
| Schwab International Small-Cap Equity ETF | Schwab Ariel Opportunities ETF |
| Schwab Emerging Markets Equity ETF | Schwab Crypto Thematic ETF |
| Schwab Ultra-Short Income ETF | Schwab Mortgage-Backed Securities ETF |
| Schwab U.S. TIPS ETF | Schwab High Yield Bond ETF |
| Schwab Municipal Bond ETF | Schwab Core Bond ETF |
| Schwab Short-Term U.S. Treasury ETF | Schwab Government Money Market ETF |

---

The fund issues and redeems shares at its net asset value per share only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the fund are not redeemable securities.

Individual shares of the fund trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount). A chart showing the frequency at which the fund's daily closing market price was at a discount or premium to the fund's net asset value can be found at www.schwabassetmanagement.com.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objective** 

The **Schwab U.S. REIT ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of U.S. real estate investment trusts classified as equities.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

The fund may invest in mutual funds and exchange-traded funds, which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**9**

------

Schwab U.S. REIT ETF

Financial Notes (continued)

------

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

**2. Significant Accounting Policies (continued):** 

**(a) Security Valuation:**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value the fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.

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

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2, or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

&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

**10**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Financial Notes (continued)

------

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

**2. Significant Accounting Policies (continued):** 

flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund's results of operations.

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

The levels associated with valuing the fund's investments are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. The fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by the fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of February 28, 2026, the fund had securities on loan, all of which were classified as common stocks. The value of securities on loan and the related collateral as of February 28, 2026, are disclosed in the fund's Portfolio Holdings and Statement of Assets and Liabilities.

**(c) Security Transactions:**

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

When the fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

The fund invests in real estate investment trusts (REITs) which report information on the source of their distributions annually. The fund's policy is to record all REIT distributions initially as dividend income on the ex-dividend date and then re-designate them as return of capital and/or capital gain distributions at the end of the reporting period based on information provided annually by each REIT, and management estimates such re-designations when actual information has not yet been reported.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**11**

------

Schwab U.S. REIT ETF

Financial Notes (continued)

------

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

**2. Significant Accounting Policies (continued):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of the fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income, if any, quarterly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax. The fund did not pay any federal taxes during the period.

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**12**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Financial Notes (continued)

------

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

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust.

For its advisory services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.07% of the fund's average daily net assets.

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of the fund in this report that is owned by other funds in the Schwab Funds Complex as of February 28, 2026, as applicable:

---

| | |
|:---|:---|
| Schwab MarketTrack All Equity Portfolio | 0.6<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | 0.2<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | 0.0<br> %\*<br>|
| Schwab MarketTrack Growth Portfolio | 0.4<br> %<br>|
| Schwab Target 2010 Index Fund | 0.0<br> %\*<br>|
| Schwab Target 2015 Index Fund | 0.0<br> %\*<br>|
| Schwab Target 2020 Index Fund | 0.1<br> %<br>|
| Schwab Target 2025 Index Fund | 0.2<br> %<br>|
| Schwab Target 2030 Index Fund | 0.6<br> %<br>|
| Schwab Target 2035 Index Fund | 0.6<br> %<br>|
| Schwab Target 2040 Index Fund | 0.7<br> %<br>|
| Schwab Target 2045 Index Fund | 0.5<br> %<br>|
| Schwab Target 2050 Index Fund | 0.7<br> %<br>|
| Schwab Target 2055 Index Fund | 0.5<br> %<br>|
| Schwab Target 2060 Index Fund | 0.6<br> %<br>|
| Schwab Target 2065 Index Fund | 0.2<br> %<br>|
| Schwab Target 2070 Index Fund | 0.0<br> %\*<br>|
| Schwab VIT Balanced Portfolio | 0.0<br> %\*<br>|
| Schwab VIT Balanced with Growth Portfolio | 0.1<br> %<br>|
| Schwab VIT Growth Portfolio | 0.1<br> %<br>|

---

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

\* Less than 0.05%

**Interfund Transactions**

The fund may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended February 28, 2026, the fund's purchases and sales of securities with other funds in the Schwab Funds Complex was $27,092,101 and $102,050,818, respectively, and includes net realized losses of $42,366,354.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The fund had no interfund borrowing or lending activity during the period.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**13**

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Schwab U.S. REIT ETF

Financial Notes (continued)

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

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of the fund which includes trustee fees.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

The fund entered into futures contracts during the report period to equitize available cash.

As of February 28, 2026, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Futures Contracts<sup>1</sup> <br>| $177744 | &nbsp;&nbsp; $177744 |

---

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

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in the fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

The effects of the derivative contracts in the Statement of Operations for the period ended February 28, 2026, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Futures Contracts<sup>1</sup> <br>| ($1538858)<br>| &nbsp;&nbsp; ($1538858)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Futures Contracts<sup>2</sup> <br>| $42037 | &nbsp;&nbsp; $42037 |

---

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

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts. <br> <sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

**14**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Financial Notes (continued)

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

**6. Derivatives (continued):** 

During the period ended February 28, 2026, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | NUMBER OF CONTRACTS |
| $17267148 | 472 |

---

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**7. Purchases and Sales of Investment Securities:**

For the period ended February 28, 2026, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $941670799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $827896030 |

---

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**8. In-Kind Transactions:**

The consideration for the purchase of Creation Units of the fund consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in the fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges are recorded in the Transactions In Fund Shares section in the Statement of Changes in Net Assets and generally have no effect on the net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund.

The in-kind transactions for the period ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
| IN-KIND PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN-KIND SALES <br>OF SECURITIES<br>|
| $2057406075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $519884427 |

---

For the period ended February 28, 2026, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the fund's tax year. These reclassifications have no effect on net assets or net asset value. The net realized gains or losses on sales of in-kind redemptions for the period ended February 28, 2026, if any, are disclosed in the fund's Statement of Operations.

------

**9. Federal Income Taxes:**

As of February 28, 2026, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $9057895465 | &nbsp;&nbsp; $1561929177 | &nbsp;&nbsp; ($908611428)<br>| &nbsp;&nbsp; $653317749 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales and the realization for tax purposes of unrealized appreciation or depreciation on futures contracts. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**15**

------

Schwab U.S. REIT ETF

Financial Notes (continued)

------

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

**9. Federal Income Taxes (continued):** 

As of February 28, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| &nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION) <br>ON INVESTMENTS <br>| &nbsp;&nbsp;&nbsp; CAPITAL LOSS <br>CARRYFORWARDS AND OTHER LOSSES<br>| TOTAL  |
| $26068114 | &nbsp;&nbsp;&nbsp; $653317749 | &nbsp;&nbsp;&nbsp; ($1016098898)<br>| &nbsp;&nbsp;&nbsp; ($336713035)<br>|

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of February 28, 2026, the fund had capital loss carryforwards of $1,016,098,898.

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | |
|:---|:---|
| CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME<br>| ORDINARY <br>INCOME <br>|
| $245021945 | &nbsp;&nbsp; $228593610 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of February 28, 2026, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. During the fiscal year ended February 28, 2026, the fund did not incur any interest or penalties.

------

**10. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**16**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Schwab U.S. REIT ETF

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. REIT ETF:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab U.S. REIT ETF (the "Fund"), one of the funds constituting Schwab Strategic Trust, as of February 28, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

April 16, 2026

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**17**

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

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

Not applicable.

**18**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**19**

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

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

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**20**Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

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

Not applicable.

Schwab U.S. REIT ETF \| Annual Holdings and Financial Statements

**21**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892427img09606b831.jpg)

MFR60994-15

00323329

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892409img624dcafe1.jpg)

**Annual Holdings and Financial Statements** \| February 28, 2026

Schwab Fundamental Index\* ETFs

------

---

| | |
|:---|:---|
| Schwab Fundamental U.S. Broad Market ETF | **FNDB** |
| Schwab Fundamental U.S. Large Company ETF | **FNDX** |
| Schwab Fundamental U.S. Small Company ETF | **FNDA** |
| Schwab Fundamental International Equity ETF | **FNDF** |
| Schwab Fundamental International Small Equity ETF | **FNDC** |
| Schwab Fundamental Emerging Markets Equity ETF | **FNDE** |

---

\*

SCHWAB is a registered trademark of Charles Schwab & Co., Inc.

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_c35cf418-333b-464a-b3e5-8b8aa9bc8149_1)**<br> **[Management Investment Companies](#xx_c35cf418-333b-464a-b3e5-8b8aa9bc8149_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_c35cf418-333b-464a-b3e5-8b8aa9bc8149_1) <br>|  |
| [Schwab Fundamental U.S.](#xx_c35cf418-333b-464a-b3e5-8b8aa9bc8149_1)[Broad Market ETF](#xx_c35cf418-333b-464a-b3e5-8b8aa9bc8149_1) | 2 |
| [Schwab Fundamental U.S.](#xx_74356f83-8001-4ed9-8470-93c999b5469f_1)[Large Company ETF](#xx_74356f83-8001-4ed9-8470-93c999b5469f_1) | 21 |
| [Schwab Fundamental U.S.](#xx_72dc842a-7253-457d-8308-ff59d1248ce6_1)[Small Company ETF](#xx_72dc842a-7253-457d-8308-ff59d1248ce6_1) | 33 |
| [Schwab Fundamental International Equity ETF](#xx_17abb4a4-6092-4dee-862f-4af3a0d695d6_1) | 46 |
| [Schwab Fundamental International Small Equity ETF](#xx_54871418-900d-4748-b9ef-ffaf9ca9d77b_1) | 59 |
| [Schwab Fundamental Emerging Markets Equity ETF](#xx_0bf3d435-cf25-4b49-854d-f4fc0f0541f4_1) | 77 |
| [Financial Notes](#xx_954849dd-f6a1-4840-8588-8b4c5b6ea6c0_1) | 86 |
| [Report of Independent Registered Public Accounting Firm](#xx_0d9a33a0-7e76-4bd0-b768-4d5a09921fa3_1) | 99 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_c09e429c-c75c-4fb0-a67f-75d758b51c19_1)**<br> **[Management Investment Companies](#xx_c09e429c-c75c-4fb0-a67f-75d758b51c19_1)**<br>| 100 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_6a9d2d10-12a3-4060-ba9a-21a1bd5bcb7e_1)**<br> **[Companies](#xx_6a9d2d10-12a3-4060-ba9a-21a1bd5bcb7e_1)**<br>| 101 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_6321cd88-b530-45eb-9918-6da02383efbf_1)**<br> **[Management Investment Companies](#xx_6321cd88-b530-45eb-9918-6da02383efbf_1)**<br>| 102 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_bc2eb636-f85a-4e03-9227-b35f81beb174_1)**<br> **[Contract](#xx_bc2eb636-f85a-4e03-9227-b35f81beb174_1)**<br>| 103  |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**1**

------

Schwab Fundamental U.S. Broad Market ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<sup>1,2</sup> <br>| 3/1/23– <br>2/29/24<sup>1</sup> <br>| 3/1/22– <br>2/28/23<sup>1</sup> <br>| 3/1/21– <br>2/28/22<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp; $21.17 | &nbsp;&nbsp; $18.11 | &nbsp;&nbsp; $18.78 | &nbsp;&nbsp; $16.09 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.44 | 0.40 | 0.38 | 0.36 | 0.33 |
| Net realized and unrealized gains (losses) | 4.29 | 2.90 | 3.05 | &nbsp;&nbsp; (0.68)<br>| 2.67 |
| Total from investment operations | 4.73 | 3.30 | 3.43 | &nbsp;&nbsp; (0.32)<br>| 3.00 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $28.37 | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp; $21.17 | &nbsp;&nbsp; $18.11 | &nbsp;&nbsp; $18.78 |
| Total return | 19.92<br> %<br>| 15.74<br> %<br>| 19.24<br> %<br>| &nbsp;&nbsp; (1.63<br> %)<br>| 18.80<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>4</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.75<br> %<br>| 1.78<br> %<br>| 2.03<br> %<br>| 2.02<br> %<br>| 1.79<br> %<br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1170 | &nbsp;&nbsp; $917 | &nbsp;&nbsp; $705 | &nbsp;&nbsp; $486 | &nbsp;&nbsp; $425 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets on October 10, 2024.

<sup>2</sup> Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, and Distributions from net investment income have been revised to fully reflect the required retroactive adjustment for the share split effective after the close of U.S. markets on October 10, 2024. These revisions do not have any impact on total return, shares outstanding at end of period, and beginning and ending net asset value. 

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

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

<sup>5</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

**2**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026

------

&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 \* | 15766 | 383429 |
| BorgWarner, Inc.  | 15731 | 905634 |
| Dana, Inc.  | 11867 | 406326 |
| Dauch Corp. \* | 27756 | 183190 |
| Dorman Products, Inc. \* | 503 | 59283 |
| Ford Motor Co.  | 424348 | 5979063 |
| Fox Factory Holding Corp. \* | 3474 | 58502 |
| General Motors Co.  | 113618 | 8942873 |
| Gentex Corp.  | 10354 | 242284 |
| Gentherm, Inc. \* | 1934 | 63377 |
| Goodyear Tire & Rubber Co. \* | 46592 | 384384 |
| Harley-Davidson, Inc.  | 8763 | 157734 |
| LCI Industries  | 1698 | 226174 |
| Lear Corp.  | 6937 | 910481 |
| Patrick Industries, Inc.  | 1458 | 180486 |
| Phinia, Inc.  | 2536 | 184190 |
| Rivian Automotive, Inc., Class A \* | 2612 | 40042 |
| Standard Motor Products, Inc.  | 1593 | 63210 |
| Tesla, Inc. \* | 8495 | 3419322 |
| Thor Industries, Inc.  | 5016 | 482188 |
| Visteon Corp.  | 1099 | 105141 |
| Winnebago Industries, Inc.  | 4683 | 186805 |
|  |  | **23564118** |
| **Banks 5.5%** | **Banks 5.5%** | **Banks 5.5%** |
| Ameris Bancorp  | 1298 | 100803 |
| Associated Banc-Corp.  | 4436 | 117155 |
| Atlantic Union Bankshares Corp.  | 3130 | 115998 |
| Axos Financial, Inc. \* | 801 | 69543 |
| Bancorp, Inc. \* | 546 | 28660 |
| Bank of America Corp.  | 194000 | 9667020 |
| Bank of Hawaii Corp.  | 1063 | 80543 |
| Bank OZK  | 3392 | 157932 |
| BankUnited, Inc.  | 3664 | 171109 |
| Banner Corp.  | 867 | 51023 |
| Beacon Financial Corp.  | 2478 | 73696 |
| BOK Financial Corp.  | 627 | 78826 |
| Capitol Federal Financial, Inc.  | 4852 | 34837 |
| Cathay General Bancorp  | 2099 | 104341 |
| Citigroup, Inc.  | 82680 | 9110509 |
| Citizens Financial Group, Inc.  | 16272 | 979412 |
| City Holding Co.  | 281 | 33712 |
| Columbia Banking System, Inc.  | 6386 | 181682 |
| Commerce Bancshares, Inc.  | 2111 | 107640 |
| Community Financial System, Inc.  | 1016 | 61519 |
| Cullen/Frost Bankers, Inc.  | 1037 | 143334 |
| Customers Bancorp, Inc. \* | 869 | 58605 |
| CVB Financial Corp.  | 3781 | 72709 |
| Dime Community Bancshares, Inc.  | 1169 | 37817 |
| Eagle Bancorp, Inc.  | 2621 | 66704 |
| East West Bancorp, Inc.  | 2564 | 280630 |
| Eastern Bankshares, Inc.  | 1825 | 35697 |
| Enterprise Financial Services Corp.  | 787 | 44938 |
| FB Financial Corp.  | 560 | 30626 |
| Fifth Third Bancorp  | 30194 | 1493697 |
| First Bancorp/Southern Pines NC  | 750 | 42592 |
| First Busey Corp.  | 1602 | 40627 |
| First Citizens BancShares, Inc., Class A  | 145 | 275232 |
| First Commonwealth Financial Corp.  | 2849 | 49943 |
| First Financial Bancorp  | 2766 | 77642 |
| First Financial Bankshares, Inc.  | 1511 | 46735 |
| First Hawaiian, Inc.  | 4262 | 105527 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| First Horizon Corp.  | 11723 | 278890 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 3114 | 107776 |
| First Merchants Corp.  | 1457 | 56940 |
| Flagstar Bank NA  | 15037 | 190820 |
| FNB Corp.  | 9545 | 162170 |
| Fulton Financial Corp.  | 4645 | 94990 |
| Glacier Bancorp, Inc.  | 2049 | 93209 |
| Hancock Whitney Corp.  | 2033 | 133792 |
| Hilltop Holdings, Inc.  | 2638 | 98740 |
| Home BancShares, Inc.  | 3862 | 106051 |
| Hope Bancorp, Inc.  | 6003 | 67594 |
| Huntington Bancshares, Inc.  | 50334 | 845611 |
| Independent Bank Corp.  | 1021 | 79709 |
| International Bancshares Corp.  | 1109 | 74425 |
| JPMorgan Chase & Co.  | 52316 | 15710495 |
| KeyCorp  | 37325 | 774120 |
| Lakeland Financial Corp.  | 410 | 23817 |
| M&T Bank Corp.  | 3666 | 795449 |
| Mechanics Bancorp, Class A  | 2560 | 36506 |
| National Bank Holdings Corp., Class A  | 855 | 34191 |
| NBT Bancorp, Inc.  | 1082 | 46223 |
| Northwest Bancshares, Inc.  | 4344 | 54083 |
| OceanFirst Financial Corp.  | 2087 | 37691 |
| Old National Bancorp  | 5947 | 137376 |
| Park National Corp.  | 257 | 42284 |
| Pathward Financial, Inc.  | 438 | 39766 |
| Pinnacle Financial Partners, Inc.  | 3253 | 295242 |
| PNC Financial Services Group, Inc.  | 11290 | 2397431 |
| Preferred Bank  | 342 | 30000 |
| Prosperity Bancshares, Inc.  | 2176 | 153125 |
| Provident Financial Services, Inc.  | 2853 | 60027 |
| Regions Financial Corp.  | 27328 | 760538 |
| Renasant Corp.  | 1589 | 59826 |
| S&T Bancorp, Inc.  | 990 | 41392 |
| Seacoast Banking Corp. of Florida  | 1281 | 39865 |
| ServisFirst Bancshares, Inc.  | 557 | 45123 |
| Simmons First National Corp., Class A  | 5255 | 104627 |
| Southside Bancshares, Inc.  | 1133 | 35486 |
| Southstate Bank Corp.  | 1805 | 178099 |
| Texas Capital Bancshares, Inc. \* | 863 | 82244 |
| Towne Bank  | 1447 | 49574 |
| TriCo Bancshares  | 681 | 32538 |
| Triumph Financial, Inc. \* | 510 | 28489 |
| Truist Financial Corp.  | 45526 | 2244887 |
| Trustmark Corp.  | 1464 | 62352 |
| U.S. Bancorp  | 51043 | 2790010 |
| UMB Financial Corp.  | 949 | 109970 |
| United Bankshares, Inc.  | 3395 | 140213 |
| United Community Banks, Inc.  | 2507 | 80650 |
| Valley National Bancorp  | 14451 | 182227 |
| WaFd, Inc.  | 2625 | 81795 |
| Webster Financial Corp.  | 3487 | 251517 |
| Wells Fargo & Co.  | 100656 | 8198431 |
| WesBanco, Inc.  | 2247 | 78353 |
| Westamerica BanCorp  | 586 | 29681 |
| Western Alliance Bancorp  | 2134 | 171403 |
| Wintrust Financial Corp.  | 1133 | 163220 |
| WSFS Financial Corp.  | 1328 | 84341 |
| Zions Bancorp NA  | 6808 | 389962 |
|  |  | **63804371** |
| **Capital Goods 7.7%** | **Capital Goods 7.7%** | **Capital Goods 7.7%** |
| 3M Co.  | 13948 | 2305883 |
| A.O. Smith Corp.  | 3534 | 275652 |
| AAON, Inc.  | 505 | 51106 |
| AAR Corp. \* | 1072 | 125606 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**3**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Acuity, Inc.  | 868 | 261780 |
| Advanced Drainage Systems, Inc.  | 1391 | 238334 |
| Aebi Schmidt Holding AG  | 758 | 10930 |
| AECOM  | 3357 | 328919 |
| AeroVironment, Inc. \* | 154 | 38847 |
| AGCO Corp.  | 4371 | 596642 |
| Air Lease Corp.  | 3363 | 218057 |
| Alamo Group, Inc.  | 338 | 72173 |
| Albany International Corp., Class A  | 1296 | 74714 |
| Allison Transmission Holdings, Inc.  | 2806 | 351592 |
| American Woodmark Corp. \* | 1570 | 78657 |
| AMETEK, Inc.  | 2605 | 623168 |
| API Group Corp. \* | 3947 | 175484 |
| Apogee Enterprises, Inc.  | 1851 | 73707 |
| Applied Industrial Technologies, Inc.  | 708 | 200067 |
| Arcosa, Inc.  | 1322 | 142089 |
| Armstrong World Industries, Inc.  | 576 | 99936 |
| Astec Industries, Inc.  | 1380 | 85684 |
| ATI, Inc. \* | 1705 | 278921 |
| Atkore, Inc.  | 3338 | 216002 |
| Atmus Filtration Technologies, Inc.  | 1243 | 80211 |
| Axon Enterprise, Inc. \* | 44 | 23866 |
| AZZ, Inc.  | 546 | 74245 |
| BlueLinx Holdings, Inc. \* | 1785 | 117667 |
| Boeing Co. \* | 2146 | 488279 |
| Boise Cascade Co.  | 4512 | 373323 |
| Builders FirstSource, Inc. \* | 8132 | 848086 |
| BWX Technologies, Inc.  | 941 | 193827 |
| Carlisle Cos., Inc.  | 1109 | 437800 |
| Carpenter Technology Corp.  | 387 | 154053 |
| Carrier Global Corp.  | 13322 | 857937 |
| Caterpillar, Inc.  | 9075 | 6741182 |
| Chart Industries, Inc. \* | 370 | 76701 |
| CNH Industrial NV  | 49340 | 606882 |
| Columbus McKinnon Corp.  | 2657 | 50430 |
| Comfort Systems USA, Inc.  | 250 | 357343 |
| Construction Partners, Inc., Class A \* | 339 | 45551 |
| Core & Main, Inc., Class A \* | 3402 | 184252 |
| Crane Co.  | 627 | 125732 |
| CSW Industrials, Inc.  | 145 | 42678 |
| Cummins, Inc.  | 3340 | 1950126 |
| Curtiss-Wright Corp.  | 436 | 305344 |
| Deere & Co.  | 5887 | 3707103 |
| DNOW, Inc. \* | 9473 | 111592 |
| Donaldson Co., Inc.  | 2687 | 249246 |
| Douglas Dynamics, Inc.  | 1033 | 47435 |
| Dover Corp.  | 2809 | 633430 |
| Ducommun, Inc. \* | 408 | 50425 |
| DXP Enterprises, Inc. \* | 407 | 56357 |
| Dycom Industries, Inc. \* | 617 | 259152 |
| Eaton Corp. PLC  | 4383 | 1647657 |
| EMCOR Group, Inc.  | 727 | 526799 |
| Emerson Electric Co.  | 11424 | 1722168 |
| Enerpac Tool Group Corp.  | 855 | 34884 |
| EnerSys  | 1578 | 262185 |
| Enpro, Inc.  | 330 | 85355 |
| Esab Corp.  | 908 | 114562 |
| ESCO Technologies, Inc.  | 301 | 83464 |
| Everus Construction Group, Inc. \* | 2353 | 284407 |
| Fastenal Co.  | 15796 | 727248 |
| Federal Signal Corp.  | 809 | 94192 |
| Ferguson Enterprises, Inc.  | 5047 | 1316056 |
| Flowserve Corp.  | 3108 | 275120 |
| Fluor Corp. \* | 6232 | 325996 |
| Fortive Corp.  | 5842 | 345846 |
| Fortune Brands Innovations, Inc.  | 5572 | 302782 |
| Franklin Electric Co., Inc.  | 1047 | 104302 |
| FTAI Aviation Ltd.  | 576 | 176141 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Gates Industrial Corp. PLC \* | 8123 | 223951 |
| GATX Corp.  | 846 | 155808 |
| GE Vernova, Inc.  | 878 | 767021 |
| Generac Holdings, Inc. \* | 1389 | 313039 |
| General Dynamics Corp.  | 6310 | 2252986 |
| General Electric Co.  | 6205 | 2123723 |
| Gibraltar Industries, Inc. \* | 1294 | 58851 |
| Graco, Inc.  | 2571 | 241468 |
| GrafTech International Ltd. \* | 8276 | 57518 |
| Granite Construction, Inc.  | 1115 | 149923 |
| Greenbrier Cos., Inc.  | 2026 | 114307 |
| Griffon Corp.  | 1050 | 89502 |
| Hayward Holdings, Inc. \* | 3819 | 61104 |
| HEICO Corp.  | 455 | 145354 |
| Helios Technologies, Inc.  | 1176 | 83872 |
| Herc Holdings, Inc.  | 1429 | 199760 |
| Hexcel Corp.  | 1927 | 178614 |
| Hillman Solutions Corp. \* | 7553 | 61935 |
| Honeywell International, Inc.  | 14486 | 3528645 |
| Howmet Aerospace, Inc.  | 2369 | 621934 |
| Hubbell, Inc.  | 743 | 380141 |
| Huntington Ingalls Industries, Inc.  | 1715 | 762352 |
| IDEX Corp.  | 1457 | 305198 |
| Illinois Tool Works, Inc.  | 5169 | 1502266 |
| Ingersoll Rand, Inc.  | 4927 | 463828 |
| Insteel Industries, Inc.  | 1301 | 48501 |
| ITT, Inc.  | 1416 | 286613 |
| Janus International Group, Inc. \* | 5040 | 35078 |
| JBT Marel Corp.  | 609 | 93786 |
| JELD-WEN Holding, Inc. *\*(a)* | 34987 | 68575 |
| Johnson Controls International PLC  | 11637 | 1679219 |
| Kadant, Inc.  | 168 | 56981 |
| Kennametal, Inc.  | 5729 | 230764 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 895 | 77131 |
| L3Harris Technologies, Inc.  | 6368 | 2321391 |
| Lennox International, Inc.  | 327 | 186370 |
| Lincoln Electric Holdings, Inc.  | 1051 | 301690 |
| Lindsay Corp.  | 270 | 36369 |
| Lockheed Martin Corp.  | 8162 | 5371249 |
| Manitowoc Co., Inc. \* | 5158 | 76081 |
| Masco Corp.  | 6430 | 460517 |
| MasTec, Inc. \* | 1324 | 394579 |
| Masterbrand, Inc. \* | 9936 | 100552 |
| McGrath RentCorp  | 572 | 63463 |
| Mercury Systems, Inc. \* | 868 | 77278 |
| Middleby Corp. \* | 1525 | 257512 |
| Miller Industries, Inc.  | 863 | 36272 |
| Modine Manufacturing Co. \* | 708 | 160893 |
| Moog, Inc., Class A  | 671 | 226416 |
| MSC Industrial Direct Co., Inc., Class A  | 2241 | 210295 |
| Mueller Industries, Inc.  | 2816 | 332175 |
| Mueller Water Products, Inc., Class A  | 2670 | 79913 |
| MYR Group, Inc. \* | 500 | 134980 |
| Nextpower, Inc., Class A \* | 601 | 63165 |
| Nordson Corp.  | 920 | 269965 |
| Northrop Grumman Corp.  | 3931 | 2847538 |
| NPK International, Inc. \* | 3420 | 49351 |
| nVent Electric PLC  | 2594 | 307026 |
| Oshkosh Corp.  | 2979 | 506490 |
| Otis Worldwide Corp.  | 5523 | 511209 |
| Owens Corning  | 4539 | 554076 |
| PACCAR, Inc.  | 15391 | 1940651 |
| Parker-Hannifin Corp.  | 1291 | 1302851 |
| Pentair PLC  | 2492 | 247181 |
| Primoris Services Corp.  | 1281 | 193072 |
| Proto Labs, Inc. \* | 928 | 57610 |
| Quanex Building Products Corp.  | 3440 | 70623 |

---

*See financial notes*

**4**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Quanta Services, Inc.  | 1563 | 880094 |
| RBC Bearings, Inc. \* | 178 | 102514 |
| Regal Rexnord Corp.  | 2051 | 453230 |
| Resideo Technologies, Inc. \* | 8578 | 331969 |
| Rockwell Automation, Inc.  | 1634 | 665773 |
| RTX Corp.  | 25272 | 5120613 |
| Rush Enterprises, Inc., Class A  | 4136 | 293532 |
| Sensata Technologies Holding PLC  | 8953 | 334305 |
| Simpson Manufacturing Co., Inc.  | 767 | 148468 |
| SiteOne Landscape Supply, Inc. \* | 1107 | 158179 |
| Snap-on, Inc.  | 1363 | 525055 |
| SPX Technologies, Inc. \* | 378 | 85783 |
| Standex International Corp.  | 249 | 65238 |
| Stanley Black & Decker, Inc.  | 10416 | 900880 |
| Sterling Infrastructure, Inc. \* | 255 | 109173 |
| Tennant Co.  | 716 | 43697 |
| Terex Corp.  | 5366 | 369127 |
| Textron, Inc.  | 6716 | 662533 |
| Timken Co.  | 2816 | 305198 |
| Titan International, Inc. \* | 5292 | 51491 |
| Titan Machinery, Inc. \* | 2915 | 56813 |
| Toro Co.  | 3040 | 300534 |
| TransDigm Group, Inc.  | 416 | 541961 |
| Trex Co., Inc. \* | 2139 | 88597 |
| Trinity Industries, Inc.  | 3963 | 135455 |
| Tutor Perini Corp.  | 2187 | 164834 |
| UFP Industries, Inc.  | 4088 | 420696 |
| United Rentals, Inc.  | 1361 | 1143240 |
| V2X, Inc. \* | 617 | 43036 |
| Valmont Industries, Inc.  | 496 | 228125 |
| Vertiv Holdings Co., Class A  | 1110 | 282928 |
| VSE Corp.  | 231 | 52453 |
| Wabash National Corp.  | 8984 | 91188 |
| Watsco, Inc.  | 757 | 315919 |
| Watts Water Technologies, Inc., Class A  | 431 | 141687 |
| WESCO International, Inc.  | 2368 | 685536 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 2891 | 763079 |
| WillScot Holdings Corp.  | 8253 | 178347 |
| Woodward, Inc.  | 774 | 299352 |
| Worthington Enterprises, Inc.  | 1108 | 62059 |
| WW Grainger, Inc.  | 751 | 859692 |
| Xylem, Inc.  | 2916 | 377797 |
| Zurn Elkay Water Solutions Corp.  | 1707 | 87023 |
|  |  | **90699123** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| ABM Industries, Inc.  | 4650 | 206925 |
| ACCO Brands Corp.  | 18271 | 74363 |
| Alight, Inc., Class A  | 31789 | 27965 |
| Amentum Holdings, Inc. \* | 4771 | 142510 |
| Automatic Data Processing, Inc.  | 4419 | 947257 |
| Barrett Business Services, Inc.  | 711 | 19744 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 3054 | 240747 |
| Brady Corp., Class A  | 1230 | 113578 |
| BrightView Holdings, Inc. \* | 4024 | 55491 |
| Brink's Co.  | 1331 | 155421 |
| Broadridge Financial Solutions, Inc.  | 1223 | 227319 |
| CACI International, Inc., Class A \* | 610 | 372204 |
| Casella Waste Systems, Inc., Class A \* | 462 | 43040 |
| CBIZ, Inc. \* | 945 | 27065 |
| Cintas Corp.  | 3182 | 639996 |
| Civeo Corp. \* | 1372 | 37991 |
| Clarivate PLC \* | 20284 | 46653 |
| Clean Harbors, Inc. \* | 815 | 238958 |
| Concentrix Corp.  | 4675 | 153340 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Conduent, Inc. \* | 44196 | 64526 |
| Copart, Inc. \* | 6049 | 230406 |
| CoreCivic, Inc. \* | 6322 | 111773 |
| CSG Systems International, Inc.  | 906 | 72389 |
| Deluxe Corp.  | 5040 | 139860 |
| Ennis, Inc.  | 1961 | 41397 |
| Enviri Corp. \* | 5516 | 104418 |
| Equifax, Inc.  | 1308 | 273320 |
| ExlService Holdings, Inc. \* | 2061 | 64406 |
| Exponent, Inc.  | 671 | 48835 |
| FTI Consulting, Inc. \* | 993 | 163269 |
| Genpact Ltd.  | 5491 | 218103 |
| GEO Group, Inc. \* | 6001 | 90255 |
| Healthcare Services Group, Inc. \* | 6049 | 131687 |
| HNI Corp.  | 3699 | 166307 |
| Huron Consulting Group, Inc. \* | 306 | 43268 |
| ICF International, Inc.  | 763 | 63428 |
| Insperity, Inc.  | 1530 | 33981 |
| Interface, Inc.  | 2051 | 64586 |
| Jacobs Solutions, Inc.  | 3758 | 518078 |
| KBR, Inc.  | 4379 | 184925 |
| Kelly Services, Inc., Class A  | 12906 | 125317 |
| Kforce, Inc.  | 2001 | 54067 |
| Korn Ferry  | 2125 | 133174 |
| Leidos Holdings, Inc.  | 3517 | 615827 |
| ManpowerGroup, Inc.  | 12038 | 336703 |
| Maximus, Inc.  | 2475 | 187135 |
| MillerKnoll, Inc.  | 7136 | 143719 |
| MSA Safety, Inc.  | 561 | 109625 |
| OPENLANE, Inc. \* | 3773 | 107568 |
| Parsons Corp. \* | 1101 | 72666 |
| Paychex, Inc.  | 4293 | 402039 |
| Paycom Software, Inc.  | 397 | 49955 |
| Pitney Bowes, Inc.  | 4344 | 46611 |
| Republic Services, Inc.  | 2480 | 567920 |
| Resources Connection, Inc.  | 8139 | 30603 |
| Robert Half, Inc.  | 10349 | 252723 |
| Rollins, Inc.  | 2325 | 141569 |
| Science Applications International Corp.  | 2772 | 255745 |
| SS&C Technologies Holdings, Inc.  | 4655 | 350475 |
| Tetra Tech, Inc.  | 4217 | 151137 |
| TransUnion  | 2603 | 204466 |
| TriNet Group, Inc.  | 1770 | 67402 |
| TrueBlue, Inc. *\*(a)* | 14561 | 61593 |
| TTEC Holdings, Inc. \* | 13471 | 33677 |
| UL Solutions, Inc., Class A  | 493 | 41397 |
| UniFirst Corp.  | 625 | 146762 |
| Veralto Corp.  | 2761 | 269004 |
| Verisk Analytics, Inc.  | 1456 | 302222 |
| Verra Mobility Corp. \* | 1691 | 28257 |
| Vestis Corp. \* | 16921 | 133168 |
| Waste Management, Inc.  | 6041 | 1454914 |
|  |  | **13477224** |
| **Consumer Discretionary Distribution & Retail 4.0%** | **Consumer Discretionary Distribution & Retail 4.0%** | **Consumer Discretionary Distribution & Retail 4.0%** |
| 1-800-Flowers.com, Inc., Class A *\*(b)* | 6052 | 21061 |
| Abercrombie & Fitch Co., Class A \* | 1665 | 162837 |
| Academy Sports & Outdoors, Inc.  | 5899 | 354707 |
| Advance Auto Parts, Inc.  | 9098 | 483741 |
| Amazon.com, Inc. \* | 67640 | 14204400 |
| American Eagle Outfitters, Inc.  | 14609 | 358943 |
| America's Car-Mart, Inc. \* | 933 | 18623 |
| Arko Corp.  | 6216 | 39969 |
| Asbury Automotive Group, Inc. \* | 1389 | 296940 |
| AutoNation, Inc. \* | 2629 | 513076 |
| AutoZone, Inc. \* | 145 | 544559 |
| Bath & Body Works, Inc.  | 10512 | 239253 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**5**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Best Buy Co., Inc.  | 17145 | 1062476 |
| Boot Barn Holdings, Inc. \* | 489 | 92529 |
| Buckle, Inc.  | 1525 | 81664 |
| Burlington Stores, Inc. \* | 776 | 238131 |
| Caleres, Inc.  | 6022 | 71602 |
| Camping World Holdings, Inc., Class A  | 2392 | 19901 |
| CarMax, Inc. \* | 9209 | 397552 |
| Coupang, Inc. \* | 6650 | 126882 |
| Designer Brands, Inc., Class A  | 14176 | 100933 |
| Dick's Sporting Goods, Inc.  | 1869 | 380584 |
| Dillard's, Inc., Class A  | 156 | 94035 |
| eBay, Inc.  | 16542 | 1503006 |
| Etsy, Inc. \* | 2358 | 129407 |
| Five Below, Inc. \* | 1214 | 271365 |
| Floor & Decor Holdings, Inc., Class A \* | 1807 | 124846 |
| GameStop Corp., Class A \* | 6121 | 147088 |
| Gap, Inc.  | 11966 | 335527 |
| Genesco, Inc. \* | 2369 | 64532 |
| Genuine Parts Co.  | 5303 | 632436 |
| Gold.com, Inc.  | 5855 | 336487 |
| Group 1 Automotive, Inc.  | 1032 | 336164 |
| Haverty Furniture Cos., Inc.  | 1890 | 45001 |
| Home Depot, Inc.  | 17952 | 6834685 |
| Kohl's Corp.  | 52879 | 865629 |
| Lithia Motors, Inc.  | 1984 | 554687 |
| LKQ Corp.  | 20229 | 669782 |
| Lowe's Cos., Inc.  | 17415 | 4607487 |
| Macy's, Inc.  | 47671 | 942932 |
| MarineMax, Inc. \* | 2989 | 91164 |
| Monro, Inc.  | 3890 | 83752 |
| Murphy USA, Inc.  | 840 | 328222 |
| National Vision Holdings, Inc. \* | 4466 | 120448 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 975 | 104422 |
| OneWater Marine, Inc., Class A \* | 1952 | 22223 |
| O'Reilly Automotive, Inc. \* | 10270 | 964148 |
| Penske Automotive Group, Inc.  | 1211 | 190757 |
| Petco Health & Wellness Co., Inc. \* | 14048 | 35822 |
| Pool Corp.  | 830 | 188559 |
| QVC Group, Inc. *\*(a)(b)* | 43771 | 132188 |
| RH \* | 796 | 131905 |
| Ross Stores, Inc.  | 5017 | 1031696 |
| Sally Beauty Holdings, Inc. \* | 10614 | 170567 |
| Shoe Carnival, Inc.  | 2016 | 40703 |
| Signet Jewelers Ltd.  | 3380 | 325122 |
| Sleep Number Corp. \* | 8254 | 50927 |
| Sonic Automotive, Inc., Class A  | 1424 | 89313 |
| Stitch Fix, Inc., Class A \* | 7668 | 25534 |
| TJX Cos., Inc.  | 14604 | 2360883 |
| Tractor Supply Co.  | 10462 | 542350 |
| Ulta Beauty, Inc. \* | 926 | 634116 |
| Upbound Group, Inc.  | 5627 | 120699 |
| Urban Outfitters, Inc. \* | 2518 | 166692 |
| Valvoline, Inc. \* | 4825 | 182385 |
| Victoria's Secret & Co. \* | 5680 | 356136 |
| Wayfair, Inc., Class A \* | 1155 | 88161 |
| Williams-Sonoma, Inc.  | 2148 | 441736 |
| Zumiez, Inc. \* | 2976 | 78031 |
|  |  | **47404120** |
| **Consumer Durables & Apparel 1.7%** | **Consumer Durables & Apparel 1.7%** | **Consumer Durables & Apparel 1.7%** |
| Acushnet Holdings Corp.  | 850 | 86980 |
| Beazer Homes USA, Inc. \* | 3421 | 87509 |
| Brunswick Corp.  | 5598 | 445713 |
| Callaway Golf Co. \* | 9339 | 131306 |
| Capri Holdings Ltd. \* | 17866 | 366432 |
| Carter's, Inc.  | 5391 | 180868 |
| Cavco Industries, Inc. \* | 208 | 120070 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Century Communities, Inc.  | 2916 | 196043 |
| Champion Homes, Inc. \* | 1507 | 140874 |
| Columbia Sportswear Co.  | 2097 | 129888 |
| Crocs, Inc. \* | 2235 | 202737 |
| Deckers Outdoor Corp. \* | 2593 | 304081 |
| DR Horton, Inc.  | 12817 | 2055719 |
| Ethan Allen Interiors, Inc.  | 1834 | 41779 |
| G-III Apparel Group Ltd.  | 4288 | 131170 |
| GoPro, Inc., Class A \* | 48104 | 46555 |
| Green Brick Partners, Inc. \* | 1022 | 75281 |
| Hasbro, Inc.  | 5010 | 498946 |
| Helen of Troy Ltd. \* | 4973 | 87724 |
| Hooker Furnishings Corp.  | 2738 | 39263 |
| Hovnanian Enterprises, Inc., Class A \* | 360 | 45223 |
| Installed Building Products, Inc.  | 418 | 137004 |
| KB Home  | 4347 | 276382 |
| Kontoor Brands, Inc.  | 1337 | 87186 |
| La-Z-Boy, Inc.  | 2846 | 101659 |
| Leggett & Platt, Inc.  | 23771 | 277645 |
| Lennar Corp., Class A  | 13713 | 1568219 |
| Levi Strauss & Co., Class A  | 3106 | 68829 |
| LGI Homes, Inc. \* | 2076 | 107744 |
| M/I Homes, Inc. \* | 1554 | 220917 |
| Malibu Boats, Inc., Class A \* | 2038 | 59224 |
| MasterCraft Boat Holdings, Inc. \* | 1684 | 36551 |
| Mattel, Inc. \* | 11000 | 186450 |
| Meritage Homes Corp.  | 4926 | 371519 |
| Mohawk Industries, Inc. \* | 4418 | 553443 |
| Movado Group, Inc.  | 1923 | 47979 |
| Newell Brands, Inc.  | 84877 | 386190 |
| NIKE, Inc., Class B  | 36826 | 2289841 |
| NVR, Inc. \* | 99 | 744261 |
| Oxford Industries, Inc. *(a)* | 1503 | 59504 |
| Polaris, Inc.  | 6011 | 365108 |
| PulteGroup, Inc.  | 9346 | 1282271 |
| PVH Corp.  | 5958 | 408719 |
| Ralph Lauren Corp.  | 850 | 308210 |
| SharkNinja, Inc. \* | 907 | 111443 |
| Smith & Wesson Brands, Inc.  | 7025 | 83598 |
| Somnigroup International, Inc.  | 2659 | 238007 |
| Sonos, Inc. \* | 4746 | 73088 |
| Steven Madden Ltd.  | 4272 | 154219 |
| Sturm Ruger & Co., Inc.  | 1760 | 65894 |
| Tapestry, Inc.  | 4995 | 776573 |
| Taylor Morrison Home Corp. \* | 6342 | 417874 |
| Toll Brothers, Inc.  | 3729 | 586348 |
| TopBuild Corp. \* | 603 | 270325 |
| Tri Pointe Homes, Inc. \* | 7510 | 347713 |
| Under Armour, Inc., Class A \* | 26854 | 199257 |
| VF Corp.  | 33953 | 659367 |
| Whirlpool Corp. *(b)* | 7778 | 532249 |
| Wolverine World Wide, Inc.  | 3596 | 63541 |
| YETI Holdings, Inc. \* | 2354 | 102893 |
|  |  | **20041405** |
| **Consumer Services 1.4%** | **Consumer Services 1.4%** | **Consumer Services 1.4%** |
| ADT, Inc.  | 26497 | 212506 |
| Airbnb, Inc., Class A \* | 812 | 109709 |
| Aramark  | 6539 | 273657 |
| BJ's Restaurants, Inc. \* | 915 | 34761 |
| Bloomin' Brands, Inc.  | 12668 | 77528 |
| Booking Holdings, Inc.  | 308 | 1305720 |
| Boyd Gaming Corp.  | 2211 | 184022 |
| Bright Horizons Family Solutions, Inc. \* | 663 | 49407 |
| Brightstar Lottery PLC  | 6161 | 83543 |
| Brinker International, Inc. \* | 374 | 55427 |
| Caesars Entertainment, Inc. \* | 13652 | 341983 |

---

*See financial notes*

**6**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Carnival Corp.  | 7837 | 247257 |
| Cheesecake Factory, Inc. *(b)* | 967 | 62642 |
| Chegg, Inc. \* | 32381 | 21284 |
| Chipotle Mexican Grill, Inc. \* | 9900 | 368478 |
| Choice Hotels International, Inc.  | 433 | 45617 |
| Churchill Downs, Inc.  | 920 | 84576 |
| Covista, Inc. \* | 884 | 86632 |
| Cracker Barrel Old Country Store, <br> Inc. *(b)*<br>| 2618 | 85661 |
| Darden Restaurants, Inc.  | 2576 | 550878 |
| Dave & Buster's Entertainment, Inc. \* | 2786 | 41010 |
| Dine Brands Global, Inc.  | 1858 | 57524 |
| Domino's Pizza, Inc.  | 596 | 239896 |
| DoorDash, Inc., Class A \* | 694 | 122470 |
| Expedia Group, Inc.  | 1653 | 356536 |
| Flutter Entertainment PLC \* | 1431 | 151886 |
| Frontdoor, Inc. \* | 1109 | 76044 |
| Golden Entertainment, Inc.  | 1279 | 36963 |
| Graham Holdings Co., Class B  | 134 | 141130 |
| Grand Canyon Education, Inc. \* | 746 | 118666 |
| H&R Block, Inc.  | 2923 | 89502 |
| Hilton Grand Vacations, Inc. \* | 2742 | 123280 |
| Hilton Worldwide Holdings, Inc.  | 1696 | 528779 |
| Hyatt Hotels Corp., Class A  | 425 | 68637 |
| Jack in the Box, Inc.  | 3522 | 59592 |
| Las Vegas Sands Corp.  | 5359 | 303962 |
| Laureate Education, Inc. \* | 5881 | 190192 |
| Marriott International, Inc., Class A  | 1877 | 641427 |
| Marriott Vacations Worldwide Corp.  | 3092 | 201011 |
| Matthews International Corp., Class A  | 2499 | 66049 |
| McDonald's Corp.  | 10011 | 3414352 |
| MGM Resorts International \* | 11760 | 433474 |
| Papa John's International, Inc.  | 920 | 28842 |
| Penn Entertainment, Inc. \* | 13359 | 208935 |
| Perdoceo Education Corp.  | 1869 | 62331 |
| Planet Fitness, Inc., Class A \* | 672 | 55205 |
| Red Rock Resorts, Inc., Class A  | 1258 | 76172 |
| Royal Caribbean Cruises Ltd.  | 698 | 217050 |
| Service Corp. International  | 3379 | 284444 |
| Six Flags Entertainment Corp. \* | 2615 | 44533 |
| Starbucks Corp.  | 21483 | 2105764 |
| Strategic Education, Inc.  | 971 | 79894 |
| Stride, Inc. \* | 669 | 56450 |
| Texas Roadhouse, Inc.  | 1087 | 198780 |
| Travel & Leisure Co.  | 3168 | 233482 |
| United Parks & Resorts, Inc. \* | 1317 | 45818 |
| Vail Resorts, Inc.  | 1363 | 185109 |
| Wendy's Co. *(b)* | 10090 | 77289 |
| Wingstop, Inc.  | 118 | 30622 |
| Wyndham Hotels & Resorts, Inc.  | 1963 | 160573 |
| Wynn Resorts Ltd.  | 1029 | 111327 |
| Yum! Brands, Inc.  | 4342 | 730151 |
|  |  | **16736441** |
| **Consumer Staples Distribution & Retail 3.1%** | **Consumer Staples Distribution & Retail 3.1%** | **Consumer Staples Distribution & Retail 3.1%** |
| Albertsons Cos., Inc., Class A  | 32012 | 573015 |
| Andersons, Inc.  | 6263 | 408911 |
| BJ's Wholesale Club Holdings, Inc. \* | 3224 | 318499 |
| Casey's General Stores, Inc.  | 945 | 647883 |
| Chefs' Warehouse, Inc. \* | 579 | 41335 |
| Costco Wholesale Corp.  | 5935 | 5999039 |
| Dollar General Corp.  | 15436 | 2411721 |
| Dollar Tree, Inc. \* | 10956 | 1385715 |
| Grocery Outlet Holding Corp. \* | 6697 | 66166 |
| Ingles Markets, Inc., Class A  | 2721 | 231557 |
| Kroger Co.  | 39476 | 2693842 |
| Maplebear, Inc. \* | 688 | 25807 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Performance Food Group Co. \* | 7712 | 748527 |
| PriceSmart, Inc.  | 1272 | 196677 |
| Sprouts Farmers Market, Inc. \* | 1771 | 130824 |
| Sysco Corp.  | 14045 | 1280342 |
| Target Corp.  | 34055 | 3875118 |
| U.S. Foods Holding Corp. \* | 9873 | 953830 |
| United Natural Foods, Inc. \* | 14204 | 542735 |
| Village Super Market, Inc., Class A  | 1063 | 41616 |
| Walmart, Inc.  | 102923 | 13168998 |
| Weis Markets, Inc.  | 1765 | 119596 |
|  |  | **35861753** |
| **Energy 9.5%** | **Energy 9.5%** | **Energy 9.5%** |
| Antero Midstream Corp.  | 5800 | 130384 |
| Antero Resources Corp. \* | 11647 | 428726 |
| APA Corp.  | 36841 | 1118861 |
| Archrock, Inc.  | 3719 | 131392 |
| Baker Hughes Co.  | 27732 | 1809790 |
| Bristow Group, Inc. \* | 1014 | 48368 |
| Cactus, Inc., Class A  | 1104 | 59616 |
| California Resources Corp.  | 5915 | 348039 |
| Cheniere Energy, Inc.  | 4491 | 1058663 |
| Chevron Corp.  | 94857 | 17715493 |
| Chord Energy Corp.  | 3430 | 371709 |
| CNX Resources Corp. \* | 7494 | 313099 |
| Comstock Resources, Inc. \* | 2301 | 45123 |
| ConocoPhillips  | 66624 | 7559159 |
| Core Laboratories, Inc.  | 2129 | 37449 |
| Core Natural Resources, Inc.  | 2617 | 214803 |
| Coterra Energy, Inc.  | 29400 | 899346 |
| Crescent Energy Co., Class A  | 21201 | 247204 |
| CVR Energy, Inc. \* | 3197 | 77240 |
| Delek U.S. Holdings, Inc.  | 7564 | 288264 |
| Devon Energy Corp.  | 46843 | 2039076 |
| Diamondback Energy, Inc.  | 4180 | 727654 |
| Dorian LPG Ltd.  | 2355 | 87111 |
| DT Midstream, Inc.  | 1200 | 166608 |
| EOG Resources, Inc.  | 23858 | 2960301 |
| EQT Corp.  | 13693 | 841024 |
| Expand Energy Corp.  | 10267 | 1108015 |
| Expro Group Holdings NV \* | 3936 | 70297 |
| Exxon Mobil Corp.  | 188596 | 28760890 |
| Green Plains, Inc. \* | 12011 | 164911 |
| Gulfport Energy Corp. \* | 643 | 134168 |
| Halliburton Co.  | 41128 | 1480608 |
| Helix Energy Solutions Group, Inc. \* | 7981 | 73345 |
| Helmerich & Payne, Inc.  | 8673 | 305463 |
| HF Sinclair Corp.  | 22751 | 1137778 |
| International Seaways, Inc.  | 1929 | 145697 |
| Kinder Morgan, Inc.  | 60476 | 2012037 |
| Kodiak Gas Services, Inc.  | 967 | 52769 |
| Kosmos Energy Ltd. \* | 59434 | 138481 |
| Liberty Energy, Inc.  | 12435 | 349299 |
| Magnolia Oil & Gas Corp., Class A  | 6260 | 174153 |
| Marathon Petroleum Corp.  | 33130 | 6566697 |
| Matador Resources Co.  | 4148 | 213207 |
| Murphy Oil Corp.  | 13293 | 440663 |
| Nabors Industries Ltd. \* | 2692 | 210299 |
| New Fortress Energy, Inc. \* | 26353 | 28725 |
| Noble Corp. PLC  | 3577 | 162503 |
| Northern Oil & Gas, Inc.  | 4225 | 116568 |
| NOV, Inc.  | 20853 | 422482 |
| Occidental Petroleum Corp.  | 39578 | 2100800 |
| Oceaneering International, Inc. \* | 2755 | 97803 |
| Oil States International, Inc. \* | 6622 | 86682 |
| ONEOK, Inc.  | 14115 | 1168299 |
| Ovintiv, Inc.  | 26127 | 1321765 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**7**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Par Pacific Holdings, Inc. \* | 5651 | 241128 |
| Patterson-UTI Energy, Inc.  | 30797 | 262083 |
| PBF Energy, Inc., Class A  | 29703 | 1057427 |
| Peabody Energy Corp.  | 15852 | 499972 |
| Permian Resources Corp.  | 9214 | 168524 |
| Phillips 66  | 33406 | 5155548 |
| ProPetro Holding Corp. \* | 11944 | 144881 |
| Range Resources Corp.  | 7943 | 327887 |
| REX American Resources Corp. \* | 1338 | 47579 |
| RPC, Inc.  | 7638 | 44377 |
| Select Water Solutions, Inc.  | 5403 | 73859 |
| SLB Ltd.  | 53381 | 2740581 |
| SM Energy Co.  | 21054 | 486979 |
| Summit Midstream Corp. \* | 1290 | 38068 |
| Talos Energy, Inc. \* | 9194 | 112627 |
| Targa Resources Corp.  | 3504 | 826243 |
| TechnipFMC PLC  | 7886 | 522921 |
| Texas Pacific Land Corp.  | 224 | 117441 |
| Tidewater, Inc. \* | 639 | 50749 |
| Valaris Ltd. \* | 1187 | 113774 |
| Valero Energy Corp.  | 35973 | 7361515 |
| W&T Offshore, Inc.  | 16751 | 44390 |
| Weatherford International PLC  | 2394 | 252471 |
| Williams Cos., Inc.  | 21727 | 1623441 |
| World Kinect Corp.  | 23928 | 597004 |
|  |  | **111680375** |
| **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** |
| Acadia Realty Trust  | 1801 | 37677 |
| Agree Realty Corp.  | 862 | 69374 |
| Alexander & Baldwin, Inc.  | 1876 | 39002 |
| Alexandria Real Estate Equities, Inc.  | 5652 | 305434 |
| American Assets Trust, Inc.  | 2168 | 42319 |
| American Healthcare REIT, Inc.  | 1355 | 70785 |
| American Homes 4 Rent, Class A  | 4346 | 130380 |
| American Tower Corp.  | 6191 | 1187805 |
| Americold Realty Trust, Inc.  | 11563 | 154829 |
| Apple Hospitality REIT, Inc.  | 8303 | 101795 |
| AvalonBay Communities, Inc.  | 2183 | 386893 |
| Brandywine Realty Trust  | 20202 | 64444 |
| Brixmor Property Group, Inc.  | 6622 | 200448 |
| Broadstone Net Lease, Inc.  | 4007 | 77696 |
| BXP, Inc.  | 5672 | 326594 |
| Camden Property Trust  | 1960 | 212346 |
| CareTrust REIT, Inc.  | 1049 | 42610 |
| Centerspace  | 477 | 30003 |
| COPT Defense Properties  | 3073 | 97660 |
| Cousins Properties, Inc.  | 4624 | 107092 |
| Crown Castle, Inc.  | 9980 | 893609 |
| CubeSmart  | 3519 | 144772 |
| DiamondRock Hospitality Co.  | 6080 | 61043 |
| Digital Realty Trust, Inc.  | 4528 | 802362 |
| Diversified Healthcare Trust  | 23943 | 161855 |
| Douglas Emmett, Inc.  | 8070 | 79812 |
| Easterly Government Properties, Inc.  | 1842 | 42882 |
| EastGroup Properties, Inc.  | 451 | 88536 |
| Empire State Realty Trust, Inc., Class A  | 8805 | 51773 |
| EPR Properties  | 1930 | 114661 |
| Equinix, Inc.  | 812 | 791099 |
| Equity LifeStyle Properties, Inc.  | 2144 | 143991 |
| Equity Residential  | 8093 | 511559 |
| Essential Properties Realty Trust, Inc.  | 1437 | 48772 |
| Essex Property Trust, Inc.  | 1015 | 258937 |
| Extra Space Storage, Inc.  | 2082 | 314445 |
| Federal Realty Investment Trust  | 1755 | 190891 |
| First Industrial Realty Trust, Inc.  | 1831 | 115609 |
| Four Corners Property Trust, Inc.  | 1215 | 31007 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Gaming & Leisure Properties, Inc.  | 4266 | 208650 |
| Global Net Lease, Inc.  | 6849 | 64518 |
| Healthcare Realty Trust, Inc.  | 10041 | 185256 |
| Healthpeak Properties, Inc.  | 17339 | 306554 |
| Highwoods Properties, Inc.  | 4328 | 97337 |
| Host Hotels & Resorts, Inc.  | 22019 | 431352 |
| Hudson Pacific Properties, Inc. \* | 5688 | 41181 |
| Independence Realty Trust, Inc.  | 3303 | 54731 |
| Innovative Industrial Properties, Inc.  | 635 | 33630 |
| InvenTrust Properties Corp.  | 1423 | 44398 |
| Invitation Homes, Inc.  | 9086 | 239325 |
| Iron Mountain, Inc.  | 4332 | 469286 |
| JBG SMITH Properties  | 5886 | 89526 |
| Kilroy Realty Corp.  | 4370 | 130313 |
| Kimco Realty Corp.  | 11363 | 267599 |
| Kite Realty Group Trust  | 3818 | 99459 |
| Lamar Advertising Co., Class A  | 1610 | 221761 |
| Lineage, Inc.  | 1385 | 56120 |
| LTC Properties, Inc.  | 936 | 37141 |
| LXP Industrial Trust  | 1879 | 93123 |
| Macerich Co.  | 6396 | 130926 |
| Medical Properties Trust, Inc. *(b)* | 36682 | 211288 |
| Mid-America Apartment Communities, <br> Inc. <br>| 2181 | 291949 |
| National Health Investors, Inc.  | 702 | 59017 |
| National Storage Affiliates Trust  | 1363 | 47732 |
| NNN REIT, Inc.  | 3112 | 141036 |
| Omega Healthcare Investors, Inc.  | 3882 | 187384 |
| Outfront Media, Inc.  | 4990 | 143762 |
| Park Hotels & Resorts, Inc.  | 13968 | 157978 |
| Peakstone Realty Trust  | 4633 | 96644 |
| Pebblebrook Hotel Trust  | 7137 | 91568 |
| Phillips Edison & Co., Inc.  | 2027 | 79621 |
| Piedmont Realty Trust, Inc., Class A \* | 11987 | 90981 |
| Prologis, Inc.  | 9691 | 1381646 |
| Public Storage  | 1776 | 545339 |
| Rayonier, Inc.  | 10735 | 230695 |
| Realty Income Corp.  | 7931 | 531377 |
| Regency Centers Corp.  | 2844 | 224676 |
| Rexford Industrial Realty, Inc.  | 2477 | 92813 |
| RLJ Lodging Trust  | 11646 | 93401 |
| Ryman Hospitality Properties, Inc.  | 812 | 80185 |
| Sabra Health Care REIT, Inc.  | 5452 | 112039 |
| SBA Communications Corp.  | 1458 | 293291 |
| Service Properties Trust *(a)* | 47518 | 109291 |
| Sila Realty Trust, Inc.  | 1221 | 31416 |
| Simon Property Group, Inc.  | 4226 | 861470 |
| SL Green Realty Corp.  | 2685 | 98942 |
| STAG Industrial, Inc.  | 3077 | 120680 |
| Summit Hotel Properties, Inc.  | 5666 | 25554 |
| Sun Communities, Inc.  | 2251 | 307171 |
| Sunstone Hotel Investors, Inc.  | 8537 | 79223 |
| Tanger, Inc.  | 1780 | 65967 |
| Terreno Realty Corp.  | 868 | 57340 |
| UDR, Inc.  | 6148 | 230550 |
| Urban Edge Properties  | 3361 | 71421 |
| Ventas, Inc.  | 7432 | 640341 |
| Veris Residential, Inc.  | 2364 | 44561 |
| VICI Properties, Inc.  | 10885 | 328836 |
| Vornado Realty Trust  | 4683 | 129157 |
| Welltower, Inc.  | 4558 | 944053 |
| Weyerhaeuser Co.  | 36696 | 900153 |
| WP Carey, Inc.  | 3921 | 292703 |
| Xenia Hotels & Resorts, Inc.  | 4042 | 61762 |
|  |  | **22420000** |

---

*See financial notes*

**8**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Financial Services 6.5%** | **Financial Services 6.5%** | **Financial Services 6.5%** |
| Acadian Asset Management, Inc.  | 1439 | 77505 |
| Adamas Trust, Inc.  | 7335 | 60440 |
| Affiliated Managers Group, Inc.  | 1316 | 402933 |
| AGNC Investment Corp.  | 18729 | 209952 |
| Ally Financial, Inc.  | 23791 | 938317 |
| American Express Co.  | 7846 | 2423629 |
| Ameriprise Financial, Inc.  | 1912 | 898869 |
| Annaly Capital Management, Inc.  | 19064 | 443047 |
| Apollo Commercial Real Estate Finance, <br> Inc. <br>| 7528 | 79797 |
| Apollo Global Management, Inc.  | 2182 | 228237 |
| Arbor Realty Trust, Inc. *(b)* | 8852 | 70196 |
| ARES Management Corp., Class A  | 900 | 100809 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 2492 | 100378 |
| Bank of New York Mellon Corp.  | 17944 | 2137130 |
| Berkshire Hathaway, Inc., Class B \* | 32601 | 16461875 |
| BGC Group, Inc., Class A  | 5500 | 52360 |
| Blackrock, Inc.  | 2059 | 2189191 |
| Blackstone Mortgage Trust, Inc., Class A  | 7163 | 137601 |
| Blackstone, Inc.  | 5724 | 648930 |
| Block, Inc. \* | 7447 | 474374 |
| BRC Group Holdings, Inc. *\*(b)* | 7699 | 49659 |
| Bread Financial Holdings, Inc.  | 4834 | 342537 |
| BrightSpire Capital, Inc.  | 8444 | 49060 |
| Capital One Financial Corp.  | 22179 | 4339100 |
| Carlyle Group, Inc.  | 5352 | 278250 |
| Charles Schwab Corp. *(c)* | 15131 | 1440471 |
| Chimera Investment Corp.  | 7161 | 97461 |
| Claros Mortgage Trust, Inc. \* | 19320 | 46175 |
| CME Group, Inc.  | 3592 | 1147644 |
| Cohen & Steers, Inc.  | 543 | 36310 |
| Coinbase Global, Inc., Class A \* | 183 | 32181 |
| Corebridge Financial, Inc.  | 12097 | 312586 |
| Corpay, Inc. \* | 1398 | 454490 |
| Credit Acceptance Corp. \* | 229 | 108358 |
| DigitalBridge Group, Inc.  | 8458 | 130676 |
| Donnelley Financial Solutions, Inc. \* | 1101 | 54786 |
| Enact Holdings, Inc.  | 834 | 34895 |
| Encore Capital Group, Inc. \* | 1951 | 133234 |
| Enova International, Inc. \* | 846 | 117636 |
| Equitable Holdings, Inc.  | 6279 | 252541 |
| Essent Group Ltd.  | 2168 | 131901 |
| Euronet Worldwide, Inc. \* | 1567 | 108985 |
| Evercore, Inc., Class A  | 994 | 306987 |
| EZCORP, Inc., Class A \* | 2299 | 60992 |
| FactSet Research Systems, Inc.  | 469 | 101684 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 208 | 32793 |
| Federated Hermes, Inc.  | 3044 | 170494 |
| Fidelity National Information Services, <br> Inc. <br>| 16032 | 816991 |
| FirstCash Holdings, Inc.  | 833 | 160594 |
| Fiserv, Inc. \* | 10505 | 654356 |
| Franklin BSP Realty Trust, Inc.  | 3458 | 31572 |
| Franklin Resources, Inc.  | 18207 | 483214 |
| Global Payments, Inc.  | 12327 | 942522 |
| Goldman Sachs Group, Inc.  | 6773 | 5821868 |
| Green Dot Corp., Class A \* | 3793 | 43847 |
| Hamilton Lane, Inc., Class A  | 227 | 23821 |
| Houlihan Lokey, Inc.  | 700 | 114639 |
| Interactive Brokers Group, Inc., Class A  | 1280 | 91123 |
| Intercontinental Exchange, Inc.  | 5998 | 984452 |
| Invesco Ltd.  | 19648 | 515956 |
| Jack Henry & Associates, Inc.  | 1260 | 204700 |
| Jackson Financial, Inc., Class A  | 3358 | 367634 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Janus Henderson Group PLC  | 3985 | 207618 |
| Jefferies Financial Group, Inc.  | 4787 | 212543 |
| KKR & Co., Inc.  | 4168 | 365450 |
| KKR Real Estate Finance Trust, Inc.  | 3982 | 27675 |
| Ladder Capital Corp.  | 4145 | 42984 |
| LendingClub Corp. \* | 2376 | 35426 |
| loanDepot, Inc., Class A \* | 16829 | 34836 |
| LPL Financial Holdings, Inc.  | 1012 | 303985 |
| MarketAxess Holdings, Inc.  | 510 | 97920 |
| Mastercard, Inc., Class A  | 4697 | 2429335 |
| MFA Financial, Inc.  | 5115 | 51713 |
| MGIC Investment Corp.  | 7975 | 211577 |
| Moelis & Co., Class A  | 2060 | 122282 |
| Moody's Corp.  | 1217 | 581227 |
| Morgan Stanley  | 24909 | 4147598 |
| Morningstar, Inc.  | 288 | 52744 |
| MSCI, Inc.  | 483 | 276194 |
| Nasdaq, Inc.  | 4295 | 376156 |
| Navient Corp.  | 13722 | 120616 |
| NCR Atleos Corp. \* | 4605 | 203909 |
| Nelnet, Inc., Class A  | 353 | 45699 |
| NMI Holdings, Inc., Class A \* | 1318 | 51811 |
| Northern Trust Corp.  | 4613 | 660074 |
| OneMain Holdings, Inc.  | 10683 | 587779 |
| Oppenheimer Holdings, Inc., Class A  | 525 | 45302 |
| PayPal Holdings, Inc.  | 25608 | 1183346 |
| Paysafe Ltd. \* | 3525 | 22067 |
| PennyMac Financial Services, Inc.  | 1357 | 124749 |
| PennyMac Mortgage Investment Trust  | 4858 | 59559 |
| Piper Sandler Cos.  | 301 | 88961 |
| PJT Partners, Inc., Class A  | 230 | 33966 |
| PRA Group, Inc. \* | 2988 | 47061 |
| PROG Holdings, Inc.  | 8680 | 305623 |
| Radian Group, Inc.  | 4830 | 166732 |
| Raymond James Financial, Inc.  | 2863 | 438268 |
| Ready Capital Corp.  | 13956 | 25819 |
| Redwood Trust, Inc.  | 7118 | 43064 |
| Regional Management Corp.  | 1010 | 32138 |
| Rithm Capital Corp.  | 25376 | 255029 |
| Rocket Cos., Inc., Class A  | 15274 | 277834 |
| S&P Global, Inc.  | 3068 | 1355688 |
| SEI Investments Co.  | 2883 | 234446 |
| Shift4 Payments, Inc., Class A *\*(b)* | 323 | 14235 |
| SLM Corp.  | 10322 | 193434 |
| Starwood Property Trust, Inc.  | 12194 | 217175 |
| State Street Corp.  | 10579 | 1360671 |
| Stifel Financial Corp.  | 2484 | 183940 |
| StoneX Group, Inc. \* | 2146 | 273615 |
| Synchrony Financial  | 28694 | 1983042 |
| T. Rowe Price Group, Inc.  | 11287 | 1068089 |
| Toast, Inc., Class A \* | 1433 | 39135 |
| TPG RE Finance Trust, Inc.  | 3682 | 31150 |
| TPG, Inc.  | 1069 | 46416 |
| Tradeweb Markets, Inc., Class A  | 593 | 73090 |
| Two Harbors Investment Corp.  | 3217 | 33232 |
| Victory Capital Holdings, Inc., Class A  | 978 | 67658 |
| Virtu Financial, Inc., Class A  | 3468 | 143610 |
| Virtus Investment Partners, Inc.  | 252 | 34867 |
| Visa, Inc., Class A  | 10701 | 3425818 |
| Voya Financial, Inc.  | 2890 | 193283 |
| Walker & Dunlop, Inc.  | 1354 | 62298 |
| Western Union Co.  | 37280 | 359006 |
| WEX, Inc. \* | 958 | 142924 |
| World Acceptance Corp. \* | 225 | 30348 |
|  |  | **75728584** |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**9**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Food, Beverage & Tobacco 3.4%** | **Food, Beverage & Tobacco 3.4%** | **Food, Beverage & Tobacco 3.4%** |
| Altria Group, Inc.  | 49367 | 3408298 |
| Archer-Daniels-Midland Co.  | 57235 | 3951504 |
| B&G Foods, Inc.  | 19154 | 101708 |
| Boston Beer Co., Inc., Class A \* | 390 | 88444 |
| Brown-Forman Corp., Class B  | 8944 | 258124 |
| Bunge Global SA  | 21465 | 2589752 |
| Calavo Growers, Inc.  | 1793 | 48124 |
| Cal-Maine Foods, Inc.  | 1376 | 119863 |
| Campbell's Co.  | 9367 | 252441 |
| Coca-Cola Co.  | 48798 | 3979965 |
| Coca-Cola Consolidated, Inc.  | 944 | 191066 |
| Conagra Brands, Inc.  | 35547 | 684280 |
| Constellation Brands, Inc., Class A  | 5198 | 820556 |
| Darling Ingredients, Inc. \* | 7345 | 390460 |
| Flowers Foods, Inc.  | 13561 | 133983 |
| Fresh Del Monte Produce, Inc.  | 4624 | 198508 |
| General Mills, Inc.  | 26017 | 1176749 |
| Hain Celestial Group, Inc. *\*(a)* | 56848 | 45444 |
| Hershey Co.  | 2876 | 679541 |
| Hormel Foods Corp.  | 13533 | 346445 |
| Ingredion, Inc.  | 2947 | 346155 |
| J&J Snack Foods Corp.  | 475 | 41353 |
| J.M. Smucker Co.  | 5415 | 627869 |
| John B Sanfilippo & Son, Inc.  | 678 | 56009 |
| Keurig Dr. Pepper, Inc.  | 30054 | 910035 |
| Kraft Heinz Co.  | 57167 | 1406880 |
| Lamb Weston Holdings, Inc.  | 4563 | 219891 |
| Marzetti Co.  | 486 | 79869 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 5365 | 381129 |
| MGP Ingredients, Inc.  | 1019 | 19361 |
| Molson Coors Beverage Co., Class B  | 11432 | 560054 |
| Mondelez International, Inc., Class A  | 37443 | 2305740 |
| Monster Beverage Corp. \* | 6304 | 537731 |
| Nomad Foods Ltd.  | 9272 | 101714 |
| PepsiCo, Inc.  | 33093 | 5617206 |
| Philip Morris International, Inc.  | 22931 | 4284199 |
| Pilgrim's Pride Corp.  | 1593 | 68754 |
| Post Holdings, Inc. \* | 1772 | 188364 |
| Seaboard Corp.  | 34 | 174512 |
| Seneca Foods Corp., Class A \* | 408 | 56704 |
| Simply Good Foods Co. \* | 2063 | 35195 |
| Tyson Foods, Inc., Class A  | 32831 | 2133687 |
| Universal Corp.  | 2176 | 116916 |
|  |  | **39734582** |
| **Health Care Equipment & Services 5.6%** | **Health Care Equipment & Services 5.6%** | **Health Care Equipment & Services 5.6%** |
| Abbott Laboratories  | 27292 | 3175424 |
| Acadia Healthcare Co., Inc. \* | 6631 | 155431 |
| Accendra Health, Inc. *\*(a)* | 30826 | 74599 |
| AdaptHealth Corp. \* | 9151 | 83732 |
| Addus HomeCare Corp. \* | 399 | 41308 |
| agilon health, Inc. \* | 41806 | 24636 |
| Align Technology, Inc. \* | 2080 | 395408 |
| AMN Healthcare Services, Inc. \* | 9580 | 186618 |
| Astrana Health, Inc. \* | 1520 | 30902 |
| Avanos Medical, Inc. \* | 3832 | 54031 |
| Baxter International, Inc.  | 31472 | 641085 |
| Becton Dickinson & Co.  | 7264 | 1281951 |
| Boston Scientific Corp. \* | 8097 | 622254 |
| BrightSpring Health Services, Inc. \* | 1305 | 54066 |
| Brookdale Senior Living, Inc. \* | 8674 | 132712 |
| Cardinal Health, Inc.  | 4305 | 986835 |
| Cencora, Inc.  | 2097 | 780378 |
| Centene Corp. \* | 78979 | 3544578 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Chemed Corp.  | 344 | 141043 |
| Cigna Group  | 20815 | 6032603 |
| Claritev Corp. \* | 1429 | 19249 |
| Clover Health Investments Corp. \* | 9988 | 20875 |
| Community Health Systems, Inc. \* | 61064 | 211281 |
| Concentra Group Holdings Parent, Inc.  | 6854 | 164222 |
| CONMED Corp.  | 1037 | 47702 |
| Cooper Cos., Inc. \* | 3518 | 294351 |
| Cross Country Healthcare, Inc. \* | 5439 | 47319 |
| CVS Health Corp.  | 129546 | 10350725 |
| DaVita, Inc. \* | 2489 | 389031 |
| Dentsply Sirona, Inc.  | 19671 | 288770 |
| Dexcom, Inc. \* | 2223 | 163235 |
| Edwards Lifesciences Corp. \* | 7758 | 670834 |
| Elevance Health, Inc.  | 14586 | 4667520 |
| Embecta Corp.  | 5186 | 53208 |
| Encompass Health Corp.  | 1729 | 186525 |
| Enhabit, Inc. \* | 5346 | 72759 |
| Enovis Corp. \* | 3246 | 82676 |
| Ensign Group, Inc.  | 691 | 147991 |
| Envista Holdings Corp. \* | 7926 | 231518 |
| Evolent Health, Inc., Class A \* | 5265 | 17111 |
| Fulgent Genetics, Inc. \* | 1699 | 26046 |
| GE HealthCare Technologies, Inc.  | 9870 | 831745 |
| Globus Medical, Inc., Class A \* | 1175 | 112166 |
| Haemonetics Corp. \* | 1129 | 71488 |
| HCA Healthcare, Inc.  | 5123 | 2713653 |
| HealthEquity, Inc. \* | 551 | 42146 |
| Henry Schein, Inc. \* | 6422 | 529109 |
| Hologic, Inc. \* | 7355 | 554273 |
| Humana, Inc.  | 11050 | 2105467 |
| ICU Medical, Inc. \* | 586 | 88240 |
| IDEXX Laboratories, Inc. \* | 511 | 335589 |
| Insulet Corp. \* | 136 | 33539 |
| Integer Holdings Corp. \* | 677 | 58682 |
| Integra LifeSciences Holdings Corp. \* | 6983 | 79467 |
| Intuitive Surgical, Inc. \* | 1230 | 619317 |
| Labcorp Holdings, Inc.  | 5210 | 1506315 |
| Lantheus Holdings, Inc. \* | 601 | 45021 |
| LivaNova PLC \* | 996 | 70318 |
| Masimo Corp. \* | 635 | 111347 |
| McKesson Corp.  | 1789 | 1766405 |
| Merit Medical Systems, Inc. \* | 633 | 48855 |
| Molina Healthcare, Inc. \* | 3538 | 545029 |
| National HealthCare Corp.  | 490 | 80115 |
| Neogen Corp. \* | 6884 | 77307 |
| OmniAb, Inc., Class A *\*(d)* | 52 | 0 |
| OmniAb, Inc., Class B *\*(d)* | 52 | 0 |
| Omnicell, Inc. \* | 1551 | 63746 |
| Option Care Health, Inc. \* | 4343 | 140974 |
| Pediatrix Medical Group, Inc. \* | 5344 | 106078 |
| Penumbra, Inc. \* | 156 | 53725 |
| Privia Health Group, Inc. \* | 1548 | 36765 |
| Quest Diagnostics, Inc.  | 3547 | 751645 |
| QuidelOrtho Corp. \* | 6465 | 147014 |
| RadNet, Inc. \* | 543 | 37907 |
| ResMed, Inc.  | 1318 | 337751 |
| Select Medical Holdings Corp.  | 4734 | 70868 |
| Solventum Corp. \* | 7934 | 588703 |
| STERIS PLC  | 1498 | 378020 |
| Stryker Corp.  | 3305 | 1280555 |
| Surgery Partners, Inc. \* | 2649 | 41060 |
| Teladoc Health, Inc. \* | 6800 | 35768 |
| Teleflex, Inc.  | 1707 | 208356 |
| Tenet Healthcare Corp. \* | 3069 | 734688 |
| UnitedHealth Group, Inc.  | 34995 | 10262984 |
| Universal Health Services, Inc., Class B  | 3391 | 698885 |
| Varex Imaging Corp. \* | 3540 | 46622 |

---

*See financial notes*

**10**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Veeva Systems, Inc., Class A \* | 529 | 96283 |
| Waystar Holding Corp. \* | 726 | 18622 |
| Zimmer Biomet Holdings, Inc.  | 6266 | 616825 |
|  |  | **65771979** |
| **Household & Personal Products 1.3%** | **Household & Personal Products 1.3%** | **Household & Personal Products 1.3%** |
| BellRing Brands, Inc. \* | 731 | 13443 |
| Central Garden & Pet Co., Class A \* | 3706 | 128005 |
| Church & Dwight Co., Inc.  | 4403 | 461699 |
| Clorox Co.  | 2604 | 331125 |
| Colgate-Palmolive Co.  | 14449 | 1432474 |
| Coty, Inc., Class A \* | 21212 | 53242 |
| Edgewell Personal Care Co.  | 4650 | 105741 |
| elf Beauty, Inc. \* | 373 | 34335 |
| Energizer Holdings, Inc.  | 4017 | 86727 |
| Estee Lauder Cos., Inc., Class A  | 8486 | 928962 |
| Herbalife Ltd. \* | 13729 | 267990 |
| Interparfums, Inc.  | 306 | 30839 |
| Kenvue, Inc.  | 51866 | 991678 |
| Kimberly-Clark Corp.  | 8074 | 899767 |
| Medifast, Inc. *\*(a)* | 5899 | 62116 |
| Nu Skin Enterprises, Inc., Class A *(a)* | 16417 | 139216 |
| Procter & Gamble Co.  | 50516 | 8446275 |
| Reynolds Consumer Products, Inc.  | 2119 | 52572 |
| Spectrum Brands Holdings, Inc.  | 2805 | 219856 |
| USANA Health Sciences, Inc. \* | 2042 | 43944 |
| WD-40 Co.  | 170 | 40494 |
|  |  | **14770500** |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| Aflac, Inc.  | 15107 | 1706034 |
| Allstate Corp.  | 8267 | 1773437 |
| American Financial Group, Inc.  | 3351 | 445616 |
| American International Group, Inc.  | 34875 | 2807089 |
| AMERISAFE, Inc.  | 900 | 29277 |
| Aon PLC, Class A  | 3332 | 1117786 |
| Arthur J Gallagher & Co.  | 1680 | 383376 |
| Assurant, Inc.  | 1189 | 272983 |
| Brighthouse Financial, Inc. \* | 1217 | 72996 |
| Brown & Brown, Inc.  | 2127 | 152761 |
| Chubb Ltd.  | 6574 | 2240814 |
| Cincinnati Financial Corp.  | 3892 | 638210 |
| CNA Financial Corp.  | 847 | 40673 |
| CNO Financial Group, Inc.  | 5363 | 224227 |
| Employers Holdings, Inc.  | 1359 | 56195 |
| Erie Indemnity Co., Class A  | 315 | 84874 |
| F&G Annuities & Life, Inc.  | 488 | 11053 |
| Fidelity National Financial, Inc.  | 8665 | 458205 |
| First American Financial Corp.  | 5573 | 390723 |
| Genworth Financial, Inc., Class A \* | 27728 | 234024 |
| Globe Life, Inc.  | 1727 | 250864 |
| Hanover Insurance Group, Inc.  | 975 | 176114 |
| Hartford Insurance Group, Inc.  | 7178 | 1010878 |
| Horace Mann Educators Corp.  | 1086 | 47252 |
| Kemper Corp.  | 2620 | 84678 |
| Kinsale Capital Group, Inc.  | 90 | 35070 |
| Lincoln National Corp.  | 9642 | 330721 |
| Loews Corp.  | 4575 | 503341 |
| Markel Group, Inc. \* | 263 | 545060 |
| Marsh & McLennan Cos., Inc.  | 6714 | 1253772 |
| Mercury General Corp.  | 815 | 73823 |
| MetLife, Inc.  | 21759 | 1568171 |
| Old Republic International Corp.  | 10399 | 445805 |
| Primerica, Inc.  | 690 | 175025 |
| Principal Financial Group, Inc.  | 8829 | 842463 |
| ProAssurance Corp. \* | 1337 | 32823 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Progressive Corp.  | 6814 | 1455879 |
| Prudential Financial, Inc.  | 12991 | 1278055 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 1427 | 307847 |
| RLI Corp.  | 1489 | 92794 |
| Safety Insurance Group, Inc.  | 602 | 46733 |
| Selective Insurance Group, Inc.  | 1545 | 129842 |
| Stewart Information Services Corp.  | 1756 | 124658 |
| Travelers Cos., Inc.  | 5880 | 1814803 |
| Unum Group  | 5201 | 373068 |
| W.R. Berkley Corp.  | 4951 | 354987 |
| White Mountains Insurance Group Ltd.  | 61 | 135451 |
| Willis Towers Watson PLC  | 1843 | 562428 |
|  |  | **27192758** |
| **Materials 4.3%** | **Materials 4.3%** | **Materials 4.3%** |
| AdvanSix, Inc.  | 3480 | 62048 |
| Air Products & Chemicals, Inc.  | 3857 | 1063259 |
| Albemarle Corp.  | 4817 | 860653 |
| Alcoa Corp.  | 14779 | 917480 |
| Alpha Metallurgical Resources, Inc. \* | 1408 | 229011 |
| Amcor PLC  | 17001 | 823358 |
| AptarGroup, Inc.  | 1495 | 214846 |
| Ardagh Metal Packaging SA  | 8416 | 40818 |
| Ashland, Inc.  | 3777 | 235534 |
| Avery Dennison Corp.  | 2205 | 432952 |
| Avient Corp.  | 4211 | 172946 |
| Axalta Coating Systems Ltd. \* | 6390 | 213490 |
| Balchem Corp.  | 390 | 70758 |
| Ball Corp.  | 11374 | 763537 |
| Cabot Corp.  | 2220 | 169031 |
| Celanese Corp.  | 11333 | 565970 |
| CF Industries Holdings, Inc.  | 9292 | 924926 |
| Chemours Co.  | 17915 | 326770 |
| Clearwater Paper Corp. \* | 3125 | 46844 |
| Cleveland-Cliffs, Inc. \* | 72849 | 776570 |
| Coeur Mining, Inc. \* | 4469 | 121333 |
| Commercial Metals Co.  | 7619 | 558473 |
| Compass Minerals International, Inc. \* | 3719 | 93719 |
| Corteva, Inc.  | 16919 | 1355550 |
| CRH PLC  | 17355 | 2082253 |
| Crown Holdings, Inc.  | 4150 | 475590 |
| Dow, Inc.  | 98804 | 3036247 |
| DuPont de Nemours, Inc.  | 25733 | 1287679 |
| Eagle Materials, Inc.  | 915 | 204777 |
| Eastman Chemical Co.  | 8986 | 678533 |
| Ecolab, Inc.  | 2890 | 891131 |
| Ecovyst, Inc. \* | 9683 | 109127 |
| Element Solutions, Inc.  | 5884 | 206470 |
| Ferroglobe PLC  | 9809 | 50124 |
| FMC Corp.  | 14897 | 219582 |
| Freeport-McMoRan, Inc.  | 37902 | 2580368 |
| Graphic Packaging Holding Co.  | 16228 | 198468 |
| Greif, Inc., Class A  | 2292 | 166560 |
| Hawkins, Inc.  | 309 | 46072 |
| HB Fuller Co.  | 2427 | 159502 |
| Hecla Mining Co.  | 8123 | 202344 |
| Huntsman Corp.  | 34753 | 439625 |
| Ingevity Corp. \* | 2140 | 154144 |
| Innospec, Inc.  | 1125 | 86152 |
| International Flavors & Fragrances, Inc.  | 8751 | 719595 |
| International Paper Co.  | 23721 | 1033050 |
| Kaiser Aluminum Corp.  | 985 | 128188 |
| Knife River Corp. \* | 1298 | 115496 |
| Koppers Holdings, Inc.  | 2001 | 75638 |
| Linde PLC  | 6474 | 3289310 |
| Louisiana-Pacific Corp.  | 2617 | 221765 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**11**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| LSB Industries, Inc. \* | 3891 | 45213 |
| LyondellBasell Industries NV, Class A  | 30611 | 1760745 |
| Magnera Corp. \* | 3114 | 40326 |
| Martin Marietta Materials, Inc.  | 773 | 522989 |
| Materion Corp.  | 655 | 106804 |
| Mativ Holdings, Inc.  | 8365 | 90677 |
| Metallus, Inc. \* | 3971 | 67507 |
| Minerals Technologies, Inc.  | 1862 | 131494 |
| Mosaic Co.  | 35086 | 976794 |
| Myers Industries, Inc.  | 2564 | 57357 |
| NewMarket Corp.  | 184 | 115186 |
| Newmont Corp.  | 20135 | 2617550 |
| Nucor Corp.  | 18594 | 3288907 |
| O-I Glass, Inc. \* | 16546 | 221716 |
| Olin Corp.  | 22451 | 569582 |
| Orion SA  | 7533 | 42863 |
| Packaging Corp. of America  | 2772 | 643492 |
| PPG Industries, Inc.  | 7751 | 955466 |
| Quaker Chemical Corp.  | 551 | 81014 |
| Rayonier Advanced Materials, Inc. \* | 11105 | 105164 |
| Reliance, Inc.  | 3268 | 1031512 |
| Royal Gold, Inc.  | 497 | 148996 |
| RPM International, Inc.  | 2813 | 321020 |
| Ryerson Holding Corp.  | 10643 | 278421 |
| Scotts Miracle-Gro Co.  | 1720 | 120606 |
| Sealed Air Corp.  | 5657 | 236915 |
| Sensient Technologies Corp.  | 974 | 98890 |
| Sherwin-Williams Co.  | 2158 | 782469 |
| Silgan Holdings, Inc.  | 3770 | 181148 |
| Solstice Advanced Materials, Inc.  | 2717 | 213312 |
| Sonoco Products Co.  | 6645 | 375243 |
| Southern Copper Corp.  | 1558 | 340064 |
| Steel Dynamics, Inc.  | 8804 | 1700316 |
| Stepan Co.  | 2091 | 106411 |
| SunCoke Energy, Inc.  | 9971 | 56835 |
| Sylvamo Corp.  | 2428 | 112416 |
| Tredegar Corp. \* | 3723 | 34177 |
| TriMas Corp.  | 1670 | 65264 |
| Trinseo PLC *(a)* | 26136 | 6011 |
| Tronox Holdings PLC  | 34490 | 257985 |
| Vulcan Materials Co.  | 1629 | 504990 |
| Warrior Met Coal, Inc.  | 2644 | 220087 |
| Westlake Corp.  | 2517 | 265241 |
| Worthington Steel, Inc.  | 3651 | 151736 |
|  |  | **49948577** |
| **Media & Entertainment 6.7%** | **Media & Entertainment 6.7%** | **Media & Entertainment 6.7%** |
| Advantage Solutions, Inc. \* | 22099 | 11542 |
| Alphabet, Inc., Class A  | 75869 | 23652919 |
| Alphabet, Inc., Class C  | 61108 | 19030864 |
| AMC Networks, Inc., Class A *\*(a)* | 13485 | 110172 |
| Angi, Inc. \* | 500 | 3890 |
| Cable One, Inc. \* | 787 | 75513 |
| Cargurus, Inc. \* | 1727 | 53019 |
| Cars.com, Inc. \* | 3494 | 29839 |
| Charter Communications, Inc., Class A \* | 10451 | 2452118 |
| Cinemark Holdings, Inc.  | 1557 | 43970 |
| Clear Channel Outdoor Holdings, Inc. \* | 25766 | 61838 |
| EchoStar Corp., Class A \* | 3541 | 409092 |
| Electronic Arts, Inc.  | 4890 | 980787 |
| EW Scripps Co., Class A *\*(a)* | 30842 | 127994 |
| Fox Corp., Class A  | 14131 | 796141 |
| Gray Media, Inc. *(a)* | 31776 | 164917 |
| IAC, Inc. \* | 2520 | 96566 |
| iHeartMedia, Inc., Class A \* | 42115 | 137716 |
| John Wiley & Sons, Inc., Class A  | 2231 | 69206 |
| Liberty Broadband Corp., Class C \* | 1214 | 66297 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 1313 | 120258 |
| Lionsgate Studios Corp. \* | 2478 | 22302 |
| Live Nation Entertainment, Inc. \* | 304 | 49291 |
| Match Group, Inc.  | 4463 | 141031 |
| Meta Platforms, Inc., Class A  | 20105 | 13031659 |
| Netflix, Inc. \* | 26435 | 2544104 |
| New York Times Co., Class A  | 2431 | 193969 |
| News Corp., Class A  | 16169 | 392745 |
| Nexstar Media Group, Inc.  | 2298 | 576844 |
| Omnicom Group, Inc.  | 14838 | 1265533 |
| Optimum Communications, Inc., <br> Class A \*<br>| 154665 | 222718 |
| Paramount Skydance Corp., Class B  | 48711 | 658086 |
| Pinterest, Inc., Class A \* | 2991 | 51236 |
| Roku, Inc. \* | 872 | 85814 |
| Scholastic Corp.  | 2913 | 101285 |
| Shutterstock, Inc.  | 1578 | 26510 |
| Sinclair, Inc.  | 11979 | 195737 |
| Sirius XM Holdings, Inc.  | 25586 | 561869 |
| Snap, Inc., Class A \* | 7176 | 37387 |
| Take-Two Interactive Software, Inc. \* | 1052 | 222477 |
| TEGNA, Inc.  | 12222 | 256051 |
| Thryv Holdings, Inc. \* | 5611 | 13018 |
| TKO Group Holdings, Inc.  | 262 | 58654 |
| Trade Desk, Inc., Class A \* | 1130 | 26917 |
| TripAdvisor, Inc. \* | 3965 | 40086 |
| USA TODAY Co., Inc. \* | 14640 | 87108 |
| Versant Media Group, Inc. \* | 10102 | 336599 |
| Walt Disney Co.  | 37257 | 3950732 |
| Warner Bros Discovery, Inc. \* | 160941 | 4533708 |
| Warner Music Group Corp., Class A  | 1427 | 40812 |
| Yelp, Inc. \* | 3301 | 73579 |
| Ziff Davis, Inc. \* | 3444 | 93263 |
| ZoomInfo Technologies, Inc. \* | 5445 | 33813 |
|  |  | **78419595** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.6%** |
| AbbVie, Inc.  | 28302 | 6568328 |
| Agilent Technologies, Inc.  | 4961 | 602166 |
| Amgen, Inc.  | 12463 | 4837638 |
| Amneal Pharmaceuticals, Inc. \* | 3519 | 48597 |
| Avantor, Inc. \* | 25361 | 229517 |
| Azenta, Inc. \* | 1135 | 30622 |
| Biogen, Inc. \* | 7936 | 1522284 |
| BioMarin Pharmaceutical, Inc. \* | 2115 | 130559 |
| Bio-Rad Laboratories, Inc., Class A \* | 534 | 148687 |
| Bio-Techne Corp.  | 1747 | 103073 |
| Bristol-Myers Squibb Co.  | 107503 | 6704962 |
| Bruker Corp.  | 2796 | 112148 |
| Charles River Laboratories International, <br> Inc. \*<br>| 1324 | 236321 |
| Collegium Pharmaceutical, Inc. \* | 780 | 32503 |
| Corcept Therapeutics, Inc. \* | 649 | 23169 |
| Danaher Corp.  | 8492 | 1788755 |
| Elanco Animal Health, Inc. \* | 15596 | 411734 |
| Eli Lilly & Co.  | 2712 | 2852997 |
| Emergent BioSolutions, Inc. \* | 8766 | 71443 |
| Exact Sciences Corp. \* | 1000 | 103380 |
| Exelixis, Inc. \* | 3228 | 142226 |
| Fortrea Holdings, Inc. \* | 16677 | 178777 |
| Gilead Sciences, Inc.  | 29061 | 4328636 |
| Halozyme Therapeutics, Inc. \* | 1069 | 74328 |
| Illumina, Inc. \* | 2553 | 343276 |
| Incyte Corp. \* | 2368 | 239807 |
| Innoviva, Inc. \* | 2277 | 52280 |
| IQVIA Holdings, Inc. \* | 3875 | 692889 |

---

*See financial notes*

**12**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ironwood Pharmaceuticals, Inc. \* | 28381 | 97063 |
| Jazz Pharmaceuticals PLC \* | 1879 | 357048 |
| Johnson & Johnson  | 53658 | 13330257 |
| Medpace Holdings, Inc. \* | 118 | 53308 |
| Merck & Co., Inc.  | 69162 | 8563639 |
| Mettler-Toledo International, Inc. \* | 278 | 379940 |
| Moderna, Inc. \* | 38220 | 2047445 |
| Myriad Genetics, Inc. \* | 4765 | 21967 |
| Neurocrine Biosciences, Inc. \* | 835 | 110429 |
| Organon & Co.  | 41493 | 302484 |
| Pacira BioSciences, Inc. \* | 1354 | 29666 |
| Pfizer, Inc.  | 303345 | 8387489 |
| Prestige Consumer Healthcare, Inc. \* | 1163 | 80596 |
| Regeneron Pharmaceuticals, Inc.  | 2447 | 1912746 |
| Repligen Corp. \* | 317 | 40807 |
| Revvity, Inc.  | 3154 | 310070 |
| Royalty Pharma PLC, Class A  | 4530 | 209331 |
| Sotera Health Co. \* | 2355 | 38269 |
| Supernus Pharmaceuticals, Inc. \* | 984 | 53854 |
| Thermo Fisher Scientific, Inc.  | 6280 | 3272571 |
| United Therapeutics Corp. \* | 611 | 307883 |
| Vertex Pharmaceuticals, Inc. \* | 2146 | 1066197 |
| Viatris, Inc.  | 113475 | 1694182 |
| Waters Corp. \* | 1984 | 633650 |
| West Pharmaceutical Services, Inc.  | 1085 | 275959 |
| Zoetis, Inc.  | 5642 | 739666 |
|  |  | **76927618** |
| **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** |
| CBRE Group, Inc., Class A \* | 6987 | 1031700 |
| Compass, Inc., Class A \* | 55957 | 545581 |
| CoStar Group, Inc. \* | 2117 | 94482 |
| Cushman & Wakefield Ltd. \* | 14428 | 193479 |
| eXp World Holdings, Inc.  | 10023 | 69860 |
| Jones Lang LaSalle, Inc. \* | 1916 | 604594 |
| Kennedy-Wilson Holdings, Inc.  | 6227 | 67750 |
| Marcus & Millichap, Inc.  | 1304 | 34439 |
| Newmark Group, Inc., Class A  | 3920 | 56918 |
| Opendoor Technologies, Inc. \* | 50906 | 275910 |
| Zillow Group, Inc., Class C \* | 1846 | 82369 |
|  |  | **3057082** |
| **Semiconductors & Semiconductor Equipment 5.5%** | **Semiconductors & Semiconductor Equipment 5.5%** | **Semiconductors & Semiconductor Equipment 5.5%** |
| Advanced Micro Devices, Inc. \* | 9490 | 1899993 |
| Allegro MicroSystems, Inc. \* | 1674 | 61051 |
| Alpha & Omega Semiconductor Ltd. \* | 1234 | 25926 |
| Amkor Technology, Inc.  | 6836 | 326898 |
| Analog Devices, Inc.  | 7096 | 2524686 |
| Applied Materials, Inc.  | 13417 | 4995149 |
| Axcelis Technologies, Inc. \* | 850 | 70218 |
| Broadcom, Inc.  | 16916 | 5405508 |
| Cirrus Logic, Inc. \* | 1369 | 193193 |
| Cohu, Inc. \* | 2489 | 75168 |
| Diodes, Inc. \* | 2640 | 180127 |
| Enphase Energy, Inc. \* | 2778 | 117426 |
| Entegris, Inc.  | 1950 | 258277 |
| First Solar, Inc. \* | 1070 | 211004 |
| FormFactor, Inc. \* | 1569 | 155143 |
| GLOBALFOUNDRIES, Inc. \* | 2531 | 120349 |
| Ichor Holdings Ltd. \* | 2255 | 107225 |
| Intel Corp. \* | 306454 | 13977367 |
| KLA Corp.  | 1171 | 1785248 |
| Lam Research Corp.  | 17942 | 4196454 |
| Lattice Semiconductor Corp. \* | 941 | 89978 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 253 | 62774 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Marvell Technology, Inc.  | 4546 | 371363 |
| MaxLinear, Inc. \* | 2849 | 49658 |
| Microchip Technology, Inc.  | 14273 | 1065337 |
| Micron Technology, Inc.  | 24445 | 10080385 |
| MKS, Inc.  | 1654 | 404337 |
| Monolithic Power Systems, Inc.  | 179 | 204550 |
| NVIDIA Corp.  | 24543 | 4348774 |
| ON Semiconductor Corp. \* | 12185 | 810059 |
| Onto Innovation, Inc. \* | 552 | 119171 |
| Penguin Solutions, Inc. \* | 1732 | 35991 |
| Photronics, Inc. \* | 2917 | 109183 |
| Power Integrations, Inc.  | 1603 | 76816 |
| Qnity Electronics, Inc.  | 9276 | 1175826 |
| Qorvo, Inc. \* | 5227 | 433318 |
| QUALCOMM, Inc.  | 21522 | 3063872 |
| Rambus, Inc. \* | 669 | 66673 |
| Semtech Corp. \* | 640 | 57741 |
| Silicon Laboratories, Inc. \* | 918 | 187759 |
| Skyworks Solutions, Inc.  | 7473 | 445241 |
| Synaptics, Inc. \* | 1178 | 95960 |
| Teradyne, Inc.  | 3454 | 1105384 |
| Texas Instruments, Inc.  | 16723 | 3547116 |
| Ultra Clean Holdings, Inc. \* | 2837 | 172149 |
| Universal Display Corp.  | 484 | 51638 |
|  |  | **64917463** |
| **Software & Services 3.6%** | **Software & Services 3.6%** | **Software & Services 3.6%** |
| Accenture PLC, Class A  | 13000 | 2713360 |
| ACI Worldwide, Inc. \* | 1923 | 76305 |
| Adobe, Inc. \* | 6077 | 1594666 |
| Akamai Technologies, Inc. \* | 4340 | 427013 |
| Alarm.com Holdings, Inc. \* | 652 | 31198 |
| Amdocs Ltd.  | 4612 | 321918 |
| AppLovin Corp., Class A \* | 193 | 83911 |
| ASGN, Inc. \* | 4140 | 177606 |
| Autodesk, Inc. \* | 1113 | 273653 |
| Blackbaud, Inc. \* | 652 | 31648 |
| Cadence Design Systems, Inc. \* | 1214 | 365900 |
| CCC Intelligent Solutions Holdings, Inc. \* | 5192 | 30269 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 21736 | 1400450 |
| Commvault Systems, Inc. \* | 377 | 32075 |
| Consensus Cloud Solutions, Inc. \* | 1171 | 35224 |
| Crowdstrike Holdings, Inc., Class A \* | 83 | 30874 |
| Datadog, Inc., Class A \* | 214 | 23959 |
| DigitalOcean Holdings, Inc. \* | 838 | 46978 |
| Docusign, Inc. \* | 436 | 19651 |
| Dolby Laboratories, Inc., Class A  | 1574 | 104781 |
| Dropbox, Inc., Class A \* | 4559 | 113929 |
| DXC Technology Co. \* | 35408 | 445787 |
| Dynatrace, Inc. \* | 882 | 31681 |
| EPAM Systems, Inc. \* | 1304 | 183864 |
| Fair Isaac Corp. \* | 90 | 126842 |
| Fortinet, Inc. \* | 3648 | 288301 |
| Gartner, Inc. \* | 1035 | 162702 |
| Gen Digital, Inc.  | 13042 | 294358 |
| Globant SA \* | 939 | 46725 |
| GoDaddy, Inc., Class A \* | 1807 | 157498 |
| Guidewire Software, Inc. \* | 284 | 41271 |
| HubSpot, Inc. \* | 62 | 16400 |
| InterDigital, Inc.  | 246 | 90166 |
| International Business Machines Corp.  | 14382 | 3454700 |
| Intuit, Inc.  | 1708 | 698623 |
| Kyndryl Holdings, Inc. \* | 10323 | 127283 |
| LiveRamp Holdings, Inc. \* | 1936 | 52601 |
| Manhattan Associates, Inc. \* | 364 | 49297 |
| Microsoft Corp.  | 55317 | 21725199 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**13**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NCR Voyix Corp. \* | 8571 | 65482 |
| Okta, Inc. \* | 613 | 44443 |
| Oracle Corp.  | 18185 | 2644099 |
| Palantir Technologies, Inc., Class A \* | 406 | 55699 |
| Palo Alto Networks, Inc. \* | 1274 | 189724 |
| Progress Software Corp. \* | 992 | 41545 |
| PTC, Inc. \* | 624 | 97712 |
| Qualys, Inc. \* | 431 | 39855 |
| Roper Technologies, Inc.  | 1026 | 358823 |
| Salesforce, Inc.  | 6917 | 1347362 |
| ServiceNow, Inc. \* | 1414 | 152726 |
| Snowflake, Inc., Class A \* | 230 | 38734 |
| SPS Commerce, Inc. \* | 293 | 16557 |
| Synopsys, Inc. \* | 886 | 366804 |
| Teradata Corp. \* | 4659 | 146712 |
| Trimble, Inc. \* | 3355 | 224349 |
| Twilio, Inc., Class A \* | 1080 | 130637 |
| Tyler Technologies, Inc. \* | 186 | 65972 |
| Unisys Corp. \* | 9212 | 22385 |
| Unity Software, Inc. \* | 3072 | 56003 |
| VeriSign, Inc.  | 625 | 142462 |
| Workday, Inc., Class A \* | 597 | 79855 |
| Zoom Communications, Inc., Class A \* | 2924 | 216201 |
|  |  | **42472807** |
| **Technology Hardware & Equipment 6.8%** | **Technology Hardware & Equipment 6.8%** | **Technology Hardware & Equipment 6.8%** |
| Advanced Energy Industries, Inc.  | 612 | 205369 |
| Amphenol Corp., Class A  | 8073 | 1179142 |
| Apple, Inc.  | 165074 | 43609249 |
| Arista Networks, Inc. \* | 2961 | 395294 |
| Arrow Electronics, Inc. \* | 6409 | 975193 |
| Avnet, Inc.  | 13912 | 915966 |
| Badger Meter, Inc.  | 219 | 33382 |
| Belden, Inc.  | 939 | 134559 |
| Benchmark Electronics, Inc.  | 2427 | 140305 |
| Calix, Inc. \* | 892 | 46179 |
| CDW Corp.  | 3651 | 447759 |
| Ciena Corp. \* | 2507 | 874191 |
| Cisco Systems, Inc.  | 90850 | 7218941 |
| Cognex Corp.  | 3474 | 188986 |
| Coherent Corp. \* | 1537 | 397975 |
| Corning, Inc.  | 15653 | 2353898 |
| Crane NXT Co.  | 984 | 47517 |
| CTS Corp.  | 1031 | 54292 |
| Dell Technologies, Inc., Class C  | 5424 | 803186 |
| ePlus, Inc.  | 1105 | 89129 |
| F5, Inc. \* | 798 | 216545 |
| Flex Ltd. \* | 10949 | 690006 |
| Hewlett Packard Enterprise Co.  | 79633 | 1709721 |
| HP, Inc.  | 63924 | 1213917 |
| Ingram Micro Holding Corp.  | 3006 | 62194 |
| Insight Enterprises, Inc. \* | 1909 | 159516 |
| IPG Photonics Corp. \* | 1366 | 179725 |
| Itron, Inc. \* | 881 | 82770 |
| Jabil, Inc.  | 3323 | 880562 |
| Keysight Technologies, Inc. \* | 2734 | 840240 |
| Kimball Electronics, Inc. \* | 2284 | 57077 |
| Knowles Corp. \* | 3300 | 89661 |
| Littelfuse, Inc.  | 648 | 228394 |
| Lumentum Holdings, Inc. \* | 1339 | 938519 |
| Methode Electronics, Inc.  | 7985 | 67553 |
| Motorola Solutions, Inc.  | 1333 | 642853 |
| NetApp, Inc.  | 4587 | 454251 |
| NETGEAR, Inc. \* | 1699 | 35033 |
| NetScout Systems, Inc. \* | 3195 | 93326 |
| Novanta, Inc. \* | 342 | 45975 |
| OSI Systems, Inc. \* | 277 | 79000 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PC Connection, Inc.  | 1017 | 61986 |
| Plexus Corp. \* | 940 | 182482 |
| Pure Storage, Inc., Class A \* | 906 | 58183 |
| Ralliant Corp.  | 843 | 38685 |
| Rogers Corp. \* | 855 | 92195 |
| Sandisk Corp. \* | 1198 | 761161 |
| Sanmina Corp. \* | 2673 | 415010 |
| ScanSource, Inc. \* | 2406 | 88493 |
| Seagate Technology Holdings PLC  | 4994 | 2036753 |
| Super Micro Computer, Inc. \* | 4021 | 130240 |
| TD SYNNEX Corp.  | 4235 | 664090 |
| TE Connectivity PLC  | 6247 | 1437747 |
| Teledyne Technologies, Inc. \* | 581 | 395719 |
| TTM Technologies, Inc. \* | 2908 | 303130 |
| Viasat, Inc. \* | 8924 | 408541 |
| Viavi Solutions, Inc. \* | 6342 | 188421 |
| Vishay Intertechnology, Inc.  | 12462 | 233289 |
| Vistance Networks, Inc. \* | 19447 | 341684 |
| Vontier Corp.  | 3841 | 157174 |
| Western Digital Corp.  | 8323 | 2327943 |
| Xerox Holdings Corp.  | 72913 | 131243 |
| Zebra Technologies Corp., Class A \* | 1106 | 247700 |
|  |  | **79579219** |
| **Telecommunication Services 3.1%** | **Telecommunication Services 3.1%** | **Telecommunication Services 3.1%** |
| Array Digital Infrastructure, Inc.  | 603 | 29384 |
| AT&T, Inc.  | 378815 | 10610608 |
| Cogent Communications Holdings, Inc.  | 1698 | 31855 |
| Comcast Corp., Class A  | 253415 | 7845729 |
| GCI Liberty, Inc., Class C \* | 152 | 5981 |
| IDT Corp., Class B  | 579 | 29500 |
| IHS Holding Ltd. \* | 9814 | 78512 |
| Iridium Communications, Inc.  | 3499 | 83801 |
| Liberty Global Ltd., Class C \* | 29344 | 360931 |
| Liberty Latin America Ltd., Class C \* | 30287 | 240479 |
| Lumen Technologies, Inc. \* | 272693 | 1938847 |
| Shenandoah Telecommunications Co.  | 2960 | 40345 |
| Telephone & Data Systems, Inc.  | 5563 | 248944 |
| T-Mobile U.S., Inc.  | 8937 | 1940133 |
| Uniti Group, Inc.  | 14786 | 108234 |
| Verizon Communications, Inc.  | 242864 | 12177201 |
|  |  | **35770484** |
| **Transportation 2.4%** | **Transportation 2.4%** | **Transportation 2.4%** |
| Alaska Air Group, Inc. \* | 4241 | 218836 |
| Allegiant Travel Co. \* | 1034 | 105623 |
| American Airlines Group, Inc. \* | 11857 | 154971 |
| ArcBest Corp.  | 2227 | 228624 |
| Avis Budget Group, Inc. *\*(b)* | 3175 | 309277 |
| CH Robinson Worldwide, Inc.  | 5194 | 962189 |
| Covenant Logistics Group, Inc., Class A  | 1323 | 38949 |
| CSX Corp.  | 61586 | 2629106 |
| Delta Air Lines, Inc.  | 3794 | 249266 |
| Expeditors International of Washington, <br> Inc. <br>| 6619 | 959954 |
| FedEx Corp.  | 12508 | 4840596 |
| Forward Air Corp. \* | 2151 | 54399 |
| Genco Shipping & Trading Ltd.  | 3220 | 77441 |
| Global Ship Lease, Inc., Class A  | 1740 | 71479 |
| GXO Logistics, Inc. \* | 4923 | 309312 |
| Heartland Express, Inc.  | 3921 | 43249 |
| Hertz Global Holdings, Inc. *\*(b)* | 36758 | 166881 |
| Hub Group, Inc., Class A  | 5373 | 231415 |
| JB Hunt Transport Services, Inc.  | 3284 | 766518 |
| JetBlue Airways Corp. \* | 21501 | 119116 |
| Kirby Corp. \* | 1424 | 184835 |

---

*See financial notes*

**14**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 9446 | 594342 |
| Landstar System, Inc.  | 2020 | 329159 |
| Marten Transport Ltd.  | 4842 | 65803 |
| Matson, Inc.  | 2226 | 369805 |
| Norfolk Southern Corp.  | 6509 | 2048643 |
| Old Dominion Freight Line, Inc.  | 3603 | 731589 |
| RXO, Inc. \* | 6969 | 111225 |
| Ryder System, Inc.  | 3082 | 682848 |
| Saia, Inc. \* | 555 | 224992 |
| Schneider National, Inc., Class B  | 3056 | 86729 |
| SkyWest, Inc. \* | 1343 | 139779 |
| Southwest Airlines Co.  | 4183 | 206055 |
| Sun Country Airlines Holdings, Inc. \* | 2328 | 45815 |
| Uber Technologies, Inc. \* | 3903 | 294364 |
| U-Haul Holding Co., Non Voting Shares  | 3962 | 186848 |
| Union Pacific Corp.  | 14778 | 3915874 |
| United Airlines Holdings, Inc. \* | 1588 | 168804 |
| United Parcel Service, Inc., Class B  | 37570 | 4356617 |
| Werner Enterprises, Inc.  | 6336 | 222330 |
| XPO, Inc. \* | 1274 | 268139 |
|  |  | **27771796** |
| **Utilities 3.4%** | **Utilities 3.4%** | **Utilities 3.4%** |
| AES Corp.  | 50938 | 880209 |
| Alliant Energy Corp.  | 5794 | 419138 |
| Ameren Corp.  | 6099 | 690895 |
| American Electric Power Co., Inc.  | 13697 | 1832932 |
| American States Water Co.  | 635 | 47327 |
| American Water Works Co., Inc.  | 3244 | 441281 |
| Atmos Energy Corp.  | 2273 | 424574 |
| Avista Corp.  | 3182 | 129253 |
| Black Hills Corp.  | 2681 | 197482 |
| California Water Service Group  | 1234 | 55629 |
| CenterPoint Energy, Inc.  | 16325 | 710137 |
| Chesapeake Utilities Corp.  | 375 | 50989 |
| Clearway Energy, Inc., Class C  | 2555 | 97882 |
| CMS Energy Corp.  | 7439 | 580763 |
| Consolidated Edison, Inc.  | 11198 | 1259999 |
| Constellation Energy Corp.  | 2685 | 885728 |
| Dominion Energy, Inc.  | 29377 | 1854864 |
| DTE Energy Co.  | 5117 | 758544 |
| Duke Energy Corp.  | 23298 | 3048543 |
| Edison International  | 20650 | 1543381 |
| Entergy Corp.  | 10816 | 1158502 |
| Essential Utilities, Inc.  | 5532 | 221114 |
| Evergy, Inc.  | 8461 | 707847 |
| Eversource Energy  | 11998 | 914368 |
| Exelon Corp.  | 34558 | 1709584 |
| FirstEnergy Corp.  | 18270 | 934693 |
| H2O America  | 877 | 47174 |
| Hawaiian Electric Industries, Inc. \* | 13326 | 206420 |
| IDACORP, Inc.  | 1111 | 159951 |
| MDU Resources Group, Inc.  | 4962 | 102614 |
| MGE Energy, Inc.  | 664 | 54461 |
| National Fuel Gas Co.  | 2507 | 228212 |
| New Jersey Resources Corp.  | 2718 | 147424 |
| NextEra Energy, Inc.  | 33135 | 3107069 |
| NiSource, Inc.  | 10522 | 497691 |
| Northwest Natural Holding Co.  | 1559 | 82689 |
| Northwestern Energy Group, Inc.  | 2136 | 149435 |
| NRG Energy, Inc.  | 4053 | 725325 |
| OGE Energy Corp.  | 6127 | 301081 |
| ONE Gas, Inc.  | 1907 | 166748 |
| Ormat Technologies, Inc.  | 935 | 96959 |
| Otter Tail Corp.  | 1173 | 99822 |
| PG&E Corp.  | 69243 | 1315617 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pinnacle West Capital Corp.  | 3972 | 398392 |
| Portland General Electric Co.  | 4257 | 229708 |
| PPL Corp.  | 22167 | 864070 |
| Public Service Enterprise Group, Inc.  | 11283 | 971128 |
| Sempra  | 14890 | 1433460 |
| Southern Co.  | 25605 | 2493415 |
| Southwest Gas Holdings, Inc.  | 2313 | 203937 |
| Spire, Inc.  | 1827 | 167371 |
| Talen Energy Corp. \* | 289 | 107210 |
| TXNM Energy, Inc.  | 2574 | 151917 |
| UGI Corp.  | 12483 | 466989 |
| Unitil Corp.  | 596 | 31177 |
| Vistra Corp.  | 4795 | 833803 |
| WEC Energy Group, Inc.  | 6932 | 810767 |
| Xcel Energy, Inc.  | 14776 | 1231727 |
|  |  | **39439421** |
| **Total Common Stocks** <br>**(Cost $814,147,679)** | **Total Common Stocks** <br>**(Cost $814,147,679)** | **1167191395** |
| **INVESTMENT COMPANIES** 0.0% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS  |
| **Equity Funds 0.0%** | **Equity Funds 0.0%** | **Equity Funds 0.0%** |
| iShares Core S&P Total U.S. Stock <br> Market ETF <br>| 3300 | 495429 |
| **Total Investment Companies** <br>**(Cost $462,709)** | **Total Investment Companies** <br>**(Cost $462,709)** | **495429** |

---

&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%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(e)*<br>| 683222 | 683222 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(e)(f)*<br>| 874515 | 874515 |
|  |  | **1557737** |
| **Total Short-Term Investments** <br>**(Cost $1,557,737)** | **Total Short-Term Investments** <br>**(Cost $1,557,737)** | **1557737** |
| **Total Investments in Securities** <br>**(Cost $816,168,125)** | **Total Investments in Securities** <br>**(Cost $816,168,125)** | **1169244561** |

---

&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** |  |  |  |
| S&P 500 Index, e-mini, expires <br> 03/20/26<br>| 7 | 2411150 | **4751** |

---

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

\* Non-income producing security.

*(a)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $841,415. 

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

*(d)* Fair valued using significant unobservable inputs.

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

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

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

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**15**

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended February 28, 2026. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at February 28, 2026, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 2/28/25<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 2/28/26<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 2/28/26<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS |
| **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** | **Capital Goods 0.0%** |
| JELD-WEN Holding, Inc.<sup>(a),\*</sup> <br>| $— | $96853 | ($2487)<br>| $492 | ($74298)<br>| $68575 | 34987 | $— |
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc.<sup>(a),\*</sup> <br>|  | 80837 | (1289)<br>| 100 | (24172)<br>| 61593 | 14561 |  |
| **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** |
| QVC Group, Inc.<sup>(a),(b),\*</sup> <br>|  | 459902 | (6877)<br>| 2695 | (360766)<br>| 132188 | 43771 |  |
| **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%** |
| Oxford Industries, Inc.<sup>(a)</sup> <br>|  | 40812 | (725)<br>| (12)<br>| (16424)<br>| 59504 | 1503 | 2918 |
| **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.<sup>(b)</sup> <br>| 106114 | 35737 | (29378)<br>| (47629)<br>| 20817 |  |  | 2490 |
| **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%** |
| Service Properties Trust<sup>(a)</sup> <br>|  | 47750 | (3143)<br>| 288 | (20638)<br>| 109291 | 47518 | 1583 |
| **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** |
| Charles Schwab Corp.<sup>(c)</sup> <br>| 1084232 | 307969 | (176880)<br>| 50195 | 174955 | 1440471 | 15131 | 16502 |
| **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** |
| Hain Celestial Group, Inc.<sup>(a),\*</sup> <br>|  | 87278 | (1122)<br>| 5 | (48002)<br>| 45444 | 56848 |  |
| **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** | **Health Care Equipment & Services 0.0%** |
| Accendra Health, Inc.<sup>(a),\*</sup> <br>|  | 107221 | (3097)<br>| (65)<br>| (112356)<br>| 74599 | 30826 |  |
| **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** |
| Medifast, Inc.<sup>(a),\*</sup> <br>|  | 76365 | (994)<br>| (16)<br>| (16944)<br>| 62116 | 5899 |  |
| Nu Skin Enterprises, Inc., Class A<sup>(a)</sup> <br>|  | 145108 | (2950)<br>| 992 | (15703)<br>| 139216 | 16417 | 2463 |
|  |  |  |  |  |  | **201332** |  |  |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Trinseo PLC<sup>(a)</sup> <br>|  | 39348 | (4954)<br>| (962)<br>| (41571)<br>| 6011 | 26136 | 67 |
| **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** |
| AMC Networks, Inc., Class A<sup>(a),\*</sup> <br>|  | 93841 | (1544)<br>| 291 | 3794 | 110172 | 13485 |  |
| EW Scripps Co., Class A<sup>(a),\*</sup> <br>|  | 102472 | (1406)<br>| 75 | 24164 | 127994 | 30842 |  |
| Gray Media, Inc.<sup>(a)</sup> <br>|  | 147329 | (2672)<br>| 675 | 9403 | 164917 | 31776 | 3885 |
|  |  |  |  |  |  | **403083** |  |  |
| **Total** | **$1190346** | **$1868822** | **($239518)**<br>| **$7124** | **($497741)**<br>| **$2602091** |  | **$29908** |

---

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

<sup>(a)</sup> Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.

<sup>(b)</sup> All or a portion of this security is on loan. Securities on loan were valued at $841,415.

<sup>(c)</sup> Issuer is affiliated with the fund's investment adviser.

\* Non-income producing security.

*See financial notes*

**16**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1101419416 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1101419416 |
| Health Care Equipment & Services | 65771979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 65771979 |
| Investment Companies<sup>1</sup> <br>| 495429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 495429 |
| Short-Term Investments<sup>1</sup> <br>| 1557737 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1557737 |
| Futures Contracts<sup>2</sup> <br>| 4751 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4751 |
| **Total** | **$1169249312** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$1169249312** |

---

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

\* Level 3 amount shown includes securities determined to have no value.

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

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

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**17**

------

Schwab Fundamental U.S. Broad Market ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $3,071,705) including securities on loan of $94,224 |  | $2602091 |
| Investments in securities, at value - unaffiliated issuers (cost $813,096,420) including securities on loan of $747,191 |  | 1166642470 |
| Cash |  | 5931 |
| Deposit with broker for futures contracts |  | 193574 |
| Receivables: |  |  |
| Dividends |  | 1800923 |
| Income from securities on loan | + | 947 |
| **Total assets** |  | **1171245936** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 874515 |
| Payables: |  |  |
| Management fees |  | 220711 |
| Variation margin on futures contracts | + | 8176 |
| **Total liabilities** |  | **1103402** |
| **Net assets** |  | **$1170142534** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $850549283 |
| Total distributable earnings | + | 319593251 |
| **Net assets** |  | **$1170142534** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1170142534 |  | &nbsp;&nbsp;&nbsp;&nbsp; 41250000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $28.37 |

---

*See financial notes*

**18**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Broad Market ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers  |  | $19464739 |
| Dividends received from securities - affiliated issuers |  | 29908 |
| Other Interest |  | 4806 |
| Securities on loan, net | + | 22641 |
| **Total investment income**  |  | **19522094** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 2433623 |
| **Total expenses** | – | **2433623** |
| **Net investment income** |  | **17088471** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (49685)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (5639781)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 56809 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 70593306 |
| Net realized gains on futures contracts | + | 242449 |
| **Net realized gains** |  | **65203098** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (497741)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 104979500 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 29095 |
| **Net change in unrealized appreciation (depreciation)** |  | **104510854** |
| **Net realized and unrealized gains** |  | **169713952** |
| **Increase in net assets resulting from operations** |  | **$186802423** |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**19**

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Schwab Fundamental U.S. Broad Market ETF

Statement of Changes in Net Assets

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For the current and prior report periods

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| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $17088471 | &nbsp;&nbsp;&nbsp; $14470146 |
| Net realized gains |  | 65203098 | &nbsp;&nbsp;&nbsp; 21590419 |
| Net change in unrealized appreciation (depreciation) | + | 104510854 | &nbsp;&nbsp;&nbsp; 81689418 |
| **Increase in net assets resulting from operations** |  | **$186802423** | &nbsp;&nbsp;&nbsp; **$117749983** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($16729780)**<br>| &nbsp;&nbsp;&nbsp; **($14326670)**<br>|

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 7950000 | &nbsp;&nbsp;&nbsp; $201967578 | &nbsp;&nbsp;&nbsp; 6550000 | &nbsp;&nbsp;&nbsp; $148418403 |
| Shares redeemed | + | (4800000)<br>| &nbsp;&nbsp;&nbsp; (119115213)<br>| &nbsp;&nbsp;&nbsp; (1750000)<br>| &nbsp;&nbsp;&nbsp; (39629674)<br>|
| **Net transactions in fund shares**  |  | **3150000** | &nbsp;&nbsp;&nbsp; **$82852365** | &nbsp;&nbsp;&nbsp; **4800000** | &nbsp;&nbsp;&nbsp; **$108788729** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 38100000 | &nbsp;&nbsp;&nbsp; $917217526 | &nbsp;&nbsp;&nbsp; 33300000 | &nbsp;&nbsp;&nbsp; $705005484 |
| Total increase | + | 3150000 | &nbsp;&nbsp;&nbsp; 252925008 | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 212212042 |
| **End of period** |  | **41250000** | &nbsp;&nbsp;&nbsp; **$1170142534** | &nbsp;&nbsp;&nbsp; **38100000** | &nbsp;&nbsp;&nbsp; **$917217526** |

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

<sup>1</sup> For the period ended February 28, 2025, transactions in fund shares have been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values. 

*See financial notes*

**20**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

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Schwab Fundamental U.S. Large Company ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<sup>1,2</sup> <br>| 3/1/23– <br>2/29/24<sup>1</sup> <br>| 3/1/22– <br>2/28/23<sup>1</sup> <br>| 3/1/21– <br>2/28/22<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.63 | &nbsp;&nbsp; $21.54 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $18.99 | &nbsp;&nbsp; $16.16 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.45 | 0.42 | 0.39 | 0.37 | 0.34 |
| Net realized and unrealized gains (losses) | 4.39 | 3.09 | 3.23 | &nbsp;&nbsp; (0.69)<br>| 2.81 |
| Total from investment operations | 4.84 | 3.51 | 3.62 | &nbsp;&nbsp; (0.32)<br>| 3.15 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $29.03 | &nbsp;&nbsp; $24.63 | &nbsp;&nbsp; $21.54 | &nbsp;&nbsp; $18.30 | &nbsp;&nbsp; $18.99 |
| Total return | 19.94<br> %<br>| 16.42<br> %<br>| 20.06<br> %<br>| &nbsp;&nbsp; (1.61<br> %)<br>| 19.61<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>4</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.77<br> %<br>| 1.81<br> %<br>| 2.05<br> %<br>| 2.07<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $24461 | &nbsp;&nbsp; $18138 | &nbsp;&nbsp; $14508 | &nbsp;&nbsp; $10373 | &nbsp;&nbsp; $9889 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets on October 10, 2024.

<sup>2</sup> Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, and Distributions from net investment income have been revised to fully reflect the required retroactive adjustment for the share split effective after the close of U.S. markets on October 10, 2024. These revisions do not have any impact on total return, shares outstanding at end of period, and beginning and ending net asset value. 

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

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

<sup>5</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**21**

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Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026

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

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| | | |
|:---|:---|:---|
| 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%** |
| Adient PLC \* | 356558 | 8671490 |
| BorgWarner, Inc.  | 355803 | 20483579 |
| Dana, Inc.  | 271837 | 9307699 |
| Ford Motor Co.  | 9608652 | 135385907 |
| General Motors Co.  | 2571977 | 202440310 |
| Gentex Corp.  | 234264 | 5481778 |
| Goodyear Tire & Rubber Co. \* | 1048718 | 8651923 |
| Harley-Davidson, Inc.  | 197379 | 3552822 |
| Lear Corp.  | 156963 | 20601394 |
| Tesla, Inc. \* | 192199 | 77362019 |
| Thor Industries, Inc.  | 113437 | 10904699 |
|  |  | **502843620** |
| **Banks 5.3%** | **Banks 5.3%** | **Banks 5.3%** |
| Bank of America Corp.  | 4391250 | 218815988 |
| Citigroup, Inc.  | 1871197 | 206187197 |
| Citizens Financial Group, Inc.  | 367529 | 22121571 |
| East West Bancorp, Inc.  | 57878 | 6334747 |
| Fifth Third Bancorp  | 683604 | 33817890 |
| First Citizens BancShares, Inc., <br> Class A <br>| 3327 | 6315145 |
| First Horizon Corp.  | 269820 | 6419018 |
| Flagstar Bank NA  | 340020 | 4314854 |
| Huntington Bancshares, Inc.  | 889401 | 14941937 |
| JPMorgan Chase & Co.  | 1184216 | 355620065 |
| KeyCorp  | 844719 | 17519472 |
| M&T Bank Corp.  | 82747 | 17954444 |
| PNC Financial Services Group, Inc.  | 255760 | 54310636 |
| Regions Financial Corp.  | 617974 | 17198216 |
| Truist Financial Corp.  | 1030822 | 50829833 |
| U.S. Bancorp  | 1155211 | 63143833 |
| Webster Financial Corp.  | 79015 | 5699352 |
| Wells Fargo & Co.  | 2277421 | 185495940 |
| Zions Bancorp NA  | 154122 | 8828108 |
|  |  | **1295868246** |
| **Capital Goods 7.3%** | **Capital Goods 7.3%** | **Capital Goods 7.3%** |
| 3M Co.  | 315863 | 52218471 |
| A.O. Smith Corp.  | 81034 | 6320652 |
| Acuity, Inc.  | 19908 | 6004054 |
| AECOM  | 76905 | 7535152 |
| AGCO Corp.  | 98514 | 13447161 |
| Air Lease Corp.  | 75795 | 4914548 |
| Allison Transmission Holdings, Inc.  | 63217 | 7921090 |
| AMETEK, Inc.  | 58661 | 14032884 |
| Atkore, Inc.  | 73967 | 4786405 |
| Boeing Co. \* | 49033 | 11156478 |
| Boise Cascade Co.  | 103609 | 8572609 |
| Builders FirstSource, Inc. \* | 183984 | 19187691 |
| Carlisle Cos., Inc.  | 24996 | 9867671 |
| Carrier Global Corp.  | 300653 | 19362053 |
| Caterpillar, Inc.  | 205389 | 152569111 |
| CNH Industrial NV  | 1115992 | 13726702 |
| Cummins, Inc.  | 75460 | 44058830 |
| Deere & Co.  | 133247 | 83906968 |
| Donaldson Co., Inc.  | 61622 | 5716057 |
| Dover Corp.  | 63852 | 14398626 |
| Eaton Corp. PLC  | 99120 | 37261190 |
| EMCOR Group, Inc.  | 16403 | 11885942 |
| Emerson Electric Co.  | 259016 | 39046662 |
| Fastenal Co.  | 358999 | 16528314 |

---

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| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ferguson Enterprises, Inc.  | 114252 | 29792351 |
| Fluor Corp. \* | 143351 | 7498691 |
| Fortive Corp.  | 132226 | 7827779 |
| Fortune Brands Innovations, Inc.  | 125815 | 6836787 |
| Gates Industrial Corp. PLC \* | 183702 | 5064664 |
| GE Vernova, Inc.  | 19917 | 17399491 |
| Generac Holdings, Inc. \* | 31386 | 7073463 |
| General Dynamics Corp.  | 142914 | 51027444 |
| General Electric Co.  | 140225 | 47993408 |
| Graco, Inc.  | 57433 | 5394107 |
| Honeywell International, Inc.  | 327877 | 79867558 |
| Howmet Aerospace, Inc.  | 53703 | 14098649 |
| Hubbell, Inc.  | 16953 | 8673663 |
| Huntington Ingalls Industries, Inc.  | 38637 | 17174919 |
| IDEX Corp.  | 32781 | 6866636 |
| Illinois Tool Works, Inc.  | 117119 | 34038295 |
| Ingersoll Rand, Inc.  | 111349 | 10482395 |
| ITT, Inc.  | 31914 | 6459713 |
| Johnson Controls International PLC  | 263992 | 38094046 |
| L3Harris Technologies, Inc.  | 144216 | 52572501 |
| Lincoln Electric Holdings, Inc.  | 23806 | 6833512 |
| Lockheed Martin Corp.  | 184765 | 121590151 |
| Masco Corp.  | 145473 | 10418776 |
| MasTec, Inc. \* | 29601 | 8821690 |
| Middleby Corp. \* | 34310 | 5793587 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 51089 | 4794192 |
| Mueller Industries, Inc.  | 63294 | 7466160 |
| Nordson Corp.  | 21141 | 6203615 |
| Northrop Grumman Corp.  | 88919 | 64411145 |
| nVent Electric PLC  | 59517 | 7044432 |
| Oshkosh Corp.  | 67719 | 11513584 |
| Otis Worldwide Corp.  | 125024 | 11572221 |
| Owens Corning  | 102856 | 12555632 |
| PACCAR, Inc.  | 348406 | 43930513 |
| Parker-Hannifin Corp.  | 29227 | 29495304 |
| Pentair PLC  | 57329 | 5686463 |
| Quanta Services, Inc.  | 35284 | 19867715 |
| Regal Rexnord Corp.  | 46274 | 10225628 |
| Resideo Technologies, Inc. \* | 193988 | 7507336 |
| Rockwell Automation, Inc.  | 37062 | 15100912 |
| RTX Corp.  | 572288 | 115956995 |
| Rush Enterprises, Inc., Class A  | 93582 | 6641515 |
| Sensata Technologies Holding PLC  | 200650 | 7492271 |
| Snap-on, Inc.  | 30778 | 11856301 |
| Stanley Black & Decker, Inc.  | 236142 | 20423922 |
| Textron, Inc.  | 152597 | 15053694 |
| Timken Co.  | 63434 | 6874977 |
| Toro Co.  | 67751 | 6697864 |
| TransDigm Group, Inc.  | 9423 | 12276190 |
| UFP Industries, Inc.  | 92591 | 9528540 |
| United Rentals, Inc.  | 30816 | 25885440 |
| Watsco, Inc.  | 17176 | 7168060 |
| WESCO International, Inc.  | 53774 | 15567573 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 65626 | 17321983 |
| WillScot Holdings Corp.  | 186024 | 4019979 |
| WW Grainger, Inc.  | 16979 | 19436371 |
| Xylem, Inc.  | 65646 | 8505096 |
|  |  | **1780201220** |
| **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** |
| ABM Industries, Inc.  | 105287 | 4685271 |
| Automatic Data Processing, Inc.  | 100388 | 21519172 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 69413 | 5471827 |
| Broadridge Financial Solutions, Inc.  | 27364 | 5086147 |

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*See financial notes*

**22**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

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Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CACI International, Inc., Class A \* | 13704 | 8361770 |
| Cintas Corp.  | 71803 | 14441737 |
| Concentrix Corp.  | 105959 | 3475455 |
| Copart, Inc. \* | 135624 | 5165918 |
| Equifax, Inc.  | 29419 | 6147394 |
| Genpact Ltd.  | 123726 | 4914397 |
| Jacobs Solutions, Inc.  | 85460 | 11781516 |
| KBR, Inc.  | 100730 | 4253828 |
| Leidos Holdings, Inc.  | 79264 | 13879126 |
| ManpowerGroup, Inc.  | 272389 | 7618720 |
| Maximus, Inc.  | 55747 | 4215031 |
| Paychex, Inc.  | 97548 | 9135370 |
| Republic Services, Inc.  | 56230 | 12876670 |
| Robert Half, Inc.  | 233056 | 5691228 |
| Science Applications International <br> Corp. <br>| 63592 | 5866998 |
| SS&C Technologies Holdings, Inc.  | 105508 | 7943697 |
| TransUnion  | 58455 | 4591640 |
| Veralto Corp.  | 63188 | 6156407 |
| Verisk Analytics, Inc.  | 33432 | 6939480 |
| Waste Management, Inc.  | 136378 | 32845278 |
|  |  | **213064077** |
| **Consumer Discretionary Distribution & Retail 4.0%** | **Consumer Discretionary Distribution & Retail 4.0%** | **Consumer Discretionary Distribution & Retail 4.0%** |
| Academy Sports & Outdoors, Inc.  | 135287 | 8134807 |
| Advance Auto Parts, Inc.  | 207780 | 11047663 |
| Amazon.com, Inc. \* | 1530987 | 321507270 |
| American Eagle Outfitters, Inc.  | 327085 | 8036478 |
| Asbury Automotive Group, Inc. \* | 31931 | 6826209 |
| AutoNation, Inc. \* | 59218 | 11556985 |
| AutoZone, Inc. \* | 3287 | 12344591 |
| Bath & Body Works, Inc.  | 238077 | 5418633 |
| Best Buy Co., Inc.  | 388491 | 24074787 |
| Burlington Stores, Inc. \* | 17304 | 5310079 |
| CarMax, Inc. \* | 208074 | 8982555 |
| Dick's Sporting Goods, Inc.  | 42426 | 8639206 |
| eBay, Inc.  | 374112 | 33991816 |
| Gap, Inc.  | 271262 | 7606187 |
| Genuine Parts Co.  | 120164 | 14330759 |
| Group 1 Automotive, Inc.  | 23222 | 7564334 |
| Home Depot, Inc.  | 406533 | 154775244 |
| Kohl's Corp.  | 1195748 | 19574395 |
| Lithia Motors, Inc.  | 45119 | 12614370 |
| LKQ Corp.  | 457168 | 15136833 |
| Lowe's Cos., Inc.  | 393990 | 104237934 |
| Macy's, Inc.  | 1080450 | 21371301 |
| Murphy USA, Inc.  | 19178 | 7493612 |
| O'Reilly Automotive, Inc. \* | 232308 | 21809075 |
| Penske Automotive Group, Inc.  | 27428 | 4320459 |
| Pool Corp.  | 18915 | 4297110 |
| QVC Group, Inc. *\*(a)(b)* | 654324 | 1976058 |
| Ross Stores, Inc.  | 113644 | 23369752 |
| Signet Jewelers Ltd.  | 77473 | 7452128 |
| TJX Cos., Inc.  | 330931 | 53498305 |
| Tractor Supply Co.  | 236779 | 12274623 |
| Ulta Beauty, Inc. \* | 20874 | 14294306 |
| Williams-Sonoma, Inc.  | 48532 | 9980606 |
|  |  | **983848470** |
| **Consumer Durables & Apparel 1.6%** | **Consumer Durables & Apparel 1.6%** | **Consumer Durables & Apparel 1.6%** |
| Brunswick Corp.  | 126373 | 10061818 |
| Capri Holdings Ltd. \* | 401343 | 8231545 |
| Carter's, Inc.  | 121227 | 4067166 |
| Crocs, Inc. \* | 50230 | 4556363 |
| Deckers Outdoor Corp. \* | 59291 | 6953056 |
| DR Horton, Inc.  | 290134 | 46534592 |

---

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| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hasbro, Inc.  | 114153 | 11368497 |
| KB Home  | 99270 | 6311587 |
| Leggett & Platt, Inc.  | 537465 | 6277591 |
| Lennar Corp., Class A  | 310458 | 35503977 |
| M/I Homes, Inc. \* | 34729 | 4937075 |
| Mattel, Inc. \* | 248580 | 4213431 |
| Meritage Homes Corp.  | 111254 | 8390777 |
| Mohawk Industries, Inc. \* | 99460 | 12459354 |
| Newell Brands, Inc.  | 1919183 | 8732283 |
| NIKE, Inc., Class B  | 832799 | 51783442 |
| NVR, Inc. \* | 2233 | 16787225 |
| Polaris, Inc.  | 136068 | 8264770 |
| PulteGroup, Inc.  | 212076 | 29096827 |
| PVH Corp.  | 136249 | 9346681 |
| Ralph Lauren Corp.  | 19413 | 7039154 |
| Somnigroup International, Inc.  | 61168 | 5475148 |
| Tapestry, Inc.  | 112589 | 17504212 |
| Taylor Morrison Home Corp. \* | 144747 | 9537380 |
| Toll Brothers, Inc.  | 84395 | 13270270 |
| TopBuild Corp. \* | 13844 | 6206265 |
| Tri Pointe Homes, Inc. \* | 170576 | 7897669 |
| VF Corp.  | 773143 | 15014437 |
| Whirlpool Corp. *(b)* | 175850 | 12033415 |
|  |  | **387856007** |
| **Consumer Services 1.2%** | **Consumer Services 1.2%** | **Consumer Services 1.2%** |
| ADT, Inc.  | 598946 | 4803547 |
| Aramark  | 147604 | 6177227 |
| Booking Holdings, Inc.  | 6985 | 29611860 |
| Caesars Entertainment, Inc. \* | 308541 | 7728952 |
| Carnival Corp.  | 177452 | 5598611 |
| Chipotle Mexican Grill, Inc. \* | 223291 | 8310891 |
| Darden Restaurants, Inc.  | 58044 | 12412709 |
| Domino's Pizza, Inc.  | 13493 | 5431068 |
| Expedia Group, Inc.  | 37433 | 8073924 |
| Flutter Entertainment PLC \* | 32356 | 3434266 |
| Hilton Worldwide Holdings, Inc.  | 38185 | 11905319 |
| Las Vegas Sands Corp.  | 121560 | 6894883 |
| Marriott International, Inc., Class A  | 42662 | 14578885 |
| Marriott Vacations Worldwide Corp.  | 70423 | 4578199 |
| McDonald's Corp.  | 226529 | 77259981 |
| MGM Resorts International \* | 268653 | 9902550 |
| Penn Entertainment, Inc. \* | 300795 | 4704434 |
| Royal Caribbean Cruises Ltd.  | 15906 | 4946130 |
| Service Corp. International  | 77424 | 6517552 |
| Starbucks Corp.  | 485870 | 47624977 |
| Texas Roadhouse, Inc.  | 24402 | 4462394 |
| Vail Resorts, Inc.  | 30693 | 4168416 |
| Yum! Brands, Inc.  | 97886 | 16460510 |
|  |  | **305587285** |
| **Consumer Staples Distribution & Retail 3.2%** | **Consumer Staples Distribution & Retail 3.2%** | **Consumer Staples Distribution & Retail 3.2%** |
| Albertsons Cos., Inc., Class A  | 724081 | 12961050 |
| Andersons, Inc.  | 141804 | 9258383 |
| BJ's Wholesale Club Holdings, Inc. \* | 72117 | 7124438 |
| Casey's General Stores, Inc.  | 21300 | 14603067 |
| Costco Wholesale Corp.  | 134352 | 135801658 |
| Dollar General Corp.  | 349322 | 54578069 |
| Dollar Tree, Inc. \* | 248592 | 31441916 |
| Kroger Co.  | 893498 | 60972304 |
| Performance Food Group Co. \* | 174355 | 16922896 |
| Sprouts Farmers Market, Inc. \* | 39809 | 2940691 |
| Sysco Corp.  | 317178 | 28913947 |
| Target Corp.  | 771437 | 87781816 |
| U.S. Foods Holding Corp. \* | 223580 | 21600064 |
| United Natural Foods, Inc. \* | 320944 | 12263270 |

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*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**23**

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Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Walmart, Inc.  | 2329858 | 298105331 |
|  |  | **795268900** |
| **Energy 9.8%** | **Energy 9.8%** | **Energy 9.8%** |
| Antero Resources Corp. \* | 263372 | 9694723 |
| APA Corp.  | 833226 | 25305074 |
| Baker Hughes Co.  | 627719 | 40964942 |
| California Resources Corp.  | 103872 | 6111829 |
| Cheniere Energy, Inc.  | 101921 | 24025837 |
| Chevron Corp.  | 2147075 | 400987727 |
| Chord Energy Corp.  | 78280 | 8483204 |
| CNX Resources Corp. \* | 169530 | 7082963 |
| ConocoPhillips  | 1507551 | 171046736 |
| Coterra Energy, Inc.  | 665120 | 20346021 |
| Devon Energy Corp.  | 1059342 | 46113157 |
| Diamondback Energy, Inc.  | 94099 | 16380754 |
| EOG Resources, Inc.  | 539751 | 66972304 |
| EQT Corp.  | 302631 | 18587596 |
| Expand Energy Corp.  | 233096 | 25155720 |
| Exxon Mobil Corp.  | 4269061 | 651031803 |
| Halliburton Co.  | 931079 | 33518844 |
| Helmerich & Payne, Inc.  | 196139 | 6908016 |
| HF Sinclair Corp.  | 514594 | 25734846 |
| Kinder Morgan, Inc.  | 1367961 | 45512063 |
| Marathon Petroleum Corp.  | 750038 | 148665032 |
| Matador Resources Co.  | 92716 | 4765602 |
| Murphy Oil Corp.  | 300469 | 9960547 |
| NOV, Inc.  | 474496 | 9613289 |
| Occidental Petroleum Corp.  | 895071 | 47510369 |
| ONEOK, Inc.  | 319870 | 26475640 |
| Ovintiv, Inc.  | 591138 | 29905671 |
| Patterson-UTI Energy, Inc.  | 694474 | 5909974 |
| PBF Energy, Inc., Class A  | 670739 | 23878308 |
| Peabody Energy Corp.  | 359081 | 11325415 |
| Phillips 66  | 756668 | 116776572 |
| Range Resources Corp.  | 182748 | 7543837 |
| SLB Ltd.  | 1154640 | 59279218 |
| SM Energy Co.  | 481002 | 11125576 |
| Targa Resources Corp.  | 79031 | 18635510 |
| TechnipFMC PLC  | 178146 | 11812861 |
| Valero Energy Corp.  | 814404 | 166659635 |
| Williams Cos., Inc.  | 491779 | 36745727 |
| World Kinect Corp.  | 544596 | 13587670 |
|  |  | **2410140612** |
| **Equity Real Estate Investment Trusts (REITs) 1.5%** | **Equity Real Estate Investment Trusts (REITs) 1.5%** | **Equity Real Estate Investment Trusts (REITs) 1.5%** |
| Alexandria Real Estate Equities, Inc.  | 130252 | 7038818 |
| American Tower Corp.  | 140231 | 26904720 |
| AvalonBay Communities, Inc.  | 49064 | 8695613 |
| BXP, Inc.  | 128405 | 7393560 |
| Camden Property Trust  | 45161 | 4892743 |
| Crown Castle, Inc.  | 225603 | 20200493 |
| Digital Realty Trust, Inc.  | 102744 | 18206237 |
| Equinix, Inc.  | 18383 | 17909821 |
| Equity Residential  | 183008 | 11567936 |
| Essex Property Trust, Inc.  | 23327 | 5950951 |
| Extra Space Storage, Inc.  | 46781 | 7065334 |
| Gaming & Leisure Properties, Inc.  | 95288 | 4660536 |
| Healthpeak Properties, Inc.  | 391279 | 6917813 |
| Host Hotels & Resorts, Inc.  | 504064 | 9874614 |
| Invitation Homes, Inc.  | 204691 | 5391561 |
| Iron Mountain, Inc.  | 98837 | 10707012 |
| Kimco Realty Corp.  | 256536 | 6041423 |
| Lamar Advertising Co., Class A  | 36826 | 5072413 |
| Mid-America Apartment <br> Communities, Inc. <br>| 49096 | 6571990 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prologis, Inc.  | 219259 | 31259756 |
| Public Storage  | 39991 | 12279636 |
| Realty Income Corp.  | 179502 | 12026634 |
| Regency Centers Corp.  | 65148 | 5146692 |
| SBA Communications Corp.  | 32911 | 6620377 |
| Simon Property Group, Inc.  | 95387 | 19444640 |
| Sun Communities, Inc.  | 51123 | 6976244 |
| UDR, Inc.  | 138540 | 5195250 |
| Ventas, Inc.  | 167744 | 14452823 |
| VICI Properties, Inc.  | 250075 | 7554766 |
| Vornado Realty Trust  | 107012 | 2951391 |
| Welltower, Inc.  | 102946 | 21322175 |
| Weyerhaeuser Co.  | 829417 | 20345599 |
| WP Carey, Inc.  | 87522 | 6533517 |
|  |  | **363173088** |
| **Financial Services 6.5%** | **Financial Services 6.5%** | **Financial Services 6.5%** |
| Affiliated Managers Group, Inc.  | 29630 | 9072113 |
| AGNC Investment Corp.  | 424296 | 4756358 |
| Ally Financial, Inc.  | 537966 | 21217379 |
| American Express Co.  | 177681 | 54885661 |
| Ameriprise Financial, Inc.  | 43290 | 20351495 |
| Annaly Capital Management, Inc.  | 431776 | 10034474 |
| Apollo Global Management, Inc.  | 49077 | 5133454 |
| Bank of New York Mellon Corp.  | 405774 | 48327683 |
| Berkshire Hathaway, Inc., Class B \* | 737971 | 372638457 |
| Blackrock, Inc.  | 46556 | 49499736 |
| Blackstone, Inc.  | 129805 | 14715993 |
| Block, Inc. \* | 169642 | 10806195 |
| Bread Financial Holdings, Inc.  | 109598 | 7766114 |
| Capital One Financial Corp.  | 501633 | 98139480 |
| Carlyle Group, Inc.  | 121185 | 6300408 |
| Charles Schwab Corp. *(c)* | 342945 | 32648364 |
| CME Group, Inc.  | 81313 | 25979504 |
| Corebridge Financial, Inc.  | 273750 | 7073700 |
| Corpay, Inc. \* | 31477 | 10233173 |
| Equitable Holdings, Inc.  | 141629 | 5696318 |
| Evercore, Inc., Class A  | 22428 | 6926664 |
| Fidelity National Information Services, <br> Inc. <br>| 362442 | 18470044 |
| Fiserv, Inc. \* | 237778 | 14811192 |
| Franklin Resources, Inc.  | 407612 | 10818023 |
| Global Payments, Inc.  | 278864 | 21321941 |
| Goldman Sachs Group, Inc.  | 153379 | 131839987 |
| Intercontinental Exchange, Inc.  | 135785 | 22286392 |
| Invesco Ltd.  | 444560 | 11674146 |
| Jack Henry & Associates, Inc.  | 27908 | 4533934 |
| Jackson Financial, Inc., Class A  | 76774 | 8405218 |
| Jefferies Financial Group, Inc.  | 108538 | 4819087 |
| KKR & Co., Inc.  | 94388 | 8275940 |
| LPL Financial Holdings, Inc.  | 22814 | 6852869 |
| Mastercard, Inc., Class A  | 106152 | 54902876 |
| MGIC Investment Corp.  | 182199 | 4833740 |
| Moody's Corp.  | 27454 | 13111756 |
| Morgan Stanley  | 563491 | 93826886 |
| MSCI, Inc.  | 10943 | 6257536 |
| Nasdaq, Inc.  | 97927 | 8576447 |
| Northern Trust Corp.  | 104675 | 14977946 |
| OneMain Holdings, Inc.  | 241764 | 13301855 |
| PayPal Holdings, Inc.  | 581074 | 26851430 |
| PROG Holdings, Inc.  | 199039 | 7008163 |
| Raymond James Financial, Inc.  | 64521 | 9876875 |
| Rithm Capital Corp.  | 574006 | 5768760 |
| S&P Global, Inc.  | 69605 | 30757057 |
| SEI Investments Co.  | 66673 | 5421848 |
| SLM Corp.  | 231972 | 4347155 |
| Starwood Property Trust, Inc.  | 276175 | 4918677 |

---

*See financial notes*

**24**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| State Street Corp.  | 239655 | 30824426 |
| StoneX Group, Inc. \* | 48438 | 6175845 |
| Synchrony Financial  | 648692 | 44831104 |
| T. Rowe Price Group, Inc.  | 255848 | 24210896 |
| Visa, Inc., Class A  | 242159 | 77524782 |
| Voya Financial, Inc.  | 66972 | 4479087 |
| Western Union Co.  | 845700 | 8144091 |
|  |  | **1587240734** |
| **Food, Beverage & Tobacco 3.5%** | **Food, Beverage & Tobacco 3.5%** | **Food, Beverage & Tobacco 3.5%** |
| Altria Group, Inc.  | 1116903 | 77110983 |
| Archer-Daniels-Midland Co.  | 1295421 | 89435866 |
| Brown-Forman Corp., Class B  | 202226 | 5836242 |
| Bunge Global SA  | 486039 | 58640605 |
| Campbell's Co.  | 211311 | 5694831 |
| Coca-Cola Co.  | 1103618 | 90011084 |
| Conagra Brands, Inc.  | 803850 | 15474113 |
| Constellation Brands, Inc., Class A  | 117810 | 18597487 |
| Darling Ingredients, Inc. \* | 166198 | 8835086 |
| Flowers Foods, Inc.  | 301655 | 2980351 |
| General Mills, Inc.  | 587709 | 26582078 |
| Hershey Co.  | 64885 | 15331028 |
| Hormel Foods Corp.  | 305084 | 7810150 |
| Ingredion, Inc.  | 67565 | 7936185 |
| J.M. Smucker Co.  | 122768 | 14234950 |
| Keurig Dr. Pepper, Inc.  | 679298 | 20569143 |
| Kraft Heinz Co.  | 1297896 | 31941221 |
| Lamb Weston Holdings, Inc.  | 103487 | 4987039 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 122835 | 8726198 |
| Molson Coors Beverage Co., Class B  | 258918 | 12684393 |
| Mondelez International, Inc., Class A  | 846919 | 52153272 |
| Monster Beverage Corp. \* | 142711 | 12173248 |
| PepsiCo, Inc.  | 748464 | 127044279 |
| Philip Morris International, Inc.  | 519098 | 96983079 |
| Post Holdings, Inc. \* | 40229 | 4276343 |
| Tyson Foods, Inc., Class A  | 744053 | 48356005 |
|  |  | **864405259** |
| **Health Care Equipment & Services 5.8%** | **Health Care Equipment & Services 5.8%** | **Health Care Equipment & Services 5.8%** |
| Abbott Laboratories  | 617616 | 71859622 |
| Align Technology, Inc. \* | 46896 | 8914930 |
| AMN Healthcare Services, Inc. \* | 215592 | 4199732 |
| Baxter International, Inc.  | 717549 | 14616473 |
| Becton Dickinson & Co.  | 164478 | 29027077 |
| Boston Scientific Corp. \* | 183608 | 14110275 |
| Cardinal Health, Inc.  | 97661 | 22386831 |
| Cencora, Inc.  | 47341 | 17617480 |
| Centene Corp. \* | 1788686 | 80276228 |
| Cigna Group  | 471018 | 136510437 |
| Community Health Systems, Inc. \* | 1378898 | 4770987 |
| Cooper Cos., Inc. \* | 80653 | 6748237 |
| CVS Health Corp.  | 2932285 | 234289571 |
| DaVita, Inc. \* | 56600 | 8846580 |
| Dentsply Sirona, Inc.  | 444671 | 6527770 |
| Edwards Lifesciences Corp. \* | 175627 | 15186467 |
| Elevance Health, Inc.  | 330358 | 105714560 |
| Encompass Health Corp.  | 38667 | 4171396 |
| GE HealthCare Technologies, Inc.  | 223679 | 18849429 |
| HCA Healthcare, Inc.  | 115953 | 61420304 |
| Henry Schein, Inc. \* | 145069 | 11952235 |
| Hologic, Inc. \* | 166407 | 12540432 |
| Humana, Inc.  | 250077 | 47649672 |
| IDEXX Laboratories, Inc. \* | 11554 | 7587858 |
| Intuitive Surgical, Inc. \* | 27990 | 14093245 |
| Labcorp Holdings, Inc.  | 117519 | 33977093 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| McKesson Corp.  | 40458 | 39947015 |
| Molina Healthcare, Inc. \* | 79695 | 12277015 |
| Quest Diagnostics, Inc.  | 80220 | 16999420 |
| QuidelOrtho Corp. \* | 146451 | 3330296 |
| ResMed, Inc.  | 29623 | 7591190 |
| Solventum Corp. \* | 179222 | 13298272 |
| STERIS PLC  | 33885 | 8550880 |
| Stryker Corp.  | 74829 | 28993244 |
| Teleflex, Inc.  | 38308 | 4675874 |
| Tenet Healthcare Corp. \* | 69428 | 16620369 |
| UnitedHealth Group, Inc.  | 792276 | 232350783 |
| Universal Health Services, Inc., <br> Class B <br>| 76227 | 15710385 |
| Zimmer Biomet Holdings, Inc.  | 141685 | 13947471 |
|  |  | **1408137135** |
| **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** |
| Church & Dwight Co., Inc.  | 100054 | 10491663 |
| Clorox Co.  | 59382 | 7551015 |
| Colgate-Palmolive Co.  | 326644 | 32383486 |
| Estee Lauder Cos., Inc., Class A  | 191874 | 21004447 |
| Kenvue, Inc.  | 1172427 | 22416804 |
| Kimberly-Clark Corp.  | 182587 | 20347495 |
| Procter & Gamble Co.  | 1143164 | 191137021 |
|  |  | **305331931** |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
| Aflac, Inc.  | 341864 | 38606701 |
| Allstate Corp.  | 187271 | 40173375 |
| American Financial Group, Inc.  | 76227 | 10136666 |
| American International Group, Inc.  | 790067 | 63592493 |
| Aon PLC, Class A  | 75331 | 25271291 |
| Arthur J Gallagher & Co.  | 38215 | 8720663 |
| Assurant, Inc.  | 26767 | 6145436 |
| Brown & Brown, Inc.  | 49145 | 3529594 |
| Chubb Ltd.  | 148786 | 50715196 |
| Cincinnati Financial Corp.  | 88163 | 14456969 |
| CNO Financial Group, Inc.  | 121099 | 5063149 |
| F&G Annuities & Life, Inc.  | 11172 | 253046 |
| Fidelity National Financial, Inc.  | 195892 | 10358769 |
| First American Financial Corp.  | 126921 | 8898431 |
| Genworth Financial, Inc., Class A \* | 626403 | 5286841 |
| Globe Life, Inc.  | 39777 | 5778007 |
| Hartford Insurance Group, Inc.  | 161775 | 22782773 |
| Lincoln National Corp.  | 218067 | 7479698 |
| Loews Corp.  | 103706 | 11409734 |
| Markel Group, Inc. \* | 5941 | 12312544 |
| Marsh & McLennan Cos., Inc.  | 151662 | 28321362 |
| MetLife, Inc.  | 492694 | 35508457 |
| Old Republic International Corp.  | 235054 | 10076765 |
| Primerica, Inc.  | 15869 | 4025331 |
| Principal Financial Group, Inc.  | 199684 | 19053847 |
| Progressive Corp.  | 154226 | 32951927 |
| Prudential Financial, Inc.  | 294668 | 28989438 |
| Reinsurance Group of America, Inc., <br> Class A <br>| 32699 | 7054155 |
| Travelers Cos., Inc.  | 133017 | 41054367 |
| Unum Group  | 117360 | 8418233 |
| W.R. Berkley Corp.  | 111685 | 8007814 |
| Willis Towers Watson PLC  | 41493 | 12662419 |
|  |  | **587095491** |
| **Materials 4.1%** | **Materials 4.1%** | **Materials 4.1%** |
| Air Products & Chemicals, Inc.  | 87227 | 24045867 |
| Albemarle Corp.  | 108687 | 19419106 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**25**

------

Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Alcoa Corp.  | 334085 | 20739997 |
| Alpha Metallurgical Resources, Inc. \* | 31846 | 5179752 |
| Amcor PLC  | 384540 | 18623272 |
| AptarGroup, Inc.  | 34085 | 4898355 |
| Ashland, Inc.  | 85710 | 5344876 |
| Avery Dennison Corp.  | 49731 | 9764682 |
| Axalta Coating Systems Ltd. \* | 144824 | 4838570 |
| Ball Corp.  | 257410 | 17279933 |
| Celanese Corp.  | 256442 | 12806713 |
| CF Industries Holdings, Inc.  | 210093 | 20912657 |
| Chemours Co.  | 405579 | 7397761 |
| Cleveland-Cliffs, Inc. \* | 1646202 | 17548513 |
| Commercial Metals Co.  | 172308 | 12630176 |
| Corteva, Inc.  | 384214 | 30783226 |
| CRH PLC  | 392252 | 47062395 |
| Crown Holdings, Inc.  | 93909 | 10761971 |
| Dow, Inc.  | 2239149 | 68809049 |
| DuPont de Nemours, Inc.  | 581802 | 29113372 |
| Eagle Materials, Inc.  | 21107 | 4723747 |
| Eastman Chemical Co.  | 203581 | 15372401 |
| Ecolab, Inc.  | 65321 | 20141730 |
| FMC Corp.  | 335921 | 4951476 |
| Freeport-McMoRan, Inc.  | 857396 | 58371520 |
| Graphic Packaging Holding Co.  | 365749 | 4473110 |
| Huntsman Corp.  | 794491 | 10050311 |
| International Flavors & Fragrances, <br> Inc. <br>| 197737 | 16259914 |
| International Paper Co.  | 536579 | 23368015 |
| Linde PLC  | 146432 | 74399171 |
| Louisiana-Pacific Corp.  | 58865 | 4988220 |
| LyondellBasell Industries NV, Class A  | 694516 | 39948560 |
| Martin Marietta Materials, Inc.  | 17468 | 11818325 |
| Mosaic Co.  | 793874 | 22101452 |
| Newmont Corp.  | 455578 | 59225140 |
| Nucor Corp.  | 420859 | 74441540 |
| O-I Glass, Inc. \* | 374175 | 5013945 |
| Olin Corp.  | 511838 | 12985330 |
| Packaging Corp. of America  | 62525 | 14514554 |
| PPG Industries, Inc.  | 175156 | 21591480 |
| Reliance, Inc.  | 74085 | 23384189 |
| RPM International, Inc.  | 64355 | 7344193 |
| Sealed Air Corp.  | 125278 | 5246643 |
| Sherwin-Williams Co.  | 48697 | 17657045 |
| Solstice Advanced Materials, Inc.  | 62223 | 4885128 |
| Sonoco Products Co.  | 150147 | 8478801 |
| Steel Dynamics, Inc.  | 199244 | 38479994 |
| Vulcan Materials Co.  | 36789 | 11404590 |
| Westlake Corp.  | 57720 | 6082534 |
|  |  | **1009663301** |
| **Media & Entertainment 7.0%** | **Media & Entertainment 7.0%** | **Media & Entertainment 7.0%** |
| Alphabet, Inc., Class A  | 1717285 | 535380772 |
| Alphabet, Inc., Class C  | 1382942 | 430689627 |
| Charter Communications, Inc., <br> Class A \*<br>| 236081 | 55391685 |
| Electronic Arts, Inc.  | 110342 | 22131295 |
| Fox Corp., Class A  | 318849 | 17963953 |
| Lionsgate Studios Corp. \* | 32862 | 295758 |
| Meta Platforms, Inc., Class A  | 455173 | 295034035 |
| Netflix, Inc. \* | 597994 | 57550942 |
| News Corp., Class A  | 365284 | 8872748 |
| Nexstar Media Group, Inc.  | 52024 | 13059064 |
| Omnicom Group, Inc.  | 335154 | 28585285 |
| Optimum Communications, Inc., <br> Class A \*<br>| 3494596 | 5032218 |
| Paramount Skydance Corp., Class B  | 1095394 | 14798773 |
| Sirius XM Holdings, Inc.  | 338271 | 7428431 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Take-Two Interactive Software, Inc. \* | 24115 | 5099840 |
| TEGNA, Inc.  | 277008 | 5803318 |
| Versant Media Group, Inc. \* | 228106 | 7600492 |
| Walt Disney Co.  | 842992 | 89390872 |
| Warner Bros Discovery, Inc. \* | 3641581 | 102583337 |
|  |  | **1702692445** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.9%** |
| AbbVie, Inc.  | 641037 | 148771867 |
| Agilent Technologies, Inc.  | 112422 | 13645782 |
| Amgen, Inc.  | 281925 | 109432008 |
| Avantor, Inc. \* | 573261 | 5188012 |
| Biogen, Inc. \* | 179480 | 34427854 |
| Bristol-Myers Squibb Co.  | 2433162 | 151756314 |
| Charles River Laboratories <br> International, Inc. \*<br>| 29895 | 5335959 |
| Danaher Corp.  | 192010 | 40444986 |
| Elanco Animal Health, Inc. \* | 357810 | 9446184 |
| Eli Lilly & Co.  | 61430 | 64623746 |
| Gilead Sciences, Inc.  | 657549 | 97941924 |
| Illumina, Inc. \* | 58278 | 7836060 |
| IQVIA Holdings, Inc. \* | 87303 | 15610649 |
| Jazz Pharmaceuticals PLC \* | 42944 | 8160219 |
| Johnson & Johnson  | 1214429 | 301700596 |
| Merck & Co., Inc.  | 1565017 | 193780405 |
| Mettler-Toledo International, Inc. \* | 6223 | 8504912 |
| Moderna, Inc. \* | 866719 | 46430137 |
| Organon & Co.  | 937643 | 6835417 |
| Pfizer, Inc.  | 6867207 | 189878273 |
| Regeneron Pharmaceuticals, Inc.  | 55394 | 43299828 |
| Revvity, Inc.  | 71462 | 7025429 |
| Thermo Fisher Scientific, Inc.  | 142331 | 74170107 |
| United Therapeutics Corp. \* | 13794 | 6950797 |
| Vertex Pharmaceuticals, Inc. \* | 48402 | 24047566 |
| Viatris, Inc.  | 2574900 | 38443257 |
| Waters Corp. \* | 44707 | 14278522 |
| West Pharmaceutical Services, Inc.  | 24459 | 6220902 |
| Zoetis, Inc.  | 127590 | 16727049 |
|  |  | **1690914761** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 158958 | 23471738 |
| Cushman & Wakefield Ltd. \* | 323864 | 4343016 |
| Jones Lang LaSalle, Inc. \* | 43560 | 13745358 |
|  |  | **41560112** |
| **Semiconductors & Semiconductor Equipment 5.7%** | **Semiconductors & Semiconductor Equipment 5.7%** | **Semiconductors & Semiconductor Equipment 5.7%** |
| Advanced Micro Devices, Inc. \* | 215103 | 43065771 |
| Analog Devices, Inc.  | 160610 | 57143432 |
| Applied Materials, Inc.  | 303363 | 112942045 |
| Broadcom, Inc.  | 383023 | 122394999 |
| First Solar, Inc. \* | 24124 | 4757253 |
| Intel Corp. \* | 6935311 | 316319535 |
| KLA Corp.  | 26504 | 40406673 |
| Lam Research Corp.  | 405820 | 94917240 |
| Marvell Technology, Inc.  | 103130 | 8424690 |
| Microchip Technology, Inc.  | 322948 | 24104839 |
| Micron Technology, Inc.  | 553003 | 228041847 |
| NVIDIA Corp.  | 555435 | 98417528 |
| ON Semiconductor Corp. \* | 275556 | 18318963 |
| Qnity Electronics, Inc.  | 209089 | 26504121 |
| Qorvo, Inc. \* | 118321 | 9808811 |
| QUALCOMM, Inc.  | 486952 | 69322487 |
| Skyworks Solutions, Inc.  | 168755 | 10054423 |
| Teradyne, Inc.  | 78222 | 25033387 |

---

*See financial notes*

**26**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Texas Instruments, Inc.  | 378556 | 80295513 |
|  |  | **1390273557** |
| **Software & Services 3.7%** | **Software & Services 3.7%** | **Software & Services 3.7%** |
| Accenture PLC, Class A  | 294822 | 61535248 |
| Adobe, Inc. \* | 137509 | 36083737 |
| Akamai Technologies, Inc. \* | 98931 | 9733821 |
| Amdocs Ltd.  | 105091 | 7335352 |
| ASGN, Inc. \* | 92395 | 3963745 |
| Autodesk, Inc. \* | 25373 | 6238459 |
| Cadence Design Systems, Inc. \* | 27705 | 8350287 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 493153 | 31773848 |
| DXC Technology Co. \* | 807581 | 10167445 |
| EPAM Systems, Inc. \* | 29418 | 4147938 |
| Fortinet, Inc. \* | 83530 | 6601376 |
| Gartner, Inc. \* | 24068 | 3783490 |
| Gen Digital, Inc.  | 293800 | 6631066 |
| GoDaddy, Inc., Class A \* | 40375 | 3519085 |
| International Business Machines <br> Corp. <br>| 325611 | 78215018 |
| Intuit, Inc.  | 38720 | 15837641 |
| Kyndryl Holdings, Inc. \* | 232895 | 2871595 |
| Microsoft Corp.  | 1252009 | 491714015 |
| Oracle Corp.  | 411260 | 59797204 |
| Palo Alto Networks, Inc. \* | 28936 | 4309149 |
| Roper Technologies, Inc.  | 23566 | 8241737 |
| Salesforce, Inc.  | 156295 | 30444703 |
| ServiceNow, Inc. \* | 32770 | 3539488 |
| Synopsys, Inc. \* | 20176 | 8352864 |
| Trimble, Inc. \* | 75860 | 5072758 |
| Zoom Communications, Inc., Class A \* | 66921 | 4948139 |
|  |  | **913209208** |
| **Technology Hardware & Equipment 6.9%** | **Technology Hardware & Equipment 6.9%** | **Technology Hardware & Equipment 6.9%** |
| Amphenol Corp., Class A  | 182810 | 26701229 |
| Apple, Inc.  | 3736433 | 987090870 |
| Arista Networks, Inc. \* | 67409 | 8999101 |
| Arrow Electronics, Inc. \* | 144986 | 22061070 |
| Avnet, Inc.  | 314766 | 20724193 |
| CDW Corp.  | 82225 | 10084074 |
| Ciena Corp. \* | 56540 | 19715498 |
| Cisco Systems, Inc.  | 2057413 | 163482037 |
| Corning, Inc.  | 354167 | 53259633 |
| Dell Technologies, Inc., Class C  | 122885 | 18196811 |
| F5, Inc. \* | 17882 | 4852460 |
| Flex Ltd. \* | 247561 | 15601294 |
| Hewlett Packard Enterprise Co.  | 1801578 | 38679880 |
| HP, Inc.  | 1445029 | 27441101 |
| Insight Enterprises, Inc. \* | 43935 | 3671209 |
| Jabil, Inc.  | 74828 | 19828672 |
| Keysight Technologies, Inc. \* | 62178 | 19109165 |
| Motorola Solutions, Inc.  | 30351 | 14637073 |
| NetApp, Inc.  | 102850 | 10185235 |
| Ralliant Corp.  | 18578 | 852544 |
| Sandisk Corp. \* | 26757 | 17000327 |
| Sanmina Corp. \* | 60128 | 9335473 |
| Seagate Technology Holdings PLC  | 112871 | 46033309 |
| TD SYNNEX Corp.  | 95486 | 14973160 |
| TE Connectivity PLC  | 141617 | 32593153 |
| Teledyne Technologies, Inc. \* | 13180 | 8976898 |
| Vishay Intertechnology, Inc.  | 280185 | 5245063 |
| Western Digital Corp.  | 188401 | 52695760 |
| Xerox Holdings Corp.  | 1645539 | 2961970 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zebra Technologies Corp., Class A \* | 24842 | 5563614 |
|  |  | **1680551876** |
| **Telecommunication Services 3.3%** | **Telecommunication Services 3.3%** | **Telecommunication Services 3.3%** |
| AT&T, Inc.  | 8575513 | 240200119 |
| Comcast Corp., Class A  | 5736244 | 177594114 |
| Liberty Global Ltd., Class C \* | 659942 | 8117287 |
| Liberty Latin America Ltd., Class C \* | 714629 | 5674154 |
| Lumen Technologies, Inc. \* | 6177505 | 43922061 |
| Telephone & Data Systems, Inc.  | 126124 | 5644049 |
| T-Mobile U.S., Inc.  | 202436 | 43946831 |
| Verizon Communications, Inc.  | 5496879 | 275613513 |
|  |  | **800712128** |
| **Transportation 2.3%** | **Transportation 2.3%** | **Transportation 2.3%** |
| Alaska Air Group, Inc. \* | 95450 | 4925220 |
| Avis Budget Group, Inc. *\*(b)* | 71399 | 6954976 |
| CH Robinson Worldwide, Inc.  | 117827 | 21827452 |
| CSX Corp.  | 1393484 | 59487832 |
| Delta Air Lines, Inc.  | 85374 | 5609072 |
| Expeditors International of <br> Washington, Inc. <br>| 150112 | 21770743 |
| FedEx Corp.  | 283128 | 109570536 |
| GXO Logistics, Inc. \* | 111558 | 7009189 |
| Hertz Global Holdings, Inc. *\*(b)* | 831554 | 3775255 |
| Hub Group, Inc., Class A  | 121313 | 5224951 |
| JB Hunt Transport Services, Inc.  | 74297 | 17341663 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 213338 | 13423227 |
| Landstar System, Inc.  | 46060 | 7505477 |
| Matson, Inc.  | 50769 | 8434254 |
| Norfolk Southern Corp.  | 147461 | 46411875 |
| Old Dominion Freight Line, Inc.  | 81174 | 16482381 |
| Ryder System, Inc.  | 69707 | 15444283 |
| Uber Technologies, Inc. \* | 86826 | 6548417 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 88500 | 4173660 |
| Union Pacific Corp.  | 334116 | 88534058 |
| United Parcel Service, Inc., Class B  | 850465 | 98619921 |
|  |  | **569074442** |
| **Utilities 3.4%** | **Utilities 3.4%** | **Utilities 3.4%** |
| AES Corp.  | 1151719 | 19901704 |
| Alliant Energy Corp.  | 132497 | 9584833 |
| Ameren Corp.  | 138391 | 15676932 |
| American Electric Power Co., Inc.  | 310095 | 41496913 |
| American Water Works Co., Inc.  | 73683 | 10023098 |
| Atmos Energy Corp.  | 51329 | 9587744 |
| CenterPoint Energy, Inc.  | 369876 | 16089606 |
| CMS Energy Corp.  | 168046 | 13119351 |
| Consolidated Edison, Inc.  | 253230 | 28493440 |
| Constellation Energy Corp.  | 60992 | 20120041 |
| Dominion Energy, Inc.  | 665018 | 41989237 |
| DTE Energy Co.  | 115485 | 17119496 |
| Duke Energy Corp.  | 527485 | 69021412 |
| Edison International  | 467257 | 34922788 |
| Entergy Corp.  | 244786 | 26219028 |
| Essential Utilities, Inc.  | 124226 | 4965313 |
| Evergy, Inc.  | 191801 | 16046072 |
| Eversource Energy  | 271915 | 20722642 |
| Exelon Corp.  | 782665 | 38718438 |
| FirstEnergy Corp.  | 413527 | 21156041 |
| National Fuel Gas Co.  | 56472 | 5140646 |
| NextEra Energy, Inc.  | 750809 | 70403360 |
| NiSource, Inc.  | 236165 | 11170605 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**27**

------

Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NRG Energy, Inc.  | 91528 | 16379851 |
| OGE Energy Corp.  | 138661 | 6813802 |
| PG&E Corp.  | 1565915 | 29752385 |
| Pinnacle West Capital Corp.  | 90148 | 9041844 |
| Portland General Electric Co.  | 95958 | 5177894 |
| PPL Corp.  | 501853 | 19562230 |
| Public Service Enterprise Group, Inc.  | 255700 | 22008099 |
| Sempra  | 337262 | 32468213 |
| Southern Co.  | 578590 | 56343094 |
| UGI Corp.  | 283174 | 10593539 |
| Vistra Corp.  | 108101 | 18797683 |
| WEC Energy Group, Inc.  | 157156 | 18380966 |
| Xcel Energy, Inc.  | 333146 | 27771051 |
|  |  | **834779391** |
| **Total Common Stocks** <br>**(Cost $17,649,345,689)** | **Total Common Stocks** <br>**(Cost $17,649,345,689)** | **24423493296** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)*<br>| 20444617 | 20444617 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)(e)*<br>| 20883735 | 20883735 |
|  |  | **41328352** |
| **Total Short-Term Investments** <br>**(Cost $41,328,352)** | **Total Short-Term Investments** <br>**(Cost $41,328,352)** | **41328352** |
| **Total Investments in Securities** <br>**(Cost $17,690,674,041)** | **Total Investments in Securities** <br>**(Cost $17,690,674,041)** | **24464821648** |

---

&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** |  |  |  |
| S&P 500 Index, e-mini, expires <br> 03/20/26<br>| 114 | 39267300 | **(100509)**<br>|

---

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

\* Non-income producing security.

*(a)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $20,232,864. 

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

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

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

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

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended February 28, 2026. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at February 28, 2026, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 2/28/25<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 2/28/26<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 2/28/26<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS |
| **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** |
| QVC Group, Inc.<sup>(a),(b),\*</sup> <br>| $— | $5802294 | ($19436)<br>| $4907 | ($4614719)<br>| $1976058 | 654324 | $— |
| **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** |
| Charles Schwab Corp.<sup>(c)</sup> <br>| 22979080 | 7960235 | (3100185)<br>| 560446 | 4248788 | 32648364 | 342945 | 365130 |
| **Total** | **$22979080** | **$13762529** | **($3119621)**<br>| **$565353** | **($365931)**<br>| **$34624422** |  | **$365130** |

---

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

<sup>(a)</sup> Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.

<sup>(b)</sup> All or a portion of this security is on loan. Securities on loan were valued at $20,232,864.

<sup>(c)</sup> Issuer is affiliated with the fund's investment adviser.

\* Non-income producing security.

*See financial notes*

**28**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $24423493296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24423493296 |
| Short-Term Investments<sup>1</sup> <br>| 41328352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41328352 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (100509)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (100509)<br>|
| **Total** | **$24464721139** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$24464721139** |

---

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

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**29**

------

Schwab Fundamental U.S. Large Company ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $30,142,672) including securities on loan of $530,916 |  | $34624422 |
| Investments in securities, at value - unaffiliated issuers (cost $17,660,531,369) including securities on loan of $19,701,948 |  | 24430197226 |
| Cash |  | 79631 |
| Deposit with broker for futures contracts |  | 3870959 |
| Receivables: |  |  |
| Dividends |  | 39392999 |
| Fund shares sold |  | 5806526 |
| Income from securities on loan | + | 12193 |
| **Total assets** |  | **24513983956** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 20883735 |
| Payables: |  |  |
| Investments bought |  | 26786708 |
| Management fees |  | 4624648 |
| Variation margin on futures contracts | + | 249842 |
| **Total liabilities** |  | **52544933** |
| **Net assets** |  | **$24461439023** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $18534057309 |
| Total distributable earnings | + | 5927381714 |
| **Net assets** |  | **$24461439023** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $24461439023 |  | &nbsp;&nbsp;&nbsp;&nbsp; 842550000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $29.03 |

---

*See financial notes*

**30**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers  |  | $400943038 |
| Dividends received from securities - affiliated issuers |  | 365130 |
| Other Interest |  | 100401 |
| Securities on loan, net | + | 289069 |
| **Total investment income**  |  | **401697638** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 49612661 |
| **Total expenses** | – | **49612661** |
| **Net investment income** |  | **352084977** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers |  | 4948 |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (166201651)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 560405 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 1117121187 |
| Net realized gains on futures contracts | + | 5688858 |
| **Net realized gains** |  | **957173747** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (365931)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 2571168112 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 615010 |
| **Net change in unrealized appreciation (depreciation)** |  | **2571417191** |
| **Net realized and unrealized gains** |  | **3528590938** |
| **Increase in net assets resulting from operations** |  | **$3880675915** |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**31**

------

Schwab Fundamental U.S. Large Company ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $352084977 | &nbsp;&nbsp;&nbsp; $296711332 |
| Net realized gains |  | 957173747 | &nbsp;&nbsp;&nbsp; 528326029 |
| Net change in unrealized appreciation (depreciation) | + | 2571417191 | &nbsp;&nbsp;&nbsp; 1645045836 |
| **Increase in net assets resulting from operations** |  | **$3880675915** | &nbsp;&nbsp;&nbsp; **$2470083197** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($341222185)**<br>| &nbsp;&nbsp;&nbsp; **($293269930)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 187450000 | &nbsp;&nbsp;&nbsp; $4817486289 | &nbsp;&nbsp;&nbsp; 114750000 | &nbsp;&nbsp;&nbsp; $2638592951 |
| Shares redeemed | + | (81200000)<br>| &nbsp;&nbsp;&nbsp; (2033911112)<br>| &nbsp;&nbsp;&nbsp; (51950000)<br>| &nbsp;&nbsp;&nbsp; (1185208710)<br>|
| **Net transactions in fund shares**  |  | **106250000** | &nbsp;&nbsp;&nbsp; **$2783575177** | &nbsp;&nbsp;&nbsp; **62800000** | &nbsp;&nbsp;&nbsp; **$1453384241** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 736300000 | &nbsp;&nbsp;&nbsp; $18138410116 | &nbsp;&nbsp;&nbsp; 673500000 | &nbsp;&nbsp;&nbsp; $14508212608 |
| Total increase | + | 106250000 | &nbsp;&nbsp;&nbsp; 6323028907 | &nbsp;&nbsp;&nbsp; 62800000 | &nbsp;&nbsp;&nbsp; 3630197508 |
| **End of period** |  | **842550000** | &nbsp;&nbsp;&nbsp; **$24461439023** | &nbsp;&nbsp;&nbsp; **736300000** | &nbsp;&nbsp;&nbsp; **$18138410116** |

---

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

<sup>1</sup> For the period ended February 28, 2025, transactions in fund shares have been retroactively adjusted to reflect a 3-for-1 share split effective after the close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values. 

*See financial notes*

**32**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<sup>1,2</sup> <br>| 3/1/23– <br>2/29/24<sup>1</sup> <br>| 3/1/22– <br>2/28/23<sup>1</sup> <br>| 3/1/21– <br>2/28/22<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $29.11 | &nbsp;&nbsp; $27.64 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $26.51 | &nbsp;&nbsp; $24.38 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>3</sup> <br>| 0.40 | 0.39 | 0.37 | 0.38 | 0.33 |
| Net realized and unrealized gains (losses) | 5.26 | 1.54 | 2.06 | &nbsp;&nbsp; (0.98)<br>| 2.12 |
| Total from investment operations | 5.66 | 1.93 | 2.43 | &nbsp;&nbsp; (0.60)<br>| 2.45 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $34.39 | &nbsp;&nbsp; $29.11 | &nbsp;&nbsp; $27.64 | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $26.51 |
| Total return | 19.63<br> %<br>| 6.98<br> %<br>| 9.66<br> %<br>| &nbsp;&nbsp; (2.13<br> %)<br>| 10.06<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>4</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.33<br> %<br>| 1.34<br> %<br>| 1.48<br> %<br>| 1.54<br> %<br>| 1.21<br> %<br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 25<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $9826 | &nbsp;&nbsp; $9082 | &nbsp;&nbsp; $7958 | &nbsp;&nbsp; $6433 | &nbsp;&nbsp; $4843 |

---

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

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

<sup>2</sup> Per share data amounts previously presented for Net investment income (loss), Net realized and unrealized gains (losses), Total from investment operations, and Distributions from net investment income have been revised to fully reflect the required retroactive adjustment for the share split effective after the close of U.S. markets on October 10, 2024. These revisions do not have any impact on total return, shares outstanding at end of period, and beginning and ending net asset value. 

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

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

<sup>5</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**33**

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026

------

&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 1.5%** | **Automobiles & Components 1.5%** | **Automobiles & Components 1.5%** |
| Dauch Corp. \* | 3139145 | 20718357 |
| Dorman Products, Inc. \* | 56265 | 6631393 |
| Fox Factory Holding Corp. \* | 389050 | 6551602 |
| Gentherm, Inc. \* | 218746 | 7168306 |
| LCI Industries  | 192700 | 25667640 |
| Patrick Industries, Inc.  | 164054 | 20308245 |
| Phinia, Inc.  | 282495 | 20517612 |
| Rivian Automotive, Inc., Class A \* | 295724 | 4533449 |
| Standard Motor Products, Inc.  | 183391 | 7276955 |
| Visteon Corp.  | 124323 | 11893981 |
| Winnebago Industries, Inc.  | 530630 | 21166831 |
|  |  | **152434371** |
| **Banks 7.1%** | **Banks 7.1%** | **Banks 7.1%** |
| Ameris Bancorp  | 146231 | 11356299 |
| Associated Banc-Corp.  | 492197 | 12998923 |
| Atlantic Union Bankshares Corp.  | 356492 | 13211593 |
| Axos Financial, Inc. \* | 91027 | 7902964 |
| Bancorp, Inc. \* | 64180 | 3368808 |
| Bank of Hawaii Corp.  | 120523 | 9132028 |
| Bank OZK  | 376569 | 17533053 |
| BankUnited, Inc.  | 417084 | 19477823 |
| Banner Corp.  | 97563 | 5741583 |
| Beacon Financial Corp.  | 273539 | 8135050 |
| BOK Financial Corp.  | 71900 | 9039268 |
| Capitol Federal Financial, Inc.  | 552238 | 3965069 |
| Cathay General Bancorp  | 241320 | 11996017 |
| City Holding Co.  | 31626 | 3794171 |
| Columbia Banking System, Inc.  | 728993 | 20739851 |
| Commerce Bancshares, Inc.  | 236351 | 12051537 |
| Community Financial System, Inc.  | 118966 | 7203391 |
| Cullen/Frost Bankers, Inc.  | 117289 | 16211686 |
| Customers Bancorp, Inc. \* | 98722 | 6657812 |
| CVB Financial Corp.  | 418958 | 8056562 |
| Dime Community Bancshares, Inc.  | 131363 | 4249593 |
| Eagle Bancorp, Inc.  | 295417 | 7518363 |
| Eastern Bankshares, Inc.  | 198700 | 3886572 |
| Enterprise Financial Services Corp.  | 84910 | 4848361 |
| FB Financial Corp.  | 66493 | 3636502 |
| First Bancorp/Southern Pines NC  | 80138 | 4551037 |
| First Busey Corp.  | 192471 | 4881065 |
| First Commonwealth Financial Corp.  | 289346 | 5072235 |
| First Financial Bancorp  | 317759 | 8919495 |
| First Financial Bankshares, Inc.  | 165145 | 5107935 |
| First Hawaiian, Inc.  | 475658 | 11777292 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 347381 | 12022856 |
| First Merchants Corp.  | 168046 | 6567238 |
| FNB Corp.  | 1073416 | 18237338 |
| Fulton Financial Corp.  | 512255 | 10475615 |
| Glacier Bancorp, Inc.  | 230708 | 10494907 |
| Hancock Whitney Corp.  | 229684 | 15115504 |
| Hilltop Holdings, Inc.  | 287383 | 10756746 |
| Home BancShares, Inc.  | 432889 | 11887132 |
| Hope Bancorp, Inc.  | 669044 | 7533435 |
| Independent Bank Corp.  | 112818 | 8807701 |
| International Bancshares Corp.  | 123323 | 8276206 |
| Lakeland Financial Corp.  | 51876 | 3013477 |
| Mechanics Bancorp, Class A  | 287910 | 4105597 |
| National Bank Holdings Corp., Class A  | 88806 | 3551352 |
| NBT Bancorp, Inc.  | 116201 | 4964107 |
| Northwest Bancshares, Inc.  | 486444 | 6056228 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| OceanFirst Financial Corp.  | 237550 | 4290153 |
| Old National Bancorp  | 668256 | 15436714 |
| Park National Corp.  | 29717 | 4889338 |
| Pathward Financial, Inc.  | 47694 | 4330138 |
| Pinnacle Financial Partners, Inc.  | 130248 | 11821308 |
| Preferred Bank  | 39673 | 3480116 |
| Prosperity Bancshares, Inc.  | 249249 | 17539652 |
| Provident Financial Services, Inc.  | 320828 | 6750221 |
| Renasant Corp.  | 176204 | 6634081 |
| S&T Bancorp, Inc.  | 115504 | 4829222 |
| Seacoast Banking Corp. of Florida  | 142763 | 4442785 |
| ServisFirst Bancshares, Inc.  | 66060 | 5351521 |
| Simmons First National Corp., Class A  | 586251 | 11672257 |
| Southside Bancshares, Inc.  | 125524 | 3931412 |
| Southstate Bank Corp.  | 203366 | 20066123 |
| Texas Capital Bancshares, Inc. \* | 98228 | 9361128 |
| Towne Bank  | 169236 | 5798025 |
| TriCo Bancshares  | 78905 | 3770081 |
| Triumph Financial, Inc. \* | 59598 | 3329144 |
| Trustmark Corp.  | 165584 | 7052223 |
| UMB Financial Corp.  | 108388 | 12560001 |
| United Bankshares, Inc.  | 375208 | 15496090 |
| United Community Banks, Inc.  | 280331 | 9018248 |
| Valley National Bancorp  | 1648601 | 20788859 |
| WaFd, Inc.  | 299998 | 9347938 |
| WesBanco, Inc.  | 245622 | 8564839 |
| Westamerica BanCorp  | 65589 | 3322083 |
| Western Alliance Bancorp  | 243291 | 19541133 |
| Wintrust Financial Corp.  | 128680 | 18537641 |
| WSFS Financial Corp.  | 151832 | 9642850 |
|  |  | **696482701** |
| **Capital Goods 13.7%** | **Capital Goods 13.7%** | **Capital Goods 13.7%** |
| AAON, Inc.  | 56000 | 5667200 |
| AAR Corp. \* | 121840 | 14275993 |
| Advanced Drainage Systems, Inc.  | 156545 | 26822420 |
| Aebi Schmidt Holding AG  | 91498 | 1319401 |
| AeroVironment, Inc. \* | 18420 | 4646445 |
| Alamo Group, Inc.  | 39290 | 8389594 |
| Albany International Corp., Class A  | 146219 | 8429525 |
| American Woodmark Corp. \* | 179361 | 8985986 |
| API Group Corp. \* | 439274 | 19530122 |
| Apogee Enterprises, Inc.  | 207452 | 8260739 |
| Applied Industrial Technologies, Inc.  | 78940 | 22306865 |
| Arcosa, Inc.  | 147825 | 15888231 |
| Armstrong World Industries, Inc.  | 64936 | 11266396 |
| Astec Industries, Inc.  | 158760 | 9857408 |
| ATI, Inc. \* | 194006 | 31737442 |
| Atmus Filtration Technologies, Inc.  | 141655 | 9140997 |
| Axon Enterprise, Inc. \* | 5147 | 2791733 |
| AZZ, Inc.  | 63032 | 8571091 |
| BlueLinx Holdings, Inc. \* | 200911 | 13244053 |
| BWX Technologies, Inc.  | 104421 | 21508638 |
| Carpenter Technology Corp.  | 44466 | 17700581 |
| Chart Industries, Inc. \* | 43187 | 8952665 |
| Columbus McKinnon Corp.  | 298724 | 5669782 |
| Comfort Systems USA, Inc.  | 28285 | 40429730 |
| Construction Partners, Inc., Class A \* | 40145 | 5394284 |
| Core & Main, Inc., Class A \* | 379426 | 20549712 |
| Crane Co.  | 70694 | 14176268 |
| CSW Industrials, Inc.  | 17092 | 5030688 |
| Curtiss-Wright Corp.  | 48952 | 34282554 |
| DNOW, Inc. \* | 1058494 | 12469059 |
| Douglas Dynamics, Inc.  | 117726 | 5405978 |
| Ducommun, Inc. \* | 47512 | 5872008 |
| DXP Enterprises, Inc. \* | 43847 | 6071494 |
| Dycom Industries, Inc. \* | 70426 | 29580329 |

---

*See financial notes*

**34**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Enerpac Tool Group Corp.  | 92461 | 3772409 |
| EnerSys  | 179552 | 29832565 |
| Enpro, Inc.  | 38200 | 9880430 |
| Esab Corp.  | 101373 | 12790231 |
| ESCO Technologies, Inc.  | 33083 | 9173585 |
| Everus Construction Group, Inc. \* | 154786 | 18708984 |
| Federal Signal Corp.  | 90009 | 10479748 |
| Flowserve Corp.  | 347623 | 30771588 |
| Franklin Electric Co., Inc.  | 117107 | 11666199 |
| FTAI Aviation Ltd.  | 66091 | 20210628 |
| GATX Corp.  | 95856 | 17653800 |
| Gibraltar Industries, Inc. \* | 147522 | 6709301 |
| GrafTech International Ltd. \* | 938725 | 6524139 |
| Granite Construction, Inc.  | 128138 | 17229435 |
| Greenbrier Cos., Inc.  | 229847 | 12967968 |
| Griffon Corp.  | 116848 | 9960124 |
| Hayward Holdings, Inc. \* | 450296 | 7204736 |
| HEICO Corp.  | 53248 | 17010606 |
| Helios Technologies, Inc.  | 129041 | 9203204 |
| Herc Holdings, Inc.  | 160643 | 22456285 |
| Hexcel Corp.  | 219076 | 20306154 |
| Hillman Solutions Corp. \* | 838666 | 6877061 |
| Insteel Industries, Inc.  | 147541 | 5500328 |
| Janus International Group, Inc. \* | 563789 | 3923971 |
| JBT Marel Corp.  | 70407 | 10842678 |
| JELD-WEN Holding, Inc. *\*(a)* | 3157602 | 6188900 |
| Kadant, Inc.  | 19501 | 6614154 |
| Kennametal, Inc.  | 646624 | 26046015 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 99666 | 8589216 |
| Lennox International, Inc.  | 36262 | 20667164 |
| Lindsay Corp.  | 31012 | 4177316 |
| Manitowoc Co., Inc. \* | 583030 | 8599693 |
| Masterbrand, Inc. \* | 1118447 | 11318684 |
| McGrath RentCorp  | 64153 | 7117775 |
| Mercury Systems, Inc. \* | 98360 | 8756991 |
| Miller Industries, Inc.  | 93228 | 3918373 |
| Modine Manufacturing Co. \* | 79486 | 18063194 |
| Moog, Inc., Class A  | 75570 | 25499585 |
| Mueller Water Products, Inc., Class A  | 304734 | 9120689 |
| MYR Group, Inc. \* | 57266 | 15459529 |
| Nextpower, Inc., Class A \* | 65841 | 6919889 |
| NPK International, Inc. \* | 387942 | 5598003 |
| Primoris Services Corp.  | 144249 | 21741209 |
| Proto Labs, Inc. \* | 105260 | 6534541 |
| Quanex Building Products Corp.  | 388514 | 7976192 |
| RBC Bearings, Inc. \* | 20386 | 11740705 |
| Simpson Manufacturing Co., Inc.  | 87662 | 16968733 |
| SiteOne Landscape Supply, Inc. \* | 126884 | 18130455 |
| SPX Technologies, Inc. \* | 42394 | 9620894 |
| Standex International Corp.  | 28087 | 7358794 |
| Sterling Infrastructure, Inc. \* | 28818 | 12337850 |
| Tennant Co.  | 80950 | 4940379 |
| Terex Corp.  | 606163 | 41697953 |
| Titan International, Inc. \* | 591849 | 5758691 |
| Titan Machinery, Inc. \* | 332056 | 6471771 |
| Trex Co., Inc. \* | 241469 | 10001646 |
| Trinity Industries, Inc.  | 448760 | 15338617 |
| Tutor Perini Corp.  | 244942 | 18461279 |
| V2X, Inc. \* | 71977 | 5020396 |
| Valmont Industries, Inc.  | 55368 | 25465404 |
| Vertiv Holdings Co., Class A  | 125964 | 32106964 |
| VSE Corp.  | 25706 | 5837061 |
| Wabash National Corp.  | 1014841 | 10300636 |
| Watts Water Technologies, Inc., <br> Class A <br>| 49296 | 16205567 |
| Woodward, Inc.  | 86893 | 33606737 |
| Worthington Enterprises, Inc.  | 127626 | 7148332 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zurn Elkay Water Solutions Corp.  | 186321 | 9498645 |
|  |  | **1348806189** |
| **Commercial & Professional Services 4.6%** | **Commercial & Professional Services 4.6%** | **Commercial & Professional Services 4.6%** |
| ACCO Brands Corp.  | 2055810 | 8367147 |
| Alight, Inc., Class A  | 3538935 | 3113201 |
| Amentum Holdings, Inc. \* | 321289 | 9596902 |
| Barrett Business Services, Inc.  | 81482 | 2262755 |
| Brady Corp., Class A  | 137217 | 12670618 |
| BrightView Holdings, Inc. \* | 455083 | 6275595 |
| Brink's Co.  | 148434 | 17332638 |
| Casella Waste Systems, Inc., Class A \* | 53835 | 5015269 |
| CBIZ, Inc. \* | 104484 | 2992422 |
| Civeo Corp. \* | 157464 | 4360178 |
| Clarivate PLC \* | 2281777 | 5248087 |
| Clean Harbors, Inc. \* | 91145 | 26723714 |
| Conduent, Inc. \* | 4928873 | 7196155 |
| CoreCivic, Inc. \* | 715617 | 12652109 |
| CSG Systems International, Inc.  | 101488 | 8108891 |
| Deluxe Corp.  | 572048 | 15874332 |
| Ennis, Inc.  | 212295 | 4481547 |
| Enviri Corp. \* | 628679 | 11900893 |
| ExlService Holdings, Inc. \* | 229905 | 7184531 |
| Exponent, Inc.  | 77082 | 5610028 |
| FTI Consulting, Inc. \* | 112581 | 18510568 |
| GEO Group, Inc. \* | 676149 | 10169281 |
| Healthcare Services Group, Inc. \* | 688564 | 14990038 |
| HNI Corp.  | 420452 | 18903522 |
| Huron Consulting Group, Inc. \* | 34070 | 4817498 |
| ICF International, Inc.  | 81380 | 6765119 |
| Insperity, Inc.  | 175417 | 3896012 |
| Interface, Inc.  | 233777 | 7361638 |
| Kelly Services, Inc., Class A  | 1412947 | 13719715 |
| Kforce, Inc.  | 225647 | 6096982 |
| Korn Ferry  | 240966 | 15101339 |
| MillerKnoll, Inc.  | 804684 | 16206336 |
| MSA Safety, Inc.  | 62924 | 12295979 |
| OPENLANE, Inc. \* | 429715 | 12251175 |
| Parsons Corp. \* | 125616 | 8290656 |
| Paycom Software, Inc.  | 46491 | 5849963 |
| Pitney Bowes, Inc.  | 490507 | 5263140 |
| Resources Connection, Inc.  | 912306 | 3430271 |
| Rollins, Inc.  | 260796 | 15879868 |
| Tetra Tech, Inc.  | 476793 | 17088261 |
| TriNet Group, Inc.  | 198541 | 7560441 |
| TrueBlue, Inc. *\*(a)* | 1461577 | 6182471 |
| TTEC Holdings, Inc. \* | 1507177 | 3767942 |
| UL Solutions, Inc., Class A  | 58966 | 4951375 |
| UniFirst Corp.  | 70703 | 16602478 |
| Verra Mobility Corp. \* | 183815 | 3071549 |
| Vestis Corp. \* | 1904216 | 14986180 |
|  |  | **450976809** |
| **Consumer Discretionary Distribution & Retail 4.5%** | **Consumer Discretionary Distribution & Retail 4.5%** | **Consumer Discretionary Distribution & Retail 4.5%** |
| 1-800-Flowers.com, Inc., Class A *\*(b)* | 676628 | 2354665 |
| Abercrombie & Fitch Co., Class A \* | 183206 | 17917547 |
| America's Car-Mart, Inc. \* | 111290 | 2221348 |
| Arko Corp.  | 697588 | 4485491 |
| Boot Barn Holdings, Inc. \* | 54042 | 10225827 |
| Buckle, Inc.  | 169220 | 9061731 |
| Caleres, Inc.  | 673531 | 8008284 |
| Camping World Holdings, Inc., Class A  | 220611 | 1835484 |
| Coupang, Inc. \* | 751893 | 14346119 |
| Designer Brands, Inc., Class A  | 1588114 | 11307372 |
| Dillard's, Inc., Class A  | 17573 | 10592829 |
| Etsy, Inc. \* | 267959 | 14705590 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**35**

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Five Below, Inc. \* | 137850 | 30813611 |
| Floor & Decor Holdings, Inc., Class A \* | 203269 | 14043855 |
| GameStop Corp., Class A \* | 686394 | 16494048 |
| Genesco, Inc. \* | 271914 | 7406937 |
| Gold.com, Inc.  | 661262 | 38002727 |
| Haverty Furniture Cos., Inc.  | 215878 | 5140055 |
| MarineMax, Inc. \* | 337707 | 10300064 |
| Monro, Inc.  | 441478 | 9505021 |
| National Vision Holdings, Inc. \* | 495187 | 13355193 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 110984 | 11886386 |
| OneWater Marine, Inc., Class A \* | 217650 | 2477945 |
| Petco Health & Wellness Co., Inc. \* | 1584954 | 4041633 |
| RH \* | 90540 | 15003383 |
| Sally Beauty Holdings, Inc. \* | 1211289 | 19465414 |
| Shoe Carnival, Inc.  | 219597 | 4433663 |
| Sleep Number Corp. *\*(b)* | 788597 | 4865644 |
| Sonic Automotive, Inc., Class A  | 158335 | 9930771 |
| Stitch Fix, Inc., Class A \* | 865020 | 2880517 |
| Upbound Group, Inc.  | 635573 | 13633041 |
| Urban Outfitters, Inc. \* | 285844 | 18922873 |
| Valvoline, Inc. \* | 546991 | 20676260 |
| Victoria's Secret & Co. \* | 641966 | 40251268 |
| Wayfair, Inc., Class A \* | 133849 | 10216694 |
| Zumiez, Inc. \* | 341014 | 8941387 |
|  |  | **439750677** |
| **Consumer Durables & Apparel 3.3%** | **Consumer Durables & Apparel 3.3%** | **Consumer Durables & Apparel 3.3%** |
| Acushnet Holdings Corp.  | 92288 | 9443831 |
| Beazer Homes USA, Inc. \* | 375817 | 9613399 |
| Callaway Golf Co. \* | 1061281 | 14921611 |
| Cavco Industries, Inc. \* | 23216 | 13401668 |
| Century Communities, Inc.  | 329094 | 22124989 |
| Champion Homes, Inc. \* | 166446 | 15559372 |
| Columbia Sportswear Co.  | 239306 | 14822614 |
| Ethan Allen Interiors, Inc.  | 200292 | 4562652 |
| G-III Apparel Group Ltd.  | 486268 | 14874938 |
| GoPro, Inc., Class A \* | 5458159 | 5282406 |
| Green Brick Partners, Inc. \* | 112945 | 8319529 |
| Helen of Troy Ltd. \* | 556691 | 9820029 |
| Hooker Furnishings Corp.  | 306578 | 4396328 |
| Hovnanian Enterprises, Inc., Class A \* | 42693 | 5363095 |
| Installed Building Products, Inc.  | 46239 | 15155295 |
| Kontoor Brands, Inc.  | 153890 | 10035167 |
| La-Z-Boy, Inc.  | 319921 | 11427578 |
| Levi Strauss & Co., Class A  | 356273 | 7895010 |
| LGI Homes, Inc. \* | 233846 | 12136607 |
| Malibu Boats, Inc., Class A \* | 227395 | 6608099 |
| MasterCraft Boat Holdings, Inc. \* | 190306 | 4130592 |
| Movado Group, Inc.  | 218316 | 5446984 |
| Oxford Industries, Inc. *(a)* | 173394 | 6864668 |
| SharkNinja, Inc. \* | 102810 | 12632265 |
| Smith & Wesson Brands, Inc.  | 789133 | 9390683 |
| Sonos, Inc. \* | 532960 | 8207584 |
| Steven Madden Ltd.  | 477444 | 17235728 |
| Sturm Ruger & Co., Inc.  | 198346 | 7426074 |
| Under Armour, Inc., Class A \* | 3042942 | 22578630 |
| Wolverine World Wide, Inc.  | 406063 | 7175133 |
| YETI Holdings, Inc. \* | 258884 | 11315820 |
|  |  | **328168378** |
| **Consumer Services 3.7%** | **Consumer Services 3.7%** | **Consumer Services 3.7%** |
| Airbnb, Inc., Class A \* | 89376 | 12075591 |
| BJ's Restaurants, Inc. \* | 103308 | 3924671 |
| Bloomin' Brands, Inc.  | 1431723 | 8762145 |
| Boyd Gaming Corp.  | 250409 | 20841541 |
| Bright Horizons Family Solutions, Inc. \* | 73815 | 5500694 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Brightstar Lottery PLC  | 701140 | 9507458 |
| Brinker International, Inc. \* | 43809 | 6492494 |
| Cheesecake Factory, Inc. *(b)* | 102016 | 6608596 |
| Chegg, Inc. \* | 3614106 | 2375552 |
| Choice Hotels International, Inc.  | 47993 | 5056063 |
| Churchill Downs, Inc.  | 103959 | 9556951 |
| Covista, Inc. \* | 98913 | 9693474 |
| Cracker Barrel Old Country Store, <br> Inc. *(b)*<br>| 293388 | 9599655 |
| Dave & Buster's Entertainment, Inc. \* | 312951 | 4606639 |
| Dine Brands Global, Inc.  | 211025 | 6533334 |
| DoorDash, Inc., Class A \* | 79411 | 14013659 |
| Frontdoor, Inc. \* | 126462 | 8671499 |
| Golden Entertainment, Inc.  | 149192 | 4311649 |
| Graham Holdings Co., Class B  | 14868 | 15659126 |
| Grand Canyon Education, Inc. \* | 84916 | 13507588 |
| H&R Block, Inc.  | 322666 | 9880033 |
| Hilton Grand Vacations, Inc. \* | 310821 | 13974512 |
| Hyatt Hotels Corp., Class A  | 45933 | 7418179 |
| Jack in the Box, Inc.  | 394727 | 6678781 |
| Laureate Education, Inc. \* | 654305 | 21160224 |
| Matthews International Corp., Class A  | 281178 | 7431535 |
| Papa John's International, Inc.  | 94489 | 2962230 |
| Perdoceo Education Corp.  | 199405 | 6650157 |
| Planet Fitness, Inc., Class A \* | 76431 | 6278807 |
| Red Rock Resorts, Inc., Class A  | 140560 | 8510908 |
| Six Flags Entertainment Corp. \* | 289929 | 4937491 |
| Strategic Education, Inc.  | 109403 | 9001679 |
| Stride, Inc. \* | 70187 | 5922379 |
| Travel & Leisure Co.  | 354023 | 26091495 |
| United Parks & Resorts, Inc. \* | 145941 | 5077287 |
| Wendy's Co. *(b)* | 1128582 | 8644938 |
| Wingstop, Inc.  | 14039 | 3643261 |
| Wyndham Hotels & Resorts, Inc.  | 217870 | 17821766 |
| Wynn Resorts Ltd.  | 118174 | 12785245 |
|  |  | **362169286** |
| **Consumer Staples Distribution & Retail 0.8%** | **Consumer Staples Distribution & Retail 0.8%** | **Consumer Staples Distribution & Retail 0.8%** |
| Chefs' Warehouse, Inc. \* | 64663 | 4616291 |
| Grocery Outlet Holding Corp. \* | 753540 | 7444975 |
| Ingles Markets, Inc., Class A  | 306662 | 26096936 |
| Maplebear, Inc. \* | 81474 | 3056090 |
| PriceSmart, Inc.  | 141976 | 21952329 |
| Village Super Market, Inc., Class A  | 122532 | 4797128 |
| Weis Markets, Inc.  | 200834 | 13608512 |
|  |  | **81572261** |
| **Energy 5.7%** | **Energy 5.7%** | **Energy 5.7%** |
| Antero Midstream Corp.  | 649960 | 14611101 |
| Archrock, Inc.  | 401575 | 14187645 |
| Bristow Group, Inc. \* | 113608 | 5419102 |
| Cactus, Inc., Class A  | 126324 | 6821496 |
| Comstock Resources, Inc. \* | 257685 | 5053203 |
| Core Laboratories, Inc.  | 240516 | 4230676 |
| Core Natural Resources, Inc.  | 224636 | 18438123 |
| Crescent Energy Co., Class A  | 2387581 | 27839194 |
| CVR Energy, Inc. \* | 369575 | 8928932 |
| Delek U.S. Holdings, Inc.  | 862412 | 32866521 |
| Dorian LPG Ltd.  | 267375 | 9890201 |
| DT Midstream, Inc.  | 135480 | 18810043 |
| Expro Group Holdings NV \* | 454739 | 8121639 |
| Green Plains, Inc. \* | 1357022 | 18631912 |
| Gulfport Energy Corp. \* | 72830 | 15196708 |
| Helix Energy Solutions Group, Inc. \* | 870252 | 7997616 |
| International Seaways, Inc.  | 220158 | 16628534 |
| Kodiak Gas Services, Inc.  | 109038 | 5950204 |

---

*See financial notes*

**36**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kosmos Energy Ltd. \* | 6621153 | 15427286 |
| Liberty Energy, Inc.  | 1405796 | 39488810 |
| Magnolia Oil & Gas Corp., Class A  | 701777 | 19523436 |
| Nabors Industries Ltd. \* | 305299 | 23849958 |
| New Fortress Energy, Inc. \* | 2906373 | 3167947 |
| Noble Corp. PLC  | 400619 | 18200121 |
| Northern Oil & Gas, Inc.  | 470772 | 12988599 |
| Oceaneering International, Inc. \* | 302533 | 10739921 |
| Oil States International, Inc. \* | 747643 | 9786647 |
| Par Pacific Holdings, Inc. \* | 649616 | 27719115 |
| Permian Resources Corp.  | 1041123 | 19042140 |
| ProPetro Holding Corp. \* | 1351952 | 16399178 |
| REX American Resources Corp. \* | 153843 | 5470657 |
| RPC, Inc.  | 821064 | 4770382 |
| Select Water Solutions, Inc.  | 608862 | 8323143 |
| Summit Midstream Corp. \* | 145381 | 4290193 |
| Talos Energy, Inc. \* | 1044066 | 12789808 |
| Texas Pacific Land Corp.  | 25016 | 13115639 |
| Tidewater, Inc. \* | 75145 | 5968016 |
| Valaris Ltd. \* | 130768 | 12534113 |
| W&T Offshore, Inc.  | 1881812 | 4986802 |
| Weatherford International PLC  | 267413 | 28201375 |
|  |  | **556406136** |
| **Equity Real Estate Investment Trusts (REITs) 7.3%** | **Equity Real Estate Investment Trusts (REITs) 7.3%** | **Equity Real Estate Investment Trusts (REITs) 7.3%** |
| Acadia Realty Trust  | 202487 | 4236028 |
| Agree Realty Corp.  | 94213 | 7582262 |
| Alexander & Baldwin, Inc.  | 214262 | 4454507 |
| American Assets Trust, Inc.  | 226859 | 4428288 |
| American Healthcare REIT, Inc.  | 147717 | 7716736 |
| American Homes 4 Rent, Class A  | 489585 | 14687550 |
| Americold Realty Trust, Inc.  | 1295084 | 17341175 |
| Apple Hospitality REIT, Inc.  | 919182 | 11269171 |
| Brandywine Realty Trust  | 2272293 | 7248615 |
| Brixmor Property Group, Inc.  | 754333 | 22833660 |
| Broadstone Net Lease, Inc.  | 456351 | 8848646 |
| CareTrust REIT, Inc.  | 121697 | 4943332 |
| Centerspace  | 56009 | 3522966 |
| COPT Defense Properties  | 351906 | 11183573 |
| Cousins Properties, Inc.  | 521238 | 12071872 |
| CubeSmart  | 398963 | 16413338 |
| DiamondRock Hospitality Co.  | 681942 | 6846698 |
| Diversified Healthcare Trust  | 2722005 | 18400754 |
| Douglas Emmett, Inc.  | 909633 | 8996270 |
| Easterly Government Properties, Inc.  | 199380 | 4641566 |
| EastGroup Properties, Inc.  | 51983 | 10204783 |
| Empire State Realty Trust, Inc., Class A  | 949928 | 5585577 |
| EPR Properties  | 211745 | 12579770 |
| Equity LifeStyle Properties, Inc.  | 244332 | 16409337 |
| Essential Properties Realty Trust, Inc.  | 159735 | 5421406 |
| Federal Realty Investment Trust  | 198013 | 21537874 |
| First Industrial Realty Trust, Inc.  | 204336 | 12901775 |
| Four Corners Property Trust, Inc.  | 144834 | 3696164 |
| Global Net Lease, Inc.  | 747298 | 7039547 |
| Healthcare Realty Trust, Inc.  | 1128905 | 20828297 |
| Highwoods Properties, Inc.  | 498831 | 11218709 |
| Hudson Pacific Properties, Inc. \* | 646634 | 4681630 |
| Independence Realty Trust, Inc.  | 366101 | 6066294 |
| Innovative Industrial Properties, Inc.  | 74318 | 3935881 |
| InvenTrust Properties Corp.  | 166309 | 5188841 |
| JBG SMITH Properties  | 647286 | 9845220 |
| Kilroy Realty Corp.  | 499416 | 14892585 |
| Kite Realty Group Trust  | 428850 | 11171543 |
| Lineage, Inc.  | 156618 | 6346161 |
| LTC Properties, Inc.  | 105127 | 4171439 |
| LXP Industrial Trust  | 211064 | 10460332 |
| Macerich Co.  | 727735 | 14896735 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Medical Properties Trust, Inc.  | 4158022 | 23950207 |
| National Health Investors, Inc.  | 80480 | 6765954 |
| National Storage Affiliates Trust  | 151233 | 5296180 |
| NNN REIT, Inc.  | 348617 | 15799322 |
| Omega Healthcare Investors, Inc.  | 445790 | 21518283 |
| Outfront Media, Inc.  | 566317 | 16315593 |
| Park Hotels & Resorts, Inc.  | 1572233 | 17781955 |
| Peakstone Realty Trust  | 528756 | 11029850 |
| Pebblebrook Hotel Trust  | 797391 | 10230527 |
| Phillips Edison & Co., Inc.  | 230625 | 9058950 |
| Piedmont Realty Trust, Inc., Class A \* | 1357121 | 10300548 |
| Rayonier, Inc.  | 1208210 | 25964433 |
| Rexford Industrial Realty, Inc.  | 275518 | 10323659 |
| RLJ Lodging Trust  | 1292662 | 10367149 |
| Ryman Hospitality Properties, Inc.  | 88474 | 8736808 |
| Sabra Health Care REIT, Inc.  | 625440 | 12852792 |
| Service Properties Trust *(a)* | 5241703 | 12055917 |
| Sila Realty Trust, Inc.  | 140388 | 3612183 |
| SL Green Realty Corp.  | 302642 | 11152358 |
| STAG Industrial, Inc.  | 338854 | 13289854 |
| Summit Hotel Properties, Inc.  | 633811 | 2858488 |
| Sunstone Hotel Investors, Inc.  | 938526 | 8709521 |
| Tanger, Inc.  | 201977 | 7485268 |
| Terreno Realty Corp.  | 94740 | 6258524 |
| Urban Edge Properties  | 369369 | 7849091 |
| Veris Residential, Inc.  | 257641 | 4856533 |
| Xenia Hotels & Resorts, Inc.  | 465751 | 7116675 |
|  |  | **718283529** |
| **Financial Services 6.4%** | **Financial Services 6.4%** | **Financial Services 6.4%** |
| Acadian Asset Management, Inc.  | 158681 | 8546559 |
| Adamas Trust, Inc.  | 802143 | 6609658 |
| Apollo Commercial Real Estate <br> Finance, Inc. <br>| 811415 | 8600999 |
| Arbor Realty Trust, Inc. *(b)* | 995502 | 7894331 |
| ARES Management Corp., Class A  | 101617 | 11382120 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 277995 | 11197639 |
| BGC Group, Inc., Class A  | 633065 | 6026779 |
| Blackstone Mortgage Trust, Inc., <br> Class A <br>| 796464 | 15300073 |
| BRC Group Holdings, Inc. *\*(b)* | 875428 | 5646511 |
| BrightSpire Capital, Inc.  | 962012 | 5589290 |
| Chimera Investment Corp.  | 814645 | 11087318 |
| Claros Mortgage Trust, Inc. \* | 2182782 | 5216849 |
| Cohen & Steers, Inc.  | 62544 | 4182317 |
| Coinbase Global, Inc., Class A \* | 21137 | 3716941 |
| Credit Acceptance Corp. \* | 25646 | 12135174 |
| DigitalBridge Group, Inc.  | 956747 | 14781741 |
| Donnelley Financial Solutions, Inc. \* | 122342 | 6087738 |
| Enact Holdings, Inc.  | 92068 | 3852125 |
| Encore Capital Group, Inc. \* | 214414 | 14642332 |
| Enova International, Inc. \* | 95650 | 13300132 |
| Essent Group Ltd.  | 248829 | 15138756 |
| Euronet Worldwide, Inc. \* | 178816 | 12436653 |
| EZCORP, Inc., Class A \* | 265241 | 7036844 |
| FactSet Research Systems, Inc.  | 51668 | 11202139 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 22485 | 3544985 |
| Federated Hermes, Inc.  | 349281 | 19563229 |
| FirstCash Holdings, Inc.  | 95321 | 18376936 |
| Franklin BSP Realty Trust, Inc.  | 384158 | 3507362 |
| Green Dot Corp., Class A \* | 430081 | 4971736 |
| Hamilton Lane, Inc., Class A  | 26865 | 2819213 |
| Houlihan Lokey, Inc.  | 77901 | 12757847 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**37**

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Interactive Brokers Group, Inc., <br> Class A <br>| 138877 | 9886654 |
| Janus Henderson Group PLC  | 454853 | 23697841 |
| KKR Real Estate Finance Trust, Inc.  | 445626 | 3097101 |
| Ladder Capital Corp.  | 474045 | 4915847 |
| LendingClub Corp. \* | 274754 | 4096582 |
| loanDepot, Inc., Class A \* | 1905166 | 3943694 |
| MarketAxess Holdings, Inc.  | 56324 | 10814208 |
| MFA Financial, Inc.  | 548069 | 5540978 |
| Moelis & Co., Class A  | 233477 | 13859195 |
| Morningstar, Inc.  | 31901 | 5842349 |
| Navient Corp.  | 1533048 | 13475492 |
| NCR Atleos Corp. \* | 524410 | 23220875 |
| Nelnet, Inc., Class A  | 37714 | 4882454 |
| NMI Holdings, Inc., Class A \* | 156601 | 6155985 |
| Oppenheimer Holdings, Inc., Class A  | 62464 | 5390019 |
| Paysafe Ltd. \* | 392280 | 2455673 |
| PennyMac Financial Services, Inc.  | 156226 | 14361856 |
| PennyMac Mortgage Investment Trust  | 560445 | 6871056 |
| Piper Sandler Cos.  | 34744 | 10268589 |
| PJT Partners, Inc., Class A  | 24218 | 3576514 |
| PRA Group, Inc. \* | 334812 | 5273289 |
| Radian Group, Inc.  | 547732 | 18907709 |
| Ready Capital Corp.  | 1560227 | 2886420 |
| Redwood Trust, Inc.  | 786557 | 4758670 |
| Regional Management Corp.  | 114811 | 3653286 |
| Rocket Cos., Inc., Class A  | 1776499 | 32314517 |
| Shift4 Payments, Inc., Class A *\*(b)* | 36994 | 1630326 |
| Stifel Financial Corp.  | 277416 | 20542655 |
| Toast, Inc., Class A \* | 159179 | 4347178 |
| TPG RE Finance Trust, Inc.  | 421712 | 3567683 |
| TPG, Inc.  | 121246 | 5264501 |
| Tradeweb Markets, Inc., Class A  | 65791 | 8109070 |
| Two Harbors Investment Corp.  | 373546 | 3858730 |
| Victory Capital Holdings, Inc., Class A  | 111529 | 7715576 |
| Virtu Financial, Inc., Class A  | 381826 | 15811415 |
| Virtus Investment Partners, Inc.  | 28713 | 3972731 |
| Walker & Dunlop, Inc.  | 154034 | 7087104 |
| WEX, Inc. \* | 108524 | 16190696 |
| World Acceptance Corp. \* | 26723 | 3604398 |
|  |  | **633001242** |
| **Food, Beverage & Tobacco 1.7%** | **Food, Beverage & Tobacco 1.7%** | **Food, Beverage & Tobacco 1.7%** |
| B&G Foods, Inc.  | 2164276 | 11492306 |
| Boston Beer Co., Inc., Class A \* | 43630 | 9894411 |
| Calavo Growers, Inc.  | 199058 | 5342717 |
| Cal-Maine Foods, Inc.  | 153726 | 13391072 |
| Coca-Cola Consolidated, Inc.  | 105840 | 21422016 |
| Fresh Del Monte Produce, Inc.  | 517763 | 22227566 |
| Hain Celestial Group, Inc. *\*(a)* | 4271644 | 3414752 |
| J&J Snack Foods Corp.  | 54031 | 4703939 |
| John B Sanfilippo & Son, Inc.  | 79234 | 6545521 |
| Marzetti Co.  | 55965 | 9197288 |
| MGP Ingredients, Inc.  | 110749 | 2104231 |
| Nomad Foods Ltd.  | 1046999 | 11485579 |
| Pilgrim's Pride Corp.  | 183675 | 7927413 |
| Seaboard Corp.  | 3879 | 19909743 |
| Seneca Foods Corp., Class A \* | 48881 | 6793481 |
| Simply Good Foods Co. \* | 233690 | 3986751 |
| Universal Corp.  | 243429 | 13079440 |
|  |  | **172918226** |
| **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** |
| Acadia Healthcare Co., Inc. \* | 740387 | 17354671 |
| Accendra Health, Inc. *\*(a)* | 2860755 | 6923027 |
| AdaptHealth Corp. \* | 1036138 | 9480663 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Addus HomeCare Corp. \* | 45739 | 4735359 |
| agilon health, Inc. \* | 4584563 | 2701683 |
| Astrana Health, Inc. \* | 172477 | 3506457 |
| Avanos Medical, Inc. \* | 418168 | 5896169 |
| BrightSpring Health Services, Inc. \* | 151591 | 6280415 |
| Brookdale Senior Living, Inc. \* | 986842 | 15098683 |
| Chemed Corp.  | 39331 | 16126103 |
| Claritev Corp. \* | 164778 | 2219560 |
| Clover Health Investments Corp. \* | 1115874 | 2332177 |
| Concentra Group Holdings Parent, Inc.  | 810624 | 19422551 |
| CONMED Corp.  | 115087 | 5294002 |
| Cross Country Healthcare, Inc. \* | 610321 | 5309793 |
| Dexcom, Inc. \* | 253231 | 18594752 |
| Embecta Corp.  | 587067 | 6023307 |
| Enhabit, Inc. \* | 603516 | 8213853 |
| Enovis Corp. \* | 368431 | 9383938 |
| Ensign Group, Inc.  | 79035 | 16926926 |
| Envista Holdings Corp. \* | 881422 | 25746337 |
| Evolent Health, Inc., Class A \* | 589034 | 1914361 |
| Fulgent Genetics, Inc. \* | 190789 | 2924795 |
| Globus Medical, Inc., Class A \* | 135715 | 12955354 |
| Haemonetics Corp. \* | 130835 | 8284472 |
| HealthEquity, Inc. \* | 65112 | 4980417 |
| ICU Medical, Inc. \* | 64376 | 9693738 |
| Insulet Corp. \* | 14520 | 3580777 |
| Integer Holdings Corp. \* | 79169 | 6862369 |
| Integra LifeSciences Holdings Corp. \* | 787274 | 8959178 |
| Lantheus Holdings, Inc. \* | 70546 | 5284601 |
| LivaNova PLC \* | 107587 | 7595642 |
| Masimo Corp. \* | 69963 | 12268012 |
| Merit Medical Systems, Inc. \* | 73486 | 5671649 |
| National HealthCare Corp.  | 55927 | 9144064 |
| Neogen Corp. \* | 772382 | 8673850 |
| OmniAb, Inc., Class A *\*(c)* | 9356 | 0 |
| OmniAb, Inc., Class B *\*(c)* | 9356 | 0 |
| Omnicell, Inc. \* | 172864 | 7104710 |
| Option Care Health, Inc. \* | 483528 | 15695319 |
| Pediatrix Medical Group, Inc. \* | 609695 | 12102446 |
| Penumbra, Inc. \* | 16866 | 5808482 |
| Privia Health Group, Inc. \* | 166585 | 3956394 |
| RadNet, Inc. \* | 64493 | 4502256 |
| Select Medical Holdings Corp.  | 538359 | 8059234 |
| Surgery Partners, Inc. \* | 293107 | 4543158 |
| Teladoc Health, Inc. \* | 753186 | 3961758 |
| Varex Imaging Corp. \* | 399929 | 5267065 |
| Veeva Systems, Inc., Class A \* | 59580 | 10844156 |
| Waystar Holding Corp. \* | 85126 | 2183482 |
|  |  | **400392165** |
| **Household & Personal Products 1.5%** | **Household & Personal Products 1.5%** | **Household & Personal Products 1.5%** |
| BellRing Brands, Inc. \* | 85083 | 1564676 |
| Central Garden & Pet Co. \* | 51995 | 2037684 |
| Central Garden & Pet Co., Class A \* | 355409 | 12275827 |
| Coty, Inc., Class A \* | 2356839 | 5915666 |
| Edgewell Personal Care Co.  | 520352 | 11832804 |
| elf Beauty, Inc. \* | 43869 | 4038141 |
| Energizer Holdings, Inc.  | 458025 | 9888760 |
| Herbalife Ltd. \* | 1563623 | 30521921 |
| Interparfums, Inc.  | 35115 | 3538890 |
| Medifast, Inc. *\*(a)* | 569866 | 6000689 |
| Nu Skin Enterprises, Inc., Class A *(a)* | 1865643 | 15820653 |
| Reynolds Consumer Products, Inc.  | 251496 | 6239616 |
| Spectrum Brands Holdings, Inc.  | 316284 | 24790340 |
| USANA Health Sciences, Inc. \* | 225971 | 4862896 |
| WD-40 Co.  | 19913 | 4743276 |
|  |  | **144071839** |

---

*See financial notes*

**38**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Insurance 1.4%** | **Insurance 1.4%** | **Insurance 1.4%** |
| AMERISAFE, Inc.  | 98034 | 3189046 |
| Brighthouse Financial, Inc. \* | 134405 | 8061612 |
| CNA Financial Corp.  | 90795 | 4359976 |
| Employers Holdings, Inc.  | 149124 | 6166277 |
| Erie Indemnity Co., Class A  | 34303 | 9242600 |
| Hanover Insurance Group, Inc.  | 111286 | 20101590 |
| Horace Mann Educators Corp.  | 118908 | 5173687 |
| Kemper Corp.  | 293856 | 9497426 |
| Kinsale Capital Group, Inc.  | 10302 | 4014380 |
| Mercury General Corp.  | 89880 | 8141330 |
| ProAssurance Corp. \* | 154418 | 3790962 |
| RLI Corp.  | 172128 | 10727017 |
| Safety Insurance Group, Inc.  | 72595 | 5635550 |
| Selective Insurance Group, Inc.  | 170635 | 14340166 |
| Stewart Information Services Corp.  | 200402 | 14226538 |
| White Mountains Insurance Group Ltd.  | 6929 | 15385914 |
|  |  | **142054071** |
| **Materials 6.1%** | **Materials 6.1%** | **Materials 6.1%** |
| AdvanSix, Inc.  | 388403 | 6925226 |
| Ardagh Metal Packaging SA  | 955053 | 4632007 |
| Avient Corp.  | 470389 | 19318876 |
| Balchem Corp.  | 43474 | 7887488 |
| Cabot Corp.  | 251707 | 19164971 |
| Clearwater Paper Corp. \* | 354611 | 5315619 |
| Coeur Mining, Inc. \* | 511303 | 13881877 |
| Compass Minerals International, Inc. \* | 424752 | 10703750 |
| Ecovyst, Inc. \* | 1094998 | 12340628 |
| Element Solutions, Inc.  | 653581 | 22934157 |
| Ferroglobe PLC  | 1098356 | 5612599 |
| Greif, Inc., Class A  | 260633 | 18940200 |
| Hawkins, Inc.  | 35304 | 5263826 |
| HB Fuller Co.  | 276393 | 18164548 |
| Hecla Mining Co.  | 928856 | 23137803 |
| Ingevity Corp. \* | 239527 | 17253130 |
| Innospec, Inc.  | 125042 | 9575716 |
| Kaiser Aluminum Corp.  | 112848 | 14686039 |
| Knife River Corp. \* | 148580 | 13220648 |
| Koppers Holdings, Inc.  | 221539 | 8374174 |
| LSB Industries, Inc. \* | 437198 | 5080241 |
| Magnera Corp. \* | 259146 | 3355941 |
| Materion Corp.  | 74561 | 12157917 |
| Mativ Holdings, Inc.  | 947186 | 10267496 |
| Metallus, Inc. \* | 451108 | 7668836 |
| Minerals Technologies, Inc.  | 209307 | 14781260 |
| Myers Industries, Inc.  | 291654 | 6524300 |
| NewMarket Corp.  | 20923 | 13098007 |
| Orion SA  | 833860 | 4744663 |
| Quaker Chemical Corp.  | 61696 | 9071163 |
| Rayonier Advanced Materials, Inc. \* | 1251198 | 11848845 |
| Royal Gold, Inc.  | 56302 | 16878777 |
| Ryerson Holding Corp.  | 1184756 | 30993217 |
| Scotts Miracle-Gro Co.  | 193519 | 13569552 |
| Sensient Technologies Corp.  | 111343 | 11304655 |
| Silgan Holdings, Inc.  | 425958 | 20467282 |
| Southern Copper Corp.  | 174058 | 37996754 |
| Stepan Co.  | 233263 | 11870754 |
| SunCoke Energy, Inc.  | 1115789 | 6359997 |
| Sylvamo Corp.  | 277574 | 12851676 |
| Tredegar Corp. \* | 423516 | 3887877 |
| TriMas Corp.  | 191146 | 7469986 |
| Trinseo PLC *(a)* | 1658138 | 381372 |
| Tronox Holdings PLC  | 3873269 | 28972052 |
| Warrior Met Coal, Inc.  | 300985 | 25053991 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Worthington Steel, Inc.  | 415095 | 17251348 |
|  |  | **601241241** |
| **Media & Entertainment 3.4%** | **Media & Entertainment 3.4%** | **Media & Entertainment 3.4%** |
| Advantage Solutions, Inc. \* | 2441045 | 1274958 |
| AMC Networks, Inc., Class A *\*(a)* | 1521962 | 12434430 |
| Angi, Inc. \* | 36201 | 281644 |
| Cable One, Inc. \* | 86665 | 8315507 |
| Cargurus, Inc. \* | 195681 | 6007407 |
| Cars.com, Inc. \* | 388294 | 3316031 |
| Cinemark Holdings, Inc.  | 174724 | 4934206 |
| Clear Channel Outdoor Holdings, Inc. \* | 2927357 | 7025657 |
| EchoStar Corp., Class A \* | 399141 | 46112760 |
| EW Scripps Co., Class A *\*(a)* | 3508877 | 14561840 |
| Gray Media, Inc. *(a)* | 3608936 | 18730378 |
| IAC, Inc. \* | 281245 | 10777308 |
| iHeartMedia, Inc., Class A \* | 4775467 | 15615777 |
| John Wiley & Sons, Inc., Class A  | 254652 | 7899305 |
| Liberty Broadband Corp., Class C \* | 135563 | 7403095 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 152459 | 13963720 |
| Lionsgate Studios Corp. \* | 129840 | 1168560 |
| Live Nation Entertainment, Inc. \* | 35242 | 5714138 |
| Match Group, Inc.  | 502665 | 15884214 |
| New York Times Co., Class A  | 272573 | 21748600 |
| Pinterest, Inc., Class A \* | 335082 | 5739955 |
| Roku, Inc. \* | 99233 | 9765519 |
| Scholastic Corp.  | 325009 | 11300563 |
| Shutterstock, Inc.  | 188389 | 3164935 |
| Sinclair, Inc.  | 1360124 | 22224426 |
| Snap, Inc., Class A \* | 796434 | 4149421 |
| Thryv Holdings, Inc. \* | 627926 | 1456788 |
| TKO Group Holdings, Inc.  | 29397 | 6581106 |
| Trade Desk, Inc., Class A \* | 126863 | 3021877 |
| TripAdvisor, Inc. \* | 442773 | 4476435 |
| USA TODAY Co., Inc. \* | 1660561 | 9880338 |
| Warner Music Group Corp., Class A  | 165089 | 4721545 |
| Yelp, Inc. \* | 367547 | 8192622 |
| Ziff Davis, Inc. \* | 385059 | 10427398 |
| ZoomInfo Technologies, Inc. \* | 615999 | 3825354 |
|  |  | **332097817** |
| **Pharmaceuticals, Biotechnology & Life Sciences 2.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 2.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 2.6%** |
| Amneal Pharmaceuticals, Inc. \* | 402348 | 5556426 |
| Azenta, Inc. \* | 128166 | 3457919 |
| BioMarin Pharmaceutical, Inc. \* | 238156 | 14701370 |
| Bio-Rad Laboratories, Inc., Class A \* | 61175 | 17033567 |
| Bio-Techne Corp.  | 195960 | 11561640 |
| Bruker Corp.  | 317889 | 12750528 |
| Collegium Pharmaceutical, Inc. \* | 92320 | 3846974 |
| Corcept Therapeutics, Inc. \* | 76036 | 2714485 |
| Emergent BioSolutions, Inc. \* | 992477 | 8088688 |
| Exact Sciences Corp. \* | 109177 | 11286718 |
| Exelixis, Inc. \* | 365960 | 16124198 |
| Fortrea Holdings, Inc. \* | 1880996 | 20164277 |
| Halozyme Therapeutics, Inc. \* | 117010 | 8135705 |
| Incyte Corp. \* | 267313 | 27070788 |
| Innoviva, Inc. \* | 262666 | 6030811 |
| Ironwood Pharmaceuticals, Inc. \* | 3118051 | 10663734 |
| Medpace Holdings, Inc. \* | 14002 | 6325544 |
| Myriad Genetics, Inc. \* | 507158 | 2337998 |
| Neurocrine Biosciences, Inc. \* | 91610 | 12115422 |
| Pacira BioSciences, Inc. \* | 154653 | 3388447 |
| Prestige Consumer Healthcare, Inc. \* | 130341 | 9032631 |
| Repligen Corp. \* | 37710 | 4854408 |
| Royalty Pharma PLC, Class A  | 516299 | 23858177 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**39**

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sotera Health Co. \* | 269706 | 4382723 |
| Supernus Pharmaceuticals, Inc. \* | 113557 | 6214975 |
|  |  | **251698153** |
| **Real Estate Management & Development 1.4%** | **Real Estate Management & Development 1.4%** | **Real Estate Management & Development 1.4%** |
| Compass, Inc., Class A \* | 6325627 | 61674863 |
| CoStar Group, Inc. \* | 237246 | 10588289 |
| eXp World Holdings, Inc.  | 1130457 | 7879285 |
| Kennedy-Wilson Holdings, Inc.  | 728755 | 7928854 |
| Marcus & Millichap, Inc.  | 141582 | 3739181 |
| Newmark Group, Inc., Class A  | 416541 | 6048175 |
| Opendoor Technologies, Inc. \* | 5810321 | 31491940 |
| Zillow Group, Inc., Class C \* | 204998 | 9147011 |
|  |  | **138497598** |
| **Semiconductors & Semiconductor Equipment 4.0%** | **Semiconductors & Semiconductor Equipment 4.0%** | **Semiconductors & Semiconductor Equipment 4.0%** |
| Allegro MicroSystems, Inc. \* | 187573 | 6840787 |
| Alpha & Omega Semiconductor Ltd. \* | 137820 | 2895598 |
| Amkor Technology, Inc.  | 775641 | 37091153 |
| Axcelis Technologies, Inc. \* | 92999 | 7682647 |
| Cirrus Logic, Inc. \* | 156750 | 22120560 |
| Cohu, Inc. \* | 274150 | 8279330 |
| Diodes, Inc. \* | 299763 | 20452829 |
| Enphase Energy, Inc. \* | 310617 | 13129781 |
| Entegris, Inc.  | 216769 | 28711054 |
| FormFactor, Inc. \* | 174526 | 17257131 |
| GLOBALFOUNDRIES, Inc. \* | 280742 | 13349282 |
| Ichor Holdings Ltd. \* | 252925 | 12026584 |
| Lattice Semiconductor Corp. \* | 105172 | 10056547 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 29663 | 7359983 |
| MaxLinear, Inc. \* | 312596 | 5448548 |
| MKS, Inc.  | 185195 | 45272770 |
| Monolithic Power Systems, Inc.  | 20109 | 22979359 |
| Onto Innovation, Inc. \* | 62511 | 13495500 |
| Penguin Solutions, Inc. \* | 200413 | 4164582 |
| Photronics, Inc. \* | 329674 | 12339698 |
| Power Integrations, Inc.  | 181145 | 8680468 |
| Rambus, Inc. \* | 75062 | 7480679 |
| Semtech Corp. \* | 76285 | 6882433 |
| Silicon Laboratories, Inc. \* | 103107 | 21088475 |
| Synaptics, Inc. \* | 135259 | 11018198 |
| Ultra Clean Holdings, Inc. \* | 315582 | 19149516 |
| Universal Display Corp.  | 55992 | 5973786 |
|  |  | **391227278** |
| **Software & Services 2.5%** | **Software & Services 2.5%** | **Software & Services 2.5%** |
| ACI Worldwide, Inc. \* | 217042 | 8612227 |
| Alarm.com Holdings, Inc. \* | 72191 | 3454339 |
| AppLovin Corp., Class A \* | 22387 | 9733196 |
| Blackbaud, Inc. \* | 76323 | 3704719 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 554139 | 3230630 |
| Commvault Systems, Inc. \* | 43700 | 3717996 |
| Consensus Cloud Solutions, Inc. \* | 133929 | 4028584 |
| Crowdstrike Holdings, Inc., Class A \* | 9688 | 3603742 |
| Datadog, Inc., Class A \* | 25049 | 2804486 |
| DigitalOcean Holdings, Inc. \* | 93258 | 5228044 |
| Docusign, Inc. \* | 50242 | 2264407 |
| Dolby Laboratories, Inc., Class A  | 182102 | 12122530 |
| Dropbox, Inc., Class A \* | 514083 | 12846934 |
| Dynatrace, Inc. \* | 106470 | 3824402 |
| Fair Isaac Corp. \* | 10259 | 14458624 |
| Globant SA \* | 104508 | 5200318 |
| Guidewire Software, Inc. \* | 34006 | 4941752 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| HubSpot, Inc. \* | 6930 | 1833054 |
| InterDigital, Inc.  | 27562 | 10102300 |
| LiveRamp Holdings, Inc. \* | 217820 | 5918170 |
| Manhattan Associates, Inc. \* | 42326 | 5732210 |
| NCR Voyix Corp. \* | 969069 | 7403687 |
| Okta, Inc. \* | 73048 | 5295980 |
| Palantir Technologies, Inc., Class A \* | 48520 | 6656459 |
| Progress Software Corp. \* | 109074 | 4568019 |
| PTC, Inc. \* | 69947 | 10953001 |
| Qualys, Inc. \* | 50124 | 4634966 |
| Snowflake, Inc., Class A \* | 27415 | 4616960 |
| SPS Commerce, Inc. \* | 33008 | 1865282 |
| Teradata Corp. \* | 527291 | 16604394 |
| Twilio, Inc., Class A \* | 123476 | 14935657 |
| Tyler Technologies, Inc. \* | 19919 | 7065070 |
| Unisys Corp. \* | 1004652 | 2441304 |
| Unity Software, Inc. \* | 353279 | 6440276 |
| VeriSign, Inc.  | 70439 | 16055866 |
| Workday, Inc., Class A \* | 69876 | 9346614 |
|  |  | **246246199** |
| **Technology Hardware & Equipment 6.1%** | **Technology Hardware & Equipment 6.1%** | **Technology Hardware & Equipment 6.1%** |
| Advanced Energy Industries, Inc.  | 68916 | 23126142 |
| Badger Meter, Inc.  | 24704 | 3765631 |
| Belden, Inc.  | 103769 | 14870098 |
| Benchmark Electronics, Inc.  | 275374 | 15919371 |
| Calix, Inc. \* | 96061 | 4973078 |
| Cognex Corp.  | 393007 | 21379581 |
| Coherent Corp. \* | 173585 | 44946364 |
| Crane NXT Co.  | 109311 | 5278628 |
| CTS Corp.  | 107874 | 5680645 |
| ePlus, Inc.  | 127046 | 10247530 |
| Ingram Micro Holding Corp.  | 330554 | 6839162 |
| IPG Photonics Corp. \* | 153435 | 20187443 |
| Itron, Inc. \* | 99668 | 9363809 |
| Kimball Electronics, Inc. \* | 261996 | 6547280 |
| Knowles Corp. \* | 360404 | 9792177 |
| Littelfuse, Inc.  | 72193 | 25445145 |
| Lumentum Holdings, Inc. \* | 151896 | 106465425 |
| Methode Electronics, Inc.  | 902734 | 7637130 |
| NETGEAR, Inc. \* | 190509 | 3928296 |
| NetScout Systems, Inc. \* | 356667 | 10418243 |
| Novanta, Inc. \* | 40016 | 5379351 |
| OSI Systems, Inc. \* | 30366 | 8660383 |
| PC Connection, Inc.  | 111810 | 6814819 |
| Plexus Corp. \* | 104726 | 20330458 |
| Pure Storage, Inc., Class A \* | 105499 | 6775146 |
| Rogers Corp. \* | 94439 | 10183357 |
| ScanSource, Inc. \* | 275549 | 10134692 |
| Super Micro Computer, Inc. \* | 458547 | 14852337 |
| TTM Technologies, Inc. \* | 327548 | 34143604 |
| Viasat, Inc. \* | 1012664 | 46359758 |
| Viavi Solutions, Inc. \* | 723453 | 21493789 |
| Vistance Networks, Inc. \* | 2190940 | 38494816 |
| Vontier Corp.  | 435333 | 17813826 |
|  |  | **598247514** |
| **Telecommunication Services 0.5%** | **Telecommunication Services 0.5%** | **Telecommunication Services 0.5%** |
| Array Digital Infrastructure, Inc.  | 67515 | 3290006 |
| Cogent Communications Holdings, Inc.  | 188424 | 3534834 |
| GCI Liberty, Inc., Class C \* | 10675 | 420062 |
| IDT Corp., Class B  | 68296 | 3479681 |
| IHS Holding Ltd. \* | 1121436 | 8971488 |
| Iridium Communications, Inc.  | 392116 | 9391178 |
| Shenandoah Telecommunications Co.  | 336765 | 4590107 |

---

*See financial notes*

**40**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Uniti Group, Inc.  | 1635468 | 11971626 |
|  |  | **45648982** |
| **Transportation 3.0%** | **Transportation 3.0%** | **Transportation 3.0%** |
| Allegiant Travel Co. \* | 115898 | 11838981 |
| American Airlines Group, Inc. \* | 1342437 | 17545652 |
| ArcBest Corp.  | 246837 | 25340286 |
| Covenant Logistics Group, Inc., <br> Class A <br>| 146638 | 4317023 |
| Forward Air Corp. \* | 227852 | 5762377 |
| Genco Shipping & Trading Ltd.  | 370580 | 8912449 |
| Global Ship Lease, Inc., Class A  | 199251 | 8185231 |
| Heartland Express, Inc.  | 435794 | 4806808 |
| JetBlue Airways Corp. \* | 2414194 | 13374635 |
| Kirby Corp. \* | 158831 | 20616264 |
| Marten Transport Ltd.  | 550928 | 7487111 |
| RXO, Inc. \* | 783279 | 12501133 |
| Saia, Inc. \* | 61894 | 25091209 |
| Schneider National, Inc., Class B  | 347482 | 9861539 |
| SkyWest, Inc. \* | 150106 | 15623032 |
| Southwest Airlines Co.  | 474571 | 23377367 |
| Sun Country Airlines Holdings, Inc. \* | 263774 | 5191072 |
| United Airlines Holdings, Inc. \* | 178599 | 18985074 |
| Werner Enterprises, Inc.  | 716457 | 25140476 |
| XPO, Inc. \* | 143172 | 30133411 |
|  |  | **294091130** |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| American States Water Co.  | 71928 | 5360794 |
| Avista Corp.  | 353847 | 14373265 |
| Black Hills Corp.  | 304945 | 22462249 |
| California Water Service Group  | 139764 | 6300561 |
| Chesapeake Utilities Corp.  | 41304 | 5616105 |
| Clearway Energy, Inc., Class C  | 282127 | 10808285 |
| H2O America  | 98507 | 5298692 |
| Hawaiian Electric Industries, Inc. \* | 1509006 | 23374503 |
| IDACORP, Inc.  | 127334 | 18332276 |
| MDU Resources Group, Inc.  | 668786 | 13830494 |
| MGE Energy, Inc.  | 75431 | 6186851 |
| New Jersey Resources Corp.  | 309802 | 16803660 |
| Northwest Natural Holding Co.  | 176368 | 9354559 |
| Northwestern Energy Group, Inc.  | 245515 | 17176229 |
| ONE Gas, Inc.  | 215692 | 18860108 |
| Ormat Technologies, Inc.  | 103944 | 10778993 |
| Otter Tail Corp.  | 131990 | 11232349 |
| Southwest Gas Holdings, Inc.  | 259141 | 22848462 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Spire, Inc.  | 208857 | 19133390 |
| Talen Energy Corp. \* | 32970 | 12230881 |
| TXNM Energy, Inc.  | 292360 | 17255087 |
| Unitil Corp.  | 70721 | 3699416 |
|  |  | **291317209** |
| **Total Common Stocks** <br>**(Cost $7,990,273,846)** | **Total Common Stocks** <br>**(Cost $7,990,273,846)** | **9817801001** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(d)*<br>| 8024142 | 8024142 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(d)(e)*<br>| 33165162 | 33165162 |
|  |  | **41189304** |
| **Total Short-Term Investments** <br>**(Cost $41,189,304)** | **Total Short-Term Investments** <br>**(Cost $41,189,304)** | **41189304** |
| **Total Investments in Securities** <br>**(Cost $8,031,463,150)** | **Total Investments in Securities** <br>**(Cost $8,031,463,150)** | **9858990305** |

---

&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** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 03/20/26<br>| 71 | 9353185 | **(82025)**<br>|

---

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

\* Non-income producing security.

*(a)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $32,253,647. 

*(c)* Fair valued using significant unobservable inputs.

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

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

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

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended February 28, 2026. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at February 28, 2026, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 2/28/25<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 2/28/26<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 2/28/26<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS | **COMMON STOCKS** 1.1% OF NET ASSETS |
| **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** | **Capital Goods 0.1%** |
| JELD-WEN Holding, Inc.<sup>(a),\*</sup> <br>| $— | $8637857 | ($1436838)<br>| ($317176)<br>| ($7994972)<br>| $6188900 | 3157602 | $— |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**41**

------

Schwab Fundamental U.S. Small Company ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 2/28/25<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 2/28/26<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 2/28/26<br>| DIVIDENDS<br> RECEIVED<br>|
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc.<sup>(a),\*</sup> <br>| $— | $8162567 | ($429581)<br>| ($15684)<br>| ($2544818)<br>| $6182471 | 1461577 | $— |
| **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** | **Consumer Durables & Apparel 0.1%** |
| Oxford Industries, Inc.<sup>(a)</sup> <br>|  | 4445230 | (904113)<br>| (120086)<br>| (2235830)<br>| 6864668 | 173394 | 369719 |
| **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.<sup>(b)</sup> <br>| 16173738 | 4137880 | (7478302)<br>| (7028990)<br>| 3795329 |  |  | 327565 |
| **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** |
| Service Properties Trust<sup>(a)</sup> <br>|  | 4585149 | (2230274)<br>| (1154138)<br>| (2129994)<br>| 12055917 | 5241703 | 202699 |
| **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** | **Food, Beverage & Tobacco 0.0%** |
| Hain Celestial Group, Inc.<sup>(a),\*</sup> <br>|  | 7243363 | (441934)<br>| (76986)<br>| (4372303)<br>| 3414752 | 4271644 |  |
| **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** | **Health Care Equipment & Services 0.1%** |
| Accendra Health, Inc.<sup>(a),\*</sup> <br>|  | 10776515 | (2070135)<br>| (880673)<br>| (13438800)<br>| 6923027 | 2860755 |  |
| **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** | **Household & Personal Products 0.2%** |
| Medifast, Inc.<sup>(a),\*</sup> <br>|  | 7844171 | (438551)<br>| (19483)<br>| (1749287)<br>| 6000689 | 569866 |  |
| Nu Skin Enterprises, Inc., Class A<sup>(a)</sup> <br>|  | 16837868 | (1158742)<br>| 91299 | (1699450)<br>| 15820653 | 1865643 | 289648 |
|  |  |  |  |  |  | **21821342** |  |  |
| **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** | **Materials 0.0%** |
| Trinseo PLC<sup>(a)</sup> <br>|  | 3280231 | (902985)<br>| (84111)<br>| (4052962)<br>| 381372 | 1658138 | 8216 |
| **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** | **Media & Entertainment 0.5%** |
| AMC Networks, Inc., Class A<sup>(a),\*</sup> <br>|  | 10547565 | (681072)<br>| 57707 | 436271 | 12434430 | 1521962 |  |
| EW Scripps Co., Class A<sup>(a),\*</sup> <br>|  | 12224385 | (768003)<br>| 55338 | 2731008 | 14561840 | 3508877 |  |
| Gray Media, Inc.<sup>(a)</sup> <br>|  | 17252772 | (1122223)<br>| 46201 | 1085968 | 18730378 | 3608936 | 471587 |
|  |  |  |  |  |  | **45726648** |  |  |
| **Total** | **$16173738** | **$115975553** | **($20062753)**<br>| **($9446782)**<br>| **($32169840)**<br>| **$109559097** |  | **$1669434** |

---

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

<sup>(a)</sup> Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.

<sup>(b)</sup> All or a portion of this security is on loan. Securities on loan were valued at $32,253,647.

\* Non-income producing security.

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $9417408836 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9417408836 |
| Health Care Equipment & Services | 400392165 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 400392165 |
| Short-Term Investments<sup>1</sup> <br>| 41189304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41189304 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (82025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (82025)<br>|
| **Total** | **$9858908280** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$9858908280** |

---

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

\* Level 3 amount shown includes securities determined to have no value.

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

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

*See financial notes*

**42**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $185,978,267)  |  | $109559097 |
| Investments in securities, at value - unaffiliated issuers (cost $7,845,484,883) including securities on loan of $32,253,647 |  | 9749431208 |
| Deposit with broker for futures contracts |  | 1980702 |
| Receivables: |  |  |
| Dividends |  | 7079690 |
| Income from securities on loan |  | 34870 |
| Foreign tax reclaims | + | 457 |
| **Total assets** |  | **9868086024** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 33165162 |
| Payables: |  |  |
| Investments bought |  | 6357622 |
| Management fees |  | 1881467 |
| Variation margin on futures contracts | + | 243753 |
| **Total liabilities** |  | **41648004** |
| **Net assets** |  | **$9826438020** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $9491754239 |
| Total distributable earnings | + | 334683781 |
| **Net assets** |  | **$9826438020** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $9826438020 |  | &nbsp;&nbsp;&nbsp;&nbsp; 285700000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $34.39 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**43**

------

Schwab Fundamental U.S. Small Company ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $29,972) |  | $135891286 |
| Dividends received from securities - affiliated issuers |  | 1669434 |
| Other Interest |  | 57380 |
| Securities on loan, net | + | 1202958 |
| **Total investment income**  |  | **138821058** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 21849389 |
| **Total expenses** | – | **21849389** |
| **Net investment income** |  | **116971669** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (9549139)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (241100530)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 102357 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 1072444800 |
| Net realized gains on futures contracts | + | 2146566 |
| **Net realized gains** |  | **824044054** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (32169840)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 656980053 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 404067 |
| **Net change in unrealized appreciation (depreciation)** |  | **625214280** |
| **Net realized and unrealized gains** |  | **1449258334** |
| **Increase in net assets resulting from operations** |  | **$1566230003** |

---

*See financial notes*

**44**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $116971669 | &nbsp;&nbsp;&nbsp; $117890554 |
| Net realized gains |  | 824044054 | &nbsp;&nbsp;&nbsp; 139412957 |
| Net change in unrealized appreciation (depreciation) | + | 625214280 | &nbsp;&nbsp;&nbsp; 309962717 |
| **Increase in net assets resulting from operations** |  | **$1566230003** | &nbsp;&nbsp;&nbsp; **$567266228** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($111205320)**<br>| &nbsp;&nbsp;&nbsp; **($137775070)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 65550000 | &nbsp;&nbsp;&nbsp; $1912229859 | &nbsp;&nbsp;&nbsp; 69800000 | &nbsp;&nbsp;&nbsp; $1987701631 |
| Shares redeemed | + | (91800000)<br>| &nbsp;&nbsp;&nbsp; (2622682120)<br>| &nbsp;&nbsp;&nbsp; (45850000)<br>| &nbsp;&nbsp;&nbsp; (1293604949)<br>|
| **Net transactions in fund shares**  |  | **(26250000)**<br>| &nbsp;&nbsp;&nbsp; **($710452261)**<br>| &nbsp;&nbsp;&nbsp; **23950000** | &nbsp;&nbsp;&nbsp; **$694096682** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 311950000 | &nbsp;&nbsp;&nbsp; $9081865598 | &nbsp;&nbsp;&nbsp; 288000000 | &nbsp;&nbsp;&nbsp; $7958277758 |
| Total increase (decrease) | + | (26250000)<br>| &nbsp;&nbsp;&nbsp; 744572422 | &nbsp;&nbsp;&nbsp; 23950000 | &nbsp;&nbsp;&nbsp; 1123587840 |
| **End of period** |  | **285700000** | &nbsp;&nbsp;&nbsp; **$9826438020** | &nbsp;&nbsp;&nbsp; **311950000** | &nbsp;&nbsp;&nbsp; **$9081865598** |

---

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

<sup>1</sup> For the period ended February 28, 2025, transactions in fund shares have been retroactively adjusted to reflect a 2-for-1 share split effective after the close of U.S. markets on October 10, 2024. The retroactive adjustment of the share split does not change the transaction in fund shares values. 

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**45**

------

Schwab Fundamental International Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<br>| 3/1/23– <br>2/29/24<br>| 3/1/22– <br>2/28/23<br>| 3/1/21– <br>2/28/22<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $35.53 | &nbsp;&nbsp; $34.11 | &nbsp;&nbsp; $30.98 | &nbsp;&nbsp; $32.25 | &nbsp;&nbsp; $30.94 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 1.26 | 1.15 | 1.06 | 1.03 | 1.04 |
| Net realized and unrealized gains (losses) | 17.61 | 1.60 | 3.22 | &nbsp;&nbsp; (1.40)<br>| 1.42 |
| Total from investment operations | 18.87 | 2.75 | 4.28 | &nbsp;&nbsp; (0.37)<br>| 2.46 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.15)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $52.85 | &nbsp;&nbsp; $35.53 | &nbsp;&nbsp; $34.11 | &nbsp;&nbsp; $30.98 | &nbsp;&nbsp; $32.25 |
| Total return | 54.06<br> %<br>| 8.24<br> %<br>| 14.06<br> %<br>| &nbsp;&nbsp; (0.91<br> %)<br>| 7.95<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>2</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 2.99<br> %<br>| 3.24<br> %<br>| 3.31<br> %<br>| 3.50<br> %<br>| 3.16<br> %<br>|
| Portfolio turnover rate<sup>3</sup> <br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $23376 | &nbsp;&nbsp; $14103 | &nbsp;&nbsp; $12251 | &nbsp;&nbsp; $9343 | &nbsp;&nbsp; $7382 |

---

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

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

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>3</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

**46**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.1% OF NET ASSETS | **COMMON STOCKS** 98.1% OF NET ASSETS | **COMMON STOCKS** 98.1% OF NET ASSETS |
| **Australia 4.6%** | **Australia 4.6%** | **Australia 4.6%** |
| AGL Energy Ltd.  | 1387321 | 9777991 |
| Ampol Ltd.  | 599762 | 12040435 |
| ANZ Group Holdings Ltd.  | 2059939 | 58779357 |
| APA Group  | 1016243 | 6662877 |
| Aristocrat Leisure Ltd.  | 170839 | 5853665 |
| Aurizon Holdings Ltd.  | 3393017 | 10034842 |
| BHP Group Ltd.  | 6357968 | 264656122 |
| BlueScope Steel Ltd.  | 1026633 | 20485646 |
| Brambles Ltd.  | 743243 | 13284180 |
| Coles Group Ltd.  | 1202445 | 17618330 |
| Commonwealth Bank of Australia  | 557978 | 69436442 |
| Computershare Ltd.  | 167759 | 3704962 |
| CSL Ltd.  | 155661 | 16280357 |
| Downer EDI Ltd.  | 1355147 | 8295756 |
| Dyno Nobel Ltd.  | 2451053 | 5799188 |
| Endeavour Group Ltd.  | 2361374 | 6579879 |
| Fortescue Ltd.  | 2562584 | 38606417 |
| Goodman Group  | 206834 | 4265764 |
| Insurance Australia Group Ltd.  | 1226481 | 5821186 |
| JB Hi-Fi Ltd.  | 102010 | 5970641 |
| Lendlease Corp. Ltd.  | 1412500 | 4227797 |
| Macquarie Group Ltd.  | 141625 | 21546340 |
| Medibank Pvt Ltd.  | 2170529 | 6775106 |
| Metcash Ltd.  | 2437488 | 5732352 |
| Mineral Resources Ltd. \* | 211856 | 9206713 |
| National Australia Bank Ltd.  | 1527480 | 53361157 |
| Northern Star Resources Ltd.  | 398840 | 8606587 |
| Orica Ltd.  | 407230 | 7086990 |
| Origin Energy Ltd.  | 1187380 | 10281167 |
| QBE Insurance Group Ltd.  | 796411 | 12333132 |
| Ramsay Health Care Ltd.  | 254302 | 7805506 |
| Rio Tinto Ltd.  | 591670 | 70555319 |
| Santos Ltd.  | 3524957 | 16981534 |
| Scentre Group  | 2139996 | 5825762 |
| Sonic Healthcare Ltd.  | 625386 | 10620589 |
| South32 Ltd.  | 6623030 | 21711556 |
| Stockland  | 1537322 | 5598377 |
| Suncorp Group Ltd.  | 729481 | 7605622 |
| Telstra Group Ltd.  | 3779420 | 13951835 |
| Transurban Group  | 1042991 | 10658746 |
| Viva Energy Group Ltd.  | 3241537 | 4088845 |
| Wesfarmers Ltd.  | 548833 | 31141447 |
| Westpac Banking Corp.  | 1889023 | 57267883 |
| Whitehaven Coal Ltd.  | 1959205 | 10904539 |
| Woodside Energy Group Ltd.  | 2061722 | 41595503 |
| Woolworths Group Ltd.  | 1224040 | 31403244 |
| Worley Ltd.  | 826041 | 6675612 |
|  |  | **1077503297** |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| ams-OSRAM AG \* | 499309 | 5560863 |
| BAWAG Group AG  | 45462 | 7085363 |
| Erste Group Bank AG  | 169048 | 20099218 |
| OMV AG  | 439018 | 28405507 |
| Raiffeisen Bank International AG  | 218084 | 10881605 |
| voestalpine AG  | 346477 | 19857010 |
| Wienerberger AG  | 161134 | 5288977 |
|  |  | **97178543** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Belgium 0.6%** | **Belgium 0.6%** | **Belgium 0.6%** |
| Ageas SA  | 135077 | 10031635 |
| Anheuser-Busch InBev SA  | 786784 | 63930758 |
| KBC Group NV  | 148103 | 20074531 |
| Proximus SADP  | 673594 | 5555259 |
| Syensqo SA  | 107511 | 6140004 |
| UCB SA  | 31533 | 9393387 |
| Umicore SA  | 1015302 | 21601787 |
|  |  | **136727361** |
| **Canada 8.1%** | **Canada 8.1%** | **Canada 8.1%** |
| Agnico Eagle Mines Ltd.  | 111349 | 27973390 |
| Algonquin Power & Utilities Corp.  | 945457 | 6613381 |
| Alimentation Couche-Tard, Inc.  | 916530 | 55629544 |
| AltaGas Ltd.  | 277509 | 9433088 |
| ARC Resources Ltd.  | 568953 | 10554321 |
| Atco Ltd., Class I  | 154841 | 7363704 |
| B2Gold Corp.  | 1678901 | 10315790 |
| Bank of Montreal  | 374693 | 53932605 |
| Bank of Nova Scotia  | 1036048 | 78608532 |
| Barrick Mining Corp.  | 1345769 | 68292461 |
| Bausch Health Cos., Inc. \* | 1277325 | 7576756 |
| BCE, Inc.  | 897884 | 23601673 |
| Brookfield Corp.  | 811526 | 35594446 |
| Canadian Imperial Bank of Commerce  | 538153 | 54369690 |
| Canadian National Railway Co.  | 327423 | 36747911 |
| Canadian Natural Resources Ltd.  | 2253673 | 98600776 |
| Canadian Pacific Kansas City Ltd.  | 273716 | 23970846 |
| Canadian Tire Corp. Ltd., Class A  | 103809 | 14563021 |
| Capital Power Corp.  | 103181 | 4844139 |
| CCL Industries, Inc., Class B  | 97835 | 6806163 |
| Cenovus Energy, Inc.  | 2869030 | 63929187 |
| CGI, Inc.  | 150693 | 11022571 |
| Constellation Software, Inc.  | 2096 | 3873816 |
| Dollarama, Inc.  | 47887 | 7051118 |
| Element Fleet Management Corp.  | 177338 | 4224593 |
| Emera, Inc.  | 208925 | 10871729 |
| Empire Co. Ltd., Class A  | 265607 | 9421906 |
| Enbridge, Inc.  | 1529538 | 81274054 |
| Fairfax Financial Holdings Ltd.  | 12812 | 22054752 |
| Finning International, Inc.  | 164471 | 11089748 |
| First Quantum Minerals Ltd. \* | 630443 | 18878390 |
| Fortis, Inc.  | 328067 | 18875549 |
| Franco-Nevada Corp.  | 27122 | 7581472 |
| George Weston Ltd.  | 197664 | 14510481 |
| Gildan Activewear, Inc.  | 115053 | 7842855 |
| Great-West Lifeco, Inc. *(a)* | 152645 | 7375668 |
| Hydro One Ltd.  | 170526 | 7329423 |
| iA Financial Corp., Inc.  | 60849 | 6921220 |
| Imperial Oil Ltd.  | 193898 | 22683159 |
| Intact Financial Corp.  | 72732 | 14044046 |
| Keyera Corp.  | 194355 | 7418793 |
| Kinross Gold Corp.  | 773142 | 28582190 |
| Linamar Corp.  | 104191 | 7181872 |
| Loblaw Cos. Ltd.  | 462859 | 21455399 |
| Lundin Mining Corp.  | 493026 | 15710606 |
| Magna International, Inc. *(a)* | 884103 | 55755178 |
| Manulife Financial Corp.  | 987603 | 35170934 |
| Methanex Corp.  | 123715 | 6242671 |
| Metro, Inc.  | 210614 | 15008670 |
| National Bank of Canada  | 165379 | 23084064 |
| Nutrien Ltd.  | 952178 | 71623669 |
| Open Text Corp.  | 216448 | 5362597 |
| Pembina Pipeline Corp.  | 456546 | 20068140 |
| Power Corp. of Canada  | 388588 | 19522711 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**47**

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Quebecor, Inc., Class B  | 173721 | 7185249 |
| Restaurant Brands International, Inc.  | 149003 | 10691376 |
| Rogers Communications, Inc., <br> Class B <br>| 580872 | 23186327 |
| Royal Bank of Canada  | 641229 | 107229606 |
| Saputo, Inc.  | 336173 | 10732098 |
| Shopify, Inc., Class A \* | 33646 | 4062387 |
| Sun Life Financial, Inc.  | 304138 | 19936164 |
| Suncor Energy, Inc.  | 1902042 | 107454879 |
| TC Energy Corp.  | 583947 | 37528287 |
| Teck Resources Ltd., Class B  | 615160 | 36133349 |
| TELUS Corp.  | 752393 | 10316200 |
| TFI International, Inc.  | 78545 | 9385547 |
| Thomson Reuters Corp.  | 41002 | 3948229 |
| Toromont Industries Ltd.  | 48368 | 7507795 |
| Toronto-Dominion Bank  | 1071347 | 104381412 |
| Tourmaline Oil Corp.  | 272441 | 12792552 |
| Vermilion Energy, Inc.  | 563116 | 6048795 |
| Waste Connections, Inc.  | 66392 | 11426619 |
| West Fraser Timber Co. Ltd.  | 197288 | 13099975 |
| Wheaton Precious Metals Corp.  | 45357 | 7391942 |
| Whitecap Resources, Inc.  | 1444377 | 14424178 |
| WSP Global, Inc.  | 44916 | 7609884 |
|  |  | **1890908318** |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| China Gas Holdings Ltd.  | 5866033 | 6074400 |
| Kingboard Holdings Ltd.  | 1896023 | 9821705 |
| SITC International Holdings Co. Ltd.  | 1456052 | 6213511 |
|  |  | **22109616** |
| **Denmark 0.8%** | **Denmark 0.8%** | **Denmark 0.8%** |
| AP Moller - Maersk AS, Class A  | 10762 | 26360778 |
| AP Moller - Maersk AS, Class B *(a)* | 15522 | 38449328 |
| Carlsberg AS, Class B  | 85382 | 13266053 |
| Coloplast AS, Class B  | 47049 | 3628305 |
| Danske Bank AS  | 277078 | 14453769 |
| DSV AS  | 97543 | 25210426 |
| Genmab AS \* | 18565 | 5423104 |
| ISS AS  | 168227 | 5981523 |
| Novo Nordisk AS, Class B  | 876163 | 32939187 |
| Novonesis Novozymes B, Class B  | 82640 | 4903812 |
| Orsted AS \* | 354039 | 8392201 |
| Pandora AS  | 42012 | 3319532 |
| Vestas Wind Systems AS  | 458185 | 11762350 |
|  |  | **194090368** |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| Elisa OYJ  | 113222 | 5807113 |
| Fortum OYJ  | 596008 | 13940432 |
| Kesko OYJ, B Shares  | 360682 | 8883384 |
| Kone OYJ, B Shares  | 174680 | 13203787 |
| Metso OYJ  | 342419 | 7158029 |
| Neste OYJ  | 1301852 | 32555715 |
| Nokia OYJ  | 5704786 | 43673905 |
| Nordea Bank Abp  | 2491898 | 48398938 |
| Outokumpu OYJ  | 1936987 | 13093081 |
| Sampo OYJ, A Shares  | 1585116 | 17570082 |
| Stora Enso OYJ, R Shares  | 1096389 | 14893301 |
| UPM-Kymmene OYJ  | 692767 | 22068296 |
| Wartsila OYJ Abp  | 213017 | 9280691 |
|  |  | **250526754** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **France 7.6%** | **France 7.6%** | **France 7.6%** |
| Accor SA  | 86566 | 5034791 |
| Air Liquide SA  | 261680 | 55070037 |
| Alstom SA \* | 385903 | 12889936 |
| Arkema SA  | 158358 | 11582998 |
| AXA SA  | 1222984 | 59867309 |
| Ayvens SA  | 654717 | 8348665 |
| BNP Paribas SA  | 1005627 | 113391359 |
| Bollore SE  | 742064 | 4342225 |
| Bouygues SA  | 299965 | 18657610 |
| Bureau Veritas SA  | 163183 | 5668358 |
| Capgemini SE  | 150723 | 19032682 |
| Carrefour SA  | 2399844 | 45463451 |
| Cie de Saint-Gobain SA  | 408698 | 41615098 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 1097057 | 44558165 |
| Credit Agricole SA  | 578190 | 12823939 |
| Danone SA  | 450979 | 38678695 |
| Dassault Systemes SE  | 165342 | 3621319 |
| Eiffage SA  | 153630 | 26519362 |
| Elis SA  | 161997 | 5194890 |
| Emeis SA \* | 363972 | 6609429 |
| Engie SA  | 2099619 | 71718070 |
| EssilorLuxottica SA  | 95555 | 25407473 |
| Forvia SE \* | 1060287 | 15122724 |
| Hermes International SCA  | 3406 | 8239982 |
| Kering SA  | 86633 | 29244027 |
| Legrand SA  | 107810 | 19583766 |
| L'Oreal SA  | 94914 | 44534625 |
| LVMH Moet Hennessy Louis Vuitton <br> SE <br>| 120670 | 77520703 |
| Orange SA  | 4207945 | 90373774 |
| Pernod Ricard SA  | 171388 | 15836526 |
| Publicis Groupe SA  | 147884 | 13168836 |
| Renault SA  | 611313 | 23176273 |
| Rexel SA  | 509635 | 22185644 |
| Rubis SCA  | 157737 | 6823838 |
| Safran SA  | 67177 | 26967407 |
| Sanofi SA  | 923895 | 89667301 |
| Schneider Electric SE  | 197840 | 64634282 |
| SCOR SE  | 219652 | 8013704 |
| SEB SA  | 58768 | 3618553 |
| Societe Generale SA  | 889786 | 77595142 |
| Sodexo SA  | 89459 | 4900966 |
| Teleperformance SE  | 107236 | 6518067 |
| Thales SA  | 33350 | 10037033 |
| TotalEnergies SE  | 4357289 | 346132208 |
| Unibail-Rodamco-Westfield \* | 77877 | 9760428 |
| Valeo SE  | 958162 | 13903703 |
| Veolia Environnement SA  | 764628 | 32464562 |
| Vinci SA  | 427209 | 70995114 |
| Worldline SA *\*(a)* | 1141787 | 2109115 |
|  |  | **1769224164** |
| **Germany 6.9%** | **Germany 6.9%** | **Germany 6.9%** |
| adidas AG  | 107613 | 20100686 |
| Allianz SE  | 219508 | 99055980 |
| Aumovio SE \* | 90807 | 4535230 |
| Aurubis AG  | 67440 | 13759447 |
| BASF SE  | 1921124 | 110464829 |
| Bayer AG  | 2943977 | 146024846 |
| Bayerische Motoren Werke AG  | 759758 | 80249778 |
| Beiersdorf AG  | 42675 | 5424094 |
| BioNTech SE, ADR \* | 212116 | 23381547 |
| Brenntag SE  | 187053 | 11550640 |
| Commerzbank AG  | 392501 | 16057712 |

---

*See financial notes*

**48**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Continental AG  | 214022 | 18477119 |
| Daimler Truck Holding AG  | 499820 | 25393621 |
| Deutsche Bank AG  | 970214 | 34703890 |
| Deutsche Boerse AG  | 42000 | 11524579 |
| Deutsche Lufthansa AG  | 1445200 | 15507291 |
| Deutsche Post AG  | 1500419 | 88754411 |
| Deutsche Telekom AG  | 3872094 | 155852064 |
| E.ON SE  | 2206302 | 51266033 |
| Evonik Industries AG  | 591075 | 10321681 |
| Freenet AG  | 130448 | 4263273 |
| Fresenius Medical Care AG  | 379460 | 17674725 |
| Fresenius SE & Co. KGaA  | 627934 | 37737354 |
| FUCHS SE  | 37961 | 1380473 |
| GEA Group AG  | 82386 | 6410302 |
| Hannover Rueck SE  | 22316 | 6792645 |
| Hapag-Lloyd AG *(a)* | 65314 | 10079095 |
| Heidelberg Materials AG  | 103053 | 23063440 |
| Henkel AG & Co. KGaA  | 71364 | 6466916 |
| Infineon Technologies AG  | 565304 | 30586107 |
| K&S AG  | 438724 | 7764843 |
| KION Group AG  | 115735 | 7925604 |
| Lanxess AG  | 291496 | 6580519 |
| Mercedes-Benz Group AG  | 2288669 | 159431695 |
| Merck KGaA  | 81290 | 12314122 |
| MTU Aero Engines AG  | 12408 | 5353157 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen <br>| 59924 | 39309969 |
| Puma SE  | 216486 | 6073177 |
| Rheinmetall AG  | 4269 | 8384721 |
| RWE AG  | 341159 | 21969068 |
| SAP SE  | 211950 | 42782641 |
| Schaeffler AG  | 866458 | 10598562 |
| Siemens AG  | 340427 | 99440513 |
| Siemens Energy AG  | 134941 | 26519626 |
| Siemens Healthineers AG  | 129146 | 6425622 |
| Symrise AG  | 61614 | 5643764 |
| thyssenkrupp AG  | 2022165 | 25176934 |
| Tkms AG& Co. KGaA \* | 102297 | 11589042 |
| Volkswagen AG  | 149404 | 17957657 |
| Vonovia SE  | 300969 | 10195111 |
| Zalando SE \* | 174370 | 4271983 |
|  |  | **1622568138** |
| **Hong Kong 1.0%** | **Hong Kong 1.0%** | **Hong Kong 1.0%** |
| AIA Group Ltd.  | 5951416 | 66041038 |
| CK Asset Holdings Ltd.  | 2430564 | 15468059 |
| CLP Holdings Ltd.  | 1798634 | 17061632 |
| HKT Trust & HKT Ltd.  | 3227588 | 5091750 |
| Hong Kong & China Gas Co. Ltd.  | 7572221 | 7366850 |
| Hong Kong Exchanges & Clearing Ltd.  | 131424 | 7039836 |
| Link REIT  | 1294283 | 6413379 |
| New World Development Co. Ltd. *\*(a)* | 10510569 | 14592507 |
| Pacific Basin Shipping Ltd.  | 20193459 | 8932246 |
| Sun Hung Kai Properties Ltd.  | 1093663 | 20413160 |
| Swire Pacific Ltd., A Shares  | 576768 | 6204819 |
| Swire Pacific Ltd., B Shares  | 1774552 | 3137507 |
| Techtronic Industries Co. Ltd.  | 820697 | 13387743 |
| WH Group Ltd.  | 21236090 | 26714283 |
| Yue Yuen Industrial Holdings Ltd.  | 2586466 | 6146955 |
|  |  | **224011764** |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| Jardine Matheson Holdings Ltd.  | 242357 | 19994453 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Ireland 0.9%** | **Ireland 0.9%** | **Ireland 0.9%** |
| AIB Group PLC  | 744587 | 7780336 |
| Allegion PLC  | 35086 | 5654109 |
| Bank of Ireland Group PLC  | 470153 | 9178740 |
| DCC PLC  | 219988 | 15335296 |
| ICON PLC \* | 46004 | 4974873 |
| James Hardie Industries PLC, CDI \* | 265856 | 6483401 |
| Kerry Group PLC, Class A  | 101195 | 8996917 |
| Kingspan Group PLC  | 84410 | 8406566 |
| Medtronic PLC  | 844489 | 82472796 |
| Perrigo Co. PLC  | 279429 | 3694051 |
| Ryanair Holdings PLC  | 364426 | 11798219 |
| Smurfit WestRock PLC *(b)* | 77595 | 3604344 |
| Smurfit WestRock PLC *(b)* | 350457 | 16474984 |
| Trane Technologies PLC  | 43501 | 20111382 |
|  |  | **204966014** |
| **Isle Of Man 0.0%** | **Isle Of Man 0.0%** | **Isle Of Man 0.0%** |
| Entain PLC  | 602111 | 4654669 |
| **Israel 0.6%** | **Israel 0.6%** | **Israel 0.6%** |
| Bank Hapoalim BM  | 619287 | 15601920 |
| Bank Leumi Le-Israel BM  | 678042 | 16385808 |
| Check Point Software Technologies <br> Ltd. \*<br>| 31036 | 4719644 |
| ICL Group Ltd.  | 1247370 | 5892022 |
| Israel Discount Bank Ltd., A Shares  | 653501 | 7901581 |
| Mizrahi Tefahot Bank Ltd.  | 74685 | 5588244 |
| Oil Refineries Ltd.  | 15737667 | 5124837 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| 1043139 | 35320687 |
| ZIM Integrated Shipping Services <br> Ltd. *(a)*<br>| 1231467 | 35503194 |
|  |  | **132037937** |
| **Italy 2.0%** | **Italy 2.0%** | **Italy 2.0%** |
| A2A SpA  | 2090678 | 6119322 |
| Banco BPM SpA  | 505177 | 7476659 |
| BPER Banca SpA  | 525339 | 7449417 |
| Enel SpA  | 8286385 | 99735415 |
| Eni SpA  | 5039294 | 116951152 |
| Generali  | 860350 | 36731888 |
| Intesa Sanpaolo SpA  | 6758033 | 46558699 |
| Leonardo SpA  | 133934 | 8982120 |
| Moncler SpA  | 85149 | 5875292 |
| Poste Italiane SpA  | 257826 | 6925446 |
| Prysmian SpA  | 129067 | 15619918 |
| Snam SpA  | 1291984 | 10052688 |
| Telecom Italia SpA \* | 34398020 | 25838469 |
| Terna - Rete Elettrica Nazionale  | 698066 | 8406909 |
| UniCredit SpA  | 783610 | 66994350 |
| Unipol Assicurazioni SpA  | 284075 | 7097221 |
|  |  | **476814965** |
| **Japan 23.8%** | **Japan 23.8%** | **Japan 23.8%** |
| Advantest Corp.  | 105920 | 18215866 |
| Aeon Co. Ltd.  | 1826282 | 26044624 |
| AGC, Inc.  | 563720 | 25022127 |
| Air Water, Inc.  | 416736 | 5790929 |
| Aisin Corp.  | 1412055 | 25138875 |
| Ajinomoto Co., Inc.  | 528737 | 16824758 |
| Alfresa Holdings Corp.  | 684197 | 11740360 |
| Alps Alpine Co. Ltd.  | 524273 | 7872910 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**49**

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amada Co. Ltd.  | 409499 | 6826076 |
| ANA Holdings, Inc.  | 353868 | 7713132 |
| Asahi Group Holdings Ltd.  | 1830930 | 19930604 |
| Asahi Kasei Corp.  | 3096907 | 36587638 |
| Astellas Pharma, Inc.  | 1982991 | 33042441 |
| Bandai Namco Holdings, Inc.  | 324205 | 8812977 |
| Bridgestone Corp.  | 1779580 | 43268443 |
| Brother Industries Ltd.  | 527877 | 10927772 |
| Canon, Inc.  | 1006279 | 30692718 |
| Central Japan Railway Co.  | 762104 | 22493356 |
| Chubu Electric Power Co., Inc.  | 1748502 | 29538344 |
| Chugai Pharmaceutical Co. Ltd.  | 194729 | 13040139 |
| Chugoku Electric Power Co., Inc.  | 826263 | 5760687 |
| Coca-Cola Bottlers Japan Holdings, <br> Inc. <br>| 290724 | 7679396 |
| COMSYS Holdings Corp.  | 237870 | 8778908 |
| Cosmo Energy Holdings Co. Ltd.  | 395155 | 12191908 |
| Dai Nippon Printing Co. Ltd.  | 634922 | 13216951 |
| Daifuku Co. Ltd.  | 190633 | 7902493 |
| Dai-ichi Life Holdings, Inc.  | 2619545 | 27030181 |
| Daiichi Sankyo Co. Ltd.  | 584744 | 11475777 |
| Daikin Industries Ltd.  | 270207 | 34467077 |
| Daito Trust Construction Co. Ltd.  | 516512 | 11909964 |
| Daiwa House Industry Co. Ltd.  | 958884 | 34658014 |
| Daiwa Securities Group, Inc.  | 744387 | 7847949 |
| Daiwabo Holdings Co. Ltd.  | 236408 | 4845512 |
| Denso Corp.  | 2994574 | 43156391 |
| Dentsu Group, Inc.  | 311811 | 5842774 |
| DIC Corp.  | 228523 | 6482808 |
| Disco Corp.  | 15976 | 7725784 |
| Dowa Holdings Co. Ltd.  | 170437 | 12608790 |
| East Japan Railway Co.  | 867300 | 21442934 |
| Ebara Corp.  | 307394 | 10911626 |
| Eisai Co. Ltd.  | 333820 | 11206089 |
| Electric Power Development Co. Ltd.  | 557977 | 13330692 |
| ENEOS Holdings, Inc.  | 9964518 | 94970074 |
| EXEO Group, Inc.  | 359104 | 6884216 |
| FANUC Corp.  | 506203 | 23062430 |
| Fast Retailing Co. Ltd.  | 47094 | 20822410 |
| Fuji Electric Co. Ltd.  | 139835 | 12458638 |
| FUJIFILM Holdings Corp.  | 1337147 | 27783538 |
| Fujikura Ltd.  | 88653 | 15198063 |
| Fujitsu Ltd.  | 1332213 | 30616367 |
| Furukawa Electric Co. Ltd.  | 104971 | 18893099 |
| Hankyu Hanshin Holdings, Inc.  | 229385 | 6692385 |
| Hanwa Co. Ltd.  | 174321 | 10015432 |
| Haseko Corp.  | 409437 | 8953197 |
| Hitachi Construction Machinery Co. <br> Ltd. <br>| 160111 | 7206405 |
| Hitachi Ltd.  | 2830259 | 94737765 |
| Honda Motor Co. Ltd.  | 11381990 | 115514896 |
| Hoya Corp.  | 101374 | 18352833 |
| Idemitsu Kosan Co. Ltd.  | 3547028 | 33874259 |
| IHI Corp.  | 414449 | 11422732 |
| Iida Group Holdings Co. Ltd.  | 455454 | 8112843 |
| Inpex Corp.  | 1637982 | 39867616 |
| Isetan Mitsukoshi Holdings Ltd.  | 288606 | 5693556 |
| Isuzu Motors Ltd.  | 1203198 | 22491807 |
| ITOCHU Corp.  | 7355141 | 106941041 |
| Iwatani Corp.  | 412500 | 5440112 |
| Japan Airlines Co. Ltd.  | 344283 | 7118306 |
| Japan Post Bank Co. Ltd.  | 914221 | 17924295 |
| Japan Post Holdings Co. Ltd.  | 2308349 | 30102793 |
| Japan Post Insurance Co. Ltd.  | 261212 | 8536132 |
| Japan Tobacco, Inc.  | 841751 | 32279028 |
| JFE Holdings, Inc.  | 2547095 | 35899968 |
| JTEKT Corp.  | 885960 | 12194895 |
| Kajima Corp.  | 452870 | 20716718 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kaneka Corp.  | 194029 | 6560635 |
| Kansai Electric Power Co., Inc.  | 1578768 | 28546755 |
| Kao Corp.  | 429957 | 18379715 |
| Kawasaki Heavy Industries Ltd.  | 123560 | 14447320 |
| Kawasaki Kisen Kaisha Ltd.  | 387563 | 6238244 |
| KDDI Corp.  | 3449164 | 59008596 |
| Keyence Corp.  | 39258 | 16610943 |
| Kikkoman Corp.  | 542884 | 5215859 |
| Kintetsu Group Holdings Co. Ltd.  | 251065 | 5313171 |
| Kirin Holdings Co. Ltd.  | 1180081 | 20461036 |
| Kobe Steel Ltd.  | 1079752 | 15733776 |
| Koito Manufacturing Co. Ltd.  | 489505 | 8844795 |
| Komatsu Ltd.  | 1077772 | 52002283 |
| Konica Minolta, Inc.  | 1810218 | 6919700 |
| K's Holdings Corp.  | 513217 | 5639223 |
| Kubota Corp.  | 1712829 | 34843522 |
| Kuraray Co. Ltd.  | 707407 | 8362015 |
| Kyocera Corp.  | 1750980 | 30993327 |
| Kyushu Electric Power Co., Inc.  | 1083889 | 13982081 |
| Lixil Corp.  | 875674 | 10292149 |
| LY Corp.  | 1817008 | 4527245 |
| Makita Corp.  | 252398 | 9788758 |
| Marubeni Corp.  | 2261183 | 87014812 |
| MatsukiyoCocokara & Co.  | 351647 | 5831315 |
| Mazda Motor Corp. *(a)* | 3431170 | 30515161 |
| Medipal Holdings Corp.  | 752513 | 14782753 |
| MEIJI Holdings Co. Ltd.  | 542619 | 13996008 |
| Minebea Mitsumi, Inc.  | 543891 | 11719131 |
| MISUMI Group, Inc.  | 351412 | 7085636 |
| Mitsubishi Chemical Group Corp.  | 4760242 | 35383576 |
| Mitsubishi Corp.  | 5103307 | 172915895 |
| Mitsubishi Electric Corp.  | 2187595 | 83944798 |
| Mitsubishi Estate Co. Ltd.  | 845811 | 28593694 |
| Mitsubishi Gas Chemical Co., Inc.  | 409279 | 11440151 |
| Mitsubishi HC Capital, Inc.  | 1093632 | 10605341 |
| Mitsubishi Heavy Industries Ltd.  | 1160472 | 37268897 |
| Mitsubishi Materials Corp.  | 505992 | 19465095 |
| Mitsubishi Motors Corp.  | 2363238 | 6495215 |
| Mitsubishi UFJ Financial Group, Inc.  | 4094707 | 77855166 |
| Mitsui & Co. Ltd.  | 3509351 | 131989810 |
| Mitsui Chemicals, Inc.  | 922980 | 14070087 |
| Mitsui Fudosan Co. Ltd.  | 1889293 | 25491085 |
| Mitsui Kinzoku Co. Ltd.  | 115377 | 27276638 |
| Mitsui OSK Lines Ltd.  | 430820 | 15999323 |
| Mizuho Financial Group, Inc.  | 1188647 | 54443649 |
| MS&AD Insurance Group Holdings, <br> Inc. <br>| 898524 | 25184570 |
| Murata Manufacturing Co. Ltd.  | 1823509 | 47980624 |
| Nagase & Co. Ltd.  | 229121 | 7270235 |
| NEC Corp.  | 876683 | 24336552 |
| NGK Insulators Ltd.  | 475362 | 13966280 |
| NH Foods Ltd.  | 260646 | 11935041 |
| Nichirei Corp.  | 385269 | 5242620 |
| NIDEC Corp.  | 954284 | 15048501 |
| Nikon Corp. *(a)* | 577982 | 7392987 |
| Nintendo Co. Ltd.  | 414141 | 23860357 |
| Nippon Express Holdings, Inc.  | 768479 | 18950483 |
| Nippon Paper Industries Co. Ltd.  | 665896 | 5621463 |
| Nippon Sanso Holdings Corp.  | 129491 | 4970630 |
| Nippon Steel Corp. *(a)* | 12523207 | 51015274 |
| Nippon Yusen KK  | 774422 | 26631684 |
| Nissan Motor Co. Ltd. \* | 14971921 | 41542586 |
| Nisshin Seifun Group, Inc.  | 502660 | 7031606 |
| Nissin Foods Holdings Co. Ltd.  | 221305 | 4672034 |
| Nissui Corp.  | 656116 | 6509679 |
| Niterra Co. Ltd.  | 196579 | 9950769 |
| Nitori Holdings Co. Ltd.  | 413420 | 8282964 |
| Nitto Denko Corp.  | 633209 | 14750880 |

---

*See financial notes*

**50**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nomura Holdings, Inc.  | 1647901 | 15331153 |
| Nomura Research Institute Ltd.  | 184722 | 5166892 |
| NSK Ltd.  | 1403784 | 12664402 |
| NTT, Inc.  | 55309990 | 54309185 |
| Obayashi Corp.  | 777554 | 21993137 |
| Oji Holdings Corp.  | 2115888 | 13342461 |
| Olympus Corp.  | 802753 | 7856567 |
| Omron Corp.  | 307132 | 10921998 |
| Ono Pharmaceutical Co. Ltd.  | 607680 | 10409865 |
| ORIX Corp.  | 906546 | 32185649 |
| Osaka Gas Co. Ltd.  | 613540 | 25606576 |
| Otsuka Corp.  | 255776 | 5158934 |
| Otsuka Holdings Co. Ltd.  | 369126 | 25321630 |
| Pan Pacific International Holdings <br> Corp. <br>| 1043851 | 6953435 |
| Panasonic Holdings Corp.  | 5042828 | 81944946 |
| Persol Holdings Co. Ltd.  | 2902558 | 4644093 |
| Recruit Holdings Co. Ltd.  | 550562 | 24212386 |
| Renesas Electronics Corp.  | 1140190 | 21682781 |
| Rengo Co. Ltd.  | 773541 | 7731694 |
| Resona Holdings, Inc.  | 1116311 | 13660286 |
| Resonac Holdings Corp.  | 332128 | 25378940 |
| Ricoh Co. Ltd.  | 1523529 | 14344837 |
| Rohm Co. Ltd.  | 509427 | 9384225 |
| Ryohin Keikaku Co. Ltd.  | 241464 | 5563145 |
| Sankyu, Inc.  | 89581 | 5763594 |
| Sanwa Holdings Corp.  | 157876 | 4180364 |
| Secom Co. Ltd.  | 365816 | 14147619 |
| Seiko Epson Corp.  | 662090 | 8979828 |
| Sekisui Chemical Co. Ltd. *(a)* | 615474 | 12019729 |
| Sekisui House Ltd.  | 1047116 | 25660630 |
| Seven & i Holdings Co. Ltd. *(a)* | 3548824 | 49905160 |
| SG Holdings Co. Ltd. *(a)* | 904368 | 9187047 |
| Shimadzu Corp.  | 210537 | 5878180 |
| Shimamura Co. Ltd.  | 223865 | 5156244 |
| Shimano, Inc.  | 70372 | 7554426 |
| Shimizu Corp.  | 611618 | 13683790 |
| Shin-Etsu Chemical Co. Ltd.  | 1518822 | 60003805 |
| Shionogi & Co. Ltd.  | 560924 | 13163975 |
| Shiseido Co. Ltd.  | 592210 | 12517489 |
| SMC Corp.  | 40693 | 19657749 |
| SoftBank Corp.  | 29218810 | 40012692 |
| SoftBank Group Corp.  | 2248780 | 58896791 |
| Sojitz Corp.  | 426082 | 19322085 |
| Sompo Holdings, Inc.  | 588898 | 23555920 |
| Sony Financial Group, Inc. \* | 2433202 | 2492035 |
| Sony Group Corp.  | 2936559 | 68521277 |
| Stanley Electric Co. Ltd.  | 224963 | 4755023 |
| Subaru Corp.  | 1375150 | 26128951 |
| SUMCO Corp.  | 813726 | 9524959 |
| Sumitomo Chemical Co. Ltd.  | 5427136 | 19803615 |
| Sumitomo Corp.  | 1533618 | 65450740 |
| Sumitomo Electric Industries Ltd.  | 1223673 | 81316941 |
| Sumitomo Forestry Co. Ltd.  | 879844 | 9552189 |
| Sumitomo Heavy Industries Ltd.  | 371293 | 14680491 |
| Sumitomo Metal Mining Co. Ltd.  | 482637 | 39028292 |
| Sumitomo Mitsui Financial Group, <br> Inc. <br>| 2091650 | 80343475 |
| Sumitomo Mitsui Trust Group, Inc.  | 352743 | 12388086 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 406958 | 13783788 |
| Sumitomo Rubber Industries Ltd.  | 491088 | 8749151 |
| Suntory Beverage & Food Ltd.  | 180816 | 5694618 |
| Suzuken Co. Ltd.  | 201922 | 8543774 |
| Suzuki Motor Corp.  | 2390751 | 36299601 |
| Sysmex Corp.  | 322726 | 3042771 |
| T&D Holdings, Inc.  | 214111 | 5779111 |
| Taiheiyo Cement Corp.  | 253480 | 7294704 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Taisei Corp.  | 166972 | 21753150 |
| Taiyo Yuden Co. Ltd.  | 232010 | 7127109 |
| Takeda Pharmaceutical Co. Ltd.  | 2014788 | 75094004 |
| TDK Corp.  | 1483015 | 23030071 |
| Teijin Ltd.  | 729576 | 8100689 |
| Terumo Corp.  | 628573 | 8495046 |
| TIS, Inc.  | 175414 | 3622320 |
| Tobu Railway Co. Ltd.  | 259265 | 5224325 |
| Toho Gas Co. Ltd.  | 159499 | 5749626 |
| Tohoku Electric Power Co., Inc.  | 1525698 | 12659995 |
| Tokio Marine Holdings, Inc.  | 858645 | 35896723 |
| Tokyo Electric Power Co. Holdings, <br> Inc. \*<br>| 6564826 | 29450787 |
| Tokyo Electron Ltd.  | 197256 | 55604398 |
| Tokyo Gas Co. Ltd.  | 614090 | 30113518 |
| Tokyu Corp.  | 536576 | 6865080 |
| Tokyu Fudosan Holdings Corp.  | 756525 | 7610072 |
| TOPPAN Holdings, Inc.  | 382620 | 13148159 |
| Toray Industries, Inc.  | 2752604 | 23625232 |
| Tosoh Corp.  | 681906 | 11921617 |
| TOTO Ltd.  | 246531 | 9652804 |
| Toyo Seikan Group Holdings Ltd.  | 272849 | 7130337 |
| Toyo Suisan Kaisha Ltd.  | 74000 | 5827574 |
| Toyota Boshoku Corp.  | 298994 | 6130215 |
| Toyota Industries Corp.  | 138631 | 17963203 |
| Toyota Motor Corp.  | 10838848 | 265547437 |
| Toyota Tsusho Corp.  | 1230111 | 55058547 |
| Tsuruha Holdings, Inc. *(a)* | 351892 | 5916519 |
| UBE Corp.  | 312701 | 5785344 |
| Unicharm Corp.  | 958321 | 6564767 |
| West Japan Railway Co.  | 455029 | 9775291 |
| Yakult Honsha Co. Ltd.  | 253570 | 4246333 |
| Yamada Holdings Co. Ltd.  | 2388043 | 8880690 |
| Yamaha Corp.  | 791196 | 6136995 |
| Yamaha Motor Co. Ltd.  | 2086727 | 16613622 |
| Yamato Holdings Co. Ltd. *(a)* | 800281 | 9810971 |
| Yamazaki Baking Co. Ltd.  | 233224 | 5241845 |
| Yaskawa Electric Corp. *(a)* | 209326 | 7394286 |
| Yokogawa Electric Corp.  | 197869 | 7914760 |
| Yokohama Rubber Co. Ltd.  | 219826 | 11097957 |
|  |  | **5565788190** |
| **Jersey 1.4%** | **Jersey 1.4%** | **Jersey 1.4%** |
| Aptiv PLC \* | 380976 | 28016975 |
| Experian PLC  | 259425 | 9717115 |
| Glencore PLC \* | 39335106 | 282400845 |
| International Workplace Group PLC  | 1521663 | 4553948 |
| WPP PLC  | 2571572 | 9507707 |
|  |  | **334196590** |
| **Luxembourg 0.7%** | **Luxembourg 0.7%** | **Luxembourg 0.7%** |
| Aperam SA  | 155401 | 8150271 |
| ArcelorMittal SA  | 1506730 | 98698727 |
| B&M European Value Retail SA  | 2338407 | 6004791 |
| Eurofins Scientific SE  | 102222 | 8226472 |
| Millicom International Cellular SA  | 151182 | 11019656 |
| SES SA, Class A  | 1086558 | 8114338 |
| Subsea 7 SA  | 259358 | 7491704 |
| Tenaris SA  | 377868 | 10314961 |
|  |  | **158020920** |
| **Mauritius 0.0%** | **Mauritius 0.0%** | **Mauritius 0.0%** |
| Golden Agri-Resources Ltd.  | 29132595 | 6564248 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**51**

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Netherlands 2.8%** | **Netherlands 2.8%** | **Netherlands 2.8%** |
| Aalberts NV  | 129355 | 5379132 |
| ABN AMRO Bank NV, GDR  | 697536 | 23356756 |
| AerCap Holdings NV  | 99804 | 14914710 |
| Airbus SE  | 158799 | 34543899 |
| Akzo Nobel NV  | 360315 | 25363780 |
| ASM International NV  | 7967 | 6718222 |
| ASML Holding NV  | 59616 | 86817333 |
| ASR Nederland NV  | 70051 | 5081655 |
| Ferrari NV  | 14148 | 5368842 |
| Heineken Holding NV  | 170162 | 14706635 |
| Heineken NV  | 244229 | 22653660 |
| IMCD NV *(a)* | 34731 | 3337962 |
| ING Groep NV, Series N  | 2325413 | 67624516 |
| Iveco Group NV  | 276644 | 6255034 |
| Koninklijke Ahold Delhaize NV  | 1823060 | 89909400 |
| Koninklijke KPN NV  | 3285142 | 18621965 |
| Koninklijke Philips NV  | 797848 | 25509884 |
| Magnum Ice Cream Co. NV \* | 301190 | 4757982 |
| NN Group NV  | 213023 | 17430081 |
| NXP Semiconductors NV  | 99254 | 22531651 |
| Prosus NV \* | 100428 | 5159214 |
| Randstad NV  | 298263 | 9800591 |
| SBM Offshore NV  | 192455 | 7403208 |
| Signify NV  | 339651 | 7908233 |
| Stellantis NV  | 10881369 | 89175437 |
| STMicroelectronics NV  | 779985 | 26158974 |
| Universal Music Group NV  | 173611 | 3917217 |
| Wolters Kluwer NV  | 69506 | 5588678 |
|  |  | **655994651** |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Fletcher Building Ltd. \* | 2956634 | 6227189 |
| Spark New Zealand Ltd.  | 3519087 | 4814512 |
|  |  | **11041701** |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker BP ASA  | 560846 | 16872425 |
| DNB Bank ASA  | 558710 | 17706715 |
| Equinor ASA  | 2551571 | 75527403 |
| Mowi ASA  | 345913 | 8152048 |
| Norsk Hydro ASA  | 2408262 | 22312130 |
| Orkla ASA  | 540167 | 7387025 |
| Telenor ASA  | 802518 | 14872067 |
| Var Energi ASA  | 1314429 | 4903513 |
| Yara International ASA  | 507663 | 25651566 |
|  |  | **193384892** |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Bank Polska Kasa Opieki SA  | 98237 | 6219811 |
| KGHM Polska Miedz SA \* | 195892 | 18395803 |
| ORLEN SA  | 1377263 | 44201636 |
| PGE Polska Grupa Energetyczna SA \* | 2399908 | 7580637 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA <br>| 262997 | 6806349 |
| Powszechny Zaklad Ubezpieczen SA  | 634546 | 12013685 |
| Tauron Polska Energia SA \* | 2418091 | 7959568 |
|  |  | **103177489** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| EDP SA  | 3854134 | 20550406 |
| Galp Energia SGPS SA  | 657164 | 14137148 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Jeronimo Martins SGPS SA  | 279331 | 7341486 |
|  |  | **42029040** |
| **Republic of Korea 10.0%** | **Republic of Korea 10.0%** | **Republic of Korea 10.0%** |
| BNK Financial Group, Inc.  | 583035 | 8077781 |
| CJ CheilJedang Corp.  | 36163 | 5379828 |
| CJ Corp.  | 86163 | 13087671 |
| DB Insurance Co. Ltd.  | 59295 | 7547386 |
| Doosan Enerbility Co. Ltd. \* | 175573 | 12974216 |
| E-MART, Inc.  | 133845 | 9769708 |
| GS Holdings Corp.  | 444042 | 21206594 |
| Hana Financial Group, Inc.  | 300606 | 25452771 |
| Hankook Tire & Technology Co. Ltd.  | 173098 | 8772224 |
| Hanwha Corp. \* | 77348 | 7344968 |
| Hanwha Solutions Corp. \* | 232690 | 8573215 |
| HD Hyundai Co. Ltd.  | 80493 | 16367190 |
| HMM Co. Ltd.  | 784317 | 11640715 |
| Hyundai Engineering & Construction <br> Co. Ltd. <br>| 185547 | 21244067 |
| Hyundai Glovis Co. Ltd.  | 71613 | 14412210 |
| Hyundai Mobis Co. Ltd.  | 132563 | 47643428 |
| Hyundai Motor Co.  | 267526 | 125347601 |
| Hyundai Steel Co.  | 604754 | 19548878 |
| KB Financial Group, Inc.  | 315976 | 34925397 |
| Kia Corp.  | 530315 | 75759286 |
| Korea Electric Power Corp.  | 485589 | 19747623 |
| Korea Gas Corp.  | 210509 | 6029177 |
| Korea Zinc Co. Ltd.  | 9416 | 13287786 |
| Korean Air Lines Co. Ltd. \* | 505691 | 9878288 |
| KT Corp.  | 151451 | 6717118 |
| KT&G Corp.  | 88310 | 10012764 |
| Kumho Petrochemical Co. Ltd. \* | 57311 | 6111580 |
| LG Chem Ltd.  | 120380 | 34938234 |
| LG Corp.  | 101818 | 7623079 |
| LG Display Co. Ltd. \* | 1265614 | 12616548 |
| LG Electronics, Inc.  | 505540 | 51204156 |
| LG H&H Co. Ltd.  | 27552 | 5113927 |
| LG Innotek Co. Ltd.  | 51915 | 11512607 |
| LG Uplus Corp.  | 983903 | 11313003 |
| Lotte Chemical Corp.  | 111639 | 7442600 |
| NAVER Corp.  | 55951 | 9898873 |
| POSCO Holdings, Inc.  | 295814 | 84929567 |
| Samsung C&T Corp.  | 96551 | 23525287 |
| Samsung Electro-Mechanics Co. Ltd.  | 72366 | 22562496 |
| Samsung Electronics Co. Ltd.  | 7350655 | 1106302960 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 23292 | 8581689 |
| Samsung SDI Co. Ltd. \* | 72521 | 23493073 |
| Samsung SDS Co. Ltd.  | 62259 | 8439698 |
| Shinhan Financial Group Co. Ltd.  | 562653 | 37901339 |
| SK Hynix, Inc.  | 252342 | 186120863 |
| SK Innovation Co. Ltd.  | 134185 | 11912009 |
| SK Telecom Co. Ltd.  | 315675 | 17511898 |
| SK, Inc.  | 181824 | 50685731 |
| S-Oil Corp. \* | 142982 | 10933625 |
| Woori Financial Group, Inc.  | 867587 | 21712292 |
|  |  | **2333135024** |
| **Singapore 0.6%** | **Singapore 0.6%** | **Singapore 0.6%** |
| DBS Group Holdings Ltd.  | 734538 | 33171372 |
| Keppel Ltd.  | 692279 | 7158959 |
| Olam Group Ltd.  | 6753941 | 4885841 |
| Oversea-Chinese Banking Corp. Ltd.  | 1787762 | 30289552 |
| Singapore Airlines Ltd.  | 1660502 | 9425943 |
| Singapore Telecommunications Ltd.  | 3984531 | 15877010 |
| United Overseas Bank Ltd.  | 797001 | 23295353 |

---

*See financial notes*

**52**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wilmar International Ltd.  | 5841711 | 16257124 |
|  |  | **140361154** |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Valterra Platinum Ltd.  | 109616 | 12703565 |
| **Spain 2.8%** | **Spain 2.8%** | **Spain 2.8%** |
| Acerinox SA  | 369117 | 5896598 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 159244 | 20606930 |
| Aena SME SA  | 194776 | 6133355 |
| Amadeus IT Group SA  | 105564 | 6573484 |
| Banco Bilbao Vizcaya Argentaria SA  | 4221194 | 98433307 |
| Banco de Sabadell SA  | 2837892 | 10749045 |
| Banco Santander SA  | 14856406 | 189266987 |
| CaixaBank SA  | 1401761 | 17411227 |
| Cellnex Telecom SA \* | 129949 | 4931267 |
| Endesa SA  | 337514 | 13776244 |
| Grifols SA  | 329433 | 4134662 |
| Iberdrola SA  | 3514069 | 83188698 |
| Industria de Diseno Textil SA  | 452874 | 30382134 |
| International Consolidated Airlines <br> Group SA <br>| 1841264 | 10488634 |
| Mapfre SA  | 1170853 | 5460585 |
| Naturgy Energy Group SA  | 145705 | 4531374 |
| Redeia Corp. SA  | 353225 | 6560241 |
| Repsol SA  | 3603934 | 80911979 |
| Telefonica SA  | 9830757 | 44687633 |
|  |  | **644124384** |
| **Sweden 1.8%** | **Sweden 1.8%** | **Sweden 1.8%** |
| Alfa Laval AB  | 117615 | 6974046 |
| Assa Abloy AB, B Shares  | 460061 | 19661685 |
| Atlas Copco AB, A Shares  | 828946 | 17920103 |
| Atlas Copco AB, B Shares  | 542307 | 10208902 |
| Boliden AB \* | 362297 | 28806759 |
| Electrolux AB, B Shares \* | 818611 | 6929877 |
| Epiroc AB, A Shares  | 223186 | 6725808 |
| Epiroc AB, B Shares  | 156802 | 4084019 |
| Essity AB, B Shares  | 560594 | 17850581 |
| H & M Hennes & Mauritz AB, <br> B Shares <br>| 654307 | 13974349 |
| Hexagon AB, B Shares  | 744843 | 8494707 |
| Husqvarna AB, B Shares  | 882454 | 4254511 |
| Sandvik AB  | 615955 | 27266246 |
| Securitas AB, B Shares  | 500418 | 8912860 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 878395 | 18770039 |
| Skanska AB, B Shares  | 458371 | 14123106 |
| SKF AB, B Shares  | 456426 | 13132378 |
| SSAB AB, A Shares  | 463264 | 4144556 |
| SSAB AB, B Shares  | 1599835 | 14163857 |
| Svenska Handelsbanken AB, <br> A Shares <br>| 865772 | 13875228 |
| Swedbank AB, A Shares  | 630327 | 24297623 |
| Tele2 AB, B Shares  | 573101 | 12119308 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 3063033 | 35493106 |
| Telia Co. AB  | 2756245 | 14162161 |
| Trelleborg AB, B Shares  | 147852 | 6485916 |
| Volvo AB, A Shares  | 189738 | 7402276 |
| Volvo AB, B Shares  | 1385646 | 54027693 |
| Volvo Car AB, B Shares *\*(a)* | 2216893 | 6110670 |
|  |  | **420372370** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Switzerland 4.6%** | **Switzerland 4.6%** | **Switzerland 4.6%** |
| ABB Ltd.  | 498930 | 46594048 |
| Adecco Group AG  | 544039 | 15251909 |
| Alcon AG  | 160827 | 13982047 |
| Amrize Ltd. \* | 181741 | 11624523 |
| Barry Callebaut AG  | 4022 | 7557103 |
| Bucher Industries AG  | 9195 | 4567310 |
| Chocoladefabriken Lindt & Spruengli <br> AG <br>| 27 | 4451726 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Participation Certificates <br>| 291 | 4790404 |
| Cie Financiere Richemont SA, Class A  | 157709 | 32247240 |
| Coca-Cola HBC AG  | 128002 | 8277634 |
| DSM-Firmenich AG  | 129865 | 9267364 |
| Garmin Ltd.  | 47721 | 12065300 |
| Geberit AG  | 10782 | 9084892 |
| Givaudan SA  | 2190 | 8804993 |
| Holcim AG \* | 305052 | 28115319 |
| Julius Baer Group Ltd.  | 108053 | 9216926 |
| Kuehne & Nagel International AG  | 59460 | 13866655 |
| Logitech International SA  | 81339 | 7492432 |
| Lonza Group AG  | 19235 | 13411101 |
| Nestle SA  | 1468866 | 160399671 |
| Novartis AG  | 945725 | 160479959 |
| Partners Group Holding AG  | 4900 | 5462922 |
| Roche Holding AG  | 457939 | 218534052 |
| Roche Holding AG, Bearer Shares  | 20456 | 10144878 |
| Sandoz Group AG  | 245784 | 21738805 |
| Schindler Holding AG  | 7432 | 2720380 |
| Schindler Holding AG, Participation <br> Certificates <br>| 16409 | 6264459 |
| SGS SA  | 53095 | 6696853 |
| Sika AG  | 60563 | 12560690 |
| Sonova Holding AG  | 17747 | 4659150 |
| Sunrise Communications AG, Class A  | 92574 | 5912795 |
| Swatch Group AG  | 92513 | 4616929 |
| Swatch Group AG, Bearer Shares  | 40944 | 10477575 |
| Swiss Life Holding AG  | 13155 | 15076805 |
| Swiss Re AG  | 112783 | 19937389 |
| Swisscom AG  | 22153 | 20783290 |
| Transocean Ltd. \* | 1366114 | 8852419 |
| UBS Group AG  | 1192580 | 49638497 |
| Zurich Insurance Group AG  | 79379 | 59927765 |
|  |  | **1065554209** |
| **United Kingdom 13.2%** | **United Kingdom 13.2%** | **United Kingdom 13.2%** |
| 3i Group PLC  | 166281 | 7426542 |
| Aberdeen Group PLC  | 2517602 | 7439764 |
| Admiral Group PLC  | 120367 | 4796562 |
| Anglo American PLC  | 1928045 | 95935791 |
| Anglogold Ashanti PLC  | 161670 | 20656576 |
| Antofagasta PLC  | 215087 | 12341927 |
| ARM Holdings PLC, ADR \* | 17087 | 2177738 |
| Ashtead Group PLC  | 310983 | 22268052 |
| Associated British Foods PLC  | 422185 | 11221577 |
| AstraZeneca PLC  | 462889 | 96722647 |
| Aviva PLC  | 2049406 | 18901511 |
| BAE Systems PLC  | 1468113 | 41686728 |
| Balfour Beatty PLC  | 683990 | 6984285 |
| Barclays PLC  | 12951912 | 78855623 |
| Barratt Redrow PLC  | 2037972 | 10003557 |
| Bellway PLC  | 207927 | 7788188 |
| Berkeley Group Holdings PLC  | 113353 | 6589662 |
| BP PLC  | 35211096 | 226117271 |
| British American Tobacco PLC  | 2285082 | 142549002 |
| BT Group PLC  | 17038949 | 49664548 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**53**

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bunzl PLC  | 355525 | 10486998 |
| Burberry Group PLC \* | 560762 | 8768044 |
| Centrica PLC  | 7814305 | 20922572 |
| CK Hutchison Holdings Ltd.  | 7133502 | 58730340 |
| Coca-Cola Europacific Partners PLC  | 105431 | 11642745 |
| Compass Group PLC  | 759430 | 23258724 |
| Croda International PLC  | 131776 | 5481520 |
| Currys PLC  | 4964640 | 10752952 |
| Diageo PLC  | 1401808 | 31332467 |
| Drax Group PLC  | 671265 | 8005013 |
| Firstgroup PLC  | 1661188 | 4104958 |
| GSK PLC  | 3371416 | 99764676 |
| Haleon PLC  | 5217024 | 28455895 |
| Hays PLC  | 6671481 | 3638016 |
| HSBC Holdings PLC  | 12440627 | 233090630 |
| Imperial Brands PLC  | 868374 | 38818868 |
| Inchcape PLC  | 645581 | 7711744 |
| Informa PLC  | 528028 | 5950439 |
| Intertek Group PLC  | 95940 | 6090741 |
| Investec PLC  | 619675 | 5348641 |
| ITV PLC  | 5710406 | 6130365 |
| J Sainsbury PLC  | 6164509 | 28924664 |
| JD Sports Fashion PLC  | 4277316 | 4714370 |
| Johnson Matthey PLC  | 627713 | 16979837 |
| Kingfisher PLC  | 5265390 | 26227879 |
| Legal & General Group PLC  | 5039262 | 18380662 |
| Lloyds Banking Group PLC  | 49454861 | 68118544 |
| London Stock Exchange Group PLC  | 107166 | 12765421 |
| M&G PLC  | 4877469 | 20833208 |
| Marks & Spencer Group PLC  | 2425384 | 12929094 |
| Melrose Industries PLC  | 1059227 | 8057427 |
| Mondi PLC  | 836359 | 9976051 |
| National Grid PLC  | 3003055 | 56160999 |
| NatWest Group PLC  | 5716208 | 47571088 |
| Next PLC  | 64567 | 11736314 |
| Pearson PLC  | 527553 | 6807556 |
| Persimmon PLC  | 706493 | 14304650 |
| Phoenix Group Holdings PLC  | 531950 | 5485429 |
| Prudential PLC  | 1493200 | 22835672 |
| Reckitt Benckiser Group PLC  | 434502 | 38040882 |
| RELX PLC  | 455655 | 15829714 |
| Rentokil Initial PLC  | 1222783 | 7499790 |
| Rio Tinto PLC  | 1809165 | 178411443 |
| Rolls-Royce Holdings PLC  | 501555 | 8991994 |
| RS Group PLC  | 550348 | 5153508 |
| Sage Group PLC  | 350998 | 3878066 |
| Serco Group PLC  | 1723533 | 6979414 |
| Severn Trent PLC  | 172083 | 7588505 |
| Shell PLC  | 11825978 | 488668893 |
| Smith & Nephew PLC  | 657918 | 12131430 |
| Smiths Group PLC  | 231067 | 8530665 |
| SSE PLC  | 770862 | 27868388 |
| St. James's Place PLC  | 289513 | 5254680 |
| Standard Chartered PLC  | 1764632 | 43463433 |
| Taylor Wimpey PLC  | 6594536 | 10023034 |
| Tesco PLC  | 11236040 | 72600808 |
| Travis Perkins PLC  | 837776 | 7861904 |
| Unilever PLC  | 1280601 | 94125505 |
| United Utilities Group PLC  | 456853 | 8556024 |
| Vodafone Group PLC  | 89197335 | 137309876 |
| Whitbread PLC  | 180713 | 6316946 |
|  |  | **3086507666** |
| **United States 0.1%** | **United States 0.1%** | **United States 0.1%** |
| Aegon Ltd.  | 829507 | 6301454 |
| Autoliv, Inc.  | 71925 | 8524551 |
| Coronado Global Resources, Inc., CDI  | 27569519 | 6188938 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lululemon Athletica, Inc. \* | 51893 | 9609027 |
|  |  | **30623970** |
| **Total Common Stocks** <br>**(Cost $13,881,457,756)** | **Total Common Stocks** <br>**(Cost $13,881,457,756)** | **22926896424** |
| **PREFERRED STOCKS** 1.5% OF NET ASSETS | **PREFERRED STOCKS** 1.5% OF NET ASSETS | **PREFERRED STOCKS** 1.5% OF NET ASSETS |
| **Germany 0.7%** | **Germany 0.7%** | **Germany 0.7%** |
| Bayerische Motoren Werke AG  | 158566 | 16643762 |
| Dr. Ing hc F Porsche AG *(a)* | 96084 | 4695547 |
| FUCHS SE  | 61492 | 2668909 |
| Henkel AG & Co. KGaA  | 115982 | 11390668 |
| Porsche Automobil Holding SE  | 218466 | 9293681 |
| Volkswagen AG  | 1075726 | 128535130 |
|  |  | **173227697** |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Telecom Italia SpA - RSP *\*(a)* | 19952741 | 17475477 |
| **Republic of Korea 0.7%** | **Republic of Korea 0.7%** | **Republic of Korea 0.7%** |
| Hanwha Corp. \* | 74135 | 2891188 |
| Hyundai Motor Co.  | 50353 | 11253729 |
| Hyundai Motor Co. 2nd  | 80710 | 18150633 |
| LG Chem Ltd.  | 21144 | 2954427 |
| Samsung Electronics Co. Ltd.  | 1235818 | 123538845 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 1986 | 568119 |
|  |  | **159356941** |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols SA, B Shares  | 301174 | 2727423 |
| **Total Preferred Stocks** <br>**(Cost $240,884,019)** | **Total Preferred Stocks** <br>**(Cost $240,884,019)** | **352787538** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 03/31/40 *\*(c)* | 1396 | 7104 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **7104** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.2% OF NET ASSETS |
| **Money Market Funds 1.2%** | **Money Market Funds 1.2%** | **Money Market Funds 1.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)*<br>| 31850338 | 31850338 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)(e)*<br>| 247435082 | 247435082 |
|  |  | **279285420** |
| **Total Short-Term Investments** <br>**(Cost $279,285,420)** | **Total Short-Term Investments** <br>**(Cost $279,285,420)** | **279285420** |
| **Total Investments in Securities** <br>**(Cost $14,401,627,195)** | **Total Investments in Securities** <br>**(Cost $14,401,627,195)** | **23558976486** |

---

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

*See financial notes*

**54**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<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** |  |  |  |
| MSCI EAFE Index, expires <br> 03/20/26<br>| 597 | 94478235 | **5499411** |

---

&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 $234,304,180. 

*(b)* Security is traded on separate exchanges for the same issuer.

*(c)* Fair valued using significant unobservable inputs.

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

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

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

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |
| RSP — | Risparmio (Savings Shares) |

---

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

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 16.4<br> %<br>|
| Industrials | 15.7<br> %<br>|
| Materials | 12.2<br> %<br>|
| Consumer Discretionary | 11.8<br> %<br>|
| Information Technology | 10.0<br> %<br>|
| Energy | 10.0<br> %<br>|
| Consumer Staples | 7.2<br> %<br>|
| Health Care | 6.7<br> %<br>|
| Communication Services | 4.6<br> %<br>|
| Utilities | 4.0<br> %<br>|
| Real Estate | 1.0<br> %<br>|
| Short-Term Investments | 1.2<br> %<br>|
| **Total** | **100.8%**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $22926896424 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22926896424 |
| Preferred Stocks<sup>1</sup> <br>| 352787538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 352787538 |
| Warrants |  |  |  |  |
| Canada |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 7104 | &nbsp;&nbsp; 7104 |
| Short-Term Investments<sup>1</sup> <br>| 279285420 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 279285420 |
| Futures Contracts<sup>2</sup> <br>| 5499411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5499411 |
| **Total** | **$23564468793** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$7104** | &nbsp;&nbsp; **$23564475897** |

---

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

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**55**

------

Schwab Fundamental International Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $14,401,627,195) including securities on loan of $234,304,180 |  | $23558976486 |
| Foreign currency, at value (cost $9,634,091) |  | 9675128 |
| Deposit with broker for futures contracts |  | 6881331 |
| Receivables: |  |  |
| Fund shares sold |  | 95130972 |
| Dividends |  | 32774741 |
| Foreign tax reclaims |  | 18007233 |
| Income from securities on loan | + | 245877 |
| **Total assets** |  | **23721691768** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 247435082 |
| Payables: |  |  |
| Investments bought |  | 93917166 |
| Management fees |  | 4253859 |
| Variation margin on futures contracts | + | 241786 |
| **Total liabilities** |  | **345847893** |
| **Net assets** |  | **$23375843875** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $14689958571 |
| Total distributable earnings | + | 8685885304 |
| **Net assets** |  | **$23375843875** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $23375843875 |  | &nbsp;&nbsp;&nbsp;&nbsp; 442300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $52.85 |

---

*See financial notes*

**56**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $53,253,699) |  | $562548871 |
| Other Interest |  | 245772 |
| Interest received from securities - unaffiliated issuers |  | 7354 |
| Securities on loan, net | + | 3750694 |
| **Total investment income**  |  | **566552691** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 43565942 |
| Professional fees | + | 41128 <br><sup>1</sup><br>|
| **Total expenses** |  | **43607070** |
| Expense reduction | – | 41128 <br><sup>1</sup><br>|
| **Net expenses** | – | **43565942** |
| **Net investment income** |  | **522986749** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 174521992 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 654310290 |
| Net realized gains on futures contracts |  | 19929500 |
| Net realized gains on foreign currency transactions | + | 2245615 |
| **Net realized gains** |  | **851007397** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 6572968921 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 3786041 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 2101949 |
| **Net change in unrealized appreciation (depreciation)** |  | **6578856911** |
| **Net realized and unrealized gains** |  | **7429864308** |
| **Increase in net assets resulting from operations** |  | **$7952851057** |

---

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

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**57**

------

Schwab Fundamental International Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $522986749 | &nbsp;&nbsp;&nbsp; $433886305 |
| Net realized gains |  | 851007397 | &nbsp;&nbsp;&nbsp; 160247386 |
| Net change in unrealized appreciation (depreciation) | + | 6578856911 | &nbsp;&nbsp;&nbsp; 443597453 |
| **Increase in net assets resulting from operations** |  | **$7952851057** | &nbsp;&nbsp;&nbsp; **$1037731144** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($650252050)**<br>| &nbsp;&nbsp;&nbsp; **($508351970)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 68100000 | &nbsp;&nbsp;&nbsp; $2926201091 | &nbsp;&nbsp;&nbsp; 41600000 | &nbsp;&nbsp;&nbsp; $1453453151 |
| Shares redeemed | + | (22700000)<br>| &nbsp;&nbsp;&nbsp; (955553897)<br>| &nbsp;&nbsp;&nbsp; (3900000)<br>| &nbsp;&nbsp;&nbsp; (131729313)<br>|
| **Net transactions in fund shares**  |  | **45400000** | &nbsp;&nbsp;&nbsp; **$1970647194** | &nbsp;&nbsp;&nbsp; **37700000** | &nbsp;&nbsp;&nbsp; **$1321723838** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 396900000 | &nbsp;&nbsp;&nbsp; $14102597674 | &nbsp;&nbsp;&nbsp; 359200000 | &nbsp;&nbsp;&nbsp; $12251494662 |
| Total increase | + | 45400000 | &nbsp;&nbsp;&nbsp; 9273246201 | &nbsp;&nbsp;&nbsp; 37700000 | &nbsp;&nbsp;&nbsp; 1851103012 |
| **End of period** |  | **442300000** | &nbsp;&nbsp;&nbsp; **$23375843875** | &nbsp;&nbsp;&nbsp; **396900000** | &nbsp;&nbsp;&nbsp; **$14102597674** |

---

*See financial notes*

**58**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<br>| 3/1/23– <br>2/29/24<br>| 3/1/22– <br>2/28/23<br>| 3/1/21– <br>2/28/22<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $35.69 | &nbsp;&nbsp; $34.37 | &nbsp;&nbsp; $32.72 | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp; $36.11 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 1.13 | 0.96 | 0.85 | 0.80 | 0.73 |
| Net realized and unrealized gains (losses) | 15.64 | 1.59 | 1.80 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total from investment operations | 16.77 | 2.55 | 2.65 | &nbsp;&nbsp; (2.52)<br>| 0.72 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.97)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $50.74 | &nbsp;&nbsp; $35.69 | &nbsp;&nbsp; $34.37 | &nbsp;&nbsp; $32.72 | &nbsp;&nbsp; $35.86 |
| Total return | 47.78<br> %<br>| 7.50<br> %<br>| 8.23<br> %<br>| &nbsp;&nbsp; (6.91<br> %)<br>| 1.86<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>2</sup><br>| 0.39<br> %<br>|
| Net investment income (loss) | 2.67<br> %<br>| 2.71<br> %<br>| 2.56<br> %<br>| 2.53<br> %<br>| 1.90<br> %<br>|
| Portfolio turnover rate<sup>3</sup> <br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $3430 | &nbsp;&nbsp; $3141 | &nbsp;&nbsp; $3206 | &nbsp;&nbsp; $2850 | &nbsp;&nbsp; $2686 |

---

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

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

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>3</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**59**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.1% OF NET ASSETS | **COMMON STOCKS** 99.1% OF NET ASSETS | **COMMON STOCKS** 99.1% OF NET ASSETS |
| **Australia 5.0%** | **Australia 5.0%** | **Australia 5.0%** |
| Accent Group Ltd. *(a)* | 732527 | 605561 |
| ALS Ltd.  | 198140 | 3617659 |
| Amotiv Ltd.  | 124557 | 701248 |
| AMP Ltd.  | 2213733 | 2050902 |
| Ansell Ltd.  | 141854 | 3281455 |
| ARB Corp. Ltd.  | 36812 | 674216 |
| ASX Ltd.  | 57786 | 2180957 |
| Austal Ltd. \* | 241550 | 889967 |
| Bank of Queensland Ltd.  | 498514 | 2486863 |
| Bapcor Ltd. *(b)* | 629106 | 390049 |
| Bapcor Ltd. *\*(b)(c)* | 462578 | 286801 |
| Beach Energy Ltd.  | 2795031 | 2181108 |
| Bega Cheese Ltd.  | 358487 | 1604388 |
| Bendigo & Adelaide Bank Ltd.  | 357438 | 2728140 |
| Breville Group Ltd. *(a)* | 40141 | 912833 |
| CAR Group Ltd.  | 56323 | 1064476 |
| Challenger Ltd.  | 218746 | 1392092 |
| Champion Iron Ltd.  | 605804 | 2318370 |
| Charter Hall Group  | 155944 | 2452717 |
| Cleanaway Waste Management Ltd.  | 1355691 | 2463640 |
| Cochlear Ltd.  | 15092 | 2140416 |
| Credit Corp. Group Ltd.  | 83515 | 724917 |
| Dexus  | 498720 | 2384821 |
| Domino's Pizza Enterprises Ltd.  | 74316 | 1076703 |
| Eagers Automotive Ltd.  | 220268 | 3767377 |
| Elders Ltd.  | 352628 | 1824441 |
| Evolution Mining Ltd.  | 636674 | 7522774 |
| Flight Centre Travel Group Ltd. *(a)* | 91117 | 837656 |
| G8 Education Ltd.  | 1298579 | 310020 |
| GPT Group  | 697100 | 2513750 |
| GrainCorp Ltd., Class A  | 698135 | 3064760 |
| Harvey Norman Holdings Ltd.  | 590438 | 2423668 |
| Healius Ltd.  | 2766679 | 1350597 |
| Helia Group Ltd.  | 321237 | 1378156 |
| IDP Education Ltd. *(a)* | 195171 | 648153 |
| IGO Ltd. \* | 545455 | 3350754 |
| Iluka Resources Ltd.  | 661540 | 3182265 |
| Inghams Group Ltd. *(a)* | 643382 | 944523 |
| Insignia Financial Ltd. \* | 512836 | 1706757 |
| IPH Ltd. *(a)* | 221005 | 563847 |
| IRESS Ltd.  | 145048 | 771129 |
| Lottery Corp. Ltd.  | 509995 | 2002599 |
| Lynas Rare Earths Ltd. \* | 150095 | 2030200 |
| Magellan Financial Group Ltd.  | 266869 | 1608959 |
| Mirvac Group  | 2783246 | 4066136 |
| Monadelphous Group Ltd.  | 99625 | 2301038 |
| Myer Holdings Ltd. \* | 2266490 | 605705 |
| New Hope Corp. Ltd.  | 926375 | 3096250 |
| nib holdings Ltd.  | 440990 | 2014481 |
| Nickel Industries Ltd. \* | 2731058 | 1965752 |
| Nine Entertainment Co. Holdings Ltd.  | 2685440 | 2019037 |
| NRW Holdings Ltd.  | 621568 | 2896962 |
| Nufarm Ltd. \* | 1020973 | 1498849 |
| Orora Ltd.  | 1772064 | 2702524 |
| Perenti Ltd.  | 1554682 | 2603669 |
| Perpetual Ltd.  | 91283 | 1206080 |
| Perseus Mining Ltd.  | 670748 | 2868052 |
| PLS Group Ltd. \* | 1561770 | 5776448 |
| Premier Investments Ltd.  | 77053 | 738015 |
| Qantas Airways Ltd.  | 389701 | 2763319 |
| Qube Holdings Ltd.  | 919599 | 3283316 |
| Ramelius Resources Ltd.  | 526627 | 1722631 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| REA Group Ltd. *(a)* | 6408 | 759847 |
| Reece Ltd. *(a)* | 281203 | 3138254 |
| Region Group  | 615810 | 1013760 |
| Regis Resources Ltd.  | 565175 | 3802168 |
| Reliance Worldwide Corp. Ltd.  | 637960 | 1513959 |
| Sandfire Resources Ltd. \* | 209249 | 3010760 |
| SEEK Ltd.  | 119428 | 1409428 |
| Service Stream Ltd.  | 548883 | 813616 |
| SGH Ltd.  | 75100 | 2499385 |
| Sigma Healthcare Ltd.  | 657408 | 1330545 |
| Sims Ltd.  | 418510 | 6549597 |
| Stanmore Resources Ltd.  | 575778 | 1083267 |
| Steadfast Group Ltd.  | 345933 | 1084729 |
| Super Retail Group Ltd.  | 225346 | 2494007 |
| Tabcorp Holdings Ltd.  | 3389170 | 2584363 |
| TPG Telecom Ltd.  | 638652 | 1793234 |
| Treasury Wine Estates Ltd.  | 764931 | 2474882 |
| Ventia Services Group Pty. Ltd.  | 520097 | 2171993 |
| Vicinity Ltd.  | 2158010 | 3767870 |
|  |  | **169836612** |
| **Austria 0.7%** | **Austria 0.7%** | **Austria 0.7%** |
| ANDRITZ AG  | 54687 | 4749047 |
| EVN AG  | 33770 | 1180219 |
| Kontron AG *(a)* | 32451 | 899634 |
| Lenzing AG *\*(a)* | 30721 | 886858 |
| Mayr Melnhof Karton AG  | 33215 | 3917774 |
| Oesterreichische Post AG  | 29995 | 1243070 |
| Palfinger AG  | 25385 | 1161418 |
| Strabag SE  | 24058 | 2704183 |
| Telekom Austria AG  | 124222 | 1400688 |
| UNIQA Insurance Group AG  | 98627 | 1949355 |
| Verbund AG  | 18460 | 1314282 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe <br>| 35436 | 2757210 |
|  |  | **24163738** |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans & van Haaren NV  | 14291 | 4903406 |
| Aedifica SA  | 13969 | 1297190 |
| Azelis Group NV  | 140085 | 1388520 |
| Barco NV  | 73817 | 950869 |
| Bekaert SA  | 86783 | 4482831 |
| Cofinimmo SA  | 16711 | 1829034 |
| Colruyt Group NV  | 73882 | 2992075 |
| Deme Group NV  | 5606 | 1305268 |
| D'ieteren Group  | 8022 | 1737087 |
| Elia Group SA  | 19389 | 3085922 |
| Fagron  | 36084 | 969250 |
| KBC Ancora  | 10578 | 940455 |
| Lotus Bakeries NV  | 72 | 894310 |
| Melexis NV  | 15900 | 1067253 |
| Ontex Group NV *\*(a)* | 191330 | 1048192 |
| Solvay SA  | 77849 | 2547921 |
| Tessenderlo Group SA  | 33122 | 1051982 |
| Titan SA  | 14853 | 934719 |
| Warehouses De Pauw CVA  | 38947 | 1197443 |
|  |  | **34623727** |
| **Canada 9.1%** | **Canada 9.1%** | **Canada 9.1%** |
| Advantage Energy Ltd. \* | 154817 | 1185093 |
| Aecon Group, Inc.  | 121074 | 3374288 |
| Air Canada \* | 192930 | 2918316 |
| Alamos Gold, Inc., Class A  | 87010 | 4716537 |
| Algoma Steel Group, Inc.  | 573147 | 2626512 |

---

*See financial notes*

**60**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Allied Properties Real Estate <br> Investment Trust <br>| 128221 | 894073 |
| Altus Group Ltd.  | 17457 | 597878 |
| Aris Mining Corp. \* | 117726 | 2667253 |
| Aritzia, Inc. \* | 23785 | 2106355 |
| Athabasca Oil Corp. \* | 438827 | 2837888 |
| AtkinsRealis Group, Inc.  | 69786 | 4837971 |
| ATS Corp. \* | 50067 | 1598723 |
| Badger Infrastructure Solutions Ltd.  | 20980 | 1124646 |
| Baytex Energy Corp.  | 1637887 | 6292868 |
| Birchcliff Energy Ltd.  | 434231 | 2180945 |
| Bird Construction, Inc. *(a)* | 40142 | 936553 |
| Bombardier, Inc., Class B \* | 26548 | 5487125 |
| Boralex, Inc., Class A *(a)* | 70340 | 1431711 |
| Boyd Group, Inc.  | 12846 | 2242552 |
| Brookfield Business Corp., Class A  | 56434 | 1941477 |
| Brookfield Infrastructure Corp., <br> Class A *(a)*<br>| 112836 | 5627529 |
| Brookfield Renewable Corp. *(a)* | 103872 | 4433324 |
| Brookfield Wealth Solutions Ltd. \* | 21710 | 965437 |
| BRP, Inc.  | 57948 | 4249279 |
| CAE, Inc. \* | 131716 | 3906524 |
| Cameco Corp.  | 36734 | 4346617 |
| Canaccord Genuity Group, Inc.  | 116615 | 1144902 |
| Canada Goose Holdings, Inc. \* | 60721 | 747966 |
| Canada Packers, Inc.  | 17864 | 246770 |
| Canadian Apartment Properties REIT  | 79602 | 2202720 |
| Canadian Solar, Inc. *\*(a)* | 177313 | 3140213 |
| Canadian Utilities Ltd., Class A  | 125374 | 4372945 |
| Canfor Corp. \* | 335487 | 3382297 |
| Capstone Copper Corp. \* | 181981 | 1882723 |
| Cardinal Energy Ltd. *(a)* | 156231 | 1130623 |
| Cargojet, Inc.  | 15898 | 1112283 |
| Cascades, Inc.  | 318615 | 2810381 |
| Celestica, Inc. \* | 24978 | 6937102 |
| Centerra Gold, Inc.  | 308829 | 6492010 |
| CES Energy Solutions Corp.  | 224255 | 2767322 |
| Chartwell Retirement Residences  | 98931 | 1611795 |
| Chemtrade Logistics Income Fund  | 206060 | 2331272 |
| China Gold International Resources <br> Corp. Ltd. <br>| 149088 | 3907243 |
| Choice Properties Real Estate <br> Investment Trust <br>| 125691 | 1461641 |
| Cogeco Communications, Inc.  | 69475 | 3686044 |
| Colliers International Group, Inc.  | 13853 | 1643346 |
| Crombie Real Estate Investment Trust  | 95374 | 1144054 |
| Definity Financial Corp.  | 28810 | 1442348 |
| Descartes Systems Group, Inc. \* | 10598 | 701068 |
| DPM Metals, Inc.  | 104045 | 4505552 |
| Dream Industrial Real Estate <br> Investment Trust <br>| 106079 | 1032906 |
| E-L Financial Corp. Ltd.  | 59583 | 756665 |
| Eldorado Gold Corp.  | 108125 | 5022340 |
| Enerflex Ltd.  | 152034 | 3412223 |
| Enghouse Systems Ltd.  | 43384 | 563036 |
| EQB, Inc.  | 14104 | 1192560 |
| Equinox Gold Corp. \* | 236267 | 4434824 |
| ERO Copper Corp. \* | 54175 | 1853434 |
| Exchange Income Corp.  | 39062 | 3112702 |
| First Capital Real Estate Investment <br> Trust <br>| 134908 | 2115835 |
| First Majestic Silver Corp.  | 116781 | 3736718 |
| FirstService Corp.  | 12808 | 2018515 |
| Fortuna Mining Corp. \* | 191534 | 2617732 |
| GFL Environmental, Inc.  | 51662 | 2283378 |
| Gibson Energy, Inc.  | 209083 | 4493326 |
| goeasy Ltd.  | 10319 | 812446 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Granite Real Estate Investment Trust  | 29419 | 1983844 |
| H&R Real Estate Investment Trust  | 324256 | 2479738 |
| Hudbay Minerals, Inc.  | 246153 | 6975704 |
| IAMGOLD Corp. \* | 222755 | 5481290 |
| IGM Financial, Inc.  | 73229 | 3643597 |
| International Petroleum Corp. \* | 73155 | 1668621 |
| Killam Apartment Real Estate <br> Investment Trust <br>| 52729 | 653386 |
| Labrador Iron Ore Royalty Corp. *(a)* | 37112 | 849534 |
| Lassonde Industries, Inc., Class A  | 5109 | 906535 |
| Laurentian Bank of Canada  | 65179 | 1920698 |
| Leon's Furniture Ltd.  | 36131 | 754755 |
| Maple Leaf Foods, Inc.  | 88609 | 1821102 |
| Mullen Group Ltd. *(a)* | 172693 | 2184224 |
| New Gold, Inc. \* | 202229 | 2716454 |
| NFI Group, Inc. \* | 101287 | 1266227 |
| North West Co., Inc.  | 62125 | 2549956 |
| Northland Power, Inc.  | 306442 | 4911700 |
| Northwest Healthcare Properties Real <br> Estate Investment Trust <br>| 183494 | 785721 |
| OceanaGold Corp.  | 126892 | 5397225 |
| Onex Corp.  | 14141 | 1051671 |
| OR Royalties, Inc.  | 27693 | 1312313 |
| Pan American Silver Corp.  | 118405 | 8124310 |
| Paramount Resources Ltd., Class A  | 99917 | 1978047 |
| Parex Resources, Inc.  | 362161 | 5666690 |
| Pason Systems, Inc.  | 83588 | 756910 |
| Peyto Exploration & Development <br> Corp. *(a)*<br>| 129421 | 2508045 |
| Precision Drilling Corp. \* | 30574 | 2652429 |
| Premium Brands Holdings Corp.  | 48037 | 3733843 |
| RB Global, Inc.  | 33161 | 3341022 |
| Richelieu Hardware Ltd.  | 59723 | 1906617 |
| RioCan Real Estate Investment Trust  | 252679 | 3655356 |
| Russel Metals, Inc.  | 140468 | 4947819 |
| Sagicor Financial Co. Ltd.  | 191417 | 1333330 |
| Secure Waste Infrastructure Corp.  | 318595 | 4419707 |
| Sienna Senior Living, Inc.  | 55703 | 958981 |
| SmartCentres Real Estate Investment <br> Trust <br>| 74829 | 1523629 |
| Spin Master Corp.  | 55598 | 784736 |
| SSR Mining, Inc. \* | 225503 | 7253596 |
| Stantec, Inc.  | 39244 | 3634210 |
| Stella-Jones, Inc.  | 56900 | 3905421 |
| Superior Plus Corp.  | 493902 | 2379247 |
| Tamarack Valley Energy Ltd.  | 368161 | 2750714 |
| Teekay Tankers Ltd., Class A  | 29927 | 2342386 |
| TMX Group Ltd.  | 62905 | 2122124 |
| Torex Gold Resources, Inc.  | 74725 | 4553576 |
| TransAlta Corp. *(a)* | 261278 | 3592010 |
| Transcontinental, Inc., Class A  | 196310 | 3348001 |
| Winpak Ltd.  | 30208 | 1067142 |
|  |  | **312344927** |
| **China 1.2%** | **China 1.2%** | **China 1.2%** |
| Alibaba Health Information Technology <br> Ltd. \*<br>| 1834540 | 1308685 |
| Bosideng International Holdings Ltd.  | 4242597 | 2635979 |
| Budweiser Brewing Co. APAC Ltd.  | 1856378 | 1848748 |
| China Medical System Holdings Ltd.  | 1396816 | 2607150 |
| China Water Affairs Group Ltd.  | 1784070 | 1199697 |
| Chow Tai Fook Jewellery Group Ltd.  | 1649936 | 2767418 |
| FIH Mobile Ltd. \* | 1069831 | 3019869 |
| GCL Technology Holdings Ltd. \* | 26287407 | 4032765 |
| Hopson Development Holdings Ltd. \* | 4076300 | 1678015 |
| JOYY, Inc., ADR  | 64649 | 3857606 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**61**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lee & Man Paper Manufacturing Ltd.  | 3832666 | 1896207 |
| Sino Biopharmaceutical Ltd.  | 5267819 | 4074366 |
| Towngas Smart Energy Co. Ltd. \* | 1552943 | 772288 |
| VSTECS Holdings Ltd.  | 1594606 | 1620669 |
| Want Want China Holdings Ltd.  | 4480386 | 2806631 |
| Xinyi Glass Holdings Ltd. *(a)* | 2730452 | 3623312 |
|  |  | **39749405** |
| **Cyprus 0.1%** | **Cyprus 0.1%** | **Cyprus 0.1%** |
| Frontline PLC  | 117899 | 4474267 |
| **Denmark 1.3%** | **Denmark 1.3%** | **Denmark 1.3%** |
| AL Sydbank  | 24466 | 2188331 |
| Alm Brand AS  | 681021 | 1768201 |
| D/S Norden AS  | 102821 | 4604847 |
| Demant AS *\*(a)* | 45301 | 1408855 |
| Dfds AS \* | 123623 | 2027824 |
| FLSmidth & Co. AS  | 39493 | 3498076 |
| GN Store Nord AS *\*(a)* | 148936 | 2203914 |
| H Lundbeck AS  | 298324 | 1826339 |
| Jyske Bank AS  | 24325 | 3646059 |
| Matas AS *(a)* | 39759 | 694903 |
| Netcompany Group AS \* | 19392 | 990438 |
| NKT AS \* | 18415 | 2384812 |
| NTG Nordic Transport Group AS \* | 20319 | 547149 |
| Per Aarsleff Holding AS  | 16292 | 2059671 |
| Ringkjoebing Landbobank AS  | 4231 | 1105222 |
| Rockwool AS, B Shares  | 105105 | 3480524 |
| Royal Unibrew AS  | 30246 | 2977759 |
| Scandinavian Tobacco Group AS, <br> A Shares <br>| 163396 | 2675067 |
| Schouw & Co. AS  | 18775 | 2008640 |
| Tryg AS  | 156383 | 3870034 |
|  |  | **45966665** |
| **Finland 1.2%** | **Finland 1.2%** | **Finland 1.2%** |
| Hiab OYJ, B shares  | 17332 | 997410 |
| Huhtamaki OYJ  | 113758 | 4249698 |
| Kalmar OYJ, B Shares  | 50468 | 2899532 |
| Kemira OYJ  | 141884 | 3434211 |
| Kojamo OYJ \* | 64215 | 747193 |
| Konecranes OYJ  | 40318 | 4774628 |
| Mandatum OYJ  | 263454 | 2125163 |
| Metsa Board OYJ, B Shares  | 425234 | 1579525 |
| Nokian Renkaat OYJ *(a)* | 371171 | 4676039 |
| Olvi OYJ, Class A  | 18046 | 734023 |
| Orion OYJ, B Shares  | 49141 | 3928008 |
| Sanoma OYJ  | 103396 | 1118250 |
| Terveystalo OYJ  | 103695 | 1141073 |
| TietoEVRY OYJ  | 201609 | 4517995 |
| Tokmanni Group Corp.  | 89383 | 846387 |
| Valmet OYJ  | 131790 | 4430060 |
|  |  | **42199195** |
| **France 3.7%** | **France 3.7%** | **France 3.7%** |
| Aeroports de Paris SA  | 16270 | 2274463 |
| Air France-KLM \* | 277154 | 4025000 |
| Alten SA  | 40802 | 3061517 |
| Amundi SA  | 49422 | 4729476 |
| Beneteau SACA  | 68771 | 652019 |
| BioMerieux  | 18023 | 2127976 |
| Carmila SA \* | 51119 | 1117797 |
| Cie de L'Odet SE  | 1010 | 1571725 |
| Clariane SE \* | 960103 | 4613727 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Coface SA  | 98616 | 1823387 |
| Constellium SE, Class A \* | 315569 | 7854512 |
| Covivio SA  | 35179 | 2581453 |
| Criteo SA, ADR \* | 80131 | 1431941 |
| Dassault Aviation SA  | 4302 | 1719876 |
| Derichebourg SA  | 270919 | 3014814 |
| Edenred SE  | 131237 | 3037051 |
| Eramet SA *(a)* | 22191 | 1551094 |
| Eurazeo SE  | 18530 | 1089981 |
| FDJ UNITED  | 64688 | 1959837 |
| Fnac Darty SA  | 77815 | 3252417 |
| Gaztransport Et Technigaz SA  | 8155 | 1854470 |
| Gecina SA  | 25889 | 2397993 |
| Getlink SE  | 112240 | 2441051 |
| ICADE  | 71924 | 1819001 |
| ID Logistics Group SACA \* | 1655 | 782601 |
| Imerys SA  | 83656 | 2419930 |
| Ipsen SA  | 23209 | 4524214 |
| IPSOS SA  | 58576 | 2383278 |
| JCDecaux SE  | 117403 | 2431355 |
| Klepierre SA  | 109896 | 4621846 |
| Mercialys SA  | 63802 | 923559 |
| Metropole Television SA  | 100621 | 1375742 |
| Nexans SA  | 30876 | 4458483 |
| Nexity SA \* | 274877 | 3094559 |
| Opmobility  | 178718 | 3593541 |
| Pierre Et Vacances SA \* | 376467 | 822315 |
| Remy Cointreau SA  | 23435 | 1153827 |
| Sartorius Stedim Biotech  | 7034 | 1520654 |
| Societe BIC SA  | 36671 | 2355382 |
| SOITEC \* | 23634 | 1141301 |
| Sopra Steria Group  | 19226 | 2978259 |
| SPIE SA  | 85502 | 5299992 |
| Stef SA  | 6377 | 942672 |
| Television Francaise 1 SA  | 217880 | 1870215 |
| Trigano SA  | 11678 | 2316421 |
| Ubisoft Entertainment SA \* | 306079 | 1504818 |
| Vallourec SACA  | 175357 | 4091191 |
| Verallia SA  | 87506 | 2001277 |
| Vicat SACA  | 29611 | 2489274 |
| Virbac SACA  | 2646 | 1155929 |
| Vivendi SE \* | 440996 | 1146546 |
|  |  | **125401759** |
| **Germany 3.2%** | **Germany 3.2%** | **Germany 3.2%** |
| AIXTRON SE  | 57187 | 1863572 |
| Auto1 Group SE \* | 58139 | 1180689 |
| Bechtle AG  | 90374 | 3649298 |
| Bilfinger SE  | 24114 | 3390944 |
| CANCOM SE  | 39299 | 1106648 |
| Carl Zeiss Meditec AG, Bearer Shares  | 27443 | 878741 |
| Ceconomy AG \* | 507395 | 2707848 |
| Cewe Stiftung & Co. KGaA  | 7030 | 831692 |
| CTS Eventim AG & Co. KGaA  | 7331 | 595946 |
| Delivery Hero SE \* | 49891 | 1157804 |
| Deutsche Pfandbriefbank AG  | 306929 | 1301709 |
| Deutz AG  | 228692 | 3375209 |
| Duerr AG  | 81641 | 2356822 |
| DWS Group GmbH & Co. KGaA  | 20819 | 1476089 |
| Fielmann Group AG  | 14900 | 813650 |
| Fraport AG Frankfurt Airport Services <br> Worldwide \*<br>| 17183 | 1688974 |
| Gerresheimer AG *(a)* | 48249 | 965601 |
| Grenke AG  | 42597 | 738320 |
| Hella GmbH & Co. KGaA  | 7305 | 696039 |
| HelloFresh SE \* | 334568 | 1907573 |
| Hensoldt AG  | 11142 | 978759 |

---

*See financial notes*

**62**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| HOCHTIEF AG  | 5204 | 2535165 |
| Hornbach Holding AG & Co. KGaA  | 26597 | 2700665 |
| HUGO BOSS AG *(a)* | 55394 | 2444791 |
| Jenoptik AG  | 53252 | 1769293 |
| JOST Werke SE  | 19123 | 1519535 |
| Kloeckner & Co. SE  | 576652 | 7503002 |
| Knorr-Bremse AG  | 40487 | 5330036 |
| Krones AG  | 11683 | 1834618 |
| LEG Immobilien SE  | 34575 | 2890248 |
| Mutares SE & Co. KGaA *(a)* | 28931 | 1067464 |
| Nemetschek SE  | 6366 | 509608 |
| Nordex SE \* | 39314 | 2001546 |
| Rational AG  | 1280 | 1116092 |
| SAF-Holland SE  | 70907 | 1664352 |
| Salzgitter AG  | 131220 | 8451513 |
| Scout24 SE  | 14970 | 1277025 |
| Siltronic AG *(a)* | 33348 | 2260067 |
| Sixt SE  | 13373 | 1038949 |
| Stabilus SE  | 63859 | 1426537 |
| Stroeer SE & Co. KGaA  | 20294 | 829055 |
| Suedzucker AG *(a)* | 166468 | 1991039 |
| TAG Immobilien AG  | 94371 | 1842951 |
| Talanx AG  | 29624 | 3742546 |
| TeamViewer SE \* | 73683 | 404017 |
| Traton SE *(a)* | 96691 | 4114438 |
| TUI AG  | 295732 | 2821300 |
| United Internet AG  | 152926 | 5055674 |
| Wacker Chemie AG  | 43991 | 4196767 |
| Wacker Neuson SE  | 44150 | 1086867 |
| Wuestenrot & Wuerttembergische AG  | 64597 | 1263026 |
|  |  | **110350113** |
| **Guernsey 0.0%** | **Guernsey 0.0%** | **Guernsey 0.0%** |
| Burford Capital Ltd.  | 75661 | 639834 |
| **Hong Kong 2.8%** | **Hong Kong 2.8%** | **Hong Kong 2.8%** |
| ASMPT Ltd.  | 344165 | 4932262 |
| Bank of East Asia Ltd.  | 1144422 | 2226767 |
| Brightoil Petroleum Holdings Ltd. *\*(c)* | 2380161 | 0 |
| Cathay Pacific Airways Ltd.  | 1139827 | 2048793 |
| CK Infrastructure Holdings Ltd.  | 121326 | 1030677 |
| Crystal International Group Ltd.  | 947096 | 902037 |
| CTF Services Ltd.  | 987518 | 1128643 |
| Dah Sing Financial Holdings Ltd.  | 253169 | 1376835 |
| DFI Retail Group Holdings Ltd.  | 492002 | 2061488 |
| Fortune Real Estate Investment Trust  | 1208937 | 840768 |
| Futu Holdings Ltd., ADR \* | 10528 | 1566988 |
| Galaxy Entertainment Group Ltd.  | 739701 | 3949031 |
| Grand Pharmaceutical Group Ltd. *(a)* | 946742 | 947692 |
| Hang Lung Group Ltd.  | 1350162 | 2899807 |
| Hang Lung Properties Ltd.  | 1332371 | 1749321 |
| Henderson Land Development Co. Ltd.  | 919443 | 4165742 |
| HK Electric Investments & HK Electric <br> Investments Ltd. <br>| 1822092 | 1632910 |
| HKBN Ltd. *(a)* | 1643627 | 1548619 |
| Hongkong Land Holdings Ltd.  | 695812 | 6032690 |
| Hysan Development Co. Ltd.  | 579316 | 1616010 |
| Johnson Electric Holdings Ltd.  | 781040 | 3099337 |
| Kerry Properties Ltd.  | 962230 | 3102400 |
| Kingboard Laminates Holdings Ltd.  | 1335380 | 4035768 |
| Luk Fook Holdings International Ltd.  | 629408 | 2370494 |
| Man Wah Holdings Ltd.  | 2296979 | 1497618 |
| Melco Resorts & Entertainment Ltd., <br> ADR \*<br>| 208155 | 1236441 |
| MTR Corp. Ltd.  | 980584 | 4680939 |
| Nine Dragons Paper Holdings Ltd. \* | 5675583 | 6406857 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PAX Global Technology Ltd.  | 1457654 | 907522 |
| PCCW Ltd.  | 5393765 | 4095928 |
| Sino Land Co. Ltd.  | 1788508 | 2922104 |
| Skyworth Group Ltd. \* | 4139712 | 3715191 |
| Stella International Holdings Ltd.  | 715500 | 1381212 |
| Swire Properties Ltd.  | 605953 | 2091590 |
| United Laboratories International <br> Holdings Ltd. <br>| 791118 | 1314796 |
| Vitasoy International Holdings Ltd.  | 764425 | 695807 |
| VTech Holdings Ltd.  | 325443 | 2685623 |
| Wharf Holdings Ltd.  | 598164 | 1980587 |
| Wharf Real Estate Investment Co. Ltd.  | 1392325 | 5144135 |
|  |  | **96021429** |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| First Pacific Co. Ltd.  | 4455856 | 3600162 |
| **Ireland 0.6%** | **Ireland 0.6%** | **Ireland 0.6%** |
| Alkermes PLC \* | 41981 | 1263628 |
| Cairn Homes PLC  | 416986 | 1174492 |
| Cimpress PLC \* | 19428 | 1419215 |
| Dole PLC  | 151733 | 2433797 |
| Glanbia PLC  | 278989 | 5764542 |
| Glenveagh Properties PLC \* | 542875 | 1445393 |
| Grafton Group PLC, CDI  | 303323 | 4036428 |
| Greencore Group PLC  | 845444 | 3068973 |
|  |  | **20606468** |
| **Israel 1.9%** | **Israel 1.9%** | **Israel 1.9%** |
| Alony Hetz Properties & Investments <br> Ltd. <br>| 99968 | 1173337 |
| Azrieli Group Ltd.  | 7470 | 1072367 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd. <br>| 1579950 | 4164858 |
| Cellcom Israel Ltd.  | 115413 | 1344678 |
| Clal Insurance Enterprises Holdings <br> Ltd. <br>| 29140 | 2172941 |
| Delek Automotive Systems Ltd.  | 97882 | 612514 |
| Delek Group Ltd.  | 13239 | 4047589 |
| Delta Galil Ltd.  | 13050 | 632657 |
| Elbit Systems Ltd.  | 5815 | 4449138 |
| Elco Ltd.  | 13483 | 652788 |
| Electra Ltd.  | 23980 | 726586 |
| Equital Ltd. \* | 22975 | 1055926 |
| Fattal Holdings 1998 Ltd. \* | 4302 | 843839 |
| FIBI Holdings Ltd.  | 21681 | 2262594 |
| First International Bank of Israel Ltd.  | 27375 | 2351281 |
| Formula Systems 1985 Ltd.  | 9814 | 1139674 |
| Harel Insurance Investments & <br> Financial Services Ltd. <br>| 50147 | 2631024 |
| Inmode Ltd. \* | 50019 | 687761 |
| Isracard Ltd.  | 213398 | 1014803 |
| Israel Corp. Ltd.  | 13311 | 3429482 |
| Mivne Real Estate KD Ltd.  | 185724 | 769469 |
| Nice Ltd. \* | 25240 | 2857799 |
| Nova Ltd. \* | 2861 | 1255578 |
| Partner Communications Co. Ltd.  | 108517 | 1326632 |
| Paz Retail & Energy Ltd.  | 5584 | 1370109 |
| Phoenix Financial Ltd.  | 78817 | 4022109 |
| Plus500 Ltd.  | 69983 | 3771071 |
| Rami Levy Chain Stores Hashikma <br> Marketing 2006 Ltd. <br>| 7991 | 1024569 |
| Shikun & Binui Ltd. \* | 157635 | 830069 |
| Shufersal Ltd.  | 173635 | 2431172 |
| Strauss Group Ltd.  | 36711 | 1616977 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**63**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Taboola.com Ltd. \* | 199135 | 631258 |
| Tower Semiconductor Ltd. \* | 57569 | 7269226 |
|  |  | **65641875** |
| **Italy 2.0%** | **Italy 2.0%** | **Italy 2.0%** |
| ACEA SpA  | 53108 | 1650386 |
| Amplifon SpA  | 79489 | 1236509 |
| Azimut Holding SpA  | 83921 | 3476912 |
| Banca Generali SpA  | 26266 | 1701023 |
| Banca Mediolanum SpA  | 175281 | 3774847 |
| Banca Monte dei Paschi di Siena SpA  | 271363 | 2658666 |
| Banca Popolare di Sondrio SpA  | 140800 | 2859373 |
| BFF Bank SpA \* | 117265 | 523913 |
| Buzzi SpA  | 60076 | 3474237 |
| Danieli & C Officine Meccaniche SpA  | 13473 | 1072170 |
| De' Longhi SpA  | 52876 | 2433549 |
| DiaSorin SpA  | 13282 | 1116563 |
| Enav SpA  | 199348 | 1298067 |
| ERG SpA  | 46567 | 1371243 |
| FinecoBank Banca Fineco SpA  | 151167 | 3567873 |
| Hera SpA  | 956022 | 4995960 |
| Infrastrutture Wireless Italiane SpA *(a)* | 106448 | 1130520 |
| Interpump Group SpA  | 48262 | 2228034 |
| Iren SpA  | 938835 | 3150308 |
| Italgas SpA  | 401763 | 5189517 |
| Lottomatica Group SpA  | 35085 | 850867 |
| Nexi SpA *(a)* | 468389 | 1923428 |
| OVS SpA  | 220794 | 1294073 |
| Piaggio & C SpA *(a)* | 359134 | 768766 |
| Pirelli & C SpA  | 423947 | 3190533 |
| PRADA SpA  | 255773 | 1455086 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 36337 | 2077368 |
| Reply SpA  | 8426 | 902336 |
| Saipem SpA  | 1069713 | 4510210 |
| Salvatore Ferragamo SpA \* | 111505 | 888664 |
| Sesa SpA  | 8202 | 747129 |
| SOL SpA  | 14944 | 910450 |
| Technogym SpA  | 47341 | 1039657 |
| Webuild SpA  | 192797 | 752108 |
|  |  | **70220345** |
| **Japan 32.1%** | **Japan 32.1%** | **Japan 32.1%** |
| & ST HD Co. Ltd. *(a)* | 54182 | 1039739 |
| 77 Bank Ltd.  | 34791 | 2192084 |
| ABC-Mart, Inc. *(a)* | 89279 | 1500230 |
| Acom Co. Ltd.  | 379443 | 1245813 |
| Activia Properties, Inc.  | 1090 | 1043049 |
| ADEKA Corp.  | 147242 | 4522180 |
| Advance Residence Investment Corp.  | 1083 | 1193121 |
| AEON Financial Service Co. Ltd. *(a)* | 182134 | 2059033 |
| AEON REIT Investment Corp.  | 1150 | 1006918 |
| Aica Kogyo Co. Ltd.  | 81581 | 2076037 |
| Aichi Steel Corp.  | 76735 | 1722698 |
| Ain Holdings, Inc.  | 56445 | 2230685 |
| Aisan Industry Co. Ltd.  | 76943 | 1131536 |
| ALSOK Co. Ltd.  | 494267 | 4055443 |
| Amano Corp.  | 61431 | 1612847 |
| Anritsu Corp.  | 152696 | 2960517 |
| AOKI Holdings, Inc.  | 68847 | 800808 |
| Aoyama Trading Co. Ltd.  | 77756 | 1313821 |
| Aozora Bank Ltd.  | 90021 | 1628883 |
| Arata Corp.  | 139749 | 2756938 |
| ARCLANDS Corp. *(a)* | 111729 | 1399788 |
| Arcs Co. Ltd. *(a)* | 171468 | 4272285 |
| ARE Holdings, Inc.  | 126884 | 3701884 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Artience Co. Ltd.  | 82573 | 2324473 |
| As One Corp.  | 51173 | 745839 |
| Asahi Intecc Co. Ltd.  | 66266 | 1428672 |
| Asics Corp.  | 132836 | 4078884 |
| ASKUL Corp.  | 79544 | 663864 |
| Autobacs Seven Co. Ltd.  | 172214 | 1960123 |
| Azbil Corp.  | 357825 | 3332442 |
| BayCurrent, Inc.  | 21801 | 629070 |
| Belc Co. Ltd.  | 27915 | 1442908 |
| Bic Camera, Inc. *(a)* | 180731 | 2088897 |
| BIPROGY, Inc.  | 70538 | 2144717 |
| Blue Zones Holdings Co. Ltd.  | 24702 | 1523653 |
| BML, Inc.  | 57777 | 1611650 |
| Bunka Shutter Co. Ltd.  | 93584 | 1291145 |
| Calbee, Inc.  | 109107 | 2158729 |
| Canon Marketing Japan, Inc.  | 78788 | 3534547 |
| Capcom Co. Ltd.  | 63712 | 1466243 |
| Casio Computer Co. Ltd.  | 377286 | 3797630 |
| CCI Group, Inc.  | 213240 | 1439583 |
| Chiba Bank Ltd.  | 306258 | 4564691 |
| Chudenko Corp.  | 46866 | 1542938 |
| Chugin Financial Group, Inc.  | 86169 | 1772777 |
| Chugoku Marine Paints Ltd.  | 35763 | 1081194 |
| Citizen Watch Co. Ltd.  | 374493 | 4588664 |
| CKD Corp.  | 78487 | 2795117 |
| Colowide Co. Ltd. *(a)* | 59735 | 717394 |
| Cosmos Pharmaceutical Corp.  | 56187 | 2496880 |
| Create SD Holdings Co. Ltd.  | 59800 | 1302290 |
| Credit Saison Co. Ltd.  | 126584 | 3869072 |
| CyberAgent, Inc.  | 390153 | 3443592 |
| Daicel Corp.  | 484989 | 5092967 |
| Dai-Dan Co. Ltd.  | 87456 | 2055811 |
| Daido Steel Co. Ltd.  | 431376 | 6587032 |
| Daihen Corp.  | 22703 | 2123067 |
| Daiichikosho Co. Ltd.  | 98927 | 1100315 |
| Daio Paper Corp.  | 363951 | 2736772 |
| Daiseki Co. Ltd.  | 35272 | 893520 |
| Daishi Hokuetsu Financial Group, Inc.  | 146294 | 1912481 |
| Daiwa House REIT Investment Corp. *(a)* | 2165 | 1844323 |
| Daiwa Office Investment Corp.  | 333 | 778511 |
| Daiwa Securities Living Investments <br> Corp. <br>| 1073 | 796546 |
| DCM Holdings Co. Ltd. *(a)* | 259211 | 2829115 |
| DeNA Co. Ltd. *(a)* | 51431 | 876262 |
| Denka Co. Ltd.  | 274878 | 6477349 |
| Dexerials Corp.  | 88332 | 1463949 |
| DMG Mori Co. Ltd.  | 143260 | 2840884 |
| Doutor Nichires Holdings Co. Ltd. *(a)* | 51693 | 991976 |
| DTS Corp.  | 140718 | 1030204 |
| Duskin Co. Ltd.  | 58827 | 1628881 |
| DyDo Group Holdings, Inc. *(a)* | 38526 | 641586 |
| Eagle Industry Co. Ltd.  | 52109 | 1143144 |
| Earth Corp.  | 31768 | 1033668 |
| EDION Corp.  | 307469 | 4421252 |
| Elecom Co. Ltd.  | 58606 | 673429 |
| Exedy Corp.  | 70966 | 2818185 |
| Ezaki Glico Co. Ltd.  | 87136 | 3385537 |
| FCC Co. Ltd.  | 73319 | 1815071 |
| Ferrotec Corp.  | 72566 | 2951443 |
| Food & Life Cos. Ltd.  | 35132 | 2264875 |
| FP Corp.  | 60399 | 1092115 |
| Frontier Real Estate Investment Corp.  | 1269 | 727465 |
| Fuji Co. Ltd.  | 84463 | 1132846 |
| Fuji Corp.  | 125744 | 4905727 |
| Fuji Media Holdings, Inc.  | 85542 | 1962055 |
| Fuji Oil Co. Ltd.  | 88838 | 2269245 |
| Fuji Seal International, Inc.  | 70213 | 1295202 |
| Fukuda Denshi Co. Ltd.  | 26218 | 1691051 |

---

*See financial notes*

**64**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fukuoka Financial Group, Inc.  | 101470 | 4447457 |
| Fukuyama Transporting Co. Ltd.  | 79050 | 2835420 |
| Furukawa Co. Ltd.  | 48619 | 1818639 |
| Fuyo General Lease Co. Ltd.  | 97765 | 2909311 |
| Glory Ltd.  | 103433 | 2754680 |
| GLP J-Reit *(a)* | 1657 | 1485861 |
| GMO internet group, Inc.  | 39544 | 759093 |
| Goldwin, Inc.  | 62405 | 986089 |
| GS Yuasa Corp.  | 186022 | 6624707 |
| GungHo Online Entertainment, Inc.  | 67326 | 1107833 |
| Gunma Bank Ltd.  | 159665 | 2313289 |
| H.U. Group Holdings, Inc.  | 133241 | 2865802 |
| H2O Retailing Corp.  | 212539 | 3337322 |
| Hachijuni Nagano Bank Ltd.  | 172893 | 2302841 |
| Hakuhodo DY Holdings, Inc.  | 529297 | 3969939 |
| Hamakyorex Co. Ltd.  | 100347 | 1260403 |
| Hamamatsu Photonics KK  | 294806 | 3820912 |
| Happinet Corp.  | 56948 | 1161757 |
| Hazama Ando Corp.  | 241420 | 3310682 |
| Heiwa Corp.  | 71199 | 920286 |
| Heiwado Co. Ltd. *(a)* | 126787 | 2440320 |
| Hikari Tsushin, Inc.  | 10295 | 2915241 |
| Hino Motors Ltd. \* | 1296259 | 3794334 |
| Hirogin Holdings, Inc.  | 162646 | 2017383 |
| Hirose Electric Co. Ltd.  | 24068 | 3597289 |
| Hisamitsu Pharmaceutical Co., Inc.  | 49074 | 1895380 |
| Hogy Medical Co. Ltd.  | 20912 | 898764 |
| Hokkaido Electric Power Co., Inc. *(a)* | 663453 | 5229008 |
| Hokuetsu Corp. *(a)* | 222251 | 1476216 |
| Hokuhoku Financial Group, Inc.  | 72028 | 2883888 |
| Hokuriku Electric Power Co. *(a)* | 493124 | 3498061 |
| Horiba Ltd.  | 38051 | 5129116 |
| Hoshizaki Corp.  | 74255 | 2613966 |
| Hosiden Corp.  | 126072 | 2375685 |
| House Foods Group, Inc.  | 105777 | 2091488 |
| Hulic Co. Ltd.  | 385368 | 5106974 |
| Hyakugo Bank Ltd.  | 159311 | 1734691 |
| Ibiden Co. Ltd.  | 211883 | 12943015 |
| IDOM, Inc. *(a)* | 169978 | 1667935 |
| Iino Kaiun Kaisha Ltd.  | 136423 | 1454014 |
| Inaba Denki Sangyo Co. Ltd.  | 189777 | 3495300 |
| Inabata & Co. Ltd.  | 165648 | 4620638 |
| Industrial & Infrastructure Fund <br> Investment Corp. <br>| 1107 | 1077752 |
| INFRONEER Holdings, Inc. *(a)* | 426331 | 7151711 |
| Internet Initiative Japan, Inc.  | 92739 | 1353143 |
| Invincible Investment Corp.  | 1990 | 845073 |
| Ito En Ltd.  | 105293 | 2048198 |
| Itochu Enex Co. Ltd.  | 166128 | 2218587 |
| Itoham Yonekyu Holdings, Inc.  | 104312 | 4309447 |
| Iyogin Holdings, Inc.  | 106962 | 2325246 |
| Izumi Co. Ltd. *(a)* | 466323 | 3100357 |
| J Front Retailing Co. Ltd. *(a)* | 234103 | 3868604 |
| Jaccs Co. Ltd.  | 43502 | 1234356 |
| JAFCO Group Co. Ltd.  | 73264 | 1161666 |
| Japan Airport Terminal Co. Ltd.  | 21556 | 736459 |
| Japan Aviation Electronics Industry <br> Ltd. <br>| 123042 | 2130232 |
| Japan Excellent, Inc.  | 742 | 725247 |
| Japan Exchange Group, Inc.  | 313255 | 4284747 |
| Japan Hotel REIT Investment Corp.  | 1336 | 725654 |
| Japan Lifeline Co. Ltd.  | 74193 | 758444 |
| Japan Logistics Fund, Inc.  | 1071 | 712056 |
| Japan Metropolitan Fund Invest *(a)* | 3461 | 2697862 |
| Japan Petroleum Exploration Co. Ltd.  | 298758 | 4563893 |
| Japan Prime Realty Investment Corp.  | 1807 | 1233795 |
| Japan Real Estate Investment Corp.  | 3024 | 2519919 |
| Japan Steel Works Ltd.  | 35571 | 2328491 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Japan Wool Textile Co. Ltd.  | 96304 | 1292895 |
| Jeol Ltd.  | 41137 | 1814903 |
| JGC Holdings Corp.  | 401147 | 6364395 |
| Joyful Honda Co. Ltd.  | 89189 | 1260785 |
| Juroku Financial Group, Inc.  | 25341 | 1671816 |
| JVCKenwood Corp.  | 218917 | 1823549 |
| Kadokawa Corp.  | 68804 | 1276262 |
| Kaga Electronics Co. Ltd.  | 124667 | 3481493 |
| Kagome Co. Ltd.  | 86370 | 1603757 |
| Kakaku.com, Inc.  | 54240 | 598073 |
| Kaken Pharmaceutical Co. Ltd.  | 40705 | 1156296 |
| Kamigumi Co. Ltd.  | 111301 | 4146207 |
| Kanadevia Corp.  | 378831 | 2639988 |
| Kanamoto Co. Ltd.  | 85921 | 2399459 |
| Kandenko Co. Ltd.  | 113081 | 5059945 |
| Kanematsu Corp.  | 333974 | 5261227 |
| Kansai Paint Co. Ltd.  | 243176 | 4305130 |
| Katitas Co. Ltd.  | 45840 | 1049659 |
| Kato Sangyo Co. Ltd.  | 87447 | 3831145 |
| KDX Realty Investment Corp.  | 987 | 1074716 |
| Keihan Holdings Co. Ltd.  | 91048 | 2020697 |
| Keikyu Corp.  | 196632 | 1970413 |
| Keio Corp.  | 98312 | 2642853 |
| Keisei Electric Railway Co. Ltd.  | 245294 | 2130464 |
| Kewpie Corp.  | 151158 | 4335536 |
| Kinden Corp.  | 120865 | 6571030 |
| Kitz Corp.  | 143639 | 1989095 |
| Kiyo Bank Ltd.  | 37418 | 1026973 |
| Kobayashi Pharmaceutical Co. Ltd.  | 43589 | 1627695 |
| Kobe Bussan Co. Ltd.  | 64941 | 1541530 |
| Koei Tecmo Holdings Co. Ltd.  | 50290 | 581093 |
| Kohnan Shoji Co. Ltd. *(a)* | 63878 | 1769559 |
| Kokusai Electric Corp.  | 72761 | 3012503 |
| Kokuyo Co. Ltd.  | 446874 | 2635591 |
| Komeri Co. Ltd.  | 85011 | 1995615 |
| Konami Group Corp.  | 25334 | 3380030 |
| Konoike Transport Co. Ltd.  | 59439 | 1332500 |
| Kose Holdings Corp. *(a)* | 52270 | 2087452 |
| Kraftia Corp.  | 67495 | 4567396 |
| Kumagai Gumi Co. Ltd.  | 268077 | 3468474 |
| Kumiai Chemical Industry Co. Ltd. *(a)* | 165464 | 777906 |
| Kurabo Industries Ltd.  | 24478 | 1575686 |
| Kureha Corp.  | 79991 | 2513088 |
| Kurita Water Industries Ltd.  | 104580 | 5836385 |
| Kusuri No. Aoki Holdings Co. Ltd.  | 40567 | 1055976 |
| KYB Corp.  | 92151 | 3122362 |
| Kyokuto Kaihatsu Kogyo Co. Ltd.  | 60181 | 1349134 |
| Kyoritsu Maintenance Co. Ltd.  | 33541 | 574145 |
| Kyoto Financial Group, Inc.  | 79712 | 1979461 |
| Kyowa Kirin Co. Ltd.  | 202317 | 3738572 |
| Kyushu Financial Group, Inc.  | 238909 | 2047464 |
| Kyushu Railway Co.  | 133954 | 3401080 |
| Lasertec Corp.  | 10737 | 2314859 |
| Leopalace21 Corp.  | 217475 | 1036358 |
| Life Corp. *(a)* | 132503 | 2307610 |
| Lintec Corp.  | 88251 | 3086312 |
| Lion Corp.  | 317680 | 3740943 |
| M3, Inc.  | 161871 | 1781229 |
| Mabuchi Motor Co. Ltd.  | 236099 | 2782528 |
| Macnica Holdings, Inc.  | 285947 | 5070580 |
| Makino Milling Machine Co. Ltd.  | 20870 | 1554640 |
| Maruha Nichiro Corp.  | 491787 | 4994256 |
| Marui Group Co. Ltd.  | 107079 | 2176901 |
| Maruichi Steel Tube Ltd.  | 303047 | 3154212 |
| Maruwa Co. Ltd.  | 2773 | 1088419 |
| Maruzen Showa Unyu Co. Ltd.  | 23506 | 1380625 |
| Max Co. Ltd.  | 25715 | 1146366 |
| McDonald's Holdings Co. Japan Ltd.  | 67600 | 3217089 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**65**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MCJ Co. Ltd.  | 129648 | 1903303 |
| Mebuki Financial Group, Inc.  | 498358 | 4286916 |
| Megmilk Snow Brand Co. Ltd.  | 181092 | 4059709 |
| Meidensha Corp.  | 42526 | 2130045 |
| Meiko Electronics Co. Ltd.  | 15967 | 2245863 |
| MEITEC Group Holdings, Inc.  | 65505 | 1442893 |
| Menicon Co. Ltd.  | 96248 | 1171313 |
| Milbon Co. Ltd.  | 36634 | 659588 |
| Mirait One Corp.  | 196159 | 5103589 |
| Mitsubishi Logisnext Co. Ltd.  | 57881 | 566112 |
| Mitsubishi Logistics Corp.  | 313170 | 2874444 |
| Mitsubishi Pencil Co. Ltd.  | 49411 | 776018 |
| Mitsuboshi Belting Ltd.  | 33999 | 935313 |
| Mitsui E&S Co. Ltd.  | 79626 | 4016874 |
| Mitsui Fudosan Accommodations Fund, <br> Inc. *(a)*<br>| 981 | 866485 |
| Mitsui High-Tec, Inc.  | 137621 | 773058 |
| Mitsui-Soko Holdings Co. Ltd.  | 91122 | 2182259 |
| Mitsuuroko Group Holdings Co. Ltd.  | 85068 | 1278812 |
| Miura Co. Ltd.  | 79193 | 1635852 |
| MIXI, Inc.  | 46900 | 806575 |
| Mizuho Leasing Co. Ltd.  | 182518 | 1787478 |
| Mizuno Corp.  | 72331 | 1883270 |
| Mochida Pharmaceutical Co. Ltd.  | 40078 | 1017834 |
| Modec, Inc.  | 20509 | 1764201 |
| MonotaRO Co. Ltd.  | 66986 | 892646 |
| Morinaga & Co. Ltd.  | 102256 | 1892514 |
| Morinaga Milk Industry Co. Ltd.  | 179834 | 5714373 |
| Morita Holdings Corp.  | 54024 | 1035323 |
| Musashi Seimitsu Industry Co. Ltd.  | 70010 | 1401321 |
| Nabtesco Corp.  | 164691 | 5361885 |
| Nagoya Railroad Co. Ltd. *(a)* | 339629 | 4011375 |
| Nakanishi, Inc.  | 50253 | 876148 |
| Nankai Electric Railway Co. Ltd.  | 122873 | 2451557 |
| Nexon Co. Ltd.  | 191142 | 4065861 |
| Nextage Co. Ltd.  | 75793 | 1871462 |
| NHK Spring Co. Ltd.  | 298856 | 5761771 |
| Nichias Corp.  | 68001 | 4181762 |
| Nichicon Corp.  | 114083 | 1576154 |
| Nichiha Corp.  | 53259 | 1267300 |
| Nifco, Inc.  | 118978 | 4224910 |
| Nihon Kohden Corp.  | 220245 | 2454612 |
| Nihon M&A Center Holdings, Inc.  | 198206 | 917492 |
| Nihon Parkerizing Co. Ltd.  | 136741 | 1399597 |
| Nikkon Holdings Co. Ltd. *(a)* | 97733 | 2472668 |
| Nippn Corp.  | 146966 | 2698809 |
| Nippon Building Fund, Inc.  | 3172 | 2952068 |
| Nippon Densetsu Kogyo Co. Ltd.  | 60982 | 2070166 |
| Nippon Electric Glass Co. Ltd.  | 122271 | 5387364 |
| Nippon Gas Co. Ltd.  | 100267 | 2006303 |
| Nippon Kayaku Co. Ltd.  | 255834 | 3285490 |
| Nippon Light Metal Holdings Co. Ltd.  | 282425 | 5643978 |
| Nippon Paint Holdings Co. Ltd.  | 586073 | 4343228 |
| Nippon Prologis REIT, Inc.  | 2642 | 1550086 |
| Nippon Shinyaku Co. Ltd.  | 95278 | 3139216 |
| Nippon Shokubai Co. Ltd.  | 261838 | 4267393 |
| Nippon Soda Co. Ltd.  | 77107 | 2066887 |
| Nippon Television Holdings, Inc.  | 139371 | 3035141 |
| Nipro Corp.  | 297648 | 3032244 |
| Nishimatsu Construction Co. Ltd.  | 53646 | 2360939 |
| Nishimatsuya Chain Co. Ltd.  | 66842 | 947883 |
| Nishi-Nippon Financial Holdings, Inc.  | 78908 | 2251121 |
| Nishi-Nippon Railroad Co. Ltd.  | 146449 | 3052330 |
| Nissan Chemical Corp.  | 116829 | 5318198 |
| Nisshin Oillio Group Ltd.  | 68113 | 2661261 |
| Nisshinbo Holdings, Inc.  | 489588 | 5500319 |
| Nitto Boseki Co. Ltd.  | 19747 | 3187346 |
| Nitto Kogyo Corp.  | 46696 | 1453595 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NOF Corp.  | 166654 | 3349625 |
| Nojima Corp.  | 303080 | 2273221 |
| NOK Corp.  | 228426 | 4867723 |
| Nomura Co. Ltd. *(a)* | 124177 | 1166011 |
| Nomura Real Estate Holdings, Inc. *(a)* | 598214 | 4454276 |
| Nomura Real Estate Master Fund, <br> Inc. *(a)*<br>| 2304 | 2463011 |
| Noritake Co. Ltd.  | 43603 | 1954978 |
| North Pacific Bank Ltd.  | 225894 | 1588673 |
| NS Solutions Corp. *(a)* | 46226 | 1190255 |
| NSD Co. Ltd.  | 40456 | 738897 |
| NTN Corp.  | 1760531 | 4769925 |
| NTT UD REIT Investment Corp.  | 740 | 686796 |
| Obic Co. Ltd.  | 56260 | 1513480 |
| Odakyu Electric Railway Co. Ltd.  | 305655 | 3509282 |
| Okamura Corp.  | 127190 | 2227302 |
| OKUMA Corp.  | 77174 | 2305952 |
| Okumura Corp.  | 52740 | 2469364 |
| Open House Group Co. Ltd.  | 85417 | 6330022 |
| Open Up Group, Inc.  | 64688 | 793037 |
| Oracle Corp. Japan  | 13948 | 842642 |
| Organo Corp.  | 10631 | 1181411 |
| Oriental Land Co. Ltd.  | 175594 | 3167159 |
| Orix JREIT, Inc. *(a)* | 2704 | 1802955 |
| Osaka Soda Co. Ltd.  | 81218 | 1224578 |
| OSG Corp.  | 118872 | 2228208 |
| PALTAC Corp.  | 115014 | 3726122 |
| Park24 Co. Ltd.  | 115483 | 1664287 |
| Penta-Ocean Construction Co. Ltd.  | 449355 | 6140585 |
| Pigeon Corp.  | 154430 | 1705778 |
| Pilot Corp.  | 47060 | 1470955 |
| Pola Orbis Holdings, Inc.  | 134134 | 1183902 |
| Prima Meat Packers Ltd.  | 98709 | 1837932 |
| Raito Kogyo Co. Ltd.  | 64493 | 1798988 |
| Rakuten Group, Inc. \* | 132955 | 705204 |
| Relo Group, Inc.  | 78269 | 965547 |
| Resorttrust, Inc.  | 90790 | 1125244 |
| Ricoh Leasing Co. Ltd.  | 21549 | 884734 |
| Rinnai Corp.  | 124766 | 3254904 |
| Rohto Pharmaceutical Co. Ltd.  | 150567 | 2355066 |
| Round One Corp.  | 91722 | 630965 |
| Saizeriya Co. Ltd.  | 25325 | 1137090 |
| Sakata INX Corp.  | 89120 | 1529810 |
| Sakata Seed Corp.  | 33046 | 933437 |
| San-A Co. Ltd. *(a)* | 79243 | 1575978 |
| San-Ai Obbli Co. Ltd.  | 233848 | 3844918 |
| Sangetsu Corp.  | 71110 | 1528096 |
| San-In Godo Bank Ltd.  | 105762 | 1199031 |
| Sanken Electric Co. Ltd. \* | 23067 | 1140902 |
| Sanki Engineering Co. Ltd.  | 50131 | 2530231 |
| Sankyo Co. Ltd.  | 115828 | 1635873 |
| Santen Pharmaceutical Co. Ltd.  | 404791 | 4533400 |
| Sanyo Denki Co. Ltd.  | 37466 | 1226269 |
| Sapporo Holdings Ltd.  | 206053 | 2342636 |
| Sawai Group Holdings Co. Ltd.  | 140137 | 2083318 |
| SBI Holdings, Inc.  | 140902 | 3023358 |
| SCREEN Holdings Co. Ltd.  | 54321 | 7976358 |
| Sega Sammy Holdings, Inc.  | 136363 | 2283998 |
| Seibu Holdings, Inc.  | 83282 | 2475122 |
| Seiko Group Corp.  | 33284 | 2824743 |
| Seino Holdings Co. Ltd. *(a)* | 268385 | 4582099 |
| Seiren Co. Ltd.  | 60958 | 1419262 |
| Sekisui House Reit, Inc.  | 1959 | 1180733 |
| Senko Group Holdings Co. Ltd.  | 237180 | 2991240 |
| Seria Co. Ltd.  | 84500 | 2348951 |
| Seven Bank Ltd.  | 630375 | 1214923 |
| Sharp Corp. \* | 495863 | 2045703 |
| Shibuya Corp.  | 45556 | 1086925 |

---

*See financial notes*

**66**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shiga Bank Ltd.  | 18256 | 1057065 |
| Shikoku Electric Power Co., Inc.  | 398846 | 4524300 |
| Shinmaywa Industries Ltd.  | 114642 | 1999489 |
| Ship Healthcare Holdings, Inc.  | 150761 | 2648276 |
| Shizuoka Financial Group, Inc.  | 239904 | 4831117 |
| SHO-BOND Holdings Co. Ltd.  | 136686 | 1286971 |
| SKY Perfect JSAT Holdings, Inc.  | 126976 | 2334976 |
| Skylark Holdings Co. Ltd.  | 141567 | 3258875 |
| Socionext, Inc.  | 130383 | 1689864 |
| Sotetsu Holdings, Inc.  | 97653 | 1839535 |
| Square Enix Holdings Co. Ltd.  | 183140 | 3019977 |
| Starts Corp., Inc.  | 46772 | 1599760 |
| Sugi Holdings Co. Ltd.  | 147758 | 3397606 |
| Sumitomo Bakelite Co. Ltd.  | 88776 | 3422532 |
| Sumitomo Densetsu Co. Ltd.  | 16567 | 1030364 |
| Sumitomo Osaka Cement Co. Ltd.  | 86620 | 2575437 |
| Sumitomo Pharma Co. Ltd. \* | 165975 | 2683240 |
| Sumitomo Warehouse Co. Ltd.  | 79100 | 2049380 |
| Sundrug Co. Ltd.  | 126240 | 3413837 |
| Suruga Bank Ltd.  | 85710 | 1165491 |
| SWCC Corp.  | 24290 | 2403718 |
| T Hasegawa Co. Ltd.  | 36938 | 690613 |
| Tadano Ltd.  | 243211 | 2294634 |
| Taihei Dengyo Kaisha Ltd.  | 84779 | 1702368 |
| Taikisha Ltd.  | 77634 | 1951727 |
| Taiyo Holdings Co. Ltd.  | 45938 | 1580355 |
| Takara Holdings, Inc.  | 306178 | 3192684 |
| Takara Standard Co. Ltd.  | 104280 | 2030496 |
| Takasago International Corp.  | 135291 | 1199313 |
| Takasago Thermal Engineering Co. Ltd.  | 73959 | 2482275 |
| Takashimaya Co. Ltd. *(a)* | 445291 | 5644393 |
| Takeuchi Manufacturing Co. Ltd. *(a)* | 38644 | 1856397 |
| Takuma Co. Ltd.  | 84500 | 1650761 |
| TBS Holdings, Inc.  | 65585 | 2482673 |
| THK Co. Ltd.  | 126024 | 4550183 |
| TKC Corp.  | 31499 | 813073 |
| Toa Corp.  | 78453 | 2125580 |
| Toagosei Co. Ltd.  | 195297 | 2404858 |
| Tocalo Co. Ltd.  | 60594 | 1212850 |
| Toda Corp.  | 347718 | 3631412 |
| Toei Co. Ltd.  | 19371 | 669998 |
| Toho Co. Ltd.  | 204985 | 2054774 |
| Toho Holdings Co. Ltd.  | 116600 | 3610212 |
| Tokai Carbon Co. Ltd.  | 527218 | 3760174 |
| TOKAI Holdings Corp.  | 254828 | 1978232 |
| Tokai Rika Co. Ltd.  | 167921 | 3619242 |
| Token Corp.  | 16189 | 1558499 |
| Tokuyama Corp.  | 151555 | 4344981 |
| Tokyo Century Corp.  | 290185 | 4243346 |
| Tokyo Kiraboshi Financial Group, Inc.  | 18556 | 1390586 |
| Tokyo Metro Co. Ltd. *(a)* | 160373 | 1717493 |
| Tokyo Ohka Kogyo Co. Ltd.  | 62085 | 3666445 |
| Tokyo Seimitsu Co. Ltd.  | 30420 | 3370799 |
| Tokyo Steel Manufacturing Co. Ltd.  | 189801 | 1969432 |
| Tokyo Tatemono Co. Ltd.  | 185414 | 5194561 |
| Tomy Co. Ltd.  | 71016 | 1307286 |
| Topre Corp.  | 157071 | 3033269 |
| Toshiba TEC Corp.  | 57907 | 1222121 |
| Totetsu Kogyo Co. Ltd.  | 39589 | 1475792 |
| Towa Pharmaceutical Co. Ltd.  | 42132 | 1190086 |
| Toyo Tire Corp.  | 184356 | 5699833 |
| Toyoda Gosei Co. Ltd.  | 197322 | 6434372 |
| Transcosmos, Inc.  | 62838 | 1644152 |
| Trend Micro, Inc.  | 60039 | 1999698 |
| Trusco Nakayama Corp.  | 108864 | 1759256 |
| TS Tech Co. Ltd.  | 241260 | 3113007 |
| TSI Holdings Co. Ltd. *(a)* | 140692 | 1037223 |
| Tsubakimoto Chain Co.  | 169548 | 2904986 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tsumura & Co.  | 66346 | 1780559 |
| TV Asahi Holdings Corp.  | 71231 | 1539821 |
| Tv Tokyo Holdings Corp.  | 27420 | 782425 |
| UACJ Corp.  | 337230 | 5972400 |
| Ulvac, Inc.  | 64568 | 4334172 |
| United Super Markets Holdings, Inc.  | 371164 | 2161013 |
| United Urban Investment Corp.  | 1535 | 1822828 |
| Ushio, Inc.  | 110399 | 2274096 |
| USS Co. Ltd.  | 187567 | 2285644 |
| UT Group Co. Ltd.  | 695466 | 957727 |
| Valor Holdings Co. Ltd.  | 188438 | 4532168 |
| Wacoal Holdings Corp.  | 49442 | 1438054 |
| Wacom Co. Ltd.  | 197186 | 1107652 |
| YAMABIKO Corp.  | 76085 | 1871362 |
| Yamaguchi Financial Group, Inc.  | 95494 | 1683263 |
| Yamato Kogyo Co. Ltd.  | 26834 | 2235236 |
| Yamazen Corp.  | 183579 | 1806100 |
| Yellow Hat Ltd.  | 118755 | 1337967 |
| Yodoko Ltd.  | 163377 | 1510027 |
| Yokogawa Bridge Holdings Corp.  | 67923 | 1396527 |
| Yokohama Financial Group, Inc.  | 525629 | 5689755 |
| Yoshinoya Holdings Co. Ltd. *(a)* | 64064 | 1269175 |
| Yuasa Trading Co. Ltd.  | 54948 | 2280628 |
| Yurtec Corp.  | 75036 | 1554789 |
| Zenkoku Hosho Co. Ltd.  | 61776 | 1272516 |
| Zensho Holdings Co. Ltd.  | 37091 | 2358857 |
| Zeon Corp.  | 261177 | 3581617 |
| ZOZO, Inc.  | 134656 | 982374 |
|  |  | **1101142591** |
| **Jersey 0.3%** | **Jersey 0.3%** | **Jersey 0.3%** |
| CVC Capital Partners PLC  | 43066 | 614753 |
| Man Group PLC  | 1462453 | 5265467 |
| TP ICAP Group PLC  | 808031 | 2748482 |
|  |  | **8628702** |
| **Luxembourg 0.4%** | **Luxembourg 0.4%** | **Luxembourg 0.4%** |
| Allegro.eu SA \* | 152372 | 1183739 |
| Aroundtown SA \* | 621385 | 2242094 |
| Befesa SA  | 43078 | 1729315 |
| InPost SA \* | 53947 | 968168 |
| RTL Group SA *(a)* | 74772 | 3279725 |
| Samsonite Group SA  | 1071957 | 2636673 |
| Spotify Technology SA \* | 4530 | 2332678 |
|  |  | **14372392** |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Sands China Ltd.  | 725475 | 1642536 |
| **Netherlands 1.8%** | **Netherlands 1.8%** | **Netherlands 1.8%** |
| Adyen NV \* | 2381 | 2796629 |
| Arcadis NV  | 47289 | 1670557 |
| Basic-Fit NV \* | 39176 | 1454261 |
| BE Semiconductor Industries NV  | 16179 | 3618023 |
| Brembo NV  | 188486 | 2238807 |
| Cementir Holding NV  | 46323 | 874003 |
| Corbion NV  | 69602 | 1600027 |
| CTP NV  | 43095 | 914863 |
| Davide Campari-Milano NV  | 320427 | 2412978 |
| Eurocommercial Properties NV  | 28406 | 954184 |
| Euronext NV  | 16497 | 2726922 |
| Ferrovial SE  | 54958 | 4098385 |
| Flow Traders Ltd. \* | 39861 | 1243428 |
| Fugro NV  | 163661 | 2077272 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**67**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| JDE Peet's NV  | 141318 | 5289278 |
| Koninklijke BAM Groep NV  | 408650 | 4605397 |
| Koninklijke Heijmans NV  | 21569 | 2272887 |
| Koninklijke Vopak NV  | 44283 | 2428113 |
| MFE-MediaForEurope NV, Class A  | 418292 | 1528057 |
| MFE-MediaForEurope NV, Class B  | 138355 | 653423 |
| OCI NV \* | 403508 | 1724648 |
| Pepco Group NV  | 188498 | 1554351 |
| Qiagen NV  | 85108 | 4216436 |
| RHI Magnesita NV  | 27453 | 1234612 |
| Technip Energies NV  | 92337 | 3992397 |
| TKH Group NV  | 54807 | 2528892 |
| Van Lanschot Kempen NV  | 19801 | 1320916 |
|  |  | **62029746** |
| **New Zealand 0.7%** | **New Zealand 0.7%** | **New Zealand 0.7%** |
| a2 Milk Co. Ltd.  | 320518 | 2221374 |
| Air New Zealand Ltd.  | 3460696 | 1152508 |
| Auckland International Airport Ltd.  | 253125 | 1391291 |
| Chorus Ltd.  | 315350 | 1812783 |
| Contact Energy Ltd.  | 576693 | 3214754 |
| EBOS Group Ltd.  | 187062 | 2689427 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 141754 | 3478933 |
| Freightways Group Ltd.  | 94080 | 810096 |
| Genesis Energy Ltd.  | 954842 | 1312062 |
| Mercury NZ Ltd.  | 396004 | 1518406 |
| Meridian Energy Ltd.  | 759938 | 2580964 |
| SKYCITY Entertainment Group Ltd. \* | 1868988 | 936441 |
| Xero Ltd. \* | 9194 | 544742 |
|  |  | **23663781** |
| **Norway 1.9%** | **Norway 1.9%** | **Norway 1.9%** |
| AF Gruppen ASA  | 43298 | 862920 |
| Aker Solutions ASA  | 409024 | 1763635 |
| Atea ASA \* | 107536 | 1632245 |
| Austevoll Seafood ASA  | 147799 | 1524069 |
| Bluenord ASA \* | 15592 | 839143 |
| Bonheur ASA  | 29289 | 777374 |
| Borregaard ASA  | 62742 | 1166017 |
| DNO ASA  | 1702610 | 2915416 |
| DOF Group ASA  | 93297 | 1241554 |
| Elkem ASA  | 1023965 | 3287141 |
| Europris ASA  | 154394 | 1480095 |
| Gjensidige Forsikring ASA  | 93332 | 2633160 |
| Hoegh Autoliners ASA  | 195463 | 2722355 |
| Kongsberg Gruppen ASA  | 65431 | 2653445 |
| Leroy Seafood Group ASA  | 375309 | 1960693 |
| MPC Container Ships ASA  | 874764 | 2044984 |
| Norconsult Norge AS  | 207359 | 884939 |
| Nordic Semiconductor ASA \* | 59137 | 890779 |
| Norwegian Air Shuttle ASA  | 664904 | 1161244 |
| Odfjell Drilling Ltd.  | 115082 | 1282264 |
| Opera Ltd., ADR  | 39833 | 638921 |
| Salmar ASA  | 34161 | 2043182 |
| Scatec ASA \* | 73053 | 941440 |
| SFL Corp. Ltd.  | 168428 | 1854392 |
| SpareBank 1 Nord Norge  | 107271 | 1796457 |
| SpareBank 1 SMN  | 81564 | 1830462 |
| SpareBank 1 Sor-Norge ASA  | 131856 | 2931396 |
| Sparebanken Norge  | 91004 | 1967222 |
| Stolt-Nielsen Ltd.  | 46839 | 1659212 |
| Storebrand ASA  | 175642 | 3326959 |
| TGS ASA  | 257262 | 3053049 |
| TOMRA Systems ASA  | 97809 | 1209067 |
| Veidekke ASA  | 129829 | 2685722 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wallenius Wilhelmsen ASA  | 486447 | 6723966 |
|  |  | **66384919** |
| **Poland 1.0%** | **Poland 1.0%** | **Poland 1.0%** |
| Alior Bank SA  | 54452 | 1822103 |
| Asseco Poland SA  | 53578 | 2643920 |
| Bank Millennium SA \* | 292807 | 1421151 |
| Budimex SA  | 5379 | 1215023 |
| CD Projekt SA  | 11186 | 759896 |
| Cyfrowy Polsat SA \* | 652793 | 2315057 |
| Dino Polska SA \* | 145565 | 1637919 |
| Enea SA  | 573626 | 3969052 |
| Eurocash SA \* | 386637 | 685041 |
| Grupa Azoty SA \* | 208931 | 970779 |
| Grupa Kety SA  | 8499 | 2573977 |
| Jastrzebska Spolka Weglowa SA \* | 383472 | 2913084 |
| KRUK SA  | 11677 | 1513616 |
| LPP SA  | 512 | 2962238 |
| mBank SA \* | 4923 | 1424131 |
| Orange Polska SA  | 1005855 | 3961312 |
| Santander Bank Polska SA  | 18695 | 3093637 |
|  |  | **35881936** |
| **Portugal 0.4%** | **Portugal 0.4%** | **Portugal 0.4%** |
| Banco Comercial Portugues SA, <br> Class R <br>| 3787402 | 3987045 |
| Navigator Co. SA *(a)* | 311438 | 1263469 |
| NOS SGPS SA  | 367552 | 2234939 |
| REN - Redes Energeticas Nacionais <br> SGPS SA <br>| 555735 | 2526202 |
| Sonae SGPS SA  | 2165290 | 5151465 |
|  |  | **15163120** |
| **Republic of Korea 9.2%** | **Republic of Korea 9.2%** | **Republic of Korea 9.2%** |
| Amorepacific Corp.  | 34149 | 3594132 |
| Amorepacific Holdings Corp.  | 99641 | 2171530 |
| Asiana Airlines, Inc. \* | 419923 | 2265278 |
| BGF retail Co. Ltd.  | 23045 | 1999316 |
| BH Co. Ltd.  | 64054 | 861178 |
| Binggrae Co. Ltd.  | 11378 | 647798 |
| Celltrion, Inc.  | 24770 | 4106809 |
| Cheil Worldwide, Inc.  | 109523 | 1671206 |
| CJ ENM Co. Ltd. \* | 47105 | 2377353 |
| CJ Logistics Corp.  | 30185 | 2769844 |
| Coway Co. Ltd. \* | 62415 | 3553555 |
| Daeduck Electronics Co. Ltd.  | 52587 | 2288458 |
| Daesang Corp.  | 69725 | 1095436 |
| Daewoo Engineering & Construction <br> Co. Ltd. \*<br>| 995814 | 7019502 |
| Daishin Securities Co. Ltd.  | 40570 | 1264904 |
| Daou Technology, Inc.  | 72410 | 2733308 |
| DB HiTek Co. Ltd.  | 43159 | 2871266 |
| DL E&C Co. Ltd. \* | 133158 | 4730187 |
| DL Holdings Co. Ltd. \* | 35291 | 1268366 |
| Dongjin Semichem Co. Ltd.  | 39518 | 1508195 |
| Dongwon Industries Co. Ltd.  | 26012 | 775749 |
| Doosan Bobcat, Inc.  | 90441 | 4086663 |
| Doosan Co. Ltd.  | 7831 | 6957260 |
| DoubleDown Interactive Co. Ltd., ADR \* | 78444 | 716978 |
| Ecopro BM Co. Ltd. \* | 9249 | 1424159 |
| Ecopro Co. Ltd. \* | 28768 | 3699743 |
| F&F Co. Ltd.  | 20327 | 999040 |
| Gravity Co. Ltd., ADR  | 11159 | 725558 |
| GS Engineering & Construction Corp.  | 301029 | 4687556 |
| GS Retail Co. Ltd.  | 124327 | 1901421 |

---

*See financial notes*

**68**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hanon Systems \* | 512473 | 1653024 |
| Hansol Chemical Co. Ltd.  | 8392 | 1971843 |
| Hanwha Aerospace Co. Ltd.  | 3379 | 2807025 |
| Hanwha Life Insurance Co. Ltd. \* | 456439 | 1572232 |
| Harim Holdings Co. Ltd.  | 598940 | 6728447 |
| HD Construction Equipment Co. Ltd.  | 50977 | 4986071 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd. <br>| 18252 | 5709698 |
| HDC Holdings Co. Ltd.  | 93030 | 1594153 |
| HDC Hyundai Development <br> Co-Engineering & Construction, <br> Class E <br>| 86945 | 1399219 |
| Hite Jinro Co. Ltd.  | 55278 | 682857 |
| HL Mando Co. Ltd.  | 87349 | 3813359 |
| Hotel Shilla Co. Ltd. \* | 51202 | 1706733 |
| HS Hyosung Advanced Materials <br> Corp. \*<br>| 7911 | 1380369 |
| HYBE Co. Ltd.  | 3557 | 958177 |
| Hyosung TNC Corp.  | 15094 | 4464718 |
| Hyundai Department Store Co. Ltd.  | 30420 | 2326173 |
| Hyundai Elevator Co. Ltd.  | 15294 | 1049369 |
| Hyundai Green Food  | 91651 | 1015584 |
| Hyundai Marine & Fire Insurance Co. <br> Ltd. \*<br>| 185384 | 4426792 |
| Hyundai Rotem Co. Ltd.  | 8168 | 1308811 |
| Hyundai Wia Corp.  | 79576 | 5603788 |
| iM Financial Group Co. Ltd.  | 385156 | 4923892 |
| Industrial Bank of Korea  | 269636 | 4826644 |
| JB Financial Group Co. Ltd.  | 174615 | 3854033 |
| Kakao Corp.  | 97384 | 4217604 |
| Kangwon Land, Inc.  | 76395 | 1011696 |
| KCC Corp.  | 8101 | 3666146 |
| KCC Glass Corp.  | 36455 | 734929 |
| KEPCO Plant Service & Engineering Co. <br> Ltd. \*<br>| 24858 | 1071391 |
| KIWOOM Securities Co. Ltd.  | 9522 | 3084638 |
| Kolon Industries, Inc.  | 93492 | 4393507 |
| Korea Aerospace Industries Ltd.  | 18504 | 2463341 |
| Korea Investment Holdings Co. Ltd.  | 34683 | 6232572 |
| Korea Petrochemical Ind Co. Ltd.  | 18965 | 2503617 |
| Korean Reinsurance Co.  | 272355 | 2635510 |
| Krafton, Inc. \* | 10903 | 1883487 |
| Kumho Tire Co., Inc. \* | 238626 | 1157879 |
| LF Corp.  | 75571 | 1184655 |
| LG Energy Solution Ltd. \* | 7034 | 2087951 |
| Lotte Chilsung Beverage Co. Ltd.  | 9169 | 886623 |
| Lotte Corp.  | 94069 | 2337829 |
| LOTTE Fine Chemical Co. Ltd.  | 42570 | 1512219 |
| Lotte Rental Co. Ltd.  | 54990 | 1290172 |
| Lotte Shopping Co. Ltd.  | 71252 | 5334613 |
| LS Corp. \* | 34707 | 6864193 |
| LS Electric Co. Ltd.  | 5116 | 2798952 |
| LX International Corp.  | 197539 | 5849956 |
| LX Semicon Co. Ltd.  | 33231 | 1349107 |
| Macquarie Korea Infrastructure Fund  | 155120 | 1233627 |
| Meritz Financial Group, Inc. \* | 40582 | 3585660 |
| Mirae Asset Securities Co. Ltd.  | 174569 | 8737552 |
| Misto Holdings Corp.  | 40861 | 1391859 |
| NCSoft Corp.  | 19443 | 3122234 |
| Netmarble Corp.  | 17682 | 646558 |
| NH Investment & Securities Co. Ltd.  | 117980 | 2911568 |
| NHN Corp. \* | 48091 | 1267048 |
| NongShim Co. Ltd. \* | 4940 | 1476677 |
| OCI Holdings Co. Ltd.  | 23649 | 2498886 |
| Orion Corp. \* | 23429 | 2172700 |
| Orion Holdings Corp. \* | 95667 | 1586137 |
| Otoki Corp.  | 4097 | 1132122 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pan Ocean Co. Ltd.  | 760573 | 2791676 |
| Poongsan Corp. \* | 26652 | 2145500 |
| Posco International Corp.  | 92307 | 4632996 |
| S-1 Corp.  | 32938 | 2010397 |
| Samsung Biologics Co. Ltd. \* | 550 | 679805 |
| Samsung E&A Co. Ltd.  | 267839 | 6777435 |
| Samsung Episholdings Co. Ltd. \* | 382 | 179249 |
| Samsung Heavy Industries Co. Ltd. \* | 105753 | 2128293 |
| Samsung Life Insurance Co. Ltd.  | 53044 | 8481140 |
| Samsung Securities Co. Ltd.  | 41014 | 3045044 |
| Samyang Biopharmaceuticals Corp. \* | 21048 | 1420758 |
| Samyang Holdings Corp.  | 19455 | 1007576 |
| SD Biosensor, Inc. \* | 158862 | 932079 |
| SeAH Steel Holdings Corp.  | 5567 | 549540 |
| Seegene, Inc.  | 69315 | 1264872 |
| SFA Engineering Corp.  | 50744 | 1192316 |
| Shinsegae, Inc.  | 23835 | 6105803 |
| SIMMTECH Co. Ltd.  | 46828 | 1757881 |
| SK Chemicals Co. Ltd.  | 27121 | 1297132 |
| SK Discovery Co. Ltd.  | 44893 | 1866250 |
| SK Gas Ltd.  | 4964 | 804040 |
| SK Networks Co. Ltd.  | 591744 | 2365331 |
| SKC Co. Ltd. \* | 10220 | 804243 |
| SL Corp. \* | 32574 | 1662100 |
| Soulbrain Co. Ltd.  | 5183 | 1605163 |
| Taihan Cable & Solution Co. Ltd. \* | 93210 | 2332680 |
| WONIK IPS Co. Ltd.  | 36503 | 3187193 |
| Youngone Corp.  | 37931 | 2555102 |
| Youngone Holdings Co. Ltd.  | 15621 | 2709377 |
| Yuhan Corp.  | 14219 | 1089283 |
|  |  | **315230228** |
| **Singapore 2.0%** | **Singapore 2.0%** | **Singapore 2.0%** |
| BW LPG Ltd.  | 171335 | 3092293 |
| CapitaLand Ascendas REIT  | 1434484 | 3050767 |
| CapitaLand Ascott Trust  | 1332799 | 1022109 |
| CapitaLand Integrated Commercial <br> Trust <br>| 1812720 | 3511218 |
| CapitaLand Investment Ltd.  | 685602 | 1658649 |
| City Developments Ltd.  | 432469 | 3357588 |
| ComfortDelGro Corp. Ltd.  | 3627212 | 4444937 |
| Frasers Logistics & Commercial Trust  | 1791623 | 1402306 |
| Genting Singapore Ltd.  | 3776409 | 2134745 |
| Grab Holdings Ltd., A Shares \* | 185570 | 783105 |
| Hafnia Ltd.  | 376269 | 2809737 |
| Hutchison Port Holdings Trust, <br> U Shares <br>| 15395477 | 3463982 |
| IGG, Inc.  | 1597293 | 645276 |
| Jardine Cycle & Carriage Ltd.  | 135441 | 3786373 |
| Keppel Infrastructure Trust  | 4771065 | 2074622 |
| Mapletree Industrial Trust  | 828336 | 1335973 |
| Mapletree Logistics Trust  | 1413280 | 1441381 |
| Mapletree Pan Asia Commercial Trust  | 1090864 | 1224672 |
| Netlink NBN Trust  | 1320067 | 1033219 |
| SATS Ltd.  | 410711 | 1272868 |
| Sea Ltd., ADR \* | 26766 | 2902773 |
| Seatrium Ltd.  | 458564 | 870106 |
| Sembcorp Industries Ltd.  | 483912 | 2341417 |
| Sheng Siong Group Ltd.  | 454027 | 944058 |
| Singapore Exchange Ltd.  | 262618 | 3778826 |
| Singapore Post Ltd.  | 2974030 | 881734 |
| Singapore Technologies Engineering <br> Ltd. <br>| 540107 | 4257317 |
| UOL Group Ltd.  | 438783 | 3913090 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**69**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Venture Corp. Ltd.  | 415741 | 5137393 |
|  |  | **68572534** |
| **Spain 1.4%** | **Spain 1.4%** | **Spain 1.4%** |
| Abengoa SA, B Shares *\*(c)* | 192522094 | 0 |
| Acciona SA  | 17210 | 5015167 |
| Atresmedia Corp. de Medios de <br> Comunicacion SA <br>| 118404 | 724162 |
| Bankinter SA  | 287409 | 4810200 |
| CIE Automotive SA  | 48770 | 1831132 |
| Colonial SFL Socimi SA  | 171107 | 1151549 |
| Construcciones y Auxiliar de <br> Ferrocarriles SA <br>| 20276 | 1414847 |
| Corp. ACCIONA Energias Renovables <br> SA <br>| 38576 | 1006582 |
| Ebro Foods SA  | 75706 | 1730515 |
| EDP Renovaveis SA  | 145563 | 2296133 |
| Elecnor SA  | 33167 | 1127816 |
| Enagas SA  | 254312 | 4607586 |
| Faes Farma SA  | 182188 | 1118569 |
| Fluidra SA  | 55963 | 1498593 |
| Gestamp Automocion SA  | 539763 | 2036805 |
| Indra Sistemas SA  | 39320 | 2913177 |
| Linea Directa Aseguradora SA Cia de <br> Seguros y Reaseguros <br>| 764026 | 1142041 |
| Logista Integral SA  | 50297 | 1915782 |
| Merlin Properties Socimi SA  | 126900 | 2248961 |
| Puig Brands SA, Class B  | 38602 | 745646 |
| Sacyr SA  | 497669 | 2665344 |
| Unicaja Banco SA  | 303184 | 966517 |
| Vidrala SA  | 13354 | 1292900 |
| Viscofan SA  | 37673 | 2637695 |
|  |  | **46897719** |
| **Sweden 3.0%** | **Sweden 3.0%** | **Sweden 3.0%** |
| AAK AB  | 105553 | 2894267 |
| AcadeMedia AB  | 119518 | 1320677 |
| AddLife AB, B Shares  | 39576 | 676370 |
| AddTech AB, B Shares  | 46839 | 1737008 |
| AFRY AB  | 114618 | 1716234 |
| Alleima AB  | 191988 | 1757610 |
| Ambea AB  | 56022 | 807180 |
| Arjo AB, B Shares  | 266557 | 799441 |
| Attendo AB  | 135089 | 1560113 |
| Avanza Bank Holding AB  | 19133 | 701270 |
| Axfood AB *(a)* | 85133 | 3104289 |
| Beijer Ref AB  | 107641 | 1689906 |
| Betsson AB, Class B  | 87004 | 902575 |
| Bilia AB, A Shares  | 152949 | 2349515 |
| Billerud Aktiebolag  | 405198 | 3707257 |
| Bravida Holding AB  | 210350 | 2452599 |
| Castellum AB  | 205343 | 2734462 |
| Coffee Stain Group AB, B Shares \* | 106436 | 196036 |
| Dometic Group AB  | 604915 | 2531597 |
| Electrolux Professional AB, B Shares  | 94553 | 622487 |
| Elekta AB, B Shares *(a)* | 414249 | 2665213 |
| Embracer Group AB \* | 91620 | 538290 |
| EQT AB  | 76799 | 2384169 |
| Evolution AB  | 52318 | 3179925 |
| Fabege AB  | 105694 | 985178 |
| Fastighets AB Balder, B Shares \* | 165557 | 1246274 |
| Getinge AB, B Shares  | 171676 | 3860646 |
| Granges AB  | 130985 | 2322789 |
| Hexpol AB  | 248234 | 2134968 |
| Holmen AB, B Shares  | 73911 | 2921183 |
| Indutrade AB  | 83772 | 2180044 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Inwido AB  | 52587 | 983828 |
| JM AB  | 116022 | 1728255 |
| Lagercrantz Group AB, B Shares  | 29090 | 711887 |
| Lifco AB, B Shares  | 33406 | 1191458 |
| Lindab International AB  | 56539 | 1084083 |
| Loomis AB  | 76738 | 3893629 |
| MEKO AB  | 72333 | 533122 |
| Mycronic AB  | 34037 | 774477 |
| NCC AB, B Shares  | 141502 | 3456547 |
| New Wave Group AB, B Shares  | 61828 | 705815 |
| Nibe Industrier AB, B Shares  | 912182 | 3747765 |
| Nolato AB, B Shares  | 125589 | 724504 |
| Peab AB, B Shares  | 284599 | 3349856 |
| Ratos AB, B Shares  | 365271 | 1518960 |
| Saab AB, B Shares  | 64865 | 4697403 |
| Sagax AB, B Shares  | 31964 | 676648 |
| Samhallsbyggnadsbolaget i Norden <br> AB *\*(a)*<br>| 2391697 | 1047060 |
| Scandic Hotels Group AB  | 159004 | 1504992 |
| Sinch AB \* | 620852 | 1580583 |
| Svenska Cellulosa AB SCA, B Shares  | 239734 | 3264172 |
| Sweco AB, B Shares  | 92407 | 1480954 |
| Swedish Orphan Biovitrum AB \* | 65286 | 2861047 |
| Thule Group AB  | 66220 | 1720343 |
| Wihlborgs Fastigheter AB  | 89904 | 953585 |
|  |  | **102870545** |
| **Switzerland 3.1%** | **Switzerland 3.1%** | **Switzerland 3.1%** |
| Accelleron Industries AG  | 19067 | 1798727 |
| Allreal Holding AG  | 6779 | 2080286 |
| ALSO Holding AG  | 10311 | 2196140 |
| Aryzta AG \* | 25909 | 1869774 |
| Avolta AG \* | 65950 | 4352074 |
| Banque Cantonale Vaudoise  | 10803 | 1656165 |
| Belimo Holding AG  | 2119 | 2127128 |
| Bell Food Group AG  | 4917 | 1381018 |
| BeOne Medicines Ltd., Class H \* | 11452 | 281536 |
| BKW AG  | 10448 | 2056859 |
| Bossard Holding AG, Class A  | 4097 | 883275 |
| Burckhardt Compression Holding AG  | 1022 | 764125 |
| Cembra Money Bank AG  | 15004 | 1943175 |
| Clariant AG \* | 399771 | 4379521 |
| Comet Holding AG  | 2883 | 1115637 |
| Daetwyler Holding AG  | 4035 | 881451 |
| DKSH Holding AG  | 53368 | 4323290 |
| dormakaba Holding AG  | 17708 | 1323984 |
| Emmi AG  | 1875 | 1974839 |
| EMS-Chemie Holding AG  | 2956 | 2456126 |
| Flughafen Zurich AG  | 6125 | 2102594 |
| Forbo Holding AG  | 1356 | 1583367 |
| Galderma Group AG  | 7502 | 1423239 |
| Galenica AG  | 39868 | 4981880 |
| Georg Fischer AG  | 34030 | 2158486 |
| Helvetia Baloise Holding AG  | 31050 | 8074898 |
| Huber & Suhner AG  | 12866 | 3098346 |
| Inficon Holding AG  | 6292 | 976874 |
| Interroll Holding AG  | 406 | 1021005 |
| Kardex Holding AG  | 2068 | 701837 |
| Landis & Gyr Group AG \* | 32437 | 2222781 |
| Luzerner Kantonalbank AG  | 7200 | 969924 |
| Mobimo Holding AG  | 1992 | 1037379 |
| OC Oerlikon Corp. AG Pfaffikon  | 476413 | 2620411 |
| On Holding AG, Class A \* | 17765 | 825717 |
| PSP Swiss Property AG  | 9579 | 2063897 |
| SFS Group AG  | 9148 | 1453593 |
| Siegfried Holding AG \* | 11034 | 1229587 |
| SIG Group AG \* | 212187 | 3454367 |

---

*See financial notes*

**70**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Softwareone Holding AG  | 132404 | 1162979 |
| St. Galler Kantonalbank AG  | 1213 | 1009453 |
| Stadler Rail AG  | 51106 | 1363624 |
| Straumann Holding AG  | 23756 | 2860420 |
| Sulzer AG  | 7703 | 1702763 |
| Swiss Prime Site AG  | 21969 | 4190693 |
| Swissquote Group Holding SA  | 1239 | 663442 |
| Tecan Group AG  | 8677 | 1536711 |
| Temenos AG  | 18472 | 1717376 |
| Valiant Holding AG  | 7859 | 1706590 |
| VAT Group AG  | 5990 | 4238682 |
| Vontobel Holding AG  | 24309 | 2218961 |
|  |  | **106217006** |
| **Taiwan 0.1%** | **Taiwan 0.1%** | **Taiwan 0.1%** |
| FIT Hon Teng Ltd. *\*(a)* | 2511656 | 2016479 |
| **United Kingdom 7.3%** | **United Kingdom 7.3%** | **United Kingdom 7.3%** |
| 4imprint Group PLC  | 23169 | 1238194 |
| AG Barr PLC  | 73077 | 683808 |
| Airtel Africa PLC  | 1378727 | 6469163 |
| Allfunds Group PLC  | 227884 | 2266853 |
| Ashmore Group PLC  | 474426 | 1518063 |
| Autotrader Group PLC  | 187966 | 1245611 |
| Babcock International Group PLC  | 246656 | 4483455 |
| Beazley PLC  | 249147 | 4244013 |
| Big Yellow Group PLC  | 67679 | 946306 |
| Bodycote PLC  | 244339 | 2562311 |
| Breedon Group PLC  | 353891 | 1702371 |
| Brightstar Lottery PLC  | 52526 | 712253 |
| British Land Co. PLC  | 468634 | 2570623 |
| Carnival PLC, ADR  | 63539 | 1999572 |
| Chemring Group PLC  | 160245 | 1150456 |
| Clarkson PLC  | 20896 | 1196788 |
| Close Brothers Group PLC \* | 519340 | 3461806 |
| Coats Group PLC  | 1542003 | 1934244 |
| Computacenter PLC  | 78483 | 3349091 |
| Convatec Group PLC  | 812638 | 2801300 |
| Cranswick PLC  | 52397 | 3825169 |
| CVS Group PLC  | 52129 | 930726 |
| Derwent London PLC  | 55182 | 1345796 |
| Diploma PLC  | 27843 | 2124351 |
| Domino's Pizza Group PLC  | 418892 | 1130863 |
| Dr. Martens PLC  | 1488114 | 1386481 |
| Dunelm Group PLC  | 102556 | 1389844 |
| easyJet PLC  | 487525 | 3041300 |
| Elementis PLC  | 541720 | 1209003 |
| Endava PLC, ADR \* | 84103 | 393602 |
| Endeavour Mining PLC  | 100272 | 7216114 |
| Energean PLC  | 96843 | 1162690 |
| Frasers Group PLC \* | 223253 | 2116074 |
| Fresnillo PLC  | 92428 | 5268826 |
| Future PLC  | 129796 | 725239 |
| Games Workshop Group PLC  | 9747 | 2344368 |
| Gamma Communications PLC  | 63457 | 766126 |
| Genuit Group PLC  | 235712 | 1207400 |
| Genus PLC  | 37105 | 1454171 |
| Grainger PLC  | 317949 | 820735 |
| Greggs PLC  | 106286 | 2263475 |
| Halma PLC  | 94560 | 5319166 |
| Harbour Energy PLC  | 1203935 | 4101607 |
| Hikma Pharmaceuticals PLC  | 133044 | 2350364 |
| Hill & Smith PLC  | 51717 | 1654835 |
| Hilton Food Group PLC  | 193838 | 1378602 |
| Howden Joinery Group PLC  | 369548 | 4819334 |
| Hunting PLC  | 238012 | 1660774 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ibstock PLC  | 518068 | 922187 |
| ICG PLC  | 121776 | 2748887 |
| IG Group Holdings PLC  | 288669 | 5049192 |
| IMI PLC  | 147442 | 5708975 |
| InterContinental Hotels Group PLC  | 29467 | 4051712 |
| J D Wetherspoon PLC  | 95759 | 931456 |
| James Halstead PLC *(a)* | 350471 | 612548 |
| JET2 PLC  | 107060 | 1807845 |
| Johnson Service Group PLC  | 383938 | 754663 |
| Just Group PLC  | 451187 | 1313285 |
| Keller Group PLC  | 128919 | 3492500 |
| Kier Group PLC  | 855397 | 2737090 |
| Lancashire Holdings Ltd.  | 138239 | 1245231 |
| Land Securities Group PLC  | 455650 | 3960448 |
| Lion Finance Group PLC  | 18490 | 2891086 |
| LondonMetric Property PLC  | 285433 | 825063 |
| Marshalls PLC  | 409066 | 988843 |
| Mitchells & Butlers PLC \* | 374597 | 1515916 |
| Mitie Group PLC  | 1223778 | 2971425 |
| MONY Group PLC  | 513429 | 1187280 |
| Morgan Advanced Materials PLC  | 555112 | 1802363 |
| Morgan Sindall Group PLC  | 44175 | 2939857 |
| Ninety One PLC  | 360954 | 1210299 |
| Ocado Group PLC \* | 301026 | 850304 |
| OSB Group PLC  | 385810 | 3166675 |
| Oxford Instruments PLC  | 30948 | 1098452 |
| Pagegroup PLC  | 716104 | 1804223 |
| Paragon Banking Group PLC  | 131230 | 1509376 |
| Pennon Group PLC  | 500523 | 4037567 |
| Pets at Home Group PLC  | 900055 | 2521803 |
| Polar Capital Holdings PLC  | 106957 | 911681 |
| Premier Foods PLC  | 565489 | 1500775 |
| Primary Health Properties PLC  | 984843 | 1433969 |
| QinetiQ Group PLC  | 363966 | 2471136 |
| Quilter PLC  | 1697118 | 4472110 |
| Renew Holdings PLC  | 84485 | 1058620 |
| Renishaw PLC  | 22139 | 1279885 |
| Rightmove PLC  | 152829 | 919277 |
| Rotork PLC  | 482654 | 2503471 |
| RWS Holdings PLC  | 1036290 | 1058862 |
| Safestore Holdings PLC  | 107453 | 1145608 |
| Savills PLC  | 184611 | 2516749 |
| Schroders PLC  | 784529 | 6180890 |
| Segro PLC  | 343919 | 3889554 |
| Senior PLC  | 497640 | 2060679 |
| Serica Energy PLC  | 506876 | 1645748 |
| Softcat PLC  | 47862 | 733568 |
| Spirax Group PLC  | 38952 | 4139768 |
| Spire Healthcare Group PLC  | 304731 | 831682 |
| SSP Group PLC  | 779976 | 2156000 |
| Tate & Lyle PLC  | 579358 | 2933403 |
| Telecom Plus PLC  | 58694 | 1081082 |
| THG PLC \* | 2082140 | 976967 |
| TORM PLC, Class A  | 93699 | 2743746 |
| Tritax Big Box REIT PLC  | 524289 | 1214508 |
| UNITE Group PLC  | 103116 | 698717 |
| Vesuvius PLC  | 616464 | 4139050 |
| Victrex PLC  | 140373 | 1334281 |
| Vistry Group PLC \* | 466375 | 4370312 |
| Watches of Switzerland Group PLC \* | 301027 | 2068096 |
| Weir Group PLC  | 122017 | 5777688 |
| WH Smith PLC  | 118564 | 1095898 |
| Zigup PLC  | 635766 | 3508770 |
|  |  | **251452417** |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**71**

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **United States 0.4%** | **United States 0.4%** | **United States 0.4%** |
| Diversified Energy Co. *(a)* | 136078 | 1891702 |
| Garrett Motion, Inc.  | 94288 | 1919704 |
| Kulicke & Soffa Industries, Inc.  | 67988 | 4740123 |
| SolarEdge Technologies, Inc. \* | 99527 | 3523256 |
|  |  | **12074785** |
| **Total Common Stocks** <br>**(Cost $2,416,719,112)** | **Total Common Stocks** <br>**(Cost $2,416,719,112)** | **3400081957** |
| **PREFERRED STOCKS** 0.5% OF NET ASSETS | **PREFERRED STOCKS** 0.5% OF NET ASSETS | **PREFERRED STOCKS** 0.5% OF NET ASSETS |
| **Germany 0.4%** | **Germany 0.4%** | **Germany 0.4%** |
| Draegerwerk AG & Co. KGaA  | 32055 | 3391122 |
| Jungheinrich AG  | 72014 | 2731066 |
| KSB SE & Co. KGaA  | 1159 | 1477906 |
| Sartorius AG  | 8624 | 2446821 |
| Sixt SE  | 17933 | 1160308 |
| STO SE & Co. KGaA  | 6534 | 951993 |
|  |  | **12159216** |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Danieli & C Officine Meccaniche SpA - <br> RSP <br>| 32660 | 1819339 |
| **Republic of Korea 0.0%** | **Republic of Korea 0.0%** | **Republic of Korea 0.0%** |
| Daishin Securities Co. Ltd.  | 33275 | 644219 |
| **Total Preferred Stocks** <br>**(Cost $10,671,909)** | **Total Preferred Stocks** <br>**(Cost $10,671,909)** | **14622774** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **New Zealand 0.0%** | **New Zealand 0.0%** | **New Zealand 0.0%** |
| Genesis Energy Ltd. | Genesis Energy Ltd. | Genesis Energy Ltd. |
| expires 03/17/26, strike NZD <br> 2.05 *\*(c)*<br>| 120866 | 17406 |
| **United Kingdom 0.0%** | **United Kingdom 0.0%** | **United Kingdom 0.0%** |
| Greencore Group PLC  | Greencore Group PLC  | Greencore Group PLC  |
| CVR *\*(c)* | 466519 | 5645 |
| **Total Rights** <br>**(Cost $13,159)** | **Total Rights** <br>**(Cost $13,159)** | **23051** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild SpA | Webuild SpA | Webuild SpA |
| expires 08/02/30 *\*(a)(c)* | 9734 | 37973 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **37973** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 4.4% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 4.4% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 4.4% OF NET ASSETS |
| **Money Market Funds 4.4%** | **Money Market Funds 4.4%** | **Money Market Funds 4.4%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)*<br>| 4174279 | 4174280 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 3.63% *(d)(e)*<br>| 147546651 | 147546651 |
|  |  | **151720931** |
| **Total Short-Term Investments** <br>**(Cost $151,720,931)** | **Total Short-Term Investments** <br>**(Cost $151,720,931)** | **151720931** |
| **Total Investments in Securities** <br>**(Cost $2,579,125,111)** | **Total Investments in Securities** <br>**(Cost $2,579,125,111)** | **3566486686** |

---

&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** |  |  |  |
| MSCI EAFE Index, expires <br> 03/20/26<br>| 107 | 16933285 | **889288** |

---

&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 $138,513,189. 

*(b)* Security is traded on separate exchanges for the same issuer.

*(c)* Fair valued using significant unobservable inputs.

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

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

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

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| CVA — | Dutch Certificate |
| CVR — | Contingent Value Rights |
| REIT — | Real Estate Investment Trust |
| RSP — | Risparmio (Savings Shares) |
| NZD — | New Zealand Dollar |

---

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

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Industrials | 25.4<br> %<br>|
| Materials | 13.1<br> %<br>|
| Consumer Discretionary | 12.0<br> %<br>|
| Financials | 11.7<br> %<br>|
| Consumer Staples | 7.5<br> %<br>|
| Information Technology | 7.3<br> %<br>|
| Real Estate | 6.6<br> %<br>|
| Health Care | 4.7<br> %<br>|
| Communication Services | 4.3<br> %<br>|
| Energy | 3.9<br> %<br>|
| Utilities | 3.1<br> %<br>|
| Short-Term Investments | 4.4<br> %<br>|
| **Total** | **104.0%**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

*See financial notes*

**72**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $3087326197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3087326197 |
| Australia | 169549811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 286801 | &nbsp;&nbsp; 169836612 |
| Hong Kong | 96021429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 96021429 |
| Spain | 46897719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 46897719 |
| Preferred Stocks<sup>1</sup> <br>| 14622774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14622774 |
| Rights |  |  |  |  |
| New Zealand |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 17406 | &nbsp;&nbsp; 17406 |
| United Kingdom |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5645 | &nbsp;&nbsp; 5645 |
| Warrants |  |  |  |  |
| Italy |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 37973 | &nbsp;&nbsp; 37973 |
| Short-Term Investments<sup>1</sup> <br>| 151720931 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151720931 |
| Futures Contracts<sup>2</sup> <br>| 889288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 889288 |
| **Total** | **$3567028149** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$347825** | &nbsp;&nbsp; **$3567375974** |

---

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

\* Level 3 amount shown includes securities determined to have no value.

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

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

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**73**

------

Schwab Fundamental International Small Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,579,125,111) including securities on loan of $138,513,189 |  | $3566486686 |
| Foreign currency, at value (cost $2,357,704) |  | 2363395 |
| Deposit with broker for futures contracts |  | 810311 |
| Receivables: |  |  |
| Dividends |  | 6665475 |
| Foreign tax reclaims |  | 2603269 |
| Income from securities on loan | + | 90454 |
| **Total assets** |  | **3579019590** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 147546651 |
| Payables: |  |  |
| Management fees |  | 996382 |
| Investments bought |  | 197794 |
| Variation margin on futures contracts | + | 42351 |
| **Total liabilities** |  | **148783178** |
| **Net assets** |  | **$3430236412** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2599234730 |
| Total distributable earnings | + | 831001682 |
| **Net assets** |  | **$3430236412** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $3430236412 |  | &nbsp;&nbsp;&nbsp;&nbsp; 67600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $50.74 |

---

*See financial notes*

**74**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $10,430,271) |  | $91162838 |
| Other Interest |  | 24231 |
| Securities on loan, net | + | 1427626 |
| **Total investment income**  |  | **92614695** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 11767393 |
| Professional fees | + | 25577 <br><sup>1</sup><br>|
| **Total expenses** |  | **11792970** |
| Expense reduction | – | 25577 <br><sup>1</sup><br>|
| **Net expenses** | – | **11767393** |
| **Net investment income** |  | **80847302** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 142856342 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 249850848 |
| Net realized gains on futures contracts |  | 4456438 |
| Net realized gains on foreign currency transactions | + | 564364 |
| **Net realized gains** |  | **397727992** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 706949260 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 447571 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 206691 |
| **Net change in unrealized appreciation (depreciation)** |  | **707603522** |
| **Net realized and unrealized gains** |  | **1105331514** |
| **Increase in net assets resulting from operations** |  | **$1186178816** |

---

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

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**75**

------

Schwab Fundamental International Small Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $80847302 | &nbsp;&nbsp;&nbsp; $87712293 |
| Net realized gains |  | 397727992 | &nbsp;&nbsp;&nbsp; 115624029 |
| Net change in unrealized appreciation (depreciation) | + | 707603522 | &nbsp;&nbsp;&nbsp; 27964719 |
| **Increase in net assets resulting from operations** |  | **$1186178816** | &nbsp;&nbsp;&nbsp; **$231301041** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($115290900)**<br>| &nbsp;&nbsp;&nbsp; **($109577490)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3400000 | &nbsp;&nbsp;&nbsp; $145279182 | &nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; $136340946 |
| Shares redeemed | + | (23800000)<br>| &nbsp;&nbsp;&nbsp; (926862366)<br>| &nbsp;&nbsp;&nbsp; (9200000)<br>| &nbsp;&nbsp;&nbsp; (323609809)<br>|
| **Net transactions in fund shares**  |  | **(20400000)**<br>| &nbsp;&nbsp;&nbsp; **($781583184)**<br>| &nbsp;&nbsp;&nbsp; **(5300000)**<br>| &nbsp;&nbsp;&nbsp; **($187268863)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 88000000 | &nbsp;&nbsp;&nbsp; $3140931680 | &nbsp;&nbsp;&nbsp; 93300000 | &nbsp;&nbsp;&nbsp; $3206476992 |
| Total increase (decrease) | + | (20400000)<br>| &nbsp;&nbsp;&nbsp; 289304732 | &nbsp;&nbsp;&nbsp; (5300000)<br>| &nbsp;&nbsp;&nbsp; (65545312)<br>|
| **End of period** |  | **67600000** | &nbsp;&nbsp;&nbsp; **$3430236412** | &nbsp;&nbsp;&nbsp; **88000000** | &nbsp;&nbsp;&nbsp; **$3140931680** |

---

*See financial notes*

**76**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 3/1/25– <br>2/28/26<br>| 3/1/24– <br>2/28/25<br>| 3/1/23– <br>2/29/24<br>| 3/1/22– <br>2/28/23<br>| 3/1/21– <br>2/28/22<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $30.29 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $25.28 | &nbsp;&nbsp; $29.25 | &nbsp;&nbsp; $29.64 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 1.24 | 1.30 | 1.20 | 1.55 | 1.36 |
| Net realized and unrealized gains (losses) | 10.37 | 3.14 | 2.06 | &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total from investment operations | 11.61 | 4.44 | 3.26 | &nbsp;&nbsp; (2.59)<br>| 0.95 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (1.34)<br>|
| Other capital<sup>1,2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; — |
| Net asset value at end of period | &nbsp;&nbsp; $40.39 | &nbsp;&nbsp; $30.29 | &nbsp;&nbsp; $27.25 | &nbsp;&nbsp; $25.28 | &nbsp;&nbsp; $29.25 |
| Total return | 39.10<br> %<br>| 16.43<br> %<br>| 13.17<br> %<br>| &nbsp;&nbsp; (8.72<br> %)<br>| 2.97<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>3</sup><br>| 0.39<br> %<br>|
| Net investment income (loss) | 3.60<br> %<br>| 4.37<br> %<br>| 4.55<br> %<br>| 5.97<br> %<br>| 4.29<br> %<br>|
| Portfolio turnover rate<sup>4</sup> <br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $9416 | &nbsp;&nbsp; $6422 | &nbsp;&nbsp; $5458 | &nbsp;&nbsp; $4529 | &nbsp;&nbsp; $4826 |

---

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

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

<sup>2</sup> Includes additional variable charges paid by the cash purchasers and redeemers of creation units to the fund to offset the transaction costs of the fund of buying or selling portfolio securities. 

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**77**

------

Schwab Fundamental Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 94.6% OF NET ASSETS | **COMMON STOCKS** 94.6% OF NET ASSETS | **COMMON STOCKS** 94.6% OF NET ASSETS |
| **Brazil 8.9%** | **Brazil 8.9%** | **Brazil 8.9%** |
| Ambev SA  | 8115089 | 25745610 |
| Axia Energia  | 1360919 | 16259324 |
| B3 SA - Brasil Bolsa Balcao  | 4822965 | 16834084 |
| Banco Bradesco SA  | 4117229 | 14748115 |
| Banco do Brasil SA  | 9939283 | 52231941 |
| Cia de Saneamento Basico do Estado <br> de Sao Paulo SABESP <br>| 506320 | 15193500 |
| Cia Energetica de Minas Gerais  | 811805 | 2471024 |
| Cia Paranaense de Energia - Copel  | 2028522 | 5798772 |
| Cia Siderurgica Nacional SA \* | 8447935 | 14199733 |
| Cosan SA \* | 6491242 | 7961608 |
| Equatorial SA  | 1771892 | 14549391 |
| Itau Unibanco Holding SA  | 837065 | 7113261 |
| Klabin SA  | 2295269 | 9201932 |
| Localiza Rent a Car SA  | 1186343 | 11742329 |
| Natura Cosmeticos SA \* | 1132199 | 2011238 |
| Petroleo Brasileiro SA - Petrobras  | 22752686 | 189577988 |
| Suzano SA  | 1724486 | 19503386 |
| Telefonica Brasil SA  | 2044432 | 17213836 |
| Ultrapar Participacoes SA  | 5119657 | 25756267 |
| Vale SA  | 18741404 | 323311009 |
| Vibra Energia SA  | 8660854 | 50529459 |
|  |  | **841953807** |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Banco de Chile  | 50778316 | 10456102 |
| Cencosud SA  | 3259003 | 10168400 |
| Empresas Copec SA  | 1896911 | 15629432 |
| Enel Americas SA  | 74493075 | 6689668 |
|  |  | **42943602** |
| **China 29.5%** | **China 29.5%** | **China 29.5%** |
| Agricultural Bank of China Ltd., <br> A Shares <br>| 9176600 | 8560136 |
| Agricultural Bank of China Ltd., <br> H Shares <br>| 53972355 | 36638674 |
| Alibaba Group Holding Ltd.  | 16004110 | 292373237 |
| Aluminum Corp. of China Ltd., <br> A Shares <br>| 3302600 | 6604334 |
| Aluminum Corp. of China Ltd., <br> H Shares <br>| 8655990 | 15647322 |
| Anhui Conch Cement Co. Ltd., <br> A Shares <br>| 1956800 | 7289978 |
| Anhui Conch Cement Co. Ltd., <br> H Shares <br>| 5430702 | 17009671 |
| ANTA Sports Products Ltd.  | 972030 | 10568853 |
| BAIC Motor Corp. Ltd., H Shares \* | 43336522 | 10083221 |
| Baidu, Inc., A Shares \* | 3450596 | 54567954 |
| Bank of Beijing Co. Ltd., A Shares  | 9562000 | 7512014 |
| Bank of China Ltd., A Shares  | 5040700 | 3879213 |
| Bank of China Ltd., H Shares  | 164277790 | 97447498 |
| Bank of Communications Co. Ltd., <br> A Shares <br>| 9494400 | 9064164 |
| Bank of Communications Co. Ltd., <br> H Shares <br>| 19882687 | 17437052 |
| BOE Technology Group Co. Ltd., <br> A Shares <br>| 17498400 | 11426027 |
| BYD Co. Ltd., A Shares  | 171800 | 2236613 |
| BYD Co. Ltd., H Shares  | 1302393 | 15809236 |
| CGN Power Co. Ltd., A Shares  | 2516100 | 1448585 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CGN Power Co. Ltd., H Shares  | 20762670 | 8334637 |
| China CITIC Bank Corp. Ltd., A Shares  | 1559300 | 1636368 |
| China CITIC Bank Corp. Ltd., H Shares  | 25883946 | 23858306 |
| China Coal Energy Co. Ltd., A Shares  | 751897 | 1662505 |
| China Coal Energy Co. Ltd., H Shares  | 6589887 | 10952044 |
| China Construction Bank Corp., <br> A Shares <br>| 3477800 | 4354283 |
| China Construction Bank Corp., <br> H Shares <br>| 216429300 | 221073504 |
| China Everbright Bank Co. Ltd., <br> A Shares <br>| 13545600 | 6396791 |
| China Everbright Bank Co. Ltd., <br> H Shares *(a)*<br>| 28564753 | 12014349 |
| China Hongqiao Group Ltd.  | 6811486 | 30878377 |
| China Life Insurance Co. Ltd., A Shares  | 78200 | 506980 |
| China Life Insurance Co. Ltd., <br> H Shares <br>| 4459300 | 18003323 |
| China Mengniu Dairy Co. Ltd.  | 6952617 | 14381384 |
| China Merchants Bank Co. Ltd., <br> A Shares <br>| 3270900 | 18473870 |
| China Merchants Bank Co. Ltd., <br> H Shares <br>| 5740797 | 35844432 |
| China Minsheng Banking Corp. Ltd., <br> A Shares <br>| 24246100 | 13711739 |
| China Minsheng Banking Corp. Ltd., <br> H Shares <br>| 35837867 | 18555431 |
| China National Building Material Co. <br> Ltd., H Shares <br>| 51365388 | 44653278 |
| China Pacific Insurance Group Co. Ltd., <br> A Shares <br>| 820500 | 4880497 |
| China Pacific Insurance Group Co. Ltd., <br> H Shares <br>| 4059145 | 18650329 |
| China Petroleum & Chemical Corp., <br> A Shares <br>| 12619100 | 11881734 |
| China Petroleum & Chemical Corp., <br> H Shares <br>| 163363480 | 113821771 |
| China Railway Group Ltd., A Shares  | 9259500 | 8502507 |
| China Railway Group Ltd., H Shares  | 23841555 | 15757923 |
| China Resources Land Ltd.  | 8048142 | 32698165 |
| China Shenhua Energy Co. Ltd., <br> A Shares <br>| 720600 | 4438566 |
| China Shenhua Energy Co. Ltd., <br> H Shares <br>| 6496326 | 37339455 |
| China State Construction Engineering <br> Corp. Ltd., A Shares <br>| 22797800 | 16747207 |
| China Tower Corp. Ltd., H Shares  | 11051086 | 15752652 |
| China United Network Communications <br> Ltd., A Shares <br>| 12440700 | 8921314 |
| China Vanke Co. Ltd., A Shares \* | 13560100 | 9565929 |
| China Vanke Co. Ltd., H Shares *\*(a)* | 22294628 | 10716721 |
| China Yongda Automobiles Services <br> Holdings Ltd. <br>| 34708013 | 6744460 |
| CITIC Securities Co. Ltd., A Shares  | 1681800 | 6709159 |
| CITIC Securities Co. Ltd., H Shares  | 1703857 | 6112159 |
| COSCO SHIPPING Holdings Co. Ltd., <br> A Shares <br>| 3980600 | 8708596 |
| COSCO SHIPPING Holdings Co. Ltd., <br> H Shares <br>| 10999503 | 21346108 |
| CRRC Corp. Ltd., A Shares  | 3130700 | 2870192 |
| CRRC Corp. Ltd., H Shares  | 8241509 | 6110948 |
| Daqo New Energy Corp., ADR \* | 435912 | 10514197 |
| ENN Energy Holdings Ltd.  | 2069455 | 18201965 |
| Geely Automobile Holdings Ltd.  | 8165566 | 16859034 |
| Gree Electric Appliances, Inc. of <br> Zhuhai, A Shares <br>| 1487900 | 8121654 |
| Haier Smart Home Co. Ltd., A Shares  | 1276000 | 4779723 |
| Haier Smart Home Co. Ltd., H Shares  | 5243445 | 17884483 |

---

*See financial notes*

**78**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hello Group, Inc., ADR  | 1073169 | 6943403 |
| Huaneng Power International, Inc., <br> A Shares <br>| 1578000 | 1665193 |
| Huaneng Power International, Inc., <br> H Shares <br>| 10118781 | 7800445 |
| Industrial & Commercial Bank of China <br> Ltd., A Shares <br>| 7506100 | 7570758 |
| Industrial & Commercial Bank of China <br> Ltd., H Shares <br>| 131969578 | 108819670 |
| Industrial Bank Co. Ltd., A Shares  | 8208700 | 21906936 |
| iQIYI, Inc., ADR \* | 5875188 | 9400301 |
| JD.com, Inc., ADR  | 3744967 | 99353974 |
| Jiangxi Copper Co. Ltd., A Shares  | 1010700 | 8550049 |
| Jiangxi Copper Co. Ltd., H Shares  | 7049753 | 41097235 |
| JinkoSolar Holding Co. Ltd., ADR  | 365121 | 9233910 |
| KE Holdings, Inc., ADR  | 792270 | 13032841 |
| Kunlun Energy Co. Ltd.  | 19550438 | 20969705 |
| Kweichow Moutai Co. Ltd., A Shares  | 42100 | 8928325 |
| Li Ning Co. Ltd.  | 4487817 | 12920442 |
| Longfor Group Holdings Ltd.  | 14843079 | 18880824 |
| Lufax Holding Ltd., ADR \* | 4599324 | 11958242 |
| Meituan, B Shares \* | 1670771 | 17333223 |
| Midea Group Co. Ltd., A Shares  | 1398800 | 16033120 |
| NetEase, Inc.  | 1129451 | 25874935 |
| PDD Holdings, Inc., ADR \* | 303030 | 31433302 |
| PetroChina Co. Ltd., A Shares  | 6395200 | 10122851 |
| PetroChina Co. Ltd., H Shares  | 85740078 | 104569759 |
| PICC Property & Casualty Co. Ltd., <br> H Shares <br>| 13777253 | 28515654 |
| Ping An Bank Co. Ltd., A Shares  | 5477100 | 8701539 |
| Ping An Insurance Group Co. of China <br> Ltd., A Shares <br>| 3890800 | 35778188 |
| Ping An Insurance Group Co. of China <br> Ltd., H Shares <br>| 14521421 | 126238519 |
| Poly Developments & Holdings Group <br> Co. Ltd., A Shares <br>| 8029100 | 7957831 |
| Postal Savings Bank of China Co. Ltd., <br> A Shares <br>| 3479500 | 2520532 |
| Postal Savings Bank of China Co. Ltd., <br> H Shares <br>| 22631896 | 14264013 |
| Shanghai Pudong Development Bank <br> Co. Ltd., A Shares <br>| 11663900 | 16524524 |
| Shenzhou International Group Holdings <br> Ltd. <br>| 999831 | 8097428 |
| Sinopharm Group Co. Ltd., H Shares  | 10244267 | 27685969 |
| Sunac China Holdings Ltd. \* | 42696165 | 6822959 |
| Tencent Holdings Ltd.  | 2416145 | 160002443 |
| Vipshop Holdings Ltd., ADR  | 1652730 | 28790557 |
| Weichai Power Co. Ltd., A Shares  | 1913000 | 7768103 |
| Weichai Power Co. Ltd., H Shares  | 4102056 | 17106431 |
| Xiaomi Corp., B Shares \* | 6913610 | 30846377 |
| Yankuang Energy Group Co. Ltd., <br> A Shares <br>| 1093855 | 2825156 |
| Yankuang Energy Group Co. Ltd., <br> H Shares <br>| 9632900 | 17240861 |
| Zhongsheng Group Holdings Ltd. *(a)* | 7971061 | 10557224 |
| Zijin Mining Group Co. Ltd., A Shares  | 2121300 | 12228340 |
| Zijin Mining Group Co. Ltd., H Shares  | 4741416 | 27276864 |
| ZTO Express Cayman, Inc.  | 471397 | 11540628 |
|  |  | **2779222414** |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Ecopetrol SA, ADR *(a)* | 1236585 | 14702996 |
| Grupo Cibest SA  | 293381 | 6407781 |
|  |  | **21110777** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Czech Republic 0.1%** | **Czech Republic 0.1%** | **Czech Republic 0.1%** |
| CEZ AS  | 233933 | 13282902 |
| **Greece 0.3%** | **Greece 0.3%** | **Greece 0.3%** |
| Alpha Bank SA  | 1099633 | 4829813 |
| Motor Oil Hellas Corinth Refineries SA  | 349479 | 15135267 |
| National Bank of Greece SA  | 735040 | 11963477 |
|  |  | **31928557** |
| **Hong Kong 2.3%** | **Hong Kong 2.3%** | **Hong Kong 2.3%** |
| BOC Hong Kong Holdings Ltd.  | 4137275 | 23748413 |
| China Everbright Environment Group <br> Ltd. <br>| 16569068 | 10845308 |
| China Overseas Land & Investment <br> Ltd. <br>| 20497052 | 37602539 |
| China Resources Power Holdings Co. <br> Ltd. <br>| 5224547 | 12476690 |
| China Taiping Insurance Holdings Co. <br> Ltd. <br>| 4428693 | 12942723 |
| CITIC Ltd.  | 38233118 | 61195277 |
| CSPC Pharmaceutical Group Ltd.  | 12852774 | 16266942 |
| Lenovo Group Ltd.  | 19630828 | 24418856 |
| Orient Overseas International Ltd.  | 703467 | 13444937 |
|  |  | **212941685** |
| **Hungary 0.6%** | **Hungary 0.6%** | **Hungary 0.6%** |
| MOL Hungarian Oil & Gas PLC  | 3203381 | 35410904 |
| OTP Bank Nyrt  | 183635 | 22618216 |
|  |  | **58029120** |
| **India 9.2%** | **India 9.2%** | **India 9.2%** |
| Axis Bank Ltd.  | 1852482 | 28179331 |
| Bajaj Finserv Ltd.  | 388255 | 8507138 |
| Bharat Petroleum Corp. Ltd.  | 8049404 | 34099452 |
| Bharti Airtel Ltd.  | 1119070 | 23116673 |
| Coal India Ltd.  | 3142965 | 14877706 |
| GAIL India Ltd.  | 6815968 | 12701239 |
| Grasim Industries Ltd.  | 432132 | 13298890 |
| HCL Technologies Ltd.  | 886716 | 13539107 |
| HDFC Bank Ltd.  | 4781794 | 46660943 |
| Hindalco Industries Ltd.  | 3281650 | 33355318 |
| Hindustan Petroleum Corp. Ltd.  | 3772588 | 18194012 |
| Hindustan Unilever Ltd.  | 373027 | 9586836 |
| ICICI Bank Ltd.  | 2740672 | 41539552 |
| Indian Oil Corp. Ltd.  | 14243884 | 29351627 |
| IndusInd Bank Ltd. \* | 944113 | 9928746 |
| Infosys Ltd.  | 2977094 | 42544289 |
| ITC Ltd.  | 5636342 | 19428772 |
| JSW Steel Ltd.  | 999250 | 13891004 |
| Kotak Mahindra Bank Ltd.  | 2680249 | 12232197 |
| Kwality Wall's India Ltd. \* | 348274 | 99992 |
| Larsen & Toubro Ltd.  | 614534 | 28899420 |
| Mahindra & Mahindra Ltd.  | 439106 | 16397892 |
| Maruti Suzuki India Ltd.  | 84108 | 13735371 |
| NTPC Ltd.  | 6388955 | 26819548 |
| Oil & Natural Gas Corp. Ltd.  | 11518773 | 35413647 |
| Power Finance Corp. Ltd.  | 2912038 | 13245230 |
| Power Grid Corp. of India Ltd.  | 4669532 | 15328789 |
| Rajesh Exports Ltd. \* | 8628666 | 13639697 |
| Reliance Industries Ltd.  | 5170518 | 79220511 |
| Shriram Finance Ltd.  | 1303362 | 15463914 |
| State Bank of India  | 2917133 | 38532240 |
| Steel Authority of India Ltd.  | 6063442 | 11044344 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**79**

------

Schwab Fundamental Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sun Pharmaceutical Industries Ltd.  | 438903 | 8379929 |
| Tata Consultancy Services Ltd.  | 730197 | 21168399 |
| Tata Motors Ltd. \* | 1968564 | 10933792 |
| Tata Motors Passenger Vehicles Ltd.  | 2889315 | 12152583 |
| Tata Steel Ltd.  | 17968817 | 41937527 |
| Tech Mahindra Ltd.  | 604141 | 9016668 |
| Vedanta Ltd.  | 3439294 | 27158614 |
| Wipro Ltd.  | 3411777 | 7536370 |
|  |  | **871157309** |
| **Indonesia 1.4%** | **Indonesia 1.4%** | **Indonesia 1.4%** |
| Alamtri Resources Indonesia Tbk. PT  | 71706248 | 10008507 |
| Astra International Tbk. PT  | 62021973 | 24694105 |
| Bank Central Asia Tbk. PT  | 26328473 | 11267927 |
| Bank Mandiri Persero Tbk. PT  | 54892132 | 17271458 |
| Bank Rakyat Indonesia Persero Tbk. <br> PT <br>| 99888832 | 23296471 |
| Telkom Indonesia Persero Tbk. PT, <br> Class B <br>| 142121500 | 30009550 |
| United Tractors Tbk. PT  | 6693801 | 11419189 |
|  |  | **127967207** |
| **Kuwait 0.5%** | **Kuwait 0.5%** | **Kuwait 0.5%** |
| Kuwait Finance House KSCP  | 5020505 | 13156734 |
| Mobile Telecommunications Co. KSCP  | 6808981 | 12028904 |
| National Bank of Kuwait SAKP  | 5990099 | 18411549 |
|  |  | **43597187** |
| **Malaysia 1.0%** | **Malaysia 1.0%** | **Malaysia 1.0%** |
| Axiata Group Bhd.  | 14862372 | 8708869 |
| CIMB Group Holdings Bhd.  | 6700724 | 13845752 |
| Malayan Banking Bhd.  | 7541858 | 23181861 |
| Public Bank Bhd.  | 13150900 | 16662538 |
| Sime Darby Bhd.  | 21117700 | 13242660 |
| Tenaga Nasional Bhd.  | 5195000 | 19199203 |
|  |  | **94840883** |
| **Mexico 4.2%** | **Mexico 4.2%** | **Mexico 4.2%** |
| America Movil SAB de CV, Series B  | 53510512 | 69632707 |
| Cemex SAB de CV, Series CPO  | 41435276 | 51920525 |
| Fomento Economico Mexicano SAB de <br> CV <br>| 4145109 | 46553578 |
| Grupo Bimbo SAB de CV, Series A  | 3628679 | 13176791 |
| Grupo Comercial Chedraui SA de CV  | 1768964 | 11354434 |
| Grupo Financiero Banorte SAB de CV, <br> O Shares <br>| 4338945 | 49524899 |
| Grupo Mexico SAB de CV, Series B  | 5753682 | 73243576 |
| Grupo Televisa SAB, Series CPO  | 30663245 | 18338068 |
| Orbia Advance Corp. SAB de CV \* | 10741320 | 12741505 |
| Sigma Foods SAB de CV, A Shares  | 16903558 | 19009871 |
| Wal-Mart de Mexico SAB de CV  | 8555861 | 27717290 |
|  |  | **393213244** |
| **Netherlands 0.4%** | **Netherlands 0.4%** | **Netherlands 0.4%** |
| JBS NV \* | 2217151 | 37055196 |
| **Qatar 0.6%** | **Qatar 0.6%** | **Qatar 0.6%** |
| Ooredoo QPSC  | 2463873 | 9169316 |
| Qatar Fuel QSC  | 2534405 | 10301893 |
| Qatar Islamic Bank QPSC  | 1331044 | 8664033 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Qatar National Bank QPSC  | 5260811 | 27886199 |
|  |  | **56021441** |
| **Russia 0.0%** | **Russia 0.0%** | **Russia 0.0%** |
| Alrosa PJSC *\*(b)(c)* | 49456 | 0 |
| Federal Grid Co-Rosseti PJSC *\*(b)(c)* | 19817058 | 0 |
| Gazprom PJSC *\*(b)(c)* | 197560 | 0 |
| GMK Norilskiy Nickel PAO *\*(b)(c)* | 54400 | 0 |
| Inter RAO UES PJSC *\*(b)(c)* | 1590272 | 0 |
| LUKOIL PJSC *\*(b)(c)* | 15008 | 0 |
| Magnit PJSC *\*(b)(c)* | 2064 | 0 |
| Mobile TeleSystems PJSC *\*(b)(c)* | 26384 | 0 |
| Novatek PJSC *\*(b)(c)* | 5557 | 0 |
| Novolipetsk Steel PJSC *\*(b)(c)* | 21760 | 0 |
| Rosneft Oil Co. PJSC *\*(b)(c)* | 28418 | 0 |
| Sberbank of Russia PJSC *\*(b)(c)* | 90000 | 0 |
| Severstal PAO *\*(b)(c)* | 3392 | 0 |
| Sistema AFK PAO *\*(b)(c)* | 127904 | 0 |
| Tatneft PJSC *\*(b)(c)* | 45568 | 0 |
|  |  | **0** |
| **Saudi Arabia 2.1%** | **Saudi Arabia 2.1%** | **Saudi Arabia 2.1%** |
| Al Rajhi Bank  | 553445 | 14902542 |
| Riyad Bank  | 1108439 | 8209346 |
| Saudi Arabian Mining Co. \* | 581378 | 10880785 |
| Saudi Arabian Oil Co.  | 9682683 | 64432474 |
| Saudi Basic Industries Corp.  | 2590677 | 37434934 |
| Saudi Electricity Co.  | 2990387 | 10794700 |
| Saudi National Bank  | 1802733 | 20031969 |
| Saudi Telecom Co.  | 2705387 | 30163236 |
|  |  | **196849986** |
| **South Africa 6.4%** | **South Africa 6.4%** | **South Africa 6.4%** |
| Absa Group Ltd.  | 1953269 | 33291778 |
| Bid Corp. Ltd.  | 513021 | 13541112 |
| Bidvest Group Ltd.  | 729425 | 11570442 |
| FirstRand Ltd.  | 7360353 | 45866085 |
| Gold Fields Ltd.  | 712328 | 41550192 |
| Impala Platinum Holdings Ltd.  | 3792456 | 84264358 |
| MTN Group Ltd.  | 4960932 | 64692361 |
| Nedbank Group Ltd.  | 1135872 | 22478384 |
| Sanlam Ltd.  | 2301976 | 15355666 |
| Sappi Ltd. \* | 5389206 | 5738781 |
| Sasol Ltd. \* | 7792561 | 71137870 |
| Shoprite Holdings Ltd.  | 805533 | 13386498 |
| Sibanye Stillwater Ltd. \* | 12306543 | 54120183 |
| Standard Bank Group Ltd.  | 2320726 | 46848995 |
| Valterra Platinum Ltd.  | 555237 | 65033976 |
| Vodacom Group Ltd.  | 1231691 | 12592769 |
|  |  | **601469450** |
| **Taiwan 20.6%** | **Taiwan 20.6%** | **Taiwan 20.6%** |
| Acer, Inc.  | 10060470 | 8832043 |
| ASE Technology Holding Co. Ltd.  | 6368000 | 79061869 |
| Asustek Computer, Inc.  | 1264100 | 21546929 |
| AUO Corp.  | 37408496 | 19896224 |
| Catcher Technology Co. Ltd.  | 1222000 | 7497773 |
| Cathay Financial Holding Co. Ltd.  | 9356994 | 23893897 |
| Chailease Holding Co. Ltd.  | 2846884 | 9486269 |
| China Steel Corp.  | 37100088 | 24665241 |
| Chunghwa Telecom Co. Ltd.  | 5230764 | 22457543 |
| Compal Electronics, Inc.  | 26800000 | 27176957 |
| CTBC Financial Holding Co. Ltd.  | 20869809 | 37378563 |
| Delta Electronics, Inc.  | 1140696 | 52263474 |

---

*See financial notes*

**80**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Eva Airways Corp.  | 7100000 | 8644388 |
| Evergreen Marine Corp. Taiwan Ltd.  | 8850000 | 55860113 |
| Far Eastern New Century Corp.  | 9915061 | 9149138 |
| First Financial Holding Co. Ltd.  | 11024057 | 10560998 |
| Formosa Chemicals & Fibre Corp.  | 17972882 | 29368395 |
| Formosa Plastics Corp.  | 17245476 | 28511312 |
| Fubon Financial Holding Co. Ltd.  | 8663049 | 26146526 |
| Hon Hai Precision Industry Co. Ltd.  | 33893928 | 263888517 |
| Innolux Corp.  | 49375444 | 42397293 |
| Inventec Corp.  | 7295646 | 10811048 |
| KGI Financial Holding Co. Ltd.  | 22412823 | 15762438 |
| Lite-On Technology Corp., ADR  | 2813229 | 15593497 |
| MediaTek, Inc.  | 1203046 | 74971147 |
| Mega Financial Holding Co. Ltd.  | 8095788 | 10518221 |
| Micro-Star International Co. Ltd.  | 2155000 | 6511054 |
| Nan Ya Plastics Corp.  | 17756588 | 52226932 |
| Novatek Microelectronics Corp.  | 960000 | 12088046 |
| Pegatron Corp.  | 11692234 | 27534497 |
| Pou Chen Corp.  | 9940000 | 9888725 |
| Powertech Technology, Inc.  | 2026000 | 16747557 |
| Quanta Computer, Inc.  | 2879058 | 26889411 |
| Realtek Semiconductor Corp.  | 446000 | 6880555 |
| Synnex Technology International Corp.  | 5037178 | 11604021 |
| Taiwan Mobile Co. Ltd.  | 2556530 | 8805452 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>| 8699352 | 556060595 |
| TCC Group Holdings Co. Ltd.  | 15224760 | 12877949 |
| TS Financial Holding Co. Ltd.  | 14823000 | 12158175 |
| Unimicron Technology Corp.  | 1924817 | 29694639 |
| Uni-President Enterprises Corp.  | 8283796 | 19242421 |
| United Microelectronics Corp.  | 24174931 | 50656515 |
| Wan Hai Lines Ltd.  | 4245000 | 10391144 |
| Wistron Corp.  | 5991934 | 26109481 |
| WPG Holdings Ltd.  | 7692880 | 17253584 |
| WT Microelectronics Co. Ltd.  | 2003000 | 11808401 |
| Yageo Corp.  | 1898752 | 18129124 |
| Yang Ming Marine Transport Corp.  | 14376000 | 26438833 |
| Yuanta Financial Holding Co. Ltd.  | 15652587 | 24649151 |
| Zhen Ding Technology Holding Ltd.  | 1986000 | 13298965 |
|  |  | **1944285040** |
| **Thailand 3.0%** | **Thailand 3.0%** | **Thailand 3.0%** |
| Advanced Info Service PCL NVDR  | 926300 | 11323597 |
| Bangkok Bank PCL NVDR  | 3404100 | 19437920 |
| Banpu PCL NVDR  | 94800600 | 17383414 |
| Charoen Pokphand Foods PCL NVDR  | 16888100 | 11409043 |
| CP ALL PCL NVDR  | 6474200 | 10778184 |
| Kasikornbank PCL NVDR  | 4483400 | 28990298 |
| PTT Exploration & Production PCL <br> NVDR <br>| 4007300 | 17661255 |
| PTT Global Chemical PCL NVDR  | 18728800 | 17020704 |
| PTT PCL NVDR  | 70620500 | 84058501 |
| SCB X PCL NVDR  | 4683800 | 22375560 |
| Siam Cement PCL NVDR  | 3292600 | 23832556 |
| Thai Oil PCL NVDR  | 9465287 | 16671207 |
|  |  | **280942239** |
| **Turkey 1.6%** | **Turkey 1.6%** | **Turkey 1.6%** |
| Akbank TAS  | 9334899 | 19146757 |
| BIM Birlesik Magazalar AS  | 1036219 | 15737027 |
| Eregli Demir ve Celik Fabrikalari TAS  | 19795881 | 14709940 |
| KOC Holding AS  | 6336222 | 28774699 |
| Turk Hava Yollari AO  | 2313890 | 16188541 |
| Turkcell Iletisim Hizmetleri AS  | 3587284 | 9451358 |
| Turkiye Is Bankasi AS, Class C  | 28963668 | 11143383 |
| Turkiye Petrol Rafinerileri AS  | 5009515 | 24903879 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Yapi ve Kredi Bankasi AS \* | 13240895 | 13044430 |
|  |  | **153100014** |
| **United Arab Emirates 0.9%** | **United Arab Emirates 0.9%** | **United Arab Emirates 0.9%** |
| Dubai Electricity & Water Authority <br> PJSC <br>| 10442758 | 8530387 |
| Emaar Properties PJSC  | 3889140 | 17155401 |
| Emirates NBD Bank PJSC  | 1821426 | 16366573 |
| Emirates Telecommunications Group <br> Co. PJSC <br>| 5545353 | 30621710 |
| First Abu Dhabi Bank PJSC  | 1953117 | 10434209 |
|  |  | **83108280** |
| **United States 0.3%** | **United States 0.3%** | **United States 0.3%** |
| Yum China Holdings, Inc.  | 482013 | 26467334 |
| **Total Common Stocks** <br>**(Cost $5,766,280,631)** | **Total Common Stocks** <br>**(Cost $5,766,280,631)** | **8911487674** |
| **PREFERRED STOCKS** 5.0% OF NET ASSETS | **PREFERRED STOCKS** 5.0% OF NET ASSETS | **PREFERRED STOCKS** 5.0% OF NET ASSETS |
| **Brazil 4.6%** | **Brazil 4.6%** | **Brazil 4.6%** |
| Axia Energia, Class B  | 265468 | 3460994 |
| Axia Energia, Class C \* | 415768 | 4786519 |
| Banco Bradesco SA  | 13998574 | 57731988 |
| Cia Energetica de Minas Gerais  | 5068947 | 11930190 |
| Gerdau SA  | 9103742 | 37261019 |
| Itau Unibanco Holding SA  | 9094084 | 82954800 |
| Klabin SA  | 3 | 2 |
| Localiza Rent a Car SA \* | 44377 | 422366 |
| Metalurgica Gerdau SA  | 14493168 | 26395661 |
| Petroleo Brasileiro SA - Petrobras  | 26597147 | 203977067 |
|  |  | **428920606** |
| **Chile 0.3%** | **Chile 0.3%** | **Chile 0.3%** |
| Sociedad Quimica y Minera de Chile <br> SA, B Shares \*<br>| 376460 | 28725241 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Cibest SA  | 557957 | 9452580 |
| **Russia 0.0%** | **Russia 0.0%** | **Russia 0.0%** |
| Surgutneftegas PAO *\*(b)(c)* | 265800 | 0 |
| Tatneft PJSC *\*(b)(c)* | 4870 | 0 |
| Transneft PJSC *\*(b)(c)* | 11600 | 0 |
|  |  | **0** |
| **Total Preferred Stocks** <br>**(Cost $294,466,085)** | **Total Preferred Stocks** <br>**(Cost $294,466,085)** | **467098427** |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**81**

------

Schwab Fundamental Emerging Markets Equity ETF

Portfolio Holdings as of February 28, 2026 (continued)

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.9% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.9% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.9% OF NET ASSETS |
| **Money Market Funds 0.9%** | **Money Market Funds 0.9%** | **Money Market Funds 0.9%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(d)*<br>| 60476158 | 60476158 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 3.63% *(d)(e)*<br>| 27494941 | 27494941 |
|  |  | **87971099** |
| **Total Short-Term Investments** <br>**(Cost $87,971,099)** | **Total Short-Term Investments** <br>**(Cost $87,971,099)** | **87971099** |
| **Total Investments in Securities** <br>**(Cost $6,148,717,815)** | **Total Investments in Securities** <br>**(Cost $6,148,717,815)** | **9466557200** |

---

&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** |  |  |  |
| MSCI Emerging Markets Index, <br> expires 03/20/26<br>| 459 | 36804915 | **1732348** |

---

&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 $25,765,662. 

*(b)* Fair valued using significant unobservable inputs.

*(c)* Trading in Russian securities listed on the Moscow Exchange, Russian ADRs, and Russian GDRs are subject to trade restrictions; and therefore, the ability of the fund to buy these securities is currently not permitted, and the ability of the fund to sell these securities is uncertain. 

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

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

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

ADR — American Depositary Receipt <br> GDR — Global Depositary Receipt <br> NVDR — Non-Voting Depositary Receipt

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

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 24.0<br> %<br>|
| Information Technology | 17.4<br> %<br>|
| Materials | 16.2<br> %<br>|
| Energy | 13.2<br> %<br>|
| Consumer Discretionary | 8.5<br> %<br>|
| Communication Services | 7.0<br> %<br>|
| Industrials | 4.9<br> %<br>|
| Consumer Staples | 3.5<br> %<br>|
| Utilities | 2.7<br> %<br>|
| Real Estate | 1.6<br> %<br>|
| Other *(b)* | 0.6<br> %<br>|
| Short-Term Investments | 0.9<br> %<br>|
| **Total** | **100.5%**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Includes holdings within sectors that are less than 1.0% of net assets.

------

The following is a summary of the inputs used to value the fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $8911487674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8911487674 |
| Russia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0 |
| Preferred Stocks<sup>1</sup> <br>| 467098427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 467098427 |
| Russia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0 |
| Short-Term Investments<sup>1</sup> <br>| 87971099 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87971099 |
| Futures Contracts<sup>2</sup> <br>| 1732348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1732348 |
| **Total** | **$9468289548** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$9468289548** |

---

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

\* Level 3 amount shown includes securities determined to have no value.

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

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

*See financial notes*

**82**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity ETF

Statement of Assets and Liabilities

------

As of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $6,148,717,815) including securities on loan of $25,765,662 |  | $9466557200 |
| Foreign currency, at value (cost $8,819,007) |  | 8833626 |
| Deposit with broker for futures contracts |  | 2791817 |
| Receivables: |  |  |
| Dividends |  | 22329462 |
| Income from securities on loan | + | 206083 |
| **Total assets** |  | **9500718188** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 27494941 |
| Payables: |  |  |
| Foreign capital gains tax |  | 37315171 |
| Investments bought |  | 17272202 |
| Management fees |  | 2735601 |
| Variation margin on futures contracts | + | 96390 |
| **Total liabilities** |  | **84914305** |
| **Net assets** |  | **$9415803883** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $6740108543 |
| Total distributable earnings | + | 2675695340 |
| **Net assets** |  | **$9415803883** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $9415803883 |  | &nbsp;&nbsp;&nbsp;&nbsp; 233100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $40.39 |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**83**

------

Schwab Fundamental Emerging Markets Equity ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 | For the period March 1, 2025 through February 28, 2026 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $35,524,350) |  | $296590543 |
| Other Interest |  | 84100 |
| Securities on loan, net | + | 2732972 |
| **Total investment income**  |  | **299407615** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | 29196001 |
| **Total expenses** | – | **29196001** |
| **Net investment income** |  | **270211614** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $2,902,677) |  | 207327581 |
| Net realized gains on futures contracts |  | 15240227 |
| Net realized gains on foreign currency transactions | + | 262449 |
| **Net realized gains** |  | **222830257** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax liability <br> of ($13503105))<br>|  | 2052361879 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 1680785 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 975710 |
| **Net change in unrealized appreciation (depreciation)** |  | **2055018374** |
| **Net realized and unrealized gains** |  | **2277848631** |
| **Increase in net assets resulting from operations** |  | **$2548060245** |

---

*See financial notes*

**84**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 |
| Net investment income |  | $270211614 | &nbsp;&nbsp;&nbsp; $266937827 |
| Net realized gains |  | 222830257 | &nbsp;&nbsp;&nbsp; 70973514 |
| Net change in unrealized appreciation (depreciation) | + | 2055018374 | &nbsp;&nbsp;&nbsp; 564589289 |
| **Increase in net assets resulting from operations** |  | **$2548060245** | &nbsp;&nbsp;&nbsp; **$902500630** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($329191660)**<br>| &nbsp;&nbsp;&nbsp; **($288706850)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 21100000 | &nbsp;&nbsp;&nbsp; $774763824 | &nbsp;&nbsp;&nbsp; 11700000 | &nbsp;&nbsp;&nbsp; $350045130 |
| **Net transactions in fund shares**  |  | **21100000** | &nbsp;&nbsp;&nbsp; **$774763824** | &nbsp;&nbsp;&nbsp; **11700000** | &nbsp;&nbsp;&nbsp; **$350045130** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/25-2/28/26 | 3/1/24-2/28/25 | 3/1/24-2/28/25 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 212000000 | &nbsp;&nbsp;&nbsp; $6422171474 | &nbsp;&nbsp;&nbsp; 200300000 | &nbsp;&nbsp;&nbsp; $5458332564 |
| Total increase | + | 21100000 | &nbsp;&nbsp;&nbsp; 2993632409 | &nbsp;&nbsp;&nbsp; 11700000 | &nbsp;&nbsp;&nbsp; 963838910 |
| **End of period** |  | **233100000** | &nbsp;&nbsp;&nbsp; **$9415803883** | &nbsp;&nbsp;&nbsp; **212000000** | &nbsp;&nbsp;&nbsp; **$6422171474** |

---

*See financial notes*

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**85**

------

Schwab Fundamental Index ETFs

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB STRATEGIC TRUST** | **SCHWAB STRATEGIC TRUST** |
| **Schwab Fundamental U.S. Broad Market ETF** | Schwab U.S. REIT ETF |
| **Schwab Fundamental U.S. Large Company ETF** | Schwab International Dividend Equity ETF |
| **Schwab Fundamental U.S. Small Company ETF** | Schwab International Equity ETF |
| **Schwab Fundamental International Equity ETF** | Schwab International Small-Cap Equity ETF |
| **Schwab Fundamental International Small Equity ETF** | Schwab Emerging Markets Equity ETF |
| **Schwab Fundamental Emerging Markets Equity ETF** | Schwab U.S. TIPS ETF |
| Schwab U.S. Broad Market ETF | Schwab Short-Term U.S. Treasury ETF |
| Schwab 1000 Index<sup>®</sup> ETF | Schwab Intermediate-Term U.S. Treasury ETF |
| Schwab U.S. Large-Cap ETF | Schwab Long-Term U.S. Treasury ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab U.S. Aggregate Bond ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab 1-5 Year Corporate Bond ETF |
| Schwab U.S. Mid-Cap ETF | Schwab 5-10 Year Corporate Bond ETF |
| Schwab U.S. Small-Cap ETF | Schwab Ariel Opportunities ETF |
| Schwab U.S. Dividend Equity ETF | Schwab Crypto Thematic ETF |
| Schwab Municipal Bond ETF | Schwab Mortgage-Backed Securities ETF |
| Schwab Ultra-Short Income ETF | Schwab High Yield Bond ETF |
| Schwab Core Bond ETF | Schwab Government Money Market ETF |

---

The funds issue and redeem shares at their net asset value per share only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.

Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount). A chart showing the frequency at which each fund's daily closing market price was at a discount or premium to each fund's net asset value can be found at www.schwabassetmanagement.com.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Fundamental U.S. Broad Market ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of U.S. based companies based on their fundamental size and weight.

The **Schwab Fundamental U.S. Large Company ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large U.S. companies based on their fundamental size and weight.

The **Schwab Fundamental U.S. Small Company ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small U.S. companies based on their fundamental size and weight.

The **Schwab Fundamental International Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large non-U.S. developed market companies based on their fundamental size and weight.

The **Schwab Fundamental International Small Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small non-U.S. developed market companies based on their fundamental size and weight.

**86**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index ETFs

Financial Notes (continued)

------

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

**1. Business Structure of the Funds (continued):** 

The **Schwab Fundamental Emerging Markets Equity ETF's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large sized companies, based on their fundamental size and weight, in emerging market countries.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

During this reporting period, the funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The adoption of ASU 2023-09 did not result in any material changes to each fund's financial statement presentation or disclosure.

The funds may invest in mutual funds and exchange-traded funds, which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

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

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

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or 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

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**87**

------

Schwab Fundamental Index ETFs

Financial Notes (continued)

------

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

**2. Significant Accounting Policies (continued):** 

categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2, or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In the event that international securities whose foreign exchanges have halted or suspended trading prior to the normal exchange close, the Valuation Designee may fair value securities whose prices may have been affected by those events. The Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

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

The levels associated with valuing the funds' investments are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities

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Financial Notes (continued)

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

**2. Significant Accounting Policies (continued):** 

lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of February 28, 2026, the funds had securities on loan, all of which were classified as common stocks, preferred stocks, and warrants. The value of securities on loan and the related collateral as of February 28, 2026, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations, if any, in each fund's Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities. These capital gain taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations in Net realized gain (losses) on securities — unaffiliated issuers (net of foreign capital gains tax paid). Foreign capital gain taxes accrued as of February 28, 2026, if any, are reflected in each fund's Statement of Assets and Liabilities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

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**89**

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Schwab Fundamental Index ETFs

Financial Notes (continued)

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

**2. Significant Accounting Policies (continued):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received. Foreign withholding tax expensed during the period, if any, is disclosed in Dividends received from securities — unaffiliated issuers (net of foreign withholding tax) in the Statement of Operations and is representative of taxes paid during the period.

The Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended February 28, 2026, the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF did not incur any compliance fees.

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.

**(f) Distributions to Shareholders:**

Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF and Schwab Fundamental U.S. Small Company ETF make distributions from net investment income, if any, quarterly. Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF and Schwab Fundamental Emerging Markets Equity ETF make distributions from net investment income, if any, semiannually. The funds make distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**90**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

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Schwab Fundamental Index ETFs

Financial Notes (continued)

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

**2. Significant Accounting Policies (continued):** 

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax. The funds did not pay any federal taxes during the period.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on investment income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which a fund invests. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations and Statement of Assets and Liabilities.

**(j) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each fund's financial statements.

**(k) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser pursuant to the Amended and Restated Advisory Agreement between the investment adviser and the trust.

For its advisory services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> FUNDAMENTAL<br> U.S. BROAD<br> MARKET<br> ETF<br>| SCHWAB<br> FUNDAMENTAL<br> U.S. LARGE<br> COMPANY<br> ETF<br>| SCHWAB<br> FUNDAMENTAL<br> U.S. SMALL<br> COMPANY<br> ETF<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> EQUITY<br> ETF<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL<br> EQUITY<br> ETF<br>| SCHWAB<br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> EQUITY<br> ETF<br>|
| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|

---

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**91**

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Schwab Fundamental Index ETFs

Financial Notes (continued)

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

**3. Affiliates and Affiliated Transactions (continued):** 

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and Schwab Fundamental Emerging Markets Equity ETF, subject to reimbursement by the funds to the investment adviser to the extent the funds are able to successfully recover tax claims in the future.

During the period ended February 28, 2026, the professional fees incurred by the Schwab Fundamental International Equity ETF and Schwab Fundamental International Small Equity ETF and paid by the investment adviser were $41,128 and $25,577, respectively, as shown as Professional fees in each fund's Statement of Operations.

During the period ended February 28, 2026, the Schwab Fundamental International Equity ETF and Schwab Fundamental International Small Equity ETF recovered previously withheld foreign taxes from Finland and Poland. The payments received by each fund amounted to $1,984,209 and $903,815, respectively which includes $401,604 and $199,558, respectively, of interest income and is recorded as Dividends received from securities — unaffiliated issuers in each fund's Statement of Operations. The investment adviser paid upfront professional fees associated with recovering these foreign taxes in the amount of $160,376 and $61,822, respectively, which was reimbursed to the investment adviser by each fund and is also recorded as Dividends received from securities — unaffiliated issuers in each fund's Statement of Operations. The Schwab Fundamental Emerging Markets Equity ETF did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of February 28, 2026, the Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and Schwab Fundamental Emerging Markets Equity ETF had no balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the fund to the investment adviser.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers and Net realized gains (losses) on sales of securities — affiliated issuers in the Statement of Operations. For the period ended February 28, 2026, each fund's purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab Fundamental U.S. Broad Market ETF | $44523511 | &nbsp;&nbsp; $28942657 | &nbsp;&nbsp; ($1247435)<br>|
| Schwab Fundamental U.S. Large Company ETF | 1016666585 | &nbsp;&nbsp; 603264452 | &nbsp;&nbsp; (31716654)<br>|
| Schwab Fundamental U.S. Small Company ETF | 417624777 | &nbsp;&nbsp; 450148387 | &nbsp;&nbsp; (69322158)<br>|
| Schwab Fundamental International Equity ETF | 490397831 | &nbsp;&nbsp; 468084008 | &nbsp;&nbsp; 28860038 |
| Schwab Fundamental International Small Equity ETF | 237968771 | &nbsp;&nbsp; 185498360 | &nbsp;&nbsp; 45932426 |
| Schwab Fundamental Emerging Markets Equity ETF | 56324538 | &nbsp;&nbsp; 54038014 | &nbsp;&nbsp; (305895)<br>|

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The funds had no interfund borrowing or lending activity during the period.

**92**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

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Financial Notes (continued)

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

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

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**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

As of February 28, 2026, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab Fundamental U.S. Broad Market ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $4751 | &nbsp;&nbsp; $4751 |
| Schwab Fundamental International Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 5499411 | &nbsp;&nbsp; 5499411 |
| Schwab Fundamental International Small Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 889288 | &nbsp;&nbsp; 889288 |
| Schwab Fundamental Emerging Markets Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 1732348 | &nbsp;&nbsp; 1732348 |

---

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

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

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

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**93**

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Financial Notes (continued)

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

**6. Derivatives (continued):** 

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab Fundamental U.S. Large Company ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| ($100509)<br>| &nbsp;&nbsp; ($100509)<br>|
| Schwab Fundamental U.S. Small Company ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| (82025)<br>| &nbsp;&nbsp; (82025)<br>|

---

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

<br> <sup>1</sup> Includes cumulative unrealized depreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

The effects of the derivative contracts in the Statement of Operations for the period ended February 28, 2026, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab Fundamental U.S. Broad Market ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $242449 | &nbsp;&nbsp; $242449 |
| Schwab Fundamental U.S. Large Company ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 5688858 | &nbsp;&nbsp; 5688858 |
| Schwab Fundamental U.S. Small Company ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 2146566 | &nbsp;&nbsp; 2146566 |
| Schwab Fundamental International Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 19929500 | &nbsp;&nbsp; 19929500 |
| Schwab Fundamental International Small Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 4456438 | &nbsp;&nbsp; 4456438 |
| Schwab Fundamental Emerging Markets Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 15240227 | &nbsp;&nbsp; 15240227 |

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

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

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

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab Fundamental U.S. Broad Market ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| $29095 | &nbsp;&nbsp; $29095 |
| Schwab Fundamental U.S. Large Company ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 615010 | &nbsp;&nbsp; 615010 |
| Schwab Fundamental U.S. Small Company ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 404067 | &nbsp;&nbsp; 404067 |
| Schwab Fundamental International Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 3786041 | &nbsp;&nbsp; 3786041 |
| Schwab Fundamental International Small Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 447571 | &nbsp;&nbsp; 447571 |
| Schwab Fundamental Emerging Markets Equity ETF |  |  |
| Futures Contracts<sup>1</sup> <br>| 1680785 | &nbsp;&nbsp; 1680785 |

---

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

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

**94**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

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Schwab Fundamental Index ETFs

Financial Notes (continued)

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

**6. Derivatives (continued):** 

During the period ended February 28, 2026, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab Fundamental U.S. Broad Market ETF | $1412555 | &nbsp;&nbsp; 4 |
| Schwab Fundamental U.S. Large Company ETF | 30342288 | &nbsp;&nbsp; 95 |
| Schwab Fundamental U.S. Small Company ETF | 14220483 | &nbsp;&nbsp; 122 |
| Schwab Fundamental International Equity ETF | 100981470 | &nbsp;&nbsp; 748 |
| Schwab Fundamental International Small Equity ETF | 21381320 | &nbsp;&nbsp; 161 |
| Schwab Fundamental Emerging Markets Equity ETF | 38278345 | &nbsp;&nbsp; 595 |

---

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**7. Purchases and Sales of Investment Securities:**

For the period ended February 28, 2026, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Fundamental U.S. Broad Market ETF | $137613999 | &nbsp;&nbsp; $120559132 |
| Schwab Fundamental U.S. Large Company ETF | 2677661685 | &nbsp;&nbsp; 2359683200 |
| Schwab Fundamental U.S. Small Company ETF | 2570874909 | &nbsp;&nbsp; 2285701078 |
| Schwab Fundamental International Equity ETF | 2666236988 | &nbsp;&nbsp; 1979743607 |
| Schwab Fundamental International Small Equity ETF | 886308004 | &nbsp;&nbsp; 883265787 |
| Schwab Fundamental Emerging Markets Equity ETF | 1819080559 | &nbsp;&nbsp; 1202955590 |

---

------

**8. In-Kind Transactions:**

The consideration for the purchase of Creation Units of a fund consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities involved in the fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges are recorded in the Transactions In Fund Shares section in the Statement of Changes in Net Assets and generally have no effect on net asset value per share. Variable charges for the Schwab Fundamental Emerging Markets Equity ETF were larger than other funds in prior periods and are recorded in Other Capital in the Financial Highlights. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of a fund.

The in-kind transactions for the period ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab Fundamental U.S. Broad Market ETF | $186475895 | &nbsp;&nbsp; $115171200 |
| Schwab Fundamental U.S. Large Company ETF | 4524828480 | &nbsp;&nbsp; 1948904256 |
| Schwab Fundamental U.S. Small Company ETF | 1825326168 | &nbsp;&nbsp; 2556223195 |
| Schwab Fundamental International Equity ETF | 2063551483 | &nbsp;&nbsp; 924759948 |
| Schwab Fundamental International Small Equity ETF | 31307184 | &nbsp;&nbsp; 831684971 |
| Schwab Fundamental Emerging Markets Equity ETF | 87649315 | &nbsp;&nbsp; — |

---

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**95**

------

Schwab Fundamental Index ETFs

Financial Notes (continued)

------

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

**8. In-Kind Transactions:** (continued):

For the period ended February 28, 2026, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values. The net realized gains or losses on sales of in-kind redemptions for the period ended February 28, 2026, if any, are disclosed in each fund's Statement of Operations.

------

**9. Federal Income Taxes:**

As of February 28, 2026, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Fundamental U.S. Broad Market ETF | $823657351 | &nbsp;&nbsp; $383175850 | &nbsp;&nbsp; ($37583889)<br>| &nbsp;&nbsp; $345591961 |
| Schwab Fundamental U.S. Large Company ETF | 17855849151 | &nbsp;&nbsp; 7418825814 | &nbsp;&nbsp; (809953826)<br>| &nbsp;&nbsp; 6608871988 |
| Schwab Fundamental U.S. Small Company ETF | 8149670715 | &nbsp;&nbsp; 2623944800 | &nbsp;&nbsp; (914707235)<br>| &nbsp;&nbsp; 1709237565 |
| Schwab Fundamental International Equity ETF | 14906703870 | &nbsp;&nbsp; 9418303741 | &nbsp;&nbsp; (760531714)<br>| &nbsp;&nbsp; 8657772027 |
| Schwab Fundamental International Small Equity ETF | 2681628946 | &nbsp;&nbsp; 1143278199 | &nbsp;&nbsp; (257531171)<br>| &nbsp;&nbsp; 885747028 |
| Schwab Fundamental Emerging Markets Equity ETF | 6444637369 | &nbsp;&nbsp; 3512737823 | &nbsp;&nbsp; (489085644)<br>| &nbsp;&nbsp; 3023652179 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of February 28, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab Fundamental U.S. Broad Market ETF | $2914173 | &nbsp;&nbsp; $345591961 | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($28912883)<br>| &nbsp;&nbsp; $319593251 |
| Schwab Fundamental U.S. Large Company ETF | 64030370 | &nbsp;&nbsp; 6608871988 | &nbsp;&nbsp; — | &nbsp;&nbsp; (745520644)<br>| &nbsp;&nbsp; 5927381714 |
| Schwab Fundamental U.S. Small Company ETF | 10283926 | &nbsp;&nbsp; 1709237565 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1384837710)<br>| &nbsp;&nbsp; 334683781 |
| Schwab Fundamental International Equity ETF | 109379441 | &nbsp;&nbsp; 8657772027 | &nbsp;&nbsp; 2128816 | &nbsp;&nbsp; (83394980)<br>| &nbsp;&nbsp; 8685885304 |
| Schwab Fundamental International Small Equity ETF | 24242931 | &nbsp;&nbsp; 885747028 | &nbsp;&nbsp; 253699 | &nbsp;&nbsp; (79241976)<br>| &nbsp;&nbsp; 831001682 |
| Schwab Fundamental Emerging Markets Equity ETF | 29005913 | &nbsp;&nbsp; 3023652179 | &nbsp;&nbsp; (36263542)<br>| &nbsp;&nbsp; (340699210)<br>| &nbsp;&nbsp; 2675695340 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of February 28, 2026, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Fundamental U.S. Broad Market ETF | $28912883 |
| Schwab Fundamental U.S. Large Company ETF | 745520644 |
| Schwab Fundamental U.S. Small Company ETF | 1384837710 |
| Schwab Fundamental International Equity ETF | 83394980 |
| Schwab Fundamental International Small Equity ETF | 79241976 |
| Schwab Fundamental Emerging Markets Equity ETF | 340699210 |

---

**96**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index ETFs

Financial Notes (continued)

------

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

**9. Federal Income Taxes (continued):** 

For the fiscal year ended February 28, 2026, the funds had capital loss carryforwards utilized as follows:

---

| | |
|:---|:---|
| Schwab Fundamental U.S. Broad Market ETF | $— |
| Schwab Fundamental U.S. Large Company ETF |  |
| Schwab Fundamental U.S. Small Company ETF |  |
| Schwab Fundamental International Equity ETF | 177504065 |
| Schwab Fundamental International Small Equity ETF | 124937624 |
| Schwab Fundamental Emerging Markets Equity ETF | 176741351 |

---

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | |
|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| ORDINARY <br>INCOME <br>|
| Schwab Fundamental U.S. Broad Market <br> ETF<br>| $16729780 | &nbsp;&nbsp; $14326670 |
| Schwab Fundamental U.S. Large Company <br> ETF<br>| 341222185 | &nbsp;&nbsp; 293269930 |
| Schwab Fundamental U.S. Small Company <br> ETF<br>| 111205320 | &nbsp;&nbsp; 137775070 |
| Schwab Fundamental International Equity <br> ETF<br>| 650252050 | &nbsp;&nbsp; 508351970 |
| Schwab Fundamental International Small <br> Equity ETF<br>| 115290900 | &nbsp;&nbsp; 109577490 |
| Schwab Fundamental Emerging Markets <br> Equity ETF<br>| 329191660 | &nbsp;&nbsp; 288706850 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of February 28, 2026, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. During the fiscal year ended February 28, 2026, the funds did not incur any interest or penalties.

------

**10. Share Splits:**

Effective September 25, 2024, the Board of Trustees authorized the following share splits for the below funds:

---

| | |
|:---|:---|
| **Fund** | **Share Split Ratio** |
| Schwab Fundamental U.S. Broad Market ETF | 3-for-1 |
| Schwab Fundamental U.S. Large Company ETF | 3-for-1 |
| Schwab Fundamental U.S. Small Company ETF | 2-for-1 |

---

These share splits applied to shareholders of record as of the close of U.S. markets on October 9, 2024, and paid after the close of U.S. markets on October 10, 2024. Shares began trading at their post-split price on October 11, 2024. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**97**

------

Schwab Fundamental Index ETFs

Financial Notes (continued)

------

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

**10. Share Splits (continued):** 

shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF and Schwab Fundamental U.S. Small Company ETF have been retroactively adjusted to reflect the share split in the prior periods presented.

------

**11. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**98**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index ETFs

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF, Schwab Fundamental U.S. Small Company ETF, Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and Schwab Fundamental Emerging Markets Equity ETF:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF, Schwab Fundamental U.S. Small Company ETF, Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, and Schwab Fundamental Emerging Markets Equity ETF (the "Funds"), six of the funds constituting Schwab Strategic Trust, as of February 28, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

April 16, 2026

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**99**

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

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

Not applicable.

**100**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**101**

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

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

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**102**Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

------

Statement Regarding Basis for Approval of Investment Advisory Contract

------

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

Not applicable.

Schwab Fundamental Index ETFs \| Annual Holdings and Financial Statements

**103**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g892409img624dcafe1.jpg)

MFR79815-12

00323323

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#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The changes in and disagreements with accountants for open-end management investment companies are included under Item 7 of this Form.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
The proxy disclosures for open-end management investment companies are included under Item 7 of this Form.

------

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included under Item 7 of this Form.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: Controls and Procedures.
(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

------

#### Item 19: Exhibits.

---

| | |
|:---|:---|
| (a) (1) | [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d94932dex99codeeth.htm) |
| (2) | Not applicable. |
| (3) | [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d94932dex99cert.htm) |
| (b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.](d94932dex99906cert.htm) | (b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.](d94932dex99906cert.htm) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Schwab</u> <u>Strategic Trust</u> <u>– Schwab U.S. REIT ETF</u> <u>and Schwab Fundamental Index ETFs</u> 

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | April 16, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | April 16, 2026 |
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | April 16, 2026 |

---

## Ex-99.Code

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Schwab Funds:** 

**The Charles Schwab Family of Funds** 

**Laudus Trust** 

**Schwab Investments** 

**Schwab Capital Trust** 

**Schwab Annuity Portfolios** 

**Schwab ETFs:** 

**Schwab Strategic Trust** 

**(the "Funds" or the "Trusts")** 

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Category: Code of Ethics and Personal Obligations** 

---

| | |
|:---|:---|
| **Policy Type** | Fund / Board |
| **Regulatory Authority, Rule(s) and Regulation(s)** | &nbsp;&nbsp;&nbsp;&nbsp; • This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.<br>|
| **Associated Policies and Standards** | &nbsp;&nbsp;&nbsp;&nbsp; <u>CSIM/Fund Policy and Procedures</u><br>• N/A<br><u>Charles Schwab Corporation (CSC) Policies and Standards</u><br>• N/A<br>|
| **Approval Date** | December 9, 2025 |

---

Note: CSIM and Fund Policies and Procedures may have additional or more restrictive requirements than those contained in CSC Policies and Standards.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**A. Overview: Policy Purpose and Objectives** 

**I. SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II. INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

**CONTACT INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Mark Hunter | 512-682-7627 |
| Chief Legal Officer of Schwab Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab Corporation Ombudsperson | Amy Pimentel, Esq, McDermott Will & Schulte LLP | 617-535-3948 |

---

**B. Procedures and Responsibilities** 

**I. POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS' ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

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**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the issuer's accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to the Funds'
accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

I. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

J. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

K. WAIVERS

Waivers of the Code may be made only by the Trustees and will be promptly disclosed publicly as required by law.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

L. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

M. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**II. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**III. PROCEDURES** 

A. OFFICERS

• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

• Affirm in writing to the Trustees that you have received, read and understand the Code.

• Annually affirm to the Trustees that you have complied with the requirements of the Code.

• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate
parties to ensure that any required disclosures are made.

C. TRUSTEES

• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**C. RECORDKEEPING REQUIREMENTS** 

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

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| | |
|:---|:---|
| **Version History** | Adopted Schwab Funds: June 15, 2011; Schwab ETFs: August 4, 2011. Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022; December 11, 2023; December 19, 2024; December 9, 2025 |

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The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Strategic Trust: Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF, Schwab Fundamental U.S. Small Company ETF, Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, Schwab Fundamental Emerging Markets Equity ETF, and Schwab U.S. REIT ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosures and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: April 16, 2026 | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |

---

------

**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Strategic Trust: Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF, Schwab Fundamental U.S. Small Company ETF, Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, Schwab Fundamental Emerging Markets Equity ETF, and Schwab U.S. REIT ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosures and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: April 16, 2026 | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for the following series of Schwab Strategic Trust – Schwab Fundamental U.S. Broad Market ETF, Schwab Fundamental U.S. Large Company ETF, Schwab Fundamental U.S. Small Company ETF, Schwab Fundamental International Equity ETF, Schwab Fundamental International Small Equity ETF, Schwab Fundamental Emerging Markets Equity ETF, and Schwab U.S. REIT ETF (the "Funds") on Form N-CSR for the period ended February 28, 2026 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

---

| | | |
|:---|:---|:---|
| /s/ Omar Aguilar | Date: | April 16, 2026 |
| Omar Aguilar |  |  |
| Principal Executive Officer (Chief Executive Officer) |  |  |
| /s/ Dana Smith | Date: | April 16, 2026 |
| Dana Smith |  |  |
| Principal Financial Officer (Chief Financial Officer) |  |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.